Company and Industry Summary Company Overview - The conference call discusses the financial performance of Miniso Group for the third quarter of 2024, highlighting its growth and strategic initiatives in both domestic and international markets [1][11]. Key Points Financial Performance - For the first three quarters of 2024, the company's revenue reached 12.28 billion RMB, representing a year-on-year growth of 23% [2][11]. - The average store count increased by 14.7%, contributing to a 12.3% revenue growth from offline stores and a 19% growth from e-commerce [4][11]. - The adjusted net profit is expected to maintain a minimum of 50% for dividends, with ongoing share buybacks to provide predictable returns [4][11]. Store Expansion - The company aims to open between 350 to 450 new stores in 2024, with a focus on first and second-tier cities, which account for 60% of new openings [5][20]. - The total number of stores reached 859, with significant growth in overseas markets, particularly in the U.S. and India [2][8]. International Market Growth - Overseas revenue surpassed 4.5 billion RMB, showing a year-on-year increase of 41% [7][12]. - The overseas direct sales market contributed 2.45 billion RMB, growing by 64%, while the overseas agency market grew by 22% [12]. - The company expects to open 650 to 700 new overseas stores by the end of the year, exceeding previous estimates [8][20]. Consumer Trends and Strategic Focus - The company is focusing on quality retail and interest-based consumption, emphasizing product innovation and consumer experience [2][3]. - There is a strong emphasis on IP (Intellectual Property) collaboration, with successful partnerships with brands like Disney and Harry Potter, which have significantly boosted sales [6][31]. Cost Management and Profitability - Sales and management expenses increased by 54%, with sales expenses rising by 63% due to new store openings [13][16]. - The gross margin improved by 3.7 percentage points to 44.1% compared to the previous year [12][16]. - The company maintains a low debt ratio of less than 1%, ensuring ample cash reserves for future investments [16][17]. Future Outlook - The company anticipates a low teens growth rate in domestic sales for Q4, despite challenges in the retail environment [20][37]. - The management is optimistic about the U.S. market's performance and plans to enhance operational efficiency through localized management teams [22][38]. - The focus will remain on expanding the IP product line and enhancing the consumer experience through innovative store formats and product offerings [29][31]. Additional Insights - The company is actively exploring flexible store operation models, including potential franchise opportunities to accelerate growth in overseas markets [39]. - The emphasis on O2O (Online to Offline) business has shown significant growth, with a nearly 80% increase year-on-year [30]. Conclusion - Miniso Group is strategically positioned for growth through its multi-brand approach, international expansion, and focus on consumer trends. The company is committed to maintaining profitability while navigating the challenges of the retail landscape.

证券研究报告 名创优品 (9896 HK) 港股通 Q3 海外拓展加速，IP 战略持续显效 华泰研究 季报点评 2024 年 12 月 01 日│中国香港 零售 公司发布 24Q3 季报，三季度营收同增 19.3%至 45.2 亿元，其中国内 Miniso/ 海外 Miniso/Top Toy 分别同增 5.7%/39.8%/50.4%，海外得益于 IP 战略、 拓店加速、海运扰动缓解等，延续快速成长。经调整净利同增 6.9%至 6.9 亿元，受国内同店承压、海外直营店投入的拖累。我们认为上述不利因素均 有望在 Q4 缓解，叠加哈利波特等热门 IP 及海外旺季推动，看好 Q4 业绩增 速及利润率边际向好，以及中长期公司在 IP 战略赋能下的全球拓展前景。 海外市场及 Top Toy 增势亮眼，拓店环比加速 Q3 分业务看：1）国内 Miniso 营收同增 5.7%，受宏观环境及高基数拖累， 其中客流下降近 6%，客单价同比微增，IP 战略下高线城市客单价表现更优。 2）海外 Miniso 营收同增 39.8%，其中直营市场同增 55.4%，美国及印尼 市场重点发力；代理市场同增 26.5%，得益于 IP 策略 ...

