长江商报消息 ●长江商报记者 沈右荣 时隔四年，名创优品（09896.HK，MNSO.US）业绩出现了调整。 8月21日晚，名创优品发布了2025年中期业绩公告。上半年，公司实现营业收入近94亿元，同比增长约21%；归母 净利润为9.06亿元，同比下降23%。 名创优品上一次归母净利润下降，是2020年同期。 对于归母净利润下降，名创优品将其归咎为永辉超市拖累。 2020年12月，名创优品公布旗下独立运营的潮玩品牌TOP TOY，定位是"亚洲潮玩集合店"。2025年8月21日，名 创优品宣布，TOP TOY近期获得淡马锡战略融资，估值约100亿港元。 8月22日，名创优品港股大涨20.58%，收报47.10港元/股，市值585亿港元。 净利时隔四年首降 知名公司名创优品的归母净利润出现了罕见下降。 根据最新发布的2025年中期业绩公告，2025年上半年，名创优品实现营业收入93.93亿元，同比增长21.10%；归母 净利润9.06亿元，同比下降23%；经调整净利润为12.79亿元，同比增长3%。 2024年中期，名创优品实现的营业收入为77.59亿元，同比增长25.01%；归母净利润为11.70亿元，同比增长 ...

Core Viewpoint - MINISO has recorded a profit decline for the first time in four years, attributed mainly to losses from its investment in Yonghui Supermarket, yet management remains optimistic about operational performance and future growth prospects [1][3][5]. Financial Performance - For the first half of 2025, MINISO reported revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, and operating profit of 1.546 billion yuan, up 3.4%. However, net profit fell to 906 million yuan, a decrease of 23.1% [1][3]. - The impact of Yonghui Supermarket's losses on MINISO's profit was 119 million yuan, primarily from the share of net losses [6]. Market Reaction - Following the release of the mid-year report, MINISO's stock price surged by 20.58% to 47.1 HKD per share, reaching a market capitalization of 58.528 billion HKD [3][5]. Growth Expectations - MINISO's management anticipates a revenue growth of 25%-28% for the third quarter of 2025, with same-store sales expected to show low single-digit growth. For the full year, revenue is projected to grow by no less than 25% [8][9]. Strategic Focus on IP - MINISO is intensifying its efforts in developing proprietary IP, aiming to replicate the success of Pop Mart. The company has signed contracts with nine promising original toy artists and plans to continue expanding its IP portfolio [11][12][14]. Store Expansion Strategy - As of June 2025, MINISO operates a total of 7,612 stores globally, with 4,305 in mainland China and 3,307 overseas. The company is focusing on a strategy of opening larger stores and enhancing the customer experience [8][17]. Comparison with Competitors - Unlike Pop Mart, which is cautious about store expansion, MINISO relies heavily on a partner-based growth model. This difference in strategy may affect the market perception of its IP and brand image [14][15].

| MNSO | 12m Price Target: $25.30 | Price: $20.84 | Upside: 21.4% | | --- | --- | --- | --- | | 9896.HK | 12m Price Target: HK$49.00 | Price: HK$39.06 | Upside: 25.4% | Miniso reported a solid 2Q25 beat, where both revenue growth at 23% yoy (vs. guidance of 18-21%) and adj. OP growth of 8.5% yoy (vs. guidance of flat/slight yoy decline) were both above guidance and GSe. The key positive surprises came from 1) Miniso China, where sales growth of 14% yoy beat expectations and SSSG turned positive, despite flu ...

