截至2025年中报，名创优品营业总收入93.93亿元、净利润9.06亿元。 8月22日，名创优品(09896)盘中上涨20.02%，截至10:49，报46.88元/股，成交13.64亿元。 名创优品集团是一家全球领先的生活家居零售商，旗下拥有名创优品和TOP TOY两大品牌。截至2021 年，名创优品门店网络的产品GMV总额约为人民币180亿元（28亿美元），使其成为全球最大的自有品 牌生活家居综合零售商。 本文源自：金融界 作者：行情君 8月21日，公司以每股37.8-38港元回购1.6万股,回购金额60.7万港元。 ...

Market Overview - The Hang Seng Index (HSI) fell by 61 points or 0.2%, closing at 25,104 points, after opening 50 points higher and later dropping to a low of 25,000 points[1] - The Shanghai Composite Index rose by 4 points or 0.1%, closing at 3,771 points, with a total trading volume of 9,977 billion yuan[1] - The S&P 500 dropped by 25 points or 0.4%, closing at 6,370 points, marking its fifth consecutive day of decline[2] Monetary Policy and Economic Indicators - The Hong Kong Monetary Authority provided liquidity of 77 million HKD through the discount window[1] - The People's Bank of China conducted a 253 billion yuan reverse repurchase operation at a steady rate of 1.4%, resulting in a net injection of 124.3 billion yuan for the day[1] - The RMB/USD midpoint was adjusted up by 97 pips to 7.1287[1] Corporate Earnings Highlights - China Power (02380.HK) reported a revenue of 23.858 billion yuan, down 9.9% year-on-year, with a net profit of 2.587 billion yuan, a slight increase of 0.7%[2] - KANLONG (03759.HK) reported a revenue of 6.441 billion yuan, up 14.9% year-on-year, but a net profit decline of 37% to 701 million yuan due to previous year's investment gains[3] - Li Ning (02331.HK) reported a revenue of 14.817 billion yuan, up 3.3%, with a net profit decline of 11% to 1.737 billion yuan[3] - Bilibili (09626.HK) reported a net revenue of 7.338 billion yuan, up 19.8% year-on-year, and turned a profit of 219 million yuan compared to a loss of 609 million yuan in the previous year[4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 52.46 [2]. Core Insights - The report highlights a clear inflection point in Q2 performance, driven by the effectiveness of the large store strategy and the positive turnaround in same-store sales, alongside the initiation of the proprietary IP strategy [11][8]. - The company expects a revenue growth rate of over 25% for the full year, with adjusted operating profit projected to reach between RMB 36.5 billion and RMB 38.5 billion [8]. Financial Performance - Q2 revenue increased by 23.1% year-on-year to RMB 4.97 billion, exceeding previous guidance of 18-21% [11]. - The operating profit for Q2 rose by 11.3% year-on-year to RMB 840 million, also surpassing prior guidance [11]. - Gross margin reached a new high of 44.3%, up 0.6 percentage points year-on-year [7]. - Adjusted net profit margin decreased by 1.6 percentage points to 13.9% in Q2 [7]. Revenue and Profit Forecasts - Revenue forecasts for 2025-2027 have been raised by 3.7% for each year, now projected at RMB 214.7 billion, RMB 256.6 billion, and RMB 303.6 billion respectively [9]. - Adjusted net profit forecasts remain cautious at RMB 29.9 billion, RMB 37.3 billion, and RMB 45.7 billion for 2025-2027 [9]. Strategic Initiatives - The company is shifting its growth strategy from rapid store expansion to enhancing store efficiency through large store formats and refined operations [11]. - The proprietary IP strategy aims to leverage global channels for IP promotion, enhancing product-channel-operations integration [8]. Market Position and Valuation - The company’s current market capitalization is HKD 48.537 billion, with a closing price of HKD 39.06 as of August 21 [2]. - The report suggests a cautious approach to profitability due to the lower margins from overseas direct operations and TOPTOY revenue contributions [9].

