Core Viewpoint - The company reported a strong Q3 performance with revenue of 5.797 billion yuan, a 28% increase year-on-year, and an adjusted net profit of 767 million yuan, reflecting an 11.7% year-on-year growth [1] Group 1: Domestic Performance - Domestic revenue from Miniso reached 2.909 billion yuan, showing a 19.3% year-on-year increase, with same-store sales experiencing positive growth in the high single digits [1] - The number of domestic stores increased to 4,407, with a net addition of 157 stores year-on-year, including significant growth in first, second, and third-tier cities [1][2] - The company signed 16 toy artists and is actively developing its own IP, such as Nuomi Er [1] Group 2: International Performance - Overseas revenue reached 2.312 billion yuan, with a 27.7% year-on-year increase, and same-store sales showing low single-digit growth [2] - The total number of overseas stores reached 3,424, with a net addition of 488 stores year-on-year, including significant growth in North America and Asia [2] - The company is focusing on a targeted store opening strategy in the North American market to enhance scale effects [3] Group 3: TOP TOY Performance - TOP TOY achieved revenue of 575 million yuan, marking a 111% year-on-year increase, driven by rapid store expansion and increased sales of proprietary and exclusive IP [2] - The number of TOP TOY stores reached 307, with a year-on-year increase of 73 stores [2] - The gross margin for Q3 was 44.7%, remaining stable despite increased operational expenses due to strategic investments in overseas stores [2] Group 4: Future Outlook - The company is expected to benefit from channel optimization and product upgrades driven by its large store strategy in the domestic market [3] - The growth path for the company's IP retail group is becoming increasingly clear, with projections for adjusted net profits of 2.96 billion, 3.42 billion, and 4.21 billion yuan for 2025, 2026, and 2027 respectively [3]

Core Viewpoint - Company maintains a "Buy" rating for Miniso (09896) based on strong Q3 performance with a revenue growth of 28% year-on-year, driven by robust overseas business, particularly in North America, and rapid expansion of the TOPTOY brand [1] Financial Performance - Q3 revenue reached 5.797 billion yuan (+28% year-on-year), with adjusted net profit of 767 million yuan (+11.7% year-on-year) and an adjusted net profit margin of 13.2% (down 2 percentage points year-on-year) [1] - Expected adjusted net profits for 2025, 2026, and 2027 are projected at 2.96 billion, 3.42 billion, and 4.21 billion yuan respectively, with current stock price corresponding to P/E ratios of 15, 13, and 11 times [1] Operational Analysis - Q3 revenue breakdown: Domestic Miniso 2.909 billion yuan (+19.3% year-on-year), Overseas Miniso 2.312 billion yuan (+27.7% year-on-year), TOPTOY 575 million yuan (+111.4% year-on-year) [2] - Domestic Miniso shows positive same-store growth in Q3, with store count reaching 4,407 (up 157 year-on-year) [2] - Overseas Miniso sees improved growth quality, with North America exceeding expectations; total overseas store count at 3,424 (up 488 year-on-year) [2] TOPTOY Performance - TOPTOY revenue in Q3 was 575 million yuan (+111% year-on-year), driven by rapid store expansion and increased sales of proprietary and exclusive IPs [3] - Q3 gross margin was 44.7% (down 0.2 percentage points year-on-year), with total expenses rising to 1.43 billion yuan (+43.5% year-on-year) due to investments in strategic overseas stores [3] Future Outlook - Continued same-store recovery trend is expected, with ongoing expansion in global IP design retail positioning [3] - Domestic market is anticipated to benefit from large store strategies, while North America will focus on a concentrated store opening strategy to enhance scale effects [3]

Core Viewpoint - Company maintains a "buy" rating for Miniso (09896) based on strong Q3 performance, with revenue growth of 28% year-on-year driven by robust overseas business, particularly in North America, and rapid expansion of the TOPTOY brand [1] Financial Performance - In Q3, the company reported revenue of 5.797 billion yuan (+28% year-on-year) and adjusted net profit of 767 million yuan (+11.7% year-on-year), with an adjusted net profit margin of 13.2% (down 2 percentage points year-on-year) [1] Operational Analysis - Domestic Miniso revenue reached 2.909 billion yuan (+19.3% year-on-year), overseas Miniso revenue was 2.312 billion yuan (+27.7% year-on-year), and TOPTOY revenue was 575 million yuan (+111.4% year-on-year) [2] - Domestic same-store sales showed a positive trend, with high single-digit growth in Q3, benefiting from the opening of IP flagship stores and store relocations or expansions [2] - As of Q3, the total number of stores reached 4,407, with a year-on-year increase of 157 stores [2] - Overseas Miniso showed improved growth quality, with North America exceeding same-store growth expectations [2] - TOPTOY's revenue growth was attributed to rapid store expansion and increased sales of self-developed and exclusive IPs, with a total of 307 stores as of Q3 [3] Cost and Investment - Q3 gross margin was 44.7% (down 0.2 percentage points year-on-year), with total expenses rising to 1.43 billion yuan (+43.5% year-on-year) due to investments in strategic overseas stores [3] - The company is focusing on optimizing channels and upgrading products domestically, while overseas, it aims to deepen its focused store opening strategy in North America [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported Q3 revenue of 5.797 billion RMB, representing a 28% year-over-year increase, with an adjusted net profit of 767 million RMB, up 11.7% year-over-year [2]. - The domestic and overseas segments showed strong growth, with domestic revenue from Miniso at 2.909 billion RMB (+19.3%), overseas Miniso at 2.312 billion RMB (+27.7%), and TOPTOY at 575 million RMB (+111.4%) [3]. - The company is actively expanding its store network, reaching a total of 4,407 stores in China, with significant growth in first, second, and third-tier cities [3]. - The overseas segment has also seen a boost, with North America exceeding same-store growth expectations and a total of 3,424 overseas stores [3]. - TOPTOY's revenue growth is attributed to rapid store expansion and increased sales of proprietary IP products, with a total of 307 stores as of Q3 [4]. Financial Performance - The company forecasts adjusted net profits of 2.964 billion RMB, 3.419 billion RMB, and 4.208 billion RMB for the years 2025, 2026, and 2027, respectively [5]. - The projected P/E ratios for the years 2025, 2026, and 2027 are 15, 13, and 11 times, respectively [5]. - Revenue growth rates are expected to be 25.12%, 23.03%, and 21.77% for the years 2025, 2026, and 2027 [10]. - The adjusted net profit growth rates are projected at 8.96%, 15.35%, and 23.07% for the same years [10].