智通财经APP获悉，交银国际发布研报称，名创优品(09896) 第三季业绩基本符合预期。该行认为，当 前趋势与全年指引相符，集团正深化IP矩阵和大店策略，推动同店进一步恢复，加强增长韧性。维持目 标价48.7港元及"买入"评级。 报告表示，名创优品内地业务同店复苏强劲，门店优化见效。海外业务直营盈利有所改善。此外，TOP TOY第三季收入年增111%至5.7亿元人民币，自有IP快速放量，同店实现中单位数增长。2025年3季度公 司收入同比增28.2%至58亿元人民币，略超出此前公司指引(25-28%)，主要受益于内地业务复苏及TOP TOY的强劲增长。 ...

Group 1: Market Overview - The A-share market continues to decline, primarily due to external volatility [3] - Global equity markets generally fell, with only Vietnam and India showing gains [3] - Commodity prices mostly decreased, and the China-US interest rate spread narrowed [3] Group 2: Fixed Income and Economic Indicators - The current Gusheng fundamental high-frequency index is 128.8 points, with a year-on-year increase of 6.1 points [3] - The industrial production high-frequency index remains at 127.5, with a year-on-year increase of 5.2 points [3] - The CPI and PPI month-on-month forecasts are both 0.1% [4] Group 3: Company Insights - Wanchen Group - Wanchen Group, established in 2011, became a key national leader in the edible fungus sector, achieving revenue of 540 million yuan in 2024 [6] - The company expanded into the snack retail sector in 2022, rapidly building a store network through acquisitions, reaching 15,365 stores by June 2025 [6] - In the first three quarters of 2025, the snack retail segment generated revenue of 36.16 billion yuan, accounting for 98.9% of total revenue, with a net profit margin of 5.3% in Q3 2025 [6] Group 4: Company Insights - Saiwei Era - Saiwei Era is a technology-driven leader in cross-border apparel, leveraging a digital platform to create a multi-brand matrix [7] - The company is expected to achieve revenues of 12.12 billion, 14.35 billion, and 16.50 billion yuan from 2025 to 2027, with corresponding net profits of 340 million, 570 million, and 710 million yuan [7] Group 5: Company Insights - Miniso - Miniso reported a revenue of 5.8 billion yuan for Q3 2025, reflecting a year-on-year growth of 28.2% [9] - The adjusted net profit for the same period was 767 million yuan, up 11.7% year-on-year, with an operating profit margin of 17.6% [9] - The company is positioned as a global leader in daily goods retail, expanding rapidly through a light-asset model [9] Group 6: Company Insights - Kuaishou - Kuaishou's Q3 2025 revenue reached 35.6 billion yuan, a year-on-year increase of 14.2% [11] - The company recorded a total operating profit of 5.3 billion yuan, with a profit margin of approximately 14.9% [11] - E-commerce GMV grew by 15.2% to 385 billion yuan, with AI models enhancing marketing and operational efficiency [14]

Summary of Miniso's Earnings Call Company Overview - **Company**: Miniso - **Date**: November 24, 2025 Key Points Industry and Market Performance - **Domestic Market**: The domestic market has stabilized and improved, contributing two-thirds of the company's profits. The business model and profitability are stable, reducing tail risks [3][12] - **Overseas Market**: The overseas market achieved low single-digit same-store sales growth. The Top Toy business grew by 110%, significantly contributing to revenue, although franchise and agency performance in Latin America and Asia was slightly below expectations [2][4] Financial Performance - **Revenue Growth**: Miniso reported a revenue growth of 28.2%, exceeding Bloomberg's consensus estimate of around 25%. Domestic same-store sales grew nearly 10% [4] - **Profitability**: The company's net profit growth was 12%, which was 3 percentage points lower than Bloomberg's consensus. This was primarily due to a 0.2 percentage point decline in gross margin, attributed to an increase in third-party products and tariff fluctuations [2][4][5] Future Projections - **Net Profit Forecast**: For 2025, Miniso expects a net profit of approximately 2.9 billion RMB, with a fourth-quarter profit of about 850 million RMB. If the profit margin of U.S. stores improves by 2-3 percentage points in 2026, adjusted net profit could reach 3.5 billion RMB [6][8] - **Valuation**: The current price-to-earnings ratio is around 15 times for 2025, considered low. If performance improves as expected, the valuation could significantly increase [6][13] U.S. Market Insights - **Contribution to GMV**: The U.S. market contributes about 10% to the company's GMV and 20-30% to revenue. In 2025, there are 421 U.S. stores with an average monthly sales of 700,000 RMB [7][11] - **Store Performance**: New stores have shown a 1.5 times increase in sales efficiency and a 1.3 times increase in sales per square meter compared to older stores. However, new stores still represent a small percentage of total stores, and overall effects will take time to materialize [10][11] Investment and Financing - **Investment in Yonghui**: Miniso's investment in Yonghui is measured using the equity method, accounting for 29% of Yonghui's net profit in Miniso's financials. Financing activities for the acquisition resulted in approximately 150 million RMB in interest costs [9] Market Sentiment - **Stock Price and Valuation Outlook**: The stock price has overly reflected negative news, with a market cap of about 45 billion HKD (approximately 40 billion RMB). Even under pessimistic forecasts, the P/E ratio for next year is around 13 times, indicating a potentially undervalued position [13]