8月21日消息，名创优品集团公布了2025年第二季度及半年度财务报告。财报显示，第二季度名创优品 集团总营收达到了49.7亿元，同比增长23.1%。该季度毛利率44.3%，较去年同期上升40个基点。经调整 净利润（非国际财务报告准则（Non-IFRS））6.9亿元，同比增长10.6%，经调整净利率13.9%，经调整 每股ADS收益同比上升12.0%。 2025年第二季度，名创优品品牌总营收45.6亿元，同比增长19.5%，其中中国内地营收26.2亿元，同比 增长13.6%，海外营收19.4亿元，同比增长28.6%。截至2025年6月30日，名创优品品牌国内门店数4,305 家，本季度净增30家，海外门店数3,307家，本季度净增94家。上半年即时零售渠道销售额同比飙升 53%。 集团旗下潮玩品牌TOP TOY在2025年第二季度营收达4亿元，同比增87.0%，门店总数达293家。此外全 球投资机构淡马锡领投TOP TOY，投后估值达到约100亿港元。 本文源自：金融界 名创优品宣布派发中期股息，每股ADS股息为0.29美元，上半年股份回购及派发股息合计约10.7亿元， 占经调整净利润的84%，上半年股份回购金 ...

申万宏源证券指出，继续看好港股是潜在牛市中领涨市场，"牛市氛围"强化后，投资者在港股进行行业 轮动会更加积极，当前已经来到了港股大众消费品的补涨窗口。中期维度，继续看好港股科技、创新药 和新消费龙头。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金、蜜雪集团、名创优品等新消费龙头，又包含腾 讯、快手、阿里巴巴、小米等互联网电商龙头，科技+消费属性突出。 8月22日，港股三大指数集体高开，恒指涨0.4%，国指涨0.56%，恒生科技指数涨0.99%。港股新消费概 念走强，名创优品绩后涨超13%，小米集团、古茗、蜜雪集团等个股跟涨。港股消费ETF（513230）早 盘震荡攀升，现涨近1%。 浙商国际指出，对于中短期港股市场走势继续保持谨慎乐观的态度。板块配置方面，我们看好行业相对 景气且受益于政策利好的汽车、新消费、创新药、科技等；业绩股价稳健且受益于政策利好的低估值国 央企红利板块；基本面独立且受益于降息周期的香港本地银行、电信及公用事业红利股。 ...

Summary of Miniso (MNSO) Earnings Call Company Overview - **Company**: Miniso (MNSO) - **Market Cap**: $6.4 billion - **Enterprise Value**: $7.0 billion - **Current Price**: $20.84 - **12-Month Price Target**: $25.30 (Upside: 21.4%) [1][21] Key Financial Performance - **2Q25 Revenue Growth**: 23% YoY, exceeding guidance of 18-21% [1][33] - **Adjusted Operating Profit Growth**: 8.5% YoY, against guidance of flat/slight decline [1][36] - **Miniso China Sales Growth**: 14% YoY, beating expectations [1][29] - **Top Toy Revenue Growth**: 87% YoY, surpassing guidance [1][33] - **Gross Margin**: 44.3%, slightly below expectations [1][35] - **Operating Profit Margin (OPM)**: 17.2%, improved from 16.6% in 1Q25 [1][36] Future Outlook - **2025 Full Year Sales Guidance**: Revised to >25% YoY increase from >22.8% [2][22] - **Adjusted Operating Profit Expectation**: Rmb3.65bn-3.85bn, compared to Rmb3.4bn in 2024 [2][22] - **3Q25 Topline Growth Guidance**: 25-28% YoY with low-single-digit same-store sales growth (SSSG) [2][23] Strategic Initiatives - **Store Expansion Plans**: - 100-150 net openings in Miniso China - Over 500 store additions overseas, with a focus on quality [22] - **Large Store Strategy**: - Miniso Land stores achieving average monthly sales of Rmb4 million [25] - New stores in the US showing 50% higher productivity compared to existing ones [25][27] - **In-house IP Cultivation**: - Development of a dual-track IP strategy with both third-party and in-house IPs [28] - Exclusive IPs like Yoyo expected to generate significant sales [28] Market Performance - **US Market Growth**: Over 80% YoY sales growth in 2Q25, driven by improved store quality and localized management [30] - **Tariff Impact**: Manageable impact from tariff hikes due to effective inventory and supply chain management [31] Shareholder Returns - **Dividend Payout Ratio**: 50% in 1H25, indicating strong commitment to shareholder returns [39] - **Share Buyback**: Approximately 1% of total shares in 1H25 [41] Additional Insights - **Operational Efficiency**: Improved collaboration across departments leading to better product preparation and execution [29] - **Sales Performance by Segment**: - Miniso China: Mid-high teens sales growth expected - Miniso Overseas: 30-35% YoY sales growth anticipated [24] This summary encapsulates the key points from Miniso's earnings call, highlighting the company's strong performance, strategic initiatives, and positive outlook for the future.

