机构：中信建投证券 研究员：刘乐文/陈如练/杨艾莉 改进80%现有传统门店的规划构筑好起点。 坚定美国直营布局，焕新传统区域 公司继续推进美国直营门店建设，25Q3 的海外直营店数量增长至637 家，美国plaza 店模型结合本土化 供应链为公司收入28.2%增长作出重要贡献，美国同店领头带动海外整体同店由负转为25Q3 的低个位 数增长。同时，公司积极为深耕多年的东南亚和拉美市场注入活力，重点改进印尼、泰国等地区市场， 铺设区域限定新品，并且将中国和美国IP 战略的成功经验推向传统区域。 投资建议：公司三季度收入增速超过预期指引，国内外同店环比均有提升并且基于10 月情况对于四季 度进一步乐观指引，我们认为公司能够稳步推进高质量开店战略，更新公司2025-2027 年营业收入为 212.42、247.11、278.88 亿元，公司经调整归母净利润为：31.62、35.78、40.22 亿元，对应PE 为14X、 13X、11X，维持"增持"评级。 风险分析 核心观点 名创优品作为生活好物集合店的全球布局优势明显，把握潮玩大趋势，依托成熟的运营能力打造自有IP 产品的可实现性高。公司管理层坚定看好线下零售业态 ...

Core Viewpoint - The company reported strong revenue growth and maintained double-digit adjusted net profit growth in Q3 2025, exceeding previous guidance Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 5.797 billion, a year-on-year increase of 28.2% [1] - For the first three quarters of 2025, the company reported revenue of 15.190 billion, up 23.7% year-on-year [1] - Adjusted net profit for Q3 2025 was 767 million, reflecting an 11.7% year-on-year growth [1] - The adjusted net profit margin for Q3 2025 was 13.2%, down 2.0 percentage points year-on-year [1] - The company’s gross margin for the first three quarters of 2025 was 44.4%, an increase of 0.3 percentage points year-on-year [4] Group 2: Business Segments - Domestic revenue for MINISO in the first three quarters of 2025 was 8.024 billion, a 14.1% year-on-year increase, with same-store sales growth in Q3 showing high single digits [2] - Overseas revenue for MINISO reached 5.846 billion in the first three quarters of 2025, up 28.7% year-on-year, with same-store sales turning positive in Q3 [2] - TOP TOY achieved revenue of 1.317 billion in the first three quarters of 2025, a significant growth of 87.9% year-on-year [3] Group 3: Operational Metrics - The company opened 102 new stores in Q3 2025, bringing the total domestic store count to 4,407 by the end of Q3 [2] - The overseas store count reached 3,424 by the end of Q3 2025, with a net increase of 306 stores since the beginning of the year [2] - The company maintained healthy operating cash flow, with a net cash flow from operating activities of 1.230 billion in Q3 2025 [4]

Core Viewpoint - The companies MINISO and TOP TOY have shown significant revenue growth in Q3 2025, with MINISO achieving a revenue of 5.8 billion yuan and TOP TOY reaching 5.75 billion yuan, indicating strong performance in both domestic and international markets [1][2]. MINISO Summary - In Q3 2025, MINISO's same-store GMV experienced low single-digit growth, with revenue reaching 5.8 billion yuan, a year-on-year increase of 28.2% [1]. - Domestic revenue for MINISO in Q3 2025 was 2.91 billion yuan, up 19.3% year-on-year, with a net increase of 102 stores, bringing the total to 4,407 [1]. - The company expects same-store growth in mainland China to reach low double digits by October 2025, with an overall forecast of mid-single-digit same-store growth for the year [1]. - Internationally, MINISO's overseas revenue was 2.31 billion yuan, a 27.7% increase year-on-year, with a net increase of 117 stores, totaling 3,424 [1]. TOP TOY Summary - TOP TOY reported a revenue of 5.75 billion yuan in Q3 2025, reflecting a year-on-year growth of 111.4%, with a net increase of 14 stores, bringing the total to 307 [2]. - The adjusted operating profit for TOP TOY was 1.02 billion yuan, with an adjusted operating profit margin of 17.6%, down 2.1 percentage points year-on-year [2]. - The company has seen improvements in operational efficiency, with direct store revenue increasing by 69.9% year-on-year, while related expenses grew by 40.7% [2]. Investment Outlook - The company is positioned as a global leader in the daily goods retail sector, leveraging its channel and supply chain advantages for rapid global expansion [3]. - The expected revenue for the company from 2025 to 2027 is projected to be 21.3 billion yuan, 25.4 billion yuan, and 29.6 billion yuan, with adjusted net profits of 2.94 billion yuan, 3.48 billion yuan, and 4.08 billion yuan respectively [3]. - The company maintains a "buy" rating based on its growth potential and operational improvements [3].

