Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In Q2 2025, the company achieved revenue of 4.966 billion yuan, representing a year-on-year growth of 23%. However, the net profit attributable to the parent company was 490 million yuan, a decrease of 17% year-on-year. The adjusted net profit was 691 million yuan, reflecting an 11% increase year-on-year [2][4]. Revenue Performance - The company reported that both domestic and U.S. same-store sales have turned positive. As of Q2 2025, the company had 4,305 domestic stores, 3,307 overseas stores, and 293 TOPTOY stores, with a net increase of 30, 94, and 13 stores respectively in the quarter. Domestic same-store sales grew by 14% year-on-year, while overseas and TOPTOY saw increases of 29% and 87% respectively [7]. Profitability Analysis - The decline in net profit was primarily due to losses from Yonghui Supermarket, which amounted to 120 million yuan. Despite this, the adjusted net profit showed a double-digit growth of 11% year-on-year, with a gross margin increase of 0.4 percentage points. The sales and management expense ratios changed by -2.9 and -0.4 percentage points respectively, indicating improved operational efficiency [7]. Strategic Developments - The company has optimized its operations significantly in both domestic and overseas markets. The domestic strategy focuses on transitioning from small to large stores and refining inventory management, which has led to improved same-store sales. The overseas business, particularly in the U.S. and Europe, is expected to continue growing due to enhanced direct operations [7]. Future Outlook - The company is expected to maintain a solid growth trajectory, with projected adjusted net profits of 3.12 billion, 3.73 billion, and 4.28 billion yuan for 2025, 2026, and 2027 respectively. The long-term investment highlights include a stable domestic business foundation, expansion of direct overseas operations, and the development of proprietary IP [7].

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]

报告引述2025年中期业绩，2025H1实现营收93.9亿元/同比+21.1%，经调整净利润为12.79亿元/同比 +3.0%，其中2025Q2实现营收49.7亿元/同比+23.1%，经调整净利润6.9亿元/同比+10.6%。MINISO国 内：门店重回净增，同店单季度转正。2025Q2国内MINISO门店数量净增30家/增量环比+141家，至期 末门店数量4305家/同比+190家，门店数量重回净增;2025Q2国内GMV同店实现低个位数增长，同店表 现边际向好，该行据此估算2025Q2表观单店收入61.1万元/同比+7.87%，2025H1名创国内同店同比下滑 低个位数，根据公司预计名创国内业务全年同店将实现正增长，同店表现将进一步优化;以上两点带动 国内MINISO2025Q2实现营业收入26.2亿元/同比+13.6%，环比持续提升。 智通财经APP获悉，国盛证券发布研报称，维持名创优品(09896)"买入"评级，参考公司上半年业绩表现 及当下消费环境，预计2025-2027年营业收入为213.2/254.5/300.0亿元，归母净利润分别为25.9/34.0/41.2 亿元。另预计经调整净利润分别为2 ...

8 月 21 日公司披露 25H1 报告，H1 营收 93.9 亿元（+21%），调整 后归母净利润为 12.79 亿元（同比+3%），其中 2Q 营收 49.7 亿元， 同比+23.1%，调整后归母净利润为 6.9 亿元（同比+10.6%），调整 后归母净利率 13.9%（同/环比-1.6/+0.6pct），业绩超市场预期。 2Q25 国内名创/海外名创/TOPTOY 营收 26.2/19.4/4 亿元（同比 （+13.6%/+28.6%/+87%）。 国内名创：Q2 同店低个位数正增拐点初现，开店恢复环比正增、 自有 IP 初步打磨成功。Q1/Q2 国内名创同店中个位数下降/低个 位数上升，得益于积极开设 IP 大店、优化组织/质价比策略精细 化运营改善同店；截至 Q2 门店数量达到 4305 家（同/环比+190/+30 家），其中一/二/三线门店较 Q1+3/+1/+26 家。报告期内公司签约 多位艺术家，初步孵化出右右酱、糯米等自有 IP，后续将坚持 IP 联名+自有 IP 并行战略 海外名创：北美同店转暖、欧洲表现靓丽。H1GMV73.3 亿元，同比 +14.5%，截至 2Q25 海外总门店数 3 ...

