Artist IP StrategyMiniso is expanding into proprietary IPs, with strong growth seen in products like 'Yoyo Jiang' and 'Nommi', which shows the company's ability to efficiently commercialize artist IPs.
Sales GrowthThe company is focusing on quality expansion in China, with sales showing improvement and a positive growth trend in same-store sales growth.
Store EfficiencyThe US store efficiency improvements are expected to support sequential margin recovery.