名创优品（09896）发布公告，于2025年12月4日该公司斥资195.81万港元回购5.26万股，回购价格为每 股37.02-37.80港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 名创优品（09896）发布公告，于2025年12月4日该公司斥资195.81万港元回购5.26万股，回购价格为每 股37.02-37.80港元。 ...

Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on strong performance metrics and growth potential. Core Insights - Miniso reported a revenue of 15.19 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 23.7%. The adjusted net profit for the same period was 2.046 billion yuan, with an adjusted net profit margin of 13.5% [1][2] - The company's same-store sales growth in China reached low double-digit levels in October 2025, indicating a strong recovery and growth trajectory [2] - The TOP TOY segment showed exceptional performance with a revenue increase of 87.9% year-over-year, contributing significantly to overall growth [1][2] Summary by Sections Financial Performance - For Q3 2025, Miniso achieved a revenue of 5.797 billion yuan, a year-over-year increase of 28.2%. Domestic revenue was 2.909 billion yuan (yoy +19.3%), while overseas revenue was 2.312 billion yuan (yoy +27.7%). TOP TOY's Q3 revenue was 575 million yuan (yoy +111.4%) [2] - The adjusted operating profit margin for Q3 was 17.6%, showing a narrowing decline of 2.1 percentage points, indicating improved profitability [3] Store Expansion - As of the end of Q3 2025, Miniso had a total of 8,138 stores globally, with 4,407 in China and 3,424 overseas. The company opened 718 new stores year-over-year, with 75.7% of new openings in overseas markets [3] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 2.703 billion yuan, 3.438 billion yuan, and 4.232 billion yuan, respectively, with corresponding P/E ratios of 16.4X, 12.9X, and 10.5X [4][6]

Core Insights - MINISO has launched the "IP Genius Plan" to recruit top IP creators globally with annual salaries ranging from millions to tens of millions, aiming to enhance original IP incubation and build its own IP matrix [1] Group 1: Recruitment Strategy - The "IP Genius Plan" will be open for recruitment year-round, with no restrictions on nationality, educational background, or major [1] - The focus is on creativity, aesthetic ability, and artistic influence, targeting creators who have made a mark in their professional fields [1] Group 2: Creator Qualifications - Applicants must have notable achievements, such as winning professional awards or having their works exhibited or collected by professional institutions [1] - Candidates should also possess keen perception and a strong desire for expression [1] Group 3: Benefits for Selected Creators - Successful candidates will receive a competitive salary, a free creative environment, and access to a top-tier mentorship system [1] - MINISO will provide global ecological resource support, creating a comprehensive creative incubation and operation platform for creators [1]

Core Viewpoint - MINISO is expanding aggressively into overseas markets, particularly in Southeast Asia, with a focus on cultural consumption and the development of proprietary IPs [1][2][6]. Group 1: Expansion Strategy - MINISO opened its first overseas MINISO LAND store in Bangkok, Thailand, which has exceeded revenue expectations and plans to open 100 more stores in the next 3-5 years [2][3]. - The company views Southeast Asia as its primary overseas base, benefiting from a young population, high acceptance of fashion and IP, and favorable operating costs [2][3]. - MINISO LAND stores are designed to enhance brand visibility and market penetration, with a significant portion of products being IP-related [3][4]. Group 2: Market Adaptation - The Thai market shows a strong acceptance of both international and local IPs, leading to a tailored product offering in stores [4][6]. - MINISO has established a regional logistics center in Thailand to optimize operational costs and improve product competitiveness [4]. Group 3: Financial Performance - As of June 2023, MINISO operates 7,612 stores globally, with 3,307 located overseas, and reported overseas revenue of 1.94 billion yuan in Q2 2025, a 28.6% increase year-on-year [6][8]. - Overseas revenue accounted for 42.6% of total revenue in Q2 2025, up from 39.5% in the same period of 2024 [6]. Group 4: Proprietary IP Development - MINISO aims to develop its own IPs, with a goal of having 70% of its offerings as proprietary IPs and 30% as international IPs [7][8]. - The company has signed contracts with 17 local artists and aims to sign over 20 by the end of the year, emphasizing the importance of nurturing these IPs [7][8]. Group 5: Store Optimization - The strategy of "腾笼换鸟" (replace old with new) involves systematic updates to existing stores rather than a mass closure, enhancing store performance significantly [9]. - Upgraded stores in Thailand have seen sales increase by 8-10 times compared to previous performance, indicating a successful investment in store optimization [9].

Core Insights - Miniso reported a revenue increase of 23.1% year-on-year to RMB 4.966 billion for the three months ending June 30, 2025 [1] - Operating profit grew by 11.3% year-on-year to RMB 836 million for the same period [1] - Adjusted diluted earnings per American Depositary Share (ADS) rose by 12.0% to RMB 2.24 [1] Financial Performance - For the six months ending June 30, 2025, revenue increased by 21.1% year-on-year to RMB 9.393 billion [1] - Adjusted net profit for the same period was RMB 1.279 billion [1] - Basic and diluted earnings per ADS were RMB 4.16 and RMB 4.12, respectively [1]