Core Viewpoint - The article highlights the global trend of "shopping at MINISO," driven by celebrity endorsements and the brand's strategic shift from a mass market to a high-energy consumer base, indicating a significant cultural resonance and globalization of Chinese brands [3][4][18]. Financial Performance - In Q3, MINISO reported total revenue of 5.8 billion yuan, a year-on-year increase of 28%. The MINISO brand revenue reached 5.22 billion yuan, growing by 23%, while overseas market revenue was 2.31 billion yuan, also up by 28% [5][4]. - The overseas revenue accounted for 44.3% of the total brand revenue, with the U.S. market showing a remarkable growth of approximately 65% year-on-year [5][4]. Global Expansion - MINISO has entered 112 countries and regions, with over 8,000 stores globally, marking a new phase in its international development [5][7]. - As of September 30, 2025, MINISO had 3,424 stores in overseas markets, establishing a presence in major global landmarks [7]. Strategic Initiatives - The launch of MINISO LAND, an immersive IP park, has transformed retail spaces into trend destinations, achieving over 100 million yuan in sales within nine months at its flagship store in Shanghai [8][11]. - MINISO aims to create a multi-IP matrix and a diverse product range to meet both functional and emotional consumer needs [10][11]. IP Development - The company has established partnerships with over 150 well-known IPs and developed its own IPs, enhancing emotional connections with consumers [15][16]. - MINISO's strategy includes recruiting top IP design talents globally to strengthen its original IP incubation efforts [16][21]. Cultural Impact - The rise of MINISO reflects a broader trend of "interest consumption," which has become a global consensus, aligning with national policies to expand diverse consumer offerings [18][21]. - MINISO is positioned as a cultural ambassador for China, aiming to integrate Chinese brand innovation into global daily life and enhance cultural soft power [20][21].

最近，多位网友发帖吐槽在名创优品购买充电宝及换货的经历，有人还直呼"避雷名创优品"。 小红书一网友发帖吐槽，2025年6月，他在河南洛阳名创优品老十字街店购买了一款号称"一年质保、只换不修" 的充电宝。然而仅3个月后，该充电宝彻 底"罢工"，无法使用。该网友前往北京房山天街名创优品门店申请更换时，店员以 "非本店购买""无货源" 为由拒绝，要求返回原购门店处理。网友与门店 多轮协商并致电官方客服，终于得到 "跨门店可正常更换" 的明确回应。几经波折并出示电子小票等消费凭证后，该网友才完成换货。 但是仅过去一个半月后，该网友在评论区留言表示，新换的充电宝又坏了。 （网友发帖吐槽名创优品及评论区截图） 该帖子的评论区，不少围观网友也在附和表示在名创优品买到的充电宝质量不佳："我买的也这一款，不好用""我两周前也买的这个，今天充电就断断续续 的""质量非常差""两三个月就坏了"。 从各大平台的搜索结果来看，吐槽名创优品所售充电宝质量差的内容数见不鲜。在小红书搜索"名创优品充电宝避雷"，能检索到有效内容50多条；在黑猫投 诉 【下载黑猫投诉客户端】搜索"名创优品充电宝"，也有十余条消费者投诉，内容全部指向充电宝质量问 ...

呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | 本月底法定/註冊股本總額： USD 100,000 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致： ...

2025 年 12 月 02 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(港币) | 45 | 公司基本资讯 | 产业别 | | 商贸零售 | | --- | --- | --- | | H 股价(2025/12/01) | | 38.54 | | 恒生指数(2025/12/01) | | 26,033.3 | | 股价 12 个月高/低 | | 50.52/28.71 | | 总发行股数(百万) | | 1,237.56 | | H 股数(百万) | | 1,237.56 | | H 市值(亿元) | | 340.64 | | 主要股东 | | 杨云云(63.1%) | | 每股净值(元) | | 8.68 | | 股价/账面净值 | | 4.44 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 23.70 -19.57 | -6.59 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-08-22 | 39.06 | 买进 | | 2025-05-27 | 34.55 ...

新华社巴黎12月2日电 记者手记｜"创意+"加持 中国消费品牌加速在法国"破圈" 新华社记者崔可欣 午后，法国巴黎卢浮宫地下商场人潮涌动。位于入口通道一侧的国际潮玩品牌泡泡玛特门店里，消费者 正围在展示台前挑选手办盲盒。"这类产品创意十足，总能带来惊喜，在法国本土很难找到替代品。"28 岁法国女孩诺埃米拆开刚入手的盲盒，向记者兴奋展示。 诺埃米的直观感受折射出法国消费市场的一个新变化：一批以创意和品牌叙事为驱动力的中国消费品 牌，正凭借全球化审美和成熟的工业化设计能力，赢得法国年轻群体认同。 泡泡玛特是法国潮玩热度快速攀升的代表品牌之一。法国《回声报》援引法国IFOP市场调查公司研究 结果报道，在TikTok传播、盲盒经济兴起以及亚洲流行文化影响等因素推动下，法国潮玩市场规模持续 扩大。泡泡玛特热门IP"拉布布"迅速蹿红，已成为法国第三大受欢迎的潮玩产品。 潮玩之外，以"平价创意好物"著称的名创优品也在法国保持稳健发展势头。自2020年进入法国市场以 来，该品牌已开设20余家特许经营门店，其中约10家位于巴黎。去年6月，名创优品在巴黎香榭丽舍大 街开设旗舰店，并刷新其在中国大陆以外市场的单日销售纪录。 中国消 ...

