Investment Rating - The report assigns a "Buy" rating for the company, Miniso Group [5] Core Views - Miniso is the largest private label lifestyle retailer globally, with a rapid expansion of stores both domestically and internationally. The company aims to increase its store count by 900-1100 annually from 2024 to 2028, potentially doubling its total stores by 2028 [4][13] - The company is focusing on increasing the revenue share from IP products, which are expected to enhance overall profitability. The average annual revenue growth rate is projected to be no less than 20% from 2024 to 2028 [4][5] - The efficient supply chain system supports high cost-performance products and enables global expansion. The company has a low inventory turnover period of 68 days, which is better than its main competitors [4][39] Summary by Sections 1. Rapid Growth of Global Private Label Retailer - Miniso has opened 6,630 stores globally as of March 31, 2024, with 4,034 in China and 2,596 overseas, showing significant year-on-year growth [4][13] - The company achieved revenues of 138.4 billion CNY in 2023, with a year-on-year growth of 39%, and a net profit of 22.5 billion CNY, growing 112% year-on-year [4][15] 2. Vision to Become the Leading IP Design Retail Group - The company aims to increase the share of IP products in its revenue from 26% in 2023 to 50% by 2028, capitalizing on the growing consumer interest in IP products [4][35] - The average annual per capita consumption of IP products in China is significantly lower than the global average, indicating substantial growth potential [29] 3. Super Supply Chain and Unique Business Model - Miniso employs a highly efficient supply chain that allows for rapid product launches and minimizes inventory risks, with an average of 930 new SKUs introduced monthly [37][38] - The company utilizes three business models (partner, agent, and direct) to expand its store network, adapting to local market conditions [42][43] 4. Profit Forecast and Investment Recommendations - The projected net profits for 2024, 2025, and 2026 are 28.1 billion CNY, 35.2 billion CNY, and 39.6 billion CNY respectively, with corresponding EPS of 2.23 CNY, 2.80 CNY, and 3.14 CNY [5][7]

Investment Rating - The report initiates coverage on MINISO with a "Buy" rating, citing its strong growth potential driven by global expansion and IP-driven retail strategy [2][4] Core Views - MINISO is positioned as a global lifestyle retailer with a focus on IP-driven products, leveraging its two core brands, MINISO and TOP TOY, to drive growth [1][9] - The company has achieved a leading market share in the global and Chinese self-owned brand retail markets, with MINISO holding 6.7% and 11.4% market share respectively, while TOP TOY ranks 7th in the domestic trendy toy market with a 1.1% share [1][9] - MINISO's global store count reached 7,063 by mid-2024, with a strong presence in both domestic and international markets, particularly through flexible overseas expansion strategies [1][43] Brand and Product Strategy - MINISO operates as a multi-category lifestyle brand, offering 11 product categories including home goods, small electronics, and personal care, with an average of 530 new SKUs launched monthly and a core SKU portfolio of 9,700 items [1][10] - TOP TOY, launched in 2020, focuses on trendy toys, including blind boxes, building blocks, and figurines, and has quickly captured a 1.1% market share in China's trendy toy market [1][10] - The company has established partnerships with over 80 IP licensors, including Disney and Marvel, to enhance its product offerings and brand appeal [1][10] Financial Performance and Projections - MINISO's revenue is projected to grow from RMB 16.57 billion in 2024 to RMB 21.16 billion in 2026, with a CAGR of 11% [2][3] - Net profit attributable to shareholders is expected to increase from RMB 2.88 billion in 2024 to RMB 3.72 billion in 2026, with a CAGR of 12% [2][3] - The company's PE ratio is forecasted to decline from 14x in 2024 to 11x in 2026, indicating potential valuation upside [2][3] Global Expansion and Market Strategy - MINISO's overseas revenue reached RMB 5.52 billion in FY24, a 44.45% YoY increase, driven by the expansion of 2,753 overseas stores, including 343 directly operated, 338 partner-operated, and 2,072 agent-operated stores [1][43] - The company employs a flexible market entry strategy, using agents to adapt to local markets, reducing regulatory risks and operational costs [1][43] - Asia and the Americas are key markets, contributing 36% and 50% of overseas GMV respectively, with strong growth potential in emerging markets like India and Indonesia [45][22] Competitive Landscape - In the global self-owned brand retail market, MINISO holds a 6.7% market share, ranking first, while in China, it leads with an 11.4% share [1][28] - The trendy toy market is highly fragmented, with the top 5 players holding a 26.4% market share, and TOP TOY ranking 7th with a 1.1% share [1][29] - MINISO differentiates itself through its IP-driven product strategy and efficient supply chain, which supports its competitive pricing and rapid product turnover [31][33] Future Growth Drivers - MINISO plans to continue its global store expansion, with a focus on increasing store efficiency and profitability, particularly in overseas markets [2][43] - The company is transitioning from a low-price retail model to an IP-driven retail strategy, aiming to enhance brand value and customer loyalty [37][39] - With a strong supply chain and global design capabilities, MINISO is well-positioned to capitalize on the growing demand for trendy and IP-based products [31][33]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to acquire a 29.4% stake in Yonghui Supermarket for RMB 6.27 billion, which will make it the largest shareholder [3] - The acquisition is expected to improve the retail landscape, leveraging Yonghui's extensive offline retail network [3] - The transaction is anticipated to be completed in the first half of 2025, pending shareholder and regulatory approvals [3] - The company aims to enhance Yonghui's operational efficiency through its supply chain management capabilities [3] Financial Summary - Total revenue projections for the company are as follows: - CY2023A: RMB 13,838 million - CY2024E: RMB 17,008 million (up 22.90% YoY) - CY2025E: RMB 20,602 million (up 21.13% YoY) - CY2026E: RMB 24,311 million (up 18.00% YoY) [2] - Net profit projections are as follows: - CY2023A: RMB 2,253 million - CY2024E: RMB 2,530 million (up 12.28% YoY) - CY2025E: RMB 3,140 million (up 24.12% YoY) - CY2026E: RMB 3,730 million (up 18.77% YoY) [2] - The latest diluted EPS projections are: - CY2023A: RMB 1.79 - CY2024E: RMB 2.01 - CY2025E: RMB 2.49 - CY2026E: RMB 2.96 [2] - The P/E ratios based on the latest diluted EPS are: - CY2024E: 14.81 - CY2025E: 11.93 - CY2026E: 10.04 [2] Market Position - Yonghui Supermarket is the second-largest chain supermarket in China by sales, following Walmart [3] - The company is optimistic about the improvement in the overall operational efficiency of the offline retail sector in China [3]

