证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 名创优品(9896.HK) 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 名创优品(9896.HK)2024 年报点评：业绩符 合预期，收购永辉事项 25Q1 完成交割 [Table_ReportDate] 2025 年 3 月 23 日 [Table_S 事件：公司发布 ummary] 2024 年业绩，实现收入 169.94 亿元（人民币，下同），同 增 22.8%，调整后净利润 27.21 亿元，同增 15.4%，调整后净利率 16.0%， 同比-1pct。24Q4 公司实现收入 47.13 亿元，同增 22.7%，经调整净利润 7.925 亿元，同增 20.0%，经调整净利率 16.8%，同比-0.4pct。公司拟派发 末 ...

3 月 21 日公司披露 24 年财报，4Q24 营收 47.1 亿元，同比+22.7%， 调整后净利润 7.9 亿元（同比+20%），净利率 16.8%（同/环比+1.6/- 0.4pct），同比回暖主因受美国税盾、海外 4Q 旺季影响；24 年营 收 169.9 亿元，同比+22.8%，调整后净利 27.2 亿元，同比+15%， 净利率 16%（同比-1pct），4Q 业绩符合预期。 毛利率创新高，费用率受直营开店前置投入影响有所扩张。4Q24 国内/海外分别实现营收 25.8/21.3 亿元（同比+10%/+43%），毛利 率 47%（同/环比+3.9/+2.1pct）创历史新高，主因：①美国、欧 洲为代表的海外直营市场快速成长：4Q 直营市场占海外收入比例 45%（+5pct)；②IP 类产品占比提升产品组合优化；③TOPTOY 产品 结构向稀缺独家盲盒/毛绒类产品调整。24 年直营门店相关开支/ 折旧租金开支/授权费/物流+72%/+89%/+29%/+51%，预计 25 年伴 随直营门店经营杠杆释放，费用率有所优化。 国内：24 国内同店承压，25 年聚焦同店优化高质成长。1)国内名 创:24 年 ...

证券研究报告 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 名创优品(9896.HK)2024 年报点评：业绩符 合预期，收购永辉事项 25Q1 完成交割 [Table_ReportDate] 2025 年 3 月 23 日 [Table_S 事件：公司发布 ummary] 2024 年业绩，实现收入 169.94 亿元（人民币，下同），同 增 22.8%，调整后净利润 27.21 亿元，同增 15.4%，调整后净利率 16.0%， 同比-1pct。24Q4 公司实现收入 47.13 亿元，同增 22.7%，经调整净利润 7.925 亿元，同增 20.0%，经调整净利率 16.8%，同比-0.4pct。公司拟派发 末期股息金额 7.4 亿元，约为 24H2 经调净利润的 50%。 点评： 公司研究 [Table_ReportType] 点评报 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 MINISO Group Holding Limited 名創優品集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：9896） 截至2024年12月31日止財政年度的年度業績公告 名創優品集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本 公司及其附屬公司（「本集團」）截至2024年12月31日止財政年度（「報告期」）的綜 合年度業績連同截至2023年12月31日止六個月和截止2023年12月31日止十二個 月的比較數字。該等業績已由董事會審計委員會（「審計委員會」）審閱。 於本公告中，「我們」、「我們的」及「名創優品」指本公司及本集團（除文義另有所指）。 財務表現摘要 | | 截至12月31日 | 截至12月31日 | 截至12月31日 | | --- | --- | --- | --- | | | 止六個月 | 止十二個月 | 止財政年度 | | | 2023年 ...

（於開曼群島註冊成立的有限責任公司） （股份代號：9896） 內幕消息 截至2024年12月31日止季度及全年 未經審計的財務業績 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期 貨條例》（第571章）第XIVA部刊發。 名創優品集團控股有限公司（「名創優品」或「本公司」）欣然公佈本公司及其附屬 公司截至2024年12月31日止三個月及全年未經審計的簡明綜合業績。 本公司欣然公佈根據美國證券交易委員會（「美國證監會」）的適用規則刊發的本公 司及其附屬公司截至2024年12月31日止三個月及全年未經審計的簡明綜合業績。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 MINISO Group Holding Limited 名創優品集團控股有限公司 本文附表一為本公司於2025年3月21日（美國東部時間）刊發的有關截至2024年12 月31日止三個月及全年未經審計的財務業績新聞稿全文，其中部分內容可能構成 本公司的重大內幕 ...

