Core Viewpoint - Miniso's Q1 2025 financial report shows a revenue increase of 18.9% year-on-year to 4.43 billion RMB, but a decline in operating profit by 4.51% to 710 million RMB, and a net profit drop of 28.92% to 417 million RMB, indicating challenges in profitability despite revenue growth [1][3][6]. Financial Performance - Revenue for Q1 2025 reached 4.43 billion RMB, up from 3.72 billion RMB in Q1 2024, marking an 18.9% increase [3]. - Operating profit decreased to 710 million RMB, down 4.51% from the previous year [1]. - Net profit fell to 417 million RMB, a decline of 28.92%, with adjusted net profit at 587 million RMB, down 4.81% [1][3]. - Net profit margin dropped from 16.6% in the previous year to 13.3% [1]. Cost Structure - Sales and distribution expenses increased by 46.7% to 1.02 billion RMB, driven by rising overseas store rental, depreciation, and amortization costs [7]. - General and administrative expenses rose by 26.6% to 242 million RMB [7]. - Financial expenses increased due to a convertible bond issuance and loans for acquiring a stake in Yonghui Superstores, impacting overall profitability [6][7]. Market Expansion - Overseas business revenue reached 1.59 billion RMB, a 30% increase, accounting for 36% of total revenue [8]. - Total store count increased to 7,768, with 4,275 stores in mainland China and 3,213 overseas [8][9]. - The number of direct-operated stores in mainland China decreased to 20, while overseas direct-operated stores increased significantly [8][9]. Strategic Outlook - The company aims for healthy growth in operating profit in 2025, focusing on cost control and long-term revenue and profit growth [6][9]. - Direct-operated store revenue contribution rose from 14% to 22%, with a year-on-year growth of 86% [9]. - The company plans to continue expanding its overseas business, particularly in strategic markets like the U.S. [9].

Investment Rating - The report maintains a "Buy" rating for Miniso, with a 12-month price target of $23.40 for ADR and HK$46.00 for H-share, indicating an upside potential of 27.9% and 33.1% respectively [14][17]. Core Insights - Management is confident in achieving revenue growth acceleration in 2025, targeting a year-over-year increase of 23% compared to 2024, with a focus on low teens percentage growth in Miniso China and around 40% growth in overseas markets [1][8]. - Despite expected margin pressure in the short term, management anticipates a return to positive operating profit growth by the third quarter of 2025, with a narrowing of margin contraction [1][2]. - The company plans to close 300-400 underperforming stores in China, with expectations of a return to net store count growth in the second half of 2025 [1][12]. Summary by Sections Financial Performance - For 2025, Miniso aims for revenue of Rmb20,554 million, with an operating profit (OP) target of Rmb3.6 billion to Rmb3.8 billion, compared to Rmb3.2 billion in the previous year [17]. - In 2Q25, management expects topline growth of 18%-21%, with specific growth rates of low teens for Miniso China and 25%-30% for overseas markets [8]. Market Strategy - The company is focusing on optimizing its product offerings in the US, with IP-related products making up 60-70% of sales, and plans to increase local sourcing to mitigate tariff impacts [12][15]. - Miniso's store expansion strategy includes targeting 80-100 net new store openings in 2025, with a significant portion being DTC stores [10][11]. Operational Efficiency - Management noted that logistics costs have declined, and there is potential for cost savings through improved store productivity and geographical concentration of store openings [10][12]. - The average payback period for new stores is reported to be 15-18 months, with daily sales averaging nearly Rmb10,000, significantly above the breakeven point [13].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company reported Q1 2025 revenue of RMB 4.43 billion, a year-on-year increase of 18.9%, but net profit decreased by 28.5% year-on-year [7]. - Same-store sales in China showed improvement, with expectations for positive growth in Q2 2025 [8]. - The company is focusing on optimizing store operations and expanding high-efficiency stores to drive revenue growth [8]. Summary by Sections Company Overview - The company operates in the retail sector, with a current H-share price of HKD 34.55 and a market capitalization of RMB 36.35 billion [2]. - Major shareholder is Yang Yun Yun, holding 63.17% of shares [2]. Recent Performance - Q1 2025 revenue from the Miniso brand was RMB 4.09 billion, a 16.5% year-on-year increase, while overseas revenue