（於開曼群島註冊成立的有限責任公司） （股份代號：9896） 內幕消息 截至2024年12月31日止季度及全年 未經審計的財務業績 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期 貨條例》（第571章）第XIVA部刊發。 名創優品集團控股有限公司（「名創優品」或「本公司」）欣然公佈本公司及其附屬 公司截至2024年12月31日止三個月及全年未經審計的簡明綜合業績。 本公司欣然公佈根據美國證券交易委員會（「美國證監會」）的適用規則刊發的本公 司及其附屬公司截至2024年12月31日止三個月及全年未經審計的簡明綜合業績。 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，概不對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 本文附表一為本公司於2025年3月21日（美國東部時間）刊發的有關截至2024年12 月31日止三個月及全年未經審計的財務業績新聞稿全文，其中部分內容可能構成 本公司的重大內幕 ...

名创优品 20250319 摘要 Q&A 名创优品集团的业务结构是怎样的？ 名创优品集团主要分为两个品牌板块：MINISO 和 Top Toy。MINISO 是自有品牌 生活家居零售商，定位为与 IP 联名集合店，是公司业绩的主要贡献者。2023 年，MINISO 贡献了公司约 95%的营收。Top Toy 是新锐品牌，起步较晚，2023 年收入占比约为 5%。 • 名创优品营收主要来自 NISO 品牌（约 95%），Top Toy 占比约 5%，但 Top Toy 作为新锐品牌增长迅速，未来潜力可期。 • 名创优品全球化布局显著，中国市场贡献约 64%营收，海外市场占 36%，海 外市场中代理和直营各占一半。公司采用轻资产模式，国内以合伙人/加盟 为主，海外以代理为主，单店经营利润率约 30%。 • 2019-2023 年，中国市场收入增速平稳（约 7%），北美、拉美、欧洲市场 高速增长。中国市场是毛利和净利主要贡献者，海外代理市场净利润贡献 较大，北美直营市场处于快速增长阶段。 • 公司战略升级于 2022 年 Q4 见效，海外市场率先复苏，推动股价上涨。 2024 年营收增速放缓，从 25%降至 20% ...

Summary of the Conference Call for Miniso Company Overview - The conference call focuses on Miniso, a retail company, discussing its valuation and business performance in the context of the broader market and its competitor, Yonghui Superstores [3][5]. Key Points Valuation and Market Perception - Miniso's current market capitalization is approximately 50 billion HKD, while projected net profits for 2025 and 2026 are 3.45 billion and 4.2 billion RMB respectively. Based on a 20x P/E ratio, Miniso should be valued at over 80 billion RMB, around 90 billion HKD. The market's pessimistic outlook on Yonghui's losses is a primary reason for Miniso's undervaluation [3][4][5]. Yonghui Superstores Impact - The market anticipates Yonghui will incur a loss of 6 billion RMB next year, which is considered overly pessimistic. Historical data shows Yonghui's maximum loss was around 4.5 billion RMB, and the company is undergoing store adjustments and supply chain restructuring to improve profitability [4][5]. Domestic Business Performance - Miniso's domestic revenue share is expected to fall below 55% this year. Despite a 4% year-on-year decline in same-store sales, recovery is strong, with sales returning to 96%-100% of previous levels. The company plans to open 450 to 550 new stores to drive growth, minimizing reliance on same-store sales [4][6]. Overseas Business Growth - The overseas segment is identified as a core growth driver, benefiting from accelerated expansion, foreign exchange gains, and tax refunds. The depreciation of the RMB is projected to yield tens of millions in net profit, and the U.S. tax refund policy will continue to positively impact finances [4][7]. Market Conditions and Consumer Confidence - Recent consumer policies and increased foreign investment in Hong Kong stocks are favorable for new consumption sectors, enhancing investor confidence in Miniso and similar companies. The new consumption sector is undergoing a revaluation after two years of being undervalued [4][8]. Future Performance Expectations - Positive catalysts are expected following the Q2 earnings release, particularly in May. The market is focused on future guidance and expectations regarding Yonghui. The Q4 performance is already prepared, and the domestic business has experienced a downturn, leading to a currently low valuation [4][9]. Potential Risks - A recent safety issue regarding disposable underwear has minimal impact on Miniso, as this product accounts for a very small portion of revenue. Even if sales of this product were halted, the profit impact would be negligible [4][10][11]. Operational Strategy in the U.S. - Following the appointment of a new CEO in the U.S., the focus will be on optimizing revenue and costs, controlling store opening speed, and reducing rent and labor costs to enhance profitability. The overseas business is expected to grow at 40%, with direct stores growing at 60% and agency stores at 20% [4][12]. Profit Forecast and Valuation Outlook - Profit forecasts for the next two years suggest net profits corresponding to P/E ratios of 14x and 11x. The current valuation is around 10-11x, indicating significant undervaluation. A correction to a reasonable valuation of around 20x is anticipated, making Miniso one of the most promising companies this year [4][13].

