Group 1 - The core viewpoint of the report is that MINISO (09896) maintains a "buy" rating, with projected revenue and net profit growth from 2025 to 2027 [1] - The expected revenue for 2025, 2026, and 2027 is 21.32 billion, 25.45 billion, and 30.00 billion yuan respectively, with net profit estimates of 2.59 billion, 3.40 billion, and 4.12 billion yuan [1] - The company is recognized as a global leader in daily goods retail, leveraging its advantages in channels and supply chains to expand rapidly worldwide [1] Group 2 - In the first half of 2025, MINISO achieved revenue of 9.39 billion yuan, a year-on-year increase of 21.1%, with adjusted net profit of 1.279 billion yuan, up 3.0% [2] - In Q2 2025, the company reported revenue of 4.97 billion yuan, a year-on-year increase of 23.1%, and adjusted net profit of 690 million yuan, up 10.6% [2] - The domestic store count increased by 30 in Q2 2025, reaching a total of 4,305 stores, marking a year-on-year increase of 190 stores [2]
国盛证券：维持名创优品(09896)“买入”评级 TOPTOY有望贡献第二增长曲线