Core Viewpoint - MINISO's revenue for the first half of 2025 reached 9.393 billion yuan, a year-on-year increase of 21.1%, but net profit attributable to shareholders fell by 22.6% to 906 million yuan, indicating challenges in profitability despite revenue growth [2] Financial Performance - In the first half of 2025, MINISO's revenue was 9.393 billion yuan, up 21.1% year-on-year, while net profit dropped to 906 million yuan, down 22.6% [2] - The average transaction value in domestic stores increased slightly from 37.6 yuan in 2023 to 38.1 yuan in 2024, indicating limited growth potential [7] - The company's operating profit declined by over 10% year-on-year in the first nine months of 2025, with net profit attributable to shareholders decreasing by 25.68% [9] Strategic Shift - CEO Ye Guofu plans to close and reopen 80% of MINISO's global stores to transform the company from a retail-focused entity to a cultural and creative company, emphasizing a dual strategy of IP and product categories [3][4] - The new store format MINISO LAND features a high proportion of IP products, accounting for 70% to 80% of offerings [4] Market Positioning - MINISO's traditional low-cost positioning as a "ten yuan store" is being challenged by competitors like Pinduoduo and 1688, which offer better pricing and convenience [7] - The company aims to increase product premium and average transaction value through IP-related products, which have a higher markup compared to regular items [8] Consumer Trends - The market for cultural and creative products in China is projected to grow from 755.12 billion yuan in 2020 to 999.82 billion yuan in 2024, with a year-on-year growth rate of 7.98% [9] - However, the shift from a low-cost retail model to an IP-driven model raises concerns about whether it can alleviate the company's revenue growth without profit [9] Challenges in IP Strategy - The reliance on external IPs has led to increased costs, with IP licensing fees reaching 104 million yuan in Q1 2025, a 39.6% increase, outpacing revenue growth [9] - The profitability of MINISO's TOP TOY brand is lower compared to competitors like Pop Mart due to a lack of original IPs [9] Consumer Demographics - MINISO's customer base is primarily located in lower-tier cities, with over 86% of its stores in third and fourth-tier cities [13] - The target demographic for IP products is concentrated in first and second-tier cities, which may not align with MINISO's current market focus [14] Retail Market Dynamics - The overall retail market is shifting, with offline retail beginning to surpass online retail, as evidenced by a 4.59% growth in offline retail in 2024 compared to a 0.67% growth in online retail [21] - Despite the growth in offline retail, many companies, including MINISO, are experiencing declining revenues and profits [21] Future Outlook - MINISO's future strategy involves balancing quality retail and interest-based retail, aiming to create a comprehensive retail ecosystem [22][23] - The acquisition of Yonghui Supermarket has negatively impacted MINISO's profitability, with significant losses reported in recent quarters [24][27]

Core Insights - MINISO is experiencing a global trend driven by celebrities and affluent families, marking a strategic shift from a mass market to a high-potential consumer base, focusing on "interest consumption" as a core value [1][2][8] - The brand's transformation reflects a successful globalization effort, establishing cultural resonance in the global consumer market [1][8] Brand Strategy - MINISO is breaking traditional consumer perceptions by positioning itself as a brand for "interest consumption," leveraging a differentiated strategy that balances IP products with a diverse range of categories [2][4] - The company has developed a "multi-IP matrix + multi-category quality products + immersive experience" ecosystem, collaborating with over 150 well-known IPs and creating proprietary IPs like Jifute Bear and DUN Chicken [4][9] Channel Development - MINISO has expanded its global footprint, operating in 112 countries with over 8,000 stores, including flagship locations in high-profile areas like Times Square in New York and Champs-Élysées in Paris [5][7] - The introduction of MINISO LAND stores, which provide an immersive IP experience, has shown strong commercial performance, with the Shanghai store achieving over 100 million in sales within nine months [7] Cultural Impact - The rise of MINISO's popularity globally signifies a shift towards "interest consumption," reflecting a broader trend where consumer behavior is moving from functional satisfaction to emotional experiences [8][9] - The company's CEO, Ye Guofu, emphasizes that the goal of consumption is happiness, aligning with national policies promoting diverse interest consumption [9]