grew by 30.3% [8]. - TOPTOY's revenue reached RMB 340 million, a 59% increase year-on-year, with a total of 280 stores [8]. Financial Projections - The company expects net profits of RMB 2.49 billion, RMB 3.03 billion, and RMB 3.60 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 1.99, RMB 2.42, and RMB 2.88 [10]. - The report anticipates a decrease in profit margins due to increased operational costs and investments in new stores [8]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 16x for 2025, 13x for 2026, and 11x for 2027 [10]. - The report highlights that the stock is currently undervalued following a significant price drop, presenting a favorable investment opportunity [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company reported Q1 2025 revenue of RMB 4.43 billion, a year-on-year increase of 18.9%, while net profit attributable to shareholders was RMB 420 million, a decline of 28.5% [7]. - Same-store sales in China showed improvement, with expectations for positive growth in Q2 2025 [8]. - The company is focusing on optimizing store operations and expanding high-efficiency new stores to drive revenue growth [8]. Summary by Sections Company Overview - The company operates in the retail trade sector, with a current H-share price of HKD 34.55 and a market capitalization of RMB 36.35 billion [2]. Recent Performance - The company’s revenue growth outpaced previous guidance, but profit growth fell short of expectations [7]. - The gross margin improved by 0.8 percentage points to 44.2%, driven by overseas revenue contributions and product mix optimization [8]. Financial Projections - The company expects net profits of RMB 2.49 billion, RMB 3.03 billion, and RMB 3.60 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 1.99, RMB 2.42, and RMB 2.88 [10]. - The report anticipates a decline in net profit for 2025, followed by growth in subsequent years [10]. Market Position - The company maintains a strong market position with a significant share of its revenue coming from the Miniso brand, which accounted for 92.3% of total revenue [3]. - The expansion of TOPTOY contributed to revenue growth, with a 59% year-on-year increase in Q1 2025 [8]. Valuation Metrics - The current price-to-earnings (P/E) ratios for the forecasted years are 16x for 2025, 13x for 2026, and 11x for 2027, indicating a potentially attractive valuation [10].

Core Viewpoint - The company's Q1 2025 performance fell short of expectations, with revenue increasing by 19% year-on-year to 4.4 billion yuan, but adjusted net profit declining by 5% to 587 million yuan due to increased sales and financial expenses from upfront investments in direct stores [1][2]. Group 1: Financial Performance - Q1 2025 revenue reached 4.4 billion yuan, a 19% year-on-year increase, while adjusted net profit decreased by 5% to 587 million yuan [1]. - Domestic business revenue grew by 9% to 2.5 billion yuan, with same-store sales declining in the mid-single digits, and a net reduction of 111 stores [1]. - Overseas business revenue increased by 30% to 1.6 billion yuan, with a total of 3,213 stores, but same-store sales also saw a mid-single-digit decline due to high base effects [1]. - TOPTOY business revenue surged by 59% to 340 million yuan, indicating strong growth [1]. Group 2: Cost and Margin Analysis - Gross margin improved by 0.8 percentage points to 44.2%, driven by higher-margin overseas operations and increased revenue from TOPTOY [2]. - Sales expense ratio rose significantly by 4.4 percentage points to 23.1% due to increased upfront investments in direct stores [2]. - Financial expenses increased to 50 million yuan from a net income of 25 million yuan in the previous year, influenced by interest from stock-linked securities and loans [2]. - Adjusted net profit margin decreased by 3.3 percentage points to 13.3% due to rising tax rates and other expenses [2]. Group 3: Strategic Initiatives - The company is committed to advancing its IP strategy, focusing on interest-based consumption, with several new product lines launched this year [2]. - Plans include expanding the breadth and depth of IP collaborations to create differentiated products [2]. Group 4: Future Outlook - The company aims for positive same-store sales growth in domestic operations for the full year, particularly after improvements noted during the May Day holiday [3]. - Profit forecasts for 2025/26 have been revised down by 14% and 8% to 2.7 billion and 3.5 billion yuan, respectively [3]. - Target prices for Hong Kong and US stocks have been reduced by 8% to 42.28 HKD and 21.82 USD, respectively, reflecting a valuation adjustment [3].

