Core Viewpoint - MINISO's Q1 2025 financial report shows total revenue of 4.43 billion yuan, a 19% year-on-year increase, but net profit attributable to shareholders decreased by 28.5% to 420 million yuan, leading to significant stock price declines in both Hong Kong and US markets [1][2][4] Financial Performance - Total revenue for Q1 2025 reached 4.43 billion yuan, up 19% year-on-year [2][3] - Gross margin improved to 44.2%, an increase of 0.8 percentage points compared to the same period last year, marking the highest gross margin for a first quarter [2][6] - Net profit for Q1 2025 was 420 million yuan, down 28.8% from 586 million yuan in the same quarter last year [4][6] - Adjusted net profit decreased by 4.8% to 587 million yuan, with adjusted net profit margin dropping from 16.6% to 13.3% [4][6] Market Expansion - As of March 31, 2025, MINISO had a total of 7,488 stores globally, a net increase of 858 stores year-on-year [3][4] - Domestic store count reached 4,275, with a net increase of 241 stores, while overseas store count was 3,213, reflecting a net increase of 617 stores [3][4] - The company is implementing a "big store strategy" to enhance channel structure and has opened 8 MINISO LAND stores, with 15 more in preparation [3][4] Cost Structure and Profitability - Sales and distribution expenses increased by 46.7% year-on-year to 1.021 billion yuan, primarily due to the expansion of overseas direct stores [4][6] - The shift in revenue structure, with a decrease in high-margin franchise and agency business, has diluted overall profit margins [4][6] IP Strategy - The increase in gross margin is attributed to the IP strategy and interest consumption, with a gross margin of 44.2% in March 2025, the highest for that month historically [6][8] - MINISO has collaborated with over 150 external IPs since 2016, with significant reliance on external IPs leading to increased authorization costs, which rose by 39.6% in Q1 2025 [6][8] - The company faces intense competition in the IP space, with rising costs and pressure on profitability due to over-reliance on external IPs [6][8]

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： 2025年5月29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 。 FF305 | 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 ...

Core Viewpoint - The article discusses the challenges faced by Miniso, particularly in its domestic market, where same-store sales are declining, while the company is attempting to pivot towards larger store formats and IP-driven products to enhance its brand appeal and profitability [2][3][5][6]. Financial Performance - Miniso reported Q1 revenue of 4.43 billion yuan, a year-on-year increase of 18.9%, which was in line with expectations [2]. - Profit margins slightly declined due to increased IP licensing fees and depreciation costs from overseas stores, leading to an 18% drop in stock price following the earnings report [3]. Store Performance - Same-store sales have been under pressure, with a mid-single-digit decline reported for Q1 2024, although the decline was less severe than in Q4 2023 [5]. - The number of domestic stores decreased by 111 to 4,275, marking the first sequential decline in store count [5]. Strategic Shift - The company is shifting its strategy from opening numerous small stores to focusing on larger flagship stores, such as MINISO LAND, which emphasizes immersive shopping experiences [6][7]. - MINISO LAND stores are significantly larger, with areas 3-5 times that of regular stores, and are located in prime commercial districts, leading to increased operational costs [7][8]. IP Development - Miniso is attempting to enhance its product offerings through IP-driven products, but faces challenges in attracting consumers willing to pay a premium for these items [9][10]. - The company has launched TOY TOY, a separate brand focusing on trendy toys, which has shown promising revenue growth but still represents a small portion of overall sales [12][13]. Competitive Landscape - Analysts suggest that Miniso lags behind competitors like Pop Mart in terms of IP product design and market presence, indicating a need for stronger brand differentiation [15][16]. - Despite the challenges, Miniso retains a first-mover advantage in the domestic IP market, but must innovate to maintain relevance in a competitive landscape [16].

