Core Viewpoint - The company is experiencing a turning point in its main business operations, with preliminary verification of mid-year performance, and is expected to see continued improvement in domestic and international performance driven by the optimization of the large store model and proprietary IP strategy [1][2]. Group 1: Financial Performance - In Q2, the company achieved revenue of 4.966 billion, a year-on-year increase of 23.1%, exceeding the previous guidance of 18%-21% [2]. - Adjusted net profit for Q2 was 0.692 billion, a year-on-year increase of 10.6%, with an adjusted net profit margin of 13.9%, down 1.6 percentage points year-on-year [2]. - The company has raised its full-year guidance, expecting Q3 overall revenue growth of 25%-28% and adjusted operating profit to be between 3.65 billion and 3.85 billion [2]. Group 2: Domestic Brand Performance - Domestic revenue for the MINISO brand in Q2 was 2.62 billion, a year-on-year increase of 13.6%, with same-store sales turning positive [3]. - The company opened 30 new stores in Q2, reversing the trend of net store closures from the first quarter [3]. - Key drivers for same-store growth include improved organizational structure, enhanced product supply, and optimized store operations during holidays [3]. Group 3: International Brand Performance - Overseas revenue for the MINISO brand reached 1.94 billion, a year-on-year increase of 28.6%, with a net addition of 94 stores in Q2 [4][5]. - The North American market strategy focuses on large stores and cluster openings, with new stores achieving 1.5 times the sales efficiency of older stores [5]. - The company plans to continue expanding its overseas presence, with a target of adding over 500 new stores this year [4]. Group 4: TOPTOY Brand Performance - TOPTOY achieved revenue of 0.4 billion in Q2, a year-on-year increase of 87%, with a net addition of 13 stores [6]. - The brand's gross margin has significantly improved, and same-store sales have shown single-digit growth [6]. - Future plans include enhancing sales contributions from proprietary brands and IP, focusing on markets with high potential for toy consumption [6]. Group 5: Strategic Initiatives - The company is implementing a dual strategy of opening large stores and developing proprietary IP, with significant progress in both domestic and international markets [7]. - The MINISO LAND and flagship stores are designed to enhance customer experience and increase sales per square meter [7]. - The proprietary IP strategy includes collaborations with artists and the launch of new products, aiming for a total GMV of 1 billion from proprietary IP products this year [7].

Core Viewpoints - In the first half of 2025, the company achieved operating revenue of 94.773 billion yuan and a net profit attributable to shareholders of 8.671 billion yuan, representing a year-on-year increase of 60.07%, marking the highest profit level for the same period in history [1] - The company met all production targets for its products in the first half of 2025, with copper production increasing by 12.68% year-on-year, reaching a historical high for the same period [1] - The company completed the acquisition of Ecuador's Odin Mining (Kagelhaus Gold Mine) and is rapidly advancing development work, enhancing its global layout of diversified products, with the project expected to commence production before 2029 [1] Production and Pricing - The company produced 353,600 tons of copper in the first half of 2025, a year-on-year increase of 12.68%, achieving approximately 56.1% of the production guidance midpoint [2] - The average LME copper price in the first half of 2025 increased by 3.75% year-on-year to 9,431 USD/ton, with cobalt and other mineral prices also showing significant increases [2] Cost Management and Resource Layout - The company has made significant progress in cost reduction and efficiency improvement through refined management and technological innovation, with copper production costs around 33,700 yuan per ton in the first half of 2025 [2] - The acquisition of the Kagelhaus Gold Mine represents a breakthrough in the company's layout of gold resources, further diversifying its product matrix [2] Market Dynamics - The cobalt price has risen from a low of 160,000 yuan/ton to 275,000 yuan/ton due to the ongoing cobalt export ban from the Democratic Republic of Congo, which has been in effect for seven months [2] - The domestic supply of cobalt is tightening, with a significant decrease in imports, which may further support cobalt prices in the upcoming consumption peak season [2]

Market Performance - The Shenzhen Component Index and the ChiNext Index both reached new short-term highs, rising by 1.14% and 2.22% respectively by midday, while the Shanghai Composite Index saw a slight increase of 0.16% due to pressure from banking, precious metals, and real estate sectors [1] - Over 3,300 stocks declined across the two markets, with a total trading volume of 1.54 trillion [1] Sector Performance - Precious metals experienced a decline, dropping by 2.43% at midday, with companies like Shandong Gold and Xiaocheng Technology seeing average declines exceeding 4% [3] - The port and shipping sector collectively fell, with Ningbo Port dropping over 8% and Nanjing Port down 7.93% [3] - Other sectors such as jewelry, real estate, banking, and automotive services also followed suit with declines [3] Emerging Trends - AI hardware and application sectors saw a collective surge, with Inspur Information hitting a historical high and Huqin Technology reaching its limit up [3] - Non-ferrous metal stocks were active, with companies like Northern Copper achieving limit up [3] - Controlled nuclear fusion concept stocks experienced fluctuations, with Hezhan Intelligent achieving two limit ups in four days and Hahuan Huaton hitting limit up [3] News Highlights - China Fusion Company plans to build a high-temperature superconducting fusion device named Circulation No. 4 in Shanghai [3] - The world's largest coal-fired carbon capture demonstration project at Huaneng Gansu Zhengning Power Plant has completed a 72-hour trial run and is officially operational [3] - In September, 156 games were approved, including 145 domestic and 11 imported titles [3] - The Ministry of Commerce and seven other departments jointly issued guidelines to promote digital consumption and create a better life in the digital age [3]

