机构：西部证券 研究员：于佳琦/吴岑 随着与永辉合作的供应链协同效应逐步释放，公司运营效率有望进一步提升。基于公司在渠道升级、IP 战略与全球化运营方面的成功执行，其增长质量与盈利能见度持续提升。我们预计公司2025~2027 年 EPS 为1.93/2.58/3.26 元，维持"买入"评级。 风险提示：行业竞争加剧；品牌及IP 孵化不及预期；门店扩张经营风险。 国内业务企稳回升。公司25H1 中国内地收入同比增长11.4%，其中第二季度同店销售额实现四个季度 以来首次正增长，显示运营优化与客流改善初见成效。公司战略重心已从数量扩张转向质量提升，通过 关闭低效小店、优化网络结构，截至25H1，门店总数达4,305 家，净增190 家。以MINISO LAND和旗 舰店为代表的大店业态，凭借沉浸式IP 场景与丰富SKU，显著提升客单价与坪效，成为增长与品牌升 级的核心动力。未来，国内市场将聚焦同店增长与大店拓展，计划净增100-150 家门店。 IP 战略已从引流工具升级为核心竞争壁垒。IP 产品通过情感价值有效提升品牌溢价与用户粘性，对公 司收入形成有力支撑。公司正从"IP 联名"向"自有IP 孵化"深化，首 ...

Core Viewpoint - MINISO Group reported strong financial performance for Q2 2025, with significant revenue growth and improved profitability metrics, indicating robust business resilience and operational efficiency [1][2][3] Financial Performance - Total revenue for Q2 reached 4.97 billion yuan, a year-on-year increase of 23.1% [1] - Adjusted net profit was 690 million yuan, up 10.6% year-on-year, with an adjusted net profit margin of 13.9% [1] - The gross margin for Q2 was 44.3%, an increase of 40 basis points compared to the same period last year [1] Store Expansion and Sales Growth - As of June 30, 2025, MINISO had 4,305 domestic stores, with a net increase of 30 stores in Q2, and 3,307 overseas stores, with a net increase of 94 stores [2] - Domestic same-store sales showed positive growth, and the number of franchisees reached a historical high [2] - The MINISO LAND concept stores have been successful, with the Shanghai Nanjing East Road store achieving over 100 million yuan in sales within 9 months [2] E-commerce and Global Expansion - Instant retail channel sales surged by 53% year-on-year, with 12 product categories exceeding 10 million yuan in sales [3] - MINISO opened flagship stores in key international markets, including South Korea, Australia, and Thailand, enhancing its global brand presence [3] - In the U.S. market, new store performance was 1.5 times better than older stores, with revenue growth exceeding 80% year-on-year [3] Brand Development and Future Strategy - The company aims to deepen its IP collaborations to ensure sustainable growth and enhance its global influence [4] - TOP TOY, a subsidiary brand, reported Q2 revenue of 400 million yuan, a significant increase of 87% year-on-year, with a total of 293 stores [3]