Summary of Key Points Core Viewpoint - Miniso has been actively repurchasing its shares, indicating a strategy to enhance shareholder value amidst market fluctuations [1][2][3] Group 1: Share Buyback Details - On November 24, Miniso repurchased 866,800 shares at a price range of HKD 36.360 to HKD 37.960, totaling HKD 31.938 million [1] - The stock closed at HKD 37.320 on the same day, reflecting a decline of 4.84% with a total trading volume of HKD 748 million [1] - Year-to-date, Miniso has conducted 163 buybacks, acquiring a total of 14.7224 million shares for a cumulative amount of HKD 35.6 million [1] Group 2: Historical Buyback Data - The buyback history shows various transactions with the highest buyback price recorded at HKD 38.000 on multiple occasions [2][3] - Significant buyback activities occurred on April 9, where 120.08 million shares were repurchased at an average price of HKD 29.500, amounting to HKD 3.47569 billion [3] - The buyback strategy appears consistent, with multiple transactions executed at prices ranging from HKD 30.000 to HKD 38.000 throughout the year [2][3]

Revenue Growth - Revenue for the September Quarter increased 28.2% year over year to RMB5,796.6 million (US$814.3 million), exceeding the previous guidance range of 25%-28%[10] - Revenue from MINISO brand increased by 22.9% year over year to RMB5,221.5 million (US$733.5 million), with overseas markets contributing 44.3% of this revenue[25] - Revenue from TOP TOY brand surged by 111.4% to RMB574.5 million (US$80.7 million)[26] - For the three months ended September 30, 2025, MINISO's revenue increased by 28.2% year-over-year to RMB 5,796,645,000, with the MINISO brand contributing RMB 5,221,476,000, a 22.9% increase[102] - Revenue from overseas markets grew by 28.7% year-over-year to RMB 2,312,305,000 for the three months ended September 30, 2025[102] Profitability Metrics - Adjusted operating profit rose 14.8% year over year to RMB1,022.3 million (US$143.6 million), with an adjusted operating margin of 17.6%[12] - Adjusted net profit for the first nine months increased 11.7% year over year to RMB766.8 million (US$107.7 million)[13] - Adjusted operating profit rose by 14.8% year over year to RMB1,022.3 million (US$143.6 million), with an adjusted operating margin of 17.6%[35] - Profit for the period decreased to RMB443.2 million (US$62.3 million) from RMB648.3 million in the same period last year[39] - Adjusted net profit increased by 11.7% year over year to RMB766.8 million (US$107.7 million)[40] - Adjusted net profit for the nine months ended September 30, 2025, was RMB 2,045,496,000, reflecting a growth of 6.1% compared to RMB 1,928,090,000 in the same period of 2024[98] Cash Flow and Financial Position - Cash position as of September 30, 2025, was RMB7,766.2 million (US$1,090.9 million), up from RMB6,698.1 million at the end of 2024[17] - Net cash from operating activities for the September Quarter was RMB1,299.6 million (US$182.6 million), with a cash flow to adjusted net profit ratio of 1.7[22] - Cash position improved to RMB7,766.2 million (US$1,090.9 million) as of September 30, 2025, compared to RMB6,698.1 million as of December 31, 2024[64] - As of September 30, 2025, total assets increased to RMB 28,668,811 (approximately US$ 4,027,085), up from RMB 18,120,128 as of December 31, 2024[82] - Current assets also increased to RMB 13,763,790 (approximately US$ 1,933,388) from RMB 11,655,501, indicating strong liquidity[82] Expenses and Cost Management - Cost of sales rose by 28.6% year over year to RMB3,206.6 million (US$450.4 million)[29] - Gross profit increased by 27.6% year over year to RMB2,590.1 million (US$363.8 million), with a gross margin of 44.7%[30][31] - Selling and distribution expenses grew by 43.5% year over year to RMB1,429.9 million (US$200.9 million), driven by investments in directly operated stores[32] - General and administrative expenses increased by 45.6% year over year to RMB343.8 million (US$48.3 million)[33] Store Expansion - The total number of stores reached 8,138 globally, marking a year-over-year increase of 718 net new stores[17] - The number of MINISO stores in mainland China increased to 4,407 as of September 30, 2025, up by 157 stores year-over-year[104] - Overseas, the total number of MINISO stores reached 3,424 as of September 30, 2025, an increase of 488 stores compared to the previous year[106] Financial Ratios and Metrics - Adjusted EBITDA for the first nine months increased 18.8% year over year to RMB1,353.8 million (US$190.2 million), with an adjusted EBITDA margin of 23.4%[13] - The adjusted EBITDA margin for the three months ended September 30, 2025, was 23.4%, slightly down from 25.2% in the same quarter of 2024[98] - Basic earnings per share for ordinary shares for the three months ended September 30, 2025, was RMB 0.36, down from RMB 0.52 in the same period of 2024[88] - Adjusted net margin for the nine months ended September 30, 2025, was 13.5%, down from 15.7% in the previous year[96] Strategic Insights and Future Outlook - Forward-looking statements indicate expectations for growth in the retail market and demand for MINISO's products, with inherent risks and uncertainties[79] - The company emphasizes the importance of non-IFRS financial measures for assessing operating performance, which may differ from peer companies[75][76] - Adjusted operating profit and adjusted net profit metrics are used by management to evaluate performance, excluding non-cash and other adjustment items[73][74]

