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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.427 billion yuan in Q1 2025, representing a year-on-year increase of 18.89%, slightly above the company's guidance. However, the net profit attributable to the parent company was 416 million yuan, down 28.9% year-on-year, primarily due to increased short-term financing costs related to the acquisition of Yonghui Superstores [7] - The company's gross margin for Q1 2025 was 44.23%, up 0.82 percentage points year-on-year, while the adjusted net profit margin was 13.26%, down 3.3 percentage points year-on-year. This was mainly due to the higher revenue share from overseas direct sales, which typically has lower profit margins during the off-season [7] - Domestic MINISO revenue reached 2.49 billion yuan in Q1 2025, up 9.15% year-on-year, with a net reduction of 111 stores to 4,275 stores as the company focused on optimizing store structure and upgrading the brand [7] - Overseas revenue for MINISO was 1.592 billion yuan in Q1 2025, a year-on-year increase of 30.3%, with a net addition of 95 stores, bringing the total to 3,213 stores [7] - The TOP TOY brand achieved revenue of 340 million yuan in Q1 2025, up 58.9% year-on-year, with a net increase of 4 stores to 280 stores [7] - The company expects continued growth in both domestic and overseas markets, with adjustments made to profit forecasts for 2025-2027 [7] Financial Summary - Total revenue forecast for 2023A is 13.838 billion yuan, with a year-on-year growth of 39.42%. For 2024A, the forecast is 16.994 billion yuan, representing a 22.80% increase, and for 2025E, it is 20.664 billion yuan, a 21.59% increase [1] - The net profit attributable to the parent company for 2023A is forecasted at 2.253 billion yuan, with a year-on-year growth of 111.48%. For 2024A, it is 2.618 billion yuan, a 16.17% increase, and for 2025E, it is 2.544 billion yuan, a decrease of 2.81% [1] - The Non-IFRS net profit for 2023A is projected at 2.357 billion yuan, with a year-on-year growth of 109.65%. For 2024A, it is 2.721 billion yuan, a 15.44% increase, and for 2025E, it is 2.919 billion yuan, a 7.30% increase [1] - The latest diluted EPS for 2023A is 1.79 yuan per share, with a forecast of 2.09 yuan for 2024A and 2.04 yuan for 2025E [1] - The P/E ratio for the current price and latest diluted EPS is 18.51 for 2023A, 15.81 for 2024A, and 16.27 for 2025E [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 47.00 [8] Core Insights - The company reported a Q1 revenue increase of 18.9% to RMB 4.43 billion, exceeding previous guidance of 15-18%, driven by domestic channel upgrades and inventory optimization [1] - Adjusted net profit decreased by 4.8% to RMB 590 million due to significant investments in direct stores and increased financial expenses [1] - The company is transitioning from an aggressive expansion strategy to a more refined operational approach, focusing on profitability stabilization and global business expansion [1][4] Revenue Performance - Domestic revenue for Miniso increased by 9.1%, with offline and online sales growing by 7.3% and 32.7% respectively [2] - Overseas revenue surged by 30.3%, with 95 new stores opened during the quarter, particularly in North America [2] - TopToy's revenue grew by 58.9% to RMB 340 million, with self-developed products accounting for over 40% of sales [2] Profitability Metrics - 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 [3] - 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 investments in direct stores [3] - Adjusted net profit margin fell by 3.3 percentage points to 13.3% [3] Strategic Focus - The company is emphasizing "high-quality growth" by enhancing store competitiveness and optimizing inventory turnover [4] - In the domestic market, the focus is on same-store sales improvement, while overseas operations are concentrating on localization and efficiency [4] - The local procurement ratio in the U.S. has reached nearly 40% to mitigate tariff risks [4] Earnings Forecast and Valuation - Adjusted net profit forecasts for 2025-2027 have been revised down by 7.1%, 9.0%, and 9.0% to RMB 2.99 billion, RMB 3.73 billion, and RMB 4.57 billion respectively [5] - The target price is based on a 2025 PE ratio of 18x, reflecting increased uncertainty in overseas expansion [5] - The company is expected to maintain a competitive PE ratio compared to peers, with a projected PE of 29x for comparable companies [5][19]

Market Performance - The Hong Kong Hang Seng Index closed down by 1.35% [1] - The Hang Seng Tech Index fell by 1.7% [1] Company Movements - Miniso experienced a significant drop of over 18% [1] - Geely Automobile declined by more than 9% [1] - BYD and Leap Motor both saw declines exceeding 8% [1] - China National Nuclear Corporation surged over 130% [1] - Mao Geping's stock increased by more than 7% [1]

Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [4][10] Core Views - MINISO's domestic same-store sales are showing improvement, and direct store revenue is growing rapidly. The company reported Q1 2025 revenue of 4.427 billion yuan, a year-on-year increase of 18.9%, while adjusted net profit was 588 million yuan, a decrease of 4.8% year-on-year [4][6][10] Summary by Sections Market Performance - As of May 23, 2025, the closing price was HKD 42.25, with a year-to-date high of HKD 55.00 and a low of HKD 20.00. The total market capitalization was HKD 52.869 billion [3]. Financial Performance - In Q1 2025, MINISO achieved revenue of 4.427 billion yuan, up 18.9% year-on-year, with an average store count increase of 16.5% [6]. The adjusted net profit was 588 million yuan, down 4.8% year-on-year, primarily due to increased sales and distribution expenses [6][8]. Business Segments - Domestic revenue for MINISO China in Q1 2025 was 2.494 billion yuan, a 9.1% increase year-on-year, while overseas revenue reached 1.592 billion yuan, a 30.3% increase year-on-year. The average store count in overseas markets grew by 24.6% [7][10]. Profitability Metrics - The gross margin for Q1 2025 was 44.2%, an increase of 0.8 percentage points year-on-year. The sales and distribution expense ratio rose to 23.1%, up 4.4 percentage points year-on-year, due to direct investments in overseas stores [8][10]. Future Outlook - The report forecasts revenues of 20.971 billion yuan, 25.331 billion yuan, and 30.011 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.862 billion yuan, 3.482 billion yuan, and 4.119 billion yuan [10][12]. The projected P/E ratios for 2025, 2026, and 2027 are 17.0, 13.9, and 11.8, respectively [10].

Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [2] Core Insights - MINISO's domestic same-store sales are showing improvement, and direct store revenue is growing rapidly. The company achieved a revenue of 4.427 billion yuan in Q1 2025, a year-on-year increase of 18.9%, although adjusted net profit decreased by 4.8% [5][7][11] - The company is focusing on optimizing low-efficiency stores while emphasizing the establishment of flagship stores and IP Land stores to enhance brand strength [8] - The overseas market continues to expand rapidly, with a revenue of 1.592 billion yuan in Q1 2025, reflecting a year-on-year growth of 30.3% [8] Financial Performance Summary - In Q1 2025, MINISO's revenue growth exceeded market expectations, driven by a 16.5% year-on-year increase in average store count. The adjusted net profit was 588 million yuan, down 4.8% year-on-year due to rising sales and distribution expenses [7][9] - The gross margin for Q1 2025 was 44.2%, up 0.8 percentage points year-on-year, attributed to a higher proportion of high-margin overseas direct sales and an optimized product mix [9] - The sales and distribution expense ratio increased to 23.1%, up 4.4 percentage points year-on-year, primarily due to direct investments in overseas stores [9] Future Outlook - For the years 2025 to 2027, the projected revenues are 20.971 billion yuan, 25.331 billion yuan, and 30.011 billion yuan, respectively, with corresponding net profits of 2.862 billion yuan, 3.482 billion yuan, and 4.119 billion yuan [11][13] - The report anticipates a continued recovery in domestic same-store sales and improvement in sales performance, particularly in overseas markets like Mexico and the United States [11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 47.00 [8] Core Views - The company reported a Q1 revenue increase of 18.9% to RMB 4.43 billion, exceeding previous guidance of 15-18%, driven by domestic channel upgrades and inventory optimization [1] - Adjusted net profit decreased by 4.8% to RMB 590 million due to rapid expansion of direct stores and increased financial expenses [1] - The company's strategy has shifted from aggressive expansion to refined operations, focusing on enhancing profitability and supporting global business expansion [1][4] Revenue Performance - Domestic revenue for Miniso increased by 9.1%, with offline and online sales growing by 7.3% and 32.7% respectively [2] - Overseas revenue grew by 30.3%, with 95 new stores opened during the quarter, particularly in North America [2] - TopToy's revenue surged by 58.9% to RMB 340 million, with self-developed products accounting for over 40% of sales [2] Profitability Metrics - 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 [3] - 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 [3] - Adjusted net profit margin fell by 3.3 percentage points to 13.3% [3] Strategic Focus - The company is pursuing a "high-quality growth" strategy, emphasizing same-store sales improvement and store competitiveness through upgrades and new openings [4] - In the overseas market, the focus is on localization and efficiency, with nearly 40% of U.S. procurement sourced locally to mitigate tariff risks [4] Earnings Forecast and Valuation - Adjusted net profit forecasts for 2025-2027 have been reduced by 7.1%, 9.0%, and 9.0% to RMB 2.99 billion, RMB 3.73 billion, and RMB 4.57 billion respectively [5] - The target price is based on a 2025 PE ratio of 18x, reflecting increased uncertainty in overseas expansion [5]