Core Viewpoint - Miniso has successfully implemented a global layout for lifestyle goods collection stores, leveraging mature IP operation capabilities and offline development experience, particularly in the U.S. market, which provides a guarantee for the company's continued growth [1] Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 4.427 billion yuan (+18.9%), operating profit of 710 million yuan (-4.51%), and net profit attributable to shareholders of 416 million yuan (-28.5%) [1] - Adjusted net profit for the same period was 587 million yuan (-4.81%) [1] Group 2: Domestic Store Performance - The same-store sales decline in domestic Miniso locations improved from a high single-digit decrease to a mid-single-digit decrease, with a positive same-store sales performance during the May Day holiday [2] - The number of domestic Miniso stores decreased by 111 to 4,275, with reductions in first, second, and third-tier cities of 18, 49, and 44 stores respectively [1] Group 3: Strategic Initiatives - The company continues to execute a strategy of opening larger stores and encourages franchisees to exit smaller, less profitable locations, aiming for more IP-dominant stores and flagship stores [2] - In Q1 2025, the company added 95 overseas stores, reaching a total of 3,213, with overseas business revenue growth exceeding 30% [2] Group 4: Supply Chain and Cost Management - The U.S. direct sales system is expanding, focusing on densely populated states to enhance scale effects, although initial costs have pressured Q1 performance [2] - The company has increased its local sourcing in the U.S. to nearly 40%, minimizing the impact of tariffs [2] Group 5: Profitability and Future Outlook - The company's gross margin continued to rise, but net profit margin declined due to increased financial expenses from convertible bond issuance and bank loans for acquiring Yonghui Superstores [2] - The company maintains projected net profits for 2025-2027 at 3.074 billion, 3.645 billion, and 4.074 billion yuan, corresponding to PE ratios of 16X, 13X, and 12X [2]

Core Viewpoint - The company reported Q1 2025 earnings with revenue growth of 18.9% to 4.43 billion yuan, exceeding previous guidance of 15-18%, driven by domestic channel upgrades and inventory optimization [1] - Adjusted net profit decreased by 4.8% to 590 million yuan due to rapid expansion of direct stores and increased financial expenses [1] - The company is shifting its domestic strategy from aggressive expansion to refined operations while enhancing supply chain diversity and localization in overseas markets, which is expected to stabilize profitability and support global expansion [1] Revenue Performance - Domestic same-store sales showed improvement, with Miniso China revenue increasing by 9.1%, driven by offline and online growth of 7.3% and 32.7% respectively [1] - The company closed 111 stores in Q1, focusing on older stores under 200 square meters, while same-store sales decline narrowed to single digits [2] - Overseas revenue grew by 30.3%, with 95 new stores added, particularly in North America [1][2] - TopToy revenue surged by 58.9% to 340 million yuan, with self-developed products accounting for over 40% [1] Profitability and Cost Structure - Gross margin improved by 0.8 percentage points to 44.2%, although it decreased by 2.8 percentage points quarter-on-quarter due to seasonal effects [2] - Selling and administrative expense ratios increased by 4.4 percentage points and 0.3 percentage points to 23.1% and 5.5% respectively, primarily due to significant investments in direct stores [2] - Adjusted net profit margin decreased by 3.3 percentage points to 13.3% as a result of increased financial expenses related to convertible bonds and acquisitions [2] Strategic Focus - The company is focusing on high-quality growth, with domestic operations centered on same-store sales improvement and enhancing store competitiveness through upgrades [2] - In overseas markets, the company is emphasizing localization and efficiency, with nearly 40% of U.S. purchases sourced locally to mitigate tariff risks [2] - The company aims to improve profitability through