Summary of Key Points Core Viewpoint - A total of 36 companies conducted share buybacks on November 24, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent on buybacks. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.022 million shares for a total of 636 million yuan, representing 0.825% of its total share capital for the year [1][2]. - China COSCO Shipping (01919) repurchased 3 million shares for 40.35 million yuan, accounting for 1.604% of its total share capital [2]. - China International Marine Containers (02039) repurchased 4.8904 million shares for 35.9467 million yuan, which is 1.530% of its total share capital [2]. Group 2: Other Notable Buybacks - China Feihe (06186) repurchased 7.233 million shares for 29.9668 million yuan, representing 1.969% of its total share capital [2]. - Sinopec Limited (00386) repurchased 4.054 million shares for 17.7861 million yuan, which is 0.150% of its total share capital [2]. - Pacific Basin Shipping (02343) repurchased 5 million shares for 12.757 million yuan, accounting for 1.555% of its total share capital [2]. Group 3: Smaller Buybacks - MONGOL MINING (00975) repurchased 390,000 shares for 3.6551 million yuan, which is 0.124% of its total share capital [2]. - Miniso Group (09896) repurchased 866,800 shares for 31.938 million yuan, representing 0.372% of its total share capital [2]. - Weigao Group (01066) repurchased 40,000 shares for 211,600 yuan, accounting for 4.379% of its total share capital [3].

Core Insights - The report highlights that MINISO's Q3 2025 revenue reached 5.797 billion, a year-on-year increase of 28.2%, exceeding the company's previous guidance of 25%-28% [7] - Adjusted net profit for Q3 2025 was 767 million, reflecting a year-on-year growth of 11.7% [7] - For the first three quarters of 2025, MINISO achieved a total revenue of 15.190 billion, up 23.7%, and an adjusted net profit of 2.045 billion, a 6.1% increase [7] Market Performance - Domestic same-store sales growth accelerated in Q3 2025, with October showing further improvement to low double digits [7] - The company opened 102 new stores in Q3 2025, bringing the total domestic store count to 4,407 by the end of the quarter [7] - Internationally, MINISO's revenue for the first three quarters of 2025 was 5.846 billion, a 28.7% increase, with same-store sales turning positive in Q3 [7][8] Financial Metrics - The gross margin for the first three quarters of 2025 was 44.4%, a slight increase of 0.3 percentage points year-on-year [8] - Operating cash flow for Q3 2025 was 1.230 billion, with a ratio of operating cash flow to adjusted net profit of 1.7, indicating strong profitability [8] - The adjusted net profit margin for Q3 2025 was 13.2%, down 2.0 percentage points year-on-year [8] Future Projections - The report forecasts MINISO's revenue for 2025-2027 to be 21.216 billion, 25.799 billion, and 30.633 billion respectively, with net profits of 2.400 billion, 3.398 billion, and 4.160 billion [9] - The projected price-to-earnings ratios for 2025-2027 are 18.4, 13.0, and 10.6 respectively, maintaining a "Buy-A" rating [9]

