Company Performance - MINISO Group Holding Limited Unsponsored ADR (MNSO) closed at $22.62, reflecting a +0.49% change from the previous day's closing price, which is lower than the S&P 500's gain of 1.04% on the same day [1] - Over the past month, MNSO shares experienced a loss of 1.01%, underperforming the Retail-Wholesale sector's gain of 8.48% and the S&P 500's gain of 3.92% [1] Earnings and Analyst Estimates - Investors are anticipating the upcoming earnings disclosure for MINISO Group Holding Limited Unsponsored ADR, with a focus on any recent changes to analyst estimates, as these revisions often indicate short-term business trends [2] - Positive estimate revisions are interpreted as a favorable sign for the company's business outlook [2] Zacks Rank and Valuation - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks MINISO Group Holding Limited Unsponsored ADR at 3 (Hold), with no change in the Zacks Consensus EPS estimate over the past month [4] - MINISO is trading at a Forward P/E ratio of 15.21, which aligns with the industry average Forward P/E of 15.21, indicating no significant deviation in valuation [5] Growth Metrics - The company has a PEG ratio of 0.79, which is lower than the average PEG ratio of 1.15 for the Retail - Apparel and Shoes industry, suggesting a more favorable valuation relative to expected earnings growth [6] Industry Context - The Retail - Apparel and Shoes industry, part of the Retail-Wholesale sector, holds a Zacks Industry Rank of 56, placing it in the top 23% of over 250 industries, indicating strong performance potential [7]

Core Viewpoint - The emphasis on simplicity and efficiency in organizational processes is becoming a key focus for companies like Miniso, as they aim to combat formalism and enhance operational effectiveness [2][4][15]. Group 1: Company Initiatives - Miniso's founder, Ye Guofu, has introduced six major requirements aimed at eliminating formalism, including banning PPTs for internal communication and limiting meeting durations [4][14]. - The company aims to lead 100 Chinese IPs to global markets, with a strategic focus on simplifying communication and decision-making processes [5][7]. - Miniso's revenue for the first nine months of 2024 reached 12.281 billion yuan, a year-on-year increase of 22.8%, with a net profit of 1.826 billion yuan, up 11.6% [7]. Group 2: Competitive Landscape - The retail market is becoming increasingly competitive, with other brands also adopting IP collaborations, which poses a challenge for Miniso [11][12]. - Miniso's IP collaboration strategy has led to a 38% increase in licensing fees due to the growing IP portfolio [13]. Group 3: Long-term Goals - Ye Guofu has set ambitious long-term goals, including a plan to double the number of stores globally by the end of 2028, aiming for over 10,000 locations [8][10]. - The company is also expanding its presence in smaller cities, indicating a strategy to tap into underserved markets [9]. Group 4: Organizational Efficiency - The push against formalism is part of a broader strategy to avoid "big company disease," which can arise from organizational fatigue and inefficiency as companies grow [14][15]. - Miniso's internal assessments have identified the need to streamline processes and reduce unnecessary meetings to enhance productivity [14].

Group 1 - MINISO Group Holding Limited Unsponsored ADR (MNSO) ended the recent trading session at $23.15, showing a +1.14% change from the previous day's closing price, outperforming the S&P 500's daily loss of 0.95% [1] - Over the past month, shares of MINISO have decreased by 7.96%, underperforming the Retail-Wholesale sector's gain of 7.69% and the S&P 500's gain of 1.86% [1] Group 2 - The upcoming earnings release of MINISO Group Holding Limited Unsponsored ADR is highly anticipated by investors, and monitoring recent shifts in analyst projections is recommended [2] - Positive revisions in estimates indicate analysts' confidence in the company's business performance and profit potential [2] Group 3 - The Zacks Rank system, which includes estimate changes, has shown a strong track record of outperformance, with 1 ranked stocks yielding an average annual return of +25% since 1988 [4] - Currently, MINISO Group Holding Limited Unsponsored ADR holds a Zacks Rank of 3 (Hold) [4] Group 4 - MINISO Group Holding Limited Unsponsored ADR has a Forward P/E ratio of 15.47, which is a premium compared to its industry's average Forward P/E of 15.26 [5] - The company has a PEG ratio of 0.8, while the Retail - Apparel and Shoes industry has an average PEG ratio of 1.23 [6] Group 5 - The Retail - Apparel and Shoes industry, part of the Retail-Wholesale sector, has a Zacks Industry Rank of 74, placing it in the top 30% of all industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Insights - MINISO's growth in the U.S. is driven by successful localized operations and brand enhancements, achieving a 250% membership growth in 2024, totaling around 2 million members [1][2] - Member spending has nearly quadrupled compared to the previous year, indicating the effectiveness of the membership program [2] - Localized strategies have significantly boosted blind box sales, contributing approximately one-quarter of 2024 performance [3] Membership and Spending - Membership growth in 2024 was accompanied by a significant increase in member spending, which grew at a faster pace than membership [2] - The proportion of overall sales driven by member purchases has notably increased, showcasing the success of the membership initiative [2] Localization Strategies - MINISO's localization strategy includes tailoring product offerings to local consumer preferences and collaborating with popular local IPs like Harry Potter and One Piece [5] - The company has diversified its store formats in the U.S. by opening IP-themed pop-up stores and expanding into dynamic business districts [6] - Since 2019, MINISO's product unit price and average transaction value have nearly doubled, reflecting growing consumer recognition [7] Global Expansion - In 2024, MINISO added 449 new stores globally in the first three quarters, with the U.S. leading in growth, reaching its 200th store [8] - MINISO's global footprint has expanded to 112 countries and regions, with global membership surpassing 100 million [9]

