Core Viewpoint - The report from CMB International indicates that Miniso's (09896) Q3 performance is largely in line with expectations, with ongoing trends aligning with the annual guidance, as the company deepens its IP matrix and large store strategy to enhance same-store recovery and growth resilience [1] Group 1: Financial Performance - Miniso's same-store recovery in mainland China is strong, and store optimization is showing positive results [1] - The overseas business has seen improvements in direct profitability [1] - TOP TOY's Q3 revenue increased by 111% year-on-year to 570 million RMB, with proprietary IP rapidly expanding and same-store sales achieving mid-single-digit growth [1] Group 2: Revenue Growth - For Q3 2025, the company's revenue grew by 28.2% year-on-year to 5.8 billion RMB, slightly exceeding the previous company guidance of 25-28% [1] - The growth is primarily driven by the recovery of the mainland business and strong performance from TOP TOY [1] Group 3: Investment Rating - CMB International maintains a target price of 48.7 HKD and a "Buy" rating for Miniso [1]
交银国际：名创优品(09896)当前趋势与全年指引相符 维持“买入”评级