新浪科技讯 11月21日上午消息，名创优品集团公布2025年第三季度财务报告。报告期内，集团总营收 达58亿元，同比增长28%，其中名创优品品牌营收52.2亿元，同比增长23%，TOP TOY品牌营收5.7亿 元，同比增长111%。名创优品集团该季度毛利润为25.9亿元，同比增长28%，毛利率为44.7%。经调整 净利润（非国际财务报告准则（Non-IFRS））7.7亿元，同比增长12%，经调整净利率13.2%。 门店增长方面，截至本季末，名创优品集团全球门店突破8000家，名创优品表示，作为渠道升级的标杆 店型MINISO LAND陆续登陆广州、杭州、重庆、武汉等核心城市，在国内已开出17家。10月底，海外 首家MINISO LAND在泰国曼谷Siam Square步行街正式开业。截至2025年11月，名创优品已签约16个潮 玩艺术家IP，构建了丰富多元的自有IP矩阵。（罗宁） 责任编辑：王翔 ...

Core Insights - The founder of MINISO, Ye Guofu, believes that China's IP market is just beginning to explode, with significant potential for overseas expansion, particularly in cultural consumption [1][8] - MINISO LAND, the company's strategic store format, has opened its first overseas location in Bangkok, Thailand, which has exceeded revenue expectations and is part of a plan to open 100 stores in Thailand over the next 3-5 years [3][4][6] Expansion Strategy - Since its international expansion began in late 2015, MINISO has viewed Southeast Asia as its primary overseas base, with Thailand being a key focus due to its young population and cultural similarities to China [3][4] - The company plans to enter major cities in Indonesia, Malaysia, the Philippines, and Singapore, aiming for steady growth rather than rapid expansion [6][7] Store Format and Performance - MINISO LAND stores are approximately twice the size of regular stores, with 75%-80% of products being IP-related, which has attracted significant consumer interest and sales [4][5] - The first MINISO LAND store in Shanghai achieved over 100 million yuan in sales within nine months, indicating strong market potential [4] IP Development - MINISO aims to cultivate its own IP, with a goal of having 70% of its products as proprietary IP and 30% as international IP, reflecting a shift towards becoming a cultural creative company [8][10] - 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 developing a robust IP matrix [8][9] Financial Performance - As of June 2023, MINISO operates over 7,600 stores globally, with 3,307 located overseas. The overseas business generated 1.94 billion yuan in revenue in Q2 2025, a 28.6% year-on-year increase, accounting for 42.6% of total revenue [7][8] - The company has reported that its proprietary IP "Youyou Sauce" generated over 40 million yuan in sales since its launch in June 2023, with expectations to exceed 100 million yuan in the following year [10]

Core Insights - The company has experienced a recovery in domestic business, with a 11.4% year-on-year increase in revenue for H1 2025, marking the first positive same-store sales growth in four quarters, indicating effective operational optimization and improved customer traffic [1] - The strategic focus has shifted from quantity expansion to quality enhancement, with a total of 4,305 stores as of H1 2025, netting an increase of 190 stores, and plans to add 100-150 more stores in the future [1] - The company's IP strategy has evolved from a traffic generation tool to a core competitive barrier, with the goal of achieving a GMV of 1 billion yuan from self-owned IPs by the end of the year [1] Domestic Business Performance - Domestic revenue for H1 2025 increased by 11.4%, with same-store sales showing positive growth for the first time in four quarters [1] - The company has closed inefficient small stores and optimized its network structure, resulting in a total of 4,305 stores [1] - The large store formats, represented by MINISO LAND and flagship stores, have significantly increased customer spending and sales per square meter, becoming the core drivers of growth and brand upgrade [1] IP Strategy Development - The IP products have effectively enhanced brand premium and user stickiness, providing strong support for the company's revenue [1] - The company is transitioning from "IP collaboration" to "self-owned IP incubation," with the first self-owned IP "Yoyo Sauce" selling out, validating the company's IP incubation capabilities [1] - The company aims to strengthen self-owned IP cultivation, targeting a GMV of 1 billion yuan for self-owned IPs, establishing it as a strategic pillar for future growth [1] Overseas Business Growth - Overseas business revenue surged by 29.4% in H1 2025, with a total of 3,307 stores, driven primarily by the North American market [2] - The number of stores in North America increased to 394, with GMV skyrocketing by 67.5% to 1.41 billion yuan, benefiting from cluster layout and localized operations [2] - The company plans to open 80 new stores in the U.S. and aims to net over 500 new overseas stores throughout the year [2] TOP TOY Business Performance - The TOP TOY business has shown robust growth, with revenue increasing by 73% and a total of 293 stores [2] - This segment has become a strong second growth curve for the group, contributing significantly to overall performance [2] Operational Efficiency - The collaboration with Yonghui is expected to enhance operational efficiency through supply chain synergies [2] - The successful execution of channel upgrades, IP strategy, and global operations is anticipated to improve growth quality and profit visibility [2] - The company projects EPS for 2025-2027 to be 1.93, 2.58, and 3.26 yuan, maintaining a "buy" rating [2]