名创优品 20250319 摘要 Q&A 名创优品集团的业务结构是怎样的？ 名创优品集团主要分为两个品牌板块：MINISO 和 Top Toy。MINISO 是自有品牌 生活家居零售商，定位为与 IP 联名集合店，是公司业绩的主要贡献者。2023 年，MINISO 贡献了公司约 95%的营收。Top Toy 是新锐品牌，起步较晚，2023 年收入占比约为 5%。 • 名创优品营收主要来自 NISO 品牌（约 95%），Top Toy 占比约 5%，但 Top Toy 作为新锐品牌增长迅速，未来潜力可期。 • 名创优品全球化布局显著，中国市场贡献约 64%营收，海外市场占 36%，海 外市场中代理和直营各占一半。公司采用轻资产模式，国内以合伙人/加盟 为主，海外以代理为主，单店经营利润率约 30%。 • 2019-2023 年，中国市场收入增速平稳（约 7%），北美、拉美、欧洲市场 高速增长。中国市场是毛利和净利主要贡献者，海外代理市场净利润贡献 较大，北美直营市场处于快速增长阶段。 • 公司战略升级于 2022 年 Q4 见效，海外市场率先复苏，推动股价上涨。 2024 年营收增速放缓，从 25%降至 20% ...

Summary of the Conference Call for Miniso Company Overview - The conference call focuses on Miniso, a retail company, discussing its valuation and business performance in the context of the broader market and its competitor, Yonghui Superstores [3][5]. Key Points Valuation and Market Perception - Miniso's current market capitalization is approximately 50 billion HKD, while projected net profits for 2025 and 2026 are 3.45 billion and 4.2 billion RMB respectively. Based on a 20x P/E ratio, Miniso should be valued at over 80 billion RMB, around 90 billion HKD. The market's pessimistic outlook on Yonghui's losses is a primary reason for Miniso's undervaluation [3][4][5]. Yonghui Superstores Impact - The market anticipates Yonghui will incur a loss of 6 billion RMB next year, which is considered overly pessimistic. Historical data shows Yonghui's maximum loss was around 4.5 billion RMB, and the company is undergoing store adjustments and supply chain restructuring to improve profitability [4][5]. Domestic Business Performance - Miniso's domestic revenue share is expected to fall below 55% this year. Despite a 4% year-on-year decline in same-store sales, recovery is strong, with sales returning to 96%-100% of previous levels. The company plans to open 450 to 550 new stores to drive growth, minimizing reliance on same-store sales [4][6]. Overseas Business Growth - The overseas segment is identified as a core growth driver, benefiting from accelerated expansion, foreign exchange gains, and tax refunds. The depreciation of the RMB is projected to yield tens of millions in net profit, and the U.S. tax refund policy will continue to positively impact finances [4][7]. Market Conditions and Consumer Confidence - Recent consumer policies and increased foreign investment in Hong Kong stocks are favorable for new consumption sectors, enhancing investor confidence in Miniso and similar companies. The new consumption sector is undergoing a revaluation after two years of being undervalued [4][8]. Future Performance Expectations - Positive catalysts are expected following the Q2 earnings release, particularly in May. The market is focused on future guidance and expectations regarding Yonghui. The Q4 performance is already prepared, and the domestic business has experienced a downturn, leading to a currently low valuation [4][9]. Potential Risks - A recent safety issue regarding disposable underwear has minimal impact on Miniso, as this product accounts for a very small portion of revenue. Even if sales of this product were halted, the profit impact would be negligible [4][10][11]. Operational Strategy in the U.S. - Following the appointment of a new CEO in the U.S., the focus will be on optimizing revenue and costs, controlling store opening speed, and reducing rent and labor costs to enhance profitability. The overseas business is expected to grow at 40%, with direct stores growing at 60% and agency stores at 20% [4][12]. Profit Forecast and Valuation Outlook - Profit forecasts for the next two years suggest net profits corresponding to P/E ratios of 14x and 11x. The current valuation is around 10-11x, indicating significant undervaluation. A correction to a reasonable valuation of around 20x is anticipated, making Miniso one of the most promising companies this year [4][13].

