Core Viewpoint - MINISO has recorded a profit decline for the first time in four years, primarily due to losses from its investment in Yonghui Supermarket, but management remains optimistic about operational performance and growth prospects [2][4][5]. Financial Performance - For the first half of 2025, MINISO achieved revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, and operating profit of 1.546 billion yuan, up 3.4%. However, net profit fell to 906 million yuan, a decrease of 23.1% [2][4]. - Yonghui Supermarket reported total revenue of 29.948 billion yuan, down 20.73%, with a net loss of 241 million yuan for the same period [4][5]. - MINISO's management highlighted that the loss from Yonghui Supermarket impacted profits by 119 million yuan, mainly from the shareholding proportion [5]. Operational Highlights - MINISO's same-store sales showed positive growth, and domestic business performance exceeded expectations, while overseas expansion continued steadily [2][6]. - As of June 30, 2025, MINISO had a total of 7,612 stores globally, with 4,305 in mainland China and 3,307 overseas, reflecting a net increase of 30 and 94 stores respectively in the second quarter [6][11]. Future Growth Expectations - Management expects group revenue to grow by 25%-28% in the third quarter, with adjusted operating profit projected to increase by double digits [6][7]. - For the full year 2025, MINISO anticipates revenue growth of no less than 25%, surpassing previous expectations of 22.8% [6][7]. IP Development Strategy - MINISO is focusing on developing its own IP, aiming to replicate the success of Pop Mart, and has signed contracts with nine promising original toy artists [8][10]. - The company plans to enhance its product development, marketing, and channel advantages through self-owned IP, aiming for global influence [9][10]. Market Positioning - MINISO's expansion strategy relies heavily on a partner system, contrasting with Pop Mart's more restrained approach to store growth [11][12]. - The company is implementing a strategy of opening larger stores, with significant sales performance reported from its MINISO LAND flagship store [12][13].

Exhibit 99.3 (A company incorporated in the Cayman Islands with limited liability) (Stock Code: 9896) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2025 The board (the "Board") of directors (the "Directors") of MINISO Group Holding Limited (the "Company") is pleased to announce the interim consolidated results of the Company and its subsidiaries (the "Group") for the six months ended June 30, 2025 (the "Reporting Period"), together with the comparative figures for the corresponding period i ...

Core Viewpoint - MINISO has recorded a profit decline for the first time in four years, but management remains confident, and investment banks view the operational data positively [1][4]. Financial Performance - In the first half of 2025, MINISO achieved revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, and operating profit of 1.546 billion yuan, up 3.4%. However, net profit fell to 906 million yuan, a decrease of 23.1% [1]. - The decline in net profit is primarily attributed to losses from its investment in Yonghui Supermarket, which reported a total revenue of 29.948 billion yuan, down 20.73%, and a net loss of 241 million yuan [4][5]. Operational Highlights - MINISO's same-store sales showed positive growth, and domestic business performance exceeded expectations, while overseas operations expanded steadily [1][7]. - As of June 30, 2025, MINISO had a total of 7,612 stores globally, with 4,305 in mainland China and 3,307 overseas, reflecting a net increase of 30 and 94 stores respectively in the second quarter [7][10]. Future Growth Expectations - Management expects group revenue to grow by 25%-28% in the third quarter, with adjusted operating profit projected to increase by double digits [7]. - For the full year 2025, MINISO anticipates revenue growth of no less than 25%, with adjusted operating profit expected to be between 3.65 billion and 3.85 billion yuan [7]. IP Development Strategy - MINISO is focusing on developing its own IP, aiming to replicate the success of Pop Mart, and has signed contracts with nine promising original toy artists [9][12]. - The company believes that enhancing its own IP will create a sustainable growth driver and differentiate its offerings in the market [9][12]. Business Model Comparison - Unlike Pop Mart, which is cautious about store expansion, MINISO relies heavily on a partner system for rapid growth, with a significant number of partner stores compared to its directly operated stores [10][11]. - MINISO's product offerings are perceived as more accessible compared to Pop Mart's, which may affect brand perception and pricing power if not managed carefully [11][12].

上 市 公 司 商贸零售 2025 年 08 月 22 日 名创优品 (MNSO) ——国内同店恢复正增长，大店+IP 战略持续深化 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 8 月 21 日 | | --- | --- | | 收盘价（美元） | 22.17 | | 纳斯达克指数 | 21100.31 | | 52 周最高/最低（美元） | 27.15/12.26 | | 美股市值（亿美元） | 69 | | 流通股（亿股） | 12.4 | | 汇率（美元/人民币） | 7.18 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 13,839 | 16,994 | 21,441 | 25,640 | 29,672 | | 同比增长率（%） | 39.4 | 22.8 | 26.2 | 19. ...