Core Viewpoint - The company reported a strong Q3 performance with revenue of 5.797 billion yuan, a 28% increase year-on-year, and an adjusted net profit of 767 million yuan, reflecting an 11.7% year-on-year growth [1] Group 1: Domestic Performance - Domestic revenue from Miniso reached 2.909 billion yuan, showing a 19.3% year-on-year increase, with same-store sales experiencing positive growth in the high single digits [1] - The number of domestic stores increased to 4,407, with a net addition of 157 stores year-on-year, including significant growth in first, second, and third-tier cities [1][2] - The company signed 16 toy artists and is actively developing its own IP, such as Nuomi Er [1] Group 2: International Performance - Overseas revenue reached 2.312 billion yuan, with a 27.7% year-on-year increase, and same-store sales showing low single-digit growth [2] - The total number of overseas stores reached 3,424, with a net addition of 488 stores year-on-year, including significant growth in North America and Asia [2] - The company is focusing on a targeted store opening strategy in the North American market to enhance scale effects [3] Group 3: TOP TOY Performance - TOP TOY achieved revenue of 575 million yuan, marking a 111% year-on-year increase, driven by rapid store expansion and increased sales of proprietary and exclusive IP [2] - The number of TOP TOY stores reached 307, with a year-on-year increase of 73 stores [2] - The gross margin for Q3 was 44.7%, remaining stable despite increased operational expenses due to strategic investments in overseas stores [2] Group 4: Future Outlook - The company is expected to benefit from channel optimization and product upgrades driven by its large store strategy in the domestic market [3] - The growth path for the company's IP retail group is becoming increasingly clear, with projections for adjusted net profits of 2.96 billion, 3.42 billion, and 4.21 billion yuan for 2025, 2026, and 2027 respectively [3]

Core Insights - The company's Q3 2025 performance met expectations with a revenue increase of 28% to 5.8 billion yuan and an adjusted net profit increase of 12% to 770 million yuan [1][2] Group 1: Domestic Business Performance - Miniso's domestic revenue grew by 19% to 2.9 billion yuan, driven by a focus on "super categories, super stores, and super marketing," with toys showing strong performance and 16 new IP artist signings [1] - Offline revenue increased by 16% to 2.6 billion yuan, with same-store sales growth in the high single digits and 102 new stores opened during the quarter [1] - Online revenue surged by 58% to 340 million yuan, indicating robust e-commerce growth [1] Group 2: TOPTOY Performance - TOPTOY's revenue skyrocketed by 111% to 580 million yuan, with strong performance from proprietary IP new products and same-store sales growth in the mid-single digits, alongside 14 new store openings [1] Group 3: International Market Development - Miniso's overseas revenue rose by 28% to 2.3 billion yuan, with the U.S. market seeing over 65% revenue growth [1] - The company is optimizing overseas inventory and enhancing local operational capabilities, with same-store sales growth in the low single digits in key markets like the U.S. and Canada, and 117 new stores opened internationally [1] - Management plans to replicate successful strategies from the U.S. and China in Southeast Asia for sustainable long-term growth [1] Group 4: Financial Metrics and Forecasts - Gross margin slightly decreased by 0.2 percentage points due to product mix adjustments, while excluding share-based payment expenses, the sales and management expense ratio increased by 1.4 percentage points [2] - Adjusted net profit for 2025 is projected to remain at 2.9 billion yuan, with a 4% downward revision for 2026 to 3.6 billion yuan, maintaining a target price adjustment of 12%/11% to 50.18 HKD/26.08 USD, reflecting a 20x 2025 non-IFRS P/E ratio [2]

