Core Viewpoint - The company maintains a "buy" rating despite facing profit pressure in FY2025Q1, with expectations for improvement in same-store sales and profit margins in Q2 and a stronger performance anticipated in H2 2025 during the overseas peak season [1][2] Financial Performance - FY2025Q1 revenue reached 4.427 billion yuan, a year-on-year increase of 18.9%, with contributions from various segments: - Miniso's domestic business revenue was 2.494 billion yuan, up 9.1% year-on-year - Miniso's overseas business revenue was 1.592 billion yuan, up 30.3% year-on-year - TOP TOY revenue was 340 million yuan, up 58.9% year-on-year - Adjusted net profit for FY2025Q1 was 587 million yuan, a decrease of 4.81% year-on-year, indicating profit pressure [1][2] Same-Store Sales and Store Expansion - Same-store sales improvement has become a strategic focus, with Q2 showing a continued positive trend - In FY2025Q1, Miniso's domestic revenue grew by 9.1%, but same-store daily sales saw a low single-digit decline, primarily due to reduced foot traffic in malls - The overseas revenue growth of 30.3% was supported by a 24.6% increase in average store count - In FY2025Q1, Miniso closed 111 domestic stores due to market adjustments, while 95 new overseas stores were opened, indicating ongoing expansion efforts [1][2] Profitability Metrics - The company's gross margin for FY2025Q1 was 44.2%, an increase of 0.8 percentage points year-on-year - Adjusted net profit margin was 13.3%, down 3.3 percentage points year-on-year - Operating profit margin (OPM) was 16.0%, a decline of 3.9 percentage points year-on-year, attributed to a higher proportion of lower-margin direct sales and upfront costs related to new store openings in the U.S. [2]

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6月6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 ...

Core Viewpoint - Miniso (09896.HK) is considering a potential spin-off of its "TOP TOY" brand for independent listing to optimize shareholder value, although the plan is in preliminary stages and dependent on various factors including market conditions [1][4]. Company Summary - Miniso has engaged JPMorgan and UBS to assist with the potential IPO of TOP TOY in Hong Kong, aiming to attract new investments from sovereign wealth funds and other potential investors before selling shares [4]. - TOP TOY, established in December 2020, operates as a trendy toy collection store, offering licensed IP toys, proprietary IP toys, and third-party brand toys, with approximately 11,000 SKUs as of the end of last year [4][6]. - In 2024, TOP TOY's revenue is projected to grow by 44.71% to 984 million yuan, with GMV increasing by 41.04% to 1.148 billion yuan, and the company has achieved profitability for the year [6]. Industry Summary - The toy market is experiencing heightened interest, with competitors like Pop Mart and Blokus achieving significant market valuations, indicating a competitive landscape for TOP TOY [7]. - TOP TOY aims to open over 1,000 stores in 100 key global business districts within the next five years, with a target of 150 new stores in 2025, 100 of which will be in China [7].

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。 本公告僅供參考，並不擬及不構成或組成要約、邀請或要約招攬或購買邀請、以其他方式收購 或認購任何擬於潛在發售中提呈發售證券的一部分。 關於媒體報導中涉及潛在分拆上市事宜的澄清聲明 名創優品集團控股有限公司（「本公司」）自願發佈公告，旨在向其股東（「股東」）及 潛在投資者提供有關本公司最新發展的相關資料。 本公司注意到若干媒體報導，稱本公司可能計劃分拆本公司特定業務獨立上市。 本公司正在對其以「TOP TOY」品牌運營的潮流玩具業務潛在分拆上市可能性進行 初步評估，以期優化股東價值。 擬議計劃乃屬初步階段，是否會推進取決於包括市場條件在內的諸多因素。無法 保證該項擬議計劃的時間、上市地點或其他細節。股東及潛在投資者於買賣本公 司股份時應審慎行事。 承董事會命 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） 自願性 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 47.00 [5][8]. Core Insights - The company is focusing on high-quality growth through channel optimization and product offerings, with expectations for same-store sales to turn positive in May [1][2]. - The company is enhancing its overseas operations with localized strategies and optimizing direct store expenses, which is expected to drive revenue growth [3][4]. - Short-term profit fluctuations are anticipated due to the ramp-up phase of high-growth businesses, but improvements in operational models are expected to enhance profitability [4]. Summary by Sections Domestic Operations - The company is adjusting its product offerings to better match market demands, focusing on high-quality products in higher-tier markets and cost-effective options in lower-tier markets [2]. - The closure of underperforming stores and the opening of flagship "IP Land" stores are part of the strategy to drive growth, with expectations for same-store sales to stabilize [2]. Overseas Operations - The company aims to increase its store count by 500-600 locations this year, with improvements in same-store sales in North America due to cost optimization strategies [3]. - The establishment of a product development team in North America is expected to enhance operational efficiency and profitability [3]. Financial Projections - The adjusted net profit forecasts for 2025-2027 are RMB 29.9 billion, RMB 37.3 billion, and RMB 45.7 billion respectively, with a target price based on a PE ratio of 18x for 2025 [5][7]. - Revenue projections show a growth trajectory with expected revenues of RMB 20.7 billion in 2025, reflecting a year-on-year increase of 21.83% [7][19].

