Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company reported Q1 2024 revenue of 3.724 billion yuan, a year-on-year increase of 26%, and an adjusted net profit of 617 million yuan, up 28%. The overseas performance continues to improve, and the turning point for TOP TOY has been reached. The profit forecasts for 2024-2026 have been raised, with expected net profits of 2.86 billion, 3.51 billion, and 4.30 billion yuan respectively, corresponding to EPS of 2.3, 2.8, and 3.4 yuan. The current stock price corresponds to P/E ratios of 19.7, 16.1, and 13.2 times [1]. Summary by Sections Financial Performance - MINISO achieved Q1 2024 revenue of 2.285 billion yuan, a 14% increase, with offline revenue up 16%. Same-store sales recovered to 98% of the high base from the same period last year. The company added 108 new stores, bringing the total to 4,034, with an expected net increase of 350-450 stores in 2024 [1]. - TOP TOY reported Q1 2024 revenue of 214 million yuan, a 55% increase, with same-store sales up 26%. The company added 44 new stores, reaching a total of 160, and has raised its store opening target to 100 [1]. Overseas Expansion - MINISO's overseas revenue reached 1.222 billion yuan in Q1 2024, a 53% increase, with direct sales and agency markets growing by 84% and 23% respectively. North America saw a GMV increase of 108%, accounting for 13% of total revenue. The company added 109 new stores, totaling 2,596, with an expected net increase of 550-650 stores for the year [1]. - Same-store sales growth in Q1 2024 for North America, Latin America, Asia (excluding China), and Europe was 32%, 25%, 19%, and 13% respectively, with positive trends expected to continue into Q2 [1]. Profitability - The gross margin for Q1 2024 was 43.4%, up 4.1 percentage points year-on-year, driven by an increase in the proportion of high-margin overseas direct sales. The operating profit margin was 20.0%, with improvements in both domestic and overseas operations. The net profit margin was 16.6%, reflecting a 0.2 percentage point increase year-on-year [1].

港股公司报告 | 公司点评 名创优品（09896） 证券研究报告 2024年05月 15日 投资评级 24Q1 营收 37 亿同增26%，品牌战略升级成效显著 行业 非必需性消费/专业零 售 5月 14日，公司发布截至 2024年 3月 31日止季度的业绩公告。公告显示，2024Q1 6个月评级 买入（维持评级） 公司实现收入37.24亿元同增26.0%，主要由于集团层面的平均门店数量同增19.3% 当前价格 49.35港元 及同店销售增长 9%，其中国内营收 25.02 亿同增 16.2%，海外营收 12.22 亿同增 52.6%，经调整净利6.17亿元同增27.7%，经调整净利润率为16.6%，同增0.2pct。 目标价格 港元 基本数据 毛利率提升显著。24Q1公司毛利率为43.4%同增4.1pct。主要由于，1）直营市场 港股总股本(百万股) 1,259.28 占海外市场的收入贡献自46%提升至58%；2）TOPTOY产品结构转向盈利能力更高 港股总市值(百万港元) 62,145.60 的产品，毛利率有所提升。 每股净资产(港元) 7.92 资产负债率(%) 38.96 一 年内最高/最低(港元) 5 ...

