Core Viewpoint - The report from CICC maintains a positive outlook on MINISO's IP strategy and overseas operational efficiency, projecting adjusted net profits of 2.9 billion and 3.7 billion yuan for 2025 and 2026 respectively, while raising the target price by 9% to HKD 56.93 and USD 29.38 [1] Group 1 - The company is actively signing artists and increasing its own IP incubation, building a dual-track global IP ecosystem with licensed and proprietary IP [1] - Management expresses confidence in the company's unique advantages in full-category coverage, multi-channel penetration, global layout, and full-link operations, which enhance collaboration with artists while keeping costs relatively low [1] - The company is refining its IP collaboration and promotion mechanisms, establishing a professional selection and elimination system to ensure the lifecycle and freshness of IP [1] Group 2 - The management emphasizes the need to focus on user needs and expand the business in a measured and scientific manner [2] - The company believes its U.S. operations possess strong competitive advantages in multi-category offerings, product quality, and IP development, while also working on a family-oriented "one-stop" shopping experience [2] - Operationally, the company utilizes data models to drive precise store location selection, staffing, and backend support, enhancing operational efficiency [2]
中金:维持名创优品(09896)“跑赢行业”评级 上调目标价至56.93港元