Core Insights - The summer consumption boom is driving economic growth, with MINISO LAND achieving impressive sales figures in August, reaching 16 million yuan, setting a record for single-store monthly sales for MINISO globally [1] - IP products are the main driver of performance, accounting for 83% of sales at the MINISO LAND store [1] - The successful implementation of the "large store strategy" and the explosive market potential of MINISO are evidenced by the store's achievement of over 100 million yuan in sales within the first nine months of operation [1] Financial Performance - For the second quarter of 2025, MINISO Group reported total revenue of 4.97 billion yuan, reflecting a year-on-year growth of 23.1% [1] - As of the end of June, MINISO LAND has expanded to 11 stores across major cities including Shanghai, Beijing, Guangzhou, and Chengdu, with an average monthly store efficiency reaching several million yuan [1]

Core Viewpoint - Miniso (MNSO.US) experienced a significant stock increase of over 12%, closing at $24.91, following the release of its financial report for the first half of 2025, which showed a revenue growth of 21.1% year-on-year [1] Financial Performance - For the first half of 2025, Miniso reported a revenue of 9.393 billion RMB, reflecting a year-on-year increase of 21.1% [1] - The profit attributable to equity shareholders was 906 million RMB, which represents a decline of 22.6% year-on-year [1] - Basic earnings per share were reported at 0.74 RMB [1] - The company declared an interim cash dividend of $0.2896 per American Depositary Share or 0.0724 RMB per ordinary share [1] Quarterly Highlights - In the second quarter, Miniso achieved a revenue of 4.97 billion RMB, marking a year-on-year growth of 23.1%, surpassing the management's previous guidance of 18%-21% [1] - Adjusted net profit for the second quarter increased by 10.6% year-on-year to 690 million RMB [1] - Revenue from TOP TOY surged by 87.0%, setting a new record [1] Sales Growth - The company’s Executive Director and Chairman, Ye Guofu, indicated that same-store sales in mainland China turned positive in the second quarter and are expected to accelerate further into the third quarter [1] - Miniso anticipates positive same-store sales growth for the entire year in mainland China [1]

Group 1 - Miniso (09896) announced a share buyback plan, intending to repurchase 6,600 shares at a total cost of HKD 250,600 [1] - The buyback price per share is set between HKD 37.75 and HKD 38 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for Q1 2025 was 4.43 billion, representing a year-over-year increase of 18.9%. The gross margin was 44.2%, up 0.8 percentage points year-over-year. Operating profit was 710 million, down 4.05% year-over-year, while adjusted net profit was 590 million, down 4.9% year-over-year, with an adjusted net profit margin of 13.3%, down 3.3 percentage points year-over-year [5] - The company expects revenues of 20.54 billion, 24.43 billion, and 28.28 billion for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 21%, 19%, and 16%. Adjusted net profits are projected to be 2.76 billion, 3.35 billion, and 4.06 billion for the same years, with year-over-year growth rates of 1%, 21%, and 21% [6] - Domestic business is shifting from rapid store expansion to a focus on high-quality growth, with same-store sales expected to improve. In Q1 2025, domestic revenue was 2.5 billion, up 9.1% year-over-year, with same-store sales showing improvement from a previous decline [9] - The overseas business is experiencing rapid growth, with Q1 2025 overseas revenue at 1.6 billion, up 30.3% year-over-year, accounting for 36% of total revenue. The number of overseas stores reached 3,213, with a net increase of 95 stores [9] Financial Summary - For 2024A, the company reported total revenue of 16.99 billion, with a year-over-year growth rate of 23%. Adjusted net profit was 2.72 billion, with a year-over-year growth rate of 15% [8] - The company’s financial ratios indicate a return on equity (ROE) of 26.3% for 2024A, with a projected decline to 17.8% in 2025E [11]

