证券研究报告 专业连锁Ⅱ 2024年04月24日 名创优品(09896.HK)公司深度Ⅱ： “兴趣”出海，择高而立 评级：买入(维持) ...

研究报告Research Report 24 Apr 2024 名创优品 MINISO Group (MNSO US) 名创优品季报前瞻： 开店势头延续，海外强劲增长 1Q24 Preview: Store Expansion Momentum Continued, Oversea Business Witnessed Strong Growth [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：名创优品预计在5月中旬公布1Q24业绩。我们预计公司1Q收 评级 优于大市OUTPERFORM 入37亿元，同比增长25%；经调净利润6亿元，同比增长25%，经调 现价 US$21.21 经调净利率16.3%。 目标价 US$26.60 点评：国内业务预计收入 25.2 亿元，同比增长 17%。①名创国内 1Q 市值 US$6.57bn 概况：收入预计 22.9 亿元，同比增长 14.4%，基本符合此前公司同比 日交易额 ( ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12 (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...

Company Overview - MINISO Group Holding Limited is a global value retailer that offers a variety of trendy lifestyle products featuring IP design [4] - The company aims to provide a relaxing and engaging shopping experience, appealing to all demographics with aesthetically pleasing, quality, and affordable products [4] - Since its first store opening in China in 2013, MINISO has established a globally recognized retail brand and a massive store network worldwide [4] Annual General Meeting (AGM) - MINISO will hold its annual general meeting of shareholders on June 20, 2024, at 9:00 a.m. Beijing time [1] - Shareholders of record as of May 6, 2024, are entitled to attend and vote at the AGM [2] - The AGM Notice and related documents are available on the company's investor relations website [1] Financial Reporting - The company has filed its transition report on Form 20-F for the six months ended December 31, 2023, with the SEC, following a change in fiscal year end from June 30 to December 31 [3] - The transition report includes the company's audited consolidated financial statements for the specified period [3] - MINISO has also published its Hong Kong annual report for the same period, accessible on both the company's and HKEx's websites [3]