Group 1 - The company's overall revenue for Q1 2025 was 4.43 billion yuan, representing a year-over-year increase of 18.9% [1] - The gross profit margin was 44.2%, an increase of 0.8 percentage points year-over-year [1] - Operating profit was 710 million yuan, showing a year-over-year decline of 4.05% [1] - Adjusted net profit for the quarter was 590 million yuan, down 4.9% year-over-year, with an adjusted net profit margin of 13.3%, a decrease of 3.3 percentage points year-over-year [1] Group 2 - Domestic business showed high-quality development, with same-store daily sales expected to continue improving; revenue from Miniso China in Q1 was 2.5 billion yuan, up 9.1% year-over-year [1] - The company shifted from a rapid expansion model to a focus on high-quality growth, closing 111 stores, reducing the total number of stores from 4,386 to 4,275 [1] - The optimization of inventory and store upgrades in the domestic market is expected to enhance same-store performance [1] Group 3 - Overseas revenue reached 1.6 billion yuan in Q1, a year-over-year increase of 30.3%, accounting for 36% of total revenue, an increase of 3 percentage points [2] - The number of overseas stores reached 3,213, with a net increase of 95 stores; the number of direct-operated stores was 548, with an increase of 45 stores [2] - The rapid expansion of overseas direct-operated stores incurred upfront costs, which temporarily pressured net profit margins, but there is potential for improvement in single-store net profit margins through refined operations [2] Group 4 - Revenue projections for 2025, 2026, and 2027 are 20.54 billion, 24.43 billion, and 28.28 billion yuan, respectively, with year-over-year growth rates of 21%, 19%, and 16% [2] - Adjusted net profit forecasts for the same years are 2.76 billion, 3.35 billion, and 4.06 billion yuan, with year-over-year growth rates of 1%, 21%, and 21% [2] - The company maintains a "buy" rating based on these projections [2]

Core Viewpoint - The company reported its Q1 2025 earnings, showing a mixed performance with revenue growth but a decline in net profit, indicating challenges in profitability despite revenue increases in both domestic and international markets [1][2][3]. Domestic Performance - In Q1 2025, the company achieved domestic revenue of 24.94 billion yuan, a year-on-year increase of 9.1%, despite a net reduction of 111 stores, resulting in a total of 4,275 stores, which is an increase of 241 stores year-on-year [1]. - Same-store sales showed improvement, with a decline in the low single digits for Q1 2025, and the year-to-date same-store performance also indicated a narrowing decline [1]. International Performance - The company opened 95 new overseas stores in Q1 2025, bringing the total to 3,213 stores, which is a year-on-year increase of 617 stores, reflecting a 24.6% growth in average store count [2]. - Overseas revenue reached 15.92 billion yuan, a year-on-year increase of 30.3%, with single-store revenue showing a 4.6% increase [2]. TOP TOY Brand Expansion - The TOP TOY brand expanded rapidly, with a total of 280 stores as of Q1 2025, an increase of 120 stores year-on-year [2]. - Revenue for TOP TOY in Q1 2025 was 340 million yuan, reflecting a year-on-year growth of 58.9%, although average single-store revenue decreased by 11.95% [3]. Profitability and Cost Structure - The gross margin for Q1 2025 was 44.2%, an increase of 0.8 percentage points year-on-year, driven by a higher proportion of overseas revenue and a shift towards higher-margin products [3]. - Operating expenses increased significantly, with sales, management, and financial expense ratios rising, primarily due to investments in direct stores and increased costs related to personnel and logistics [3]. Future Outlook - The company is positioned as a global leader in the retail sector, leveraging its supply chain and channel advantages for rapid expansion, with expectations for continued revenue growth in the coming years [4]. - Projected revenues for 2025-2027 are estimated at 210.1 billion yuan, 246.1 billion yuan, and 280.4 billion yuan, with net profits expected to reach 29.5 billion yuan, 36.5 billion yuan, and 43.3 billion yuan respectively [4].