向形式主义说不。 文｜《中国企业家》记者 李欣 2025年开年，叶国富也向形式主义"开了一枪"。 2月5日，名创优品发布《叶国富：让简单成为我们的灵魂》的内部信。在这封信中，名创优品创始人叶 国富称，唯有聚焦，才能专业。而战略聚焦的前提是简单。唯有简单，才能高效；简单始终置于名创优 品文化价值观的首位。 有接近名创优品的人士向《中国企业家》透露称，叶国富在1月18日的年会上，就已经率先提出让简单 成为公司灵魂的要求，而过去他也经常在内部口头强调："禁止形式主义"。 围绕简单，叶国富提出与管理流程和组织结构相关的六大要求：严禁一切形式主义；内部沟通严禁使用 PPT；内外部会议以30分钟为宜，最长不超过1小时；汇报资料不超过3页；内部任何决策，参与决策者 不得超过3人等。 无独有偶，在叶国富之前，美的集团董事长兼总裁方洪波也签发了一份文件，名为《关于简化工作方式 的要求》，在一页纸上列出了包括"内部沟通严禁PPT""自己的材料自己写（含董事长、总裁）""严禁微 信群内举拳头"等六条禁令，"剑指"形式主义。 除了上述两位外，新旧年交替时节，李宁集团创始人李宁、蔚来汽车创始人李斌、盒马新任CEO严筱磊 以及元气森林创 ...

Investment Rating - The report assigns a "Buy" rating for MINISO (09896.HK) as a first coverage [1]. Core Views - MINISO is positioned as a global leader in the trendy lifestyle retail sector, focusing on high-quality, cost-effective products for young consumers. The company has successfully expanded its presence with 7,186 stores across 111 countries as of September 30, 2024 [11][12]. - The report highlights the company's robust financial performance, with a compound annual growth rate (CAGR) of 22.35% in revenue from 2020 to 2023, and a significant recovery post-pandemic, achieving a revenue growth of 39.43% in 2023 [15][16]. - MINISO's strategic focus on IP (intellectual property) upgrades and global expansion is expected to drive future growth, with plans to increase store count significantly in high-consumption markets like North America and Europe [47][63]. Summary by Sections 1. Company Overview - MINISO is the largest private label retailer globally, established in 2009, targeting young consumers with a focus on trendy, affordable products. The company has developed two main brands: MINISO and TOPTOY [11][12]. - The company has a concentrated ownership structure, with the founders holding 62.5% of the shares, ensuring stable governance [21][23]. 2. Historical Success Factors - The company has successfully navigated the competitive retail landscape by focusing on essential consumer goods and maintaining a self-operated sales model, which enhances brand recognition [27][28]. - MINISO's product strategy emphasizes frequent new product launches and competitive pricing, supported by a strong supply chain [30][32]. 3. Future Growth Prospects - The company aims to enhance its IP strategy, with a target of over 50% of sales coming from IP-related products by 2028. Currently, IP products account for over 30% of total sales [48][49]. - MINISO plans to expand its global footprint, targeting an annual increase of 900-1,100 stores worldwide from 2024 to 2028, with a focus on high-value markets [72][63]. 4. Financial Forecast - The report forecasts MINISO's revenue to reach CNY 171.67 billion, CNY 207.55 billion, and CNY 241.04 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of CNY 26.9 billion, CNY 33.5 billion, and CNY 40.8 billion [78]. - The company's valuation is projected to improve as it transitions from a channel retailer to a brand retailer, with a current price-to-earnings (P/E) ratio of 20.5, 16.5, and 13.5 for the years 2024, 2025, and 2026 [78][79].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is positioned as a global IP retail store, leveraging "IP + retail" to unlock overseas growth potential [1] - The emotional consumption era is on the rise, with the IP retail industry experiencing upward momentum [1] - The company has a strong competitive edge through efficient supply chain management, robust IP operation capabilities, and scale advantages [2] Summary by Sections Company Overview - The company, established in 2013, has developed a comprehensive supply chain system and is now a leading player in the domestic household goods retail sector [15] - The company operates two brands: MINISO, focusing on household goods, and TOP TOY, targeting the trendy toy market [20] Industry Analysis - The IP retail sector is in its growth phase, with significant potential for expansion as China's per capita IP retail consumption is only about 1/4 of the global average [34] - The emotional consumption trend is gaining traction, with increasing consumer interest in IP-related products [40] Competitive Advantages - The company excels in supply chain efficiency, IP operation capabilities, and has a significant scale advantage with over 7,186 stores globally [2][60] - The company has established partnerships with over 150 top IPs, enhancing its product offerings and market presence [60] Market Expectations - The report anticipates better-than-market expectations for same-store sales in both domestic and overseas markets, driven by refined IP operations and targeted product categories [3][66] - The company is expected to continue expanding its store network, particularly in overseas markets, which will support same-store sales growth [3][67] Financial Projections - Revenue forecasts for 2024-2026 are projected at 172 billion, 213 billion, and 256 billion respectively, with year-on-year growth rates of 24.3%, 23.9%, and 20.2% [5] - Adjusted net profit is expected to reach 28.0 billion, 35.8 billion, and 43.7 billion for the same period, reflecting growth rates of 19%, 28%, and 22% [5]