"排队队伍绕中庭三圈""排队长达两公里""安徽食客坐高铁来打卡"，这一被网友戏称为"现象级排队"的 景象，发生在11月15日，位于江宁景枫中心的费大厨辣椒炒肉南京首店开业当天。 "首店"开门，客流涌入。 争抢"首店"成为各大城市比拼商业的新焦点。加速建设国际消费中心城市的南京，是全国较早推动首店 经济的城市。2022年南京便出台政策促进首店经济发展，在持续落实该政策的基础上，今年5月，南京 出台《关于促进首发经济发展的若干措施》。发布政策后至今，南京共引进首店276家，月均引入首店 数量增速超50%。按此计算，这7个月来，每月平均约有40家"首店"进入南京。 近日，财政部、商务部发布公示，南京凭借深厚消费底蕴与创新发展势能，入选"消费新业态新模式新 场景试点城市"，将获得中央财政给予的资金补助。《2025首发经济洞察报告》显示，南京以"政策精准 度、文化融合力、产业创新性"等跻身"中国首发经济引力城市"TOP4，仅次于上海、北京、成都。 记者走进南京各商圈、街区，观察一家家人气爆棚的首店，洞察他们究竟为城市消费带来怎样的改变。 首店真"香"，排队以小时计 首店的魅力，隔壁的商家感受最深。 周一中午12点，工作 ...

Core Insights - The company reported Q3 revenue of 5.797 billion, exceeding the previous guidance limit of 28%, with a year-on-year growth of 28.2% [1] - Adjusted net profit for Q3 was 767 million, reflecting an 11.7% increase, but net profit margin decreased by 2.0 percentage points to 13.2% [1] - The acquisition of Yonghui Supermarket has impacted short-term profits, leading to financial expenses of 105 million and investment losses of 145 million in Q3 [1] Revenue and Profitability - For the first three quarters of 2025, total revenue reached 15.190 billion, marking a 23.7% increase, with a gross margin of 44.4% [1] - Adjusted net profit for the same period was 2.046 billion, up 6.1%, but the adjusted net profit margin decreased by 2.2 percentage points to 13.5% [1] Store Expansion - The company achieved a milestone of 8,000 stores, with a total of 8,138 stores as of Q3 2025, a net increase of 718 stores year-on-year [1] - By brand, MINISO generated Q3 revenue of 5.222 billion, a 22.9% increase, with 7,831 stores, including 4,407 in mainland China and 3,424 overseas [1] - TOPTOY reported Q3 revenue of 575 million, reflecting a significant growth of 111.4%, with 307 stores [1] Same-Store Sales Improvement - MINISO's same-store sales in mainland China showed high single-digit growth in Q3, with estimates indicating low double-digit growth in October [2] - Overseas same-store sales experienced mid-single-digit growth, influenced by geopolitical factors in regions like Latin America, but long-term prospects remain positive [2] - TOPTOY also reported same-store sales growth in the low single digits, driven by the company's IP strategy and large store contributions [2] Strategic Initiatives - The company is focusing on an IP-driven strategy, having signed contracts with 16 artist IPs, and is utilizing a "small batch trial sales + data iteration" model for promotion [2] - The introduction of large store formats, such as MINISOLAND and MINISO FRIENDS, is expected to enhance store performance and contribute to revenue growth [2] - A significant transformation is planned, with 80% of stores expected to undergo changes by 2026, shifting from retail to cultural and creative offerings [2] Financial Outlook - The company anticipates revenue adjustments for 2025-2027 to 21.203 billion, 25.800 billion, and 29.992 billion, respectively, considering the impact of the Yonghui acquisition [3] - Projected net profits for the same period are 1.989 billion, 3.155 billion, and 4.020 billion, with corresponding PE ratios of 22.19, 13.99, and 10.98 [3] - The investment recommendation remains "buy" based on same-store recovery and rapid overseas expansion, despite the financial burdens from the Yonghui acquisition [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6]. Core Insights - The company demonstrated a significant acceleration in revenue growth in Q3, achieving a revenue of 5.797 billion, a year-on-year increase of 28.2%, surpassing previous guidance [2]. - The adjusted operating profit for Q3 was 1.022 billion, up 14.8% year-on-year, while the adjusted net profit reached 767 million, reflecting an 11.7% increase [2]. - The company expects Q4 revenue growth to be between 25% and 30%, with double-digit same-store sales growth anticipated in both China and the U.S. [2]. - The domestic business is benefiting from a large store strategy and refined operations, with same-store sales showing a positive trend [4]. - The overseas business is expanding rapidly, with a net addition of 117 stores in Q3, bringing the total overseas store count to 3,424 [2]. Financial Performance Summary - Q3 revenue for the brand was 5.222 billion, a year-on-year increase of 22.9%, with domestic revenue at 2.909 billion, up 19.3% [2]. - The company forecasts a full-year revenue growth of 25%, with adjusted operating profit expected to be between 3.65 billion and 3.85 billion [4]. - The financial projections for 2023 to 2027 indicate a steady increase in revenue and net profit, with 2023 revenue projected at 13.839 billion, growing to 28.578 billion by 2027 [5]. - The adjusted net profit for 2023 is estimated at 2.253 billion, with a projected increase to 3.257 billion by 2027 [5].