Core Insights - The retail industry is undergoing significant transformation as it enters a new phase of "rational consumption" and "quality upgrade," with Miniso leveraging its "high-quality low-price" strategy and global expansion to carve out a unique development path [1] - Miniso's impressive growth trajectory is reflected in its financial performance for 2024, with revenue increasing by 22.8% to 17 billion yuan, gross margin reaching a historical high of 44.7%, and net profit rising by 15.4% to 2.72 billion yuan [1] - The overseas market has shown remarkable performance, with revenue up 42% to 6.8 billion yuan, contributing 39.3% to overall revenue, and a net increase of 1,219 stores, including 631 overseas [1] Globalization Strategy - Miniso's globalization strategy has evolved from simple overseas store openings to a new phase of "regional deepening and precise penetration," aiming to exceed 3,000 overseas stores by 2025, covering over 100 countries and regions, with overseas revenue accounting for over 40% [2][4] - In the U.S., Miniso has established a dense retail network with 275 stores, offering high-cost performance home goods and trendy accessories that appeal to young consumers [2] - The Southeast Asian market, with a growing middle class, has seen strong demand for high-cost performance home goods, prompting Miniso to adopt a "regional center warehouse + local supply chain" model to enhance market responsiveness [4] Product Innovation and IP Strategy - Miniso's product innovation has progressed beyond low-cost homogeneity to focus on "precise demand and emotional value," with over 15,000 SKUs developed based on consumption data from over 50 million members [6] - The 2024 launch of the "smart home" series, which includes products like USB interface lamps, achieved sales of over 500 million yuan within three months, showcasing Miniso's market insight [6] - The deepening of IP strategy has significantly enhanced product value, with collaborations with over 80 IPs in 2024 leading to successful marketing events and increased customer engagement [8] Digital Operations - Digital capabilities have become the core support for Miniso's refined operations, establishing a comprehensive digital system from front-end to back-end, including a global supply chain management system in collaboration with Huawei Cloud [10] - The digital membership system has enhanced user stickiness, accumulating 50 million member data and enabling personalized services that significantly boost repurchase rates [11] - The launch of a "membership points mall" in 2024 has increased member activity to 65%, providing stable support for revenue growth [13] Future Outlook - Miniso's growth logic is becoming clearer, with continued overseas market penetration expected to unlock revenue potential, while the deepening of IP strategy will enhance product value [14] - The company aims to maintain flexibility in localization while injecting emotional value into its cost-performance offerings, positioning itself as a leading global IP design retail group [15]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][15]. Core Insights - The company reported a total revenue of 4.97 billion yuan for Q2 2025, representing a year-on-year growth of 23.1%. For the first half of 2025, revenue reached 9.39 billion yuan, up 21.1% year-on-year [1]. - The company's gross profit margin improved to 44.3%, an increase of 0.4 percentage points year-on-year, while the adjusted net profit for Q2 was 0.692 billion yuan, reflecting a 10.6% increase year-on-year [1]. - The company has expanded its global store network, surpassing 7,900 stores worldwide, with a net increase of 108 stores in the first half of 2025 [2]. Revenue Breakdown - In Q2 2025, the domestic revenue in mainland China was 2.62 billion yuan, growing 13.6% year-on-year, while overseas revenue reached 1.94 billion yuan, marking a 28.6% increase [1]. - The TOPTOY segment achieved revenue of 0.4 billion yuan in Q2 2025, with an impressive growth rate of 87% [1]. Domestic Market Performance - The domestic same-store sales showed positive growth, with the number of franchisees reaching a historical high. The company anticipates continued same-store sales growth for the full year of 2025 [3]. - The company added 30 new stores in mainland China during Q2 2025, including 7 MINISO LAND stores, enhancing its presence in key cities [3]. International Expansion - The overseas revenue accounted for 39% of total revenue in Q2 2025, with significant growth in various regions, particularly in North America, where revenue increased by 69.7% [4]. - The company opened flagship stores in major global cities, reinforcing its brand presence internationally [4]. TOPTOY Growth - The TOPTOY segment is identified as a second growth engine, with a revenue increase of 87% in Q2 2025. The company has partnered with international IPs and signed contracts with several popular toy artists [5]. - The valuation of TOPTOY reached approximately 10 billion HKD after investment from Temasek, indicating strong market recognition [5]. Future Projections - The company is expected to achieve revenues of 21.2 billion yuan and 25.1 billion yuan for 2025 and 2026, respectively, with adjusted net profits projected at 2.8 billion yuan and 3.8 billion yuan [5].