Market Movements - US stock index futures are all up, with Dow futures rising by 0.33%, S&P 500 futures by 0.28%, and Nasdaq futures by 0.22% [1] - European indices also show positive movement, with Germany's DAX up 0.08%, UK's FTSE 100 up 0.05%, France's CAC40 up 0.25%, and the Euro Stoxx 50 up 0.30% [2][3] - WTI crude oil increased by 0.31% to $63.72 per barrel, while Brent crude oil rose by 0.19% to $67.80 per barrel [4] Federal Reserve Insights - Market is focused on Jerome Powell's upcoming speech at the Jackson Hole Economic Symposium, which is anticipated to be a pivotal moment for future Fed monetary policy [5] - According to CME FedWatch, traders are betting on a 73.5% probability of a 25 basis point rate cut at the Fed's September meeting, with at least one more cut expected this year [5] - Analysts warn that if Powell does not confirm or suggest a rate cut, it could lead to significant repricing of bond yields and risk assets [5] Company Performance - Goldman Sachs predicts Powell will not explicitly signal a rate cut in his speech, while Yardeni Research estimates the probability of a September cut at only 40% [6] - HSBC suggests that despite tariffs impacting US corporate profit margins, the rapid adoption of AI could help reduce operational costs by 1%, potentially offsetting 25% of the cost increase from tariffs [6] - UBS indicates that the effective tariff rate in the US has exceeded 18%, with expectations of a stabilization around 15% by mid-2026, suggesting that companies are beginning to pass on tariff costs to consumers [6] Individual Company News - Gold Fields (GFI.US) reported a net profit of $1.02 billion for the first half of the year, doubling from $389 million year-over-year, and announced an interim dividend of 7 Rand ($0.3948) per share [8] - Zoom (ZM.US) achieved its strongest growth in 11 quarters, with enterprise sales up 7% to $730.7 million, exceeding analyst expectations [9] - Ross Stores (ROST.US) reported sales of $5.53 billion for the quarter, a 2% increase year-over-year, and adjusted EPS of $1.56, surpassing market expectations [9] - Chinese stocks are mostly up in pre-market trading, with notable gains for Miniso (MNSO.US) up over 8%, NIO (NIO.US) up over 5%, and Pinduoduo (PDD.US) up over 4% [10]

Core Insights - MINISO Group reported a total revenue of 4.97 billion yuan for Q2 2025, representing a year-on-year growth of 23.1% [1] - The gross margin for the quarter was 44.3%, an increase of 40 basis points compared to the same period last year [1] - Adjusted net profit reached 690 million yuan, up 10.6% year-on-year, with an adjusted net profit margin of 13.9% [1] Financial Performance - The company declared an interim dividend of $0.29 per ADS, with total share buybacks and dividends for the first half of the year amounting to approximately 1.07 billion yuan [1] - The amount spent on share buybacks in the first half of the year has already exceeded the total for the entire year of 2024, indicating a commitment to returning value to shareholders [1] Store Expansion - As of the end of June, MINISO had 4,305 domestic stores, with a net increase of 30 stores in the quarter, and 3,307 overseas stores, with a net increase of 94 stores [1] - The company has successfully implemented its strategy of "opening good stores and large stores," leading to significant improvements in same-store sales growth both domestically and internationally [1] - MINISO has established 11 MINISO LAND stores and 1 MINISO SPACE store in key cities across the country, with the global flagship MINISO LAND store achieving over 100 million yuan in sales within 9 months [1]

Core Viewpoint - The company reported a significant increase in revenue and adjusted net profit for the first half of 2025, despite a decline in net profit due to losses from its investment in Yonghui Superstores [4][7]. Financial Performance - For the first half of 2025, the company achieved revenue of 93.93 billion RMB, a year-on-year increase of 21.1% [4][5]. - Gross profit reached 41.57 billion RMB, reflecting a growth of 22.6% [4]. - Operating profit was 15.46 billion RMB, up by 3.4% [4]. - The pre-tax profit was 11.94 billion RMB, down by 21.9% [4]. - Net profit for the period was 9.06 billion RMB, a decrease of 23.1% [4]. - Adjusted net profit (non-IFRS) was 12.79 billion RMB, showing a growth of 3% [4]. Segment Performance - Revenue from the domestic Miniso brand increased by 11.4%, while overseas revenue grew by 29.4% [5]. - The TOP TOY brand saw a remarkable revenue increase of 73%, indicating strong growth in the trendy toy segment [5][6]. Strategic Investments - The company completed a significant acquisition of a 29.4% stake in Yonghui Superstores for 6.27 billion RMB, becoming its largest shareholder [7]. - The investment in Yonghui Superstores resulted in a loss of 119 million RMB for the company [7]. - The company reported cash and cash equivalents of 7.12 billion RMB as of June 30, 2025, up from 6.23 billion RMB year-on-year [7]. Debt and Financing - The company's loans and borrowings surged from 4.31 million RMB at the end of 2024 to 5.59 billion RMB by June 30, 2025 [8]. - Interest expenses related to the bank loans for acquiring Yonghui Superstores amounted to 38.47 million RMB [8].