refined operations and inventory turnover optimization [2] Earnings Forecast and Valuation - Adjusted net profit forecasts for 2025-2027 have been reduced by 7.1%, 9.0%, and 9.0% to 2.99 billion, 3.73 billion, and 4.57 billion yuan respectively [3] - The target price is set at 47.00 HKD, based on an 18x PE ratio for 2025, reflecting increased uncertainty in overseas expansion [3] - The company maintains a "buy" rating despite the adjustments in profit forecasts [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 4.427 billion yuan for Q1 2025, representing a year-on-year growth of 18.9%, while net profit decreased by 28.9% to 417 million yuan [1]. - The adjusted net profit for Q1 2025 was 587 million yuan, a decline of 4.8% year-on-year [1]. - The overall gross margin increased by 0.8 percentage points to 44.2% in Q1 2025, driven by an increase in overseas market revenue and improvements in product mix [2]. - The MINISO brand revenue grew by 16.5% year-on-year, with overseas revenue increasing by 30.3% due to a 24.6% rise in average store count [2]. - The total number of stores reached 7,768 by the end of Q1 2025, with a net decrease of 12 stores, while domestic stores decreased by 111 and overseas stores increased by 95 [3]. - The company returned a total of 990 million yuan to shareholders, including 100 million USD in cash dividends and 260 million yuan in share buybacks [3]. Financial Performance Summary - For 2025, the company expects revenues of 20.415 billion yuan, with a growth rate of 20.1% [5]. - The projected profit attributable to equity shareholders for 2025 is 2.701 billion yuan, reflecting a growth rate of 2.8% [5]. - The earnings per share (EPS) for 2025 is estimated at 2.16 yuan [5]. - The company’s return on equity (ROE) is projected to be 20.8% for 2025 [12]. Strategic Focus - The company is focusing on optimizing store quality and structure domestically while maintaining significant investments in overseas markets [4]. - The report highlights the importance of releasing operational leverage in overseas markets during peak seasons [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Insights - The company reported a revenue of 4.43 billion yuan in Q1 2025, representing a year-on-year increase of 19%, while adjusted net profit decreased by 4.8% to 587 million yuan [1] - The gross profit margin improved to 44%, up 0.8 percentage points year-on-year, driven by increased overseas revenue contribution and a higher proportion of profitable products [1] - The company is undergoing adjustments in its domestic operations while continuing to expand overseas, with a focus on enhancing store formats and optimizing its store network [2][3] Summary by Sections Financial Performance - In Q1 2025, revenue reached 4.43 billion yuan, with a gross profit of 2 billion yuan, marking a 21% increase year-on-year [1] - Adjusted net profit was 587 million yuan, reflecting a decrease of 4.8% year-on-year, with a net profit margin of 13%, down 3.3 percentage points [1] - Sales and distribution expenses increased to 23% of revenue, up 4.4 percentage points year-on-year, primarily due to rising costs in rent, depreciation, and wages [1] Brand and Channel Analysis - The Miniso brand generated 4.1 billion yuan in revenue, a 17% increase year-on-year, with 7,488 stores at the end of Q1 2025 [2] - Domestic revenue for Miniso was 2.5 billion yuan, up 9% year-on-year, while overseas revenue reached 1.6 billion yuan, a 30% increase [2] - TOP TOY brand revenue surged by 59% to 340 million yuan, with a significant increase in store count [2] Strategic Initiatives - The company is focusing on a channel upgrade strategy, emphasizing the opening of larger stores and enhancing the customer experience through flagship stores and themed locations [3] - Collaborations with popular IPs have led to significant sales growth in certain product categories, contributing to overall revenue [4] - The company aims for sustainable high-quality growth through strategic store network improvements and operational adjustments [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26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 ...