消息面上，名创优品发布2025年中期业绩，收入93.93亿元(人民币，下同)，同比增长21.1%；公司权益 股东应占利润9.06亿元，同比下降22.6%；每股普通股基本盈利0.74元。派发中期现金股息每股美国存 托股0.2896美元或每股普通股0.0724美元。单看第二季度，该公司实现营收49.7亿元，同比增长23.1%， 调整后净利润同比增长10.6%至6.9亿元，其中，TOP TOY营收激增87.0%，创下第二季度新纪录。集团 执行董事兼主席叶国富表示，6月季度名创优品中国内地同店销售增长转正，进入9月季度进一步加速。 公司预计名创优品内地今年全年的同店销售将会取得正增长。 名创优品(09896)高开逾10%，截至发稿，涨10.04%，报42.98港元，成交额2958.74万港元。 ...

中金发布研报称，因名创优品(09896)持续提升的经营表现，上调2025/26年经调整净利润预测8%/6%至 29/37亿元，当前港股对应15倍2025年non-IFRS P/E，美股对应16倍，维持跑赢行业评级，考虑行业估值 有所提升，上调港/美股目标价24%至52.45港元/27.07美元，对应20倍2025年non-IFRS P/E，分别有 34%/30%上行空间。管理层预计3Q25业绩有望保持加速增长势头，上修全年指引至收入同比增长约 25%，经调整经营利润36.5-38.5亿元。该行看好公司同店的持续好转。 中金主要观点如下： 2Q25业绩好于该行预期 公司2Q25收入同比增长23%至50亿元，经调整净利润同比增长11%至6.9亿元，业绩好于该行预期，主 要得益于国内业务超预期的收入增长。公司宣派中期股息0.0724美元/股，对应派息率约50%(经调整净 利润)。 名创国内同店高基数下同比转正，美国业务表现突出 2Q25名创优品国内收入同增14%至26亿元，其中线下收入同增12%至24亿元，同店在较高基数下同增低 单位数，实现同比转正，门店环比净增30家。线上收入同增31%至2.7亿元。海外收入同增 ...

隔夜美股三大指数小幅收跌，中概指数逆势上涨1.35%。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%。盘面上，大型科技股普遍上涨，其中，网易涨近2%，小米、腾讯涨超 1%，京东、快手飘红，阿里巴巴微幅下跌；隔夜美股新能源汽车股大涨，带动港股新能源车走高，其 中，小鹏汽车大涨超9%，蔚来汽车涨近6%，长城汽车涨超3%；半导体股、苹果概念股、新消费概念股 普遍上涨，其中，名创优品绩后大涨10%，舜宇光学、中芯国际涨超2%。另一方面，手游股走低，哔 哩哔哩绩后跌近5%，直播概念股、石油股、纸业股、家电股普跌。(格隆汇) ...

IP战略及大店模式成效继续显现 中金主要观点如下： 名创国内同店高基数下同比转正，美国业务表现突出 2Q25名创优品国内收入同增14%至26亿元，其中线下收入同增12%至24亿元，同店在较高基数下同增低 单位数，实现同比转正，门店环比净增30家。线上收入同增31%至2.7亿元。海外收入同增29%至19亿 元，贡献名创业务收入的43%，重点市场美国收入同增80%。总门店数季内增加94家，同店改善至同比 低单位数下滑，欧洲/北美市场同店实现中高单位数同比增长。TOPTOY业务收入同增87%至4.0亿元， 门店数量净增13家至293家，保持高速增长。 直营业务投入增加销售费用，经调整净利润恢复增长 2Q25毛利率同增0.3ppt至44%，主要受益于高毛利率的海外业务占比提升及TOPTOY毛利改善。销售费 用率同增2.9ppt，主要因公司投资直营门店，特别是美国等战略性海外市场，以追求长期增长。管理费 用率同降0.4ppt。其他收益0.8亿元(vs. 2Q24 0.3亿元)，由于发行股票挂钩证券及收购永辉借款产生利息 费用，及租赁负债利息开支增加，净财务费用季内增加至0.8亿元(2Q24财务净收入约0.1亿元)。期内 ...

| 股票名称 | 回购数 | 回购额 | 年累计回购数量(股) | 年累计回购数量/总 | | --- | --- | --- | --- | --- | | | | | | 股本 | | 腾讯控股(00700) | 92.80 万 | 5.51 亿 | 4119.50 万 | 0.448% | | 中国宏桥(01378) | 146.95 万 | 3516.03 万 | 5411.10 万 | 0.580% | | 创科实业(00669) | 25.00 万 | 2508.49 万 | 100.00 万 | 0.055% | | 恒生银行(00011) | 20.00 万 | 2249.35 万 | 300.00 万 | 0.159% | | 北森控股(09669) | 45.00 万 | 356.53 万 | 734.50 万 | 1.046% | | 元征科技(02488) | 17.40 万 | 196.76 万 | 236.45 万 | 1.464% | | 康宁医院(02120) | 12.09 万 | 127.75 万 | 46.31 万 | 0.640% | | 归创通桥-B(02190) | ...

