Group 1 - Miniso announced a share buyback on December 12, purchasing 260,200 shares at a price range of HKD 37.800 to HKD 38.680, totaling HKD 10.0067 million [1] - The stock closed at HKD 38.320 on the same day, reflecting a 2.73% increase, with a total trading volume of HKD 90.3013 million [1] - Since December 3, the company has conducted buybacks for eight consecutive days, acquiring a total of 602,000 shares for a cumulative amount of HKD 22.8781 million, during which the stock has decreased by 1.24% [1] Group 2 - Year-to-date, Miniso has executed 181 buybacks, totaling 15.7258 million shares and an aggregate buyback amount of HKD 384 million [2] - The detailed buyback data includes various dates, share quantities, highest and lowest prices, and amounts spent, with the most significant buyback occurring on November 24, where 866,800 shares were repurchased for HKD 319.38 million [2][3][4]

Core Insights - Miniso reported a 28.2% year-on-year increase in revenue for the third quarter, reaching 5.7966 billion yuan [1] - The adjusted net profit grew by 11.7% year-on-year, amounting to 766.8 million yuan [1] Financial Performance - Revenue for the third quarter was 5.7966 billion yuan, reflecting a significant growth compared to the previous year [1] - Adjusted net profit reached 766.8 million yuan, indicating a positive trend in profitability [1]

Core Insights - Miniso Group (NYSE: MNSO; HKEX: 9896) reported a total revenue of 5.8 billion yuan for Q3 2025, representing a year-on-year growth of 28% [1] - The Miniso brand generated revenue of 5.22 billion yuan, up 23% year-on-year, while the TOP TOY brand saw a remarkable 111% increase in revenue to 570 million yuan [1] - The group's gross profit for the quarter was 2.59 billion yuan, with a gross margin of 44.7%, indicating strong business growth resilience and profitability [1] - Adjusted net profit (Non-IFRS) reached 770 million yuan, a 12% increase year-on-year, with an adjusted net profit margin of 13.2% [1] - As of the end of the quarter, Miniso Group surpassed 8,000 global stores, marking a significant milestone [1] - Same-store sales continued to improve, achieving mid-single-digit growth, characterized by higher quality and stronger sustainability [1]

Core Insights - Miniso achieved a revenue of RMB 5.797 billion for the third quarter, marking a year-on-year increase of 28.17% [1] - The company's profit attributable to equity shareholders was RMB 441 million, a decrease of 31.36% year-on-year [1] - Adjusted net profit for the quarter was RMB 766.8 million, reflecting an increase of 11.7% year-on-year [1] Financial Performance - For the nine months ending September 30, the company reported a revenue of RMB 15.19 billion, up 23.68% year-on-year [1] - Profit attributable to equity shareholders for the nine months was RMB 1.347 billion, down 25.68% year-on-year [1] - Adjusted net profit for the nine months was RMB 2.0455 billion, with basic earnings per share of RMB 1.1 [1] Operational Highlights - The company surpassed a significant milestone with quarterly revenue exceeding RMB 5 billion and global store count surpassing 8,000 [2] - In mainland China, the company achieved a net increase of over 100 stores in the quarter, with same-store sales showing high single-digit growth [2] - The company is on track to achieve positive same-store sales growth in mainland China for the full year of 2025 [2] International Performance - Same-store sales in overseas markets improved to low single-digit growth, with strong performance in strategic markets like North America and Europe [2] - The operating profit margin for overseas direct operations has improved year-on-year, indicating enhanced core operational capabilities [2] Cash Flow and Financial Health - The company reported a net operating cash flow of RMB 1.2996 billion for the quarter, with a cash flow to adjusted net profit ratio of 1.7 [3] - As of September 30, cash reserves stood at RMB 7.77 billion, with net operating cash flow for the first nine months reaching RMB 2.314 billion [3] - The strong cash flow and financial position highlight the company's robust profitability and efficient working capital management [3]

Core Viewpoint - Miniso (09896) experienced a significant stock price increase of over 10% following the release of its mid-term results for 2025, indicating positive market sentiment towards the company's performance and future outlook [1] Financial Performance - The company reported a revenue of 9.393 billion RMB, representing a year-on-year growth of 21.1% [1] - Profit attributable to equity shareholders was 906 million RMB, showing a decline of 22.6% compared to the previous year [1] - Basic earnings per share for ordinary shares stood at 0.74 RMB [1] - For the second quarter, revenue reached 4.97 billion RMB, with a year-on-year increase of 23.1% [1] - Adjusted net profit for the second quarter grew by 10.6% to 690 million RMB [1] - TOP TOY's revenue surged by 87.0%, setting a new record for the second quarter [1] Dividend Distribution - The company declared an interim cash dividend of 0.2896 USD per American Depositary Share or 0.0724 RMB per ordinary share [1] Sales Growth - The company’s Executive Director and Chairman, Ye Guofu, noted that same-store sales in mainland China turned positive in the June quarter and accelerated further into the September quarter [1] - The company anticipates positive same-store sales growth for the entire year in mainland China [1]

