Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [2] Core Views - The company achieved a record high gross margin in Q2 2024, driven by the expansion of its overseas direct sales market [4] - The company plans to repurchase up to HKD 2 billion of its shares within 12 months to enhance shareholder returns [2] - The company aims for a revenue growth of 20%-30% in 2024, with adjusted net profit expected to reach at least HKD 2.8 billion [5] Financial Performance - For Q2 2024, MINISO reported revenue of HKD 4.035 billion, a year-on-year increase of 24.1%, and adjusted net profit of HKD 625 million, up 9.4% [2] - In H1 2024, the company achieved revenue of HKD 7.759 billion, a 25.0% increase year-on-year, and adjusted net profit of HKD 1.242 billion, up 17.8% [2] - The gross margin for H1 2024 was 43.7%, an increase of 4.1 percentage points year-on-year, with Q2 2024 gross margin reaching 43.9% [4] Store Expansion - The company is on track to meet its target of adding 900-1100 new stores in 2024, with a total of 4,115 stores in China by the end of H1 2024 [5] - The overseas market saw a revenue increase of 43% in H1 2024, with direct sales revenue growing by 70% [2][5] Market Performance - The same-store sales in China remained flat year-on-year, while overseas same-store sales grew by 16% [5] - The company’s stock closed at HKD 32.90 on August 30, 2024, with a market capitalization of HKD 414.3 billion [2]

证券研究报告·海外公司点评·专业零售(HS) 名创优品（09896.HK） 2024H1 业绩点评：经调整净利润同比+18%， 期待海外直营店旺季表现 2024 年 09 月 02 日 买入（维持） | --- | --- | --- | --- | --- | |------------------------------|----------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | CY2023A | CY2024E | CY2025E | CY2026E | | 营业总收入（百万元） | 13838 | 16951 | 20540 | 24243 | | 同比 (%) | 39.42 | 22.49 | 21.17 | 18.03 | | 归母净利润（百万元） | 2253 | 2539 | 3141 | 3766 | | 同比 (%) | 111.48 | 12.68 | 23.73 | 19.90 | | Non-IFRS 净利润（百万元） | 2,356.73 | 2,808.93 | 3,371.42 | 3,936.4 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for MINISO Group (MNSO US) with a target price of USD 25.40, down from a previous target of USD 31.30 [2][6]. Core Insights - MINISO reported solid performance in Q2 2024, with revenue reaching RMB 4.04 billion, a year-on-year increase of 24%. The gross profit margin (GPM) hit a record high of 43.9%, up 4.1 percentage points year-on-year [10]. - The company plans to implement a share repurchase program with a maximum limit of HKD 2 billion over the next 12 months and declared an interim dividend of RMB 620 million, approximately 50% of the adjusted net profit for the first half of the year [4][10]. - Domestic revenue was RMB 2.53 billion, up 18% year-on-year, while overseas revenue reached RMB 1.51 billion, up 35% year-on-year [10]. Financial Performance Summary - Revenue projections for 2024-2026 are RMB 17.3 billion, RMB 21.2 billion, and RMB 25.4 billion, respectively, with adjusted net profits expected to be RMB 2.82 billion, RMB 3.47 billion, and RMB 4.14 billion [6][10]. - The adjusted net profit for Q2 2024 was RMB 625 million, a 9% increase year-on-year, with an adjusted net profit margin of 15.5% [10]. - The company’s operating expenses ratio increased to 20.5%, up 5.8 percentage points year-on-year, while the general and administrative expense ratio was 5.6%, up 0.5 percentage points year-on-year [10]. Store Expansion and Market Dynamics - As of June 30, 2024, MINISO had 4,115 domestic stores, with a net increase of 81 stores in the quarter. The overseas store count reached 2,753, with a net increase of 157 stores [4][10]. - The company’s O2O (Online to Offline) business grew nearly 80% year-on-year, supporting same-store sales recovery to 98.3% of the previous year's levels [4][10]. - The report highlights that the direct sales market remains a key growth driver, with a 79% year-on-year increase in gross merchandise value (GMV) for direct sales [10].