Group 1: Company Announcements - Yunnan Tourism (002059.SZ) currently lacks the capability for robot complete machine design or production [1] - Dongfang Yuhong (002271.SZ) plans to invest 600 million yuan in the construction of a new material industry chain project in Shanglin County [1] - Macro Construction (002062.SZ) is part of a consortium that has pre-won a 1.36 billion yuan engineering project [1] - Zhongman Petroleum (603619.SH) intends to acquire 49% equity in Xinhuaxia Dubai [1] - Qibin Group (601636.SH) plans to repurchase shares worth between 100 million to 200 million yuan [1] - Shuanglin Co., Ltd. (300100.SZ) has submitted an application for the issuance and listing of overseas listed shares (H shares) to the Hong Kong Stock Exchange [1] - Zhiya Co., Ltd. (002803.SZ) plans to reduce holdings by no more than 2% of shares by the controlling shareholder and actual controller's concerted actors [1] - Hanyu Pharmaceutical (300199.SZ) plans to raise no more than 968 million yuan through a private placement [2] - Jihong Co., Ltd. (002803.SZ) expects a year-on-year increase of 65.72% to 76.86% in net profit excluding non-recurring gains and losses for the first three quarters [2] Group 2: Project Investments - Longxing Technology (002442.SZ) plans to invest in the energy-saving upgrade and transformation project of carbon black tail gas waste heat power generation [1] - Changqing Group (002616.SZ) intends to invest in the second phase of the Maoming Changqing combined heat and power project and supporting pipeline engineering [1] Group 3: Contract Wins - Shiji Hengtong (301428.SZ) has won a project worth 1.065 billion yuan [1] - Beixin Road and Bridge (002307.SZ) has won a 430 million yuan engineering project [1] - State Grid Information and Communication (600131.SH) subsidiary has won a 605 million yuan project from the State Grid [1]

Multi-brand operation secures bargaining power in down/upstreammarkets. 1) Downstream: with a portfolio of 70+ international brands, 2,000+SKUs, and a broad price range (RMB30-RMB60,000), Eternal delivers onestopbeauty brand onboarding solutions for shopping malls, significantlyreducing communication costs. It also strengthens partnership stickiness byflexibly replacing slow-moving brands to help channels mitigate operationalrisks. 2) Upstream: 40 years of market-entry expertise accelerates regulatorycleara ...

Group 1: Core Investment Logic - The company is a key beneficiary in the rapidly growing Chinese perfume market, which is projected to grow at a rate of 9-14% over the next 4-5 years, driven by increased penetration rates and rising consumer spending [1] - The company holds a third market share in retail sales in China (including Hong Kong and Macau), with 81% of its revenue coming from the perfume business in FY2025 [1] Group 2: Multi-Brand Operations - The company manages over 70 international brands and more than 2000 SKUs, providing a one-stop solution for core channels, significantly reducing communication costs [2] - The company has nearly 40 years of experience in addressing the challenges of bringing overseas brands into China, effectively shortening inspection processes and utilizing a 2 million member data system for localized product modifications [2] Group 3: Investor Concerns - Concerns regarding the potential loss of core brand operating rights are considered to be overstated, as most suppliers have permanent contracts with brands contributing 70% of sales [3] - The threat from domestic brands is limited, as the perfume market is in a phase of incremental expansion, with significant differences in pricing and target demographics between domestic and international high-end brands [3] Group 4: Valuation and Rating - The initial coverage rating is "Buy," with a target price of 3.49 HKD, corresponding to a 14.2 times FY26E price-to-earnings ratio, reflecting a 30% valuation discount based on a 1.07 times comparable industry forward PEG [3]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇9月24日丨华安证券(600909.SH)公布，2025年9月23日，公司接到安徽能源集团的《关于国 有资产无偿划转的告知函》，为便于对存量金融股权实施专业化管理，安徽能源集团拟将持有的华安证 券125,476,294股无限售条件股份无偿划转给皖能资本。本次无偿划转前，安徽能源集团持有华安证券 125,476,294股股份，占华安证券总股本的2.68%。本次无偿划转完成后，安徽能源集团不再持有华安证 券股份，皖能资本持有华安证券125,476,294股股份，占华安证券总股本的2.68%。 （责任编辑：贺翀 ） ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 据彭博，作为与人工智能计算初创公司Fluidstack达成的一项多年数据中心协议的一部分，Alphabet 旗下谷歌将获得购买加密矿业公司Cipher Mining Inc. 5.4%股份的权利。数据中心运营商Cipher表示，谷 歌同意为Fluidstack在与Cipher签订的合同中承担14亿美元的债务担保。Fluidstack已与Cipher达成了一项 为期10年的初始协议，租赁其算力，预计将带来约30亿美元的收入。这是谷歌和Fluidstack在过去两个 月内达成的第二笔此类交易，凸显出为人工智能服务提供算力资源的旺盛需求。 （责任编辑：刘静 HZ010） ...

MoffetNathanson将Alphabet的目标价从230美元上调至295美元，维持"买入"评级。该行指，Alphabet是 人工智能竞赛中的赢家之一，仍是最有条件实现货币化和扩大GenAI机会的公司。 ...

伯恩斯坦将麦克莫兰铜金公司的目标价从50.5美元下调至48.5美元，评级从"与大市同步"上调至"跑赢大 市"。 ...