According to the Zhitong Finance App, Mingchuang Premium (09896) announced the results for the first half of 2026, with revenue of about 11.499 billion yuan, an increase of 22.4% over the previous year. Gross profit was 5,094 billion yuan, up 22.5% year over year. Profit for the period increased 5.6% year on year to 957 million yuan, and adjusted net profit was about 1,079 million yuan, a decrease of 15.66% year on year. Profit attributable to equity shareholders of the company was approximately RMB 962 million, an increase of 6.13% over the previous year. As of June 30, 2026, the total number of the company's stores reached 8,674, a year-on-year net increase of 769, and a net increase of 189 from the beginning of the year to date.
Among them, the revenue of the Mingchuang Premium brand increased 21.6% year over year to 10.513 billion yuan, mainly driven by the following factors: (i) revenue in mainland China increased 26.2%, thanks to mid-single-digit same-store sales growth; and (ii) overseas market revenue increased by 14.9%, and GMV in the same store fell by a low single digit. Overseas market revenue accounted for 38.6% of Mingchuang Premium brand revenue, compared to 40.9% in the same period last year. The top TOY brand's revenue increased 32.7% year over year to 985 million yuan.
Mr. Ye Guofu, founder, chairman and CEO of Mingchuang Premium, said, “Despite the challenging consumption environment in the domestic market in the first half of '26, we are happy to see that Mingchuang Premium performed well in mainland China. Driven by mid-single-digit same-store sales growth, revenue increased 26.2% year over year, making us our fastest growth rate in the first half of the past three years. The overseas market of Mingchuang Premium grew 14.9% year over year, while TOP TOY increased 32.7% year over year.”
“In addition to financial performance, we also want to share progress in our own IP and member operations. YOYO, which has just been launched for a year, surpassed RMB 100 million in monthly sales in June and July 2026, and completed its first cross-border cooperation with world-class IP, gradually developing into an IP asset that can interact and co-create with international IPs on an equal footing. The number of members of Mingchuang Premium in mainland China increased 31.0% year over year to about 130 million, and members contributed 77.4% of local sales; in the US, the number of our members increased 107.1% year over year to about 5.8 million, and members contributed 60.1% of local sales. Our membership program demonstrates strong user retention and lays a solid foundation for sustainable commercialization and long-term brand equity. In terms of global layout, we successfully entered the Swiss market in the second quarter of '26, and our global footprint expanded to 113 countries and regions; at the same time, TOP TOY officially entered the US and Taiwan markets, further enhancing its global influence.”
“Looking forward to the future, Mingchuang Premium will continue to focus on IP and the dual-wheel drive strategy of big stores. We aim to unlock deep brand equity through the IP ecosystem and reshape the retail experience through the big-store model. Guided by long-term principles, we continue to deepen high-quality localization while advancing global expansion. With strong operational resilience, Mingchuang Premium will create lasting and cyclical value for global stakeholders.” Mr. Ye continued.
Mr. Zhang Jingjing, Chief Financial Officer of Mingchuang Premium, said, “In the first half of '26, revenue at the group level increased by 22.4%. Excluding exchange gains and losses, adjusted operating profit increased 5.0% year over year to RMB 1,628.6 billion. In the same period, net cash from operating activities reached RMB 1,475.4 billion, while adjusted net profit after excluding gains and losses on exchange was RMB 1,221.6 billion, fully demonstrating the strong resilience of our business and ability to generate steady operating cash flow.”
“Highlights of our capital allocation initiatives include: The company used RMB 517.6 million to repurchase shares in the first half of '26, accounting for more than 90% of the repurchase amount for the full year of 2025. Furthermore, in June 2026, the board of directors approved a 2026 share repurchase plan of up to HK$2 billion and simultaneously launched an automatic share repurchase plan to ensure that the pace of repurchases continues to advance even during the restricted period in the Hong Kong and US markets, highlighting our strict capital deployment and fully demonstrating our firm confidence in the intrinsic value of Mingchuang Premium Group.
We have returned a total of RMB 1.31 billion to shareholders through cash dividends and share repurchases, accounting for 121% of adjusted net profit in the first half of '26, far exceeding the 50% dividend ratio of our current dividend policy. Looking ahead, our capital allocation strategy will continue to balance a high growth trajectory with a commitment to provide stable and predictable returns to shareholders. “Mr. Zhang concluded.