公司研 究 证 券研究 报 告 商贸零售 2024年03月14日 名 创优品（09896.HK）2023自然年四季报点评 推 荐 （维持） 目标价：55.69港元 兴趣消费+性价比，海外直营保持高增 当前价：37.70港元 事项： 华创证券研究所  2023Q4公司实现收入38.41亿元，同增54%，环比增长1.3%，毛利16.57亿 证券分析师：王薇娜 元，同增66.2%，环比增长4.7%，毛利率为43.1%（同比+3.1pct；环比+1.3pct）， 经调整净利润为6.61亿元，同增77%，环比增长2.9%，经调整净利率为17.2% 电话：010-66500993 （同比+2pct，环比+0.3pct），剔除汇率影响，本季度调整后净利率为17.4%。 邮箱：wangweina@hcyjs.com 评论： 执业编 号：S0360517040002  23 年自然年年末公司整体门店数达到 6413 家，同比增长 973 家，环比增长 298家，国内名创达到 3926家，同比增长 601家，环比增长 124家，海外名 公司基本数据 创达到 2487 家，同比增长 372 家，环比增长 174 家，TOPTO ...

Financial Data and Key Metrics - Total revenue for Q2 2024 reached RMB 3.84 billion, a 54% YoY increase, setting a new record [3] - Gross margin improved to 43.1%, up 3.1 percentage points compared to the same period in 2022 [3] - Adjusted net profit exceeded RMB 660 million, with an adjusted net profit margin of 17.2% (17.4% excluding FX impacts) [3] - For the full year 2023, total revenue was RMB 13.8 billion, a 40% YoY increase, with a gross margin of 41.2% and adjusted net profit of RMB 2.36 billion, up 110% YoY [4] Business Line Performance - MINISO China offline sales increased by 66% YoY, with same-store sales up 32% YoY [6] - TOP TOY revenue grew 90% YoY, driven by a 19% increase in store count and nearly 60% growth in per-store revenue [19] - Overseas revenue reached RMB 1.49 billion, a 51% YoY increase, with directly operated markets contributing over 50% of overseas revenue for the first time [9][20] Market Performance - Overseas GMV increased 38% YoY, with North America leading at a 110% increase, followed by Europe (70%), Latin America (14%), and Asia excluding China (21%) [10] - Same-store sales in overseas markets increased by 90% YoY in Q2 2024, with North America up 49%, Latin America up 23%, and Asia excluding China up 12% [11] - In China, GMV for offline stores increased by 40% YoY in 2023, with same-store sales up 25% [7] Strategic Direction and Industry Competition - The company aims to become the world's number one IP design retail group, focusing on product innovation, affordability, and globalization [12] - MINISO plans to open 350-450 new stores in China and 550-650 new stores overseas in 2024, focusing on high-quality growth and lean operations [8][12] - The company is strengthening its global supply chain, with 24% of suppliers located overseas, including Korea, Vietnam, India, Europe, and North America [14] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain competitive advantages through IP product development, supply chain integration, and globalization [23] - The company is optimistic about the growth potential in key markets like Europe and North America, with plans to expand store networks and improve per-store performance [33][34] - MINISO is committed to improving same-store sales in China through product innovation, channel upgrades, and brand awareness initiatives [27][28] Other Important Information - The company has a strong cash position of RMB 6.9 billion as of December 31, 2023, with free cash flow of RMB 1.97 billion, up 115% YoY [23] - MINISO returned RMB 650 million in cash dividends to shareholders in Q2 2024, representing 50% of adjusted net profit for the second half of 2023 [23] Q&A Session Summary Question: Domestic GMV and same-store sales trends for 2024 - GMV in China increased by 30% in the first two months of 2024, with same-store sales recovering to 95% of last year's levels [26] - The company aims to improve same-store sales through product innovation, channel upgrades, and brand awareness [27][28] Question: Global supply chain diversification - MINISO has 24% of its suppliers located overseas, with plans to increase local sourcing in the US market to 30% in 2024 [31] Question: Strategies to improve per-store performance in lagging markets like Asia - The company plans to focus on key markets like Europe and North America while diversifying operations in Asia and Latin America [34][35] Question: European market strategy and profitability - MINISO is exploring flexible cooperation models with distributors in Europe, including JVs and same-store operations [37] - The company aims to open thousands of stores in Europe over the next five years [52] Question: SG&A ratio and store expansion in China - The SG&A ratio increased to 23% in Q2 2024 due to investments in direct stores, but the company expects margin improvements as DTC sales scale up [45] - MINISO plans to upgrade smaller stores in China to improve per-store sales, with a focus on stores between 100-200 square meters [46] Question: Margin breakdown between domestic and overseas markets - MINISO China has a higher OP margin (around 30%) due to its asset-light model, while overseas DTC markets are still in the early stages with fluctuating margins [50] Question: US market franchise strategy - The US market is currently dominated by directly operated stores, but the company remains open to exploring franchise models in the future [54]

