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]
中银国际：降名创优品(09896)目标价至48.4港元 自有IP战略及指引更积极