Investment Rating - The investment rating for the company is "Buy" [3][19]. Core Views - The company has demonstrated strong growth momentum with a revenue increase of 22.8% year-on-year, reaching 12.281 billion yuan for the first three quarters of 2024, and an adjusted net profit of 1.928 billion yuan, up 13.7% year-on-year [3]. - The company's overseas business continues to expand rapidly, particularly in Asia and North America, with a 39.8% year-on-year increase in overseas revenue for Q3 2024 [3]. - The gross profit margin has reached a new high of 44.9% in Q3 2024, reflecting an improvement in profitability [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 4.523 billion yuan, a year-on-year increase of 19.3%, and an adjusted net profit of 686 million yuan, up 6.9% year-on-year [3]. - The company’s gross profit margin for Q1-3 2024 was 44.1%, an increase of 3.7 percentage points year-on-year [3]. - The projected revenues for 2024-2026 are 17.167 billion yuan, 20.572 billion yuan, and 24.062 billion yuan, respectively, with corresponding net profits of 2.533 billion yuan, 3.198 billion yuan, and 3.998 billion yuan [6]. Domestic and Overseas Business - Domestic same-store sales faced pressure, with a decline of 1.7% in the first half of 2024, while Q3 same-store sales showed a decrease of 6.4% [3]. - The company opened 135 new domestic MINISO stores in Q3 2024, bringing the total to 4,250 stores, an increase of 448 stores year-on-year [3]. - The overseas business saw a net increase of 183 stores in Q3 2024, totaling 2,936 stores, with significant growth in Asia and North America [3]. Profitability and Cost Management - The company’s adjusted net profit margin for Q3 2024 was 15.2%, a decrease of 1.7 percentage points year-on-year [3]. - Selling and administrative expenses increased due to the accelerated opening of new stores, with selling expense ratio at 22.03% and management expense ratio at 5.22% for Q3 2024 [3]. - The company is expected to continue its strategic transaction with Yonghui, which is anticipated to be completed in the first half of 2025 [3].

Investment Rating - The report maintains a "Buy" rating for MINISO, with a target price of $30.60, indicating a potential upside of 23.6% from the current price of $24.75 [1][2][17]. Core Insights - MINISO's overseas direct sales growth has exceeded expectations, with Q3 FY24 revenue increasing by 19% year-on-year to 45.2 billion RMB, driven by a 40% increase in overseas revenue [2][8]. - The gross margin for Q3 FY24 reached a historical high of 44.9%, up 3.1 percentage points year-on-year, attributed to the increased contribution from overseas direct sales [2][12]. - The company is expected to achieve revenue and adjusted net profit of 48.5 billion RMB and 7.5 billion RMB, respectively, in Q4 FY24 [17]. Summary by Relevant Sections Domestic Business Performance - Domestic revenue for Q3 FY24 grew by 9% to 27.1 billion RMB, with MINISO's offline revenue increasing by 4% to 22.3 billion RMB [2][7]. - The number of domestic MINISO stores increased by 12% year-on-year to 4,520, with a same-store sales growth rate showing a slight decline [7][8]. Overseas Business Performance - Overseas revenue for Q3 FY24 reached 18.1 billion RMB, reflecting a 40% year-on-year increase, with same-store sales growth in direct and agency markets showing high single-digit growth [2][8]. - The contribution of overseas revenue to total revenue increased from 32% last year to 37% this year, indicating successful global expansion [12][17]. Financial Projections - Revenue projections for FY24E to FY26E are 171.2 billion RMB, 208.2 billion RMB, and 251.1 billion RMB, representing year-on-year growth rates of 23.7%, 21.6%, and 20.6%, respectively [2][17]. - Adjusted net profit projections for the same period are 28.4 billion RMB, 34.6 billion RMB, and 42.2 billion RMB, with growth rates of 21.6%, 22.0%, and 21.7% [17].

