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名创优品(09896):2025年中报点评:Q2国内同店转正,发力自有IP开启潮玩新篇章
Huachuang Securities· 2025-09-30 09:42
Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Insights - The company has shown signs of operational improvement in its domestic business, with a notable increase in overseas market performance and the TOP TOY brand continuing to grow rapidly [6] - The company's revenue for the first half of 2025 reached 9.39 billion, representing a year-on-year increase of 21.1%, while the net profit attributable to shareholders was 0.91 billion, down 22.6% year-on-year [6] - The company is shifting its strategy from relying on external licensed IP to a dual approach of "licensing + proprietary," enhancing its brand and product margins [6] Financial Performance Summary - Total revenue projections for the company are as follows: - 2024A: 16,994 million - 2025E: 21,083 million - 2026E: 25,190 million - 2027E: 29,658 million - Year-on-year growth rates for total revenue are projected at 48.1% for 2024, 24.1% for 2025, 19.5% for 2026, and 17.7% for 2027 [2] - Net profit attributable to shareholders is projected as follows: - 2024A: 2,618 million - 2025E: 2,421 million - 2026E: 3,398 million - 2027E: 4,240 million - Year-on-year growth rates for net profit are projected at 48.0% for 2024, -7.5% for 2025, 40.3% for 2026, and 24.8% for 2027 [2] Market Position and Strategy - The company has expanded its store count in mainland China to 4,305 by the end of June 2025, with a net increase of 190 stores compared to the previous year [6] - The overseas market has also seen significant growth, with a net increase of 554 stores, bringing the total to 3,307 [6] - The TOP TOY brand has shown impressive growth, with a net increase of 98 stores globally, reaching a total of 293 [6] Valuation and Price Target - The target price for the company's stock is set at 53.82 HKD, with the current price at 43.82 HKD [2] - The company is expected to achieve a price-to-earnings ratio of 18 times for 2026, based on comparable company valuations [6]
打造潮流消费新地标 名创优品西北首家MINISO LAND亮相西安
Zheng Quan Ri Bao Wang· 2025-09-30 08:11
Core Insights - MINISO LAND, the first store of MINISO in Northwest China, opened in Xi'an, featuring an immersive three-story space and over 100 IP products, aiming to create a new urban landmark that integrates consumption, social interaction, and cultural experiences [1][2] - The store offers more than 6,000 product types, with over 80% being IP products from popular franchises such as Sanrio, Disney, and Pokémon, highlighting the brand's focus on IP-driven retail [1][2] - The opening of the Xi'an store represents a significant step in MINISO's strategy to establish a "super IP + super store + super experience" model, enhancing commercial upgrades and trendsetting in the retail space [2] Company Strategy - MINISO is innovating retail spaces by merging IP content with unique designs, transforming traditional retail into a "global IP showcase" that enhances consumer experience [2] - The company employs a dual strategy of "top-tier licensed IP + exclusive proprietary IP" to expand its IP ecosystem, collaborating with international giants while also nurturing original IP [2] - The successful performance of MINISO LAND stores, such as the flagship store in Shanghai achieving over 100 million yuan in sales within nine months, validates the effectiveness of its IP-driven business model [2]
TOP TOY年入24亿,名创优品出了“一半”力
3 6 Ke· 2025-09-30 03:31
Core Viewpoint - TOP TOY, a subsidiary of Miniso, is pursuing an IPO on the Hong Kong Stock Exchange with a fundraising target of approximately $300 million, aiming for independent growth while still heavily reliant on Miniso for revenue [2][5][6]. Group 1: Company Overview - TOP TOY has rapidly expanded since opening its first store in 2020, reaching 299 stores by September 2025, and plans to enter international markets by Q4 2024 [3][9]. - The company achieved a GMV of 2.4 billion RMB in 2024, with a compound annual growth rate of 67.7% from 2022 to 2024 [9]. - In the first half of 2025, TOP TOY's sales revenue reached 1.36 billion RMB, reflecting a year-on-year growth of 58.5% [10]. Group 2: Revenue Sources - Miniso remains TOP TOY's largest customer, contributing 2.5 billion RMB, 7.8 billion RMB, and 9.2 billion RMB in revenue for the years 2022, 2023, and 2024, respectively, accounting for 36.8%, 53.5%, and 48.3% of total revenue [7][8]. - The proportion of revenue from self-operated stores has remained stable at around 9% to 7.5% from 2022 to 2024, while sales to distributors have increased, with over half of revenue coming from this channel [21][22]. Group 3: Product Development and IP Strategy - TOP TOY focuses on three main product categories: figurines, 3D assembly models, and plush toys, with figurines generating 12.56 billion RMB in revenue in 2024, accounting for 68.8% of total revenue [14][16]. - The company has developed a multi-layered IP matrix consisting of 17 self-owned IPs, 43 licensed IPs, and 600 third-party IPs, although self-owned IPs still represent a small portion of total revenue [24][25]. - TOP TOY's self-developed products contributed nearly 50% of sales, the highest among Chinese collectible toy brands, with gross margins improving from under 20% in 2022 to approximately 32.4% in 2025 [20][18]. Group 4: Market Position and Competition - TOP TOY's supply chain management and cost control are superior to competitors, with inventory costs constituting 93.7% to 95.4% of total sales costs from 2022 to 2024 [19]. - The company is attempting to differentiate itself from competitors like Pop Mart by enhancing its IP development capabilities and focusing on product innovation rather than just expanding store numbers [23][29]. - TOP TOY is exploring new store formats, including flagship stores with themed cafes and workshops, to enhance customer engagement and social interaction [29].
