Core Viewpoint - Miniso, a dual-listed company in Hong Kong and the US, is facing significant operational challenges, including a court ruling against its domestic entity and deteriorating financial health, marked by declining profits and increasing debt levels [1][19]. Financial Performance - Despite maintaining double-digit revenue growth since 2025, Miniso's net profit has significantly declined, indicating a severe weakening of its profitability [3][4]. - The company's net profit for the first three quarters of 2025 was 4.16 billion RMB, 9.06 billion RMB, and 13.47 billion RMB, with year-on-year declines of 28.52%, 22.57%, and 25.68% respectively, highlighting a continuous downward trend [4][8]. - The core issue behind the profit decline is the rapid increase in sales, management, and financial expenses, collectively referred to as "three expenses," which have severely eroded profit margins [5][8]. Expense Analysis - Sales expenses surged significantly, reaching 10.21 billion RMB, 21.81 billion RMB, and 36.11 billion RMB in the first three quarters of 2025, with year-on-year growth rates of 46.72%, 43.29%, and 43.37% respectively, outpacing revenue growth [5][8]. - Management expenses also increased, with year-on-year growth rates of 26.55%, 20.33%, and 29.43% in the same period, driven by rising personnel costs due to business expansion [8]. - Financial expenses saw an alarming increase, with year-on-year growth rates of 296.27%, 477.52%, and 656.57%, reaching 233 million RMB by the end of the third quarter, indicating a significant rise in interest-bearing debt [8][10]. Debt and Cash Flow - Miniso's debt levels have surged, with the asset-liability ratio exceeding 60%, indicating heightened financial risk [10][12]. - Short-term debt rose dramatically from 567 million RMB at the end of 2024 to 1.886 billion RMB by the end of the third quarter of 2025, reflecting a geometric increase in repayment pressure [10][12]. - Cash reserves have significantly decreased, dropping from 6.328 billion RMB at the end of 2024 to 3.1 billion RMB by the end of the third quarter of 2025, a decline of 56.4% [14]. Inventory Issues - Miniso's inventory has reached a historical high of 3.288 billion RMB by the end of the third quarter of 2025, representing a 20.07% increase from the end of 2024 [16][18]. - The increase in inventory is attributed to product stagnation and declining inventory turnover efficiency, with domestic store turnover days increasing by 5 days to 75 days and overseas stores reaching 187 days [18]. - Despite collaborations with over 150 global IPs, including Disney and Harry Potter, the sales of some IP-related products have not met expectations, contributing to inventory buildup [18].
名创优品(09896)经营颓势凸显：净利连降、存货新高、短债激增 境内主体被执行五百万元