Core Viewpoint - Company maintains a "Buy" rating for Miniso (09896) based on strong Q3 performance with a revenue growth of 28% year-on-year, driven by robust overseas business, particularly in North America, and rapid expansion of the TOPTOY brand [1] Financial Performance - Q3 revenue reached 5.797 billion yuan (+28% year-on-year), with adjusted net profit of 767 million yuan (+11.7% year-on-year) and an adjusted net profit margin of 13.2% (down 2 percentage points year-on-year) [1] - Expected adjusted net profits for 2025, 2026, and 2027 are projected at 2.96 billion, 3.42 billion, and 4.21 billion yuan respectively, with current stock price corresponding to P/E ratios of 15, 13, and 11 times [1] Operational Analysis - Q3 revenue breakdown: Domestic Miniso 2.909 billion yuan (+19.3% year-on-year), Overseas Miniso 2.312 billion yuan (+27.7% year-on-year), TOPTOY 575 million yuan (+111.4% year-on-year) [2] - Domestic Miniso shows positive same-store growth in Q3, with store count reaching 4,407 (up 157 year-on-year) [2] - Overseas Miniso sees improved growth quality, with North America exceeding expectations; total overseas store count at 3,424 (up 488 year-on-year) [2] TOPTOY Performance - TOPTOY revenue in Q3 was 575 million yuan (+111% year-on-year), driven by rapid store expansion and increased sales of proprietary and exclusive IPs [3] - Q3 gross margin was 44.7% (down 0.2 percentage points year-on-year), with total expenses rising to 1.43 billion yuan (+43.5% year-on-year) due to investments in strategic overseas stores [3] Future Outlook - Continued same-store recovery trend is expected, with ongoing expansion in global IP design retail positioning [3] - Domestic market is anticipated to benefit from large store strategies, while North America will focus on a concentrated store opening strategy to enhance scale effects [3]

Core Viewpoint - Company maintains a "buy" rating for Miniso (09896) based on strong Q3 performance, with revenue growth of 28% year-on-year driven by robust overseas business, particularly in North America, and rapid expansion of the TOPTOY brand [1] Financial Performance - In Q3, the company reported revenue of 5.797 billion yuan (+28% year-on-year) and adjusted net profit of 767 million yuan (+11.7% year-on-year), with an adjusted net profit margin of 13.2% (down 2 percentage points year-on-year) [1] Operational Analysis - Domestic Miniso revenue reached 2.909 billion yuan (+19.3% year-on-year), overseas Miniso revenue was 2.312 billion yuan (+27.7% year-on-year), and TOPTOY revenue was 575 million yuan (+111.4% year-on-year) [2] - Domestic same-store sales showed a positive trend, with high single-digit growth in Q3, benefiting from the opening of IP flagship stores and store relocations or expansions [2] - As of Q3, the total number of stores reached 4,407, with a year-on-year increase of 157 stores [2] - Overseas Miniso showed improved growth quality, with North America exceeding same-store growth expectations [2] - TOPTOY's revenue growth was attributed to rapid store expansion and increased sales of self-developed and exclusive IPs, with a total of 307 stores as of Q3 [3] Cost and Investment - Q3 gross margin was 44.7% (down 0.2 percentage points year-on-year), with total expenses rising to 1.43 billion yuan (+43.5% year-on-year) due to investments in strategic overseas stores [3] - The company is focusing on optimizing channels and upgrading products domestically, while overseas, it aims to deepen its focused store opening strategy in North America [3]

名创优品(09896)再跌超6%，截至发稿，跌6.48%，报36.68港元，成交额1.88亿港元。 中金表示，名创优品三季度毛利率同比微降0.2ppt，主要因产品结构调整。股份支付薪酬开支1.8亿元， 主要与TOPTOY股权激励相关，剔除该项后销售和管理费用率同比+1.4ppt/-0.3ppt，增幅如期收窄，海 外直营业务经营利润率同增低单位数。由于永辉收购事项及发行股票挂钩证券，期内净财务费用1.0亿 元，分占永辉亏损1.5亿元，其他收益0.7亿元，剔除相关影响后，经调整净利润同增12%至7.7亿元。 消息面上，名创优品近日公布第三季度业绩，期内实现营收57.97亿元，同比增长28.2%，超过25%至 28%指引范围的上限。归属母公司的净利润为4.41亿元，相比去年同期的6.42亿元下滑超30%。 ...