Financial Data and Key Metrics - Revenue increased by 26% YoY to RMB 37.2 billion, driven by a 19% increase in average store count and a 9% YoY comparable same-store sales growth [9] - Adjusted net profit rose by 28% YoY to RMB 6.2 billion, with an adjusted net margin of 16.6%, up 0.2 percentage points YoY [16] - Gross margin reached a historical high of 43.4%, up 4.1 percentage points YoY, primarily due to increased overseas revenue contribution and TOP TOY's margin optimization [9][16] Business Line Performance - **MINISO Mainland China**: Revenue grew by 16% YoY to RMB 25.0 billion, with same-store sales recovering to 98% of 2023 levels [16][21] - **MINISO Overseas**: Revenue surged by 53% YoY to RMB 12.2 billion, with direct-operated markets contributing 58% of overseas revenue, up from 46% in 2023 [16][23] - **TOP TOY**: Revenue increased by 55% YoY to RMB 2.1 billion, with 160 stores operating across nearly 70 cities [12][18] Market Performance - **North America**: GMV grew by 108% YoY, contributing 13% to overseas GMV, up from 7% in 2021 [24] - **Latin America**: GMV increased by 40% YoY, remaining the largest contributor to overseas GMV at 38% [24] - **Asia (excluding China)**: GMV rose by 34% YoY, contributing 36% to overseas GMV [24] Company Strategy and Industry Competition - The company aims to achieve 50% IP product sales by 2028, leveraging its strong IP conversion capabilities and partnerships with brands like Disney and Chiikawa [9][12] - TOP TOY's profitability improved significantly, with gross margin increasing by 8 percentage points YoY, driven by optimized product mix and higher bargaining power with suppliers [8][12] - The company plans to open 900-1,100 new stores globally in 2024, with a focus on high-quality locations and direct-operated markets [9][12] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong growth potential in overseas markets, particularly in North America and Europe, where the company has seen rapid GMV growth [24] - The company remains confident in achieving its full-year growth targets, supported by its strategic focus on IP products and high-quality store expansion [6][9] Other Important Information - The company's IP product sales accounted for 26% of total sales, with overseas IP shipments growing by over 100% YoY [12] - TOP TOY's store count increased by 44 YoY to 160, with plans to expand to over 250 stores by the end of 2024 [12][18] Q&A Session Q: Domestic same-store performance by city tier and the impact of large stores on average transaction value? - The company is refining its large-store strategy, with successful openings in key locations like Guangzhou, Shanghai, and Beijing, aiming to optimize the store model [2] Q: Single-store performance and location selection in the US? - The US market continues to show strong growth, with same-store sales increasing by 30-40% YoY in Q1 2024 The company plans to add 80-100 new stores in the US in 2024 [3] Q: Domestic gross profit margin (GPM) decline and future trends? - Domestic GPM is lower than the group average, with tier-1 cities recovering to 98% of pre-pandemic levels, while lower-tier cities saw a low single-digit decline Future GPM improvement will be driven by product mix optimization, including increased sales of blind boxes and travel-related products [4] Q: Drivers behind the 21% YoY increase in overseas same-store sales? - The increase was primarily driven by higher brand awareness, new customer acquisition, and product mix optimization, with IP products now accounting for 40% of sales [5] Q: Plans for Chiikawa pop-up stores? - The company plans to open over 10 pop-up stores in cities with high youth populations, such as Wuhan, Chengdu, and Xi'an [6] Q: US market unit economics (UE) model? - The company did not provide detailed UE metrics but noted significant cost-saving opportunities in logistics and distribution [7] Q: Reasons for TOP TOY's target adjustment and same-store sales growth drivers? - TOP TOY's improved profitability is attributed to a healthier competitive landscape, increased bargaining power with suppliers, and optimized product mix, leading to an 8 percentage point increase in gross margin [8]

2024 年 05 月 15 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 杨仁文 S0350521120001 毛利率同比提升[Ta 显ble 著_Ti ，tle] 海外直营延续高增 Q1 yangrw@ghzq.com.cn 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn ——名创优品（ ） 业绩点评报告 09896 2024Q1 联系人 ： 廖小慧 S0350122080035 liaoxh@ghzq.com.cn 最近一年走势 事件 : 名创优品（09896.HK）于2024年5月14日公布2024Q1（原FY2024Q3） 业绩：公司2024Q1营业收入为37.2亿元，同比+26.0%，毛利率为43.4%， 较去年同期+4.1pct，归母净利润为5.8亿元，同比+25.1%，归母净利率 为15.6%，较去年同期-0.1pct，经调整后净利润为6.2亿元，同比+27.7%， 经调整后净利率为16.6%，较去年同期+0.2pct，摊薄EPS为0.47元， 同比+27.0%。 投资要点 : 相对恒生指数表现 2024/05/14 表现 1M 3M 12 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a record high revenue of 3.72 billion HKD in Q1 2024, representing a year-on-year growth of 26% [1] - The gross margin reached a historical high of 43.4%, an increase of 4.1 percentage points year-on-year, driven by the expansion of overseas direct sales [1] - Adjusted profit for the quarter was 620 million HKD, up 28% year-on-year, with an adjusted net profit margin of 16.6%, an increase of 0.2 percentage points [1] - Overseas direct sales accounted for 32.8% of total revenue, growing by 5.7 percentage points year-on-year, with same-store sales increasing approximately 21% [1] - The company continues to expand its store network aggressively, with a total of 6,630 stores as of the end of Q1, a net increase of 217 stores in the quarter [1] Financial Performance Summary - Revenue for 2024 is projected to be 13.839 billion HKD, with a year-on-year growth rate of 26% [2] - The net profit attributable to shareholders is expected to reach 2.275 billion HKD in 2024, reflecting a 23% increase [2] - Adjusted net profit is forecasted at 2.357 billion HKD, also a 23% increase year-on-year [2] - The company anticipates continued revenue growth, with projections of 17.431 billion HKD in 2025 and 21.028 billion HKD in 2026 [2] Store Expansion and Market Strategy - The company has maintained a rapid store expansion pace, with a net increase of 217 stores in Q1 2024, nearly tripling the net increase compared to the same period last year [1] - The overseas market's contribution to revenue is expected to continue growing, enhancing overall profitability [1] - The company aims to optimize its market structure, particularly in overseas direct sales, to further boost profits [1]

Now, I would like to hand the conference over Mr. Yeh and Ms. Alice Chen from Innisfil IR Team will translate for Mr. Yeh. Please go ahead, sir. 大家好,欢迎参加明超优品集团财报电话会议。 我们刚刚度过了公司历史上开店市场最多的3311季度,为前年900到1100家门店新增目标打下了艰势基础, 并在快速拓展海外直营业务的同时保持了稳健的产物表现。 Hello, everyone. Welcome to Minnesota Group's earnings conference call. March quarter marked our highest Q1 store opening pace ever from latest Solar Foundation. For the chart, if you have any questions, please follow the public account. The target of net addition ...