Core Viewpoint - The company's Q1 2025 performance fell short of expectations, with revenue increasing by 19% year-on-year to 4.4 billion yuan, but adjusted net profit declining by 5% to 587 million yuan due to increased sales and financial expenses from upfront investments in direct stores [1][2]. Group 1: Financial Performance - Q1 2025 revenue reached 4.4 billion yuan, a 19% year-on-year increase, while adjusted net profit decreased by 5% to 587 million yuan [1]. - Domestic business revenue grew by 9% to 2.5 billion yuan, with same-store sales declining in the mid-single digits, and a net reduction of 111 stores [1]. - Overseas business revenue increased by 30% to 1.6 billion yuan, with a total of 3,213 stores, but same-store sales also saw a mid-single-digit decline due to high base effects [1]. - TOPTOY business revenue surged by 59% to 340 million yuan, indicating strong growth [1]. Group 2: Cost and Margin Analysis - Gross margin improved by 0.8 percentage points to 44.2%, driven by higher-margin overseas operations and increased revenue from TOPTOY [2]. - Sales expense ratio rose significantly by 4.4 percentage points to 23.1% due to increased upfront investments in direct stores [2]. - Financial expenses increased to 50 million yuan from a net income of 25 million yuan in the previous year, influenced by interest from stock-linked securities and loans [2]. - Adjusted net profit margin decreased by 3.3 percentage points to 13.3% due to rising tax rates and other expenses [2]. Group 3: Strategic Initiatives - The company is committed to advancing its IP strategy, focusing on interest-based consumption, with several new product lines launched this year [2]. - Plans include expanding the breadth and depth of IP collaborations to create differentiated products [2]. Group 4: Future Outlook - The company aims for positive same-store sales growth in domestic operations for the full year, particularly after improvements noted during the May Day holiday [3]. - Profit forecasts for 2025/26 have been revised down by 14% and 8% to 2.7 billion and 3.5 billion yuan, respectively [3]. - Target prices for Hong Kong and US stocks have been reduced by 8% to 42.28 HKD and 21.82 USD, respectively, reflecting a valuation adjustment [3].

Financial Performance - The company reported Q1 2025 revenue of 4.43 billion RMB, a year-on-year increase of 18.9%, exceeding the market estimate of 4.41 billion RMB [1][3] - Net profit for the quarter was 416.5 million RMB, down 28.8% from 586 million RMB in the same period last year [1][3] - Adjusted net profit was 587.2 million RMB, below the expected 661.3 million RMB [1][3] - Adjusted EBITDA margin was 23.4%, down from 25.9% in Q1 2024 [1] Revenue Breakdown - Revenue from the MINISO brand reached 4.09 billion RMB, a 16.5% increase, with mainland China contributing 2.49 billion RMB (up 9.1%) and overseas markets contributing 1.59 billion RMB (up 30.3%) [4][5] - TOP TOY brand revenue was 340 million RMB, a significant increase of 58.9%, driven by rapid growth in average store count [4][5] Store Expansion - As of March 31, 2025, the total number of stores for the group was 7,768, with a net increase of 978 stores year-on-year [5][6] - The number of MINISO stores reached 7,488, with 4,275 located in mainland China and 3,213 overseas, marking a net increase of 241 and 617 stores respectively [6][7] Management Commentary - The CEO expressed confidence in achieving sustainable high-quality growth, attributing revenue growth to a strong recovery in same-store sales and strategic store network development [8] - The company plans to enhance collaboration with overseas partners, upgrade store formats, and improve operational efficiency to unlock expansion potential [8]

Core Viewpoint - MINISO has released its 2024 ESG report, highlighting its excellent practices in social responsibility, green products, and charitable activities, with a focus on sustainability and corporate governance [1] Group 1: ESG Ratings and Corporate Governance - MINISO has received an "AA" rating from MSCI for three consecutive years, leading the industry in corporate behavior, privacy and data security, and labor management [1] - The company emphasizes the integration of ESG principles into all business operations, aiming to create long-term sustainable value for society [1] Group 2: Employee Diversity and Welfare - As of the end of 2024, 60.8% of MINISO's employees are from overseas markets, with a 100% localization rate for store managers in direct markets like Vietnam [1] - The company promotes a family-friendly workplace, with 65% of employees in mainland China being female, and 55.9% of managerial positions held by women, surpassing industry averages [1][2] Group 3: Employee Incentives and Community Engagement - MINISO has granted stock incentives to approximately 500 directors, executives, and key employees, along with various welfare bonuses to enhance employee satisfaction and sense of belonging [2] - The company actively engages in public welfare projects focused on children, women, serious illnesses, disasters, and animal protection, including a significant donation of 10 million RMB to establish an animal protection fund [2] Group 4: Product Responsibility and Sustainability Initiatives - MINISO has developed 26 SKUs of Tritan plastic cups, with Tritan products exceeding PC products in development, and has replaced single-use plastics with paper materials in 37 SKUs [2] - The company plans to create more green products across various categories and will introduce the "MINISO ECO" label for broader application [3] Group 5: Future Strategic Goals - MINISO aims to leverage its strong ESG performance as a driver for high-quality development and plans to lead 100 Chinese IPs to global markets, transitioning from "Chinese MINISO" to "Global MINISO" [3]