Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>Miniso report C4Q23 revenue in-line/7.9% vs. our estimate/consensus, non-GAAP NI is 5.1%/10.5% higher than our estimate/consensus on strong overseas sales from North and Latin Americas. </li>
<li>Company guided for soft operating margin thanks to robust new store openings, which we believe to be accretive to earnings in the long run</li>
<li>We maintain the stock as BUY and but cut TP by US$2 to US$31/ADS</li>
</ul>


Miniso report C4Q23 revenue in-line/7.9% vs. our estimate/consensus, non-GAAP NI is 5.1%/10.5% higher than our estimate/consensus on strong overseas sales from North and Latin Americas. 
Company guided for soft operating margin thanks to robust new store openings, which we believe to be accretive to earnings in the long run
We maintain the stock as BUY and but cut TP by US$2 to US$31/ADS


[Miniso Group (MNSO US, BUY, TP US$31) Target Price Change]: Near Term Story Is Still the Americas

Thematic (Sector/Industry)

<ul>
<li>LI/XPEV/NIO: Li, Xpeng and GAC AION announced new price actions（+/+/-）</li>
<li>ZLAB: Zai Lab’s revenue growth in 4Q23 is weak, and loss narrowing is limited （-）</li>
<li>1810 HK: Qualcomm exhibited a number of client-side LLM products at MWC Barcelona, covering mobile phones, PCs and communications（+）</li>
</ul>


LI/XPEV/NIO: Li, Xpeng and GAC AION announced new price actions（+/+/-）
ZLAB: Zai Lab’s revenue growth in 4Q23 is weak, and loss narrowing is limited （-）
1810 HK: Qualcomm exhibited a number of client-side LLM products at MWC Barcelona, covering mobile phones, PCs and communications（+）


[Blue Lotus Daily]:1211 HK/XPEV/ 1810 HK/LI/NIO/ZLAB/BGNE/MNSO

<ul>
<li>Intra-Urban mobility in major cities and foot traffic in leading shopping malls in China have demonstrated decent growth during 2024 CNY holiday period.</li>
<li>We estimate Miniso domestic store sales increased 35% yoy during CNY-holiday and 11% yoy during Jan to mid-Feb 2024. We expect Miniso total revenue to increase 26% yoy in 1Q24.</li>
<li>We maintain the stock as BUY and maintain TP at US$33/ADS.</li>
</ul>


Intra-Urban mobility in major cities and foot traffic in leading shopping malls in China have demonstrated decent growth during 2024 CNY holiday period.
We estimate Miniso domestic store sales increased 35% yoy during CNY-holiday and 11% yoy during Jan to mid-Feb 2024. We expect Miniso total revenue to increase 26% yoy in 1Q24.
We maintain the stock as BUY and maintain TP at US$33/ADS.


[Miniso Group (MNSO US, BUY, TP US$33) Company Update]: CNY Foot Traffic Growth Support Decent C1Q24

<ul>
<li>We attended Miniso’s Investor Day on January 18-19 and came away positively. Management outlined growth strategy of fostering strong connection with Chinese supply chain to achieve fast turnaround of...</li>
<li>We expect MNSO to report C4Q23 revenue and non-GAAP NI at 2.9% and 4.0% higher than consensus mainly due to new store openings;</li>
<li>We maintain the stock as BUY and raise TP by US$2 to US$33/ADS to reflect our endorsement of the growth strategy.</li>
</ul>


We attended Miniso’s Investor Day on January 18-19 and came away positively. Management outlined growth strategy of fostering strong connection with Chinese supply chain to achieve fast turnaround of...
We expect MNSO to report C4Q23 revenue and non-GAAP NI at 2.9% and 4.0% higher than consensus mainly due to new store openings;
We maintain the stock as BUY and raise TP by US$2 to US$33/ADS to reflect our endorsement of the growth strategy.