2024年3月13日 公司研究 毛利率进一步提升，全年门店净增超 1000 家 ——名创优品（9896.HK）2023 年年报点评 要点 增持（维持） 当前价：40.05港元 公司4Q2023营收同增54.0%，公司权益股东应占利润同增80.4% 3月12日,公司公布2023年年报：2023年实现营业收入138.4亿元，同增 作者 39.4%，实现公司权益股东应占利润22.5亿元，对应基本EPS为1.80元， 分析师：唐佳睿 CFA FCPA(Aust.) 同增109.3%；实现经调整净利润23.6亿元，同增106.7%。单季度拆分来 ACCA CAIA FRM 看，4Q2023实现营业收入38.4亿元，同增54.0%，实现公司权益股东应占 执业证书编号：S0930516050001 利润6.4亿元，同增80.4%，对应基本EPS 0.51元，同增82.1%；实现经调 021-52523866 整净利润6.6亿元，同增77.0%。 tangjiarui@ebscn.com 公司4Q2023综合毛利率同比上升3.18pct，期间费用率同比上升1.09pct 分析师：田然 执业证书编号：S093052305000 ...

[Table_Title] 证券研究报告 名创优品(9896.HK)2023Q4 点评：业绩超预 公司研究 期，海外市场潜力广阔 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年3月13日 [T名ab创le优_S品toc(k9A8n9d6R.anHkK]) [Table_Summary] 事件：公司发布2023Q4未经审核财务数据，报告期内实现营收38.41亿元， 投资评级 同增54.0%。其中中国大陆收入23.47亿元，同增55.7%，主要来自：1）中 上次评级 国名创优品平均门店数增长 17.2%、平均单店收入增长 39.2%，带动名创优 品中国线下门店收入增长63.2%；2）TOP TOY平均门店数增长19.5%、平均 [T刘ab嘉le仁_A u社th零or&]美 护首席分析师 单店增长59.4%，带动收入增长90.5%。海外收入14.94亿元，同增51.4%， 占比38.9%（同比下降0.6PCT，环比提升4.7PCT），主要来自平均门店数量 执业编号：S1500522110002 增长15.9%，平均单店收入增长30.7%。公司拟派发人民币 6.515 ...

[Table_Page] 公告点评|零售业 证券研究报告 [【Table_T广itle] 发 商 社 & 海 外 】 名 创 优 品 公[Ta司ble评_Inv级est ] 买入-美股/买入-H 当前价格 18.22美元/40.05港元 (MNSO/09896.HK) 合理价值 28.24美元/55.22港元 前次评级 买入/买入 23Q4 点评：多项指标创历史新高，持续看好公司发展 报告日期 2024-03-13 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 事件：公司披露23年10-12 月季度财报，该季度实现收入38.4亿元 名创优品 标普500 人民币（下同），同比+54.0%，Non-IFRS净利润6.6亿元，同比+77.0%， 80% 60% 收入利润均略超预期。收入结构方面，本季度公司国内收入23.5亿元， 40% 同比+55.7%，其中MINISO线下门店收入同比+63.2%，TOPTOY 收 20% 0% 入超过1.9亿元，同比+90%；海外收入14.9亿元，同比+51.4%，占 -20% -40% 总收入比重同比-0.6pp至38.9 ...

