Summary of the Conference Call for Miniso Company Overview - The conference call discusses Miniso, a retail company known for its affordable products and strong presence in both domestic and international markets, particularly in the United States and Europe. Key Points and Arguments Response to Tariffs - Miniso has implemented various strategies to mitigate the risks associated with increased tariffs in the U.S. as of early 2024. This includes enhancing its overseas supply chain, particularly increasing local sourcing in the U.S. to reduce reliance on Chinese suppliers. [3][4] - The company has managed to maintain a gross margin of approximately 70% in the U.S. market, even after two rounds of tariff adjustments from 10% to 20%. [3][4] Supply Chain and Procurement - As of early 2025, 30%-40% of Miniso's products are sourced through local supply chains in the U.S., although the company still relies on Chinese and other overseas suppliers to maintain cost advantages. [4][5] - The company plans to focus on 20 states in the U.S. to enhance operational efficiency and optimize resource allocation. [6] Sales Growth and Store Expansion - Miniso anticipates a same-store sales growth rate of 15%-18% in Q1 2025, with domestic growth expected to be in the mid-single digits and overseas growth projected at 20%-25%. The company plans to open 900 new stores globally, including 800 Miniso stores and 100 TT stores. [4][8] - The average payback period for domestic franchisees has extended from 12 months in 2023 to 15 months in 2024, yet over 90% of franchisees remain profitable, indicating a healthy investment return. [4][14] IP Strategy and Product Innovation - Miniso is actively pursuing a refined IP operation strategy, focusing on product design innovation and diversifying IP selection. The company is exploring collaborations with emerging artists and brands to enhance its product offerings. [4][15][16] - The company has extended the lifecycle of its IP products through iterative upgrades, significantly enhancing its product design capabilities. [19] Market Potential and Strategy in the U.S. - The U.S. market is viewed as highly promising, with Miniso's strategy focusing on refined operations and cost control. The company plans to adjust its strategy if tariffs increase significantly, potentially shifting focus to the European market. [7][24] - Miniso has nearly 300 stores in the U.S. and aims to optimize inventory turnover and operational efficiency in 2025. [24] Challenges and Adjustments - The company faces challenges in both domestic and overseas markets, necessitating adjustments in its operational strategies. In the U.S., the focus is on refining store operations and enhancing supply chain efficiency. [23][24] - Miniso's overseas operations are adapting to macroeconomic changes, including tariff impacts, by dynamically adjusting the ratio of franchise to direct stores. [21] Financial Performance and Stock Response - Recent tariff impacts have pressured Miniso's stock price, prompting the company to engage in share buybacks to protect shareholder interests and signal confidence in future growth. [30] Additional Important Insights - Miniso's franchisee profitability remains robust despite extended payback periods, indicating resilience in its business model. [14][28] - The company is committed to expanding its IP offerings internationally, with plans to introduce 100 Chinese IPs to global markets over the next decade. [27] - The overall IP product share in overseas markets exceeds 40%, with the U.S. market showing a higher proportion of around 60%. [29]

今年以来该股累计进行15次回购，合计回购434.11万股，累计回购金额1.29亿港元。（数据宝） 名创优品回购明细 证券时报·数据宝统计，名创优品在港交所公告显示，4月8日以每股28.750港元至30.550港元的价格回购 76.00万股，回购金额达2242.26万港元。该股当日收盘价29.900港元，上涨2.93%，全天成交额4.25亿港 元。 自3月26日以来公司已连续9日进行回购，合计回购398.02万股，累计回购金额1.28亿港元。 其间该股累 计下跌15.89%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.04.08 | 76.00 | 30.550 | 28.750 | 2242.26 | | 2025.04.07 | 179.34 | 31.450 | 28.500 | 5240.73 | | 2025.04.03 | 5.50 | 36.150 | 34.900 | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年4月8日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有 ...

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [8]. Core Insights - The company achieved a total revenue of RMB 17 billion for the year, representing a year-on-year increase of 22.8%, with a net profit of RMB 2.64 billion, up 15.9% year-on-year [9]. - The company is focusing on optimizing store operations and matching consumer profiles with products to enhance store efficiency and sales [10]. - The company is accelerating its globalization efforts, with overseas revenue reaching RMB 6.67 billion, a 42% increase year-on-year, and a total of 3,118 stores globally, up 25.4% [10]. - The gross profit margin improved by 3.7 percentage points to 44.9%, benefiting from product structure optimization and increased direct market share overseas [10]. - The company plans to maintain its investment in IP and improve same-store sales through structural upgrades and enhancing member repurchase rates [10]. Summary by Sections Financial Performance - The company reported a net profit of RMB 2.64 billion for 2024, with projections of RMB 3.1 billion, RMB 3.72 billion, and RMB 4.48 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 19%, 20%, and 20% [12]. - The earnings per share (EPS) are projected to be RMB 2.48, RMB 2.97, and RMB 3.58 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 11, 9, and 8 [12]. Revenue Breakdown - Domestic revenue for 2024 was RMB 10.31 billion, a 13.4% increase, while overseas revenue was RMB 6.67 billion, a 42% increase [10]. - The company’s product mix is heavily weighted towards its flagship brand, MINISO, which accounts for 94.2% of total revenue, while TOPTOY contributes 5.8% [4]. Market Position - The company is focusing on the U.S. and U.K. markets as key growth areas, with significant store openings and sales growth in these regions [10]. - The company’s strategy includes enhancing operational efficiency and reducing costs through acquisitions, such as the 29.4% stake in Yonghui Supermarket [10].