MINISO Group Holding Limited (A company incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限責任公司） Stock Code 股份代號 : 9896 Interim Report 2024 中期報告 MINISO Group Holding Limited 中期報告 INTERIM REPORT 2024 Contents 目 錄 | Company Information | 2 | | --- | --- | | 公司資料 | | | Change of Financial Year End Date | 5 | | 更改財政年度結算日 | | | Financial Performance Highlights | 6 | | 財務表現摘要 | | | Business Review and Outlook | 9 | | 業務回顧及展望 | | | Management Discussion and Analysis | 19 | | 管理層討論與分析 | | | Cor ...

资料来源：公司公告，国信证券经济研究所整理 名创优品（09896.HK） 收购永辉超市 29.4%股权，线下零售巨头协同发展 优于大市 | --- | --- | --- | --- | --- | |--------------|----------------------------|--------------|--------------------------------------------|-------| | 证券分析师： | 公司研究·公司快评 \n张峻豪 | 021-60933168 | 商贸零售·专业连锁Ⅱ \nzhangjh@guosen.com.cn | | | 证券分析师： | 孙乔容若 | 021-60375463 | sunqiaorongruo@guosen.com.cn | | 投资评级：优于大市（维持） 执证编码：S0980517070001 执证编码：S0980523090004 事项： 9 月 23 日，公司公告通过其全资子公司广东骏才国际拟将以 62.7 亿元现金收购牛奶公司、京东世贸和宿 迁涵邦(京东一致行动人)所持有的永辉超市 29.4%的股权，成为永辉超市第 ...

· 名创优品（9896.HK）事件点评 收购永辉超市 29.4%的股权，线下零售龙头协同发展 2024 年 09 月 24 日 ➢ 事件：2024 年 9 月 23 日，名创优品发布收购永辉超市股权的公告。公 司拟以 63亿元收购永辉超市 29.4%的股权，其中包括牛奶公司持有的 21.1% 及京东持有的 8.3%的永辉超市股份；收购完成后，名创优品预计将成为永辉 超市第一大股东。 ➢ 永辉超市为国内商超龙头企业，稳步推进调改计划提升门店盈利能力。 永辉超市成立于 2001 年，2010 年于上交所上市，是一家以生鲜商品经营为 特色的连锁超市运营商，主营大型综合超市、超级市场及社区超市；以销售 规模计，近年来连续位列中国超市百强第二位。截至 24 年 9 月 23 日，公司 门店总数约 850 家，遍布全国逾 25 个省份及直辖市；23 年公司实现收入 786.4 亿元/yoy-12.7%，归母净利润-13.3 亿元/yoy+51.9%。24 年来，永 辉超市主动学习胖东来等超市的优质模式，在全国多个城市展开闭店调改， 优化门店的商品结构、品质、价格、卖场布局动线、环境、服务及员工待遇 等，提升门店盈利能力； ...