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 4.43 billion yuan, a year-on-year increase of 18.9%, with a gross margin of 44.2%, up 0.8 percentage points year-on-year, and an adjusted net profit of 590 million yuan, down 4.8% year-on-year [1] - The domestic same-store sales showed improvement, with a significant recovery in sales performance since the beginning of the year, and a notable recovery during the May Day holiday [1] - The company achieved a total of 4,275 stores in China by the end of March 2025, with a net closure of 111 stores, focusing on high-quality development and refined store network strategy [1] Group 2: International Operations - In Q1 2025, the company's overseas revenue reached 1.59 billion yuan, a year-on-year increase of 30.3%, despite high base pressure from the previous year [2] - The company added 95 new stores overseas, focusing on markets in Asia and North America, with a stable performance in overseas same-store sales when viewed from a two-year compound growth perspective [2] - Since April, there has been a month-on-month improvement in same-store performance in key overseas markets such as Mexico and the United States, supported by the execution of the IP strategy and store quality enhancement [2] Group 3: Strategic Outlook - The company is committed to a five-year strategic plan aimed at stable profit growth, with projected revenues of 20.54 billion yuan, 24.60 billion yuan, and 29.55 billion yuan for 2025-2027, corresponding to growth rates of 20.9%, 19.7%, and 20.2% respectively [2] - Adjusted net profits are expected to be 2.86 billion yuan, 3.68 billion yuan, and 4.56 billion yuan for the same period, with growth rates of 4.97%, 28.74%, and 24.04% respectively [2] - The company maintains an "overweight" rating due to its supply chain advantages and strengthened IP conversion capabilities, alongside ongoing global strategic initiatives [2]

Summary of Miniso (MNSO US) Conference Call Company Overview - **Company**: Miniso (MNSO US) - **Sector**: Specialty Retail - **Market Cap**: USD 13.81 billion - **Current Share Price**: USD 22.19 - **Target Price**: USD 25.10 (previously USD 27.70) [4][26] Key Points Industry and Market Dynamics - **Overseas Expansion Impact**: The expansion of self-operated stores overseas has negatively impacted margins, leading to a decline in operating profit margin (OPM) [2][26] - **Focus Shift in China**: Management has shifted focus from expansion to same-store sales growth (SSSG) in China, resulting in a narrowing decline in SSSG from double digits in 2H25 to mid-single digits in 1Q25 [2][3] Financial Performance - **1Q25 Results**: Revenue growth in mainland China increased to 9% in 1Q25 from 6.5% in 4Q24, despite a reported net profit decline of 28.5% year-over-year to RMB 416 million [2][26] - **Operating Profit Margin**: OPM in 1Q25 decreased by 4 percentage points year-over-year to 16%, below the medium-term target of 20% [2][3] - **Net Profit Estimates**: The net profit estimates for 2025-27 have been lowered by 19-26% due to expectations of lower overseas margins and increased losses from the Yonghui acquisition [3][23][24] Future Projections - **Long-term Outlook**: The company expects overseas markets to become significant contributors to revenue and profit in the long run, but short-term investments are required to scale retail capabilities, particularly in the US [3][26] - **2025-27 Estimates**: The OPM is projected to recover to 17.2% in 2027 from 16.7% in 2025, with overseas OPM expected to improve to 13.2% in 2027 [3][24] Valuation Adjustments - **Target Price Reduction**: The target price has been cut by 9.4% to USD 25.10 primarily due to lower earnings estimates [4][26] - **Earnings Estimates**: The earnings estimates for 2025 have been reduced by 19-26%, reflecting lower expectations for overseas business performance [3][26] Shareholder Returns - **Buyback Program**: The company has initiated a HKD 2 billion buyback program with a 50% payout ratio, estimating a total yield of approximately 5% on the stock [3][26] Important Financial Metrics - **Revenue Growth**: Expected revenue growth of 20.3% in 2025, with net profit projected to decline by 17.0% year-over-year [23] - **Operating Profit Margin**: OPM is expected to stabilize at 17% for the next few years [15][24] - **EPS Estimates**: EPS for 2025 is estimated at 8.26 CNY, down from previous estimates [7][14] Risks and Considerations - **Margin Pressure**: The ongoing pressure on margins due to overseas expansion and higher costs related to acquisitions poses a risk to profitability [2][3] - **Market Conditions**: The ability to achieve targeted OPM and revenue growth will depend on market conditions and the effectiveness of the company's strategic initiatives [3][24] Conclusion Miniso is navigating challenges related to overseas expansion and margin pressures while focusing on stabilizing growth in its core market of China. The adjustments in earnings estimates and target prices reflect a cautious outlook, with a long-term view that overseas markets will eventually contribute positively to the company's financial performance.

