Summary of Key Points Core Viewpoint - Miniso has been actively repurchasing its shares, indicating a strategy to enhance shareholder value amidst market fluctuations [1][2][3] Group 1: Share Buyback Details - On November 24, Miniso repurchased 866,800 shares at a price range of HKD 36.360 to HKD 37.960, totaling HKD 31.938 million [1] - The stock closed at HKD 37.320 on the same day, reflecting a decline of 4.84% with a total trading volume of HKD 748 million [1] - Year-to-date, Miniso has conducted 163 buybacks, acquiring a total of 14.7224 million shares for a cumulative amount of HKD 35.6 million [1] Group 2: Historical Buyback Data - The buyback history shows various transactions with the highest buyback price recorded at HKD 38.000 on multiple occasions [2][3] - Significant buyback activities occurred on April 9, where 120.08 million shares were repurchased at an average price of HKD 29.500, amounting to HKD 3.47569 billion [3] - The buyback strategy appears consistent, with multiple transactions executed at prices ranging from HKD 30.000 to HKD 38.000 throughout the year [2][3]

Revenue Growth - Revenue for the September Quarter increased 28.2% year over year to RMB5,796.6 million (US$814.3 million), exceeding the previous guidance range of 25%-28%[10] - Revenue from MINISO brand increased by 22.9% year over year to RMB5,221.5 million (US$733.5 million), with overseas markets contributing 44.3% of this revenue[25] - Revenue from TOP TOY brand surged by 111.4% to RMB574.5 million (US$80.7 million)[26] - For the three months ended September 30, 2025, MINISO's revenue increased by 28.2% year-over-year to RMB 5,796,645,000, with the MINISO brand contributing RMB 5,221,476,000, a 22.9% increase[102] - Revenue from overseas markets grew by 28.7% year-over-year to RMB 2,312,305,000 for the three months ended September 30, 2025[102] Profitability Metrics - Adjusted operating profit rose 14.8% year over year to RMB1,022.3 million (US$143.6 million), with an adjusted operating margin of 17.6%[12] - Adjusted net profit for the first nine months increased 11.7% year over year to RMB766.8 million (US$107.7 million)[13] - Adjusted operating profit rose by 14.8% year over year to RMB1,022.3 million (US$143.6 million), with an adjusted operating margin of 17.6%[35] - Profit for the period decreased to RMB443.2 million (US$62.3 million) from RMB648.3 million in the same period last year[39] - Adjusted net profit increased by 11.7% year over year to RMB766.8 million (US$107.7 million)[40] - Adjusted net profit for the nine months ended September 30, 2025, was RMB 2,045,496,000, reflecting a growth of 6.1% compared to RMB 1,928,090,000 in the same period of 2024[98] Cash Flow and Financial Position - Cash position as of September 30, 2025, was RMB7,766.2 million (US$1,090.9 million), up from RMB6,698.1 million at the end of 2024[17] - Net cash from operating activities for the September Quarter was RMB1,299.6 million (US$182.6 million), with a cash flow to adjusted net profit ratio of 1.7[22] - Cash position improved to RMB7,766.2 million (US$1,090.9 million) as of September 30, 2025, compared to RMB6,698.1 million as of December 31, 2024[64] - As of September 30, 2025, total assets increased to RMB 28,668,811 (approximately US$ 4,027,085), up from RMB 18,120,128 as of December 31, 2024[82] - Current assets also increased to RMB 13,763,790 (approximately US$ 1,933,388) from RMB 11,655,501, indicating strong liquidity[82] Expenses and Cost Management - Cost of sales rose by 28.6% year over year to RMB3,206.6 million (US$450.4 million)[29] - Gross profit increased by 27.6% year over year to RMB2,590.1 million (US$363.8 million), with a gross margin of 44.7%[30][31] - Selling and distribution expenses grew by 43.5% year over year to RMB1,429.9 million (US$200.9 million), driven by investments in directly operated stores[32] - General and administrative expenses increased by 45.6% year over year to RMB343.8 million (US$48.3 million)[33] Store Expansion - The total number of stores reached 8,138 globally, marking a year-over-year increase of 718 net new stores[17] - The number of MINISO stores in mainland China increased to 4,407 as of September 30, 2025, up by 157 stores year-over-year[104] - Overseas, the total number of MINISO stores reached 3,424 as of September 30, 2025, an increase of 488 stores compared to the previous year[106] Financial Ratios and Metrics - Adjusted EBITDA for the first nine months increased 18.8% year over year to RMB1,353.8 million (US$190.2 million), with an adjusted EBITDA margin of 23.4%[13] - The adjusted EBITDA margin for the three months ended September 30, 2025, was 23.4%, slightly down from 25.2% in the same quarter of 2024[98] - Basic earnings per share for ordinary shares for the three months ended September 30, 2025, was RMB 0.36, down from RMB 0.52 in the same period of 2024[88] - Adjusted net margin for the nine months ended September 30, 2025, was 13.5%, down from 15.7% in the previous year[96] Strategic Insights and Future Outlook - Forward-looking statements indicate expectations for growth in the retail market and demand for MINISO's products, with inherent risks and uncertainties[79] - The company emphasizes the importance of non-IFRS financial measures for assessing operating performance, which may differ from peer companies[75][76] - Adjusted operating profit and adjusted net profit metrics are used by management to evaluate performance, excluding non-cash and other adjustment items[73][74]