港股通 证券研究报告 名创优品 (9896 HK) 拟 63 亿入股永辉，深化线下零售布局 华泰研究 动态点评 2024 年 9 月 24 日│中国香港 零售 拟收购永辉 29.4%股权成为第一大股东，战略协同强化线下零售布局 9 月 23 日，名创优品发布公告，拟通过协议转让收购牛奶公司、京东世贸、 宿迁涵邦分别持有的永辉 21.08%、4.05%、4.27%股权，合计作价 62.7 亿 人民币。本次交易完成后，名创优品将通过全资附属公司骏才国际持有永辉 超市 29.4%股份，并成为第一大股东，收购完成后财务层面二者不合并财务 报表，公司拟以权益法确认永辉投资收益。我们认为名创未来仍将以兴趣消 费为核心持续打造 IP 产品，并通过与永辉的业务资源共享，提升双方供应 链的规模优势、渠道的运营效率，此次收购永辉超市对名创利润端的影响需 持续跟踪，后续需观察永辉超市的调改成效。我们暂不考虑股权收益、维持 24-26 年经调整净利预期 28.8、36.8、46.0 亿元，参考可比公司 24 年彭博 一致预期 25xPE，考虑直营市场短期对公司 OPM 仍有小幅拖累，维持公司 24 年 20xPE，维持目标价 51. ...

证券研究报告 名创优品 (9896 HK) 低估值、高回报，北美加速成长 华泰研究 动态点评 2024 年 9 月 22 日│中国香港 零售 风险提示：零售竞争加剧、关税相关政策扰动、国内经济增速回暖不达预期。 低估值、高回报，看好联储降息背景下公司估值的修复 我们于 9 月 5 日、13 日分别组织了公司管理层的投资者交流，投资者主要 对国内同店恢复、北美 UE 模型优化进展、直营渠道投入费用等问题较为关 注。我们认为近期国内同店增长承压为 23Q3（芭比 IP 产品热销）的高基 数效应，Q4 同店增速有望伴随新 IP 推出环比修复；北美市场仍在高速成长 阶段，Q4 销售旺季有望优化门店 OPM、摊薄人员费用。截至 9 月 20 日， 公司收盘市值 382 亿人民币，对应 24H1 半年分红以及 8 月底开展的新一轮 的股权回购计划回报率为 6.4%。低估值、高回报，降息有望使得公司分子 （北美市场门店扩张以及同店增长）、分母端（折现率）双受益。我们维持 24-26 年经调整净利预期 28.8、36.8、46.0 亿元，参考可比公司 24 年彭博 一致预期 25xPE，考虑直营市场短期对公司 OPM 仍有小 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 13 年 月 日 名创优品（09896.HK） 维持高速增长，长期再蓄力 事件：1）8 月 30 日，公司发布 2024 年中期业绩，2024Q2 公司实现营业收入 40.35 亿元/同比+24.1%，经营利润达 7.5 亿元/同比+8.9%，经调整净利润为 6.25 亿元/同比+9.4%，剔除净汇兑损益后经调整净利润同比+24.6%，剔除净汇兑损 益经调整净利率同比+0.1pct 至 15.6%。2）同时，公司发布股份回购计划，拟在 未来一年内回购不超过已发行股份总数 10%股权。3）公司 2024 年进行中期分红 合计 6.2 亿。 国内：门店扩张稳步推进，同店表现环比改善。1）国内 MINISO：2024Q2 国内 MINISO 门店净增 81 家/增量环比-27 家，其中一线/二线城市分别净增 9/41 家， 至期末门店数量达 4115 家/同比+511 家（门店数量同比+14.2%），门店扩张计划 稳步推进；1-6 月公司同店表现 98.3%，而 1-3 月同店表现约 98%，因此 Q2 同 店表现仍然维持微负水平，环比改善，Q ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of approximately 7.759 billion RMB in H1 2024, representing a year-on-year growth of 25%. The net profit attributable to shareholders was about 1.17 billion RMB, up 16.45% year-on-year, with an adjusted net profit of 1.24 billion RMB, reflecting a growth of 17.8% [5]. - The board approved a share buyback plan, intending to repurchase up to 2 billion HKD worth of shares over the next 12 months [5]. - The second quarter's performance met expectations, with a stable adjusted net profit margin. In Q2 2024, the company reported a revenue of 4.04 billion RMB, a year-on-year increase of 24.1% [5]. - The domestic TOP TOY and overseas direct store expansions showed significant breakthroughs, with a total of 455 new stores opened in H1 2024 [5]. - The company continues to implement its long-term strategy focusing on cost-effectiveness, globalization, product innovation, and IP design, with expectations for net profits of 2.6 billion RMB in 2024 and 3.2 billion RMB in 2025 [6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of approximately 7.759 billion RMB, a 25% increase year-on-year. The net profit attributable to shareholders was around 1.17 billion RMB, reflecting a 16.45% increase year-on-year [5]. - The second quarter saw a revenue of 4.04 billion RMB, up 24.1% year-on-year, with a gross margin increase of 4.1 percentage points to 43.9% [5]. Store Expansion - The company opened a total of 455 new stores in H1 2024, with 189 in mainland China and 266 in overseas markets [5]. - The average number of stores increased by 18.8%, and same-store sales grew by 7% [5]. Strategic Outlook - The company is focusing on multi-store formats to cover more consumer scenarios and demographics domestically, while its overseas business is in an aggressive expansion phase [6]. - The product development capabilities are continuously improving, as evidenced by the increasing proportion of IP products and breakthroughs in TOP TOY's self-developed products [6].