Summary of Conference Call on Miniso Company Overview - The conference focused on Miniso, a retail company known for its cost-effective products, which has been in operation since 2013 [1][5] - Miniso's revenue structure is primarily derived from the domestic market, accounting for over 60% of its income, with the remainder coming from overseas markets through a combination of direct sales and partnerships [3][4] Core Business Insights - Miniso has maintained a steady growth trajectory in the Chinese market despite challenges posed by the pandemic, while experiencing even higher growth rates in overseas markets, particularly in the Americas [4][6] - The company has undergone a strategic brand upgrade since 2021, which has positively impacted its revenue and operational metrics [6][8] Financial Performance - The company has shown resilience in its financial performance, with improvements in gross margin and operating metrics since the second quarter of 2022 [11] - As of the latest reports, the gross margin continues to trend upwards, with operating margins stabilizing around 15-16% [11][17] Market Expansion Strategy - Miniso is actively expanding its store presence globally, with a focus on North America and Southeast Asia, where significant growth potential remains [12][13] - The company plans to increase its store count beyond the current approximately 3,000 locations, indicating a robust growth strategy [14][16] Supply Chain and Operational Efficiency - Miniso has made significant efforts to enhance its supply chain resilience, particularly in response to tariffs and supply chain disruptions [17] - The company has achieved a local sourcing ratio of 30%, with plans to further localize its supply chain to mitigate tariff impacts [17] Future Outlook - The management expressed confidence in the company's ability to navigate macroeconomic pressures and maintain growth, with a five-year business plan that remains intact [19] - The anticipated improvements in store performance and operational efficiency are expected to lead to further valuation increases for Miniso [19] Additional Considerations - The company’s strong control by its leadership is seen as a double-edged sword, providing clear direction but also raising concerns about governance [7] - Miniso's ability to leverage its extensive store network for IP collaborations and product offerings is viewed as a significant competitive advantage [15][16] This summary encapsulates the key points discussed during the conference call regarding Miniso's business model, financial performance, market expansion, supply chain strategies, and future outlook.

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 58.29, indicating a potential upside of 23.9% from the current share price of HKD 47.05 [2][4]. Core Insights - The company has demonstrated robust global store expansion, achieving a record high gross margin of 44.1% in Q3 2024, up 3.7 percentage points year-on-year [2][4]. - Revenue for the first three quarters of 2024 reached HKD 12.281 billion, reflecting a year-on-year increase of 13.7% [2][4]. - The adjusted net profit margin for Q3 was 15.7%, slightly down from 15.2% in the previous year, indicating a minor decline of 1.3 percentage points [2][4]. - Domestic same-store sales faced pressure, with a decline of approximately 1.7%, particularly in lower-tier cities, while higher-tier cities performed better [2][4]. - The company is expected to benefit from strategic initiatives that enhance average transaction value, with a projected increase in same-store sales driven by IP strategies [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of HKD 12.281 billion, a 13.7% increase year-on-year, with Q3 revenue at HKD 4.523 billion, up 6.9% [2][4]. - The adjusted net profit for the first three quarters was HKD 1.768 billion, reflecting a year-on-year increase of 177.2% [2][4]. - The company’s gross margin improved due to a higher contribution from overseas markets, with overseas revenue share rising from 32% to 37% year-on-year [2][4]. - The report forecasts continued revenue growth, with projected revenues of HKD 17.212 billion in 2024, HKD 20.729 billion in 2025, and HKD 24.359 billion in 2026 [6][7]. Store Expansion and Market Strategy - As of Q3 2024, the company had a total of 4,250 stores in China, with a net increase of 135 stores during the quarter [2][4]. - The overseas store count reached 2,936, with a net addition of 183 stores in Q3, indicating strong international expansion [2][4]. - The report highlights the potential for further growth in overseas markets, particularly with the upcoming Harry Potter IP release expected to boost sales [2][4].

