Core Viewpoint - Company maintains a "buy" rating for MINISO (09896), projecting significant revenue and profit growth from 2025 to 2027, driven by its global expansion and optimization of operations [1][2] Group 1: Financial Performance - For the first half of 2025, MINISO achieved revenue of 9.39 billion yuan, representing a year-on-year increase of 21.1%, with adjusted net profit of 1.279 billion yuan, up 3.0% [2] - In Q2 2025, MINISO's revenue reached 4.97 billion yuan, reflecting a year-on-year growth of 23.1%, and adjusted net profit was 690 million yuan, an increase of 10.6% [2] Group 2: Store Expansion and Performance - In Q2 2025, MINISO's domestic store count increased by 30, with a total of 4,305 stores, marking a year-on-year growth of 190 stores [2] - The same-store sales in Q2 2025 showed a low single-digit growth, indicating a positive trend in performance, with an estimated average revenue per store of 611,000 yuan, up 7.87% year-on-year [2] Group 3: Future Projections - Revenue projections for MINISO are set at 21.32 billion yuan for 2025, 25.45 billion yuan for 2026, and 30.00 billion yuan for 2027, with net profits expected to reach 2.59 billion yuan, 3.40 billion yuan, and 4.12 billion yuan respectively [1] - Adjusted net profit forecasts for the same years are 2.91 billion yuan, 3.53 billion yuan, and 4.20 billion yuan [1]

Group 1 - The core viewpoint of the report is that MINISO (09896) maintains a "buy" rating, with projected revenue and net profit growth from 2025 to 2027 [1] - The expected revenue for 2025, 2026, and 2027 is 21.32 billion, 25.45 billion, and 30.00 billion yuan respectively, with net profit estimates of 2.59 billion, 3.40 billion, and 4.12 billion yuan [1] - The company is recognized as a global leader in daily goods retail, leveraging its advantages in channels and supply chains to expand rapidly worldwide [1] Group 2 - In the first half of 2025, MINISO achieved revenue of 9.39 billion yuan, a year-on-year increase of 21.1%, with adjusted net profit of 1.279 billion yuan, up 3.0% [2] - In Q2 2025, the company reported revenue of 4.97 billion yuan, a year-on-year increase of 23.1%, and adjusted net profit of 690 million yuan, up 10.6% [2] - The domestic store count increased by 30 in Q2 2025, reaching a total of 4,305 stores, marking a year-on-year increase of 190 stores [2]

Core Viewpoint - The company reported its Q1 2025 earnings, showing a mixed performance with revenue growth but a decline in net profit, indicating challenges in profitability despite revenue increases in both domestic and international markets [1][2][3]. Domestic Performance - In Q1 2025, the company achieved domestic revenue of 24.94 billion yuan, a year-on-year increase of 9.1%, despite a net reduction of 111 stores, resulting in a total of 4,275 stores, which is an increase of 241 stores year-on-year [1]. - Same-store sales showed improvement, with a decline in the low single digits for Q1 2025, and the year-to-date same-store performance also indicated a narrowing decline [1]. International Performance - The company opened 95 new overseas stores in Q1 2025, bringing the total to 3,213 stores, which is a year-on-year increase of 617 stores, reflecting a 24.6% growth in average store count [2]. - Overseas revenue reached 15.92 billion yuan, a year-on-year increase of 30.3%, with single-store revenue showing a 4.6% increase [2]. TOP TOY Brand Expansion - The TOP TOY brand expanded rapidly, with a total of 280 stores as of Q1 2025, an increase of 120 stores year-on-year [2]. - Revenue for TOP TOY in Q1 2025 was 340 million yuan, reflecting a year-on-year growth of 58.9%, although average single-store revenue decreased by 11.95% [3]. Profitability and Cost Structure - The gross margin for Q1 2025 was 44.2%, an increase of 0.8 percentage points year-on-year, driven by a higher proportion of overseas revenue and a shift towards higher-margin products [3]. - Operating expenses increased significantly, with sales, management, and financial expense ratios rising, primarily due to investments in direct stores and increased costs related to personnel and logistics [3]. Future Outlook - The company is positioned as a global leader in the retail sector, leveraging its supply chain and channel advantages for rapid expansion, with expectations for continued revenue growth in the coming years [4]. - Projected revenues for 2025-2027 are estimated at 210.1 billion yuan, 246.1 billion yuan, and 280.4 billion yuan, with net profits expected to reach 29.5 billion yuan, 36.5 billion yuan, and 43.3 billion yuan respectively [4].