11月21日，名创优品（证券代码：MNSO，股价19.570美元，市值60.550亿美元）发布2025年三季度财 报。该财报显示，2025年三季度，名创优品集团总营收达58亿元，同比增长28%；经调整净利润（Non- IFRS）7.7亿元，同比增长12%。 《每日经济新闻》记者注意到，在11月21日晚间举行的业绩电话会上，名创优品创始人、董事会主席兼 首席执行官叶国富表示，2025年三季度收入增长更多来自同店销售的拉动，这意味着增长质量更高、可 持续性更强，而且经营风险更低，也反映了公司核心运营能力的不断提升。 据名创优品首席财务官张靖京在上述电话会上透露，公司计划在2026年把成功经验首先推广到东南亚市 场。"我们进入东南亚市场接近10年，以印尼为代表的东南亚市场每一年为公司贡献大量利润，但在 2025年，随着当地宏观经济下行和社会动荡，我们的确面临一定的经营挑战，例如渠道可能需要升级、 货盘需要调整、组织和人才也需要升级，这些是我们2026年工作的重点方向之一。"他表示。 谈IP战略：希望核心品类借助IP突破 这几年，名创优品持续推进IP生态，"国际授权IP+独家签约艺术家IP"的模式，也的确为公司贡献了 ...

名创优品(09896)发布公告，于2025年11月24日，该公司斥资3193.8万港元回购86.68万股股份，回购价 格为每股36.36-37.96港元。 ...

Investment Rating - The report maintains a "Buy" rating for MINISO, reflecting confidence in its growth potential and operational efficiency [4][6]. Core Insights - MINISO has demonstrated strong revenue growth, with a 28.2% year-on-year increase in revenue to 5.8 billion RMB in Q3 2025, alongside an adjusted net profit growth of 11.7% to 767 million RMB [1]. - The company is expanding its store network, adding 102 new stores in mainland China, bringing the total to 4,407, while overseas operations also saw a net increase of 117 stores, totaling 3,424 [2]. - The operational efficiency of overseas direct sales has improved, with a profit margin increase, particularly in strategic markets like North America and Europe [2]. Summary by Sections Domestic Operations - In Q3 2025, MINISO's domestic revenue reached 2.91 billion RMB, marking a 19.3% year-on-year increase, with same-store sales showing high single-digit growth [1]. - The company anticipates low double-digit same-store growth in mainland China by October 2025, projecting a full-year same-store growth in the mid-single digits [1]. Overseas Operations - The overseas business generated 2.31 billion RMB in revenue, a 27.7% increase year-on-year, accounting for 44.3% of total revenue [2]. - Same-store sales in overseas markets have shown improvement, particularly in strategic regions, contributing to the overall growth of the company [2]. Financial Performance - The adjusted operating profit for Q3 2025 was 1.02 billion RMB, reflecting a 14.8% year-on-year increase, with an adjusted operating profit margin of 17.6%, down 2.1 percentage points year-on-year [3]. - The gross profit for Q3 2025 was 2.59 billion RMB, with a gross margin of 44.7%, slightly down from the previous year [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 21.3 billion RMB, 25.4 billion RMB, and 29.6 billion RMB respectively, with adjusted net profits expected to be 2.94 billion RMB, 3.48 billion RMB, and 4.08 billion RMB [4][5]. - The report indicates a continuous optimization of various business segments, products, and supply chains, supporting the company's growth trajectory [4].

