11月19日，MINISO在广州塔剧场成功举办首届MINI TALK价值观故事分享大会全球总决赛。本次 活动以"信仰、信念、信心"为主题，采用"价值观演讲+脱口秀"的创新形式，为14位从全球选拔中脱颖 而出的员工搭建了舞台，生动呈现了个人与企业共同成长的奋斗历程。 文化出海正当时，中国品牌持续向上。MINISO此次价值观故事分享大会不仅展现了其对企业文化 建设的高度重视以及强大的内部凝聚力，更体现了中国品牌在全球化进程中的积极探索，彰显了中国品 牌的文化自觉与担当。 文化铸魂，IP出海正当时 活动伊始，名创优品集团董事会主席兼首席执行官叶国富发表致辞。他系统性阐述 "信仰、信念、 信心" 三者间的逐层递进逻辑，及其驱动企业发展的深层作用，明确这三者是MINISO发展的底气之 源。他进一步强调，企业文化是名创人的共同信仰，更是企业发展的 "软黄金"，深刻阐明文化建设对 企业凝聚全球力量、支撑长期发展的关键意义。 叶国富进一步将MINISO的发展愿景与国家文化强国战略深度衔接，明确 "成为全球领先的IP运营 平台" 这一全新发展愿景。他表示，将依托全球8000家门店的渠道网络优势，把中国IP推向全球市场； 以IP ...

Macro Strategy - The core viewpoint indicates that the U.S. Federal Reserve's hawkish signals and the delay in the release of the November non-farm payroll data have significantly reduced market expectations for a rate cut in December, with a likelihood of a pause rather than a cancellation of rate cuts [1][12][14] - The report suggests that the overall economic pressure is increasing, with the ECI supply index at 49.94% and the demand index at 49.87%, indicating a continued slowdown in economic activity [11][12] Financial Products - The A-share market is expected to experience a short-term adjustment in November, with a macro timing model scoring -5, indicating a high probability of adjustment for the entire A-share index [2][10] - The report highlights that small-cap stocks may perform relatively better, while the sentiment in the small-cap sector has been negatively impacted by the suspension of high-profile stocks [2][10] Industry Analysis - The report discusses the Chinese economy's main theme for 2025 as responding to changes, with external factors like fluctuating tariffs and internal factors such as asset revaluation and investment growth turning negative [3][4][15] - It emphasizes five key areas for 2026: policy continuity, AI-driven supply changes, consumer subsidy adjustments, asset liability repair, and price stability through anti-involution measures, projecting a GDP growth rate of around 4.9% [4][15] Fixed Income - The report notes that the yield on 10-year government bonds has shown slight upward movement, indicating a cautious market outlook as investors await year-end allocation opportunities [5][16][18] - It highlights that the issuance of green bonds has decreased, with a total issuance of approximately 24.619 billion yuan this week, down from the previous week [5][6]

证券研究报告·海外公司点评·专业零售(HS) 名创优品（09896.HK） 2025 三季报点评：同店强劲收入同比+28%， TOP TOY 加速成长，期待 Q4 旺季表现 买入（维持） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,473 | 16,994 | 21,305 | 25,961 | 30,963 | | 同比（%） | 13.76 | 48.12 | 25.37 | 21.85 | 19.27 | | 归母净利润（百万元） | 1,769 | 2,618 | 2,262 | 3,052 | 4,014 | | 同比（%） | 177.19 | 47.97 | (13.58) | 34.90 | 31.53 | | Non-IFRS 净利润（百万元） | 2,357 | 2,721 | 2,901 | 3,551 | 4,167 | | 同比（%） | 109.65 | 15.44 | 6.61 | 22 ...