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [8]. Core Insights - The company achieved a total revenue of RMB 17 billion for the year, representing a year-on-year increase of 22.8%, with a net profit of RMB 2.64 billion, up 15.9% year-on-year [9]. - The company is focusing on optimizing store operations and enhancing customer engagement to improve same-store sales, particularly in the domestic market, while continuing to expand its global footprint [10]. - The gross profit margin improved by 3.7 percentage points to 44.9%, benefiting from an optimized product mix and increased direct market share overseas [10]. Summary by Sections Company Overview - The company operates in the retail trade sector, with a current H-share price of HKD 29.05 and a market capitalization of RMB 36.35 billion [2]. Financial Performance - The company reported a net profit of RMB 2.64 billion for 2024, with an expected increase to RMB 3.1 billion in 2025, reflecting a growth rate of 19% [12]. - The earnings per share (EPS) is projected to be RMB 2.48 in 2025, with a price-to-earnings (P/E) ratio of 11 times [12]. Product Portfolio - The company's product mix is heavily weighted towards MINISO, which accounts for 94.2% of its revenue, while TOPTOY contributes 5.8% [4]. Market Expansion - The company is accelerating its global expansion, with overseas revenue reaching RMB 6.67 billion in 2024, a 42% increase year-on-year [10]. - The total number of stores reached 3,118, marking a 25.4% increase from the previous year, with significant growth in the U.S. and U.K. markets [10]. Dividend Policy - The company announced a dividend of USD 0.0817 per share [9].

公司名稱： 名創優品集團控股有限公司 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 呈交日期： 2025年4月8日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有 ...

表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年4月7日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年4月7日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 第 1 頁 共 7 頁 v 1.3.0 | 1). | 已購回以作註銷但尚未註銷之股份 | 411,600 | % | HKD | 36.4374 | | --- | --- | --- | --- | --- | --- | | | 變動日期 2025年3月26日 | | | | | | 2). | 已購回以作註銷但尚未註銷之股份 | 530,600 | % | HKD | 37.6823 | | | 變動日期 2025年3月27日 | | | | | | 3). | 已購回以作註銷但尚未註銷之股份 | 269,000 | % | ...

公司名稱： 名創優品集團控股有限公司 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 呈交日期： 2025年4月7日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包 ...

Core Viewpoint - The article highlights the explosive growth and popularity of the LABUBU brand within the collectible toy market, emphasizing its significant revenue contributions and the changing consumer behavior among the younger generation, particularly Generation Z [5][10][49]. Group 1: Market Demand and Sales Performance - LABUBU's blind box series saw overwhelming demand, with a live online sale attracting 30,000 viewers and selling out in seconds [3][4]. - The resale market for LABUBU blind boxes has seen prices surge to 1.5-2 times the original price, with hidden variants reaching a premium of 845% [4]. - The total revenue for the THE MONSTERS series, which includes LABUBU, reached 3.04 billion RMB in 2024, marking a staggering year-on-year growth of 726.6% [5][6]. Group 2: Consumer Behavior and Trends - The article discusses a shift in consumer behavior, where young consumers are increasingly seeking emotional connections through collectibles rather than traditional luxury goods [9][10]. - The popularity of blind boxes, which account for 36.6% of the collectible toy market, is attributed to their ability to create a sense of excitement and surprise [16][17]. - The article notes that the target demographic for these products is primarily young adults, with the 18+ age group surpassing children in toy consumption in the U.S. [49]. Group 3: Company Strategies and Innovations - Companies like Pop Mart and TOP TOY have successfully commercialized collectible toys by leveraging popular IPs and creating engaging retail experiences [7][32]. - The operational strategies of these companies include data-driven approaches to identify potential bestsellers and optimize product offerings [48]. - The article mentions that the growth of the collectible toy market is supported by a mature manufacturing base in China, particularly in Dongguan, which is the world's largest toy production hub [36][37]. Group 4: Future Outlook - The collectible toy market in China is projected to reach 76.4 billion RMB by 2024, with a compound annual growth rate of 20% over the next three years [16]. - Companies are planning to expand their retail presence, with TOP TOY aiming to open 80-100 new stores in 2025 [33]. - The article concludes that the trend of adult consumers driving the toy market is likely to continue, with Chinese brands poised to make a significant impact globally [49].