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名创优品:2025 年第二季度表现强劲,前景更光明,大型门店及知识产权举措进展良好;评级买入
2025-08-24 14:47

Summary of Miniso (MNSO) Earnings Call Company Overview - Company: Miniso (MNSO) - Market Cap: $6.4 billion - Enterprise Value: $7.0 billion - 12m Price Target: $25.30 (current price: $20.84, upside: 21.4%) [1][21] Key Financial Performance - 2Q25 Revenue Growth: 23% year-over-year (yoy), exceeding guidance of 18-21% [1][33] - Adjusted Operating Profit (OP) Growth: 8.5% yoy, against guidance of flat/slight decline [1][36] - Miniso China Sales Growth: 14% yoy, beating expectations [1][33] - Top Toy Revenue Growth: 87% yoy, surpassing guidance [1][33] - Gross Margin: 44.3%, slightly below expectations [1][35] - Operating Profit Margin (OPM): 17.2%, improved from 16.6% in 1Q25 [1][36] Future Outlook - 2025 Full Year Sales Guidance: Revised to >25% yoy increase (previously >22.8%) [2][22] - 3Q25 Topline Growth Expectation: 25-28% yoy with low-single-digit same-store sales growth (SSSG) [2][23] - Store Expansion Plans: 100-150 net openings in Miniso China and >500 overseas [22] Strategic Initiatives - Large Store Strategy: Focus on upgrading store formats to enhance brand awareness and capture diverse consumer demands [25] - Miniso Land Stores: Achieved average monthly sales of Rmb4 million [25] - New US Stores: 50% higher productivity compared to existing stores [27] - In-house IP Cultivation: Developing a dual-track IP strategy with both third-party and in-house IPs [28] - Exclusive IPs: Initial strong performance expected from new IPs like Yoyo [28] Market Performance - US Market Growth: Over 80% yoy sales growth in 2Q25, driven by improved store quality and localized management [30] - Tariff Impact: Manageable impact from tariff hikes due to effective inventory and supply chain management [31] Financial Revisions - Earnings Revisions: Adjusted net income for 2025E-27E revised up by 3-6% [21][42] - New Price Targets: Increased to US$25.3/HK$49 per ADR/H-share based on improved SSSG [21][42] Shareholder Returns - Dividend Payout Ratio: Announced at 50% for 1H25, implying a c.3% dividend yield [39][41] - Share Buyback: Approximately 1% of total shares in 1H25 [41] Conclusion - Investment Recommendation: Reiterate Buy rating based on solid performance, improving margins, and strategic initiatives to enhance growth and shareholder returns [21][42]