智通财经APP讯，名创优品(09896)公布，2025年11月24日耗资约24.59万美元回购5.12万股股份。 ...

格隆汇11月25日丨名创优品(09896.HK)公告，11月24日耗资24.59万美元回购5.12万股，每股回购价 4.7525-4.85美元。 ...

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11月25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 ...

Summary of Miniso's Earnings Call Company Overview - **Company**: Miniso - **Date**: November 24, 2025 Key Points Industry and Market Performance - **Domestic Market**: The domestic market has stabilized and improved, contributing two-thirds of the company's profits. The business model and profitability are stable, reducing tail risks [3][12] - **Overseas Market**: The overseas market achieved low single-digit same-store sales growth. The Top Toy business grew by 110%, significantly contributing to revenue, although franchise and agency performance in Latin America and Asia was slightly below expectations [2][4] Financial Performance - **Revenue Growth**: Miniso reported a revenue growth of 28.2%, exceeding Bloomberg's consensus estimate of around 25%. Domestic same-store sales grew nearly 10% [4] - **Profitability**: The company's net profit growth was 12%, which was 3 percentage points lower than Bloomberg's consensus. This was primarily due to a 0.2 percentage point decline in gross margin, attributed to an increase in third-party products and tariff fluctuations [2][4][5] Future Projections - **Net Profit Forecast**: For 2025, Miniso expects a net profit of approximately 2.9 billion RMB, with a fourth-quarter profit of about 850 million RMB. If the profit margin of U.S. stores improves by 2-3 percentage points in 2026, adjusted net profit could reach 3.5 billion RMB [6][8] - **Valuation**: The current price-to-earnings ratio is around 15 times for 2025, considered low. If performance improves as expected, the valuation could significantly increase [6][13] U.S. Market Insights - **Contribution to GMV**: The U.S. market contributes about 10% to the company's GMV and 20-30% to revenue. In 2025, there are 421 U.S. stores with an average monthly sales of 700,000 RMB [7][11] - **Store Performance**: New stores have shown a 1.5 times increase in sales efficiency and a 1.3 times increase in sales per square meter compared to older stores. However, new stores still represent a small percentage of total stores, and overall effects will take time to materialize [10][11] Investment and Financing - **Investment in Yonghui**: Miniso's investment in Yonghui is measured using the equity method, accounting for 29% of Yonghui's net profit in Miniso's financials. Financing activities for the acquisition resulted in approximately 150 million RMB in interest costs [9] Market Sentiment - **Stock Price and Valuation Outlook**: The stock price has overly reflected negative news, with a market cap of about 45 billion HKD (approximately 40 billion RMB). Even under pessimistic forecasts, the P/E ratio for next year is around 13 times, indicating a potentially undervalued position [13]

Core Insights - The report highlights that MINISO's Q3 2025 revenue reached 5.797 billion, a year-on-year increase of 28.2%, exceeding the company's previous guidance of 25%-28% [7] - Adjusted net profit for Q3 2025 was 767 million, reflecting a year-on-year growth of 11.7% [7] - For the first three quarters of 2025, MINISO achieved a total revenue of 15.190 billion, up 23.7%, and an adjusted net profit of 2.045 billion, a 6.1% increase [7] Market Performance - Domestic same-store sales growth accelerated in Q3 2025, with October showing further improvement to low double digits [7] - The company opened 102 new stores in Q3 2025, bringing the total domestic store count to 4,407 by the end of the quarter [7] - Internationally, MINISO's revenue for the first three quarters of 2025 was 5.846 billion, a 28.7% increase, with same-store sales turning positive in Q3 [7][8] Financial Metrics - The gross margin for the first three quarters of 2025 was 44.4%, a slight increase of 0.3 percentage points year-on-year [8] - Operating cash flow for Q3 2025 was 1.230 billion, with a ratio of operating cash flow to adjusted net profit of 1.7, indicating strong profitability [8] - The adjusted net profit margin for Q3 2025 was 13.2%, down 2.0 percentage points year-on-year [8] Future Projections - The report forecasts MINISO's revenue for 2025-2027 to be 21.216 billion, 25.799 billion, and 30.633 billion respectively, with net profits of 2.400 billion, 3.398 billion, and 4.160 billion [9] - The projected price-to-earnings ratios for 2025-2027 are 18.4, 13.0, and 10.6 respectively, maintaining a "Buy-A" rating [9]

