Jinwu News | Guosen's research pointed out that Miniso (09896) achieved revenue of 12.28 billion in the first three quarters, with a year-on-year increase of 22.8%. The adjusted net income was 1.93 billion with a year-on-year increase of 13.7%, and the adjusted net income margin was 15.7%, down 1.3 percentage points year-on-year. Due to the high revenue base from the previous year's hit IP Barbie, the revenue growth in Q3 has slightly slowed down, and at the same time, the company’s accelerated expansion of direct-operated stores has led to a decrease in profit margins. Looking at Q4, revenue is expected to grow overall by 25-30% year-on-year, with overseas achieving a year-on-year growth rate of 45-50%; domestically, it is expected to grow by 10-15% year-on-year; TOPTOY will continue to see a year-on-year growth rate of 50-55%.

The company relies on its strong channel capabilities and supply chain advantages, continuously deepening its focus on the interest retail sector, and constantly optimizing its product structure through popular IP collaborations, driving up the gross margin; at the same time, accelerating the opening of stores overseas, with the global store network steadily expanding. Meanwhile, the company’s acquisition of Yonghui Superstores is progressing steadily, creating cost-effective quality consumption scenarios and leveraging its complementary relationship with the Miniso brand customer base and price range dimensions to gradually build a unique multi-brand matrix in the retail sector. The firm maintains the company's attributable net income for 2024-2026 at 2.755/3.33/3.958 billion yuan, corresponding to a PE ratio of 19/16/13x, maintaining an "outperform market" rating.