Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in overseas direct sales, while domestic same-store performance is expected to improve [5][6] - The overall gross margin reached a new high of 47.0% in Q4 2024, with a year-on-year increase of 3.9 percentage points [5] - The company plans to open over 1,000 new stores in 2024, accelerating its overseas market expansion [8] Summary by Relevant Sections Overall Performance - In 2024, the company's revenue reached 169.94 billion, a year-on-year increase of 22.8%, with an operating profit of 33.16 billion, up 17.6% year-on-year [8] - Adjusted net profit for 2024 was 27.21 billion, reflecting a year-on-year growth of 15.4% [8] Revenue and Profit Forecast - Revenue projections for 2025, 2026, and 2027 are 209.8 billion, 254.3 billion, and 303.9 billion respectively, with year-on-year growth rates of 23%, 21%, and 20% [6] - Adjusted net profit estimates for the same years are 31.0 billion, 36.0 billion, and 40.2 billion, with year-on-year growth rates of 14%, 16%, and 12% [6] Store Expansion and Market Strategy - The company plans to increase its store count to 7,504 by the end of 2024, with 631 new stores opened overseas [8] - TopToy's revenue for 2024 is projected to reach 9.8 billion, a year-on-year increase of 44.7%, with significant growth in overseas markets [5]

Summary of Miniso (MNSO US) Conference Call Company Overview - **Company**: Miniso (MNSO US) - **Industry**: Specialty Retail - **Market Cap**: USD 13,065 million - **Current Share Price**: USD 20.79 - **Target Price**: USD 27.70 (previously USD 29.30) [5][23] Key Financial Results - **2024 Adjusted Net Profit**: RMB 2,721 million, up 15% year-on-year [2] - **2024 Revenue Growth**: 25% year-on-year [2] - **Operating Profit Margin (OPM)**: Decreased by 0.9 percentage points to 19.5% due to margin dilution from accelerated opening of self-operated stores [2] - **Dividend Declared**: USD 0.3268 per ADR, representing a full-year payout of 50% on adjusted net profit [2] Future Guidance - **2025 Expansion Plans**: Slower pace of expansion expected compared to 2024, but revenue growth anticipated to accelerate due to improving same-store sales growth (SSSG) [3] - **2025 Revenue Growth Forecast**: 25% year-on-year [3] - **2025 Net Profit Growth**: Expected to grow by 12% year-on-year, but revised down by 9% due to negative impacts from Yonghui acquisition and higher finance costs [3][22] - **2026 Profitability Outlook**: Anticipated improvement in profitability post-acquisition restructuring of Yonghui [4] Valuation and Target Price Adjustments - **Target Price Reduction**: DCF-based target price cut by 5.5% to USD 27.70 [5][23] - **2025 Operating Profit (OP) Estimates**: Slightly lowered by 1% due to conservative OPM assumptions [3] - **2025/26 Net Profit Estimates**: Reduced by 9% due to higher finance costs and losses from Yonghui [22] Market Position and Risks - **Overseas Market Contribution**: Expected to contribute over 70% of revenue growth from 2024 to 2027 [21] - **Key Risks**: - Continued negative SSSG in China due to deteriorating offline traffic [27] - Potential for lower-than-expected margins from overseas self-operated stores [27] - Rising competition and potential disruptions from pandemics or other events [27] Financial Ratios and Projections - **2024 Revenue**: RMB 16,994 million, with a year-on-year growth of 22.8% [24] - **2025 Revenue Estimate**: RMB 21,252 million, with a year-on-year growth of 25.1% [24] - **2026 Revenue Estimate**: RMB 25,687 million, with a year-on-year growth of 20.9% [24] - **2024-2026 CAGR for Net Profit**: Revised to 17.6% from previous 22.5% [22] Conclusion - **Investment Rating**: Maintain Buy rating despite target price reduction, indicating a potential upside of 33.2% from current share price [5][27] - **Market Sentiment**: The company is positioned to benefit from overseas growth, although domestic challenges remain a concern [4][21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has deepened its IP strategy and accelerated globalization, achieving a record high gross margin [1] - In 2024, the company achieved revenue of 16.99 billion yuan, a year-on-year increase of 22.8%, with adjusted net profit of 2.72 billion yuan, up 15.4% [5] - The company expects to maintain strong performance in the second half of 2025, driven by its IP strategy and expansion of overseas direct stores [5] Financial Summary - Revenue projections for 2025, 2026, and 2027 are 20.95 billion yuan, 25.51 billion yuan, and 30.97 billion yuan respectively, with year-on-year growth rates of 23.3%, 21.7%, and 21.4% [5] - Net profit projections for the same years are 3.05 billion yuan, 3.72 billion yuan, and 4.57 billion yuan, with year-on-year growth rates of 16.5%, 22.1%, and 22.7% [5] - The gross margin is expected to improve from 44.9% in 2024 to 50.6% in 2027 [5] Market Performance - The company has optimized its store layout and enhanced IP penetration in China, with revenue from the mainland reaching 9.33 billion yuan, a 10.9% increase [5] - The overseas revenue reached 6.68 billion yuan, a 41.9% increase, with a significant increase in the number of direct stores [5] - The company is focusing on enhancing its online sales and expanding its product categories to drive growth [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][10][11] Core Insights - The company achieved a record high gross margin of 47.0% in Q4 2024, driven by its IP strategy and strong performance in the overseas direct sales market [6][7] - Total revenue for 2024 reached 169.9 billion RMB, reflecting a year-on-year increase of 22.8% in Q4 [6][10] - The company expects revenue growth in the second half of 2025 to outpace the first half, despite a slight decrease in the number of new store openings compared to 2024 [6][10] Financial Performance - In Q4 2024, the company reported a net profit of 7.9 billion RMB, a 20.0% increase year-on-year, with an adjusted net profit margin of 16.8% [6][7] - The company’s total number of stores reached 7,504 by the end of 2024, with significant growth in overseas locations [7][10] - The adjusted EBITDA for Q4 was 12.3 billion RMB, showing a year-on-year increase of 23.3% [7] Revenue Breakdown - In Q4 2024, revenue from the Miniso brand was 44.3 billion RMB, up 21.3% year-on-year, with overseas revenue growing by 42.7% [7] - The TOPTOY brand contributed 2.8 billion RMB in revenue, marking a 50.3% increase year-on-year [7] Future Projections - Revenue is projected to grow to 208 billion RMB in 2025, with a year-on-year growth rate of 23% [10][11] - Adjusted net profit is expected to reach 32 billion RMB in 2025, reflecting a 19% increase [10][11] - The company anticipates a gradual increase in gross margin, supported by the rising contribution from overseas and IP sales [7][10]