研究早观点 2025 年 11 月 25 日 星期二 市场走势 资料来源：最闻 【今日要点】 【山证纺服】名创优品 2025Q3 季报点评-2025Q3 名创国内同店销售增 长提速，海外同店销售转正 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,836.77 | 0.05 | | 深证成指 | 12,585.08 | 0.38 | | 沪深 300 | 4,448.05 | -0.12 | | 中小板指 | 7,655.87 | 0.56 | | 创业板指 | 2,929.04 | 0.31 | | 科创 50 | 1,296.60 | 0.84 | 资料来源：最闻 分析师： 李明阳 研究早观点 【今日要点】 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【山证纺服】名创优品 2025Q3 季报点评-2025Q3 名创国内同店销售增长提速，海外同店销售转正 王冯 wangfeng@sxzq.com 【投资要点】 请 ...

机构：山西证券 2025Q3 名创国内同店销售增长提速，名创海外同店销售转正。分业务看，1）MINISO 中国，2025 年 前三季度，实现营收80.24 亿元，同比增长14.1%，其中2025Q3 同店销售同比增长高单位数，2025 年10 月同店销售同比增长进一步提速至低双位数，延续逐季改善趋势。截至2025Q3 末，名创优品国内共拥 有门店4407 家，较年初净增加21 家，其中，2025Q3 单季度门店净增加102 家。2）MINISO 海外， 2025 年前三季度，实现营收58.46 亿元，同比增长28.7%，其中，2025Q3 可比同店销售同比增长低单位 数，扭转上半年的下降态势，其中战略市场北美及欧洲的同店销售增长更为优异，海外直营业务的经营 利润率同比提升。 截至2025Q3 末，名创优品海外市场门店合计为3424 家，较年初净增加306 家。 分区域看，北美、拉美、亚洲（除中国）、欧洲、其它区域门店分别为421、684、1748、337、234 家，较年初净增加71、47、137、42、9 家。3）TOP TOY，2025年前三季度，实现营收13.17 亿元，同 比增长87.9%，其中202 ...

证券研究报告 | 公司点评 gszqdatemark 2025 11 24 年 月 日 名创优品（09896.HK） 内地同店全年逐季提速，海外运营效率提升 事件：11 月 21 日，公司披露截至 2025 年 9 月 30 日止三个月业绩。3Q25， 公司同店 GMV 实现中个位数增长；实现营收 58.0 亿元/同比+28.2%，经 调整净利润为 7.67 亿元/同比+11.7%；经调经营利润 10.2 亿元/同比 +14.8%，对应经调 OPM 17.6%/同比-2.1pct。 MINISO 国内：3Q25 门店净增 102 家，同店实现高个位数增长。①收 入：3Q25 名创优品品牌内地收入 29.1 亿元/同比+19.3%，内地收入逐季 加速。②开店及同店：3Q25 国内 MINISO 门店净增 102 家至 4407 家， 期内同店 GMV 实现高个位数增长；③展望：25 年 10 月中国内地同店增 长达到低双位数水平，我们预计全年内地有望实现中个位数同店增长。 MINISO 海外：同店持续改善，海外直营业务利润率同比提升。①收入： 3Q25，名创优品品牌海外业务实现收入 23.1 亿元/同比+27. ...

执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 商贸零售 名创优品（09896.HK） 买入-A(维持) 2025 年 11 月 24 日 公司研究/公司快报 资料来源：最闻，山西证券研究所 市场数据：2025 年 11 月 21 日 | 收盘价（港元）： | 39.220 | | --- | --- | | 年内最高/最低（港元）： | 55.000/27.050 | | 总股本（亿股）： | 12.11/12.38 | | 流通市值（亿港元）： | 474.82 | | 总市值（亿港元）： | 485.37 | 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 2025Q3 名创国内同店销售增长提速，海外同店销售转正 事件描述 11 月 21 日，公司公布截至 2025 年 9 月 30 日止季度业绩。2025Q3，公司 实现营收 57.97 亿元，同比增长 28.2%；实现经调整净利润 7.67 亿元，同比增长 11.7%。2025 年前三季度，公司实现营收 151.90 亿元，同比增长 23.7%；实现经 调 ...