Core Insights - Miniso (09896) reported revenue of 9.393 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 21.1% [1] - The profit attributable to equity shareholders was 906 million RMB, a decline of 22.6% compared to the previous year [1] - Basic earnings per share for ordinary shares stood at 0.74 RMB [1] Revenue Breakdown - Revenue from the Miniso brand increased by 18.1% to 8.649 billion RMB, with domestic revenue in mainland China growing by 11.4% and overseas revenue increasing by 29.4% [1] - Overseas revenue accounted for 40.9% of total Miniso brand revenue, up from 37.3% in the same period last year [1] - TOP TOY brand revenue surged by 73.0% to 742.1 million RMB, primarily driven by rapid growth in average store count [1] Profitability Metrics - Gross margin reached 44.3%, marking a historical high for the first half of the year, an increase of 0.6 percentage points [1] - The year-on-year growth in gross margin was mainly attributed to increased revenue contribution from the overseas market for the Miniso brand and improved gross margin for TOP TOY [1]

Core Viewpoint - The company maintains a "buy" rating despite facing profit pressure in FY2025Q1, with expectations for improvement in same-store sales and profit margins in Q2 and a stronger performance anticipated in H2 2025 during the overseas peak season [1][2] Financial Performance - FY2025Q1 revenue reached 4.427 billion yuan, a year-on-year increase of 18.9%, with contributions from various segments: - Miniso's domestic business revenue was 2.494 billion yuan, up 9.1% year-on-year - Miniso's overseas business revenue was 1.592 billion yuan, up 30.3% year-on-year - TOP TOY revenue was 340 million yuan, up 58.9% year-on-year - Adjusted net profit for FY2025Q1 was 587 million yuan, a decrease of 4.81% year-on-year, indicating profit pressure [1][2] Same-Store Sales and Store Expansion - Same-store sales improvement has become a strategic focus, with Q2 showing a continued positive trend - In FY2025Q1, Miniso's domestic revenue grew by 9.1%, but same-store daily sales saw a low single-digit decline, primarily due to reduced foot traffic in malls - The overseas revenue growth of 30.3% was supported by a 24.6% increase in average store count - In FY2025Q1, Miniso closed 111 domestic stores due to market adjustments, while 95 new overseas stores were opened, indicating ongoing expansion efforts [1][2] Profitability Metrics - The company's gross margin for FY2025Q1 was 44.2%, an increase of 0.8 percentage points year-on-year - Adjusted net profit margin was 13.3%, down 3.3 percentage points year-on-year - Operating profit margin (OPM) was 16.0%, a decline of 3.9 percentage points year-on-year, attributed to a higher proportion of lower-margin direct sales and upfront costs related to new store openings in the U.S. [2]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a revenue of 4Q24 at 4.71 billion yuan, a year-on-year increase of 22.7%, with an adjusted net profit of 790 million yuan, reflecting a 20% increase year-on-year [1]. - For the full year 2024, the company achieved a revenue of 16.99 billion yuan, up 22.8% year-on-year, and an adjusted net profit of 2.72 billion yuan, a 15% increase year-on-year [1]. - The gross profit margin reached a historical high of 47% in 4Q24, driven by rapid growth in overseas direct markets and an increase in the proportion of IP products [1]. Summary by Sections Financial Performance - 4Q24 revenue was 4.71 billion yuan, with a net profit margin of 16.8% [1]. - The company expects adjusted net profits for 2025, 2026, and 2027 to be 3.27 billion yuan, 4.08 billion yuan, and 4.94 billion yuan respectively, with corresponding P/E ratios of 13, 11, and 9 times [3]. Domestic Market - By the end of 2024, the company had 4,386 stores in China, with a net increase of 460 stores [2]. - Same-store sales in China faced pressure, with a slight decline expected in 2024, but a focus on optimizing same-store performance is planned for 2025 [2]. International Market - The company's overseas revenue grew significantly, with a 41.9% increase in revenue and a 27.4% increase in GMV for 2024 [2]. - The number of overseas stores reached 3,118, with a notable increase in direct stores [2]. Cost Structure - The report indicates that expenses related to direct store operations, depreciation, and logistics have increased significantly, but operational leverage is expected to improve in 2025 [1][2].