The Paris flagship, which is MINISO's largest store in Europe, marks a significant milestone for MINISO's ongoing global expansion, aligning perfectly with the brand's ambitious "Super Store" strategy. This strategic approach focuses on establishing large-format stores in key, high-traffic areas. These "Super Stores" offer customers a truly immersive MINISO experience, showcasing the brand's extensive product range across categories like household goods, cosmetics, stationery, and more. The new flagship, wh ...

Investment Rating - The report assigns a "Buy" rating to MINISO (9896 HK) with a first-time coverage [3] Core Views - MINISO is transitioning from a value-for-money model to a higher-margin interest-driven consumption model, focusing on "big beauty", "big toys", and "big IP" to create super categories [2][7] - The company's growth is driven by both domestic expansion (super store strategy and lower-tier city penetration) and overseas market deepening (North America, Southeast Asia, and Europe) [2][7] - MINISO's supply chain advantage forms the foundation of its cost-effectiveness flywheel, enabling rapid and standardized channel expansion [5][6] Company Overview - MINISO is a global leader in trendy lifestyle home products retail, operating under the main brand MINISO and sub-brand TOP TOY [4] - As of 2023, the company has 6,413 stores globally, with 3,926 in China and 2,487 overseas [4] - In 2023, the company achieved RMB 13 8 billion in revenue, a 39% YoY growth, with a net profit of RMB 2 253 billion and a net profit margin of 16% [4] Business Model - MINISO adopts a "heavy backend, light frontend" model, leveraging its supply chain to enable low-cost, rapid expansion [5][22] - The company operates through three store models: direct-operated, partner, and agent, with partner stores being the majority [22][23] - MINISO's supply chain management system integrates suppliers into the entire process from product development to sales, ensuring efficiency and cost-effectiveness [27][28] Growth Potential - Domestically, MINISO is shifting from value-for-money to interest-driven consumption, with IP-designed products driving higher margins and customer engagement [6][43] - Overseas, the company is entering a phase of accelerated store expansion, particularly in North America, with local operations and marketing strategies driving growth [44][45] - The company's global store count reached 6,413 by 2023, with a focus on increasing store density in key markets [25][40] Financial Projections - The report forecasts MINISO's net profit for 2024-2026 to be RMB 2 84 billion, RMB 3 56 billion, and RMB 4 4 billion, respectively [7] - Based on the current market capitalization of RMB 45 7 billion, the PE ratios for 2024-2026 are projected at 16x, 13x, and 10x [7]

GUANGZHOU, China, June 20, 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 all the proposed resolutions submitted for shareholder approval set out in the notice of its annual general meeting were duly adopted at the meeting held in Hong Kong today.About MINISO GroupMINISO Group is a global value retailer offering a variety o ...

论坛 b197534b9f78f1b4ae366818a9df0ca3cc3e965b 名创优品——海外市场2024年上半年跟踪 2024年6月6日 核心洞察 专家 前任名创优品股份有限公司区域经理 > 印尼：þ名ÿþ创ÿ优品2024年上半年新开店 主持人 Donn Hu (DH), 高临行业分析师 约53家，已经突破300家，增长空间约 500家。老店改大店遇到阻力，部分老 议程 店店效提升不及预期，IP主题店 400-500平米以上，月店效150万元/ > 名创优品（NYSE: MNSO）——海外市场2024年上 月。名创优品在印尼市场定位轻奢， 半年发展态势及驱动力 街店模型还未跑通。 > IP主题店的运营效率和扩张、店效利润提升空间、 > 美国：þ名ÿþ创ÿ优品2024年上半年新开店 产品组合变化、快闪店拓展策略 约41家，预计中长期同店增长约 > 北美、拉美、新兴市场、欧洲市场的拓店进程、竞 10%，门店净利率目前低于20%，预 争趋势 计未来最高提升至30%。预计2025年 开始实现与印尼市场同样的经营模 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 7 June 2024 | 9:51PM HKT Miniso (MNSO): Consumer & Leisure Corporate Day: Recent trends continue to be solid in both China/overseas; Buy Bottom line: We hosted Miniso management at our Consumer & Leisure Corporate Michelle Cheng +852-2978-6631 | Day on Jun 7. Investors were mostly focused on: 1) recent trends: In China, Miniso’s michelle.cheng@gs.com Goldman Sachs (Asia) L.L.C. SSS performance was healthy, fluctuating around 100% of 2023 level YTD despite Xinyu Ruan overall soft ...

Investment Rating - The report maintains a "Buy" rating for the company, MINISO, with a target price of approximately $31 per ADR, representing a potential upside of 35% [5][10][19]. Core Insights - MINISO aims to become the world's leading IP design retail group, targeting a compound annual growth rate (CAGR) of no less than 20% in revenue from 2024 to 2028, with plans to open 900 to 1,100 new stores annually and double its global store count by 2028 [3][16][27]. - The company has seen significant growth in overseas markets, with 2023 overseas revenue increasing by 47% to 4.705 billion yuan, contributing 34% to total revenue [19][20]. - MINISO's strategy includes deepening its IP cooperation and leveraging global partnerships to enhance brand influence and sales performance [3][27][29]. Summary by Sections Global Expansion Strategy - MINISO has entered the "Overseas 2.0" phase, focusing on a dual strategy of cost leadership and differentiation, with an emphasis on interest-driven consumption [16][18]. - The company plans to enhance its presence in North America, Latin America, the Middle East, Southeast Asia, and Europe, optimizing product structures and improving operational management [17][19]. IP Strategy - MINISO is committed to becoming the world's top IP design retail group, with a goal of IP products accounting for over 50% of sales by 2028 [27][29]. - The company has successfully collaborated with over 80 global IPs, including Disney and Sanrio, to create popular product lines that significantly boost sales [29][30]. Financial Projections - Revenue projections for 2024-2026 are estimated at 17.721 billion yuan, 21.351 billion yuan, and 25.051 billion yuan, respectively, with adjusted net profits of 2.851 billion yuan, 3.405 billion yuan, and 4.001 billion yuan [5][10][19]. - The report anticipates a gross margin of approximately 41.4% for the years 2024-2026, supported by a growing share of high-margin overseas business [7][19]. Market Performance - The overseas market has become a significant growth driver for MINISO, with strong performance in Asia (excluding China), North America, and Latin America, contributing to 92% of overseas revenue [20][21]. - The company has identified substantial store opening potential in key markets, with significant gaps compared to competitors [22][23]. Supply Chain Efficiency - MINISO's supply chain is a core competitive advantage, with technology enhancements leading to a 15% improvement in overall supply chain efficiency [25][26]. - The company has implemented a digital system that has improved inventory turnover for overseas partners by over 60% [26].