名创优品潮玩业务TOP TOY递表港交所;餐饮服务连锁企业食品安全新规出台
Mei Ri Jing Ji Xin Wen· 2025-09-30 02:21
Group 1: TOP TOY IPO - TOP TOY, a潮玩 brand under Miniso, has submitted its prospectus to the Hong Kong Stock Exchange, aiming to strengthen Miniso's presence in the entertainment consumer sector [1] - Since its first store opening in December 2020, TOP TOY has established a comprehensive platform covering various products including figurines, 3D models, and plush toys [1] - Financial projections show revenues of 679 million yuan, 1.461 billion yuan, and 1.909 billion yuan for 2022, 2023, and 2024 respectively, with net profits turning from a loss of 38 million yuan in 2022 to profits of 212 million yuan and 294 million yuan in 2023 and 2024 [1] Group 2: Bright Dairy Asset Sale - Bright Dairy's subsidiary, New Lite, plans to sell its North Island assets in New Zealand to Abbott for 170 million USD, with the transaction expected to close by April 2026 [2] - This sale is anticipated to increase New Lite's net profit by approximately 10 to 15 million NZD in the 2026 fiscal year [2] - The move reflects Bright Dairy's strategic shift towards optimizing its overseas asset structure and focusing on core business operations [2] Group 3: Food Safety Regulations - The State Administration for Market Regulation has introduced new regulations for food safety responsibilities in chain restaurants, marking a shift from quantity-focused to model-focused oversight [3] - The regulations clarify definitions for chain operations, headquarters, and branches, addressing previous inconsistencies in regulatory standards [3] - Strong compliance capabilities in chain enterprises are expected to lead to valuation premiums, while smaller brands with poor management may face operational pressures [3] Group 4: New Personal Care Brand Launch - The founder of the oral care brand Canban announced the launch of a new personal care brand "Little Arrow," indicating a shift towards a multi-brand group operation model [4] - Canban aims to explore growth opportunities in three areas: targeting the elderly and children markets, expanding into niche categories like dental floss, and adapting to channel diversification trends [4] - This strategic expansion is likely to enhance brand synergy and boost market recognition of domestic personal care brands' innovation capabilities [4]
名创优品潮玩业务TOP TOY递表港交所;餐饮服务连锁企业食品安全新规出台丨消费早参
Mei Ri Jing Ji Xin Wen· 2025-09-30 02:18
Group 1 - TOP TOY, a潮玩 brand under Miniso, has submitted its prospectus to the Hong Kong Stock Exchange, aiming to strengthen Miniso's presence in the entertainment consumption sector and create a second growth curve for the group [1] - TOP TOY has established a comprehensive platform for the潮玩 industry since opening its first store in December 2020, with a product matrix that includes figurines, 3D assembly models, and plush toys [1] - Financial data shows that TOP TOY's revenue increased from 679 million yuan in 2022 to 1.461 billion yuan in 2023, and is projected to reach 1.909 billion yuan in 2024, with net profits turning from a loss of 38 million yuan in 2022 to 212 million yuan in 2023 and 294 million yuan in 2024 [1] Group 2 - Bright Dairy's subsidiary, New Light, plans to sell its North Island assets in New Zealand to Abbott for 170 million USD, with the transaction expected to complete by April 2026 [2] - This sale is anticipated to enhance New Light's net profit by approximately 10 to 15 million New Zealand dollars in the 2026 fiscal year, reflecting a strategic shift towards optimizing overseas asset structure and focusing on core business [2] Group 3 - The State Administration for Market Regulation has introduced new regulations for food safety responsibilities in chain catering enterprises, marking a shift from quantity-focused to quality-focused oversight [3] - The new regulations clarify definitions for chain operations and emphasize the responsibilities of headquarters, which may lead to valuation premiums for compliant chain enterprises while putting pressure on smaller brands with lax management [3] Group 4 - The founder of the oral care brand Canban, Yin Kuo, announced the launch of a new personal care brand "Little Arrow" this year, indicating a shift towards a multi-brand group operation model [4] - Canban aims to explore new growth opportunities by focusing on the "one old one young" market, expanding into niche categories like dental floss, and adapting to channel diversification trends [4] - This strategic expansion is expected to enhance brand synergy and may lead to a reassessment of the innovation capabilities of domestic personal care brands in the capital market [4]
自有IP收入不到1% 冲刺港交所的TOP TOY也有“泡泡玛特”梦
Guo Ji Jin Rong Bao· 2025-09-29 16:14
