Investment Rating - The report maintains an "Outperform" rating for Miniso Group (09896.HK) [3][7][11] Core Insights - Miniso's Q2 2024 revenue reached 4.04 billion HKD, a year-on-year increase of 24.1%, with adjusted net profit growing by 9.4% to 625 million HKD [2][4] - The company plans to repurchase up to 2 billion HKD worth of shares within the next 12 months [2][4] - The Chinese segment generated 2.308 billion HKD in Q2, up 18.2% year-on-year, while the overseas segment saw a revenue increase of 35.5% to 1.51 billion HKD [2][4] Financial Performance - Revenue projections for Miniso are as follows: 17.395 billion HKD in 2024E, 21.170 billion HKD in 2025E, and 25.235 billion HKD in 2026E, reflecting growth rates of 25.7%, 21.7%, and 19.2% respectively [1][9] - Adjusted net profit is expected to reach 2.755 billion HKD in 2024E, 3.330 billion HKD in 2025E, and 3.958 billion HKD in 2026E, with growth rates of 22.3%, 20.9%, and 18.9% respectively [1][9] - The gross margin for Q2 2024 was 43.9%, an increase of 4.1 percentage points year-on-year [5][6] Business Expansion - Miniso added 81 new stores in China, bringing the total to 4,115, while overseas, 157 new stores were opened, totaling 2,753 [2][4] - Same-store sales in China recovered to 98.3% of last year's levels, with expectations to reach 98-102% for the full year [2][4] - The TOP TOY segment reported a revenue of 215 million HKD in Q2, growing 24.2% year-on-year, with a comparable store growth of 14% [2][4]
名创优品：二季度营收同比增长24%，海外门店加速扩张