Core Viewpoint - MINISO reported a total revenue of 5.8 billion yuan for Q3 2025, representing a year-on-year growth of 28%, with adjusted net profit increasing by 12% to 770 million yuan, indicating strong operational capabilities and sustainable growth [1][2] Revenue and Profit Growth - In Q3 2025, MINISO's domestic business revenue grew by 19.3% year-on-year, primarily driven by same-store sales, reflecting higher quality and sustainability of growth [2] - Overseas revenue exceeded 2.3 billion yuan, up 28% year-on-year, with the largest overseas market, the United States, seeing revenue growth of over 65% [2] Same-Store Sales Performance - Same-store sales growth is particularly noteworthy, recovering from a decline in Q1 2025 to achieving mid-single-digit growth in Q3 2025, indicating improved operational quality [2][3] International Expansion Strategy - The company plans to replicate successful experiences from markets like the U.S. and China to Southeast Asia, focusing on long-term sustainable profitability [2][3] IP Strategy and Development - MINISO has been actively developing its IP ecosystem, with a focus on proprietary IP to reduce reliance on external IP and manage costs associated with licensing [4][5] - The company has signed contracts with 16 toy artists for its proprietary IP, enhancing its product offerings and creating immersive shopping experiences [4][5] Product Strategy Shift - MINISO is shifting its product structure towards IP products, with new store formats like MINISO LAND featuring 70%-80% IP products, which may lead to higher prices and a potential disconnect with consumer perceptions of affordability [5] - The company emphasizes that the IP transformation does not abandon its core product advantages but aims to drive growth through a dual strategy of core categories and IP [5]

名创优品(09896)发布公告，于2025年11月24日，该公司斥资3193.8万港元回购86.68万股股份，回购价 格为每股36.36-37.96港元。 ...

Investment Rating - The report maintains a "Buy" rating for MINISO, reflecting confidence in its growth potential and operational efficiency [4][6]. Core Insights - MINISO has demonstrated strong revenue growth, with a 28.2% year-on-year increase in revenue to 5.8 billion RMB in Q3 2025, alongside an adjusted net profit growth of 11.7% to 767 million RMB [1]. - The company is expanding its store network, adding 102 new stores in mainland China, bringing the total to 4,407, while overseas operations also saw a net increase of 117 stores, totaling 3,424 [2]. - The operational efficiency of overseas direct sales has improved, with a profit margin increase, particularly in strategic markets like North America and Europe [2]. Summary by Sections Domestic Operations - In Q3 2025, MINISO's domestic revenue reached 2.91 billion RMB, marking a 19.3% year-on-year increase, with same-store sales showing high single-digit growth [1]. - The company anticipates low double-digit same-store growth in mainland China by October 2025, projecting a full-year same-store growth in the mid-single digits [1]. Overseas Operations - The overseas business generated 2.31 billion RMB in revenue, a 27.7% increase year-on-year, accounting for 44.3% of total revenue [2]. - Same-store sales in overseas markets have shown improvement, particularly in strategic regions, contributing to the overall growth of the company [2]. Financial Performance - The adjusted operating profit for Q3 2025 was 1.02 billion RMB, reflecting a 14.8% year-on-year increase, with an adjusted operating profit margin of 17.6%, down 2.1 percentage points year-on-year [3]. - The gross profit for Q3 2025 was 2.59 billion RMB, with a gross margin of 44.7%, slightly down from the previous year [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 21.3 billion RMB, 25.4 billion RMB, and 29.6 billion RMB respectively, with adjusted net profits expected to be 2.94 billion RMB, 3.48 billion RMB, and 4.08 billion RMB [4][5]. - The report indicates a continuous optimization of various business segments, products, and supply chains, supporting the company's growth trajectory [4].

智通财经APP讯，名创优品(09896)发布公告，于2025年11月24日，该公司斥资3193.8万港元回购86.68万 股股份，回购价格为每股36.36-37.96港元。 ...

格隆汇11月24日丨名创优品(09896.HK)公告，11月24日耗资3194万港元回购86.7万股。 ...