向形式主义说不。 文｜《中国企业家》记者 李欣 2025年开年，叶国富也向形式主义"开了一枪"。 2月5日，名创优品发布《叶国富：让简单成为我们的灵魂》的内部信。在这封信中，名创优品创始人叶 国富称，唯有聚焦，才能专业。而战略聚焦的前提是简单。唯有简单，才能高效；简单始终置于名创优 品文化价值观的首位。 有接近名创优品的人士向《中国企业家》透露称，叶国富在1月18日的年会上，就已经率先提出让简单 成为公司灵魂的要求，而过去他也经常在内部口头强调："禁止形式主义"。 围绕简单，叶国富提出与管理流程和组织结构相关的六大要求：严禁一切形式主义；内部沟通严禁使用 PPT；内外部会议以30分钟为宜，最长不超过1小时；汇报资料不超过3页；内部任何决策，参与决策者 不得超过3人等。 无独有偶，在叶国富之前，美的集团董事长兼总裁方洪波也签发了一份文件，名为《关于简化工作方式 的要求》，在一页纸上列出了包括"内部沟通严禁PPT""自己的材料自己写（含董事长、总裁）""严禁微 信群内举拳头"等六条禁令，"剑指"形式主义。 除了上述两位外，新旧年交替时节，李宁集团创始人李宁、蔚来汽车创始人李斌、盒马新任CEO严筱磊 以及元气森林创 ...

Investment Rating - The report assigns a "Buy" rating for MINISO (09896.HK) as a first coverage [1]. Core Views - MINISO is positioned as a global leader in the trendy lifestyle retail sector, focusing on high-quality, cost-effective products for young consumers. The company has successfully expanded its presence with 7,186 stores across 111 countries as of September 30, 2024 [11][12]. - The report highlights the company's robust financial performance, with a compound annual growth rate (CAGR) of 22.35% in revenue from 2020 to 2023, and a significant recovery post-pandemic, achieving a revenue growth of 39.43% in 2023 [15][16]. - MINISO's strategic focus on IP (intellectual property) upgrades and global expansion is expected to drive future growth, with plans to increase store count significantly in high-consumption markets like North America and Europe [47][63]. Summary by Sections 1. Company Overview - MINISO is the largest private label retailer globally, established in 2009, targeting young consumers with a focus on trendy, affordable products. The company has developed two main brands: MINISO and TOPTOY [11][12]. - The company has a concentrated ownership structure, with the founders holding 62.5% of the shares, ensuring stable governance [21][23]. 2. Historical Success Factors - The company has successfully navigated the competitive retail landscape by focusing on essential consumer goods and maintaining a self-operated sales model, which enhances brand recognition [27][28]. - MINISO's product strategy emphasizes frequent new product launches and competitive pricing, supported by a strong supply chain [30][32]. 3. Future Growth Prospects - The company aims to enhance its IP strategy, with a target of over 50% of sales coming from IP-related products by 2028. Currently, IP products account for over 30% of total sales [48][49]. - MINISO plans to expand its global footprint, targeting an annual increase of 900-1,100 stores worldwide from 2024 to 2028, with a focus on high-value markets [72][63]. 4. Financial Forecast - The report forecasts MINISO's revenue to reach CNY 171.67 billion, CNY 207.55 billion, and CNY 241.04 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of CNY 26.9 billion, CNY 33.5 billion, and CNY 40.8 billion [78]. - The company's valuation is projected to improve as it transitions from a channel retailer to a brand retailer, with a current price-to-earnings (P/E) ratio of 20.5, 16.5, and 13.5 for the years 2024, 2025, and 2026 [78][79].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is positioned as a global IP retail store, leveraging "IP + retail" to unlock overseas growth potential [1] - The emotional consumption era is on the rise, with the IP retail industry experiencing upward momentum [1] - The company has a strong competitive edge through efficient supply chain management, robust IP operation capabilities, and scale advantages [2] Summary by Sections Company Overview - The company, established in 2013, has developed a comprehensive supply chain system and is now a leading player in the domestic household goods retail sector [15] - The company operates two brands: MINISO, focusing on household goods, and TOP TOY, targeting the trendy toy market [20] Industry Analysis - The IP retail sector is in its growth phase, with significant potential for expansion as China's per capita IP retail consumption is only about 1/4 of the global average [34] - The emotional consumption trend is gaining traction, with increasing consumer interest in IP-related products [40] Competitive Advantages - The company excels in supply chain efficiency, IP operation capabilities, and has a significant scale advantage with over 7,186 stores globally [2][60] - The company has established partnerships with over 150 top IPs, enhancing its product offerings and market presence [60] Market Expectations - The report anticipates better-than-market expectations for same-store sales in both domestic and overseas markets, driven by refined IP operations and targeted product categories [3][66] - The company is expected to continue expanding its store network, particularly in overseas markets, which will support same-store sales growth [3][67] Financial Projections - Revenue forecasts for 2024-2026 are projected at 172 billion, 213 billion, and 256 billion respectively, with year-on-year growth rates of 24.3%, 23.9%, and 20.2% [5] - Adjusted net profit is expected to reach 28.0 billion, 35.8 billion, and 43.7 billion for the same period, reflecting growth rates of 19%, 28%, and 22% [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The issuance of convertible bonds and the establishment of a call option spread are aimed at obtaining low-cost financing while controlling dilution risk [2] - The funds from the convertible bonds will be used for overseas store expansion, supply chain development, and shareholder return plans, with each area accounting for 50% of the total [3] - The company is expected to continue its high growth trajectory, particularly in overseas markets, with significant improvements in profitability [4] Summary by Sections Convertible Bonds and Call Options - The company plans to issue $550 million in convertible bonds with a 7-year term and a coupon rate of 0.5%, with a conversion price set at HKD 64.395, representing a 26.14% premium over the closing price on January 6 [1] - The call option spread includes a lower call option and an upper warrant, with exercise prices set at HKD 64.395 and HKD 102.1, respectively [1][2] Use of Proceeds - The proceeds from the convertible bonds will primarily support overseas store expansion and supply chain enhancements, as well as a shareholder return plan focused on share buybacks [3] - As of Q3 2024, the company has opened 183 new overseas stores, bringing the total to 2,936, a year-on-year increase of 623 stores [3] Financial Projections - Revenue projections for 2024-2026 are estimated at CNY 171.7 billion, CNY 205.7 billion, and CNY 240.6 billion, respectively, with net profits of CNY 25.3 billion, CNY 32.0 billion, and CNY 40.0 billion [4][5] - The company is expected to maintain a strong return on equity (ROE) of around 21% over the next few years [5]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is issuing $550 million in stock-linked securities to support overseas expansion and share buybacks, with a low interest rate of 0.5% reflecting confidence in business growth [2][3]. - The funds will be allocated 50% for overseas store network expansion and supply chain optimization, and 50% for share repurchase [2]. - The issuance price of HKD 64.395 per share represents a 33.38% premium over the five-day average closing price of HKD 48.28, indicating strong market confidence [1][2]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are CNY 17.143 billion, CNY 20.687 billion, and CNY 23.124 billion respectively, with growth rates of 23.9%, 20.7%, and 11.8% [4][8]. - The company's net profit attributable to equity shareholders is forecasted to be CNY 2.724 billion, CNY 3.402 billion, and CNY 4.051 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 20.9%, 24.9%, and 19.1% [4][8]. - Earnings per share (EPS) are expected to increase to CNY 2.18, CNY 2.72, and CNY 3.24 for the same years [4][8]. Valuation Metrics - The report provides a P/E ratio forecast of 21, 17, and 14 for 2024, 2025, and 2026 respectively, indicating a positive outlook on valuation [4][10]. - The return on equity (ROE) is projected to be 23.0%, 22.3%, and 21.0% for the years 2024, 2025, and 2026 [4][10]. Market Data - The current stock price is HKD 51.05, with a total market capitalization of HKD 638.06 billion [5]. - The stock has shown a relative performance of 54.54% over the last three months [6].

