Core Viewpoint - The company is optimistic about Miniso's (09896) refined operations and continuous efficiency improvements in both domestic and international markets, with management projecting a 25-30% year-on-year revenue growth in Q4 2025, and low double-digit same-store sales growth in both China and the U.S. [1] Group 1: Financial Performance - In Q3 2025, the company's revenue increased by 28% to 5.8 billion yuan, and adjusted net profit rose by 12% to 770 million yuan, aligning with expectations [2] - The adjusted net profit forecast for 2025 is maintained at 2.9 billion yuan, while the 2026 forecast is lowered by 4% to 3.6 billion yuan [1] Group 2: Domestic Business Performance - Domestic revenue for Miniso grew by 19% to 2.9 billion yuan in Q3 2025, with a focus on "super categories, super stores, and super marketing," particularly in the toy segment [3] - Offline revenue increased by 16% to 2.6 billion yuan, with same-store sales growth in the high single digits, and 102 new stores opened during the quarter [3] - Online revenue surged by 58% to 340 million yuan, while TOPTOY's revenue skyrocketed by 111% to 580 million yuan, with 14 new stores opened [3] Group 3: International Market Performance - Overseas revenue rose by 28% to 2.3 billion yuan, with the U.S. market seeing over 65% growth [4] - The company is enhancing local operational capabilities and plans to replicate successful strategies from the U.S. and China in Southeast Asia for sustainable long-term growth [4] Group 4: Cost Management - The gross margin slightly decreased by 0.2 percentage points due to product mix adjustments, while excluding share-based compensation expenses, the pressure on costs is easing as expected [5] - The net financial expenses for the quarter were 100 million yuan, influenced by the acquisition of Yonghui and stock-linked securities, with adjusted net profit increasing by 12% to 770 million yuan after excluding related impacts [5]
中金：维持名创优品(09896)“跑赢行业”评级 下调目标价至50.18港元