Core Viewpoint - The average brokerage recommendation (ABR) for MINISO Group Holding Limited (MNSO) is 1.00, indicating a Strong Buy based on recommendations from four brokerage firms, all of which are Strong Buy [1][2] Brokerage Recommendation Trends - The ABR suggests buying MNSO, but relying solely on this information may not be prudent as studies show limited success of brokerage recommendations in identifying stocks with the best price increase potential [2][3] - Brokerage firms often exhibit a positive bias in their ratings due to vested interests, leading to a disproportionate number of Strong Buy recommendations compared to Strong Sell [2][3] Zacks Rank vs. ABR - Zacks Rank is a quantitative model based on earnings estimate revisions, while ABR is derived solely from brokerage recommendations, which may not always be up-to-date [4][6] - The Zacks Rank is considered a more reliable indicator of near-term stock performance due to its timely reflection of earnings estimate changes [5][6] Investment Consideration for MNSO - The Zacks Consensus Estimate for MNSO has increased by 1.2% over the past month to $1.26, indicating growing optimism among analysts regarding the company's earnings prospects [7] - The increase in consensus estimate, along with other factors, has resulted in a Zacks Rank 1 (Strong Buy) for MNSO, suggesting a potential for stock price appreciation [7]

Core Insights - MINISO Group Holding Limited Unsponsored ADR (MNSO) is a notable stock in the Retail-Wholesale sector, currently holding a Zacks Rank of 2 (Buy) indicating positive analyst sentiment [2][3] - MNSO has returned approximately 9.6% year-to-date, outperforming the average return of 9.1% for the Retail-Wholesale sector [2] - The Zacks Consensus Estimate for MNSO's full-year earnings has increased by 3.7% over the past quarter, reflecting an improving earnings outlook [2] Company Performance - MNSO belongs to the Retail - Apparel and Shoes industry, which has an average gain of 12.6% year-to-date, indicating that MNSO is slightly underperforming its specific industry [3] - In comparison, another stock in the Retail-Wholesale sector, Prosus N.V. Sponsored ADR (PROSY), has shown a significant year-to-date increase of 27.4% and holds a Zacks Rank of 1 (Strong Buy) [3] Industry Context - The Retail-Wholesale sector consists of 212 individual stocks and currently ranks 10 in the Zacks Sector Rank, which evaluates 16 different sector groups [1] - The Internet - Commerce industry, to which Prosus N.V. belongs, has performed better with a year-to-date increase of 15.2% [3]

Core Viewpoint - MINISO Group Holding Limited announced a change in the venue for its annual general meeting of shareholders scheduled for June 20, 2024, due to administrative reasons [1]. Group 1: Company Overview - MINISO Group is a global value retailer that offers a variety of trendy lifestyle products featuring IP design [2]. - The company serves consumers primarily through a large network of MINISO stores, promoting a relaxing and engaging shopping experience [2]. - Aesthetically pleasing design, quality, and affordability are central to MINISO's product portfolio, which is frequently updated with new offerings [2]. - Since its first store opening in China in 2013, MINISO has established itself as a globally recognized brand with a massive store network worldwide [2].

Investment Rating - The report maintains an "OUTPERFORM" rating for MINISO Group with a target price of USD 31.90, reflecting a potential upside from the current price of USD 24.15 [2][4]. Core Insights - MINISO's revenue for Q1 reached RMB 3.72 billion, representing a 26% year-over-year increase. The gross profit margin hit a record high of 43.4%, up 4.1 percentage points year-over-year [8]. - The company has shown robust growth in both domestic and overseas markets, with domestic revenue at RMB 2.5 billion (up 16% YoY) and overseas revenue at RMB 1.22 billion (up 53% YoY) [8]. - The adjusted net profit for Q1 was RMB 617 million, a 28% increase YoY, with an adjusted net profit margin of 16.6% [8]. Financial Performance Summary - Revenue projections for 2024-2026 are RMB 17.6 billion, RMB 22.0 billion, and RMB 26.8 billion, respectively, with adjusted net profits of RMB 2.88 billion, RMB 3.67 billion, and RMB 4.53 billion [4][8]. - The company plans to open 80-100 new stores in the U.S. in 2024, indicating a strong expansion strategy [8]. - The gross profit margin is expected to continue improving due to increased overseas direct sales and optimization of product mix [8]. Market Position and Competitive Landscape - The report highlights that MINISO's TOPTOY segment has reached a turning point, with revenue growth of 55% YoY and profitability achieved for two consecutive quarters [8]. - The company is focusing on product innovation and enhancing its instant retail business to sustain same-store sales performance [8]. - MINISO's valuation has been adjusted to a 25x price-to-earnings ratio for 2024, reflecting confidence in its growth trajectory [4].