Core Insights - The company reported a revenue of 5.8 billion yuan in Q3 2025, a year-on-year increase of 28.17%, exceeding the guidance of 25-28% [1] - The net profit attributable to shareholders was 440 million yuan, a decrease of 31% year-on-year, primarily due to investment losses from Yonghui Supermarket and increased equity incentive costs [1] - Adjusted net profit, excluding certain expenses, was 767 million yuan, reflecting an 11.75% year-on-year increase [1] Financial Performance - The overall same-store GMV showed low single-digit year-on-year growth [1] - The gross margin for Q3 2025 was 44.7%, down 0.2 percentage points year-on-year, while the adjusted net profit margin was 13.23%, a decrease of 1.94 percentage points [1] - The sales and management expense ratios were 24.67% and 5.93%, respectively, with increases of 2.63 and 0.71 percentage points year-on-year [2] Domestic and International Growth - Domestic MINISO revenue reached 2.909 billion yuan in Q3 2025, a year-on-year increase of 19.36%, with same-store GMV showing high single-digit growth [2] - The company maintained its strategy of opening larger and better stores, ending Q3 2025 with 4,407 domestic MINISO stores, a net increase of 105 stores [2] - Overseas revenue was 1.94 billion yuan, a year-on-year increase of 28.6%, with 117 new stores added, bringing the total to 3,424 [3] Future Outlook - The company expects Q4 2025 revenue growth to be in the range of 25-30% year-on-year, with same-store growth in China and the U.S. projected to be in the low double digits [3] - The adjusted operating profit margin is expected to show a similar decline as in Q3 [3] - The company is positioned as a leading trend retail brand with significant growth potential from overseas expansion and IP strategies [4]
名创优品(09896.HK)2025三季报点评：同店强劲收入同比+28% TOP TOY加速成长 期待Q4旺季表现