Investment Rating - The report maintains a "Buy" rating for Miniso (09896.HK) [1] Core Views - The company reported a revenue of 12.28 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 22.8%, with an adjusted net profit of 1.928 billion RMB, up 13.7% [2] - The revenue for Q3 2024 was 4.52 billion RMB, reflecting a 19.3% increase year-on-year, with an adjusted net profit of 686 million RMB, a 6.9% increase [2] - Domestic revenue grew by 9% while overseas revenue surged by 40% in Q3 2024 [2] - The company plans to open 900-1100 new stores globally in 2024, focusing on innovative store formats and expanding in North America [2] Financial Performance - The projected revenue for 2024 is 17.177 billion RMB, with a growth rate of 24.12% [4] - Adjusted net profit is expected to reach 2.815 billion RMB in 2024, with a growth rate of 19% [4] - The company’s gross margin for Q3 2024 was 43.7%, an increase of 3.1 percentage points year-on-year [2] - The P/E ratios for 2024, 2025, and 2026 are projected to be 15.89, 12.98, and 10.43 respectively [4] Operational Insights - The company has successfully expanded its store count to 4,250 in China, with significant growth in high-tier cities [2] - The overseas store count reached 2,936, with a notable increase in North America and Latin America [2] - The company is leveraging IP product innovation and supply chain integration to enhance its market position [2]

Financial Data and Key Metrics - Revenue for the first three quarters of 2024 increased by 23% YoY to RMB 12.28 billion, with an average store count increase of 90% and same-store sales growing in low-single digits [6] - Adjusted net profit margin was 50.7%, with adjusted EBITDA increasing by 21% to an adjusted EBITDA margin of 25.3% [41][42] - Inventory turnover days were 85 days, with 30% of MINISO's brand inventory located overseas, up from 21% the previous year [43][44] Business Line Performance - MINISO China revenue grew by 12.3% YoY, with offline store revenue up 11.8% and e-commerce revenue up 90% [12] - Overseas revenue exceeded RMB 4.5 billion, representing a 41% YoY growth, with direct-operated markets growing by 64% and distributor markets by 22% [20] - TOP TOY revenue grew by 43% YoY, with same-store sales up 5%, and 86 new stores added, progressing towards the annual target of 400 stores [27] Market Performance - In China, same-store sales declined by mid-single digits, with high-tier cities outperforming lower-tier cities [15] - Overseas same-store sales showed high-single-digit growth, with direct-operated markets contributing 67% of net new stores, primarily from the US and Indonesia [21] - The US market saw mid-single-digit growth, with plans to expand store operations and improve operational efficiency [64] Company Strategy and Industry Competition - The company is focusing on quality retail and interest-based consumption, aiming to combine product innovation with consumer experience [7] - MINISO plans to add 900 to 1,100 new stores globally each year, with IP product sales contributing over 50% by 2028 [11] - The company is mitigating potential US tariff risks by increasing local sourcing to 30% and establishing backup supply chains in South Asia, Japan, Korea, and the US [24][25] Management Commentary on Operating Environment and Future Outlook - The company remains optimistic about MINISO China's growth in 2025, despite a challenging micro-consumption environment [14] - Management expects Q4 revenue growth of 25% to 30%, with overseas market growth projected at 45% to 50% [58] - The company is confident in achieving its full-year targets, with revenue growth expected to be 20% to 30% YoY and adjusted net profit target of RMB 2.8 billion [51] Other Important Information - The company completed the acquisition of a 29.4% stake in Yonghui, aiming to transform traditional supermarket approaches and improve product service and consumer experience [7][48] - MINISO has collaborated with over 150 IPs globally, including six of the world's top 10 IP licensors, and plans to deepen collaboration with leading global IP licensors [17] - The company has distributed cash dividends exceeding RMB 600 million and returned approximately RMB 1.6 billion to shareholders through dividends and share buybacks [45][46] Q&A Session Summary Question: Q4 Outlook and Growth Opportunities in China - Management expects Q4 revenue growth of 25% to 30%, with overseas market growth projected at 45% to 50% and direct-operated markets growing by 70% to 75% [58] - In China, the company anticipates low-teens growth, driven by e-commerce and store expansion, with plans to add 400 new stores in 2024 [59][60] Question: Overseas Market Expansion and Store Operations - The company plans to add 650 to 700 stores overseas in 2024, with direct-operated markets contributing 67% of net new stores [21][60] - In the US, the company is focusing on improving operational efficiency and controlling costs, with plans to expand store operations during the holiday season [64] Question: Yonghui Acquisition and Performance Improvement - MINISO is supporting Yonghui in optimizing procurement costs, building self-owned brands, and improving store operational efficiency [69][70][71] - The company plans to close underperforming stores and focus on high-quality development, aiming to improve profitability and operational efficiency [72][73] Question: Same-Store Performance and IP Strategy - Same-store sales in China are expected to improve with refined IP product allocation and interest-based consumption strategies [81] - The company has seen strong performance from Harry Potter IP products, with significant sales contributions in overseas markets [87][88] Question: TOP TOY International Expansion and O2O Business - TOP TOY is focusing on profitability and international expansion, with plans to optimize product structure and improve margins [94] - The company is developing its O2O business, with significant growth in the past three quarters and plans to leverage omni-channel strategies to improve same-store performance [85][99] Question: US Market and Competition Landscape - The company is maintaining an asset-light business model in the US, with plans to introduce third-party stores to improve leverage [109] - MINISO is confident in its competitive advantage in the ACG market, with plans to launch new products and deepen IP collaborations [110][111]

