Summary of Miniso (MNSO) Conference Call Company Overview - Company: Miniso (MNSO) - Event: APAC Consumer & Leisure Corp Day on January 6, 2026 Key Takeaways Sales Performance - 4Q Sales Growth: Sales growth in 4Q is aligned with management's expectations, showing solid performance in major markets including China and the US [1][7] - 1Q26 Outlook: Management maintains a positive outlook for 1Q26, supported by enhanced holiday operations and a relatively low sales base from the previous year [1][8] Product Strategy - Diversified Product Offering: Management believes that a diversified product range is a key advantage, allowing the company to capture various opportunities and mitigate risks [1][7] - IP Products Performance: Notable performance from in-house IPs such as Yoyo, Carrot Street, and Angry Aimee, with Angry Aimee generating RMB 400k in GMV within 10 days [1][11] Market Expansion - US Market Strategy: Management anticipates more store openings in 2026 compared to 2025, driven by improved operations and store performance [1][8] - Local Sourcing Impact: While a higher local sourcing mix is expected to negatively impact gross profit margin (GPM) year-over-year in the near term, management sees improvements in margins for locally procured products [1][11] Membership System - Cashback Initiative: In China, a cashback program on membership orders has shown satisfactory ROI and will be rolled out nationwide [1][12] - US Membership Growth: Progress in building the membership system in the US is reported to be satisfactory, with growth in new members and repeat purchases [1][12] Regional Insights - Latin America: Expected to deliver sequential growth improvement in 4Q, with management optimistic about future growth leveraging insights from the Chinese market [1][11] - Europe and Southeast Asia: Europe shows potential for growth due to limited store counts, while markets like Vietnam and Indonesia face challenges from a weak macro environment [1][11] Financial Projections - 12-Month Price Target: Buy rating with a 12-month price target of $28 for ADR and HK$54 for H-share, reflecting an upside of 43.1% and 40.1% respectively [1][13] - Revenue Forecast: Projected revenue growth from RMB 16.99 billion in 2025 to RMB 28.64 billion by 2027 [1][14] Risks - Key Risks Identified: 1. Lower store productivity in China due to competition and product quality issues [1][13] 2. Uncertainty in same-store sales growth (SSSG) recovery and global store expansion [1][13] 3. Geopolitical risks and higher operational expenses [1][13] Additional Insights - Store Network Strategy: Focus on quality over quantity in store selection, particularly in the US market due to limited prime retail locations [1][11] - Product Mix Adjustments: Management emphasizes the need for positive gross profit contributions from product mix adjustments to better meet local demand [1][11] This summary encapsulates the key points discussed during the conference call, highlighting Miniso's strategic initiatives, market outlook, and financial projections.
名创优品-企业日：营收符合预期，人民币业务前景向好