Market Overview - A-shares experienced a narrow range of fluctuations with major indices showing mixed results, where the Shanghai Composite Index fell by 0.30% to 3338.42, and the Shenzhen Component Index decreased by 0.71% to 10060.36 [3][4] - The TMT sector showed strength, with the Wande TMT Index rising over 1.5% during the session, and more than 10 stocks in the sector hitting the daily limit or increasing by over 10% [4][6] Stock Performance - Notable gainers in the TMT sector included: - Zhilaike Technology (300771) up 20.00% to 12.90 - Huichang Communication (300578) up 19.99% to 21.13 - Zhongke Information (300678) up 19.99% to 35.12 [5] - Conversely, the medical and biological sector faced declines, with Haichen Pharmaceutical dropping over 12% and several other stocks falling more than 5% [6] Hong Kong Market - The Hong Kong market saw a decline, with the Hang Seng Index down 1.00% to 23366.06 and the Hang Seng Tech Index down 1.32% to 5177.45 [12][13] - Major stocks like BYD and Geely experienced significant drops, with BYD falling over 8% during the session [13][15] Company Specifics - Miniso reported a 18.9% year-on-year revenue growth for Q1, with adjusted net profit at RMB 587.2 million, down from RMB 616.9 million in the same period last year [20] - The total number of Miniso stores reached 7768 as of March 31, 2025, with a net increase of 978 stores year-on-year [20] Commodity Market - In the futures market, domestic coking coal futures saw a decline of over 1%, with a cumulative drop exceeding 30% for the year [21][23] - The pressure on coking coal prices is attributed to increased supply from Shanxi and Xinjiang, with limited demand growth, leading to inventory pressures [23]

Market Overview - A-shares experienced narrow fluctuations with overall weak performance, while the TMT sector showed strength [1][4] - The Hang Seng Index and Hang Seng Tech Index both saw intraday declines exceeding 1%, with notable drops in stocks like BYD and Geely [1][15][16] A-share Performance - Major indices showed mixed results at the close, with the Shanghai Composite Index down 0.30%, Shenzhen Component down 0.71%, and ChiNext Index down 1.28% [4][5] - The TMT sector saw a rise, with the Wind TMT Index increasing over 1.5% during the session, and more than 10 stocks hitting the daily limit or rising over 10% [5][6] Sector Performance - The media sector led gains, with intraday increases exceeding 2%, driven by stocks like Glacier Network and China Science Publishing [7][9] - The pharmaceutical and biotechnology sector faced declines, with stocks like Haichen Pharmaceutical and Keyuan Pharmaceutical dropping over 10% [9] Futures Market - Domestic coking coal futures saw intraday declines exceeding 1%, with a cumulative drop of over 30% year-to-date [2][25] - The pressure on coking coal prices is attributed to increased supply from Shanxi and Xinjiang, while demand growth remains limited [27] Company Specifics - Miniso reported a 18.9% year-on-year increase in revenue for Q1, but adjusted net profit decreased to RMB 587.2 million from RMB 616.9 million in the previous year [22][28] - The total number of Miniso stores reached 7,768 as of March 31, 2025, with a net increase of 978 stores [23]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of USD 22.50, reflecting a potential upside from the current price of USD 18.29 [2][10]. Core Insights - The company reported a revenue of RMB 4.43 billion in 1Q, representing a 19% year-over-year increase, while adjusted net profit decreased by 5% to RMB 587 million [3][16]. - Domestic revenue was RMB 2.49 billion, up 9% year-over-year, with a net closure of 111 domestic stores [3][16]. - Overseas revenue reached RMB 1.59 billion, a 30% increase year-over-year, with a net addition of 95 overseas stores [5][16]. - The gross profit margin (GPM) improved to 44.2%, up 0.8 percentage points year-over-year, while the adjusted net profit margin (NPM) was 13.3%, down 3.3 percentage points [8][16]. Financial Projections - Revenue projections for 2025-2027 are RMB 20.9 billion, RMB 24.9 billion, and RMB 29.2 billion, respectively, with adjusted net profits expected to be RMB 2.76 billion, RMB 3.66 billion, and RMB 4.57 billion [10][17]. - The company anticipates a net store opening of 200-300 in China and 500-600 overseas in 2025, focusing on high-quality development and channel upgrades [4][5]. Cost Structure and Profitability - The sales expense ratio increased to 23.1%, up 4.4 percentage points year-over-year, primarily due to expenses related to direct stores [8][16]. - The adjusted net profit margin is projected to improve gradually, with expectations of 13.2%, 14.7%, and 15.6% for 2025-2027 [10][14].