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%；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%。 值得关注的是，名创优品在财报中披露，集团旗下潮玩品牌TOP TOY在2025年第二季度继续保持高速增长态势，营收达4亿元，同比大增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。 总收入增长主要受三方面因素驱动，一是中国内地的名创优品品牌所得收入增加11.4%，二是海外市场的名创优品品牌所得收入增加29.4%，三是 TOP TOY品牌所得收入增加73%。毛利率提高一是由于海外市场收入占比提升，二是由于产品组合转向盈利能力更高的产品，三是TOP TOY的毛 利率有所提升。 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 额已超过2024全年。 | | 截至6月30日止六個月 | | 同比 | | --- | --- | --- | --- | | | ...

Market Overview - The US stock market experienced slight declines, with the S&P 500 index falling by 0.4%, marking its fifth consecutive day of losses, while the Nasdaq also dropped by 0.34% for three days in a row [1] - Chinese concept stocks saw a majority increase, with the Nasdaq China Golden Dragon Index rising by 1.35%, led by significant gains in companies like Xpeng Motors and NIO [1] - European stock indices showed mixed results, with the UK FTSE 100 rising by 0.23% while the French CAC40 index fell by 0.44% [1] Commodity Market - International crude oil futures saw an increase, with WTI crude oil rising by 1.29% to $63.52 per barrel and Brent crude oil increasing by 1.24% to $67.67 per barrel [2] - COMEX gold futures decreased by 0.17% to $3382.9 per ounce, while COMEX silver futures rose by 0.81% to $38.08 per ounce [2] - NYMEX natural gas prices surged by 2.00% [2] Company News - Anthropic is in discussions to raise up to $10 billion in new funding, which would be one of the largest funding rounds for an AI startup to date, with strong investor demand leading to an increase from an initial target of $5 billion [11][12] - The funding round is expected to be led by Iconiq Capital, with participation from TPG Inc., Lightspeed Venture Partners, Spark Capital, and Menlo Ventures, along with discussions involving Qatar Investment Authority and Singapore's GIC [12]

Miniso Group Holding Limited (NYSE: MNSO ) recently reported Q4 earnings , which beat expectations as its overseas growth remains the highlight of operations. I wanted to go through the numbers and some comments onMSc in Finance. Long-term horizon investor mostly with 5-10 year horizon. I like to keep investing simple. I believe a portfolio should consist of a mix of growth, value, and dividend-paying stocks but usually end up looking for value more than anything. I also sell options from time to time.Analy ...

8月22日，名创优品(MNSO)盘中上涨4.99%，截至01:00，报21.88美元/股，成交8163.93万美元，总市值 67.97亿美元。 财务数据显示，截至2025年03月31日，名创优品收入总额44.27亿人民币，同比增长18.89%；归母净利 润4.16亿人民币，同比减少28.52%。 大事提醒： 8月21日，名创优品(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当 地时间，实际披露日期以公司公告为准）。 资料显示，名创优品集团控股有限公司是一家全球零售商,提供丰富多样的创意生活家居产品。自2013 年在中国开设第一家门店以来的九年时间里,公司已成功孵化了两个品牌,分别是名创优品和TOP TOY。 根据弗若斯特沙利文报告,于2021年,公司通过名创优品门店网络销售的产品GMV总计约人民币180亿元 (28亿美元),成为全球最大的自有品牌生活家居综合零售商。TOP TOY是公司在2020年12月推出的一个 新品牌,是提出潮流玩具集合店概念的品牌先驱。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - Miniso's Q2 2025 performance exceeded market expectations, driven by the closure of inefficient stores and the conversion of small stores to larger formats, resulting in positive same-store sales growth [1][2][5] Revenue Performance - Total revenue for Q2 2025 reached 4.97 billion yuan, a year-on-year increase of 23%, surpassing the company's previous guidance of 18%-21% [2][8] - Domestic revenue amounted to 2.84 billion yuan, growing by 13.6% year-on-year, while Top Toy achieved 400 million yuan in revenue, marking an impressive 87% increase [2][8] - Overseas revenue was 1.94 billion yuan, reflecting a year-on-year growth of 28.6%, although the growth rate showed a quarter-on-quarter decline [3][9] Store Expansion - After closing many low-efficiency stores in the first quarter, Miniso added 30 new stores in Q2, primarily in lower-tier markets [3][10] - The overseas segment saw a net addition of 94 stores, with a focus on increasing the proportion of direct-operated stores to 17.5% [3][10] Same-Store Sales - Domestic same-store sales turned positive, driven by the "large store + IP product upgrade" strategy, which significantly increased the average transaction value [3][11] - In overseas markets, same-store sales in key regions like the U.S. and Mexico began to show improvement from April onwards [4][11] Profitability Metrics - Gross margin slightly improved by 0.4 percentage points to 44.3%, attributed to a higher proportion of self-developed products and localized sourcing [4][11] - Sales expense ratio increased by 2.6 percentage points to 23.1%, but the growth rate showed a decline compared to the previous quarter [4][11] Financial Summary - Adjusted net profit for Q2 reached 690 million yuan, exceeding market expectations [4][11] - The company anticipates a compound annual growth rate (CAGR) of over 20% for overall revenue from 2025 to 2027, with a current implied PE ratio of around 17x for 2025 [7][8]