Core Insights - The article discusses the innovative retail strategies of MINISO, focusing on immersive experiences and IP-driven store formats to enhance brand value and consumer engagement [1][2] Group 1: Store Formats and Experience - MINISO has developed three core store formats: MINISO LAND, MINISO SPACE, and MINISO FRIENDS, each designed to create unique consumer experiences through themed environments and IP products [1] - MINISO LAND features store sizes of 1000-2000 square meters with 70-80% of products being IP-related, positioning itself as a "city IP immersive landmark" [1] - MINISO SPACE, with store sizes of 400-600 square meters, focuses on luxury shopping areas and will open its first store in Nanjing's Deji Plaza by June 2025, featuring 90-100% IP products [1] - MINISO FRIENDS targets Gen Z consumers with store sizes of 400-1000 square meters and 70-80% IP product offerings, designed as a "mini amusement park" [1] Group 2: Product Strategy and IP Utilization - The overall SKU count for MINISO LAND stores ranges from 5500 to 6100, leveraging both licensed and proprietary IPs to create a diverse product matrix [1] - The company employs a "premiere economy" strategy, launching exclusive products tied to popular IPs, such as the collaboration with Disney for "Zootopia 2" [1] - MINISO has over 150 licensed IPs, including major franchises like Disney, Pokémon, and Harry Potter, alongside its own brands like Yuyou and Kumaru [1] Group 3: Expansion and Financial Outlook - The company is accelerating its penetration into key domestic cities, planning to open 25-30 new stores by the end of 2025, with international expansion starting with its first store in Bangkok, Thailand [2] - Financial projections indicate expected revenues of 21.32 billion, 25.21 billion, and 30.08 billion yuan for 2025-2027, with net profits of 2.54 billion, 3.38 billion, and 4.26 billion yuan respectively [2] - The company maintains a competitive edge through a combination of quality, affordability, supply chain efficiency, and emotional value derived from IP [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report emphasizes the company's competitive advantages in "high quality and low price + supply chain efficiency + IP emotional value" and forecasts revenue growth from 2025 to 2027 [8] - The company is expected to achieve revenue of 213.2 billion, 252.1 billion, and 300.8 billion RMB, with corresponding net profits of 25.4 billion, 33.8 billion, and 42.6 billion RMB for the same period [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 11,473 million RMB - 2024A: 16,994 million RMB - 2025E: 21,324 million RMB - 2026E: 25,213 million RMB - 2027E: 30,076 million RMB - The revenue growth rates are projected at 13.76%, 48.12%, 25.48%, 18.24%, and 19.29% respectively [7] - The net profit forecasts are: - 2023A: 1,769 million RMB - 2024A: 2,618 million RMB - 2025E: 2,542 million RMB - 2026E: 3,381 million RMB - 2027E: 4,262 million RMB - The net profit growth rates are projected at 177.19%, 47.97%, -2.88%, 33.01%, and 26.05% respectively [7] Business Strategy Summary - The company is restructuring consumer experiences through scenario-based and curated large stores, with three core store formats: 1. MINISO LAND: 1,000-2,000 square meters, with 70-80% IP products 2. MINISO SPACE: 400-600 square meters, with 90-100% IP products 3. MINISO FRIENDS: 400-1,000 square meters, with 70-80% IP products [8] - The company is expanding its presence in core cities domestically and initiating international expansion, with plans to open 25-30 new stores in key cities by the end of 2025 [8]

Group 1 - MINISO opened its first MINISO LAND store in South China on August 17, 2023, located on Beijing Road Pedestrian Street in Guangzhou, attracting over 10,000 visitors on opening day [1] - The store features a three-story standalone building with a total area of 1,200 square meters, designed around the "amusement park" theme [1] - Since its soft opening on July 5, 2025, the store has launched 16 product lines, with 6 being first releases, and IP sales accounting for 84.43% of total sales [1] Group 2 - MINISO has established 12 MINISO LAND and 1 MINISO SPACE stores in key cities across China, with the global flagship store in Shanghai achieving over 100 million yuan in sales within 9 months [2] - The MINISO SPACE in Nanjing has become the first Chinese IP space to enter a global luxury shopping district [2] - The CEO of MINISO stated that the company will continue to inject new momentum into Guangzhou's development as an international consumption center through the synergy of super IPs and super scenes [2]