证券研究报告 公 2024年05月15日 司 报 告 名创优品(09896) │ 行 业： 商贸零售/专业连锁Ⅱ 港 投资评级： 增持（维持） 股 当前价格： 49.35港元 海外直营延续强劲，毛利率继续向上突破 - 公 目标价格： 59.02港元 司 事件： 季 基本数据 报 公司发布 2024 年一季度报告。2024Q1 实现营收 37.2 亿元，同比增长 点 26.0%，收入突破一季度新高。24Q1经调净利润6.2亿元，同比增长27.7%， 总股本/流通股本(百万股) 1,238.93/1,238.93 评 对应调整后净利润率16.6%的稳健业绩。 流通市值(百万港元) 61,140.98 ➢ 国内同店压力环比缓解，海外直营延续强劲 每股净资产(元) 7.92 2024Q1 公司中国收入同比增长 16.2%，得益于 1）MINISO 国内门店数 资产负债率(%) 38.96 量增长18.7%，同店销售恢复98%，且同店恢复仍在上行趋势中，YTD恢 复率已达100%；2）TOPTOY门店数量同比增长32.2%，同店销售同比增 一年内最高/最低(港元) 59.85/28.60 长26%，继续快速增长。公司海 ...

[Table_Title] 证券研究报告 名创优品(9896.HK)2024Q1 点评：业绩再超 公司研究 预期，经调整净利润同比增长 28% [Table_ReportType] 点评报告 [Table_ReportDate] 2024年5月15日 [T名ab创le优_S品toc(k9A8n9d6R.anHkK]) [Table_Summary] 事件：公司发布2024Q1未经审核财务数据，报告期内实现营收37.24亿元， 投资评级 同增26.0%。其中中国大陆收入25.02亿元，同增16.2%，主要来自：1）中 上次评级 国名创优品平均门店数增长18.7%、同店销售为23Q1高基数下的约98%，带 动名创优品中国线下门店收入增长 15.6%；2）TOP TOY 平均门店数增长 [T刘ab嘉le仁_A u社th零or&]美 护首席分析师 32.2%、同店增长约26%，带动收入增长55.1%。海外收入12.22亿元，同增 52.6%，占比32.8%（同比提升5.7PCT），主要来自平均门店数量增长19.7%， 执业编号：S1500522110002 同店销售增长约21%；海外直营市场收入占海外的58%。 联系 ...

· 名创优品（9896.HK）2024年一季报点评 24Q1毛利率持续提升，“超级门店”与“超级IP”合力打开公司成长空间 2024年05月15日 ➢ 事件：名创优品披露 2024 年一季度业绩。24Q1，公司实现收入 37.2 亿 推荐 维持评级 元，yoy+26.0%；实现经调整净利润6.2亿元，yoy+27.7%。 ➢ 24Q1毛利率持续提升，经调整净利率同比+0.2pct至16.6%。1）毛利率 当前价格： 49.35港元 方面，24Q1，公司毛利率为 43.4%，同比+4.1pct，环比+0.27pct，毛利率持 续提升主要系①产品组合优化，TOP TOY 品牌毛利率提升及②直营市场收入占 比提升。2）费用率方面，24Q1，公司销售费用率为18.7%，同比+3.8pct，主 要系①业务发展致人员相关开支增加、物流费用和 IP 费用增加、②直营店相关 [Table_Author] 的资产使用权折旧费用增加、③公司品牌升级以及海外市场门店新开张有关的推 广及广告费用增加；公司管理费用率为5.1%，同比-0.1pct，主要系业务发展致 人员相关开支增加。3）净利率方面，24Q1公司实现经调整净利润6.2亿 ...

业绩简评 5月 14 日公司披露24Q1 财报，24Q1 营收 37.2亿元，同比+26%， 调整后净利6.2 亿元，同比+27.7%，净利率16.6%（+0.2pct)，国 内/海外实现营收25.0/12.2 亿元（同比+16%/+53%），海外收入超 预期。 经营分析 国内：一二线延续高速展店，IP战略下提升产品力、优化店铺位 置、推进主题大店三维度驱动未来同店成长：1)国内名创: 24Q1 线下营收21.2 亿元（+15.6%），门店数同比+18.7%/同店销售为去 年 98%，截至Q1 门店数4034 家，同比+651家（VS4Q23 环比+108 家），其中一/二线门店环比净增+10/+47 家；伴随与chiikawa 等 IP 合作、产品结构优化，年初至今同店销售恢复至23年同期100% 水平。2）TOP TOY：营收 2.14 亿元（+55.1%）,产品优化带动单店 加速恢复，Q1门店数/同店+32.2%/+26%。 港币(元) 成交金额(百万元) 海外：同店增长靓丽，直营开拓打开中期成长空间。24Q1 门店数 66.00 800 60.00 700 /同店增长+19.7%/+21%，门店数 2 ...