加码"IP经济"，名创优品引领中国文化出海 名创优品董事会主席兼首席执行官叶国富表示，未来，名创优品的目标是要成为世界第一的 IP 设 计零售集团。全球消费需求朝着兴趣消费、品质消费转变，中国供应链和消费市场优势明显。名创优品 将会抓住机遇，继续在 IP 联名、产品创新、消费体验上发力，在全球零售市场中占据更加重要的地 位。 毛利率攀升，业绩稳健向好 致力于成为"世界第一IP设计零售集团"的名创优品于近期公布2024年财报。在"IP经济"加持下，名 创优品业绩再度让投资者惊喜。 财报数据显示，2024年，名创优品全年总营收达170亿元，同比增长22.8%；海外营收同比增长42% 至66.8亿元。毛利率44.9%，较去年同期上升3.7个百分点，再次创下历史新高。 受到良好业绩的鼓舞，名创优品也大手笔分红，宣布派发2024年末期股息7.4亿元，约占其截至 2024年12月31日止六个月经调整净利润的50%，持续为股东带来丰厚回报。 2024年，名创优品主要盈利指标均录得良好增长，盈利能力也在持续提升。 名创优品2024年经营利润为33.16亿元，较上年同期的28.2亿元增长17.6%；期内利润为26.35亿元， ...