Core Viewpoint - Miniso (09896) reported a strong performance in Q2 with a 23% year-on-year revenue increase to 4.966 billion RMB, exceeding previous guidance and market expectations, indicating positive progress in its operations [1] Financial Performance - Revenue for Q2 reached 4.966 billion RMB, reflecting a 23% year-on-year growth [1] - Adjusted net profit increased by 11% year-on-year to 691 million RMB, surpassing market expectations [1] Market and Operational Insights - The company achieved positive same-store sales growth in China and strong performance in the U.S. market [1] - Successful implementation of a large store model and IP-driven product strategies contributed to the positive results [1] Strategic Initiatives - Miniso has ambitious plans to enhance its IP strategy, having successfully developed collaborative IP products like "Gigi Kawaii" [1] - The company is set to launch more proprietary IP products, reflecting its confidence in this strategy [1] - Full-year guidance has been raised, which is seen as encouraging by analysts [1] Analyst Rating - The target price for Miniso has been adjusted to 48.4 HKD, with a reiterated "Buy" rating [1]

Core Insights - Miniso reported a revenue of 9.393 billion RMB for the first half of 2025, marking a year-on-year growth of 21.1%, while net profit decreased by 23.1% to 906 million RMB [1][2] - The adjusted net profit increased by 3% to 1.278 billion RMB, indicating a positive trend despite the overall profit decline [1][2][8] Financial Performance - Revenue for the first half of 2025 was 9.393 billion RMB, up from 7.758 billion RMB in the same period of 2024, reflecting a growth of 21.1% [2] - Gross profit rose by 22.6% to 4.157 billion RMB, while operating profit increased by 3.4% to 1.546 billion RMB [2] - The pre-tax profit fell by 21.9% to 1.194 billion RMB, and net profit decreased by 23.1% to 906 million RMB [2] - Adjusted EBITDA grew by 11.2% to 2.187 billion RMB [2] Business Segments - The retail brand Miniso in mainland China generated a pre-tax income of 6.558 billion RMB, while overseas markets contributed 3.537 billion RMB [4] - The TOP TOY brand saw a significant revenue increase of 73%, with total store count reaching 293 [4][5] - The growth in TOP TOY is attributed to store expansion and continuous product innovation, positioning it as a potential second growth driver for Miniso [4] Strategic Investments - Miniso completed the acquisition of a 29.4% stake in Yonghui Supermarket for 6.27 billion RMB, becoming its largest shareholder [6] - The investment in Yonghui Supermarket resulted in a loss of 119 million RMB for Miniso [7] - Despite the loss, Miniso's cash and cash equivalents increased to 7.115 billion RMB from 6.227 billion RMB year-on-year [7] - Miniso utilized its equity in Yonghui as collateral for bank loans, amounting to approximately 4.308 billion RMB [7]

Core Viewpoint - Miniso's second-quarter revenue increased by 23% year-on-year to 4.966 billion RMB, exceeding previous guidance, while adjusted net profit grew by 11% to 691 million RMB, indicating strong performance and positive developments in the market [1] Group 1: Financial Performance - Miniso's revenue for the second quarter reached 4.966 billion RMB, reflecting a 23% year-on-year growth [1] - Adjusted net profit for the same period was 691 million RMB, marking an 11% increase compared to the previous year [1] - The performance surpassed market expectations, indicating a recovery and positive momentum for the company [1] Group 2: Market and Strategic Developments - The company has achieved positive same-store sales growth in China and strong performance in the U.S. market [1] - Miniso's successful implementation of a large store model and the effective use of IP-driven products have contributed to its growth [1] - The company is ambitious in its IP strategy, planning to launch more proprietary IP products following the success of collaborations like the "Gigi Kawaii" [1] Group 3: Future Outlook - Miniso has raised its full-year guidance, reflecting confidence in its growth strategy and market position [1] - The company is expected to demonstrate stronger returns following a series of successful adjustments [1] - The target price for Miniso has been adjusted to 48.4 HKD, with a "Buy" rating reaffirmed by the analysts [1]