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 公司名稱： 名創優品集團控股有限公司 呈交日期： 2026年3月17日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [6]. Core Insights - The company is expected to achieve a revenue of approximately 21.44 billion yuan in 2025, reflecting a year-on-year growth of about 26%. Adjusted net profit is projected to be between 2.89 billion and 2.90 billion yuan, driven by an enriched product mix, enhanced brand recognition, and ongoing expansion and optimization of sales channels [1][4]. - The company's same-store gross merchandise volume (GMV) in mainland China grew by over 25% year-on-year in January and February 2026, with North America experiencing a GMV increase of over 50% [2]. - The company is actively expanding its IP collaboration matrix, successfully launching partnerships with popular franchises and celebrities, which is expected to enhance brand visibility and market reach [3][4]. Financial Summary - The company forecasts revenues of 21.44 billion yuan for 2025, 25.53 billion yuan for 2026, and 28.54 billion yuan for 2027, with corresponding net profits of 1.33 billion yuan, 3.07 billion yuan, and 3.64 billion yuan respectively [5][11]. - The projected price-to-earnings (P/E) ratios are 27.18 for 2025, 11.75 for 2026, and 9.91 for 2027, indicating a favorable valuation trend [5][11]. - The company’s net profit margin is expected to improve, with a net profit margin of 12.8% projected for 2027 [11].

Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights that Miniso's same-store sales in North America increased by over 20% in January-February 2026, while domestic same-store sales showed high single-digit growth. The company expects a revenue of approximately 21.44 billion to 21.445 billion yuan for the year 2025, representing a year-on-year growth of 26% [1][2] - Lao Pu Gold anticipates a net profit growth of approximately 226% to 233% for 2025, with expected sales revenue of about 31 billion to 32 billion yuan, marking a growth of 216% to 227% compared to 2024 [3] - The report suggests focusing on high-growth sectors and service industries that are expected to benefit from policy and technological support, including new consumption trends and retail innovation [4][6] Summary by Sections Industry Investment Rating - The industry is rated as "Recommended," indicating a positive outlook for investment opportunities [5] Company Performance - Miniso's revenue for 2025 is projected to be between 21.44 billion and 21.445 billion yuan, with a year-on-year increase of 26% driven by product optimization and brand influence [1] - Lao Pu Gold expects a significant increase in net profit, projecting a range of 4.8 billion to 4.9 billion yuan for 2025, which is a growth of 226% to 233% from 2024 [3] Market Trends - The report emphasizes the importance of service consumption driven by new policy demands, with potential beneficiaries including various hotel chains and tourism companies [4] - New consumption sectors are expected to maintain demand, with leading companies in the industry currently valued at relatively low levels, indicating potential for growth [4]

表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 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) 呈交日期： 2026年3月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 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 | | | | ...

Investment Rating - The industry rating is "Recommended" [5] Core Insights - Miniso's same-store sales in North America increased by over 20% in January-February 2026, while domestic same-store sales showed high single-digit growth. The company expects a revenue of approximately 21.44 billion to 21.445 billion yuan for 2025, representing a year-on-year growth of 26% [1][2] - Laopuhuang's 2025 profit forecast indicates a net profit growth of approximately 226% to 233%, with expected sales revenue of about 31 billion to 32 billion yuan, a growth of 216% to 227% compared to 2024 [3] - The report suggests focusing on high-growth sectors and service industries benefiting from policy and technological support, including new consumption trends and retail innovation [4][63] Summary by Sections Industry Investment Rating - The industry is rated as "Recommended" [5] Company Performance - Miniso's revenue for 2025 is projected to be between 21.44 billion and 21.445 billion yuan, with a year-on-year increase of 26% [1] - Laopuhuang anticipates a net profit of approximately 4.8 billion to 4.9 billion yuan for 2025, reflecting a growth of 226% to 233% [3] Growth Opportunities - The report highlights potential growth in service consumption driven by new policies and industry demands, particularly in areas like duty-free shopping and elder tourism [4][63] - New consumption sectors are expected to maintain demand, with leading companies in the industry currently valued at relatively low levels, indicating potential for growth in 2026 [4][63] Market Trends - The report notes that retail innovation and expansion into international markets are opening new growth avenues for companies [4][63]