Investment Rating - Maintain "Recommend" rating with a current price of HKD 38 70 [3] Core Views - Overseas and TOP TOY segments performed strongly with steady gross margin improvement and deepening IP strategy [2] - Revenue for 24Q1-3 reached RMB 12 281 billion yoy +22 8% with adjusted net profit of RMB 1 928 billion yoy +13 7% [4] - Overseas same-store sales showed high single-digit growth while TOP TOY achieved profitability for four consecutive quarters [4] - Gross margin improved to 44 1% in 24Q1-3 yoy +3 7pct driven by IP strategy and product mix optimization [4] - Sales expense ratio increased due to expansion of directly operated stores particularly in strategic overseas markets like the US [4] - The company is accelerating store expansion with 7 186 MINISO stores and 234 TOP TOY stores as of September 30 2024 [4] - IP strategy continues to expand with over 100 global IP collaborations and the launch of MINISO LAND a new store format [4] Financial Performance - 24Q1-3 revenue breakdown: Domestic RMB 7 738 billion yoy +22 8% Overseas RMB 4 543 billion yoy +41 5% [4] - Adjusted net profit margin for 24Q1-3 was 15 7% yoy -1 3pct excluding net exchange gains/losses [4] - FY2024E revenue is projected at RMB 15 391 billion yoy +34 1% with adjusted net profit of RMB 2 419 billion yoy +36 7% [7] - FY2024E gross margin is expected to reach 43 08% with a net profit margin of 15 71% [7] - ROE for FY2024E is forecasted at 24 94% with ROIC at 23 96% [7] Store Expansion - MINISO store count reached 7 186 as of September 30 2024 with 4 250 in China and 2 936 overseas [4] - TOP TOY store count reached 234 with 29 directly operated stores and 205 third-party stores [4] - The company plans to add 340-450 domestic MINISO stores and 550-650 overseas MINISO stores in 2024 [4] - As of 24Q3 domestic store expansion progress was 72%-93% while overseas progress was 69%-82% [4] IP Strategy - MINISO has collaborated with over 100 global IPs including Hello Kitty Barbie Harry Potter and Disney [4] - The new MINISO LAND store format launched in Shanghai with a monthly revenue of RMB 12 03 million during trial operation [4] - MINISO LAND stores are planned for key cities like Beijing Guangzhou and Chengdu further strengthening the IP-driven brand positioning [4] Valuation - FY2024E PE is projected at 16X with FY2025E and FY2026E PE at 13X and 11X respectively [4] - FY2025E and FY2026E net profit are forecasted at RMB 3 114 billion and RMB 4 167 billion respectively [4]

2024 年 11 月 30 日 公司盈利预测与估值简表 公司研究 海外进入旺季，哈利波特联名表现良好 ——名创优品（9896.HK）2024 年三季报点评 要点 公司 3Q2024 营收同增 19.3%，公司权益股东应占利润同增 4.8% 11 月 29 日,公司公布 2024 年三季报：1-3Q2024 实现营业收入 122.8 亿元， 同增 22.8%,实现公司权益股东应占利润 18.1 亿元，对应基本 EPS 为 1.54 元，同增 14.1%；实现经调整净利润 19.3 亿元，同增 13.7%。 单季度拆分来看，3Q2024 实现营业收入 45.2 亿元，同增 19.3%，实现公司 权益股东应占利润 6.4 亿元，同增 4.8%，对应基本 EPS0.52 元；实现经调 整净利润 6.9 亿元，同增 6.9%。 公司 3Q2024 综合毛利率同比上升 3.11pct，期间费用率同比上升 5.93pct 1-3Q2024 公司综合毛利率为 44.13%，同比上升 3.71 个百分点。单季度拆 分来看，3Q2024 公司综合毛利率为 44.89%，同比上升 3.11 个百分点。公 司毛利率同比高增主要由于 ...

25.00 33.00 41.00 49.00 57.00 65.00 73.00 成交金额 名创优品 恒生指数 名创优品 (09896.HK) 买入(维持评级) 港股公司点评 证券研究报告 业绩简评 11 月 29 日公司披露 24Q3 财报，24Q1-3 营收 122.8 亿元（+22.8%）, 调整后净利 19.28 亿元(+13.7%);其中 24Q3 营收 45.2 亿元 (+19.3%)，调整后净利 6.86 亿元(+6.9%)。24Q3 国内/海外实现营 收 27.1/18.1 亿元（同比+9%/+40%）。 经营分析 国内：高线城市延续快速展店，受客流影响同店有所波动：1)国内 名创: 24Q3/Q1-3 营收 24.4/70.3 亿元（+5.7%/+12.3%），截至 9 月底门店数 4250 家（YTD+324 家），其中一/二线门店新增+41/+154 家；Q1-3 同店销售中个位数下滑（平均客单价/客单量+0.2%/-中 个位数），主因受低线城市线下客流影响，IP 引流下预计高线城市 影响较小。2）TOP TOY：24Q3/Q1-3 营收 2.7/7 亿元（+49.8%/+43%）， ...

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，概不對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。 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） 內幕消息 截至2024年9月30日止三個月及九個月的 未經審計財務業績 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期 貨條例》（第571章）第XIVA部刊發。 名創優品集團控股有限公司（「名創優品」或「本公司」）欣然公佈本公司及其附屬 公司截至2024年9月30日止三個月及九個月的未經審計簡明綜合業績。 本公司欣然公佈根據美國證券交易委員會（「美國證監會」）的適用規則刊發的本公 司及其附屬公司截至2024年9月30日止三個月及九個月的未經審計簡明綜合業績。 本文附表一為本公司於2024年11月29日（美國東部標準時間）刊發的有關截至 2024年9月30日止三個月及九個月的未經審計財務業績新聞稿全文，其中部分內 容可能構成本公司的 ...

