高盛：名创优品_路演要点_营收目标不变，利润率压力将逐步缓解；买入

27 May 2025 | 7:23AM HKT Miniso (MNSO): NDR takeaways: topline target intact, margin pressure to sequentially narrow ahead; Buy We hosted Miniso for an NDR on May 26 post the 1Q25 result. The US market's margin and operations, Miniso China's performance and the store network plan were among the key investor focus areas. Takeaways include: 1) Management reiterated its guidance to deliver topline growth acceleration yoy (vs. 23% in 2024) and sequentially, where management is confident of driving low teens% Mi ...