· 名创优品（9896.HK）2024财年二季报点评 FY24Q2 业绩超预期，海内外拓店加速，超级大店提升运营效率 2024年03月13日 ➢ 事件：名创优品披露24财年二季度业绩。2024财年二季度（23年10月1日-12 推荐 维持评级 月31日），公司实现收入38.41亿元（约5.41亿美元），同比+54.0%；实现经调整净利 当前价格： 40.05港元 润6.61亿元（0.90美元），同比+77.3%，业绩超预期。 ➢ 盈利能力持续提升，FY24Q2 净利率同比+2.2pct 至 17.2%。1）毛利率方面， FY24Q2，公司毛利率为 43.1%，同比+3.1pct，主要系海外市场产品组合优化及直营市 场收入占比提升、TOP TOY品牌毛利率提升。2）费用率方面，FY24Q2，公司销售费用 [T able_Author] 率为18.8%，同比+2.1pct，主要系业务发展致人员相关开支增加、物流费用和IP费用增 加、直营店相关的资产使用权折旧费用增加、公司品牌升级以及海外市场门店新开张有关 的推广及广告费用增加；管理费用率为4.9%，同比-1.0pct。3）净利率方面，FY24Q2公 司实现经调整 ...

Financial Performance - For the six months ended December 31, 2023, the total revenue was approximately RMB 7,632,467,000, representing a significant increase from RMB 5,266,878,000 for the same period in 2022, marking a growth of 44.9%[4] - The gross profit for the same period was RMB 3,241,039,000, up from RMB 1,985,660,000 in 2022, reflecting a gross margin improvement[4] - The adjusted net profit for the six months was RMB 1,302,509,000, compared to RMB 790,491,000 for the same period in 2022, representing a growth of 64.5%[4] - The adjusted basic earnings per share for the six months was RMB 1.04, compared to RMB 0.64 in 2022, reflecting a year-on-year increase of 62.5%[4] - The company's operating profit for the six months ending December 31, 2023, was RMB 1,553.7 million, up from RMB 957.1 million for the previous year[32] - The company's profit increased by 64.4% from RMB 763.9 million for the six months ended December 31, 2022, to RMB 1,256.1 million for the six months ended December 31, 2023[57] - The company's financial income net amount increased by 104.3% to RMB 98.8 million for the six months ended December 31, 2023, from RMB 48.3 million for the same period in 2022, primarily due to increased interest income from bank deposits[55] Store Expansion - The number of MINISO stores increased from 5,791 as of June 30, 2023, to 6,413 as of December 31, 2023, indicating a growth of 10.8% in store count[11] - The number of TOP TOY stores increased from 118 to 148 during the same period, showing a growth of 25.4%[11] - As of December 31, 2023, the total number of Miniso stores reached approximately 6,400, with over 3,900 stores in China and around 2,500 stores overseas[13] - The number of Miniso stores in China increased from 3,604 on June 30, 2023, to 3,926 on December 31, 2023, representing a net increase of 322 stores[16] - The number of TOP TOY stores in China grew from 118 on June 30, 2023, to 148 on December 31, 2023, with a net increase of 30 stores[14] - The number of overseas direct-operated stores rose from 176 on June 30, 2023, to 238 on December 31, 2023, indicating a net increase of 62 stores[20] - In overseas markets, the total number of stores increased from 2,187 on June 30, 2023, to 2,487 on December 31, 2023, with a net increase of 300 stores[20] Market Performance - Total GMV for Miniso stores in China reached RMB 10,671 million, while overseas stores generated RMB 9,072 million[22] - The total GMV generated by the group for the six months ended December 31, 2023, was approximately RMB 14.3 billion[11] - Online channels in China contributed a total GMV of RMB 670 million, marking a significant increase from RMB 321 million[25] - TOP TOY brand achieved a total GMV of RMB 606 million, with an average revenue per store of RMB 5.0 million[26] - For the six months ending December 31, 2023, total revenue was RMB 7,632.5 million, with 63.5% from China and 36.5% from overseas markets[33] Strategic Initiatives - The company aims to enhance its product strength and optimize store networks as part of its long-term strategic goals for 2024[30] - Miniso plans to implement a "super store" strategy to strengthen brand image and explore growth in average store GMV[30] - The company plans to expand the TOP TOY store network in first- and second-tier cities in China while penetrating lower-tier cities[17] - The company has successfully established two brands, MINISO and TOP TOY, since its first store opening in China in 2013, enhancing its market presence[11] Corporate Governance - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[87] - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination and Corporate Governance Committee to oversee specific areas of the company's affairs[90] - The Audit Committee reviewed the unaudited consolidated results for the six months ended December 31, 2023, and confirmed that the financial data disclosed is preliminary and subject to audit[92] - The company has complied with the Corporate Governance Code, except for the recommendation regarding the separation of the roles of Chairman and CEO, which are held by the same individual[88] Employee and Compensation - As of December 31, 2023, the company had a total of 4,964 full-time employees, with 2,375 located in China and 2,589 in various overseas countries[72] - The total compensation cost for the six months ended December 31, 2023, was RMB 580.8 million, down from RMB 819.6 million for the year ended June 30, 2023[73] - The number of employees is adjusted based on needs, and compensation is determined according to industry practices[73] - The company regularly reviews employee compensation policies and may grant discretionary bonuses and stock options based on individual performance evaluations[73] Financial Position - The total assets as of December 31, 2023, amounted to RMB 14,485,309 thousand, a decrease from RMB 13,447,713 thousand as of June 30, 2023[106] - The total liabilities as of December 31, 2023, were RMB 5,294,092 thousand, a decrease from RMB 4,529,445 thousand as of June 30, 2023[108] - The total equity attributable to shareholders as of June 30, 2023, is RMB 8,918,268 thousand, a decrease from RMB 7,027,400 thousand as of July 1, 2022[109] - The company's current ratio as of December 31, 2023, was 2.3, down from 2.5 as of June 30, 2023, primarily due to increases in trade and other payables and lease liabilities[45] Legal and Compliance - The company has faced a lawsuit regarding unfair competition, resulting in a payment of RMB 30.0 million to the plaintiff[69] - The company has established internal control measures for investment decisions to ensure reasonable returns while mitigating high investment risks[63] - The company has no pledged assets as of December 31, 2023[62] Shareholder Returns - The company declared a special cash dividend of USD 0.2900 per American depositary share and USD 0.0725 per ordinary share, totaling approximately USD 90.5 million, which is about 50% of the adjusted net profit for the six months ended December 31, 2023[101] - The company has authorized a share repurchase plan allowing for the buyback of up to $200 million worth of shares starting from September 15, 2023[176] - The company repurchased a total of 708,400 shares of common stock on the Hong Kong Stock Exchange for a total consideration of HKD 26,290,421, with a price range of HKD 36.35 to HKD 37.85 per share[97] - On the New York Stock Exchange, the company repurchased 1,450,108 American Depositary Shares for a total consideration of USD 6,981,016, with a price range of USD 4.57 to USD 4.9825 per share[99]