Core Insights - MINISO's stock rose over 1% pre-market, reaching $22.37, driven by positive financial performance and strategic shifts [1] Group 1: Domestic Performance - In H1 2025, MINISO's revenue in mainland China increased by 11.4% year-on-year, with same-store sales achieving positive growth for the first time in four quarters, indicating effective operational optimization and improved customer traffic [1] - The company's strategic focus has shifted from quantity expansion to quality enhancement, closing inefficient small stores and optimizing its network structure, resulting in a total of 4,305 stores by the end of H1 2025, with a net increase of 190 stores [1] - Large store formats, represented by MINISO LAND and flagship stores, have significantly boosted average transaction value and sales per square meter, becoming the core drivers of growth and brand upgrade [1] Group 2: International Expansion - MINISO's overseas business saw a substantial revenue increase of 29.4% in H1 2025, with the total number of international stores reaching 3,307 [2] - The North American market is a key growth driver, with store count rising to 394 and GMV surging by 67.5% to 1.41 billion yuan, supported by cluster-based layouts and localized operations [2] - Future plans for the overseas market include refined operations, with a focus on developing large store models in the U.S. and aiming to open 80 new stores throughout the year, while also targeting high-growth regions like Canada and Australia with a goal of adding over 500 international stores [2] - TOP TOY's business continues to grow rapidly, with a year-on-year revenue increase of 73% and a total of 293 stores, serving as a strong secondary growth curve for the group [2]

Core Viewpoint - Company maintains a "buy" rating for MINISO (09896), projecting significant revenue and profit growth from 2025 to 2027, driven by its global expansion and optimization of operations [1][2] Group 1: Financial Performance - For the first half of 2025, MINISO achieved revenue of 9.39 billion yuan, representing a year-on-year increase of 21.1%, with adjusted net profit of 1.279 billion yuan, up 3.0% [2] - In Q2 2025, MINISO's revenue reached 4.97 billion yuan, reflecting a year-on-year growth of 23.1%, and adjusted net profit was 690 million yuan, an increase of 10.6% [2] Group 2: Store Expansion and Performance - In Q2 2025, MINISO's domestic store count increased by 30, with a total of 4,305 stores, marking a year-on-year growth of 190 stores [2] - The same-store sales in Q2 2025 showed a low single-digit growth, indicating a positive trend in performance, with an estimated average revenue per store of 611,000 yuan, up 7.87% year-on-year [2] Group 3: Future Projections - Revenue projections for MINISO are set at 21.32 billion yuan for 2025, 25.45 billion yuan for 2026, and 30.00 billion yuan for 2027, with net profits expected to reach 2.59 billion yuan, 3.40 billion yuan, and 4.12 billion yuan respectively [1] - Adjusted net profit forecasts for the same years are 2.91 billion yuan, 3.53 billion yuan, and 4.20 billion yuan [1]

Group 1 - The core viewpoint of the report is that MINISO (09896) maintains a "buy" rating, with projected revenue and net profit growth from 2025 to 2027 [1] - The expected revenue for 2025, 2026, and 2027 is 21.32 billion, 25.45 billion, and 30.00 billion yuan respectively, with net profit estimates of 2.59 billion, 3.40 billion, and 4.12 billion yuan [1] - The company is recognized as a global leader in daily goods retail, leveraging its advantages in channels and supply chains to expand rapidly worldwide [1] Group 2 - In the first half of 2025, MINISO achieved revenue of 9.39 billion yuan, a year-on-year increase of 21.1%, with adjusted net profit of 1.279 billion yuan, up 3.0% [2] - In Q2 2025, the company reported revenue of 4.97 billion yuan, a year-on-year increase of 23.1%, and adjusted net profit of 690 million yuan, up 10.6% [2] - The domestic store count increased by 30 in Q2 2025, reaching a total of 4,305 stores, marking a year-on-year increase of 190 stores [2]