Core Viewpoint - The company reported a strong Q2 performance with revenue growth of 23.1% to 4.97 billion yuan, exceeding previous guidance of 18-21% [1] - The improvement in fundamentals is attributed to the effectiveness of the large store strategy, positive same-store sales, and operational leverage optimization [1] Revenue Performance - Domestic revenue increased by 13.6%, with a net addition of 30 stores in the quarter; same-store sales turned positive, supported by improved average selling price (ASP) despite a slight decline in foot traffic [2] - Overseas revenue grew by 28.6%, with the U.S. market showing positive same-store sales, benefiting from the large store strategy [2] - TopToy's revenue surged by 87.0% to 400 million yuan, with same-store sales turning positive, indicating a positive trend [2] Profitability Metrics - Gross margin reached a new high, increasing by 0.6 percentage points to 44.3% due to the IP strategy and higher overseas revenue contribution [2] - Operating profit margin (OPM) decreased by 1.8 percentage points to 16.8%, primarily due to the lower-margin overseas direct sales and increased TopToy revenue; however, the decline was less severe than in Q1 [2] - Adjusted net profit margin fell by 1.6 percentage points to 13.9% after accounting for the impact of Yonghui Investment [2] Strategic Initiatives - The company is shifting its growth strategy from rapid store expansion to enhancing store efficiency through large store openings and refined operations, which has been successfully implemented domestically and is being replicated overseas [1][3] - The focus on proprietary IP development aims to integrate product, channel, and operational strategies, leveraging large stores as platforms for IP promotion [1][3] Future Outlook - The company expects annual revenue growth of over 25% and adjusted operating profit to reach between 3.65 billion and 3.85 billion yuan [3] - Revenue forecasts for 2025-2027 have been raised by 3.7% to 21.47 billion, 25.66 billion, and 30.36 billion yuan respectively, reflecting improved same-store performance and the effectiveness of the large store strategy [3] - The target price has been adjusted to 52.46 HKD based on a 20x PE ratio for 2025, reflecting the company's performance inflection point and effective operational strategies [3]

Core Viewpoint - The company's Q2 2025 performance exceeded expectations, driven by strong domestic revenue growth and impressive overseas performance, particularly in the U.S. market [1][2]. Financial Performance - Q2 2025 revenue increased by 23% year-on-year to 5 billion yuan, while adjusted net profit rose by 11% to 690 million yuan, outperforming expectations [1]. - The company declared an interim dividend of $0.0724 per share, corresponding to a payout ratio of approximately 50% of adjusted net profit [1]. - Gross margin improved by 0.3 percentage points to 44%, benefiting from a higher proportion of overseas business and improved margins in the TOPTOY segment [2]. Business Segments - Domestic same-store sales turned positive with a 14% increase in revenue to 2.6 billion yuan, despite a high base, while online sales grew by 31% to 270 million yuan [1]. - Overseas revenue increased by 29% to 1.9 billion yuan, contributing 43% to total revenue, with U.S. revenue surging by 80% [1]. - TOPTOY's revenue grew by 87% to 400 million yuan, with a net increase of 13 stores, maintaining rapid growth [1]. Strategic Initiatives - The company is investing in direct sales and increasing sales expenses to support long-term growth, particularly in strategic overseas markets [2]. - The IP strategy and large store model are showing positive results, with 11 MINISO LAND stores and over 200 flagship stores established in China [2]. - The U.S. channel is gradually improving, with new stores achieving 1.5 times the efficiency of older stores and nearly 30% higher sales per square meter [2]. Future Outlook - Management expects Q3 2025 performance to maintain accelerated growth, raising the full-year guidance to a revenue increase of approximately 25% [3]. - Adjusted net profit forecasts for 2025 and 2026 have been raised by 8% and 6% to 2.9 billion yuan and 3.7 billion yuan, respectively [3]. - The target prices for Hong Kong and U.S. stocks have been increased by 24% to 52.45 HKD and 27.07 USD, respectively, reflecting a 20 times 2025 non-IFRS P/E ratio [3].

