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名创优品(09896.HK)上半年营收21.1%至人民币93.93亿元 二季度经营利润同比双位数增长
Ge Long Hui·2025-08-21 08:53

Core Insights - Miniso reported a 21.1% year-on-year increase in revenue for the first half of 2025, reaching RMB 9.3931 billion, with a gross profit growth of 22.6% to RMB 4.1569 billion [1] - The company achieved a gross margin of 44.3%, up from 43.7% in the same period last year, while operating profit increased by 3.4% to RMB 1.5459 billion [1] - Net profit for the period was RMB 906 million, down from RMB 1.1774 billion in the previous year [1] Revenue and Profitability - In Q2 2025, revenue grew by 23.1% year-on-year to RMB 4.9661 billion, exceeding the company's previous guidance of 18% to 21% [2] - The operating profit for Q2 increased by 11.3% to RMB 836.2 million, while net profit was RMB 489.5 million, down from RMB 591.4 million year-on-year [2] - Adjusted net profit rose by 10.6% to RMB 691.5 million [2] Store Expansion - As of June 30, 2025, the total number of stores reached 7,905, with a net addition of 842 stores year-on-year [3] - Miniso's store count in mainland China was 4,305, with a net increase of 190 stores, while overseas stores numbered 3,307, with a net increase of 554 stores [3] - TOP TOY had 293 stores, with a net addition of 98 stores, and began expanding into overseas markets [3] Strategic Outlook - The CEO expressed optimism about the company's performance, noting a positive same-store sales growth in mainland China and improvements in overseas markets, particularly in Europe and North America [3] - The company anticipates further acceleration in revenue growth for the second half of 2025, driven by investments in direct operations [4] - TOP TOY reported an impressive 87.0% revenue growth, attributed to strong performance in trendy toy products and an improved store network [3] Financial Returns - The CFO highlighted that the overall performance exceeded expectations, with a 23.1% revenue growth and a gross margin increase of 0.4 percentage points [4] - The board approved a mid-term cash dividend of approximately RMB 639.5 million for the first half of 2025, with total shareholder returns reaching about RMB 1.071 billion, representing 84% of adjusted net profit [4]