Summary of Miniso (MNSO US) Conference Call Company Overview - **Company**: Miniso (MNSO US) - **Industry**: Specialty Retail - **Market Cap**: USD 13,065 million - **Current Share Price**: USD 20.79 - **Target Price**: USD 27.70 (previously USD 29.30) [5][23] Key Financial Results - **2024 Adjusted Net Profit**: RMB 2,721 million, up 15% year-on-year [2] - **2024 Revenue Growth**: 25% year-on-year [2] - **Operating Profit Margin (OPM)**: Decreased by 0.9 percentage points to 19.5% due to margin dilution from accelerated opening of self-operated stores [2] - **Dividend Declared**: USD 0.3268 per ADR, representing a full-year payout of 50% on adjusted net profit [2] Future Guidance - **2025 Expansion Plans**: Slower pace of expansion expected compared to 2024, but revenue growth anticipated to accelerate due to improving same-store sales growth (SSSG) [3] - **2025 Revenue Growth Forecast**: 25% year-on-year [3] - **2025 Net Profit Growth**: Expected to grow by 12% year-on-year, but revised down by 9% due to negative impacts from Yonghui acquisition and higher finance costs [3][22] - **2026 Profitability Outlook**: Anticipated improvement in profitability post-acquisition restructuring of Yonghui [4] Valuation and Target Price Adjustments - **Target Price Reduction**: DCF-based target price cut by 5.5% to USD 27.70 [5][23] - **2025 Operating Profit (OP) Estimates**: Slightly lowered by 1% due to conservative OPM assumptions [3] - **2025/26 Net Profit Estimates**: Reduced by 9% due to higher finance costs and losses from Yonghui [22] Market Position and Risks - **Overseas Market Contribution**: Expected to contribute over 70% of revenue growth from 2024 to 2027 [21] - **Key Risks**: - Continued negative SSSG in China due to deteriorating offline traffic [27] - Potential for lower-than-expected margins from overseas self-operated stores [27] - Rising competition and potential disruptions from pandemics or other events [27] Financial Ratios and Projections - **2024 Revenue**: RMB 16,994 million, with a year-on-year growth of 22.8% [24] - **2025 Revenue Estimate**: RMB 21,252 million, with a year-on-year growth of 25.1% [24] - **2026 Revenue Estimate**: RMB 25,687 million, with a year-on-year growth of 20.9% [24] - **2024-2026 CAGR for Net Profit**: Revised to 17.6% from previous 22.5% [22] Conclusion - **Investment Rating**: Maintain Buy rating despite target price reduction, indicating a potential upside of 33.2% from current share price [5][27] - **Market Sentiment**: The company is positioned to benefit from overseas growth, although domestic challenges remain a concern [4][21]

瑞财经 吴文婷近日，名创优品旗下TOP TOY召开战略升级发布会，宣布启动全球化，目标是未来5年覆 盖全球100个国家核心商圈，开设超1000家门店。 名创优品旗下TOP TOY拟5年开店1000家，叶国富 称要抓住文化出海机会 在此背景下，名创优品以及TOP TOY的发展方向，均是布局全球的兴趣消费市场。"兴趣消费在中国刚 刚起步，而美国的兴趣消费市场已经非常成熟。美国人均兴趣消费超过2000元，日本人均兴趣消费为 588元，而中国的人均兴趣消费仅为51元。我们与日本相差10倍，与美国相差40倍。这意味着中国的兴 趣消费市场潜力巨大。"叶国富表示。 | | 截至12月31日 | | | --- | --- | --- | | | 2023年 | 2024年 | | TOP TOY門店數量 | | | | 直營店 | 14 | 40 | | 名創合夥人門店 | 134 | 236 | | 合計 | 148 | 276 | 2024年财报显示，TOP TOY门店数量由截至2023年12月31日的148家增加至截至2024年12月31日的276 家，其中272家位于中国内地。 名创优品创始人兼CEO叶国富指出，过 ...