Financial Performance - Revenue for the quarter ended December 31, 2023, was RMB 3,841.3 million (USD 541.0 million), representing a year-over-year increase of 54.0% and a quarter-over-quarter increase of 1.3%[11] - Gross profit for the same period was RMB 1,657.3 million (USD 233.4 million), with a year-over-year growth of 66.2% and a quarter-over-quarter growth of 4.7%[11] - The adjusted net profit for the quarter was RMB 660.5 million (USD 93.0 million), a year-over-year increase of 77.0%[11] - The adjusted EBITDA for the quarter was RMB 995.3 million (USD 140.2 million), representing a year-over-year growth of 66.8%[11] - Operating profit for the quarter was RMB 765.4 million (USD 107.8 million), a year-over-year increase of 71.0%[11] - Revenue for the quarter reached RMB 3.841 billion, a year-on-year increase of 54%, driven by a 55.7% increase in revenue from China and a 51.4% increase from overseas markets[22] - Adjusted net profit for the quarter was RMB 660.5 million, a year-on-year increase of 77%, with an adjusted net profit margin of 17.2% compared to 15.0% in the same period last year[29][30] - Basic and diluted earnings per American Depositary Share (ADS) for the quarter were RMB 2.04 (USD 0.29), an increase of 82.1% compared to RMB 1.12 in the same period of 2022[32] - Adjusted basic and diluted earnings per ADS for the quarter were RMB 2.12 (USD 0.30), an increase of 82.8% compared to RMB 1.16 in the same period of 2022[32] - The company's profit for the three months ended December 31, 2023, was RMB 637,802 thousand, representing a 77.5% increase compared to RMB 359,767 thousand in the same period of 2022[50] - Adjusted net profit for the six months ended December 31, 2023, reached RMB 1,302,509 thousand, up 64.5% from RMB 790,491 thousand in the same period of 2022[52] Store Expansion - The number of MINISO stores reached 6,413 as of December 31, 2023, an increase of 973 stores year-over-year and 298 stores quarter-over-quarter[14] - The number of MINISO stores in China was 3,926, reflecting a year-over-year increase of 601 stores and a quarter-over-quarter increase of 124 stores[14] - The number of TOP TOY stores reached 148 as of December 31, 2023, with a year-over-year increase of 31 stores and a quarter-over-quarter increase of 26 stores[14] - The company opened over 1,000 new stores globally in 2023, the fastest expansion rate in its history, with a target of opening 900-1,100 new stores annually from 2024 to 2028[16] - The total number of stores in overseas markets increased to 2,487 as of December 31, 2023, up from 2,115 a year earlier, marking a growth of 17.6%[58] - The number of stores in first-tier cities increased from 453 to 522 year-over-year, a growth of 15.2%[56] Profitability Metrics - The gross margin for the quarter was 43.1%, compared to 40.0% in the same period last year and 41.8% in the previous quarter[11] - Gross profit margin reached a historical high of 43.1%, up from 40.0% in the same period last year, primarily due to improved product mix and increased contributions from overseas markets[24] - Adjusted EBITDA margin was 25.9%, compared to 23.9% in the same period of 2022[32] - The adjusted net profit margin for the three months ended December 31, 2023, improved to 17.2%, up from 15.0% in the same period of 2022[52] Market Expansion - The company expanded into four new markets during the quarter, marking its entry into the 110th overseas market[14] - Same-store sales growth in China was 32%, while overseas same-store sales growth was 19%[16] - The company reported a 40% year-on-year increase in GMV for overseas operations in January and February 2024[18] - The company's international business revenue for the three months ended December 31, 2023, was RMB 1,494 million, a 51% increase from RMB 986 million in the same period of 2022[54] Expenses and Liabilities - Total sales and distribution expenses increased by 73.3% year-on-year, primarily due to business development-related costs[25] - The company reported a significant increase in sales and distribution expenses, which rose to RMB 1,363,114 thousand for the six months ended December 31, 2023, compared to RMB 798,127 thousand in the same period of 2022[48] - Total liabilities as of June 30, 2023, were RMB 4,529,445 thousand, compared to RMB 5,294,092 thousand as of December 31, 2023[47] Cash and Assets - Total assets as of June 30, 2023, amounted to RMB 13,447,713 thousand, compared to RMB 14,485,309 thousand as of December 31, 2023[46] - Cash and cash equivalents as of June 30, 2023, were RMB 6,489,213 thousand, slightly decreased from RMB 6,415,441 thousand as of December 31, 2023[46] - Inventory as of June 30, 2023, was RMB 1,450,519 thousand, an increase from RMB 1,922,241 thousand as of December 31, 2023[46] Dividends - The company announced a special cash dividend of RMB 651.5 million, approximately 50% of the adjusted net profit for the second half of 2023[21]

