Investment Rating - The report assigns a "Buy" rating for Miniso (9896.HK) based on its strong performance and growth potential [1]. Core Views - Miniso achieved a revenue of 7.76 billion yuan in H1 2024, representing a 25% year-on-year increase, with adjusted net profit of 1.24 billion yuan, up 18% [1]. - The company continues to expand its global footprint, with a total of 6,868 stores as of June 30, 2024, including 4,115 in mainland China and 2,753 overseas [1]. - The overseas market has shown significant growth, with revenue increasing by 42.6% year-on-year, contributing to 35.2% of total revenue in H1 2024 [1]. Financial Performance Summary - Revenue for H1 2024 was 7.76 billion yuan, with a net profit of 1.24 billion yuan and an adjusted net profit margin of 16.0% [1]. - In Q2 2024, revenue reached 4.04 billion yuan, a 24.1% increase, with adjusted net profit of 625 million yuan, up 9.4% [1]. - The gross margin improved to 43.7%, an increase of 4.1 percentage points year-on-year, driven by a higher proportion of revenue from overseas direct sales [1]. Regional Revenue Breakdown - Revenue from mainland China in H1 2024 was 5.03 billion yuan, a 17.2% increase, with same-store sales at 98.3% of H1 2023 levels [1]. - Top Toy's revenue grew by 37.9%, with same-store sales increasing by 13.6% [1]. - Overseas revenue accounted for 27.32 billion yuan, with same-store sales growth of 16.3% [1]. Future Profit Forecast - The company expects adjusted net profits of 2.808 billion yuan, 3.516 billion yuan, and 4.312 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 14, 11, and 9 [2][3].
名创优品：24H1点评：业绩延续较快增长，全球化布局加速利润释放可期