Core Viewpoint - MINISO Group has successfully completed a Securities Offering of equity linked securities amounting to US$550 million, which will mature in 2032 and allows for cash exchanges after a specified period [1][3]. Group 1: Securities Offering Details - The Securities Offering consists of equity linked securities with a principal amount of US$550 million, maturing on January 14, 2032 [1]. - The Securities bear an interest rate of 0.5% per year, payable semiannually starting July 14, 2025 [3]. - The initial exchange price for the Securities is set at HK$64.395 per Share, representing a 26.1% premium over the Stock Reference Price of HK$51.05 [3]. Group 2: Call Spread Transactions - The Company has engaged in Call Spread Transactions, which include lower strike calls and upper strike warrants, allowing for cash settlement and potential share issuance under specific conditions [2]. - The upper strike exercise price is set at HK$102.10 per Share, which is a 100% premium over the Stock Reference Price [2]. Group 3: Regulatory and Market Context - The Securities have received approval in-principle for listing on the Singapore Exchange Securities Trading Limited [4]. - The offering is conducted in compliance with Regulation S under the Securities Act, targeting non-U.S. persons in offshore transactions [5]. Group 4: Company Overview - MINISO Group is a global value retailer known for trendy lifestyle products featuring IP design, with a significant store network established since its inception in 2013 [7]. - The Company emphasizes quality, affordability, and aesthetically pleasing design in its product offerings, appealing to a broad demographic [7].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The issuance of convertible bonds and the establishment of a call option spread are aimed at obtaining low-cost financing while controlling dilution risk [2] - The funds from the convertible bonds will be used for overseas store expansion, supply chain development, and shareholder return plans, with each area accounting for 50% of the total [3] - The company is expected to continue its high growth trajectory, particularly in overseas markets, with significant improvements in profitability [4] Summary by Sections Convertible Bonds and Call Options - The company plans to issue $550 million in convertible bonds with a 7-year term and a coupon rate of 0.5%, with a conversion price set at HKD 64.395, representing a 26.14% premium over the closing price on January 6 [1] - The call option spread includes a lower call option and an upper warrant, with exercise prices set at HKD 64.395 and HKD 102.1, respectively [1][2] Use of Proceeds - The proceeds from the convertible bonds will primarily support overseas store expansion and supply chain enhancements, as well as a shareholder return plan focused on share buybacks [3] - As of Q3 2024, the company has opened 183 new overseas stores, bringing the total to 2,936, a year-on-year increase of 623 stores [3] Financial Projections - Revenue projections for 2024-2026 are estimated at CNY 171.7 billion, CNY 205.7 billion, and CNY 240.6 billion, respectively, with net profits of CNY 25.3 billion, CNY 32.0 billion, and CNY 40.0 billion [4][5] - The company is expected to maintain a strong return on equity (ROE) of around 21% over the next few years [5]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is issuing $550 million in stock-linked securities to support overseas expansion and share buybacks, with a low interest rate of 0.5% reflecting confidence in business growth [2][3]. - The funds will be allocated 50% for overseas store network expansion and supply chain optimization, and 50% for share repurchase [2]. - The issuance price of HKD 64.395 per share represents a 33.38% premium over the five-day average closing price of HKD 48.28, indicating strong market confidence [1][2]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are CNY 17.143 billion, CNY 20.687 billion, and CNY 23.124 billion respectively, with growth rates of 23.9%, 20.7%, and 11.8% [4][8]. - The company's net profit attributable to equity shareholders is forecasted to be CNY 2.724 billion, CNY 3.402 billion, and CNY 4.051 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 20.9%, 24.9%, and 19.1% [4][8]. - Earnings per share (EPS) are expected to increase to CNY 2.18, CNY 2.72, and CNY 3.24 for the same years [4][8]. Valuation Metrics - The report provides a P/E ratio forecast of 21, 17, and 14 for 2024, 2025, and 2026 respectively, indicating a positive outlook on valuation [4][10]. - The return on equity (ROE) is projected to be 23.0%, 22.3%, and 21.0% for the years 2024, 2025, and 2026 [4][10]. Market Data - The current stock price is HKD 51.05, with a total market capitalization of HKD 638.06 billion [5]. - The stock has shown a relative performance of 54.54% over the last three months [6].

Group 1 - The company Miniso (HK: 09896) announced the issuance of convertible bonds totaling $550 million, which will mature in 2032 with a coupon rate of 0.5% and an initial conversion price of HKD 102, representing a 100% premium [1] - The convertible bonds will be settled in cash, with a conversion period of 6 years [1] - The company plans to use approximately half of the funds raised from the bond issuance for stock repurchase and the other half to accelerate overseas market expansion [1]

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，並不擬及不構成在任何司法權區（無論在香港、美國或其他地方）購買或認購 本公司任何證券之要約或邀請或其一部分，亦不得在與適用法律相抵觸之情況下於任何司法權 區出售、發行或轉讓本公司之證券。有關證券並未亦將不會在香港或根據《1933年美國證券法》 登記，不得在並無登記或不獲豁免登記的情況下於香港或美國提呈發售或出售。於香港或美國 公開發售任何證券將以招股章程的形式進行，有關招股章程可向本公司獲取，且該招股章程將 載有有關本公司及管理層的詳細資料以及財務報表。本公司無意在香港或美國登記任何證券。 本公告的全部或部分內容不會在違反任何司法權區的適用法律或法規的情況下於、向或自該等 司法權區發佈、刊發或派發。 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） (1)建議發行股票掛鈎證券； (2)訂立看漲期 ...