Investment Rating - The report maintains a "Buy" rating for Miniso (09896) with a target price of 32.9 HKD, indicating an expected return of over 20% within the next six months [1]. Core Insights - The company's revenue for H1 2024 reached 7.76 billion CNY, a year-on-year increase of 25.0%, driven by an 18.8% increase in average store count and a 7% increase in same-store sales [1]. - Adjusted net profit for H1 2024 was 1.24 billion CNY, up 17.8%, with an adjusted net profit margin of 16.0%, slightly down by 1.0 percentage points [1]. - In Q2 2024, revenue was 4.04 billion CNY, a 24.1% increase, while adjusted net profit was 630 million CNY, up 9.4% [1]. - The gross margin for H1 2024 improved to 43.7%, up 4.1 percentage points, attributed to a higher contribution from direct sales in overseas markets [1]. Revenue Breakdown - In H1 2024, revenue from mainland China was 5.03 billion CNY, a 17.2% increase, with same-store sales at 98.3% of the previous year's level [1]. - Revenue from overseas markets reached 2.73 billion CNY, a 42.6% increase, with same-store sales growing by 16.3% [1]. - As of H1 2024, overseas revenue accounted for 35.2% of total revenue, up from 30.9% in the same period of 2023 [1]. Store Expansion - The total number of Miniso stores reached 6,868 by H1 2024, with a net addition of 455 stores in the first half of the year [1]. - The number of TOP TOY stores was 195, with 47 new stores opened in H1 2024 [1]. Profitability Details - The sales and distribution expense ratio for H1 2024 was 19.6%, up 4.8 percentage points, mainly due to investments in direct stores in both domestic and overseas markets [1]. - General and administrative expense ratio was 5.4%, up 0.2 percentage points, primarily due to increased personnel-related expenses [1]. - The board approved a cash dividend of approximately 621 million CNY for H1 2024, with total returns to shareholders reaching about 1.4 billion CNY this year [1]. Investment Recommendation - The company is expected to continue competing globally through cost leadership and product differentiation, aiming to enhance its brand image and increase single-store GMV [1]. - Projected adjusted net profits for 2024, 2025, and 2026 are 2.8 billion CNY, 3.4 billion CNY, and 4.0 billion CNY, respectively [1].

Investment Rating - The investment rating for the company is "Buy" [6]. Core Views - The company reported a revenue of 4.04 billion yuan in Q2 2024, representing a year-on-year increase of 24.1%. Revenue growth for MINISO China, MINISO Overseas, and TOPTOY was 18.3%, 35.5%, and 24.3% respectively [10]. - The gross margin reached a historical high of 43.9% in Q2 2024, with adjusted net profit of 630 million yuan, up 9.4% year-on-year. Excluding foreign exchange gains and losses, the adjusted net profit increased by 24.6% [10]. - The company is experiencing steady same-store sales domestically, with a same-store sales recovery rate of 98.3% compared to H1 2023, and a year-to-date growth of 16.1% in offline GMV [10]. - The company is accelerating its store expansion, adding 189 new stores in H1 2024, primarily in first- and second-tier cities, while maintaining a stable franchise structure [10]. - The overseas market continues to grow rapidly, with a comparable revenue growth of 70% in the direct market and 19% in the agency market for H1 2024 [10]. - The self-developed product ratio for TOP TOY has increased to 35%, with a gross margin of approximately 60% [10]. - The company expects revenue for 2024-2026 to be 17.31 billion, 21.12 billion, and 25.48 billion yuan respectively, with comparable growth rates of 25.1%, 22.0%, and 20.7% [10]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 4.04 billion yuan, a 24.1% increase year-on-year. The gross margin was 43.9%, and adjusted net profit was 630 million yuan, up 9.4% year-on-year [10]. - For H1 2024, the company added 189 new stores, focusing on first- and second-tier cities, while maintaining a healthy inventory turnover [10]. Market Position - The company is actively exploring diverse store models, including MINISO LAND and 24-hour super stores, to enhance its market presence [10]. - The North American market remains a key growth driver, with 62 new stores added in H1 2024 and a same-store sales growth of 12% [10]. Future Outlook - The company maintains a revenue growth target of 10%-15% for the year, supported by a same-store sales recovery rate above 97% in Q3 [10]. - The global expansion strategy is expected to continue driving revenue growth, with projected revenues of 17.31 billion, 21.12 billion, and 25.48 billion yuan for 2024-2026 [10].

