Core Viewpoint - CICC has raised the adjusted net profit forecast for MINISO (09896) for 2025/26 by 8%/6% to 2.9 billion/3.7 billion yuan due to the company's continuous improvement in operational performance [1] Group 1: Financial Performance - The company's 2Q25 revenue increased by 23% year-on-year to 5 billion yuan, and adjusted net profit grew by 11% to 690 million yuan, exceeding CICC's expectations mainly due to better-than-expected domestic revenue growth [2] - The company declared an interim dividend of 0.0724 USD per share, corresponding to a payout ratio of approximately 50% of adjusted net profit [2] - The gross profit margin in 2Q25 increased by 0.3 percentage points to 44%, benefiting from a higher proportion of overseas business with high gross margins and improved TOPTOY margins [4] Group 2: Domestic and International Business Performance - Domestic revenue in 2Q25 increased by 14% year-on-year to 2.6 billion yuan, with offline revenue up 12% to 2.4 billion yuan, and same-store sales turned positive despite a high base [3] - Overseas revenue grew by 29% year-on-year to 1.9 billion yuan, contributing 43% to MINISO's total revenue, with the U.S. market showing an impressive 80% increase [3] - The total number of stores increased by 94 during the quarter, with same-store sales improving to a low single-digit decline year-on-year [3] Group 3: Strategic Initiatives - The company continues to advance its IP strategy, having signed contracts with 9 artists for IP development, and is enhancing its own IP incubation [5] - The large store model has shown effectiveness, with 11 MINISO LAND stores and over 200 flagship stores established in China, contributing double-digit sales growth [5] - In the U.S. market, new store efficiency is 1.5 times that of older stores, with a nearly 30% higher sales per square meter [5]

Core Viewpoint - Miniso's Q2 2025 performance exceeded market expectations, driven by the closure of inefficient stores and the conversion of small stores to larger formats, resulting in positive same-store sales growth [1][2][5] Revenue Performance - Total revenue for Q2 2025 reached 4.97 billion yuan, a year-on-year increase of 23%, surpassing the company's previous guidance of 18%-21% [2][8] - Domestic revenue amounted to 2.84 billion yuan, growing by 13.6% year-on-year, while Top Toy achieved 400 million yuan in revenue, marking an impressive 87% increase [2][8] - Overseas revenue was 1.94 billion yuan, reflecting a year-on-year growth of 28.6%, although the growth rate showed a quarter-on-quarter decline [3][9] Store Expansion - After closing many low-efficiency stores in the first quarter, Miniso added 30 new stores in Q2, primarily in lower-tier markets [3][10] - The overseas segment saw a net addition of 94 stores, with a focus on increasing the proportion of direct-operated stores to 17.5% [3][10] Same-Store Sales - Domestic same-store sales turned positive, driven by the "large store + IP product upgrade" strategy, which significantly increased the average transaction value [3][11] - In overseas markets, same-store sales in key regions like the U.S. and Mexico began to show improvement from April onwards [4][11] Profitability Metrics - Gross margin slightly improved by 0.4 percentage points to 44.3%, attributed to a higher proportion of self-developed products and localized sourcing [4][11] - Sales expense ratio increased by 2.6 percentage points to 23.1%, but the growth rate showed a decline compared to the previous quarter [4][11] Financial Summary - Adjusted net profit for Q2 reached 690 million yuan, exceeding market expectations [4][11] - The company anticipates a compound annual growth rate (CAGR) of over 20% for overall revenue from 2025 to 2027, with a current implied PE ratio of around 17x for 2025 [7][8]

Core Insights - MINISO Group (MNSO.US/9896.HK) reported Q2 2025 total revenue of 4.97 billion yuan, representing a year-on-year growth of 23.1% [1] - The gross margin for the quarter was 44.3%, an increase of 40 basis points compared to the same period last year [1] - Adjusted net profit (Non-IFRS) reached 690 million yuan, up 10.6% year-on-year, with an adjusted net profit margin of 13.9% [1] Store Expansion - As of the end of June, MINISO had 4,305 domestic stores, with a net increase of 30 stores in the quarter, and 3,307 overseas stores, with a net increase of 94 stores [1] - The strategy of "opening good stores and large stores" has shown significant results, with same-store sales growth turning positive in both domestic and overseas markets [1] New Store Formats - MINISO has established 11 MINISO LAND stores and 1 MINISO SPACE store in key cities across the country as of the end of June [1] - The MINISO LAND flagship store achieved over 100 million yuan in sales within 9 months, creating a strong IP commercial channel network [1]

Group 1 - Miniso (MNSO.US) stock rose 3.7% in pre-market trading ahead of its earnings report scheduled for August 21 [1] - Nomura expects Miniso's Q2 earnings report to meet expectations, with revenue projected to increase by 19% year-on-year to 4.8 billion RMB [1] - Operating profit is anticipated to decline by 1% to 744 million RMB [1] Group 2 - As of August 19, the closing price was $20.130, with a pre-market price of $20.880 [1] - The total market capitalization is approximately $6.254 billion [1] - The stock has a 52-week high of $27.149 and a low of $12.257 [1]