以下文章来源于中国企业家杂志 ，作者李欣 作者 | 李欣 来源 | 中国企业家杂志 （ID：iceo-com-cn） 叶国富终于见到了自己的"偶像"于东来。 11月27日，名创优品集团创始人叶国富与胖东来创始人、董事长于东来坐下来深谈了一 个下午。《中国企业家》了解到，这是两人第一次正式见面，叶国富选择独自前往河南 许昌会面。 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 达成了多个一致。 有接近名创优品的人士告诉《中国企业家》，此前他们两人更像在"神交"——都坚定看 好线下零售，都想在线下零售业开辟新天地，这是他们共同的理念，也是交往的底盘。 在企业家中，不乏于东来的追随者，但公开推崇并身体力行、大手笔开干的，叶国富算 其中特别耀眼的一个。 于东来今年5 8岁，比叶国富大11岁，两人都是草根出身的创业者。叶国富是湖北十堰 人，他于2 0 1 3年创立名创优品，在线下零售一干就是十几年。而于东来从1 9 9 5年开始， 一直做的也是线下零售的生意。 这次会面前，叶国富曾在多个场合公开表达过对胖东来模式，以及对于东来本人的认 可，甚至他直接买了个"高仿版的胖东来"——永辉超市。 三个月前，名创优品斥资6 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 4.523 billion yuan in Q3 2024, representing a year-on-year increase of 19.3%, with adjusted net profit of 686 million yuan, up 6.9% [2] - The report maintains profit forecasts for 2024-2026, expecting net profit attributable to shareholders to be 2.73 billion, 3.39 billion, and 4.16 billion yuan respectively, with current price-to-earnings ratios of 19.1, 15.4, and 12.6 times [2] - The company is focusing on quality retail and interest consumption strategies, with expectations for high-quality growth driven by its store type matrix and O2O strategy in China, accelerated overseas store expansion, and continued profitability from TOP TOY [2] Summary by Sections Domestic Performance - In Q3 2024, MINISO's revenue was 2.44 billion yuan, a 5.7% increase, with offline revenue growing by 3.8% [2] - The company added 324 new stores year-to-date, reaching a total of 4,250 stores, and aims to achieve a net increase of 350-450 stores in 2024 [2] - The report anticipates improved store efficiency driven by differentiated consumer demand and increased O2O touchpoints, with expectations for Q4 performance boosted by IP collaborations [2] Overseas Expansion - In Q3 2024, overseas revenue reached 2.732 billion yuan, a 43% increase, with direct and agency market revenues growing by 45% and 22% respectively [2] - The company added 449 new stores overseas, totaling 2,936 stores, with a target of 650-700 new stores for the year [2] - The report highlights steady same-store growth across various regions, with expectations for continued improvement in store efficiency during the Q4 peak season [2] Profitability - The gross margin for Q3 2024 was 44.9%, an increase of 3.1 percentage points year-on-year, driven by a higher proportion of overseas high-margin direct sales [2] - The operating expense ratio for Q3 2024 was 27.3%, up 5.9 percentage points year-on-year, primarily due to increased costs associated with store expansion [2] - The adjusted operating profit margin was 15.2%, reflecting a decrease of 1.8 percentage points year-on-year, attributed to rising expense ratios from rapid store expansion [2]

Investment Rating - The report maintains an "Outperform" rating for the company [4][14][22]. Core Views - The company achieved a record high gross margin of 44.9% in Q3, driven by an increase in high-margin overseas direct sales and improved product structure [10][12]. - Revenue growth is expected to accelerate in Q4, with an overall year-on-year increase of 25-30%, particularly in overseas markets projected to grow by 45-50% [7][8]. - The company is expanding its store network aggressively, with 135 new stores added in China and 183 new stores overseas in Q3 [8][10]. Financial Performance - For the first three quarters, the company reported revenue of 12.28 billion, a year-on-year increase of 22.8%, and adjusted net profit of 1.93 billion, up 13.7% year-on-year [7][8]. - In Q3 alone, revenue was 4.523 billion, reflecting a year-on-year growth of 19.3%, while adjusted net profit was 686 million, up 6.9% year-on-year [7][8]. - The company’s adjusted net profit margin for the first three quarters was 15.7%, slightly down from the previous year [7][8]. Future Projections - The company forecasts net profits of 2.755 billion, 3.330 billion, and 3.958 billion for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 16, and 13 [14][18]. - The revenue projections for the next few years are 17.395 billion in 2024, 21.170 billion in 2025, and 25.235 billion in 2026, indicating a strong growth trajectory [18]. Market Positioning - The company is leveraging its strong channel capabilities and supply chain advantages to optimize its product structure through popular IP collaborations, which is expected to enhance gross margins [12][14]. - The acquisition of Yonghui Supermarket is progressing steadily, aiming to create a unique multi-brand matrix in the retail sector [12][14].

