名创优品：路演要点-同店销售稳健；产品结构拖累美国毛利率，但经营杠杆支撑利润率改善；买入

+852-2978-7347 | xinyu.ruan@gs.com Goldman Sachs (Asia) L.L.C. Carol Chen +852-2978-7999 | carol.chen@gs.com Goldman Sachs (Asia) L.L.C. 24 November 2025 | 4:53PM HKT Equity Research Miniso (MNSO): NDR takeaways: solid SSSG; mix dragged US GPM but operating leverage supports margin improvement; Buy We hosted Miniso's CFO Mr. Eason Zhang and Director of Capital Markets Christina Zhu for a virtual NDR on Nov 24 post its 3Q25 result. Key takeaways include: 1) Miniso China SSSG momentum has been holding up well ...