华鑫证券：维持名创优品“买入”评级 春晚赋能开启新征程

Core Viewpoint - The report from Huaxin Securities predicts that Miniso (09896) will see revenues of 20.257 billion, 24.130 billion, and 28.739 billion yuan from 2025 to 2027, with EPS of 2.10, 2.70, and 3.20 yuan respectively, corresponding to PE ratios of 16, 13, and 11 times. The company is expected to benefit from the growth of the Chinese trendy toy industry and its "big store, good store" strategy aimed at enhancing profitability, maintaining a "buy" investment rating [1]. Group 1 - Miniso's MINISOLAND store opened in Guangzhou on January 30, 2026, covering over 1,100 square meters with over 90% of products being IP-related, targeting annual sales of 100 million yuan [1]. - As of January 2026, Miniso's global retail network spans 112 countries and regions with over 8,500 stores, aiming to increase to over 10,000 stores in the next three years. The MINISOLAND brand has over 25 locations in major global cities, with plans to upgrade 80% of stores to IP theme parks by 2026 [1]. - The company has developed 16 proprietary IPs and partnered with 180 international IPs, with global sales of the "Zootopia" collaboration series reaching nearly 1 billion yuan. Future focus will be on original IP development through a "retail + entertainment" dual-drive model [1]. Group 2 - On January 30, 2026, the company announced the development of a humanoid robot based on its proprietary IP "YOYO," aimed at the family companion market with an expected price in the ten-thousand yuan range, integrating AI technology with IP imagery [2]. - The "YOYO" blind box series, designed by an exclusive artist, has seen significant sales growth since its launch, with a notable surge in December leading to product sellouts. This project marks a significant step in the company's AI and IP integration strategy [2]. Group 3 - On January 29, 2026, Miniso became the first trendy toy partner for the CCTV Spring Festival Gala, launching a co-branded product series on February 4. This collaboration signifies a key marketing practice and a move towards mainstream recognition for the trendy toy industry [3]. - The partnership with the Spring Festival Gala is viewed as a critical leap in the company's "interest consumption" strategy and a significant step in its transformation from a retail company to a cultural and creative enterprise [3].