机构：中信建投证券 研究员：刘乐文/陈如练/杨艾莉 改进80%现有传统门店的规划构筑好起点。 坚定美国直营布局，焕新传统区域 公司继续推进美国直营门店建设，25Q3 的海外直营店数量增长至637 家，美国plaza 店模型结合本土化 供应链为公司收入28.2%增长作出重要贡献，美国同店领头带动海外整体同店由负转为25Q3 的低个位 数增长。同时，公司积极为深耕多年的东南亚和拉美市场注入活力，重点改进印尼、泰国等地区市场， 铺设区域限定新品，并且将中国和美国IP 战略的成功经验推向传统区域。 投资建议：公司三季度收入增速超过预期指引，国内外同店环比均有提升并且基于10 月情况对于四季 度进一步乐观指引，我们认为公司能够稳步推进高质量开店战略，更新公司2025-2027 年营业收入为 212.42、247.11、278.88 亿元，公司经调整归母净利润为：31.62、35.78、40.22 亿元，对应PE 为14X、 13X、11X，维持"增持"评级。 风险分析 核心观点 名创优品作为生活好物集合店的全球布局优势明显，把握潮玩大趋势，依托成熟的运营能力打造自有IP 产品的可实现性高。公司管理层坚定看好线下零售业态 ...

Core Insights - MINISO LAND, the first global IP collaboration store of MINISO in Northeast China, opened in Harbin on September 10, attracting a large number of young consumers eager to experience this new retail space [1][3][9] - The store spans nearly 1,300 square meters and features various IP-themed areas, showcasing products from popular franchises like Disney and Sanrio, covering categories such as household goods, stationery, beauty, and home decor [1][4] Company Overview - Since its establishment in 2013, MINISO has rapidly expanded its presence as a global retail brand, with a total of 7,905 stores worldwide as of June 30, 2025, marking a net increase of 842 stores year-on-year [3] - The brand's operating profit for the first half of 2025 was 1.546 billion yuan, reflecting a 3.4% increase from the previous year [3] Strategic Development - MINISO LAND represents a strategic store format that focuses on immersive IP consumer experiences, differing from traditional MINISO stores by offering a larger space, thematic design, and a wider product range [4][7] - The collaboration with the Harbin shopping center aims to create a trendy and engaging shopping environment that resonates with the target demographic of young consumers [5][9] Market Trends - The opening of MINISO LAND in Harbin highlights several market trends, including a significant shift towards younger consumers, an increase in emotional and social consumption needs, and the rise of IP-driven economic growth [9][11] - The establishment of this store is expected to enhance Harbin's commercial ecosystem, attract more quality commercial resources, and meet the evolving consumption demands of the younger population [11]

Core Viewpoints - Miniso demonstrates a clear global layout advantage as a lifestyle goods collection store, capitalizing on the trend of trendy toys and leveraging mature operational capabilities to create proprietary IP products [1] - The management remains optimistic about the offline retail format, showing determination and resources to drive transformation in offline retail channels and product strategies, aiming to meet the demand for quality and affordable products among Chinese consumers [1] - The company's overseas expansion, particularly the establishment of direct stores in the U.S., provides a solid foundation for sustained growth [1] Financial Performance - In Q2 2025, Miniso achieved revenue of 4.966 billion yuan, representing a 23.1% increase, surpassing the guidance of 18-21% [1] - Operating profit reached 836 million yuan, up 11.3%, while net profit attributable to shareholders was 490 million yuan, down 17.2% [1] - Adjusted net profit was 691 million yuan, reflecting a 10.6% increase, primarily due to costs associated with derivative products and the impact of investment losses from Yonghui Supermarket [1] Strategic Initiatives - The company has successfully implemented a large store strategy, opening 200 flagship stores over 400 square meters, which accounts for 5% of the 4,305 Miniso stores in China [2] - This strategy contributed to a 12.6% year-on-year growth in domestic Miniso offline GMV for Q2 2025, with same-store sales showing positive growth [2] - In North America, the company reached 3,307 overseas stores, with a net increase of 94 stores and a 22.9% growth in offline store GMV [2] IP Development - Miniso is building its proprietary toy IP system, having signed contracts with 9 artists and launched popular products like YOYO Sauce [2] - The Top Toy brand has expanded to 293 stores, including a historic breakthrough with 10 overseas locations, achieving revenue of 402 million yuan in Q2 2025, a significant increase of 87% [2] - The brand's recent strategic financing led by Temasek has resulted in a valuation of 10 billion HKD [2]