Core Viewpoint - The company reported strong H1 performance with revenue of 9.39 billion yuan, a 21% increase, and adjusted net profit of 1.279 billion yuan, up 3% year-on-year, exceeding market expectations [1] Group 1: Domestic Performance - In Q2, same-store sales showed a low single-digit positive growth, indicating a turning point, with store openings recovering and self-owned IP development showing initial success [2] - As of Q2, the number of domestic stores reached 4,305, an increase of 190 year-on-year, with notable growth in first, second, and third-tier cities [2] - The company signed multiple artists during the reporting period, successfully incubating self-owned IPs such as "Youyou Sauce" and "Glutinous Rice," and will continue a dual strategy of IP collaborations and self-owned IP [2] Group 2: International Performance - In H1, overseas GMV reached 7.33 billion yuan, a 14.5% year-on-year increase, with a total of 3,307 overseas stores as of 2025, reflecting a significant increase [2] - The number of stores in Asia (excluding China), North America, Latin America, and Europe increased year-on-year, with Europe showing particularly strong performance [2] Group 3: TOP TOY Performance - TOP TOY accelerated store openings and expanded its self-owned IP matrix, achieving Q2 revenue of 402 million yuan, a remarkable 87.1% increase [3] - As of Q2, the number of TOP TOY stores reached 293, with a year-on-year increase of 35 stores, while online GMV saw a slight decline [3] - The company’s Q2 gross margin was 44.3%, up 0.4 percentage points year-on-year, influenced by the higher margin from overseas markets and the increased share of TOP TOY [3] Group 4: Financial Projections - The company forecasts adjusted net profits of 2.95 billion yuan, 3.4 billion yuan, and 4.19 billion yuan for 2025, 2026, and 2027 respectively, with current stock prices corresponding to P/E ratios of 15, 13, and 11 times [3]

名创优品作为生活好物集合店的全球布局优势明显，把握潮玩大趋势，依托成熟的运营能力打造自有IP 产品的可实现性高。公司管理层坚定看好线下零售业态，具有持续推动线下零售渠道变革和产品战略的 决心和资源，打造适应中国广大消费者物美价廉、服务优质需求的综合线下场景以及全球化的IP 战略 将使得公司具有更长远的成长空间。公司海外拓展，特别是美国直营的落地为公司持续增长提供保障。 事件 名创优品公布2025 年第二季度业绩，实现营业收入49.66 亿元（+23.1%，超过指引的18-21%）， 实现 经营利润8.36 亿元（+11.3%），归母净利润4.90 亿元（-17.2%）；经调整净利润6.91亿元（+10.6%）， 主要由于发行衍生品产生的相关费用以及永辉超市的投资损益自二季度进入报表的影响。 机构：中信建投证券 研究员：刘乐文/陈如练/杨艾莉 核心观点 国内大店战略奏效 公司上半年持续推进大店战略，已开业11 家minisoland，平均月销达到400 万，minisospace 门店6 月进 驻南京高端商业德基广场。 公司坚定执行大店战略，已经开业200 多家400 平米以上的旗舰店，占国内目前4305 家m ...

Group 1: Company Performance - In Q2 2025, the company achieved revenue of 4.966 billion yuan, a year-on-year increase of 23.07%, exceeding previous guidance, with an expected annual GMV of over 38 billion yuan and revenue of over 21 billion yuan [1] - The net profit attributable to shareholders was 490 million yuan, a year-on-year decrease of 16.67%. After adjustments, the net profit was 691 million yuan, a year-on-year increase of 10.6% [1] - The gross margin for Q2 2025 was 44.28%, a year-on-year increase of 0.33 percentage points, while the adjusted net profit margin was 13.92%, a year-on-year decrease of 1.56 percentage points [1] Group 2: Domestic and International Expansion - Domestic revenue for MINISO in Q2 2025 was 2.621 billion yuan, a year-on-year increase of 13.6%, with a total of 4,305 stores by the end of the quarter, net adding 30 stores [2] - Overseas revenue for MINISO in Q2 2025 was 1.94 billion yuan, a year-on-year increase of 28.6%, with 94 new stores added, totaling 3,307 stores [2] - TOP TOY achieved revenue of 402 million yuan in Q2 2025, a year-on-year increase of 87%, with a net addition of 13 stores, reaching a total of 293 stores [3] Group 3: Strategic Initiatives and Future Outlook - MINISO plans to add over 500 overseas stores in 2025 while focusing on store quality rather than quantity [2] - TOP TOY has signed contracts with 9 toy artists and aims to develop its own IP strategy alongside international IP [3] - The company has adjusted its profit forecasts for 2025-2027, with expected net profits of 2.94 billion, 3.39 billion, and 3.86 billion yuan, reflecting year-on-year growth of 8%, 15%, and 14% respectively [3]