出海速递｜"中国式内卷"闯关巴西/商务部：将组织摸排外贸企业内销需求 访问36氪出海网站letschuhai.com，获取更多全球商业相关资讯。 今日好文 光伏"破卷" 一场关于"克制"与"创新"的速度竞赛。 "中国式内卷"闯关巴西：低价闪电战 VS 直播新势力，谁能称霸？ 唯有真正理解巴西消费者的玩家才能在这场拉美淘金站中笑到最后。 名创优品：盈利能力再上台阶，IP 零售真是 "印钞机"？ 单个工人可节省7000-1万元人民币。 热点快讯 商务部：将组织摸排外贸企业内销需求，建立重点外贸优品企业名单 3月25日，商务部市场体系建设司副司长李维正在记者提问时表示，通过高品质外贸商品创造消费需求是扩大国内消费的重要方面之一，今年商务部将继续 以"外贸优品中华行"活动为引领，扩大外贸优品消费。李维正介绍，助力稳外贸、扩消费主要有四方面的重点工作：一是畅通外贸优品内销渠道，搭建外贸 企业扩内销平台。二是加大外贸优品消费支持。三是培育外贸优品消费品牌，摸排外贸企业内销需求，建立重点外贸优品企业名单。四是推动内外标准认证 衔接。（证券时报） 中国东盟举行自贸区3.0版特别联委会 商务部官网消息，3月24日，中国—东盟自 ...

加码"IP经济"，名创优品引领中国文化出海 名创优品董事会主席兼首席执行官叶国富表示，未来，名创优品的目标是要成为世界第一的 IP 设 计零售集团。全球消费需求朝着兴趣消费、品质消费转变，中国供应链和消费市场优势明显。名创优品 将会抓住机遇，继续在 IP 联名、产品创新、消费体验上发力，在全球零售市场中占据更加重要的地 位。 毛利率攀升，业绩稳健向好 致力于成为"世界第一IP设计零售集团"的名创优品于近期公布2024年财报。在"IP经济"加持下，名 创优品业绩再度让投资者惊喜。 财报数据显示，2024年，名创优品全年总营收达170亿元，同比增长22.8%；海外营收同比增长42% 至66.8亿元。毛利率44.9%，较去年同期上升3.7个百分点，再次创下历史新高。 受到良好业绩的鼓舞，名创优品也大手笔分红，宣布派发2024年末期股息7.4亿元，约占其截至 2024年12月31日止六个月经调整净利润的50%，持续为股东带来丰厚回报。 2024年，名创优品主要盈利指标均录得良好增长，盈利能力也在持续提升。 名创优品2024年经营利润为33.16亿元，较上年同期的28.2亿元增长17.6%；期内利润为26.35亿元， ...

Investment Rating - The report maintains a "Buy" rating for MINISO [4][15] Core Insights - MINISO's overseas expansion and IP strategy are accelerating, contributing to revenue growth and improved profitability [3][15] - The company reported slightly below expectations for its 4Q24 and FY24 results, with a revenue of Rmb4.71 billion, a gross margin of 47.0%, and an adjusted net profit of Rmb793 million [7][9] Financial Performance Summary - For FY24, MINISO achieved a revenue of Rmb16.99 billion, a year-on-year increase of 22.8%, and an adjusted net profit of Rmb2.72 billion, up 15.4% [7][9] - The company forecasts revenue growth to Rmb21.13 billion in 2025, with a projected adjusted net profit of Rmb3.11 billion [8][15] Revenue Growth Drivers - Domestic store expansion and TOP TOY's strong sales contributed to revenue growth, with MINISO's domestic revenue reaching Rmb2.30 billion, a 6.5% increase year-on-year [10] - Overseas store count reached 3,118, with a revenue increase of 65.5% year-on-year in 4Q24, contributing significantly to overall revenue [11][12] Gross Margin and Profitability - The gross margin reached a record high of 47.0%, driven by an increased proportion of direct-operated stores and improved execution of the IP strategy [12][15] - Adjusted net margin for 4Q24 was 16.8%, reflecting healthy profitability despite increased selling expenses [12] Strategic Partnerships and Future Outlook - MINISO is enhancing its partnership with Yonghui to accelerate retail transformation and is collaborating with IPs to support global brand expansion [13][14] - The company aims to assist 100 Chinese IPs in going global over the next decade, which is expected to drive long-term sales growth [14]