Core Insights - The F1 Chinese Grand Prix concluded with Antonelli winning the championship and Verstappen retiring, with the event set to return to China in a year [1] - Sponsorships around the event have generated significant buzz, but many brands involved are not well-known to the average Chinese consumer [3][4] Sponsorship Dynamics - Brands sponsoring F1 events, such as HP and Qatar Airways, are often not familiar to the general audience, as their visibility during high-speed races is minimal [3][4] - The advertising at the event primarily targets high-end clientele in the paddock club rather than the general public, facilitating business deals worth millions [6][7] Localized Marketing Strategies - Local brands like Taobao Flash Sale and Tuhu Auto Care have entered the F1 sponsorship scene, focusing on the Chinese market rather than high-end clientele [9][12] - The marketing strategies employed by these brands differ significantly from international counterparts, emphasizing local engagement and broader audience appeal [12][14] Brand Engagement and Publicity - Heineken, a long-term global sponsor, has effectively utilized local marketing strategies, including subway advertisements and themed events, to enhance brand visibility [17][19] - Taobao Flash Sale leveraged social media trends and local events to create a strong brand presence, aligning their marketing with the F1 theme [21][23] Performance Evaluation of Brands - A subjective evaluation of brand sponsorship effectiveness categorized brands based on their engagement and localization strategies, with Heineken and Taobao Flash Sale receiving high marks for their innovative approaches [14][15] - Brands like PUMA and Tuhu Auto Care have also successfully integrated local elements into their marketing, enhancing their appeal to the Chinese audience [26][28] Challenges and Opportunities - While some brands like LVMH and Shell maintain a high-end image without extensive localization, others struggle to connect with the broader audience, missing opportunities for engagement [34][36] - Adidas, despite having a strong presence, failed to capitalize on local marketing opportunities, resulting in a lack of impactful engagement [37][41] Conclusion - The F1 Chinese Grand Prix highlights the importance of localized marketing strategies for brands aiming to connect with the Chinese audience, moving beyond traditional sponsorship models to engage effectively with consumers [42]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 56.50 [2]. Core Insights - The company is expected to achieve a revenue of approximately RMB 21.44 billion for 2025, reflecting a year-on-year growth of about 26%, which aligns with the guidance of 25% growth [7]. - The company has shown strong performance in the first two months of 2026, with same-store sales growth exceeding high single digits in China and over 20% in North America [9]. - The company is focusing on refined operations and store upgrades, which are expected to enhance profitability and stabilize margins in 2026 [9]. Financial Performance Summary - **Revenue Forecast**: - 2024: RMB 16,994 million - 2025E: RMB 21,443 million (+22.80%) - 2026E: RMB 25,763 million (+20.15%) - 2027E: RMB 30,519 million (+18.46%) [5] - **Net Profit Forecast**: - 2024: RMB 2,618 million - 2025E: RMB 1,315 million (-49.76%) - 2026E: RMB 3,058 million (+132.51%) - 2027E: RMB 4,407 million (+44.13%) [5] - **Adjusted Net Profit**: - 2024: RMB 2,721 million - 2025E: RMB 2,895 million (+6.41%) - 2026E: RMB 3,626 million (+25.26%) - 2027E: RMB 4,440 million (+22.43%) [5] - **Earnings Per Share (EPS)**: - 2024: RMB 2.16 - 2025E: RMB 2.30 - 2026E: RMB 2.88 - 2027E: RMB 3.53 [5] - **Valuation Ratios**: - PE Ratio (Adjusted): - 2024: 12.38 - 2025E: 9.88 - 2026E: 8.07 [5] Market Performance - The company's stock price closed at HKD 32.90 as of March 13, 2026, with a market capitalization of HKD 40,716 million [2]. - The stock has a 52-week price range of HKD 27.05 to HKD 51.95 [2]. Operational Insights - The company is implementing refined operational strategies that have led to a revenue growth rate exceeding guidance in Q4, with a projected same-store sales growth of 32.6-32.7% [7]. - The company is also focusing on optimizing store types and enhancing product localization in the U.S. market, which is expected to drive customer engagement and sales [9]. Profitability Outlook - The adjusted operating profit for 2025 is expected to be between RMB 36.65 billion and RMB 36.75 billion, with a corresponding Q4 growth rate of 11.0-12.0% [8]. - The company anticipates a net profit of RMB 13 billion for 2025, with adjustments for various factors including TOP TOY's preferred stock issuance and other operational costs [8]. Valuation and Target Price - The target price of HKD 56.50 is based on a PE ratio of 17x for 2026, reflecting adjustments for international market conditions and currency fluctuations [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company forecasts a revenue of 21.4 billion yuan for 2025, representing a year-on-year increase of 26%, slightly above the company's guidance of 25% [7] - The adjusted operating profit is expected to be around 3.67 billion yuan, in line with the previous guidance of 3.65 to 3.85 billion yuan [7] - The adjusted net profit is projected to be approximately 2.89 to 2.90 billion yuan, reflecting a year-on-year growth of 7%, which aligns with expectations [7] - The company has seen strong same-store sales growth, with a GMV increase of over 25% in January and February 2026, and over 50% growth in the U.S. market [7] - The report highlights the company's ongoing operational reforms that have positively impacted same-store performance [7] - The company is positioned as a leader in private label and IP trend retail, with significant growth potential in overseas expansion and IP strategy [7] Financial Summary - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 11,473 million, 16,994 million, 21,439 million, 26,200 million, and 31,090 million yuan respectively, with year-on-year growth rates of 13.76%, 48.12%, 26.16%, 22.21%, and 18.66% [1] - The projected net profit for the parent company for the same years is 1,769 million, 2,618 million, 1,312 million, 3,194 million, and 4,061 million yuan, with year-on-year changes of 177.19%, 47.97%, (49.88)%, 143.45%, and 27.15% [1] - Non-IFRS net profit estimates are 2,357 million, 2,721 million, 2,898 million, 3,485 million, and 4,088 million yuan, with year-on-year growth rates of 109.65%, 15.44%, 6.54%, 20.22%, and 17.32% [1] - The latest diluted EPS for 2023A, 2024A, 2025E, 2026E, and 2027E are 1.43, 2.12, 1.06, 2.58, and 3.28 yuan respectively [1] - The P/E ratios based on the latest diluted EPS are 20.26, 13.69, 27.31, 11.22, and 8.82 for the respective years [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company forecasts a revenue of 21.4 billion yuan for 2025, representing a year-on-year increase of 26%, slightly above the company's guidance of 25% [7] - The adjusted net profit is expected to be around 2.89 to 2.90 billion yuan, reflecting a year-on-year growth of 7%, which aligns with expectations [7] - The company has seen strong same-store sales growth, with a GMV increase of over 25% in January and February 2026, indicating effective operational reforms [7] Financial Projections - Total revenue projections for the years 2023 to 2027 are as follows: - 2023: 11.47 billion yuan - 2024: 16.99 billion yuan - 2025: 21.44 billion yuan - 2026: 26.20 billion yuan - 2027: 31.09 billion yuan - Year-on-year growth rates for total revenue are projected at 13.76% for 2023, 48.12% for 2024, 26.16% for 2025, 22.21% for 2026, and 18.66% for 2027 [1][8] - The adjusted net profit for 2025 is projected to be 2.89 billion yuan, with a year-on-year growth of 7% [7] - The earnings per share (EPS) for 2025 is estimated at 1.06 yuan, with a P/E ratio of 27.31 [1][8] Operational Performance - The company has implemented a series of operational reforms since 2025, resulting in significant improvements in same-store performance [7] - The company's GMV in the U.S. has increased by over 50%, with same-store GMV growth of at least 20% [7]

