Core Viewpoint - Company maintains a "buy" rating for MINISO (09896), projecting significant revenue and profit growth from 2025 to 2027, driven by its global expansion and optimization of operations [1][2] Group 1: Financial Performance - For the first half of 2025, MINISO achieved revenue of 9.39 billion yuan, representing a year-on-year increase of 21.1%, with adjusted net profit of 1.279 billion yuan, up 3.0% [2] - In Q2 2025, MINISO's revenue reached 4.97 billion yuan, reflecting a year-on-year growth of 23.1%, and adjusted net profit was 690 million yuan, an increase of 10.6% [2] Group 2: Store Expansion and Performance - In Q2 2025, MINISO's domestic store count increased by 30, with a total of 4,305 stores, marking a year-on-year growth of 190 stores [2] - The same-store sales in Q2 2025 showed a low single-digit growth, indicating a positive trend in performance, with an estimated average revenue per store of 611,000 yuan, up 7.87% year-on-year [2] Group 3: Future Projections - Revenue projections for MINISO are set at 21.32 billion yuan for 2025, 25.45 billion yuan for 2026, and 30.00 billion yuan for 2027, with net profits expected to reach 2.59 billion yuan, 3.40 billion yuan, and 4.12 billion yuan respectively [1] - Adjusted net profit forecasts for the same years are 2.91 billion yuan, 3.53 billion yuan, and 4.20 billion yuan [1]
国盛证券：维持名创优品“买入”评级 TOPTOY有望贡献第二增长曲线