TOP TOY准备了100亿追赶泡泡玛特 具体到2025年与中国市场，TOP TOY创始人兼CEO孙元文表示，计划共新增150家门店，其中100 家在中国。去年该品牌共新增门店130家，截至目前，TOP TOY在全国 80 多个城市拥有接近 280 家店 铺，覆盖一线到四线城市。而未来计划在中国共开设500-700家店。 为实现这个海内外扩张的野心，TOP TOY准备了100亿储备资金——尽管并非计划全部花出去，但 如今开设一家潮玩旗舰店耗资巨大，尤其是在最顶级的商圈。3月25日，TOP TOY位于上海市黄浦区南 京东路的全球旗舰店正式开业，这家门店共有3层，内部装修琳琅满目，商品陈列鳞次栉比。孙元文透 露，该门店一年租金1300万元，装修也耗资1300万。 在这项计划中，TOP TOY还给自己的定位类似于一个制造IP周边产品的超级工厂——它计划与更 多全球经典IP、本土IP工作室、素人设计师等合作，将产品放到自己的渠道中售卖。而要达成这1000家 店，TOP TOY决定先在纽约、巴黎等100个全球核心商圈开出100家旗舰店，凭借旗舰店的影响力，逐 渐辐射更多区域。用TOP TOY 创始人兼CEO孙元文的话来 ...

Group 1 - U.S. stock futures increased, with Dow futures up approximately 300 points on Monday [1] - James Hardie Industries plc announced plans to acquire AZEK for $8.75 billion, leading to a sharp decline in its shares by 12.7% to $25.50 in pre-market trading [1] Group 2 - Progyny, Inc. experienced a decline of 6.5%, trading at $20.44 in pre-market [2] - New Oriental Education & Technology Group Inc. fell by 5.9% to $47.26 in pre-market [2] - MINISO Group Holding Limited reported disappointing quarterly sales, resulting in a 3.3% drop to $18.31 in pre-market [2] - FTAI Infrastructure Inc. decreased by 2.6% to $5.16 in pre-market [2] - CEVA, Inc. saw a decline of 2.2%, trading at $27.72 in pre-market [2] - Fold Holdings, Inc. fell by 2.1% to $8.25 in pre-market after a significant increase of 31% on Friday [2]

名创优品，全线「爆改」 近期热点不断的名创优品，公布了截至2024年12月31日的年度业绩公告。 根据公告，名创优品2024年全年收入达到人民币169.94亿元，同比增长22.8%；全年毛利为人民币76.37亿元，同比增长34.0%；毛利率全年为44.9%，创历 史新高。 尽管业绩增幅不小，但名创优品决定在2025年放缓开店节奏，名创优品CFO张靖京在业绩电话会上表示："2025年门店增加的数量预计会略少于2024年， 主要是因为我们自己的经营节奏。门店不能只看数量，更要看质量和结构，希望更多增长来自于同店销售。" 这其中的问题是存量门店的销售下滑，也是名创优品在2025年着重去解决的问题。 另外，在完成收购永辉超市29.4%股权后，名创优品要在销售、产品品类、毛利等方面对永辉进行改造，伴随的是更多的裁员和关店，这家企业或许在短 期内将迎来"动荡期"。 "拯救"同店 2024年，名创优品的门店总数为7780家，全年净新开1219家门店。其中，名创优品门店数量为7504家，全年净新开1091家门店。 这其中，中国内地的门店数量增加了460家，达到4386家，其中99%为合伙人门店，直营门店仅仅增加了1家。 按照 ...