Group 1 - The company Miniso (HK: 09896) announced the issuance of convertible bonds totaling $550 million, which will mature in 2032 with a coupon rate of 0.5% and an initial conversion price of HKD 102, representing a 100% premium [1] - The convertible bonds will be settled in cash, with a conversion period of 6 years [1] - The company plans to use approximately half of the funds raised from the bond issuance for stock repurchase and the other half to accelerate overseas market expansion [1]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - In Q3 2024, the company achieved revenue of approximately 45.23 billion, representing a year-on-year growth of 19.3%. The adjusted net profit for the period was approximately 6.86 billion, reflecting a year-on-year increase of 6.9%, with an adjusted net profit margin of 15.2% [2][4]. Revenue Performance - Domestic growth met expectations, with the domestic business showing a year-on-year increase of 8.7%. The domestic Miniso brand grew by 5.7%, while TOP TOY experienced a significant growth of 50.4%. The overseas business saw a remarkable year-on-year growth of 39.8%, with overseas direct market revenue increasing by 55.4% and overseas agency market revenue growing by 26.5% [7]. Profitability Analysis - The gross margin improved to 44.9%, up by 3.1 percentage points year-on-year. The increase is attributed to a higher proportion of direct sales overseas, product mix optimization, and improved margins from TOP TOY. However, the adjusted net profit margin decreased from 16.9% in the same period last year to 15.2% this year due to increased operational costs associated with new store openings [7]. Strategic Initiatives - The company is focusing on enhancing product capabilities and innovating store formats, particularly in domestic markets. The "seven-layer store matrix strategy" is being implemented, targeting both IP scenario and category scenario innovations. The company plans to develop a series of themed stores around four major categories, aiming to cater to young consumers and emerging consumption trends [7]. Future Outlook - The investment highlights include: 1) refined operations through innovative store formats in the domestic market; 2) strong performance in overseas direct store openings and significant IP-driven growth; 3) a temporary contraction in profitability due to accelerated store openings, with expectations for recovery in profitability as new and recently opened stores mature and benefit from economies of scale [7]. - The projected adjusted net profits for 2024, 2025, and 2026 are estimated at 28 billion, 35 billion, and 43 billion respectively [7].