Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [2] Core Insights - MINISO's domestic same-store sales are showing improvement, and direct store revenue is growing rapidly. The company achieved a revenue of 4.427 billion yuan in Q1 2025, a year-on-year increase of 18.9%, although adjusted net profit decreased by 4.8% [5][7][11] - The company is focusing on optimizing low-efficiency stores while emphasizing the establishment of flagship stores and IP Land stores to enhance brand strength [8] - The overseas market continues to expand rapidly, with a revenue of 1.592 billion yuan in Q1 2025, reflecting a year-on-year growth of 30.3% [8] Financial Performance Summary - In Q1 2025, MINISO's revenue growth exceeded market expectations, driven by a 16.5% year-on-year increase in average store count. The adjusted net profit was 588 million yuan, down 4.8% year-on-year due to rising sales and distribution expenses [7][9] - The gross margin for Q1 2025 was 44.2%, up 0.8 percentage points year-on-year, attributed to a higher proportion of high-margin overseas direct sales and an optimized product mix [9] - The sales and distribution expense ratio increased to 23.1%, up 4.4 percentage points year-on-year, primarily due to direct investments in overseas stores [9] Future Outlook - For the years 2025 to 2027, the projected revenues are 20.971 billion yuan, 25.331 billion yuan, and 30.011 billion yuan, respectively, with corresponding net profits of 2.862 billion yuan, 3.482 billion yuan, and 4.119 billion yuan [11][13] - The report anticipates a continued recovery in domestic same-store sales and improvement in sales performance, particularly in overseas markets like Mexico and the United States [11]
名创优品(09896):名创国内市场同店环比改善,直营门店收入快速增长