Q3 毛利率44.7%（同比-0.2pct），总体平稳；费用角度，受公司为推动业务发展而对战略性海外直营门 店投资的影响，Q3 总开支14.3 亿元（+43.5%），直营店相关开支（包括租金、折旧及摊销以及剔除股 份支付薪酬的工资）/推广及广告费用/授权费用/物流开支同比+40.7%/+43.3%/+20.8%/+23.3%。 同店复苏趋势有望延续，全球化IP 设计零售定位持续拓展成长空间。展望后续，国内有望受益于大店 战略驱动的渠道优化与产品升级；海外北美市场将深化聚焦型开店策略，进一步释放规模效应。 公司IP 零售集团的成长路径愈发清晰。 盈利预测、估值与评级 机构：国金证券 研究员：赵中平/张杨桓 业绩简评 11 月21 日公司披露25Q3 报告，Q3 营收57.97 亿元（+28%），调整后归母净利润为7.67 亿元（同比 +11.7%）,调整后归母净利率13.2%（同比-2pct）。 经营分析 3Q25 国内名创/海外名创/TOPTOY 营收29.09/23.12/5.75 亿元（同比（+19.3%/+27.7%/+111.4%）。 国内名创：Q3 同店高个位数正增、开店环比高增，积极打磨自有IP。 ...

报告期内，集团总营收近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，创单季度营收新高，同比增长111%，全球门店达30家。 | In and IDE was you can be says. I'd Dr. and | | | 未經審計額外資料 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (以千元呈列,属百分比外) | | | | | | | | | | 截至9月30日止三個月 | | | | | | 截至9月30日止九個月 | | | | 同比 | 2024年 | 2025年 | | | 2024年 | 2025年 | | 同比 | | 人民幣千元 人民幣千元 | | | 千美元 | | | 人民幣千元 人民幣千元 | 千美元 | | | 吸入 | | | | | | | | | | 名創優品品牌 | 4.249.307 | 5,221,476 | 733,456 | 22.9% | 11.573.972 | 13,870,480 | 1,948, ...

Group 1 - The company reported better-than-expected Q2 performance, with same-store sales in mainland China returning to positive growth, and management raised guidance for revenue growth in H1 2025 to 21.1% year-on-year, reaching 9.39 billion RMB [1] - Adjusted net profit for H1 increased slightly by 3.0% to 1.28 billion RMB, with Q2 adjusted net profit margin improving to 13.9%, although still lower than the same period last year due to investments in overseas stores [1] - The company raised its full-year revenue growth guidance to over 25%, with same-store sales in mainland China expected to achieve positive growth for the year, and adjusted operating profit projected to reach 3.65 billion to 3.85 billion RMB, corresponding to a year-on-year growth of 7-13% [1] Group 2 - In the mainland China market, revenue for H1 grew by 11.4% to 5.11 billion RMB, with Q2 growth accelerating to 13.6%, driven by an increase in average transaction value [2] - The company reversed the store closure trend in Q2, net adding 30 stores (including 7 theme park stores) to a total of 4,305 stores [2] - The overseas market saw revenue growth of 29.4% in H1, reaching 3.53 billion RMB, with Q2 growth at 28.6%, and a net increase of 94 stores to 3,307 stores [2] Group 3 - Top Toy continued to show high growth, with H1 revenue increasing by 73.0% to 740 million RMB, and Q2 recording a strong growth of 87.0%, exceeding previous guidance of 70-80% [2] - The company plans to continue expanding its recognizable store network and enhance the sales contribution from its own brands and IPs [3]

Core Insights - Miniso reported a total revenue of 4.97 billion yuan for Q2 and the first half of 2025, representing a year-on-year growth of 23.1% [1] - The adjusted net profit (Non-IFRS) for the same period was 690 million yuan, showing a year-on-year increase of 10.6% [1] Store Expansion - As of June 30, 2025, Miniso had 4,305 domestic stores, with a net increase of 30 stores in the quarter [1] - The company also had 3,307 overseas stores, with a net increase of 94 stores in the same period [1] IP Strategy - Miniso is implementing a dual-track model for its proprietary IP, focusing on both top-tier licensed IP and signed artist IP [1] - The company has established partnerships with international IP leaders like Disney and Sanrio to attract a broad consumer base [1] - Miniso is actively signing promising original toy artists globally, having strategically signed 9 toy artists to enhance its IP portfolio [1] Long-term Vision - The Chairman and CEO of Miniso, Ye Guofu, emphasized that the investment in proprietary IP is a long-term strategy aligned with market trends [2] - The company aims to deepen its collaborations with leading global IPs to ensure sustainable growth and stability while building a differentiated and replicable growth driver through its own IP [2]

Core Viewpoint - Miniso Group reported strong financial results for Q1 2025, with multiple operational metrics exceeding expectations, indicating robust growth and strategic advancements in both domestic and international markets [2][6]. Financial Performance - Total revenue for Q1 2025 reached 4.43 billion yuan, representing a year-on-year increase of 19% [6]. - Gross margin stood at 44.2%, up 0.8 percentage points from the same period last year, marking the highest gross margin for a first quarter in the company's history [6]. - Adjusted EBITDA was 1.04 billion yuan, a 7.5% increase year-on-year, with an adjusted EBITDA margin of 23.4% [6][5]. - Adjusted net profit was 590 million yuan, with an adjusted net profit margin of 13.3% [6][5]. Domestic Revenue Growth - Revenue from mainland China reached 2.49 billion yuan, showing a year-on-year growth of 9% [7]. - The company is implementing a channel upgrade strategy focused on "opening good stores and large stores," achieving significant results with the average performance of new stores up 27% compared to the same period last year [7][9]. International Business Expansion - International revenue for Q1 2025 was 1.59 billion yuan, achieving a 30% year-on-year growth, with overseas revenue contributing an increasing share to total revenue [10]. - As of March 31, 2025, Miniso operated 3,213 overseas stores, maintaining a steady pace of market expansion [10]. - The North American market has seen strategic breakthroughs, with over 300 stores now in operation, focusing on 24 core states to enhance operational efficiency [11]. Brand and Product Strategy - Miniso is focusing on the MINISO LAND store format, which integrates IP elements to enhance brand image and drive sales growth [7]. - The company plans to continue leveraging high-quality IP resources for customized limited products to strengthen its brand positioning [7]. - The subsidiary TOP TOY reported a 59% year-on-year revenue increase to 340 million yuan, with a total of 280 stores [11]. Shareholder Returns - Year-to-date, Miniso has returned approximately 990 million yuan to shareholders, including 260 million yuan in share buybacks and over 100 million USD in cash dividends [11].