名创优品- 第二季度同店销售额增长且利润率改善；基本面好转将在 2025 年下半年和 2026 年持续，推动估值重估

Asia Pacific Equity Research 22 August 2025 Miniso - H / ADR 2Q SSSG and margin improving QoQ; fundamental turnround to continue in 2H25 and 2026, driving valuation re-rating Miniso's 2Q25 sales/adjusted OP were up 23%/8.5% yoy (vs 19%/-5% in 1Q25), ahead of guidance and consensus estimates. The better-than-expected 2Q turnaround came from: 1) China SSSG turned positive and the overseas SSSG decline narrowed; 2) China net openings turned positive; and 3) the group OP margin contraction narrowed on overseas ...