Group 1 - Miniso launched the "IP Genius Plan" on November 21, aiming to recruit top IP creators globally with annual salaries ranging from 1 to 10 million, to enhance original IP incubation and build its own IP matrix [1] - Miniso's financial report for Q3 2025 revealed that its toy brand TOP TOY achieved revenue of 570 million, marking a 111% year-on-year growth [1] - Huayuan Securities highlighted the emerging consumption trends among the younger generation, suggesting a focus on head brands in the ancient gold sector, such as Laopu Gold, and companies with successful IP creation and operation experience, like Pop Mart and Miniso [1] Group 2 - The Hong Kong Stock Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing leading companies in various consumer sectors, including Pop Mart, Laopu Gold, and Miniso, alongside internet e-commerce giants like Tencent, Kuaishou, Alibaba, and Xiaomi, emphasizing the blend of technology and consumption [2]

Core Viewpoint - The article discusses the financial performance and strategic direction of MINISO, emphasizing the importance of a strong business model for long-term returns and the challenges faced in maintaining competitive pricing and profitability in the retail sector [1][12]. Financial Performance - MINISO reported Q3 2025 revenue of 5.797 billion RMB, a year-on-year increase of 28.2%, achieving a record high for a single quarter. Gross profit rose by 28% to 2.58 billion RMB, with a gross margin of 44.7%. However, net profit attributable to shareholders decreased by 31% to 441 million RMB, while adjusted net profit increased by 12% to 767 million RMB, with an adjusted net profit margin of 13.2% [1]. - For Q1 2025, MINISO's revenue was 4.427 billion RMB, up 18.9%, but operating profit fell by 4.51% to 710 million RMB, and net profit dropped by 28.92% to 417 million RMB. Adjusted net profit was 587 million RMB, down 4.81%, with a net profit margin of 13.3% [3]. - In Q2 2025, total revenue reached 4.97 billion RMB, a 23.1% increase, with a gross margin of 44.3%. Operating profit grew by 11.3% to 836 million RMB, while net profit was 489.5 million RMB, down from 591.4 million RMB in the previous year [3]. Business Segments - MINISO brand revenue was 5.22 billion RMB, reflecting a 23% increase, while TOP TOY brand revenue surged by 111.4% to 570 million RMB. The total number of stores globally reached 8,138, with 7,831 MINISO stores and 307 TOP TOY stores [1]. - The same-store GMV showed single-digit growth across the group, with MINISO in China experiencing high single-digit growth, indicating a stable base in the domestic market [1]. Business Model Analysis - The article critiques MINISO's business model, questioning whether it aligns more with unique product offerings or cost efficiency. The current strategy appears to lean towards the former, aiming for distinctive product strength rather than merely competing on price [5][12]. - The founder's past assertion of a "quality at low price" model is challenged, as the current gross margin exceeds 50%, suggesting that the pricing strategy may not be as competitive as claimed [6][8]. - The company is seen as focusing on brand and IP management rather than traditional retail efficiency, which may limit its ability to compete on price against discount retailers [12][9]. Competitive Landscape - The article highlights the competitive pressures faced by MINISO, particularly from established players in the market. The potential for competitors to offer lower prices poses a significant risk to MINISO's market position [12][15]. - The discussion includes comparisons with other brands, such as Bubble Mart, which operates on a unique product model with higher gross margins, suggesting that MINISO's strategy may not be sustainable in the long term [14][15].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported Q3 revenue of 5.797 billion RMB, representing a 28% year-over-year increase, with an adjusted net profit of 767 million RMB, up 11.7% year-over-year [2]. - The domestic and overseas segments showed strong growth, with domestic revenue from Miniso at 2.909 billion RMB (+19.3%), overseas Miniso at 2.312 billion RMB (+27.7%), and TOPTOY at 575 million RMB (+111.4%) [3]. - The company is actively expanding its store network, reaching a total of 4,407 stores in China, with significant growth in first, second, and third-tier cities [3]. - The overseas segment has also seen a boost, with North America exceeding same-store growth expectations and a total of 3,424 overseas stores [3]. - TOPTOY's revenue growth is attributed to rapid store expansion and increased sales of proprietary IP products, with a total of 307 stores as of Q3 [4]. Financial Performance - The company forecasts adjusted net profits of 2.964 billion RMB, 3.419 billion RMB, and 4.208 billion RMB for the years 2025, 2026, and 2027, respectively [5]. - The projected P/E ratios for the years 2025, 2026, and 2027 are 15, 13, and 11 times, respectively [5]. - Revenue growth rates are expected to be 25.12%, 23.03%, and 21.77% for the years 2025, 2026, and 2027 [10]. - The adjusted net profit growth rates are projected at 8.96%, 15.35%, and 23.07% for the same years [10].