Investment Rating - The report initiates a "Buy" rating for the company [1][9] Core Insights - The company reported a total revenue of 4.427 billion yuan for Q1 2025, representing an 18.9% year-on-year increase, while the net profit attributable to shareholders was 416 million yuan, a 29.0% decline year-on-year [3][9] - The same-store sales trend is improving, with expectations for overseas direct store expansion to drive growth [4][9] - The TOP TOY brand is showing strong performance, with a revenue increase of 59% year-on-year in Q1 2025, driven by store expansion [5][9] - Gross margin improved by 0.8 percentage points to 44.2%, attributed to increased overseas revenue and a better product mix [6][9] - Total expenses increased by 44.6% year-on-year, primarily due to investments in new stores and rising sales and logistics costs [8][9] - The company forecasts revenues of 20.257 billion yuan, 24.130 billion yuan, and 28.739 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.07 yuan, 2.67 yuan, and 3.16 yuan [9][11] Summary by Sections Financial Performance - Q1 2025 total revenue was 4.427 billion yuan, with a year-on-year growth of 18.9% [3] - Net profit attributable to shareholders was 416 million yuan, down 29.0% year-on-year [3] - Adjusted net profit was 590 million yuan, a decrease of 4.9% year-on-year [3] Revenue Breakdown - Domestic revenue reached 2.494 billion yuan, a 9.1% increase year-on-year, with store count growing by 6.0% to 4,275 [4] - Overseas revenue grew by 30.3% to 1.592 billion yuan, with store count increasing by 23.8% to 3,213 [4] Brand Performance - TOP TOY generated 340 million yuan in revenue for Q1 2025, a 59% increase year-on-year, with 280 stores currently operating [5] - The average monthly revenue per flagship store exceeded 5 million yuan [5] Profitability and Expenses - Gross margin improved to 44.2%, driven by higher overseas contributions and product mix optimization [6] - Total expenses rose to 1.238 billion yuan, a 44.6% increase, mainly due to new store investments and rising operational costs [8] Future Projections - Revenue projections for 2025, 2026, and 2027 are 20.257 billion yuan, 24.130 billion yuan, and 28.739 billion yuan respectively [9] - EPS estimates for the same years are 2.07 yuan, 2.67 yuan, and 3.16 yuan [9]

Investment Rating - The report maintains a "Buy" rating for MINISO [6] Core Views - MINISO's domestic same-store sales are showing improvement, with a focus on operational efficiency [1] - The company is expanding its overseas presence, particularly in North America, with a significant increase in store count [2] - The gross margin remains stable, but profits are under pressure due to increased operational costs [3] - The company is positioned as a global leader in the retail sector, leveraging its supply chain and light asset model for rapid expansion [4] Summary by Sections Domestic Performance - In Q1 2025, MINISO achieved revenue of 4.427 billion yuan, a year-on-year increase of 18.9%, while net profit attributable to shareholders was 416 million yuan, a decrease of 28.52% [1] - The number of domestic stores decreased by 111, totaling 4,275 stores, but same-store sales showed a slight decline in the single digits, indicating improved performance [1] Overseas Performance - In Q1 2025, MINISO added 95 overseas stores, bringing the total to 3,213, a year-on-year increase of 617 stores, with an average store revenue growth of 4.6% [2] - The overseas revenue reached 1.592 billion yuan, reflecting a year-on-year growth of 30.3% [2] Profitability and Costs - The gross margin for Q1 2025 was 44.2%, up 0.8 percentage points year-on-year, driven by an increase in overseas revenue and a shift towards higher-margin products [3] - Operating expenses increased significantly, with sales expenses rising by 71.4% due to investments in direct stores and related costs [3] Financial Projections - Revenue projections for 2025-2027 are estimated at 21.012 billion yuan, 24.608 billion yuan, and 28.044 billion yuan, respectively, with net profits expected to be 2.951 billion yuan, 3.653 billion yuan, and 4.325 billion yuan [4][5] - The report anticipates a stable growth trajectory with a focus on optimizing various business segments and supply chains [4]

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： 2025年5月28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 ...