Investment Rating - The report maintains a "Buy" rating for MINISO, indicating a positive outlook for the company's performance in the market [4][13][15]. Core Insights - MINISO reported a revenue of Rmb4.52 billion for Q3 2024, reflecting a year-on-year growth of 19.3%. The gross margin reached a record high of 44.9%, up by 3.1 percentage points year-on-year [4][8]. - The company's domestic revenue from the mainland market was Rmb2.71 billion, growing by 8.7% year-on-year, driven by steady store expansion and improved profitability in its TOP TOY segment [4][9]. - MINISO's overseas expansion is accelerating, with a total of 2,936 overseas stores as of Q3 2024, contributing to a 55.4% year-on-year revenue increase in overseas direct operations [4][10]. - The successful launch of the Harry Potter IP products has significantly boosted sales, indicating the effectiveness of MINISO's global IP strategy [4][12]. - The report projects continued growth in net profit, estimating Rmb28.51 billion, Rmb34.05 billion, and Rmb40.01 billion for the years 2024 to 2026, respectively [4][15]. Summary by Sections Financial Performance - Q3 2024 revenue was Rmb4.52 billion, with adjusted EBITDA of Rmb1.14 billion and adjusted net profit of Rmb686 million, showing respective year-on-year increases of 12.4% and 6.9% [4][8]. - The gross margin improved to 44.9%, attributed to a higher proportion of overseas direct sales and better execution of the IP strategy [4][11]. Domestic Market Insights - The domestic business revenue reached Rmb2.44 billion, growing by 5.7% year-on-year, supported by the expansion of MINISO stores to 4,250 [4][9]. - TOP TOY's revenue surged by 50.4% to Rmb272 million, driven by store expansion and resilient same-store sales [4][9]. Overseas Expansion - MINISO's overseas store count increased by 183 in Q3 2024, with significant contributions from regions such as Latin America and North America [4][10]. - Overseas revenue reached Rmb1.81 billion, marking a 39.8% year-on-year growth, with direct operations accounting for 37% of total overseas revenue [4][10]. Strategic Collaborations - The collaboration with Yonghui is expected to enhance supply chain efficiency and create synergies in private-label development and IP cooperation [4][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's overseas business continues to grow rapidly, with expectations for strong performance in the fourth quarter due to the overseas consumption peak season [2] - The company's Q3 revenue was 45.2 billion yuan, showing a year-on-year increase of 19.3%, which is in line with expectations. Adjusted net profit was 6.9 billion yuan, up 6.9% year-on-year, slightly below Bloomberg consensus [2] - Domestic store openings exceeded expectations, with 135 new Miniso stores opened in Q3, surpassing the Bloomberg consensus of 107 stores. Overseas business revenue in Q3 reached 18.1 billion yuan, a year-on-year increase of 40% [2] - The overseas direct sales market maintained high growth, with revenue from the overseas direct sales market increasing by 55.4% year-on-year, while the agency market saw a quarter-on-quarter increase in growth rate [2] - The report suggests that the expansion of overseas direct sales will further enhance the company's overall gross margin, and it is recommended to pay attention to the performance during the overseas consumption peak season in Q4 [2] Summary by Sections Financial Performance - For the first three quarters, the company's gross margin increased by 3.7 percentage points year-on-year, with the overseas direct sales market contributing positively to the overall gross margin [2] - The overseas revenue for the company was 45.43 billion yuan, a year-on-year increase of 41%, with direct sales revenue of 24.48 billion yuan (up 64% year-on-year) and agency market revenue of 20.95 billion yuan (up 22% year-on-year) [2] - The report projects the company's revenue for 2024, 2025, and 2026 to be 172 billion yuan, 206 billion yuan, and 232 billion yuan respectively, with year-on-year growth rates of 24%, 20%, and 13% [2] Market Dynamics - The report notes that same-store sales in the overseas market maintained strong growth, particularly in Latin America, where growth rates were between 10% and 20% [2] - The net profit margin was constrained by increased upfront costs associated with the rapid pace of new store openings in the direct sales market, suggesting a focus on Q4 performance due to the upcoming peak season and new product launches [2]

本次电话会议仅服务于国泰金安证券正式签约客户会议音频及文字记录的内容仅供国泰金安证券客户内部学习使用不得外发并且必须经国泰金安证券研究所审核后方可留存国泰金安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰金安证券将保留追究其法律责任的权利国泰金安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加明创优品2024Q3业绩交流目前所有的参会者均处于静音状态在演讲结束后将给大家留有提问时间现在有请主持人开始发言谢谢各位投资者大家上午好非常感谢参加我们今天的电话会我是国泰圈的研究员李月南然后我们今天的非常有幸请到了这个明创优品的张总来上线跟大家进行交流明创是我们 推荐了这个三年的这样一个非常优秀的这样一个商业公司最近的股市经济的这样的一个崛起其实也给大家看到了这个更多的有公司发展的这样一个可能性那么公司在前不久刚刚公布了几个急报的这样一个情况 然后我们现在今天的电话会大概还是分成两个部分第一个部分是麻烦张总先帮我们再梳理一下公司最近的情况然后后面会给投资者一个提问的时间张总要不您先帮我们再梳理一下谢谢越南总谢谢国进团队的组织各位投 ...