Financial Performance - For the six months ended December 31, 2023, MINISO reported revenue of RMB 7,632,467, a significant increase from RMB 5,266,878 for the same period in 2022, representing a growth of approximately 44.9%[15] - Gross profit for the same period was RMB 3,241,039, up from RMB 1,985,660 in the prior year, indicating a gross margin improvement[15] - Operating profit for the six months ended December 31, 2023, was RMB 1,553,707, compared to RMB 957,070 for the same period in 2022, reflecting a growth of approximately 62.2%[15] - Profit for the period attributable to equity shareholders was RMB 1,248,405, an increase from RMB 764,090 in the previous year, marking a growth of approximately 63.5%[15] - Basic earnings per share for the six months ended December 31, 2023, was RMB 1.00, compared to RMB 0.61 for the same period in 2022, representing a growth of approximately 63.9%[15] - Adjusted net profit for the six months was RMB 1,302,509, up from RMB 790,491 in the prior year, indicating a growth of approximately 64.5%[15] - For the year ended June 30, 2023, MINISO reported a profit of RMB 1,781,829 thousand, an increase from RMB 763,911 thousand for the same period in 2022, representing a growth of approximately 133.3%[26] - The adjusted net profit for the year ended June 30, 2023, was RMB 1,844,711 thousand, compared to RMB 790,491 thousand for the same period in 2022, indicating an increase of about 133.3%[26] Store Expansion - As of December 31, 2023, the total number of MINISO stores increased to 6,413 from 5,791 as of June 30, 2023, reflecting a growth of approximately 10.8%[29] - The number of TOP TOY stores increased from 118 as of June 30, 2023, to 148 as of December 31, 2023, marking a growth of about 25.4%[29] - As of December 31, 2023, MINISO operated over 3,900 stores in China and around 2,500 stores overseas[35] - The number of directly operated MINISO stores in China increased from 15 to 26 between June 30, 2023, and December 31, 2023[36] - The number of MINISO stores operated under the Retail Partner model in China rose from 3,569 to 3,878 during the same period[36] - The total number of MINISO stores in China increased from 3,604 as of June 30, 2023, to 3,926 as of December 31, 2023, marking a net increase of 322 stores[45] - The number of MINISO Retail Partners in China rose from 1,040 at the beginning of the period to 1,064 by December 31, 2023, with a net increase of 24 partners[50] - The company plans to focus on expanding its store network in lower-tier cities in China, where it has established a strong presence[46] - The number of new MINISO Retail Partners added during the six months ended December 31, 2023, was 82, primarily due to the expansion strategy into lower-tier cities[52] Revenue Breakdown - Revenue for the six months ended December 31, 2023, was RMB 7,632.5 million, with 63.5% generated in China and 36.5% from overseas markets[91] - Revenue from China was RMB 4,843.1 million, up 44.1% from RMB 3,360.2 million year-over-year, driven by a 44.6% increase from MINISO and a 65.8% increase from TOP TOY[117] - Revenue from overseas markets reached RMB 2,789.3 million, reflecting a 46.3% increase from RMB 1,906.7 million for the same period in 2022[117] Operational Efficiency - The company is committed to investing in new product development and technology to improve operational efficiency and customer experience[15] - The company plans to implement a "Super Store" strategy targeting "Big Beauty," "Big Toys," and "Big IPs" to enhance brand image and improve average GMV per store[85] - The company aims to expand its store network in lower-tier cities in China and adopt flexible operating models in overseas markets to enhance its presence[86] Financial Health - Current ratio as of December 31, 2023, was 2.3, down from 2.5 as of June 30, 2023, due to increases in trade payables and lease liabilities[115] - Cash and cash equivalents totaled RMB6,887.0 million as of December 31, 2023, down from RMB7,303.3 million as of June 30, 2023[148] - As of December 31, 2023, the company's gearing ratio was 0.1%, calculated as loans and borrowings divided by total equity[161] Legal and Compliance - The company paid RMB30.0 million to settle a lawsuit related to illicit competition during the six months ended December 31, 2023[171] - The company faced a federal securities class action lawsuit, with the court allowing the lead plaintiff to amend the complaint as of February 2024[175] - The company has committed to pay a total of no less than RMB965.0 million in tax levies to the local government in Guangzhou over a five-year period, with specific amounts for each year[166] Risks and Challenges - The company is subject to various risks and uncertainties, which are detailed in the "Risk Factors" section of the prospectus and Form 20-F filed with the SEC[194] - Business growth and profitability are dependent on consumer demand and discretionary spending, with potential adverse effects from economic downturns in China or globally[197] - International operations face various costs and legal, regulatory, political, and economic risks[199] - Maintaining relationships with MINISO Retail Partners and local distributors is crucial; failure to attract new partners could negatively impact business[199]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][11]. Core Views - The company reported a revenue of 3.84 billion yuan for Q4, representing a year-on-year growth of 54%. The gross margin reached 43.1%, an increase of 3.1 percentage points year-on-year. Adjusted net profit was 660 million yuan, up 77% year-on-year, with an adjusted net profit margin of 17.2% [2][6]. - Domestic business showed steady growth with revenue of 2.35 billion yuan, a 56% increase year-on-year. The company is focusing on a large store strategy, with a net increase of 124 stores in Q4, and plans to add 350-450 stores in 2024 [2][6]. - The overseas business also achieved record revenue of 1.49 billion yuan in Q4, a 51% increase year-on-year, with a significant growth in direct sales markets [2][6]. Summary by Sections Financial Performance - Revenue for 2023 was 13.84 billion yuan, with a year-on-year growth of 39.4%. Forecasts for 2024, 2025, and 2026 are 17.53 billion, 21.84 billion, and 26.58 billion yuan respectively, with growth rates of 26.7%, 24.6%, and 21.7% [5][8]. - Adjusted net profit for 2023 was 2.34 billion yuan, with a year-on-year increase of 110%. Forecasts for the next three years are 2.89 billion, 3.63 billion, and 4.47 billion yuan, with growth rates of 23.8%, 25.4%, and 23.2% [5][8]. - The gross margin is projected to improve from 41.2% in 2023 to 43.2% by 2026 [5][8]. Market Expansion - The company has a total of 3,926 stores as of the end of 2023, with a low closure rate of 4%. The expansion strategy includes a focus on larger store formats [2][6]. - The overseas store count reached 2,487, with plans to open 550-650 new stores in 2024 [2][6]. Valuation - The company is expected to have a price-to-earnings (P/E) ratio of 20-25 times for 2024, leading to a target market capitalization range of 64.3 billion to 80.3 billion HKD, translating to a reasonable share price range of 50.9 to 63.6 HKD [2][6].

