Core Insights - Miniso's revenue for the first half of the year increased by 21.1% year-on-year to 9.39 billion RMB, with a 23.1% growth in the second quarter, driven by overseas markets and Top Toy [1] - Adjusted net profit for the first half rose slightly by 3% to 1.28 billion RMB, with a second-quarter adjusted net profit margin improving to 13.9%, although still lower than the same period last year due to investments in overseas stores [1] - The target price for Miniso has been raised from 46.42 HKD to 48.7 HKD based on a 16x forecasted P/E ratio, maintaining a "Buy" rating [1] Revenue Guidance - Miniso has raised its full-year revenue growth guidance to over 25%, with same-store sales in mainland China expected to achieve positive year-on-year growth [1] - The company anticipates adjusted operating profit for the year to reach between 3.65 billion and 3.85 billion RMB, corresponding to a year-on-year growth of 7% to 13% [1] Forecast Adjustments - Based on the first half performance and recent sales trends, the revenue forecast for 2025 has been slightly increased by 1%, while the revenue forecasts for 2026 and 2027 have been reduced by 2% to 4% [1] - The adjusted net profit forecasts for 2025 to 2027 have been lowered by 13% to 14%, now estimated to be between 2.8 billion and 4 billion RMB [1]
交银国际：升名创优品(09896)目标价至48.7港元 维持“买入”评级