GUANGZHOU, China, March 12, 2024 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced its unaudited financial results for the quarter ended December 31, 2023 (the "December Quarter"). Financial Highlights for the December Quarter Revenue was RMB3,841.3 million (US$541.0 million), representing an increase of 54.0% year over year and 1.3% ...

优衣库你说说，「招惹」谁不好，偏偏招惹火了 50 年，死忠粉还遍布全球的 Hello Kitty 啊。 今年恰好是 Hello Kitty 诞生 50 周年。 各大品牌麦当劳、Balenciaga、Casio、Crocs 等等都在疯狂营销与这位三丽鸥一姐联名合作。 优衣库也不例外，在小红书上已经开始宣传 3 月份会上线和 Hello Kitty 的联名 T 恤。 没有对比就没有伤害，款式图才公布，一片骂声震耳欲聋。 Hello Kitty 甜心教主名声可不是白叫的，粉丝纷纷不留情面一致吐槽：咱 Hello Kitty 随便怎么做都好看的 IP ，你却在那苦思冥想很久做出这种丑衣服是吧？ 那到底有多丑……看过之后我懂了，路人也会直摇头表示不理解的程度。 优衣库 x Hello Kitty 虽然说 Hello Kitty 这个 IP 的热度可能在这两年，对比同门其它角色稍微逊色了些。 但从 50 周年无论大小品牌都想傍上她来看，可想而知其依旧是三丽鸥家族中的顶梁柱。 和 Hello Kitty 联名，大概是「最简单的事情」了，她天生自带甜美可爱属性，只要能走点心去贴合主题和设计，就会有大批忠实粉丝买单。 优 ...