Core Viewpoint - TOP TOY International Group Limited, a subsidiary of Miniso Group, has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on the booming collectible toy market [1]. Group 1: Company Overview - TOP TOY was established in December 2020 and is recognized as the largest and fastest-growing collectible toy brand in China, with a projected GMV of 2.4 billion RMB for 2024 [2]. - The company has experienced significant revenue growth, with revenue increasing from 679 million RMB to 1.909 billion RMB over the past three years, and achieving 1.36 billion RMB in revenue with a net profit of approximately 180 million RMB in the first half of this year, resulting in a net profit margin of about 13.2% [3]. Group 2: IP and Revenue Dependency - TOP TOY currently holds 17 proprietary IPs, 43 licensed IPs, and over 600 third-party IPs, but its revenue heavily relies on external IPs, with licensed IPs contributing approximately 889 million RMB, accounting for about 47% of total revenue in 2024 [4][5]. - The company's proprietary IPs generated only 6.8 million RMB in revenue last year, representing less than 1% of total revenue, indicating a weak market influence compared to competitors like Pop Mart, which generated 11.121 billion RMB from its proprietary IPs, constituting 85% of its total revenue [5]. Group 3: Sales Channels and Partnerships - Miniso Group is the largest customer of TOP TOY, accounting for 48.3% and 45.5% of the company's total revenue in the last year and the first half of this year, respectively, with sales to Miniso amounting to 923 million RMB and 619 million RMB [8]. - The company plans to leverage its partnership with Yonghui Supermarket, which has become Miniso's largest shareholder, to enhance its sales channels, particularly for its own products like building blocks and blind boxes [10]. Group 4: Expansion Plans - TOP TOY aims to open 100 new stores in China this year, targeting a total of 380 to 400 stores by year-end, and plans to expand internationally by covering 100 countries and opening 1,000 stores over the next five years [10]. - The company has prepared a reserve fund of 10 billion RMB to support its ongoing domestic and international expansion efforts [10].
【IPO前哨】背靠名创优品的TOP TOY闯关港股:IP之困与毛利率之殇
Sou Hu Cai Jing· 2025-09-29 08:16
Group 1 - Miniso (09896.HK) plans to spin off its toy brand TOP TOY for an independent listing on the Hong Kong Stock Exchange, aiming to better reflect TOP TOY's value and attract investors interested in the high-growth toy industry [2] - TOP TOY was incubated by Miniso in 2020 and is currently 86.9% owned by Miniso, positioning it as a significant player in the toy market [4] - The toy market in China is projected to grow from RMB 207 billion in 2019 to RMB 587 billion by 2024, with a compound annual growth rate (CAGR) of 23.2% [11] Group 2 - TOP TOY's product focus differs from that of its competitor Pop Mart, as it covers a full range of products including blind boxes, figurines, and 3D models, while Pop Mart primarily focuses on blind boxes [4] - The company relies heavily on licensed IP, with 43 licensed IPs and 17 proprietary IPs, which limits its profit margins due to revenue sharing with IP owners [6][7] - TOP TOY's revenue for 2022, 2023, and 2024 is projected to be RMB 6.79 billion, RMB 14.61 billion, and RMB 19.09 billion respectively, with significant growth in the first half of 2023 reaching RMB 13.60 billion [11][12] Group 3 - Despite its growth, TOP TOY's profitability is challenged by its reliance on licensed IP, leading to lower gross margins compared to Pop Mart, which has a gross margin of 70.3% compared to TOP TOY's 32.4% [13] - The company has seen a decrease in the proportion of revenue from self-developed products, which accounted for 47.2% in the first half of 2023, down from 53.6% in 2024 [13] - TOP TOY's store count reached 293 globally by mid-2023, significantly lower than Pop Mart's 571 stores, indicating slower expansion [8]
Chinese Retailer Miniso Jumps on Collectible-Toys Train With Spinoff
WSJ· 2025-09-29 04:55
Core Viewpoint - Chinese retail brand Miniso is planning to spin off its pop-culture collectibles unit and pursue a separate listing in Hong Kong, aiming to replicate the success of Pop Mart, known for its Labubu figures [1] Company Summary - Miniso intends to leverage the growing market for pop-culture collectibles by establishing a distinct entity for this segment [1] - The strategy reflects a broader trend among retail brands to capitalize on niche markets and enhance shareholder value through focused business units [1] Industry Summary - The collectibles market, particularly in pop culture, has seen significant growth, with companies like Pop Mart achieving notable success [1] - The move by Miniso indicates a competitive landscape where companies are increasingly looking to diversify and specialize in high-demand sectors [1]
