Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and future projections. Core Insights - Miniso achieved a revenue of RMB 16.994 billion in 2024, representing a year-on-year increase of 22.8%, with an adjusted net profit of RMB 2.721 billion, up 15.4% year-on-year, and an adjusted net profit margin of 16.0% [1][2] - The company has completed the acquisition of 29.4% of Yonghui Superstores, which is expected to impact financial results starting from Q2 2025 [4][5] - The report highlights strong growth in both domestic and international markets, with overseas revenue increasing by 41.9% [2] Summary by Sections Financial Performance - In 2024, Miniso's gross margin reached 44.9%, an increase of 3.7 percentage points year-on-year, attributed to a higher proportion of overseas direct sales and increased contributions from high-margin products [3] - The total expenses for 2024 were RMB 4.366 billion, a 52% increase, driven by a 100% year-on-year growth in direct store revenue [3][6] Store Expansion - As of December 31, 2024, Miniso had 4,386 stores in mainland China, with a net increase of 460 stores, and 3,118 overseas stores, with a net increase of 631 stores [2] - The total global store count increased by over 1,200, surpassing initial expectations and setting a milestone of over 3,000 overseas stores [2] Future Projections - Revenue forecasts for 2025-2027 are RMB 21.174 billion, RMB 26.040 billion, and RMB 31.583 billion, reflecting growth rates of 25%, 23%, and 21% respectively [5][6] - Expected net profits for the same period are RMB 3.020 billion, RMB 3.801 billion, and RMB 4.620 billion, with growth rates of 15%, 26%, and 22% respectively [5][6]

Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and future projections. Core Insights - Miniso achieved a revenue of 16.994 billion RMB in 2024, representing a year-on-year increase of 22.8%, with an adjusted net profit of 2.721 billion RMB, up 15.4% year-on-year, and an adjusted net profit margin of 16.0% [1][3] - The company has completed the acquisition of 29.4% of Yonghui Supermarket, which is expected to impact financial results starting from Q2 2025 [4][5] - The report highlights strong growth in both domestic and international markets, with a significant increase in overseas revenue, which accounted for 41.7% of brand revenue in 2024, up from 35.9% in 2023 [2][3] Financial Performance Summary - In 2024, Miniso's gross margin reached 44.9%, an increase of 3.7 percentage points year-on-year, attributed to a higher proportion of overseas direct sales and increased contributions from high-margin products [3] - The total expenses for 2024 were 4.366 billion RMB, a 52% increase year-on-year, driven by a 100% increase in revenue from direct stores [3][6] - The company plans to distribute a final dividend of 740 million RMB, approximately 50% of the adjusted net profit for the second half of 2024 [1] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 21.174 billion RMB, 26.040 billion RMB, and 31.583 billion RMB, respectively, with year-on-year growth rates of 25%, 23%, and 21% [5][6] - The expected net profit for 2025 is 3.020 billion RMB, reflecting a 15% increase, with further growth anticipated in subsequent years [5][6] - The report anticipates that the acquisition of Yonghui will lead to synergies in brand development, supply chain upgrades, and product enhancement [5]