Group 1 - Miniso (09896) shares increased by over 5%, reaching a price of 40.42 HKD with a trading volume of 268 million HKD [1] - Yonghui Supermarket (601933) announced plans to raise up to 4 billion CNY through a private placement for store upgrades, logistics improvements, and working capital [1] - The upgrade project will involve 298 stores adopting the "Fat Donglai model" [1] Group 2 - Miniso invested 6.27 billion CNY to acquire a 30% stake in Yonghui Supermarket, expected to be completed by September 2024 [1] - The "Guzi Economy" is emerging as a core driver of new consumption in China, influenced by self-consumption needs and the rise of domestic IP [1] - Miniso has collaborated with over 150 well-known IPs globally, with significant partnerships among the top IP licensors [1][1] - The subsidiary brand TOPTOY achieved total revenue of 340 million CNY in Q1 2025, marking a 59% year-on-year growth [1]

Group 1 - Miniso's stock price increased by over 5%, reaching HKD 40.42 with a trading volume of HKD 268 million [1] - Yonghui Supermarket announced a plan to raise up to RMB 4 billion for store upgrades, logistics improvements, and working capital [1] - Miniso acquired a 30% stake in Yonghui Supermarket for RMB 6.27 billion, expected to be completed by September 2024 [1] Group 2 - The "Guzi Economy" is emerging as a core driver of new consumption in China, influenced by self-consumption demands and the rise of domestic IPs [1] - Miniso has collaborated with over 150 well-known IPs globally, with significant partnerships among the top IP licensors [1] - TOPTOY, Miniso's toy brand, achieved total revenue of RMB 340 million in Q1 2025, marking a 59% year-on-year growth [1]

Core Viewpoint - Miniso's stock price plummeted over 18% on May 26, primarily due to concerns raised by its Q1 2025 financial report, which showed revenue growth but a significant decline in net profit [2] Financial Performance - For Q1 2025, Miniso reported revenue of 4.43 billion RMB, an 18.9% year-on-year increase, while net profit fell by 28.92% to 417 million RMB [2][3] - The increase in revenue was overshadowed by a sharp rise in sales and distribution expenses, which reached 1.02 billion RMB, a 46.7% increase year-on-year [3][4] - General and administrative expenses also rose by 26.6% to 242 million RMB, further squeezing profit margins [3][4] Cost Structure - The rise in sales and distribution expenses was attributed to direct investments in new stores and interest expenses from loans related to the acquisition of Yonghui Superstores [4] - High operational costs associated with overseas expansion, including rent, depreciation, and wages, increased by 71.4%, leading to low profit contributions from new stores [5] Market Expansion and Competition - As of March 31, 2025, Miniso had expanded its overseas store count to 3,213, a net increase of 617 stores year-on-year [5][6] - The company faces challenges in the domestic market due to increased competition and changing consumer preferences, which have diminished the effectiveness of its low-price strategy [6] - Same-store sales have shown a mid-single-digit decline, indicating reduced operational efficiency and growth potential in the domestic market [6] Debt and Financial Health - Miniso's total liabilities nearly doubled from 7.77 billion RMB to 15.51 billion RMB, with the debt-to-asset ratio rising from 42.85% to 59.22% [7][8] - Despite revenue growth, the significant drop in net profit, risks from overseas expansion, and intense market competition raise concerns about the company's future profitability and ability to manage costs effectively [8]

Core Insights - The opening of HOKA's global flagship experience center in Shanghai marks a significant moment for the city's first-store economy, showcasing a blend of international brands and local innovation [2][5][6] - Shanghai has attracted over 7,300 first stores since 2018, with a notable increase in high-level stores, indicating strong market appeal for top brands [5][7] - The city's first-store economy is driven by a combination of openness and institutional innovation, with significant investments from international brands [7][10] First-Store Economy - Shanghai's first-store economy is a key strategy for enhancing its status as an international consumption center, with 1,269 new first stores added last year, a 4.5% increase from the previous year [5] - In the first quarter of 2025, Shanghai added 173 new first stores, including 7 global and Asian first stores, reflecting a growing trend in high-level store openings [5][6] - The presence of major international brands, such as LOEWE and BOSS, alongside local brands like Taiping Bird, highlights the competitive landscape of Shanghai's retail market [6][8] International and Local Brand Synergy - The synergy between international brands and local enterprises is evident, with new flagship stores and innovative concepts attracting diverse consumer demographics [6][8] - HOKA's experience center aims to cater not only to domestic consumers but also to the over 6 million international visitors to Shanghai each year, emphasizing the city's global appeal [8][13] Economic and Policy Support - Shanghai's economic growth is supported by favorable policies and a robust business environment, with the city aiming to enhance its attractiveness for high-level first stores through financial incentives [10] - The city's port trade is projected to reach 11.07 trillion yuan in 2024, reflecting a 3.9% growth and maintaining its position as a leading global city [7][10] Consumer Trends and Impact - The first-store economy has revitalized Shanghai's commercial landscape, meeting diverse consumer needs and driving new consumption dynamics [10][11] - Data indicates a significant increase in tax refund sales for international visitors, with a year-on-year growth of 81% in sales and 77% in refund amounts from January to April 2025 [11][13]