[Miniso Group(MNSO US,BUY,TP US$33)TP Change]:Investor Day Called for Growth on Supply Chain and IP

<ul>
<li>LKNCY: Luckin Coffee will launch Moutai flavored chocolate milk on next Monday, purposing at destocking(+)</li>
<li>MNSO: Takeaways from Miniso Investor Day, “IP” is the key term(+)</li>
<li>300750 CH: CATL's Shenxing Long Life took marke share from SVOLT to win NETA L series of Hozon(+)</li>
</ul>


LKNCY: Luckin Coffee will launch Moutai flavored chocolate milk on next Monday, purposing at destocking(+)
MNSO: Takeaways from Miniso Investor Day, “IP” is the key term(+)
300750 CH: CATL's Shenxing Long Life took marke share from SVOLT to win NETA L series of Hozon(+)


[Blue Lotus Daily]: LKNCY/MNSO/300750 CH/1211 HK

China

MINISO Group Holding is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Miniso (MNSO US)

[Miniso Group (MNSO US, BUY, TP US$31) Target Price Change]: Near Term Story Is Still the Americas

Miniso reports strong revenue and non-GAAP net income, guided for soft operating margin due to new store openings. Stock maintained as BUY with TP...

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/XPEV/ 1810 HK/LI/NIO/ZLAB/BGNE/MNSO

Li, Xpeng, and GAC AION adjust prices; Zai Lab's revenue growth weakens; Qualcomm showcases new products at MWC Barcelona.

Blue Lotus Research Institute

[Miniso Group (MNSO US, BUY, TP US$33) Company Update]: CNY Foot Traffic Growth Support Decent C1Q24

Intra-urban mobility and foot traffic in Chinese shopping malls showed growth during 2024 CNY holiday, with Miniso domestic store sales up 35%...

Blue Lotus Research Institute

[Miniso Group(MNSO US,BUY,TP US$33)TP Change]:Investor Day Called for Growth on Supply Chain and IP

Miniso's Investor Day highlighted their growth strategy of connecting with Chinese supply chain for fast turnaround. Expect higher revenue and non...

Blue Lotus Research Institute

[Blue Lotus Daily]: LKNCY/MNSO/300750 CH/1211 HK

Luckin Coffee will release Moutai flavored chocolate milk to reduce stock; Miniso emphasizes the importance of "IP" at Investor Day; CATL's...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Miniso Group (MNSO US, BUY, TP US$31) Target Price Change]: Near Term Story Is Still the Americas

​Miniso reports strong revenue and non-GAAP net income, guided for soft operating margin due to new store openings. Stock maintained as BUY with TP...

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/XPEV/ 1810 HK/LI/NIO/ZLAB/BGNE/MNSO

​Li, Xpeng, and GAC AION adjust prices; Zai Lab's revenue growth weakens; Qualcomm showcases new products at MWC Barcelona.

Blue Lotus Research Institute

[Miniso Group (MNSO US, BUY, TP US$33) Company Update]: CNY Foot Traffic Growth Support Decent C1Q24

​Intra-urban mobility and foot traffic in Chinese shopping malls showed growth during 2024 CNY holiday, with Miniso domestic store sales up 35%...

Blue Lotus Research Institute

[Miniso Group(MNSO US,BUY,TP US$33)TP Change]:Investor Day Called for Growth on Supply Chain and IP

​Miniso's Investor Day highlighted their growth strategy of connecting with Chinese supply chain for fast turnaround. Expect higher revenue and non...

Blue Lotus Research Institute

[Blue Lotus Daily]: LKNCY/MNSO/300750 CH/1211 HK

​Luckin Coffee will release Moutai flavored chocolate milk to reduce stock; Miniso emphasizes the importance of "IP" at Investor Day; CATL's...

Blue Lotus Research Institute

Miniso reports strong revenue and non-GAAP net income, guided for soft operating margin due to new store openings. Stock maintained as BUY with TP...

Li, Xpeng, and GAC AION adjust prices; Zai Lab's revenue growth weakens; Qualcomm showcases new products at MWC Barcelona.

Intra-urban mobility and foot traffic in Chinese shopping malls showed growth during 2024 CNY holiday, with Miniso domestic store sales up 35%...

Miniso's Investor Day highlighted their growth strategy of connecting with Chinese supply chain for fast turnaround. Expect higher revenue and non...

Luckin Coffee will release Moutai flavored chocolate milk to reduce stock; Miniso emphasizes the importance of "IP" at Investor Day; CATL's...