Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is steadily advancing its global layout and emphasizes its IP channel's capacity to capture demand [5] - The company achieved significant revenue growth in 2024, with a total revenue of 16.994 billion RMB, representing a year-on-year increase of 22.8% [7] - The company completed its annual store opening target, with a total of 7,780 stores by the end of 2024, including 6,504 Miniso stores [7] - The overseas store expansion is notable, with 631 new stores opened abroad, accounting for 58% of total new openings [7] - The company's gross margin reached a historical high of 44.9% in 2024, up 3.7 percentage points year-on-year, driven by an increase in overseas direct sales [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 11,473.21 million RMB - 2024: 16,994.03 million RMB - 2025E: 20,851.52 million RMB - 2026E: 24,818.06 million RMB - 2027E: 29,259.03 million RMB - The expected year-on-year growth rates for revenue are 13.76% in 2023, 48.12% in 2024, and 22.70% in 2025 [6] - The adjusted net profit for 2025 is projected to be 3,123.30 million RMB, with a year-on-year growth rate of 19.3% [6] - The earnings per share (EPS) are expected to increase from 1.42 RMB in 2023 to 2.50 RMB in 2025 [6] Store Expansion and Product Strategy - The company has successfully launched new products under the WAKUKU brand, with a recent release selling out within two hours, indicating strong consumer interest [7] - The TOPTOY brand has also seen rapid overseas expansion, achieving a revenue of 984 million RMB in 2024, a year-on-year increase of 44.7% [7] - The company is focusing on adjusting its revenue structure and IP product mix to enhance gross margin performance [7]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [8][20]. Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 3.5 billion yuan, representing a year-on-year increase of 4.06%. The net profit attributable to the parent company is forecasted to be 106.41 million yuan, up 1.61% year-on-year [1][6]. - The company is actively optimizing its mother and baby store formats and is expected to benefit from changes in fertility policies, which may release market demand [3]. - The company is entering the IP retail market with the establishment of the first Gundam base in Jiangsu, targeting younger consumer groups and creating new growth points [4]. Financial Performance - In Q4 2024, the company reported revenue of 999 million yuan, a year-on-year increase of 9.69%, and a net profit of 58.52 million yuan, up 1.26% year-on-year [1]. - For the full year of 2024, the company’s gross margin was 26.9%, down 1.5 percentage points year-on-year, primarily due to an increase in the revenue share of lower-margin milk powder products [1]. - The company plans to distribute a cash dividend of 2.53 yuan per 10 shares, resulting in a total dividend payout ratio of 47% for 2024 [1]. Store and Operational Metrics - As of the end of 2024, the company had a total of 475 stores, with a net increase of 6 stores year-on-year. The overall sales efficiency was 11,200 yuan per square meter per year, a decrease of 0.68% year-on-year [2]. - The sales growth rate in the South China region was particularly strong, at 11.74% [3]. Revenue Projections - The company’s revenue projections for 2025-2027 are 38.12 billion yuan, 42.56 billion yuan, and 47.98 billion yuan, respectively, with corresponding net profits of 1.34 billion yuan, 1.58 billion yuan, and 1.90 billion yuan [5][6].