证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券研究报告·海外公司点评·专业零售(HS) 名创优品（09896.HK） 2025 年半年报点评：Q2 经调整净利润同比 +11%，国内同店增速回正或现经营拐点 买入（维持） | [盈利预测与估值 Table_EPS] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,838 | 16,994 | 21,028 | 24,957 | 29,114 | | 同比（%） | 39.42 | 22.80 | 23.74 | 18.69 | 16.65 | | 归母净利润（百万元） | 2,253 | 2,618 | 2,680 | 3,318 | 3,990 | | 同比（%） | 111.48 | 16.17 | 2.39 | 23.79 | 20.25 | | Non-IFRS 净利润（百万元） | 2,357 | 2,721 | 2,939 | 3,393 | 3,858 ...

8 月 21 日公司披露 25H1 报告，H1 营收 93.9 亿元（+21%），调整 后归母净利润为 12.79 亿元（同比+3%），其中 2Q 营收 49.7 亿元， 同比+23.1%，调整后归母净利润为 6.9 亿元（同比+10.6%），调整 后归母净利率 13.9%（同/环比-1.6/+0.6pct），业绩超市场预期。 2Q25 国内名创/海外名创/TOPTOY 营收 26.2/19.4/4 亿元（同比 （+13.6%/+28.6%/+87%）。 国内名创：Q2 同店低个位数正增拐点初现，开店恢复环比正增、 自有 IP 初步打磨成功。Q1/Q2 国内名创同店中个位数下降/低个 位数上升，得益于积极开设 IP 大店、优化组织/质价比策略精细 化运营改善同店；截至 Q2 门店数量达到 4305 家（同/环比+190/+30 家），其中一/二/三线门店较 Q1+3/+1/+26 家。报告期内公司签约 多位艺术家，初步孵化出右右酱、糯米等自有 IP，后续将坚持 IP 联名+自有 IP 并行战略 海外名创：北美同店转暖、欧洲表现靓丽。H1GMV73.3 亿元，同比 +14.5%，截至 2Q25 海外总门店数 3 ...

8月22日，名创优品(09896)盘中上涨12.14%，截至09:30，报43.8元/股，成交8339.57万元。 本文源自：金融界 名创优品集团是一家全球领先的生活家居零售商，旗下拥有名创优品和TOP TOY两大品牌。截至2021 年，名创优品门店网络的产品GMV总额约为人民币180亿元（28亿美元），使其成为全球最大的自有品 牌生活家居综合零售商。 作者：行情君 截至2025年中报，名创优品营业总收入93.93亿元、净利润9.06亿元。 8月21日，公司以每股37.8-38港元回购1.6万股,回购金额60.7万港元。 ...

其他方面，科网股涨跌不一，网易、小米、腾讯涨超1%，哔哩哔哩跌近5%；创新药概念延续涨势，先声药业涨超4%；黄金股活跃，珠峰黄金涨超2%。 跨境ETF方面，港股汽车ETF、中韩半导体ETF涨超3%，港股通汽车ETF涨超2%；港股科技ETF、恒生科技ETF、教育ETF、中概互联网ETF等涨超1%。 盘面上，新消费概念股普涨。其中，名创优品公布财报后，早盘涨超14%。财报显示，2025年上半年，公司实现营业收入93.93亿元，同比增长21.1%。其 中，第二季度营收为49.7亿元，同比增长23.1%。此外，布鲁可涨超2%，六福集团、新秀丽、巨星传奇等跟涨。 其他方面，新能源汽车板块表现强势。其中，小鹏汽车、蔚来涨超9%。昨晚，蔚来新车开启预售，受到市场关注。 每经记者｜曾子建 每经编辑｜肖芮冬 8月22日早盘，港股市场小幅高开。截至发稿时，恒生指数报25206点，上涨0.40%；恒生科技指数报5533点，上涨0.65%。 ...