该行认为，名创优品在成功执行各项举措后，正处于实现更强劲内生增长的良好轨道上，同时从长期增 长前景来看，其估值并不高;预期名创优品的股份回购计划，也将支撑其股价，以减轻收购永辉超市所 带来的部分拖累。 中银国际称，名创优品今年第三季的业绩好坏参半，考虑到市场不确定性增加，料投资者对公司收购永 辉超市及其整体策略持更加谨慎态度。不过，若聚焦名创优品核心业务，该行相信公司凭借其强大的IP 策略，正走在正确的轨道中，有望在全球范围内获取更多市场份额。该行将名创优品2025至2027财年的 调整后每股盈利预测。分别上调4%、下调6%、下调7%，但将报告的每股盈利预测下调35%、22%、 20%。 中银国际发布研报称，市场对名创优品(09896)的核心业务担忧过度了，这或提供买入机会，尤其是如 果在收购永辉超市（601933）的负面因素有所缓解情况下。基于2026年预测调整后15倍每股盈利计算， 予H股目标价从48.4港元降至46.1港元;美股(MNSO.US)目标价从24.8美元降至23.6美元，相当于2025年 预测调整后每股盈利19倍，或今明两年预测报告每股盈利29倍、18倍;维持"买入"评级。 ...

Core Viewpoint - The market's concerns regarding Miniso's core business are considered excessive, presenting a potential buying opportunity, especially if the negative factors surrounding the acquisition of Yonghui Supermarket ease [1] Financial Projections - After adjusting forecasts for 2026, the target price for H-shares is reduced from HKD 48.4 to HKD 46.1, while the target price for US shares is lowered from USD 24.8 to USD 23.6, reflecting a 19 times adjusted earnings per share (EPS) for 2025 and 29 times and 18 times for the next two years [1] - Adjusted EPS forecasts for fiscal years 2025 to 2027 are increased by 4%, decreased by 6%, and decreased by 7%, respectively, while reported EPS forecasts are cut by 35%, 22%, and 20% [1] Business Strategy and Growth Potential - Despite mixed performance in Q3, the company is believed to be on the right track to achieve stronger organic growth through its robust IP strategy, aiming to capture more market share globally [1] - The anticipated share buyback plan is expected to support the stock price and mitigate some of the negative impact from the acquisition of Yonghui Supermarket [1]

Summary of MINISO's Conference Call Company Overview - **Company**: MINISO (名创优品) - **Industry**: Retail, specifically in the consumer goods sector Key Financial Performance - **Q1 2025 Revenue**: 44.3 billion RMB, a 19% year-over-year increase, exceeding expectations of 15% to 18% growth [2][9] - **Brand Revenue**: 40.9 billion RMB, up 16.5% year-over-year [2][9] - **Domestic Market Contribution**: 24.9 billion RMB, a 9% increase [9] - **Overseas Market Contribution**: 15.9 billion RMB, a 30% increase, with overseas revenue share rising to 36% [2][9] - **Gross Margin**: 44.2%, up 1 percentage point year-over-year [2][10] - **Adjusted EBITDA Margin**: 23.4% [10] - **Adjusted Net Profit Margin**: 16.6% [10] Domestic Market Insights - **Same-store Sales**: Decline has narrowed significantly, with positive growth in first and second-tier cities, while northern regions still face challenges [3][13] - **Management Strategies**: Focus on enhancing operational quality through strategic management improvements and data-driven insights [3][6] - **Store Strategy**: Closing inefficient small stores while opening larger, more efficient ones [10][24] Overseas Market Strategies - **North America**: Focus on improving store operation quality and cost control, with a 30% increase in overseas revenue [5][9] - **Supply Chain Adjustments**: Increasing local inventory and sourcing to reduce reliance on imports, with local sourcing in the U.S. nearing 40% [4][16] - **Market Expansion**: Plans to open new stores in key U.S. states to enhance customer satisfaction and operational efficiency [18] Product and IP Strategy - **IP Development**: Continued focus on proprietary IP and interest-driven consumption, with new product lines like the "吉福特熊" expected to generate 4-5 billion RMB in sales [2][19] - **Product Innovation**: Introduction of new product series such as the Spring Festival series and Sakura series, which have received positive market feedback [3][19] Future Outlook - **Growth Strategy**: Emphasis on same-store sales growth while dynamically adjusting new store openings based on performance [25] - **Financial Management**: Commitment to shareholder returns through dividends and share buybacks, with a dividend of 740 million RMB announced [12][8] - **Cost Management**: Focus on improving operational efficiency and managing expenses to ensure healthy profit growth [12][10] Additional Insights - **TOP TOY Performance**: The TOP TOY brand saw a 59% revenue increase in Q1 2025, with self-selected products accounting for over 40% of sales [7] - **Franchisee Confidence**: Increased investment returns for franchisees, with new store openings primarily operated by them, indicating strong brand confidence [14][15] - **Third-party Product Strategy**: Careful selection of third-party products to maintain gross margins while enhancing customer experience [21][22][23] This summary encapsulates the key points from MINISO's conference call, highlighting financial performance, market strategies, product innovation, and future outlook.