担起永辉改革大任的叶国富在3月21日表示，永辉要进行"三提两减"，既通过优化人员提升人效，凭借 调改店提升业绩，名创优品在生活用品产品方面帮助永辉提升毛利，以及降成本与降费用。 叶国富提及永辉调改店刚开业业绩较过去提升5-6倍，稳定之后为过去的2-3 倍，"未来这个标准低于三 倍，我们认为都不合理。"他说。 叶国富：永辉今年的核心是减亏，明年全面完成调 改 界面新闻编辑 |牙韩翔 3月21日，名创优品披露2024年财报。2024年公司收入同比增长22.8%至169.94亿元；毛利同比增长 34.0%至76.371亿元。经营利润同比增长17.6%至33.158亿元；期内利润同比增长15.9%至26.354亿元。 经调整净利润同比增长15.4%至27.206亿元。 界面新闻在业绩会上获悉，名创优品创始人、董事会主席兼首席执行官叶国富称，永辉2025年最大工作 核心就是减亏。 永辉在3月17日召开的第六届董事会第一次会议上，通过了《关于成立永辉超市股份有限公司改革领导 小组的议案》，其中，推选永辉第一大股东名创优品的创始人叶国富为组长。新的小组成立意味着，叶 国富直接主导永辉的调改进程。此外，本次董事会暂未聘任公司 ...

Group 1: Miniso's Global Expansion - Miniso has surpassed 3,000 overseas stores, marking a significant milestone in its global expansion strategy [2] - The company reported a total revenue of 17 billion RMB for 2024, a year-on-year increase of 23%, with a gross margin of 44.9% [2] - Overseas revenue grew by 42% to 6.7 billion RMB, contributing nearly 40% to the total revenue [2] Group 2: Anta's Financial Performance - Anta Sports achieved a record revenue of 70.8 billion RMB in 2024, a 13.6% increase year-on-year, with a net profit of 15.6 billion RMB, up 52% [4] - The company has over 10,000 stores operating under the Direct-to-Consumer (DTC) model, with DTC accounting for over 80% of its operations [5] - Anta's overseas expansion focuses on Southeast Asia, with partnerships in Singapore and Malaysia [5] Group 3: Nike's Declining Performance - Nike reported a revenue decline of 9% to 11.3 billion USD in Q3 of FY2025, with net profit down 32% to 800 million USD [6] - The Greater China market saw a significant revenue drop of 17% to 1.7 billion USD, indicating a slowdown compared to competitors like Adidas [7] - Nike's new CEO is implementing a revitalization strategy focused on sports rather than fashion, aiming to improve inventory management and customer engagement [6][7] Group 4: Pop Mart's Artist IP Revenue Growth - Pop Mart's artist IP revenue increased by 70.4% from 2.16 billion RMB in H1 2023 to 3.69 billion RMB in H1 2024, with artist IP accounting for 81% of total revenue [9] - The Labubu series, a popular IP, was featured in a pop-up store at Harrods, highlighting the brand's international marketing efforts [9] Group 5: Starbucks' Collaboration with Snoopy - Starbucks China launched its first collaboration with Snoopy, introducing limited edition drinks and merchandise [12] - The collaboration includes exclusive products like plush toys and themed merchandise, enhancing customer engagement [12] Group 6: Three Squirrels' Entry into Beverage Market - Three Squirrels announced its entry into the beverage sector, launching 60 products with a focus on low pricing to disrupt traditional pricing models [20] Group 7: Shanghai Jahwa's Financial Struggles - Shanghai Jahwa reported a net loss of 800 million RMB for 2024, with total revenue declining by 13.93% to 5.68 billion RMB [21] - The significant loss was attributed to goodwill impairment and increased competition in the baby and child care segment [21] Group 8: Xtep's Leadership Change - Xtep International appointed a new CFO, Ding Lizhi, who is the daughter of the company's founder, indicating a potential shift in leadership strategy [22]