本公告乃由名創優品集團控股有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則（「上市規則」）第13.09條及第13.10B條以及香港法例第571章證券及 期貨條例第XIVA部的內幕消息條文（定義見上市規則）而發佈。 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。 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） 內幕消息 發行5.5億美元股票掛鈎證券 於2025年1月6日（美國東部時間），本公司宣佈發行本金總額為5.5億美元、2032 年到期的股票掛鈎證券（「證券發行」）。就證券發行而言，本公司預期將於證券發 行定價後不久與證券發行的經辦人及╱或其聯屬人士及╱或其他金融機構訂立下 限看漲期權及上限認股權證。 （股份代號：9896） 本公告附表1載有本公司在其網站 https://ir.miniso.com/ 上發佈的有關證券發行的 新聞稿全文。 本公司將遵照上市規則相關 ...

Core Viewpoint - MINISO Group Holding Limited announced a Securities Offering of equity linked securities amounting to US$550 million, expected to close on January 14, 2025, to support growth initiatives and shareholder value enhancement [1][3]. Securities Offering Details - The Securities will be due in 2032, bearing an interest rate of 0.5% per year, payable semiannually starting July 14, 2025 [4]. - The initial exercise price for the Securities is set at HK$64.395 per Share, representing a 32.5% premium over the expected offer price and a 26.1% premium over the closing price of HK$51.05 on January 6, 2025 [5]. - Security holders can exchange their Securities for cash starting January 14, 2031, with specific terms for cash settlement based on trading prices [6]. Use of Proceeds - The Company plans to allocate 50% of the net proceeds from the Securities Offering for overseas store expansion, supply chain optimization, brand promotion, and general corporate purposes, while the other 50% will be used for share repurchase programs [3]. Call Spread Transactions - The Company will enter into Call Spread Transactions to mitigate potential dilution and enhance financial flexibility, involving lower strike calls and upper strike warrants [2][10]. - The lower strike call will allow the Company to settle in cash based on the difference between the exercise price and the volume weighted average price of Shares [11]. Redemption and Exchange Terms - Security holders can require the Company to redeem their Securities at specific dates for 100% of the principal amount plus accrued interest [7]. - The Company may also redeem the Securities under certain conditions, such as changes in tax laws or if less than 10% of the original principal remains outstanding [8]. Market Impact and Hedging Activities - The Securities are offered to non-U.S. persons in offshore transactions, and the Company anticipates that purchasers may engage in short positions or other derivative transactions that could affect market prices [9][15]. - A shareholder controlled by the Company's CEO is expected to lend Shares to facilitate hedging activities related to the Securities Offering [16].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][11]. Core Views - The company is continuously deepening its focus on interest retail, emphasizing IP innovation and expanding collaborations with globally recognized IPs to enhance product strength. The goal is to achieve a 50% IP product ratio by 2028 [3][11]. - The company has announced a partnership with the "Black Myth: Wukong" IP, with co-branded products expected to launch in 2025, further solidifying its commitment to IP collaboration [3][7]. - The company has successfully launched over 100 IP collaboration products annually, with cumulative sales exceeding 800 million units and total revenue reaching 10 billion [4][5]. Summary by Sections Company Overview - The company has partnered with over 150 global IPs, with domestic IP products accounting for nearly 30% and overseas IP products exceeding 40% [4][5]. - The company aims to become the world's leading IP design retail group, with a target of at least 50% of its products being IP-related by 2028 [4][11]. Financial Projections - The projected net profits for 2024, 2025, and 2026 are 27.55 billion, 33.30 billion, and 39.58 billion respectively, with corresponding PE ratios of 22, 18, and 15 [3][11]. - The company’s revenue is expected to grow from 17.40 billion in 2024 to 25.24 billion in 2026, reflecting a strong growth trajectory [14]. Store Formats and Innovations - The company has introduced various store formats, including MINISO LAND, which focuses on high IP product ratios (70-80%) and aims to open 100 stores in China and 300 globally within five years [9][10]. - The MINISO LAND flagship store in Shanghai achieved nearly 10 million in sales in its first month of trial operation [9]. IP Collaboration and Market Performance - Recent collaborations with popular IPs, such as "Harry Potter" and "Chiikawa," have resulted in significant sales, with the Harry Potter series expected to contribute approximately 10% to Q4 2024 revenue [6][9]. - The company has effectively leveraged seasonal trends, as seen with the successful launch of products tied to the "Barbie" movie, achieving a 70% sell-through rate within two weeks [5][6].

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 | 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 (註4) | | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2024年11月30日 | | 1,256,280,037 | | 0 | | | 1,256,280,037 | | 1) ...

Group 1 - Miniso has integrated the "Alipay Tap to Pay" service in over 4,000 stores [1] - Customers can complete transactions by simply tapping their phones on the payment device without needing to open the Alipay app or use a payment code [1] - Since its launch in July, the "Tap to Pay" experience has expanded to over 100 cities across the country, with more than 1,000 shopping malls and districts participating [1]