Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [6]. Core Insights - The company reported Q3 revenue of 5.797 billion, exceeding the previous guidance of 28% growth with a year-on-year increase of 28.2%. Adjusted net profit was 767 million, reflecting an 11.7% increase, while the adjusted net profit margin decreased by 2.0 percentage points to 13.2% [1]. - The company has achieved a milestone of 8,138 stores as of Q3 2025, with a net increase of 718 stores year-on-year. Notably, MINISO's revenue grew by 22.9% to 5.222 billion, with 7,831 stores, while TOP TOY's revenue surged by 111.4% to 575 million [2]. - The company is seeing improvements in same-store sales both domestically and internationally, driven by its IP strategy and larger store formats. Domestic same-store sales growth is estimated to reach low double digits in October, while international sales are experiencing moderate growth [3]. - The report highlights the impact of the acquisition of Yonghui Supermarket, which has led to increased financial costs and investment losses. However, the company expects to see improvements in profitability by 2026-2027 as store renovations and closures reduce burdens [4]. Financial Summary - For the fiscal year 2025, the company is projected to achieve revenues of 21.203 billion, with a net profit of 1.989 billion, reflecting a decrease of 24.02% compared to the previous year. The projected P/E ratios for 2025, 2026, and 2027 are 22.19, 13.99, and 10.98 respectively [5][11]. - The company’s revenue growth rates are expected to be 24.77% in 2025, 21.68% in 2026, and 16.25% in 2027, indicating a strong growth trajectory despite short-term challenges [5].