Investment Rating - The report maintains a "Buy" rating for MINISO (MNSO) [1][10] Core Insights - MINISO reported strong revenue growth in 3Q25, achieving Rmb5.80 billion, which is above consensus estimates of Rmb5.64 billion, reflecting a year-on-year increase of 28.2% [4][10] - The company's gross margin remained stable at 44.7%, with an adjusted EBITDA of Rmb1.35 billion, up 18.8% year-on-year, and an adjusted net profit of Rmb770 million, which was below consensus expectations [4][7] - Domestic same-store sales (SSS) growth is accelerating, with the MINISO brand generating Rmb5.22 billion in revenue, a 22.9% increase year-on-year, driven by accelerated store openings and improved sales performance [5][10] - The company is expanding its overseas presence, with 3,424 overseas stores by the end of 3Q25, marking a net increase of 117 stores quarter-on-quarter [6][10] - MINISO is innovating its store formats, launching MINISO LAND and MINISO FRIENDS concepts, which are expected to attract a broader customer base and enhance sales [9][10] Financial Data and Profit Forecast - Revenue projections for MINISO are as follows: - 2023: Rmb13,839 million - 2024: Rmb16,994 million - 2025E: Rmb21,330 million - 2026E: Rmb24,804 million - 2027E: Rmb28,448 million - The expected growth rates are 39.4% for 2023, 22.8% for 2024, and 25.5% for 2025 [2][3] - Adjusted net profit forecasts have been slightly lowered to Rmb2.83 billion for FY25E, Rmb3.38 billion for FY26E, and Rmb3.98 billion for FY27E [10]

智通财经APP讯，名创优品(09896)公布，2025年11月25日耗资约24.59万美元回购5.128万股股份。 （原标题：名创优品(09896)11月25日耗资约24.59万美元回购5.128万股） ...

格隆汇11月26日丨名创优品(09896.HK)公告，11月25日耗资24.59万美元回购5.13万股，每股回购价4.76- 4.875美元。 ...

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26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 | 佔有 ...

增收不增利，或是名创优品(09896)转型升级路上不得不吞咽的"苦果"。 11月21日，名创优品发布2025年前三季度业绩报告。财报显示，前三季度，公司实现收入151.9亿元， 同比增长23.68%;期内利润13.49亿元，同比减少26.1%。第三季度，公司收入57.97亿元，同比增长 28.17%;期内利润4.43亿元，同比减少31.64%。 不论是单季度，还是前三个季度，名创优品均是增收不增利的表现，这意味着公司全球化扩张以及大店 战略仍未产生正反馈。 当然，名创优品大刀阔斧战略转型也付出了不小的"代价"——期内成本增长明显，进一步蚕食公司利 润。 据财报披露，2025年第三季度，名创优品的销售成本为32.07亿元，同比增长28.6%;销售及分销开支14.3 亿元，同比增长43.5%;一般及行政开支3.44亿元，同比增长45.6%。对此，公司表示，销售及分销开支 同比增长主要归因于公司为推动业务未来发展而对直营门店的投资，尤其是美国市场等战略性海外市 场。 经营成本的增长，显然对公司盈利能力造成一定影响。第三季度，名创优品毛利率同比下降0.2pct至 44.7%，进而导致公司业绩增收不增利。 或许原因对名 ...

Core Viewpoint - Deutsche Bank has reinstated a "Buy" rating for Miniso (MNSO.US) with a target price of $23 [1] Company Summary - Deutsche Bank's analysis indicates a positive outlook for Miniso, suggesting potential growth and investment opportunities [1]

Macro Strategy - The core viewpoint indicates that the U.S. Federal Reserve's hawkish signals and the delay in the release of the November non-farm payroll data have significantly reduced market expectations for a rate cut in December, with a likelihood of a pause rather than a cancellation of rate cuts [1][12][14] - The report suggests that the overall economic pressure is increasing, with the ECI supply index at 49.94% and the demand index at 49.87%, indicating a continued slowdown in economic activity [11][12] Financial Products - The A-share market is expected to experience a short-term adjustment in November, with a macro timing model scoring -5, indicating a high probability of adjustment for the entire A-share index [2][10] - The report highlights that small-cap stocks may perform relatively better, while the sentiment in the small-cap sector has been negatively impacted by the suspension of high-profile stocks [2][10] Industry Analysis - The report discusses the Chinese economy's main theme for 2025 as responding to changes, with external factors like fluctuating tariffs and internal factors such as asset revaluation and investment growth turning negative [3][4][15] - It emphasizes five key areas for 2026: policy continuity, AI-driven supply changes, consumer subsidy adjustments, asset liability repair, and price stability through anti-involution measures, projecting a GDP growth rate of around 4.9% [4][15] Fixed Income - The report notes that the yield on 10-year government bonds has shown slight upward movement, indicating a cautious market outlook as investors await year-end allocation opportunities [5][16][18] - It highlights that the issuance of green bonds has decreased, with a total issuance of approximately 24.619 billion yuan this week, down from the previous week [5][6]

格隆汇11月25日丨名创优品(09896.HK)公告，11月25日耗资197万港元回购5.26万股，每股回购价37-38 港元。 ...

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25日 | | | 第 2 頁 共 7 頁 v 1.3.0 FF305 FF305 確認 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 ...

Core Viewpoint - Dongwu Securities maintains a "Buy" rating for MINISO (09896), highlighting its position as a leader in private label and IP-driven retail, with significant growth potential from overseas expansion and IP strategies [1] Group 1: Performance Overview - In Q3 2025, the company achieved revenue of 5.8 billion yuan, a year-on-year increase of 28.17%, exceeding the company's guidance of 25-28% [1] - The net profit attributable to shareholders was 440 million yuan, a decrease of 31% year-on-year, primarily due to investment losses from Yonghui Supermarket and increased equity incentive costs [1] - Adjusted net profit, excluding certain expenses, was 767 million yuan, reflecting an 11.75% year-on-year increase [1] - Overall same-store GMV showed single-digit growth year-on-year [1] Group 2: Domestic Performance - Domestic MINISO revenue for Q3 2025 was 2.909 billion yuan, a year-on-year increase of 19.36%, with same-store GMV showing high single-digit growth [2] - The company continues to implement its strategy of "opening large stores and opening good stores," ending Q3 2025 with 4,407 domestic stores, a net increase of 105 stores during the quarter [2] Group 3: Overseas Performance - Overseas revenue for Q3 2025 reached 1.94 billion yuan, a year-on-year increase of 28.6%, with 117 new stores added, bringing the total to 3,424 [4] - Same-store GMV in overseas markets showed low single-digit growth [4] - The company plans to slow down the pace of new store openings in the U.S. while focusing on quality, with new stores expected to generate 1.5 times the sales of older stores [4] Group 4: Cost and Profitability - The gross margin for Q3 2025 was 44.7%, a decrease of 0.2 percentage points year-on-year, while the adjusted net profit margin was 13.23%, down 1.94 percentage points [3] - The sales and management expense ratios were 24.67% and 5.93%, respectively, reflecting increases of 2.63 and 0.71 percentage points year-on-year, attributed to the higher proportion of U.S. stores and equity incentives in the TOPTOY segment [3] - Adjusted operating profit margin was 17.2%, with a year-on-year decline that was smaller compared to Q1 and Q2 2025, aligning with company expectations [3] Group 5: Future Outlook - For Q4 2025, the company anticipates revenue growth of 25-30% year-on-year, with same-store growth in both China and the U.S. expected to be in the low double digits, indicating further acceleration compared to Q3 2025 [5]