Core Viewpoint - MINISO Group Holding Limited Unsponsored ADR (MNSO) has experienced a decline in stock price and is under scrutiny for its upcoming earnings performance, with analysts adjusting estimates reflecting confidence in the company's potential [1][2][3]. Company Performance - MNSO closed at $22.84, down by 1.51% from the previous day, underperforming the S&P 500's loss of 1.46% [1]. - The stock has decreased by 3.62% over the past month, contrasting with the Retail-Wholesale sector's gain of 2.27% and the S&P 500's gain of 1.08% [1]. Analyst Estimates - Recent modifications to analyst estimates for MNSO are crucial, as positive revisions indicate confidence in the company's business performance and profit potential [3]. - The Zacks Consensus EPS estimate for MNSO has remained steady over the past month, and the company currently holds a Zacks Rank of 4 (Sell) [5]. Valuation Metrics - MNSO is trading with a Forward P/E ratio of 15.67, which is below the industry average Forward P/E of 16.32 [6]. - The company has a PEG ratio of 0.81, compared to the Retail-Apparel and Shoes industry's average PEG ratio of 1.52 [7]. Industry Context - The Retail-Apparel and Shoes industry, part of the Retail-Wholesale sector, holds a Zacks Industry Rank of 47, placing it in the top 19% of over 250 industries [7]. - The Zacks Industry Rank indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8].

Investment Rating - The report assigns a "Buy" rating for MINISO (09896.HK) as a first coverage [1]. Core Views - MINISO is positioned as a global leader in the trendy lifestyle retail sector, focusing on high-quality, cost-effective products for young consumers. The company has successfully expanded its presence with 7,186 stores across 111 countries as of September 30, 2024 [11][12]. - The report highlights the company's robust financial performance, with a compound annual growth rate (CAGR) of 22.35% in revenue from 2020 to 2023, and a significant recovery post-pandemic, achieving a revenue growth of 39.43% in 2023 [15][16]. - MINISO's strategic focus on IP (intellectual property) upgrades and global expansion is expected to drive future growth, with plans to increase store count significantly in high-consumption markets like North America and Europe [47][63]. Summary by Sections 1. Company Overview - MINISO is the largest private label retailer globally, established in 2009, targeting young consumers with a focus on trendy, affordable products. The company has developed two main brands: MINISO and TOPTOY [11][12]. - The company has a concentrated ownership structure, with the founders holding 62.5% of the shares, ensuring stable governance [21][23]. 2. Historical Success Factors - The company has successfully navigated the competitive retail landscape by focusing on essential consumer goods and maintaining a self-operated sales model, which enhances brand recognition [27][28]. - MINISO's product strategy emphasizes frequent new product launches and competitive pricing, supported by a strong supply chain [30][32]. 3. Future Growth Prospects - The company aims to enhance its IP strategy, with a target of over 50% of sales coming from IP-related products by 2028. Currently, IP products account for over 30% of total sales [48][49]. - MINISO plans to expand its global footprint, targeting an annual increase of 900-1,100 stores worldwide from 2024 to 2028, with a focus on high-value markets [72][63]. 4. Financial Forecast - The report forecasts MINISO's revenue to reach CNY 171.67 billion, CNY 207.55 billion, and CNY 241.04 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of CNY 26.9 billion, CNY 33.5 billion, and CNY 40.8 billion [78]. - The company's valuation is projected to improve as it transitions from a channel retailer to a brand retailer, with a current price-to-earnings (P/E) ratio of 20.5, 16.5, and 13.5 for the years 2024, 2025, and 2026 [78][79].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is positioned as a global IP retail store, leveraging "IP + retail" to unlock overseas growth potential [1] - The emotional consumption era is on the rise, with the IP retail industry experiencing upward momentum [1] - The company has a strong competitive edge through efficient supply chain management, robust IP operation capabilities, and scale advantages [2] Summary by Sections Company Overview - The company, established in 2013, has developed a comprehensive supply chain system and is now a leading player in the domestic household goods retail sector [15] - The company operates two brands: MINISO, focusing on household goods, and TOP TOY, targeting the trendy toy market [20] Industry Analysis - The IP retail sector is in its growth phase, with significant potential for expansion as China's per capita IP retail consumption is only about 1/4 of the global average [34] - The emotional consumption trend is gaining traction, with increasing consumer interest in IP-related products [40] Competitive Advantages - The company excels in supply chain efficiency, IP operation capabilities, and has a significant scale advantage with over 7,186 stores globally [2][60] - The company has established partnerships with over 150 top IPs, enhancing its product offerings and market presence [60] Market Expectations - The report anticipates better-than-market expectations for same-store sales in both domestic and overseas markets, driven by refined IP operations and targeted product categories [3][66] - The company is expected to continue expanding its store network, particularly in overseas markets, which will support same-store sales growth [3][67] Financial Projections - Revenue forecasts for 2024-2026 are projected at 172 billion, 213 billion, and 256 billion respectively, with year-on-year growth rates of 24.3%, 23.9%, and 20.2% [5] - Adjusted net profit is expected to reach 28.0 billion, 35.8 billion, and 43.7 billion for the same period, reflecting growth rates of 19%, 28%, and 22% [5]

