Core Viewpoint - The new consumption concept stocks in the Hong Kong market are experiencing a general rise, indicating positive market sentiment towards this sector [2] Group 1: Stock Performance - Pop Mart (09992.HK) increased by 7.82%, reaching HKD 220.6 [2] - Aosheng Holdings (02145.HK) rose by 4.55%, trading at HKD 88.45 [2] - Blucoco (00325.HK) saw a gain of 4.43%, priced at HKD 75.4 [2] - Miniso (09896.HK) climbed by 3.83%, with a share price of HKD 39.6 [2] - Mao Geping (01318.HK) increased by 3.25%, now at HKD 92.05 [2]

Core Viewpoint - Miniso Group reported a significant increase in revenue for Q3 2025, but net profit declined, raising concerns in the market about the sustainability of its growth strategy [3][4]. Group 1: Financial Performance - Total revenue for Q3 reached 5.8 billion yuan, a year-on-year increase of 28.2%, while net profit was 443 million yuan, down 32% from 648 million yuan in the same period last year [3][4]. - The revenue from the Miniso brand was 5.22 billion yuan, up 22.9%, with domestic sales increasing by 19.3% and international sales growing by 27.7% [3][4]. - Gross profit was 2.59 billion yuan, a 27.6% increase, with a gross margin of 44.7%, slightly down from 44.9% year-on-year [3][4]. Group 2: Cost Structure - Sales and distribution expenses rose to 1.43 billion yuan, a 43.5% increase, attributed to investments in direct stores, particularly in strategic overseas markets [4][5]. - Marketing and advertising expenses increased by 43.3%, while logistics costs rose by 23.3% [5]. Group 3: Global Expansion - As of September 30, 2025, Miniso had a total of 8,138 stores globally, an increase of 718 stores year-on-year, with 3,424 located overseas [6][7]. - The company aims to open 900 to 1,100 new stores annually as part of its five-year strategy, targeting a total of approximately 40,000 stores globally [6][7]. Group 4: Entry into the Toy Market - Miniso's TOP TOY brand generated 570 million yuan in revenue for Q3, marking a 111% increase, and has 307 stores globally as of September 30, 2025 [8][9]. - The global collectible toy market is projected to grow significantly, with a forecasted market size of 52 billion USD by 2025, indicating a potential growth avenue for Miniso [8][9]. Group 5: Competitive Landscape - The collectible toy market is competitive, with Miniso facing strong rivals like Pop Mart, necessitating a focus on IP development and brand differentiation to capture market share [9].

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Core Insights - The company reported a revenue of 5.8 billion yuan in Q3 2025, a year-on-year increase of 28.17%, exceeding the guidance of 25-28% [1] - The net profit attributable to shareholders was 440 million yuan, a decrease of 31% year-on-year, primarily due to investment losses from Yonghui Supermarket and increased equity incentive costs [1] - Adjusted net profit, excluding certain expenses, was 767 million yuan, reflecting an 11.75% year-on-year increase [1] Financial Performance - The overall same-store GMV showed low single-digit year-on-year growth [1] - The gross margin for Q3 2025 was 44.7%, down 0.2 percentage points year-on-year, while the adjusted net profit margin was 13.23%, a decrease of 1.94 percentage points [1] - The sales and management expense ratios were 24.67% and 5.93%, respectively, with increases of 2.63 and 0.71 percentage points year-on-year [2] Domestic and International Growth - Domestic MINISO revenue reached 2.909 billion yuan in Q3 2025, a year-on-year increase of 19.36%, with same-store GMV showing high single-digit growth [2] - The company maintained its strategy of opening larger and better stores, ending Q3 2025 with 4,407 domestic MINISO stores, a net increase of 105 stores [2] - Overseas revenue was 1.94 billion yuan, a year-on-year increase of 28.6%, with 117 new stores added, bringing the total to 3,424 [3] Future Outlook - The company expects Q4 2025 revenue growth to be in the range of 25-30% year-on-year, with same-store growth in China and the U.S. projected to be in the low double digits [3] - The adjusted operating profit margin is expected to show a similar decline as in Q3 [3] - The company is positioned as a leading trend retail brand with significant growth potential from overseas expansion and IP strategies [4]

名创优品(09896)发布公告，于2025年11月26日，该公司斥资199.84万港元回购5.26万股。 ...

格隆汇11月26日丨名创优品(09896.HK)公告，11月26日耗资200万港元回购5.26万股，每股回购价37.42- 38港元。 相关事件 名创优品(09896.HK)11月26日耗资200万港元回购5.26万股 名创优品(09896.HK)11月25日耗资24.59万美 元回购5.13万股 ...

智通财经APP讯，名创优品(09896)发布公告，于2025年11月26日，该公司斥资199.84万港元回购5.26万 股。 ...

表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年11月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | ...

上 市 公 司 商贸零售 2025 年 11 月 26 日 名创优品 (MNSO) ——各业态同店持续改善，创新店态加速全国布局 报告原因：有业绩公布需要点评 买入（维持） | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 13,839 | 16,994 | 21,330 | 24,804 | 28,448 | | 同比增长率（%） | 39.4 | 22.8 | 25.5 | 16.3 | 14.7 | | 非 IFRS 准则净利润（百万元） | 2,357 | 2,721 | 2,832 | 3,378 | 3,984 | | 同比增长率（%） | 109.7 | 15.4 | 4.1 | 19.3 | 17.9 | | 每股收益（元/股） | 7.54 | 8.73 | 9.08 | 10.84 | 12.78 | | 净资产收益率（%） | 27.7 | 27.8 | 23.3 | 20.7 | 18.6 | ...

智通财经APP讯，名创优品(09896)公布，2025年11月25日耗资约24.59万美元回购5.128万股股份。 （原标题：名创优品(09896)11月25日耗资约24.59万美元回购5.128万股） ...