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 名創優品集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：9896） 持續關連交易 及 終止現有持續關連交易 1. 持續關連交易 茲提述招股章程，內容有關本公司根據《上市規則》第十四A章的全面獲豁免 持續關連交易。於2022年6月27日，名創廣州（為其本身及代表本集團其他成 員公司）與色界美妝訂立框架協議（「採購彩妝美容產品框架協議」），內容有 關本集團採購彩妝美容產品，該協議自上市日期起生效。根據採購彩妝美容 產品框架協議，色界美妝將在一般及日常業務過程中向本集團供應若干彩妝 美容產品。採購彩妝美容產品框架協議的期限自上市日期起至2025年6月30 日止（包括首尾兩天）為期三年。 於2024年11月29日，名創廣州（為其本身及代表本集團其他成員公司）與色 界美妝已訂立經重續的採購彩妝美容產品框架協議，期限至2026年12月31日 ...

Financial Performance - Revenue for the first nine months of 2024 reached RMB 12,281.3 million (USD 1,750.1 million), representing a year-on-year growth of 22.8%[8] - Gross profit increased by 34.1% to RMB 5,419.8 million (USD 772.3 million), with a gross margin of 44.1%, up from 40.4% in the same period last year[8] - Operating profit grew by 14.3% to RMB 2,347.4 million (USD 334.5 million) for the first nine months[8] - Net profit for the period rose by 11.6% to RMB 1,825.7 million (USD 260.2 million)[8] - Adjusted net profit increased by 13.7% to RMB 1,928.1 million (USD 274.8 million), excluding a foreign exchange loss of RMB 21.7 million (USD 3.1 million)[8] - Adjusted EBITDA for the first nine months increased by 20.6% to RMB 3,107.1 million (USD 442.8 million), with an adjusted EBITDA margin of 25.3%[8] - Revenue for the quarter was RMB 4,522.6 million (USD 644.5 million), representing a year-on-year increase of 19.3%[25] - Gross profit amounted to RMB 2,030.0 million (USD 289.3 million), with a year-on-year growth of 28.2%[27] - Operating profit for the three months ended September 30, 2024, was RMB 852,562 thousand, a rise of 8.2% from RMB 788,313 thousand in the same period of 2023[50] - Adjusted net profit for the year ended December 31, 2023, was reported at RMB 4,157,675,000, with an adjusted net profit margin calculated accordingly[47] Store Expansion - Total number of stores reached 7,420 as of September 30, 2024, with a net addition of 859 stores in the first nine months[11] - The number of MINISO stores in mainland China was 4,250, with 324 new openings during the first nine months[11] - The number of MINISO stores in overseas markets reached 2,936, with 449 new openings in the same period[11] - As of September 30, 2024, the total number of MINISO stores reached 7,420, with a net addition of 859 stores in the first nine months of 2024, nearing the target of 900-1,100 new stores for the year[14] - The number of stores in Mainland China increased to 4,250 as of September 30, 2024, a net addition of 448 stores year-over-year[57] - The overseas store count reached 2,936 as of September 30, 2024, reflecting a year-over-year increase of 623 stores[59] Cash Flow and Liquidity - Free cash flow for the first nine months was RMB 1,465.6 million (USD 208.8 million)[9] - Operating cash flow for the first nine months of 2024 was RMB 2,030 million, with free cash flow of RMB 1,470 million, and cash reserves of RMB 6,280 million as of September 30, 2024[16] - Cash and cash equivalents totaled RMB 6,284.1 million (USD 895.5 million) as of September 30, 2024[24] - Cash and cash equivalents decreased to RMB 6,415,441,000 from RMB 1,716,150,000, reflecting a change in liquidity position[47] Expenses and Costs - Selling and distribution expenses increased by 61.6% to RMB 2,518.5 million, primarily due to investments in direct-operated stores in strategic overseas markets[20] - General and administrative expenses rose by 33.6% to RMB 654.8 million, driven by personnel-related costs associated with business growth[21] - Sales and distribution expenses rose by 55.5% to RMB 996.5 million (USD 142.0 million) year-on-year[28] Strategic Initiatives - The company signed an agreement to acquire a 29.4% stake in Yonghui Superstores, indicating a strategic focus on quality retail and consumer experience[14] - The company plans to maintain a dividend policy of at least 50% of adjusted net profit and continue share buybacks to provide predictable returns to shareholders[14] - Future outlook includes expectations for growth in the retail market and demand for the company's products, with potential risks highlighted[44] - The company plans to continue expanding its market presence and developing new products and technologies[44] - Management's strategic and