Investment Rating - The report maintains a "Buy" rating for MINISO [4][6] Core Views - MINISO achieved a revenue of 16.994 billion yuan in 2024, representing a year-on-year growth of 22.8%, with an adjusted net profit of 2.721 billion yuan, up 15.4% year-on-year [1] - The company plans to pay a cash dividend of 101 million USD, which is approximately 50% of the adjusted net profit for the six months ending December 31, 2024 [1] - The domestic store expansion is steady, with a net increase of 136 stores in Q4 2024, bringing the total to 4,386 stores, an increase of 460 stores year-on-year [1] - The overseas market continues to grow primarily through direct stores, with a total of 3,118 overseas stores by Q4 2024, an increase of 631 stores year-on-year [2] Summary by Sections Domestic Performance - In Q4 2024, domestic MINISO achieved a revenue of 2.297 billion yuan, a year-on-year increase of 6.5% [1] - Same-store sales faced pressure, with a year-on-year decline of 4.62% in Q4 [1] Overseas Performance - Overseas revenue reached 2.132 billion yuan in Q4 2024, a year-on-year increase of 42.7% [2] - Direct store and partner store growth rates were 65.5% and 17.4%, respectively [2] Profitability and Costs - The gross margin reached a historical high of 47% in Q4 2024, up 3.9 percentage points year-on-year [3] - Selling, administrative, and financial expense ratios increased to 21.24%, 5.87%, and 0.34%, respectively, due to accelerated direct store expansion [3] Financial Projections - Revenue projections for 2025-2027 are 20.905 billion, 24.628 billion, and 28.244 billion yuan, respectively, with corresponding net profits of 3.057 billion, 3.747 billion, and 4.411 billion yuan [4][5] - The estimated P/E ratios for 2025-2027 are 13.8, 11.3, and 9.6 times, respectively [4][5]

Investment Rating - The report maintains a "Buy" rating for MINISO, reflecting confidence in its growth potential and market position [4][6]. Core Insights - MINISO achieved a revenue of 16.994 billion yuan in 2024, representing a year-on-year growth of 22.8%, with an adjusted net profit of 2.721 billion yuan, up 15.4% year-on-year [1]. - The company plans to pay a cash dividend of 101 million USD, which is approximately 50% of the adjusted net profit for the six months ending December 31, 2024 [1]. - Domestic store expansion continues, with a net increase of 136 stores in Q4 2024, bringing the total to 4,386 stores, although same-store sales showed a decline of 4.62% in Q4 [1]. - Internationally, MINISO's overseas revenue grew by 42.7% year-on-year in Q4 2024, driven by a net increase of 182 stores, with a total of 3,118 overseas stores [2]. Summary by Sections Domestic Performance - In Q4 2024, MINISO's domestic revenue reached 2.297 billion yuan, a 6.5% increase year-on-year, supported by steady store expansion and online sales growth [1]. - The company anticipates stable store openings in 2025, with revenue growth expected from both online business and same-store sales [1]. International Performance - The overseas segment saw a significant revenue increase, with Q4 2024 revenue at 2.132 billion yuan, marking a 42.7% year-on-year growth [2]. - The company operates 3,118 overseas stores, with a focus on direct sales, which showed a growth rate of 65.5% [2]. Financial Metrics - The gross margin reached a record high of 47% in Q4 2024, an increase of 3.9 percentage points year-on-year [3]. - The report projects revenues of 20.905 billion yuan, 24.628 billion yuan, and 28.244 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 3.057 billion yuan, 3.747 billion yuan, and 4.411 billion yuan [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has deepened its IP strategy and accelerated globalization, achieving a record high gross margin [1] - In 2024, the company achieved revenue of 16.99 billion yuan, a year-on-year increase of 22.8%, with adjusted net profit of 2.72 billion yuan, up 15.4% [5] - The company expects to maintain strong performance in the second half of 2025, driven by its IP strategy and expansion of overseas direct stores [5] Financial Summary - Revenue projections for 2025, 2026, and 2027 are 20.95 billion yuan, 25.51 billion yuan, and 30.97 billion yuan respectively, with year-on-year growth rates of 23.3%, 21.7%, and 21.4% [5] - Net profit projections for the same years are 3.05 billion yuan, 3.72 billion yuan, and 4.57 billion yuan, with year-on-year growth rates of 16.5%, 22.1%, and 22.7% [5] - The gross margin is expected to improve from 44.9% in 2024 to 50.6% in 2027 [5] Market Performance - The company has optimized its store layout and enhanced IP penetration in China, with revenue from the mainland reaching 9.33 billion yuan, a 10.9% increase [5] - The overseas revenue reached 6.68 billion yuan, a 41.9% increase, with a significant increase in the number of direct stores [5] - The company is focusing on enhancing its online sales and expanding its product categories to drive growth [5]