Group 1 - MINISO Group Holding Limited held an extraordinary general meeting (EGM) to seek shareholder approval for the proposed acquisition of shares of Yonghui Superstores Co., Ltd, and all proposed resolutions were adopted by shareholders [1][2] - The company expects to complete the acquisition after satisfying or waiving other closing conditions as per the relevant share purchase agreements [2] - MINISO is a global value retailer known for trendy lifestyle products featuring IP design, with a focus on quality, affordability, and aesthetically pleasing design [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 MINISO Group Holding Limited 1 | | 普通決議案 | 投票數目及百分比(%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 3. | 謹此授權本公司任何董事就實施購股協議及其項下擬 | 901,476,566 | 242,324 | | | 進行的交易或使其生效對購股協議作出彼等認為必 | (99.973126%) | (0.026874%) | | | 要、適當或權宜的一切行動及事宜。 | | | 附註： 承董事會命 名創優品集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9896） 於2025年1月17日舉行之 股東特別大會投票結果 茲提述名創優品集團控股有限公司（「本公司」）日期為2024年11月22日載列（其中 包括）本公司股東特別大會（「股東特別大會」）通告（「通告」）的通函（「通函」）。除 文義另 ...

Core Insights - The evolving consumption needs of young consumers are driving MINISO's strategy towards emotional satisfaction and self-expression through "interest-driven consumption" and the "super IP" strategy, collaborating with over 150 well-known IPs globally and achieving sales of more than 800 million IP products [1][3]. Group 1: Store Developments - MINISO Thailand's flagship store features over 20 IP collections, including Harry Potter and Disney, with immersive experience zones enhancing the shopping experience [2][3]. - The largest global store was opened in Jakarta, Indonesia, covering approximately 3,000 square meters with organized IP-themed experience zones [4]. - MINISO's largest store in Singapore at PLQ Mall offers over 5,000 SKUs, including popular IPs like Harry Potter and Pokémon, creating a unique shopping experience [4]. Group 2: Strategic Focus - MINISO's "super store" strategy has led to the establishment of high-impact locations and innovative retail formats across Southeast Asia, winning consumer approval [3][6]. - The brand is committed to expanding its presence in Southeast Asia through more high-impact stores and IP-themed pop-ups, enhancing consumer experiences [6]. Group 3: Unique Shopping Experiences - MINISO's IP-themed stores and pop-ups have attracted young consumers with distinctive themes, such as a Barbie-inspired store in Kuala Lumpur and a Harry Potter pop-up in Hong Kong [5]. - The opening of Vietnam's first Sanrio-themed store and Singapore's Loopy-themed store at Changi Airport has successfully integrated IP culture with retail environments [5]. Group 4: Company Overview - MINISO Group is a global value retailer known for trendy lifestyle products featuring IP design, focusing on a relaxing and engaging shopping experience [7]. - Since its first store opening in China in 2013, MINISO has built a globally recognized retail brand with a vast store network [7].