Group 1 - A student product, "stainless steel scissors," produced by MUJI (Shanghai) Co., Ltd., was found to be non-compliant in safety inspections regarding its edges and tips [1][2][3] - The Guangdong Provincial Market Supervision Administration conducted quality supervision checks on student products, identifying 22 non-compliant items, including issues with phthalate limits, migratory elements, and edge sharpness [2][3] - The scissors were deemed to violate the GB 21027-2020 safety standards for student products, and the company requested a re-inspection, which confirmed the product's serious non-compliance [3] Group 2 - MUJI responded to the non-compliance by stating that they have implemented corrective measures, including age restrictions for the product and warning labels to guide consumers [5] - The company acknowledged discrepancies in safety assessments between different testing organizations and emphasized that the product had passed safety evaluations before being sold [5] - As of now, there have been no complaints or claims related to the product's safety during normal use [5] Group 3 - MUJI's parent company, Ryohin Keikaku, reported a 19.2% year-on-year increase in sales for Q3 of FY2025, reaching 591.09 billion yen (approximately 28.7 billion RMB), with operating profit up 39.9% to 59.46 billion yen and net profit up 30.1% to 43.59 billion yen (approximately 2.1 billion RMB) [6]

Core Viewpoint - MUJI's recent store closures in China are part of a normal adjustment for operational efficiency, responding to challenges such as decreased foot traffic in certain shopping areas [1] Group 1: Store Closures - MUJI confirmed that the closures are due to operational efficiency and not indicative of broader issues [1] - The company is making decisions to close underperforming stores in response to declining customer traffic [1] Group 2: Expansion Plans - Despite the closures, MUJI plans to continue its expansion in China, aiming to open approximately 40 new stores each year [1] - From March 1 to the present, MUJI has opened 15 new stores in China [1]

Company Overview - Hefei Guanyu Technology Co., Ltd. has been recently established with a registered capital of 300,000 RMB [1] - The legal representative of the company is Wang Shengchao [1] Business Scope - The company operates in various sectors including daily necessities sales, jewelry wholesale, and retail, clothing and accessories wholesale and retail, and personal hygiene products sales [1] - Additional services include technology services, development, consulting, and digital technology services [1] - The company also engages in the manufacturing of jewelry, cosmetics retail and wholesale, and cultural and artistic creation [1] - Other areas of operation include baby products sales, outdoor products sales, and toys and stationery retail [1]

2025.08. 15 爱企查App显示，无印良品中国关联公司无印良品（上海）商业有限公司成立于2005年5月，法定代 表人为堀口健太，注册资本2900万美元，经营范围包括母婴用品销售、日用百货销售、日用品销 售、日用品批发、日用杂品销售等，由株式会社良品计画全资持股。分支机构信息显示，该公司已设 立459家分支机构，目前423家为开业状态。值得一提的是，今年以来，该公司已新设立25家分支机 构。 | | 查企业 · 智能推荐企业 ( 无印良品(上海) 商业有限公司 应用 = | | ◎ 老户特惠 | | HAPP | | --- | --- | --- | --- | --- | --- | | 基本信息 583 司法信息 167 | 经营诊断 999+ 知识产权 68 企业发展 25 | | 经营状况 191 | | 历史信息 172 | | 工商注册 2 Q 发生变更时提醒我 | | | | | | | 工商注册 历史工商注册 | | | | 不上载数据 | 이름: 宜昌 | | 企业名称 | 无印良品(上海) 商业有限公司 913100007747635381 | 统一社会信用代码 2 | | | | ...

Core Viewpoint - A new individual business named Xi Ke Sang Trading Firm has been established in Yuhu District, Xiangtan City, with a registered capital of 10,000 RMB, indicating growth in the local retail sector [1] Company Summary - The legal representative of the newly established firm is Ye Minjuan [1] - The business scope includes a wide range of retail activities such as daily necessities, clothing, footwear, and various consumer electronics [1] - The firm is authorized to operate independently within the limits of its business license, excluding items that require special approval [1] Industry Summary - The establishment of this trading firm reflects the ongoing expansion of the retail industry in the region, particularly in e-commerce and general merchandise sales [1] - The diverse range of products offered by the firm suggests a strategy to cater to various consumer needs, enhancing market competitiveness [1]

天眼查App显示，近日，启东洁云日用品百货店（个体工商户）成立，法定代表人为陆婷婷，注册资本 1万人民币，经营范围为一般项目：日用品销售；纸制品销售；化妆品零售；个人卫生用品销售；卫生 用品和一次性使用医疗用品销售；互联网销售（除销售需要许可的商品）（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动）。 ...