Investment Rating - The report maintains a "Buy" rating for MINISO, reflecting confidence in its growth potential and operational efficiency [4][6]. Core Insights - MINISO has demonstrated strong revenue growth, with a 28.2% year-on-year increase in revenue to 5.8 billion RMB in Q3 2025, alongside an adjusted net profit growth of 11.7% to 767 million RMB [1]. - The company is expanding its store network, adding 102 new stores in mainland China, bringing the total to 4,407, while overseas operations also saw a net increase of 117 stores, totaling 3,424 [2]. - The operational efficiency of overseas direct sales has improved, with a profit margin increase, particularly in strategic markets like North America and Europe [2]. Summary by Sections Domestic Operations - In Q3 2025, MINISO's domestic revenue reached 2.91 billion RMB, marking a 19.3% year-on-year increase, with same-store sales showing high single-digit growth [1]. - The company anticipates low double-digit same-store growth in mainland China by October 2025, projecting a full-year same-store growth in the mid-single digits [1]. Overseas Operations - The overseas business generated 2.31 billion RMB in revenue, a 27.7% increase year-on-year, accounting for 44.3% of total revenue [2]. - Same-store sales in overseas markets have shown improvement, particularly in strategic regions, contributing to the overall growth of the company [2]. Financial Performance - The adjusted operating profit for Q3 2025 was 1.02 billion RMB, reflecting a 14.8% year-on-year increase, with an adjusted operating profit margin of 17.6%, down 2.1 percentage points year-on-year [3]. - The gross profit for Q3 2025 was 2.59 billion RMB, with a gross margin of 44.7%, slightly down from the previous year [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 21.3 billion RMB, 25.4 billion RMB, and 29.6 billion RMB respectively, with adjusted net profits expected to be 2.94 billion RMB, 3.48 billion RMB, and 4.08 billion RMB [4][5]. - The report indicates a continuous optimization of various business segments, products, and supply chains, supporting the company's growth trajectory [4].

Investment Rating - The report maintains a "Buy" rating for MINISO [6] Core Views - MINISO's domestic same-store sales are showing improvement, with a focus on operational efficiency [1] - The company is expanding its overseas presence, particularly in North America, with a significant increase in store count [2] - The gross margin remains stable, but profits are under pressure due to increased operational costs [3] - The company is positioned as a global leader in the retail sector, leveraging its supply chain and light asset model for rapid expansion [4] Summary by Sections Domestic Performance - In Q1 2025, MINISO achieved revenue of 4.427 billion yuan, a year-on-year increase of 18.9%, while net profit attributable to shareholders was 416 million yuan, a decrease of 28.52% [1] - The number of domestic stores decreased by 111, totaling 4,275 stores, but same-store sales showed a slight decline in the single digits, indicating improved performance [1] Overseas Performance - In Q1 2025, MINISO added 95 overseas stores, bringing the total to 3,213, a year-on-year increase of 617 stores, with an average store revenue growth of 4.6% [2] - The overseas revenue reached 1.592 billion yuan, reflecting a year-on-year growth of 30.3% [2] Profitability and Costs - The gross margin for Q1 2025 was 44.2%, up 0.8 percentage points year-on-year, driven by an increase in overseas revenue and a shift towards higher-margin products [3] - Operating expenses increased significantly, with sales expenses rising by 71.4% due to investments in direct stores and related costs [3] Financial Projections - Revenue projections for 2025-2027 are estimated at 21.012 billion yuan, 24.608 billion yuan, and 28.044 billion yuan, respectively, with net profits expected to be 2.951 billion yuan, 3.653 billion yuan, and 4.325 billion yuan [4][5] - The report anticipates a stable growth trajectory with a focus on optimizing various business segments and supply chains [4]

Investment Rating - The report maintains a "Buy" rating for MINISO [4][6] Core Views - MINISO's domestic same-store sales are showing improvement, with a net decrease of 111 stores in Q1 2025, but a year-on-year increase of 241 stores, leading to a revenue of 24.94 billion yuan, up 9.1% year-on-year [1] - The overseas market remains a focus, with a total of 3,213 stores as of Q1 2025, an increase of 617 stores year-on-year, and overseas revenue reaching 15.92 billion yuan, up 30.3% year-on-year [2] - The gross margin improved by 0.8 percentage points to 44.2% in Q1 2025, driven by a higher proportion of overseas revenue and a shift towards higher-margin products [3] - The company is expected to achieve revenue of 210.1 billion yuan in 2025, with net profit projected at 29.5 billion yuan, reflecting a growth trajectory despite current challenges [4] Summary by Sections Domestic Performance - In Q1 2025, MINISO's domestic revenue was 24.94 billion yuan, a year-on-year increase of 9.1%, with same-store sales decline narrowing to low single digits [1] Overseas Expansion - The overseas store count reached 3,213, with a year-on-year increase of 617 stores, and average store revenue grew by 4.6% year-on-year [2] Financial Metrics - Q1 2025 adjusted net profit was 5.87 billion yuan, down 4.81% year-on-year, with gross margin at 44.2% [3] - Revenue projections for 2025-2027 are 210.1 billion yuan, 246.1 billion yuan, and 280.4 billion yuan respectively, with corresponding net profits of 29.5 billion yuan, 36.5 billion yuan, and 43.3 billion yuan [4][5]