Summary of Miniso's Conference Call Company Overview - Company: Miniso - Date: September 8, 2025 Key Points Industry Performance - Domestic Revenue Growth: In Q2 2025, Miniso's domestic revenue increased by 13.6% year-over-year, with same-store sales returning to positive growth. Average revenue per store was approximately 550,000 RMB, reflecting a 6.2% increase year-over-year, attributed to a lower base, organizational adjustments, and improved foot traffic [2][6][7] - International Business Growth: Miniso's international business saw a year-over-year growth of 28.6% in Q2 2025, with a 20.1% increase in store count. The U.S. market performed exceptionally well due to improved store efficiency, increased high-margin IP products, and localized teams [2][8] Strategic Focus - Store Upgrades: The company is focusing on upgrading stores, including the introduction of large store formats like Mini Land and Misol Land [2][9] - IP Strategy: Miniso is shifting from co-branding to developing its own IP, aiming for a more sustainable growth model [2][9][17] - Overseas Expansion: The company plans to continue its overseas expansion while upgrading its strategies [2][9][18] Market Challenges - North American Market Challenges: The North American market faces high baseline costs, tariff pressures, and brand recognition issues. Miniso is addressing these challenges by optimizing underperforming stores, increasing the proportion of direct sales, and enhancing local procurement [2][10][18] Financial Projections - Profit Expectations: Miniso expects adjusted net profits of 3 billion RMB, 3.515 billion RMB, and 4.2 billion RMB for 2025, 2026, and 2027 respectively. The company anticipates a 20x P/E ratio for 2026, targeting a market capitalization of 70.3 billion RMB [4] Top Toy Business Segment - Growth in Top Toy Segment: The Top Toy segment achieved a revenue growth rate of 73% in the first half of 2025, with a quarterly growth rate of 87% in Q2, significantly exceeding the industry average of 30% [2][13] Store Types and Functions - Diverse Store Formats: Miniso operates various store types, including flagship stores, large stores, regular stores, and pop-up stores, each serving different market segments and customer experiences [2][16] IP Development - Self-owned IP Development: Miniso has begun developing its own IP, with the Gifford family IP achieving over 100 million RMB in sales since its launch, and expected to reach 400 to 500 million RMB [2][17] Global Expansion Strategy - Localization and Brand Building: In its global expansion, Miniso emphasizes direct sales in developed markets and partnerships in emerging markets, while maintaining a strong focus on brand recognition and localization of products [2][18][19] Historical Strategic Phases - Strategic Evolution: Miniso has undergone three strategic phases: rapid growth through unique positioning, IP strategy enhancement, and international expansion. The current focus on large stores, self-owned IP, and continued overseas expansion is expected to drive future growth [2][20]
名创优品20250908