机构：中信建投证券 研究员：刘乐文/陈如练/杨艾莉 改进80%现有传统门店的规划构筑好起点。 坚定美国直营布局，焕新传统区域 公司继续推进美国直营门店建设，25Q3 的海外直营店数量增长至637 家，美国plaza 店模型结合本土化 供应链为公司收入28.2%增长作出重要贡献，美国同店领头带动海外整体同店由负转为25Q3 的低个位 数增长。同时，公司积极为深耕多年的东南亚和拉美市场注入活力，重点改进印尼、泰国等地区市场， 铺设区域限定新品，并且将中国和美国IP 战略的成功经验推向传统区域。 投资建议：公司三季度收入增速超过预期指引，国内外同店环比均有提升并且基于10 月情况对于四季 度进一步乐观指引，我们认为公司能够稳步推进高质量开店战略，更新公司2025-2027 年营业收入为 212.42、247.11、278.88 亿元，公司经调整归母净利润为：31.62、35.78、40.22 亿元，对应PE 为14X、 13X、11X，维持"增持"评级。 风险分析 核心观点 名创优品作为生活好物集合店的全球布局优势明显，把握潮玩大趋势，依托成熟的运营能力打造自有IP 产品的可实现性高。公司管理层坚定看好线下零售业态 ...

Core Viewpoint - The company reported strong revenue growth and maintained double-digit adjusted net profit growth in Q3 2025, exceeding previous guidance Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 5.797 billion, a year-on-year increase of 28.2% [1] - For the first three quarters of 2025, the company reported revenue of 15.190 billion, up 23.7% year-on-year [1] - Adjusted net profit for Q3 2025 was 767 million, reflecting an 11.7% year-on-year growth [1] - The adjusted net profit margin for Q3 2025 was 13.2%, down 2.0 percentage points year-on-year [1] - The company’s gross margin for the first three quarters of 2025 was 44.4%, an increase of 0.3 percentage points year-on-year [4] Group 2: Business Segments - Domestic revenue for MINISO in the first three quarters of 2025 was 8.024 billion, a 14.1% year-on-year increase, with same-store sales growth in Q3 showing high single digits [2] - Overseas revenue for MINISO reached 5.846 billion in the first three quarters of 2025, up 28.7% year-on-year, with same-store sales turning positive in Q3 [2] - TOP TOY achieved revenue of 1.317 billion in the first three quarters of 2025, a significant growth of 87.9% year-on-year [3] Group 3: Operational Metrics - The company opened 102 new stores in Q3 2025, bringing the total domestic store count to 4,407 by the end of Q3 [2] - The overseas store count reached 3,424 by the end of Q3 2025, with a net increase of 306 stores since the beginning of the year [2] - The company maintained healthy operating cash flow, with a net cash flow from operating activities of 1.230 billion in Q3 2025 [4]

Core Viewpoint - The companies MINISO and TOP TOY have shown significant revenue growth in Q3 2025, with MINISO achieving a revenue of 5.8 billion yuan and TOP TOY reaching 5.75 billion yuan, indicating strong performance in both domestic and international markets [1][2]. MINISO Summary - In Q3 2025, MINISO's same-store GMV experienced low single-digit growth, with revenue reaching 5.8 billion yuan, a year-on-year increase of 28.2% [1]. - Domestic revenue for MINISO in Q3 2025 was 2.91 billion yuan, up 19.3% year-on-year, with a net increase of 102 stores, bringing the total to 4,407 [1]. - The company expects same-store growth in mainland China to reach low double digits by October 2025, with an overall forecast of mid-single-digit same-store growth for the year [1]. - Internationally, MINISO's overseas revenue was 2.31 billion yuan, a 27.7% increase year-on-year, with a net increase of 117 stores, totaling 3,424 [1]. TOP TOY Summary - TOP TOY reported a revenue of 5.75 billion yuan in Q3 2025, reflecting a year-on-year growth of 111.4%, with a net increase of 14 stores, bringing the total to 307 [2]. - The adjusted operating profit for TOP TOY was 1.02 billion yuan, with an adjusted operating profit margin of 17.6%, down 2.1 percentage points year-on-year [2]. - The company has seen improvements in operational efficiency, with direct store revenue increasing by 69.9% year-on-year, while related expenses grew by 40.7% [2]. Investment Outlook - The company is positioned as a global leader in the daily goods retail sector, leveraging its channel and supply chain advantages for rapid global expansion [3]. - The expected revenue for the company from 2025 to 2027 is projected to be 21.3 billion yuan, 25.4 billion yuan, and 29.6 billion yuan, with adjusted net profits of 2.94 billion yuan, 3.48 billion yuan, and 4.08 billion yuan respectively [3]. - The company maintains a "buy" rating based on its growth potential and operational improvements [3].