名创优品旗下潮玩「TOP TOY」冲刺港交所,上半年营收超13亿
3 6 Ke· 2025-09-29 03:19
Core Insights - TOP TOY, a潮玩 brand under Miniso, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, marking a significant step in Miniso's dual-brand strategy following its dual listing in 2022 [1] - The company has shown impressive revenue growth, with projected revenues of 679 million, 1.461 billion, and 1.909 billion yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 67.7% [1] - TOP TOY achieved profitability in 2023, with net profits of 212 million and 294 million yuan for 2023 and 2024, respectively [1] Revenue and Profitability - TOP TOY's revenue for the first half of 2023 increased by 58.5% to 1.36 billion yuan compared to the same period in 2024 [1] - The company's gross profit margins have improved, with figures of 19.9%, 31.4%, and 32.7% from 2022 to 2024, and 32.4% for the first half of 2023 [1] Market Position and Growth - Established in December 2020, TOP TOY has become the largest and fastest-growing潮玩 brand in China, with a projected GMV of 2.4 billion yuan in 2024 [2] - As of September 2025, TOP TOY operates 299 stores in China and 15 overseas, covering markets such as Thailand, Malaysia, and Japan [2] - The brand has over 10 million registered members, with a customer demographic primarily consisting of women aged 18-30 [2] Strategic Development - TOP TOY's growth strategy includes a dual approach of self-owned IP and licensed IP, with 30% of its products being self-owned IP, which has a gross margin of 65% [4] - The brand's product matrix includes a diverse range of items, such as figurines and 3D models, and it has successfully built a multi-layered IP matrix [4][5] Competitive Landscape - TOP TOY and Pop Mart represent two distinct business models in the潮玩 market, with TOP TOY focusing on an open platform strategy leveraging licensed IP, while Pop Mart emphasizes a closed ecosystem centered around self-owned IP [8] - The strategic differences between the two companies influence their growth paths and profitability, with TOP TOY rapidly expanding through a "borrowed" strategy while Pop Mart focuses on long-term IP value [9] Future Plans - The funds raised from the IPO will be used to enhance the IP matrix, improve global channel layouts, strengthen brand building, and enhance supply chain capabilities [9]
叶国富又一个IPO,估值102亿港元
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-28 14:52
Core Viewpoint - TOP TOY International Group Limited has submitted its IPO application to the Hong Kong Stock Exchange, with expectations of strong growth in the collectible toy market, driven by its unique positioning and expansion strategies [1][2]. Company Performance - TOP TOY's revenue for the years 2022, 2023, and 2024 is projected to be 679 million, 1.461 billion, and 1.909 billion RMB respectively, with operating profits improving from a loss of 37 million RMB in 2022 to a profit of 396 million RMB in 2024 [3]. - In the first half of this year, TOP TOY reported revenue of 1.36 billion RMB and a gross profit of 441 million RMB, indicating a positive trend in operational performance [3]. Market Position and Growth - TOP TOY is recognized as the fastest-growing collectible toy brand in China, with a compound annual growth rate (CAGR) of over 50% in GMV from 2022 to 2024 [3]. - The company has expanded its store count to 299, including 15 overseas locations primarily in Southeast Asia [4]. IP Strategy - TOP TOY currently holds 17 proprietary IPs and 43 licensed IPs, with revenue from licensed IPs significantly surpassing that from proprietary IPs [4][5]. - The company has seen a rise in IP licensing fees, increasing from 8.718 million RMB in 2022 to 32.78 million RMB in 2024, indicating a growing reliance on licensed IPs for revenue [5]. Original IP Development - TOP TOY is focusing on enhancing its original IP portfolio, with successful launches of new IPs this year, such as 'Right Right Sauce,' which generated over 10 million RMB in sales within a month [6]. - The company has made strategic acquisitions of IPs like 'Glutinous Rice' and 'Moldy,' with expectations for significant revenue growth from these assets [7]. Market Outlook - The collectible toy market in China is projected to grow from 20.7 billion RMB in 2019 to 58.7 billion RMB in 2024, with a CAGR of 23.2% [8]. - The potential for growth in the IP sector is substantial, with a significant gap in consumer awareness and engagement compared to markets like Japan and North America [8][9]. - TOP TOY aims to differentiate itself from competitors like Pop Mart by adopting a unique market strategy and expanding its overseas presence, which remains an area of growth potential [9].