Core Viewpoint - The company reported a strong Q3 performance with revenue of 5.797 billion yuan, a 28% increase year-on-year, and an adjusted net profit of 767 million yuan, reflecting an 11.7% year-on-year growth [1] Group 1: Domestic Performance - Domestic revenue from Miniso reached 2.909 billion yuan, showing a 19.3% year-on-year increase, with same-store sales experiencing positive growth in the high single digits [1] - The number of domestic stores increased to 4,407, with a net addition of 157 stores year-on-year, including significant growth in first, second, and third-tier cities [1][2] - The company signed 16 toy artists and is actively developing its own IP, such as Nuomi Er [1] Group 2: International Performance - Overseas revenue reached 2.312 billion yuan, with a 27.7% year-on-year increase, and same-store sales showing low single-digit growth [2] - The total number of overseas stores reached 3,424, with a net addition of 488 stores year-on-year, including significant growth in North America and Asia [2] - The company is focusing on a targeted store opening strategy in the North American market to enhance scale effects [3] Group 3: TOP TOY Performance - TOP TOY achieved revenue of 575 million yuan, marking a 111% year-on-year increase, driven by rapid store expansion and increased sales of proprietary and exclusive IP [2] - The number of TOP TOY stores reached 307, with a year-on-year increase of 73 stores [2] - The gross margin for Q3 was 44.7%, remaining stable despite increased operational expenses due to strategic investments in overseas stores [2] Group 4: Future Outlook - The company is expected to benefit from channel optimization and product upgrades driven by its large store strategy in the domestic market [3] - The growth path for the company's IP retail group is becoming increasingly clear, with projections for adjusted net profits of 2.96 billion, 3.42 billion, and 4.21 billion yuan for 2025, 2026, and 2027 respectively [3]

Core Insights - The company's Q3 2025 performance met expectations with a revenue increase of 28% to 5.8 billion yuan and an adjusted net profit increase of 12% to 770 million yuan [1][2] Group 1: Domestic Business Performance - Miniso's domestic revenue grew by 19% to 2.9 billion yuan, driven by a focus on "super categories, super stores, and super marketing," with toys showing strong performance and 16 new IP artist signings [1] - Offline revenue increased by 16% to 2.6 billion yuan, with same-store sales growth in the high single digits and 102 new stores opened during the quarter [1] - Online revenue surged by 58% to 340 million yuan, indicating robust e-commerce growth [1] Group 2: TOPTOY Performance - TOPTOY's revenue skyrocketed by 111% to 580 million yuan, with strong performance from proprietary IP new products and same-store sales growth in the mid-single digits, alongside 14 new store openings [1] Group 3: International Market Development - Miniso's overseas revenue rose by 28% to 2.3 billion yuan, with the U.S. market seeing over 65% revenue growth [1] - The company is optimizing overseas inventory and enhancing local operational capabilities, with same-store sales growth in the low single digits in key markets like the U.S. and Canada, and 117 new stores opened internationally [1] - Management plans to replicate successful strategies from the U.S. and China in Southeast Asia for sustainable long-term growth [1] Group 4: Financial Metrics and Forecasts - Gross margin slightly decreased by 0.2 percentage points due to product mix adjustments, while excluding share-based payment expenses, the sales and management expense ratio increased by 1.4 percentage points [2] - Adjusted net profit for 2025 is projected to remain at 2.9 billion yuan, with a 4% downward revision for 2026 to 3.6 billion yuan, maintaining a target price adjustment of 12%/11% to 50.18 HKD/26.08 USD, reflecting a 20x 2025 non-IFRS P/E ratio [2]

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].