operational plans include addressing industry competition and regulatory factors impacting business performance[44] Revenue Breakdown - The contribution of overseas revenue increased from 32% in 2023 to 37% in 2024, with overseas revenue growing by 41.5% to RMB 4,542.9 million (USD 647.4 million)[15][17] - Revenue from the Mainland China market for the three months ended September 30, 2024, was RMB 2,711,673 thousand, an 8.7% increase from RMB 2,495,777 thousand in the same period of 2023[55] - Revenue from the TOP TOY brand for the three months ended September 30, 2024, surged by 50.4% to RMB 271,645 thousand compared to RMB 180,664 thousand in the same period of 2023[55] Profitability Metrics - Adjusted net profit margin for the first nine months of 2024 was 15.7%, with an adjusted EBITDA margin of 25.3%[15] - The adjusted net profit margin for the three months ended September 30, 2024, was 15.2%, down from 16.9% in the same period of 2023[53] - Basic earnings per American Depositary Share increased by 12.3% to RMB 5.84 (USD 0.83) year-on-year[24] - The adjusted earnings per share (basic) for the three months ended September 30, 2024, was RMB 0.55, an increase from RMB 0.51 in the same period of 2023[53] Asset and Liability Overview - The total assets as of December 31, 2023, amounted to RMB 14,485,309,000, showing a significant increase from RMB 16,134,822,000 as of September 30, 2024[47] - Total liabilities as of December 31, 2023, were RMB 5,294,092 thousand, down 19.4% from RMB 6,569,859 thousand as of September 30, 2023[49] - The company reported a significant increase in inventories, rising from RMB 1,922,241,000 to RMB 2,297,067,000, suggesting potential growth in sales[47] - The company reported a decrease in non-current liabilities, specifically lease liabilities, from RMB 1,608,605 thousand as of September 30, 2023, to RMB 797,986 thousand as of December 31, 2023[49]

Core Viewpoint - MINISO Group reported strong financial results for the nine months ended September 30, 2024, with significant year-over-year growth in revenue, gross profit, and store expansion, indicating a robust operational performance and strategic focus on international markets [1][2][11]. Financial Highlights - Revenue for the first nine months of 2024 was RMB12,281.3 million (US$1,750.1 million), an increase of 22.8% year over year [2][15]. - Gross profit rose 34.1% year over year to RMB5,419.8 million (US$772.3 million), with a gross margin of 44.1%, up from 40.4% in the same period of 2023 [2][21]. - Operating profit increased 14.3% year over year to RMB2,347.4 million (US$334.5 million) [2][25]. - Profit for the period was RMB1,825.7 million (US$260.2 million), reflecting an 11.6% increase year over year [2][27]. - Adjusted net profit grew 13.7% year over year to RMB1,928.1 million (US$274.8 million) [2][28]. - Adjusted EBITDA increased 20.6% year over year to RMB3,107.1 million (US$442.8 million) [2][30]. Quarterly Highlights - For the September quarter, revenue was RMB4,522.6 million (US$644.5 million), a 19.3% increase year over year [3][34]. - Gross profit for the quarter rose 28.2% year over year to RMB2,030.0 million (US$289.3 million), with a gross margin of 44.9% [3][37]. - Adjusted net profit for the quarter increased 6.9% year over year to RMB686.2 million (US$97.8 million) [3][43]. Operational Highlights - The total number of stores reached 7,420 as of September 30, 2024, with a net increase of 859 stores in the first nine months of 2024 [4][11]. - The number of MINISO stores was 7,186, with 4,250 located in mainland China and 2,936 in overseas markets [4][5]. - The number of TOP TOY stores increased to 234, with 86 new stores opened in the first nine months of 2024 [5][11]. Strategic Developments - The company entered into agreements to acquire a 29.4% stake in Yonghui Superstores Co., Ltd., indicating a strategic move to enhance its retail presence [11]. - MINISO's gross margin improvement was attributed to higher overseas revenue contributions, which increased from 32% to 37% year over year [12][21]. - The company plans to maintain a dividend policy of paying out no less than 50% of adjusted net profit each year and will continue share buybacks to provide returns to shareholders [11][14].