智通财经APP讯，名创优品(09896)发布公告，于2025年11月24日，该公司斥资3193.8万港元回购86.68万 股股份，回购价格为每股36.36-37.96港元。 ...

格隆汇11月24日丨名创优品(09896.HK)公告，11月24日耗资3194万港元回购86.7万股。 ...

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11月24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 | | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][6] Core Insights - The company reported Q3 revenue of 5.8 billion (+28.2% YoY) and adjusted net profit of 770 million (+11.7% YoY), with a net profit margin of 13.2% (-2.0 percentage points) [1][6] - Domestic revenue for the company's brand reached 2.91 billion (+19.3% YoY), while overseas revenue was 2.31 billion (+27.7% YoY). TOPTOY revenue surged to 570 million (+111.4% YoY) [1][6] - The company has a robust "1+3" moat strategy, combining a Chinese supply chain, global IP, global design, and global channels, which supports its domestic expansion and high growth in overseas markets [1][6] Financial Performance - The company expects significant revenue growth, with projected revenues of 13.84 billion, 16.99 billion, 21.21 billion, 25.13 billion, and 29.27 billion for 2023 to 2027, respectively, reflecting growth rates of 39%, 23%, 25%, 18%, and 17% [2][7] - Adjusted net profit is projected to grow from 2.39 billion in 2023 to 4.34 billion in 2027, with corresponding growth rates of 101%, 13%, 10%, 23%, and 18% [2][7] - The company’s earnings per share (EPS) is expected to increase from 1.90 in 2023 to 3.45 in 2027 [2][7] Domestic Market Performance - In Q3, the domestic brand revenue was 2.91 billion, with same-store sales showing high single-digit growth. The company anticipates low double-digit growth in same-store sales for Q4 [1][6] - The company added 102 new stores in Q3, bringing the total to 4,407 stores [1][6] International Market Performance - The overseas brand revenue reached 2.31 billion, with same-store sales showing low single-digit growth. The U.S. market saw revenue growth exceeding 65% [1][6] - The company opened 117 new stores overseas in Q3, with a total of 3,424 stores by the end of the quarter [1][6] TOPTOY Performance - TOPTOY brand revenue reached 570 million in Q3, with a same-store sales growth in the mid-single digits and a net increase of 14 stores, totaling 307 stores [1][6]

该行认为，名创优品在成功执行各项举措后，正处于实现更强劲内生增长的良好轨道上，同时从长期增 长前景来看，其估值并不高;预期名创优品的股份回购计划，也将支撑其股价，以减轻收购永辉超市所 带来的部分拖累。 中银国际称，名创优品今年第三季的业绩好坏参半，考虑到市场不确定性增加，料投资者对公司收购永 辉超市及其整体策略持更加谨慎态度。不过，若聚焦名创优品核心业务，该行相信公司凭借其强大的IP 策略，正走在正确的轨道中，有望在全球范围内获取更多市场份额。该行将名创优品2025至2027财年的 调整后每股盈利预测。分别上调4%、下调6%、下调7%，但将报告的每股盈利预测下调35%、22%、 20%。 中银国际发布研报称，市场对名创优品(09896)的核心业务担忧过度了，这或提供买入机会，尤其是如 果在收购永辉超市（601933）的负面因素有所缓解情况下。基于2026年预测调整后15倍每股盈利计算， 予H股目标价从48.4港元降至46.1港元;美股(MNSO.US)目标价从24.8美元降至23.6美元，相当于2025年 预测调整后每股盈利19倍，或今明两年预测报告每股盈利29倍、18倍;维持"买入"评级。 ...