Summary of Miniso's 2Q25 Earnings Call Company Overview - Company: Miniso - Ticker: 9896 HK (H shares), MNSO US (ADR) - Market Capitalization: Approximately $6.9 billion (MNSO US) and $7.5 billion (9896 HK) as of August 21, 2025 Key Financial Highlights - 2Q25 Performance: - Sales increased by 23% year-over-year (YoY) to Rmb4.97 billion, exceeding guidance and consensus estimates [1][19] - Adjusted operating profit (OP) rose by 8.5% YoY to Rmb852 million [1][19] - Group OP margin contracted but improved QoQ, narrowing the decline [1][19] - Guidance for 3Q25: - Expected sales growth of 25-28% YoY with adjusted OP up double digits [1][19] - Full Year 2025 Guidance: - Sales projected to increase by 25% (up from previous guidance of 22.8%) [1][19] - Adjusted OP forecasted at Rmb3.65-3.85 billion, a slight upward revision from Rmb3.4 billion in 2024 [1][19] Regional Performance Miniso China - Sales Growth: Achieved 14% YoY sales growth, contributing 53% of group sales [4][20] - Store Openings: Returned to net openings (+30) after net closures (-111) in 1Q25 [4][20] - SSSG: Positive SSSG returned in 2Q25, with improvements attributed to better product design and store upgrades [4][20] - IP Strategy: Plans to launch more self-owned IPs, with 9 artist IPs signed in 1H25 [4][20] - Gross Margin: Declined by approximately 2 percentage points to 36% due to revised mark-ups [4][20] Miniso Overseas - Sales Growth: Sales increased by 29% YoY, contributing 39% of group sales [4][20] - Store Openings: Added 94 net new stores in 2Q25, with 19 in North America [4][20] - SSSG: Decline narrowed to low single digits, with Europe/North America showing positive growth [4][20] - Store Economics: New stores in the US achieved better economics, with sales per store up to 1.5x compared to last year [4][20] Valuation and Price Target - P/E Multiple: Expected rerating from 15x to 17x for 2026 [1][19] - New Price Targets: - H shares: HK$52 (up from HK$46) - ADR: US$26.5 (up from US$23.5) [1][19] Additional Insights - Long-term OP Margin Target: Remains unchanged at 20% [5] - Earnings Estimates: 2025 reported earnings estimate raised by 3% due to higher sales forecast [6] - CAGR Projections: Expected growth of 25%/10%/12% for sales/adj. OP/adj. earnings in 2025, with 17%/22%/20% CAGR over 2025-27 [6] Conclusion - Miniso is experiencing a fundamental turnaround with positive sales growth in both domestic and overseas markets. The company is optimistic about its future performance, supported by strategic store openings and product innovations. The upward revision of financial guidance and price targets reflects confidence in the company's growth trajectory and potential for valuation rerating.
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