The most recent trading session ended with MINISO Group Holding Limited Unsponsored ADR (MNSO) standing at $16.90, reflecting a +1.32% shift from the previouse trading day's closing. This change outpaced the S&P 500's 0.3% gain on the day. Elsewhere, the Dow gained 0.99%, while the tech-heavy Nasdaq added 0.27%.The company's shares have seen a decrease of 4.19% over the last month, not keeping up with the Retail-Wholesale sector's gain of 3.51% and the S&P 500's gain of 2.1%.Investors will be eagerly watchi ...

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通告的內容概不負責，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通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。 茲通告名創優品集團控股有限公司（「本公司」）謹訂於2025年1月17日上午十一時 正假座香港新界荃灣楊屋道88號Plaza 88之35樓B-D室為以下目的舉行股東特別大會 （「股東特別大會」）： 普通決議案 「動議： 股份記錄日及美國存託股記錄日 MINISO Group Holding Limited 名創優品集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （紐交所：MNSO；香港聯交所：9896） 股東特別大會通告 承董事會命 名創優品集團控股有限公司 執行董事兼主席 葉國富先生 香港，2024年11月22日 董事會已將2024年12月6日營業時間結束時（香港時間）定為本公司股份的記錄日 期（「股份記錄日」）。截至股份記錄日的本公司股份登記持有人有權出席股東特別大會 及其任何續會並於會上投票。截至2024年12月6日營業時間結束時（紐約時間）（「美國 存託股記錄日」）的美國存託股（「美國存託股 ...

GUANGZHOU, China, Nov. 22, 2024 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced that it will hold an extraordinary general meeting of the Company's shareholders (the "EGM") at 11:00 a.m. Beijing time on January 17, 2025 at Flats B-D, 35/F, Plaza 88, 88 Yeung Uk Road, Tsuen Wan, the New Territories, Hong Kong, for the purposes of consi ...

此乃要件 請即處理 閣下如對本通函任何方面或對應採取行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、銀行經理、律師、專 業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有名創優品集團控股有限公司的股份，應立即將本通函及隨附的代表委任表格送交買主或承讓人， 或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，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通函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 名創優品集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （紐交所：MNSO；香港聯交所：9896） 非常重大收購事項 有關 收購於上海證券交易所上市之目標公司股份 及 股東特別大會通告 名創優品集團控股有限公司謹訂於2025年1月17日上午十一時正假座香港新界荃灣楊屋道88號Plaza 88之35樓B-D室舉行股東 特別大會（「股東特別大會」），召開大會的通告載於本通函第853至854頁。本通函亦隨附股東特別 ...

各位投资者大家早上好我是智商证券的玛丽再次给大家带来民创优品的重点推荐这个公司我们推了比较长的时间虽然过去的股价表现相对一般我们还是坚信距离它有它表现的时间点是越来越近了所以在这个位置上还是有必要要重点再次做一下提醒 名车优品是一家全球化的家居日用潮玩百货商只不过它是嫁接了年轻人非常喜爱的各种IP资产比如说像哈利波特 巴比 鲁皮 吉卡娃等等一百多个大家耳熟能详的IP资产公司2013年开始成立成立到现在一路高歌猛进 即使是今天经历了疫情也就是十多年的时间公司已经发展成国内四千多家海外大概是三千家左右今年的收入有望达到一百七十亿利润超过二十八亿的这样的一家企业应当说过去的历史还是非常的优秀的 公司的核心成长驱动主要是来自于国内和国外两个部分那海外这一部分呢最大的成长驱动是来自于美国市场美国市场在2022年跑通之后 2023年就进入到比较快的渠道开拓阶段当然主要是集中在2023年的四季度2023年底公司在美国大概是118家渠道那根据我们跟踪到的情况呢 目前公司有计划落地的渠道数量已经是260多家了也就是过去的一年公司大概在美国新开了就是2024年新开应该是在140多家到150家这样的一个渠道数量那美国本身它的单电的 ...