2024 年 9 月 2 日 公司研究 总门店数突破 7000 家，推出 20 亿港元回购计划 ——名创优品（9896.HK）2024 年中报点评 要点 公司 2Q2024 营收同增 24.1%，公司权益股东应占利润同增 9.0% 8 月 30 日,公司公布 2024 年二季报：1H2024 实现营业收入 77.6 亿元，同增 25.0%,实现公司权益股东应占利润 11.7 亿元，对应基本 EPS 为 0.94 元，同 增 17.5%；实现经调整净利润 12.4 亿元，同增 17.8%。 单季度拆分来看，2Q2024 实现营业收入 40.4 亿元，同增 24.1%，实现公司 权益股东应占利润 5.9 亿元，同增 9.0%，对应基本 EPS0.47 元，同增 9.3%； 实现经调整净利润 6.2 亿元，同增 9.4%。 公司 2Q2024 综合毛利率同比上升 4.10pct，期间费用率同比上升 6.63pct 1H2024 公司综合毛利率为 43.69%，同比上升 4.10 个百分点。单季度拆分 来看，2Q2024 公司综合毛利率为 43.95%，同比上升 4.10 个百分点。公司 毛利率同比高增主要由于：1） ...

证券研究报告 | 2024年09月02日 名创优品（09896.HK） 优于大市 二季度营收同比增长 24%，海外门店加速扩张 | --- | --- | --- | --- | --- | --- | |---------------------|-------|--------|--------|--------|--------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 9,926 | 13,839 | 17,395 | 21,170 | 25,235 | | (+/-%) | -2.0% | 39.4% | 25.7% | 21.7% | 19.2% | | 净利润(百万元) | 1065 | 2253 | 2755 | 3330 | 3958 | | (+/-%) | 85.7% | 111.5% | 22.3% | 20.9% | 18.9% | | 每股收益（元） | 0.47 | 1.78 | 2.19 | 2.64 | 3.14 | | EBIT Margin | 10.3% | 18.2% | 18 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported Q2 revenue of 4.035 billion yuan, a 24% increase, with adjusted net profit of 625 million yuan, up 9.4%. The adjusted net profit growth rate slowed mainly due to exchange rate effects, with a foreign exchange loss of 4.2 million yuan in Q2 2024 compared to a gain of 66.1 million yuan in Q2 2023. Excluding foreign exchange impacts, the adjusted net profit increased by 24.6% year-on-year [1][2] - The company is steadily advancing its IP strategy, achieving a record high gross margin of 43.9% in Q2, up 4.1 percentage points year-on-year and 0.5 percentage points quarter-on-quarter. The adjusted net profit margin was 15.5%, down 2.1 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [1] - The company aims to open 550-650 new stores overseas in 2024, with a focus on direct sales growth, particularly in the U.S. and Indonesia, where store counts have significantly increased [2][3] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 7.76 billion yuan, a 25% increase, with adjusted net profit of 1.24 billion yuan, up 18%. Comparable store sales grew by 7%, and the number of stores increased by 19 [1][2] Overseas Expansion - Overseas revenue for Q2 and H1 reached 1.51 billion yuan (+35%) and 2.73 billion yuan (+43%), respectively. As of the end of Q2, the company had 2,753 overseas stores, accounting for 40% of total stores, with a net increase of 157 stores in Q2 [2] - The U.S. market saw a 12% increase in same-store sales, driven by a 50% increase in store count [2] Domestic Market - Domestic revenue for Q2 was 2.31 billion yuan (+18%), slightly exceeding previous expectations. The company opened 81 new stores in Q2, with 61% located in first- and second-tier cities [3] - The company launched a successful collaboration product, MINISO×Chiikawa, which generated significant consumer interest and sales [3] Future Projections - The company forecasts revenue growth of 25% for 2024, with adjusted net profit expected to reach 2.85 billion yuan, reflecting a 21% increase [9]

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 海外拓店提速释放，旺季表现值得期待 名创优品(9896) [Table_Industry] 批零贸易业 [Table_Invest] 评级： 增持 ——名创优品 2024Q2 业绩点评 股票研究 /[Table_Date] 2024.08.31 | --- | --- | --- | --- | |----------|-------------------------------------|------------------|-------| | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 苏颖 ( 分析师 ) | | | | 021-38677706 | 021-38038344 | | | | liuyuenan@gtjas.com | suying@gtjas.com | | | 登记编号 | S0880516030003 | S088052211000 ...