各位投资者大家早上好我是智商证券的玛丽再次给大家带来民创优品的重点推荐这个公司我们推了比较长的时间虽然过去的股价表现相对一般我们还是坚信距离它有它表现的时间点是越来越近了所以在这个位置上还是有必要要重点再次做一下提醒 名车优品是一家全球化的家居日用潮玩百货商只不过它是嫁接了年轻人非常喜爱的各种IP资产比如说像哈利波特 巴比 鲁皮 吉卡娃等等一百多个大家耳熟能详的IP资产公司2013年开始成立成立到现在一路高歌猛进 即使是今天经历了疫情也就是十多年的时间公司已经发展成国内四千多家海外大概是三千家左右今年的收入有望达到一百七十亿利润超过二十八亿的这样的一家企业应当说过去的历史还是非常的优秀的 公司的核心成长驱动主要是来自于国内和国外两个部分那海外这一部分呢最大的成长驱动是来自于美国市场美国市场在2022年跑通之后 2023年就进入到比较快的渠道开拓阶段当然主要是集中在2023年的四季度2023年底公司在美国大概是118家渠道那根据我们跟踪到的情况呢 目前公司有计划落地的渠道数量已经是260多家了也就是过去的一年公司大概在美国新开了就是2024年新开应该是在140多家到150家这样的一个渠道数量那美国本身它的单电的 ...

证券研究报告·海外公司点评·专业零售(HS) 名创优品（09896.HK） 举办全球品牌战略升级成果发布会：注重体 验不卷价格，定位"全球 IP 联名集合店" 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | |------------------------------|----------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 13838 | 17008 | 20602 | 24311 | | 同比 (%) | 39.42 | 22.90 | 21.13 | 18.00 | | 归母净利润（百万元） | 2253 | 2530 | 3140 | 3730 | | 同比 (%) | 111.48 | 12.28 | 24.12 | 18.77 | | Non-IFRS 净利润（百万元） | 2,356.73 | 2,800.00 | 3,370.31 | 3,899.81 | ...

Investment Rating - The report maintains a **Buy** rating for Miniso (MNSO) with a 12-month price target of **US$26.4/HK$52** per ADR/H-share, based on **18x CY2025E P/E** [1][8] Core Views - Miniso is expected to report **21% YoY growth in Group sales** to **RMB4.58bn** in 3Q24, driven by strong overseas performance, particularly in distributor markets [1][3] - **China sales** are expected to grow by **8% YoY**, slightly below management's earlier target, due to a weak consumption backdrop [1] - **Overseas sales** are projected to grow by **40% YoY**, with **DTC markets** up **55% YoY** and **distributor markets** accelerating to **28% YoY growth** [1][4] - **Top Toy brand** is expected to grow by **51% YoY**, driven by store expansion and favorable product mix [1][5] Sales Breakdown - **Mainland China sales** are forecasted at **RMB2.49bn**, growing **8% YoY**, decelerating from **18% YoY** in 2Q24 [4] - **Overseas sales** are expected to reach **RMB1.8bn**, with **DTC markets** contributing **55% YoY growth** and **distributor markets** growing **28% YoY** [4] - **Top Toy brand** sales are projected to reach **RMB272mn**, with a **33% GPM**, reflecting a **4pp QoQ expansion** due to a favorable product mix [5] Margins and Profitability - **Group GPM** is expected to expand by **4pp YoY**, driven by a higher mix of **overseas DTC** and **Top Toy margin improvement** [1] - **Adjusted OPM** is forecasted to decline by **2pp YoY** to **19%**, due to near-term investments in **US store expansion** and **24H Super stores** [1] - **Adjusted net income** is expected to grow by **9% YoY** to **RMB696mn**, with a **15.2% adjusted NPM** [5] Store Expansion - **Miniso brand** is expected to add **105 net stores** in Mainland China in 3Q24, reaching **4,220 stores** by the end of the quarter [3] - **Overseas store openings** are projected at **180 net stores** in 3Q24, with a full-year target of **550-650 stores** [3] - **Top Toy brand** is expected to reach **235 stores** by 3Q24, with **40 net openings** in the quarter and a full-year target of **112 stores** [5] Catalysts and Outlook - Key catalysts for 4Q24 include the **launch of Harry Potter IP** and the **upcoming holiday season**, particularly in the US where store expansion is accelerating [1] - The report highlights potential **tax credits** for the US business in 2H24, given the turnaround from the previous year [1]

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 海外持续发力，静待旺季表现 名创优品(9896) [Table_Industry] 批零贸易业 [Table_Invest] 评级： 增持 ——名创优品 2024Q3 业绩前瞻 股票研究 /[Table_Date] 2024.10.25 | --- | --- | --- | |----------|-------------------------------------|------------------| | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 苏颖 ( 分析师 ) | | | 021-38677706 | 021-38038344 | | | liuyuenan@gtjas.com | suying@gtjas.com | | 登记编号 | S0880516030003 | S0880522110001 | 本报告导读： 预计 2024Q3 海外代理增 ...