3月29日，名创优品X Chiikawa主题快闪全国首站登陆上海静安大悦城，单店10小时销售额达268万，再创历史新高。本次名创优品联名“新晋顶流萌物”Chiikawa为中国首发，涵盖毛绒公仔、生活用品、包饰等多款联名产品，快闪首日即吸引大量消费者，活动现场火爆异常。 据悉，名创优品X Chiikawa主题快闪系列活动，将于4月1日在北京朝阳大悦城、上海五角场合生汇同步落地。此外，该系列联名产品也即将在全国门店陆续发售。 ...

更新报告 买入 盈利能力再创新高，看好海外迈入全面加速期 名创优品 (MNSO.N/ 9896.HK) 2024-3-26 星期二 投资要点 ➢ 名创优品公布2023/12/31季度业绩，盈利能力再创新高，指引乐观： 目标价： 28.60 美元 CY23Q4 营收同比+54%至 38.4 亿元(国内+56%，海外+52%)，毛利率同比 现 价： 20.83 美元 +3.2pp至43.1%至单季新高，除汇兑外的经调整净利润率达新高（17.4%）， 预计升幅: 37.3% 经调整NPM同比+2.5pp至17.2%。经调整归母净利润同比+80%至6.6亿。 24年指引为收入同增20-30%（较20-25%的原指引上调），利润好于收入。 24年开店目标为国内350-450个，海外550-650个，海外直营/代理各一半。 重要数据 国内:季内营收同增56%，其中门店数+18%/单店+39%，1-2月GMV增13%； 日期 2024/3/25 海外:季内营收同增52%，其中门店数+18%/单店+31%，1-2月GMV增40%。 收盘价（美元） 20.83 ➢ 国内改扩店有充足空间，迈入加速期的海外业务确定性与成长性兼备： ...

研究报告Research Report 13 Mar 2024 名创优品 MINISO Group (MNSO US) 点评报告：业绩持续性强，利润再创新高 Review report：Performance Showing High Visibility, Profits Hitting New Record [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Tab维le_持Info优] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：名创优品3月 12日公布4Q财报。收入38.4亿元，同比增 评级 优于大市OUTPERFORM 长 54%；毛利率 43.1%，同比增长 3.1pct；经调净利润 6.6 亿元， 现价 US$18.22 同比增长 77%，经调净利率 17.2%；除汇兑外经调净利率 17.4%， 目标价 US$26.60 创历史新高。公司指引1Q收入同比增长20%-25%；24年收入同比 增长20%-30%（上限较前期指引20%-25%上调），经调净利同比增 市值 US$6.4 ...

港股公司报告 | 公司点评 名创优品（09896） 证券研究报告 2024年03月20日 投资评级 单季度营收、盈利能力均创历史新高！ 行业 非必需性消费/专业零 售 3月12日，公司发布截至2023年12月31日止六个月的业绩公告。公告显示，2023 6个月评级 买入（首次评级） 年下半年公司实现收入76亿元同增45%，经调整净利13亿元同增65%，派发现金 当前价格 37.8港元 股息人民币6.5亿元，占调整后净利润50%。23Q4公司实现收入38.4亿元同增54%， 创单季度历史新高，国内营收23.5亿同增56%，海外营收14.9亿同增51%，经调 目标价格 港元 整净利6.6亿元同增77%，同创历史新高，经调整净利率为17.2%同增2.2pct。 基本数据 毛利率提升显著。23Q4公司毛利率为43.1%同增3.1pct，创历史新高。主要由于， 港股总股本(百万股) 1,263.69 1）海外市场产品优化及直营市场收入占比提升；2）国内品牌升级战略，使得新推 港股总市值(百万港元) 47,767.47 出产品贡献出较高毛利率，同时采取了有效的降本措施；3）TOPTOY产品结构转向 盈利能力更高的产品。 ...