Core Viewpoint - The company reported a revenue of 9.39 billion yuan for the first half of 2025, showing a year-on-year increase of 21.1%, while the net profit attributable to shareholders decreased by 22.6% to 910 million yuan, indicating a mixed performance with growth in revenue but a decline in net profit [1] Group 1: Financial Performance - In H1 2025, the company achieved a revenue of 9.39 billion yuan, up 21.1% year-on-year, with a net profit of 910 million yuan, down 22.6% year-on-year [1] - Adjusted net profit for H1 2025 was 1.28 billion yuan, reflecting a year-on-year increase of 3.0% [1] - The gross margin for H1 2025 was 44.3%, an increase of 0.6 percentage points year-on-year, driven by a higher proportion of overseas market revenue and improved product mix [2] Group 2: Business Segments - Domestic business shows signs of a turning point, with a 11.4% increase in revenue from the Miniso brand in mainland China, while same-store GMV showed a low single-digit decline [1] - The overseas market for the Miniso brand saw a revenue increase of 29.4%, with a net addition of 554 stores, totaling 3,307 stores [1] - TOP TOY brand revenue grew by 73%, with a net addition of 98 stores, reaching 293 stores globally [1] Group 3: Strategic Initiatives - The company is shifting from reliance on external licensed IP to a dual strategy of "licensed + proprietary" IP to enhance brand value and product margins [2] - The company has signed contracts with 9 toy artists to kickstart a new chapter in its toy segment [2] Group 4: Investment Outlook - The company is expected to see a turning point in its main business, with continued high growth in overseas markets and TOP TOY [3] - Projected net profits for 2025-2027 are 2.42 billion, 3.40 billion, and 4.24 billion yuan respectively, with a year-on-year change of -7.5%, +40.3%, and +24.8% [3] - The target price for 2026 is set at 53.82 HKD, based on a valuation of 18X PE [3]
名创优品(09896.HK)2025年中报点评：Q2国内同店转正 发力自有IP开启潮玩新篇章