每经AI快讯，名创优品(09896.HK)再跌超6%，截至发稿，跌6.48%，报36.68港元，成交额1.88亿港元。 （文章来源：每日经济新闻） ...

中金表示，名创优品三季度毛利率同比微降0.2ppt，主要因产品结构调整。股份支付薪酬开支1.8亿元， 主要与TOPTOY股权激励相关，剔除该项后销售和管理费用率同比+1.4ppt/-0.3ppt，增幅如期收窄，海 外直营业务经营利润率同增低单位数。由于永辉收购事项及发行股票挂钩证券，期内净财务费用1.0亿 元，分占永辉亏损1.5亿元，其他收益0.7亿元，剔除相关影响后，经调整净利润同增12%至7.7亿元。 消息面上，名创优品近日公布第三季度业绩，期内实现营收57.97亿元，同比增长28.2%，超过25%至 28%指引范围的上限。归属母公司的净利润为4.41亿元，相比去年同期的6.42亿元下滑超30%。 智通财经APP获悉，名创优品(09896)再跌超6%，截至发稿，跌6.48%，报36.68港元，成交额1.88亿港 元。 ...

名创优品 20251121 摘要 公司正积极推进 UNCTV CNND、MIT LV SIST 和 CCTV IMF GE SAAS 等多个项目，虽在创新方面取得进展，但仍需优化解决具体问题。 公司正与佩里公司洽谈合作，同时排查解决 CCTV 系统问题，并计划在 未来 40 天内进行检查评估，加大物联网领域投入，并与 Facebook 等 企业深入合作。 公司积极拓展西部地区业务，已取得初步成果，并得到专家支持。内部 正就相关事宜进行讨论协调，确保各项工作顺利开展。 公司关注 GDP 规模变化趋势及 iPhone 等消费品销售情况，以及丰田汽 车等企业在该地区的动态，以全面了解该地区的经济发展状况。 公司注意到 CCTV 和 CNN 等媒体对相关区域的关注，将继续跟踪报道， 保持沟通，秉持公正透明原则处理问题，为各方提供公平服务。 公司正在尝试为用户开发可在无噪音干扰情况下远程操作的机械设备， 甚至可用于太空环境，该技术尚在研发阶段。 作为资深风险投资人，公司认为中国市场充满机遇但也存在挑战，需仔 细评估风险，抓住科技创新、绿色能源及消费升级等领域的发展机会。 Q&A 公司在业务发展方面取得了哪些进展？ 公司 ...

海外直营市场稳步提效 3Q25业绩符合该行预期 公司3Q25收入同增28%至58亿元，经调整净利润同增12%至7.7亿元，业绩符合该行预期。 名创国内业务持续好转，TOPTOY高增 中金发布研报称，看好名创优品(09896)国内外业务的精细化运营和持续提效，管理层预计4Q25收入同 增25-30%，其中中美同店均同增低双位数。因毛利率波动及费用投放，经调整净利润预测25年基本维 持29亿元，下调26年预测4%至36亿元，当前港/美股对应15倍25年non-IFRS P/E，维持港/美股跑赢行业 评级。考虑行业估值调整，下调港/美股目标价12%/11%至50.18港元/26.08美元，对应20倍25年non-IFRS P/E，分别有28%/33%的上行空间。 名创优品海外收入同增28%至23亿元，重点市场美国收入同增超65%。公司优化海外货盘，提升本地化 运营能力，季内同店同增低单位数，直营市场中美国加拿大均同增低双位数，海外净开117家店。管理 层计划将中美市场成功经验进一步推广至东南亚市场，推进长期可持续的盈利增长。 中金主要观点如下： 3Q25名创优品国内收入同增19%至29亿元，公司以IP为核心，聚焦" ...