Summary of Miniso (MNSO) Conference Call Company Overview - **Company**: Miniso (MNSO) - **Market Cap**: $5.2 billion - **Enterprise Value**: $5.8 billion - **Current Price**: $16.76 - **12-Month Price Target**: $25.00 (Upside: 49.2%) [1][20] Preliminary Financial Results - **2025 Revenue Expectation**: Rmb 21,440 million - 21,445 million (slightly above Goldman Sachs estimate of Rmb 21,307 million, implying year-over-year growth of ~26%, ahead of guidance of 25%) [1] - **Operating Profit**: Rmb 3,300 million - 3,305 million (slightly above Goldman Sachs estimate of Rmb 3,292 million) [1] - **Adjusted Operating Profit**: Rmb 3,665 million - 3,675 million (slightly below Goldman Sachs estimate of Rmb 3.69 billion, at the lower end of guidance of Rmb 3.65 billion - 3.75 billion) [1] - **Adjusted Net Profit**: Rmb 2,890 million - 2,900 million (slightly above Goldman Sachs estimate of Rmb 2,866 million) [1] - **Reported Net Profit**: Rmb 1,320 million - 1,330 million (below Goldman Sachs estimate of Rmb 1,496 million, due to higher-than-expected losses related to Yonghui and changes in redemption liabilities) [1] Growth Metrics - **4Q25 Revenue Growth**: 33% (2% above Goldman Sachs estimate) [19] - **4Q25 Adjusted Operating Profit Growth**: 12% (2% below Goldman Sachs estimate) [19] - **2026 Start**: Solid performance with GMV growth of >25% in China and >50% in North America during the first two months of 2026 [1] Market Performance - **Jan-Feb Performance**: Strong in both China and North America, supported by solid Chinese New Year consumption and effective product strategy [2] - **Same Store Sales Growth (SSSG)**: High single-digit percentage in China [2] Future Focus Areas - **Upcoming Full Results Report**: Scheduled for March 31, with a briefing at 5 PM HKT [3] - **Key Focus Points**: 1. 2026 outlook and quarterly trajectory 2. Margin expectations and improvements 3. Product strategy, including IP mix and local sourcing in the US market 4. Store network upgrades in China 5. Marketing and investment plans 6. Updates on Top Toy and potential cost inflation [18] Valuation and Risks - **Valuation Metrics**: - P/E Ratio: 16.1 (2024), 12.4 (2025E), 10.6 (2026E), 9.0 (2027E) [12] - Dividend Yield: 3.1% (2024), 4.1% (2025E), 4.7% (2026E), 5.6% (2027E) [12] - **Key Risks**: 1. Lower store productivity in China due to competition and product issues 2. Poor SSSG recovery and global store expansion 3. Geopolitical risks 4. Higher-than-expected operating expenses and investments 5. Yonghui's earnings performance [20] Conclusion Miniso's preliminary results indicate a robust start to 2026, with strong growth metrics and a solid outlook. However, margin expectations and potential risks related to competition and operational costs remain critical areas for investor focus.