Financial Performance - For the six months ended June 30, 2024, the company's revenue increased by 25.0% to RMB 7,758,743,000 compared to RMB 6,206,330,000 in the same period of 2023[3]. - Gross profit for the same period rose by 37.9% to RMB 3,389,786,000, up from RMB 2,457,392,000 year-on-year[3]. - Adjusted net profit for the six months ended June 30, 2024, was RMB 1,241,886,000, reflecting a 17.8% increase from RMB 1,054,220,000 in the prior year[3]. - Adjusted EBITDA for the same period rose by 26.0% to RMB 1,967,354,000, compared to RMB 1,561,788,000 in 2023[3]. - The operating profit for the six months ended June 30, 2024, was RMB 1,494.8 million, compared to RMB 1,265.9 million for the same period in 2023[33]. - Net profit for the period grew by 15.7% from RMB 1,017.9 million to RMB 1,177.4 million[47]. - Basic earnings per share increased to RMB 0.94 for the six months ended June 30, 2024, compared to RMB 0.81 in the previous year[94]. - The company’s net profit for the six months ended June 30, 2024, was RMB 1,177,379 thousand, up 15.7% from RMB 1,017,918 thousand in 2023[95]. Revenue Breakdown - Revenue from mainland China rose by 17.2% to RMB 5,026.7 million, driven by a 16.5% increase in revenue from offline stores and a 37.9% increase from the TOP TOY brand[35]. - Revenue from overseas markets surged by 42.6% to RMB 2,732.0 million, accounting for 35.2% of total revenue, up from 30.9% in the same period last year[35]. - Total revenue for the period reached 7,809,027 thousand RMB, reflecting a significant increase compared to previous periods[100]. - For the six months ended June 30, 2024, total external revenue reached RMB 7,758,743 thousand, an increase from RMB 6,206,330 thousand for the same period in 2023, representing a growth of approximately 25.0%[110]. Store Expansion - The number of MINISO stores increased from 6,413 as of December 31, 2023, to 6,868 as of June 30, 2024, while TOP TOY stores grew from 148 to 195[11]. - As of June 30, 2024, the total number of Miniso stores reached 6,868, an increase from 5,791 stores in 2023, representing a growth of approximately 18.6%[13]. - In mainland China, the number of Miniso stores increased from 3,604 in 2023 to 4,115 in 2024, marking a growth of about 14.2%[17]. - The number of TOP TOY stores in mainland China grew from 118 in 2023 to 195 in 2024, reflecting a significant increase of approximately 65.3%[15]. - In overseas markets, the total number of stores increased from 2,187 in 2023 to 2,753 in 2024, a growth of about 25.9%[13]. Operational Efficiency - The company launched over 940 new SKUs on average each month, providing a wide product range of approximately 10,100 core SKUs[12]. - The overall closure rate of Miniso stores in mainland China for the six months ending June 30, 2024, was 3.6%, consistent with the previous year[16]. - Sales and distribution expenses rose by 65.8% from RMB 918.0 million to RMB 1,522.1 million, driven by investments in direct-operated stores, particularly in strategic overseas markets like the United States[40]. Cash Flow and Investments - Operating cash flow increased by 4.9% to RMB 1,293.8 million, with free cash flow at RMB 991.0 million[50]. - The company reported a significant cash inflow from the disposal of other investments, amounting to RMB 4,077,046 thousand in 2024, compared to RMB 3,753,449 thousand in 2023[104]. - The company’s investment in property, plant, and equipment, and intangible assets amounted to RMB 96,115 thousand in 2023, increasing to RMB 302,784 thousand in 2024[104]. Shareholder Returns - The company declared a special cash dividend of $0.2900 per American Depositary Share, totaling approximately $90.5 million, paid on April 9, 2024[92]. - The board has proposed an interim cash dividend of $0.0686 per ordinary share, totaling approximately $85.5 million[143]. - The company repurchased a total of 1,230,200 shares at a total cost of HKD 40.3 million and 254,600 American Depositary Shares at a total cost of USD 4.8 million during the six months ended June 30, 2024[86]. Market Strategy - The company plans to continue expanding its store network and product offerings to meet diverse consumer needs[11]. - The company plans to focus on expanding its TOP TOY brand presence in first and second-tier cities while also penetrating lower-tier cities in mainland China[17]. - The company plans to expand its store network in lower-tier cities in mainland China while optimizing its overseas operations in strategic markets like North America, Asia, and Europe[31]. Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code for the six months ended June 30, 2024, except for the recommendation regarding the separation of the roles of Chairman and CEO[79]. - The company believes that having the same individual serve as both Chairman and CEO ensures consistent leadership and effective strategic planning[81].