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 03 月 25 日 2024 年公司收入同比增长 22.8%，分业务来看：国内 MINISO、海外 MINISO、TOP TOY 收入分别同 比增长 10.9%、41.9%、44.7%，收入占比分别为 55%、39%、5%。海外业务及 TOP TOY 收入端保持 高速增长，除渠道扩张外，同店销售亦稳步增长，根据公司公告，2024 年海外 MINISO 及 TOP TOY 同店均为中个位数增长。国内 MINISO 收入受到同店下滑影响增长放缓，根据公司公告，2024 年国内 MINISO 同店高个位数下滑，我们认为主要受到下半年宏观消费环境以及高基数影响 （24H1 同店销售为去年同期的 98.3%，相对稳健）。 ► 全年净增门店 1219 家，全面推动渠道升级战略 截至 2024 年底，名创优品在全球拥有 7,504 家门店，其中中国内地 4,386 家，海外 3,118 家。TOP TOY 品牌门店数量增至 276 家，主要在中国内地运营。全年国内 MINISO、海外 MINISO、TOP TOY 净 增门店数量分别为 460、631、 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 名创优品(9896.HK) 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 名创优品(9896.HK)2024 年报点评：业绩符 合预期，收购永辉事项 25Q1 完成交割 [Table_ReportDate] 2025 年 3 月 23 日 [Table_S 事件：公司发布 ummary] 2024 年业绩，实现收入 169.94 亿元（人民币，下同），同 增 22.8%，调整后净利润 27.21 亿元，同增 15.4%，调整后净利率 16.0%， 同比-1pct。24Q4 公司实现收入 47.13 亿元，同增 22.7%，经调整净利润 7.925 亿元，同增 20.0%，经调整净利率 16.8%，同比-0.4pct。公司拟派发 末 ...

3 月 21 日公司披露 24 年财报，4Q24 营收 47.1 亿元，同比+22.7%， 调整后净利润 7.9 亿元（同比+20%），净利率 16.8%（同/环比+1.6/- 0.4pct），同比回暖主因受美国税盾、海外 4Q 旺季影响；24 年营 收 169.9 亿元，同比+22.8%，调整后净利 27.2 亿元，同比+15%， 净利率 16%（同比-1pct），4Q 业绩符合预期。 毛利率创新高，费用率受直营开店前置投入影响有所扩张。4Q24 国内/海外分别实现营收 25.8/21.3 亿元（同比+10%/+43%），毛利 率 47%（同/环比+3.9/+2.1pct）创历史新高，主因：①美国、欧 洲为代表的海外直营市场快速成长：4Q 直营市场占海外收入比例 45%（+5pct)；②IP 类产品占比提升产品组合优化；③TOPTOY 产品 结构向稀缺独家盲盒/毛绒类产品调整。24 年直营门店相关开支/ 折旧租金开支/授权费/物流+72%/+89%/+29%/+51%，预计 25 年伴 随直营门店经营杠杆释放，费用率有所优化。 国内：24 国内同店承压，25 年聚焦同店优化高质成长。1)国内名 创:24 年 ...

证券研究报告 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 名创优品(9896.HK)2024 年报点评：业绩符 合预期，收购永辉事项 25Q1 完成交割 [Table_ReportDate] 2025 年 3 月 23 日 [Table_S 事件：公司发布 ummary] 2024 年业绩，实现收入 169.94 亿元（人民币，下同），同 增 22.8%，调整后净利润 27.21 亿元，同增 15.4%，调整后净利率 16.0%， 同比-1pct。24Q4 公司实现收入 47.13 亿元，同增 22.7%，经调整净利润 7.925 亿元，同增 20.0%，经调整净利率 16.8%，同比-0.4pct。公司拟派发 末期股息金额 7.4 亿元，约为 24H2 经调净利润的 50%。 点评： 公司研究 [Table_ReportType] 点评报 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 MINISO Group Holding Limited 名創優品集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：9896） 截至2024年12月31日止財政年度的年度業績公告 名創優品集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本 公司及其附屬公司（「本集團」）截至2024年12月31日止財政年度（「報告期」）的綜 合年度業績連同截至2023年12月31日止六個月和截止2023年12月31日止十二個 月的比較數字。該等業績已由董事會審計委員會（「審計委員會」）審閱。 於本公告中，「我們」、「我們的」及「名創優品」指本公司及本集團（除文義另有所指）。 財務表現摘要 | | 截至12月31日 | 截至12月31日 | 截至12月31日 | | --- | --- | --- | --- | | | 止六個月 | 止十二個月 | 止財政年度 | | | 2023年 ...