Core Viewpoint - UBS reports that MINISO's same-store sales growth is accelerating in both China and the United States, driven by a low base effect and strong demand for plush toys [1] Group 1: Sales Performance - In China, management's efforts in channel upgrades, such as MINISO Land and flagship stores, have been successful, with same-store sales growth turning positive year-on-year in Q2 [1] - Q3 is expected to see a significant acceleration in same-store sales growth from low single digits in Q2 to high single digits [1] Group 2: Profitability - UBS forecasts that the store-level profit margin will remain flat year-on-year for the first half of the year, with significant improvement expected in July and continued improvement in the second half [1] Group 3: IP Strategy - MINISO's proprietary IP, YOYO, was successfully launched in June, with the first batch of products selling out quickly, generating an estimated total merchandise volume (GMV) of approximately 40 million yuan this year, with a target of over 100 million yuan by 2026 [1] - The acquisition of IP Nommi by Top Toy is expected to generate 250 million yuan in GMV this year, compared to 100 million yuan in 2024 [1] Group 4: Financial Forecasts - UBS has raised its adjusted net profit forecasts for MINISO for 2025 to 2027 by 1% to 2%, maintaining a "Buy" rating [1] - The target price for MINISO's U.S. stock has been increased from $25 to $28 [1]
大行评级｜瑞银：上调名创优品目标价至28美元 同店销售增长呈现加速趋势