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6月6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 ...

Core Viewpoint - The popularity of the collectible toy brand Labubu has surged globally, with celebrities endorsing it, leading to a significant increase in demand and subsequent issues with scalpers [1][4][11] Company Developments - TOP TOY, a collectible toy brand under Miniso, is reportedly seeking to go public in Hong Kong, having engaged JPMorgan and UBS for its IPO process [1][4] - TOP TOY aims to introduce new investments from sovereign wealth funds before selling shares, marking its second attempt at an IPO since March [1][4] - The brand was established in December 2020 and has expanded its product offerings significantly, with around 11,000 SKUs by the end of last year [4] Financial Performance - TOP TOY's revenue for 2024 is projected to grow by 44.71% to 984 million RMB, with GMV increasing by 41.04% to 814 million RMB [4][5] - The total number of transactions increased by 56.71% to approximately 19.9 million, although the average transaction value decreased by 9.73% to 109.5 RMB [4][5] - Compared to competitors, TOP TOY's performance lags behind leading companies like Pop Mart, which reported revenues of 13.038 billion RMB in 2024 [4][6] Market Position and Strategy - TOP TOY's self-owned IP accounts for a low single-digit percentage of its revenue, relying heavily on third-party brand products [6][8] - The company plans to differentiate itself by focusing on global IPs rather than developing its own, aiming to create products through reinterpretation of existing popular IPs [8][9] - TOP TOY has ambitious plans to open over 1,000 stores globally within five years, with expectations that overseas sales will exceed 50% of total sales [9][10] Competitive Landscape - The collectible toy market is competitive, with companies like Pop Mart and 52TOYS also pursuing IPOs and expanding their market presence [1][11] - Pop Mart's revenue from overseas markets has seen significant growth, indicating a trend among collectible toy brands to expand internationally [10][11]

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6月5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 ...

Core Insights - The article highlights the importance of digitalization in administrative systems for companies in the global retail industry, with "Baidiyun Enterprise Express Management SaaS" being a key player in this transformation [1][10] - Miniso, a leading retail company, has achieved over 50% efficiency improvement and 40% cost reduction through its partnership with Baidiyun, showcasing a successful case of digital transformation in logistics management [1][11] Company Overview - Miniso was established in 2013 and has expanded to over 7,780 stores across 112 countries and regions by the end of 2024, focusing on stable growth, particularly in overseas markets [2] Administrative Differences - The article discusses the qualitative differences between administrative departments in large and small companies, emphasizing that large companies utilize data-driven procurement strategies to achieve significant cost savings [4] Digital Transformation Journey - Miniso's transition from traditional to digital logistics management began around 2016-2017, facing challenges such as manual data entry errors and lack of a unified shipping platform, which were resolved after partnering with Baidiyun [7][8] Benefits of Baidiyun SaaS - The integration of Baidiyun's system has led to unified management of domestic and international shipments, automated financial reconciliation, and improved efficiency by over 50% while reducing costs by 40% [9][10] Future Trends in Digitalization - The company recognizes that digitalization is an inevitable trend, focusing on resource integration, efficiency enhancement, and cost reduction as core values of their digital transformation strategy [10] Recommendations for Other Companies - Miniso recommends other expanding companies to try Baidiyun's SaaS, highlighting its advantages in compliance, cost control, and resource optimization, which have led to a significant increase in management efficiency [11]

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6月5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 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 ...