香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 MINISO Group Holding Limited 名創優品集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：9896） 調整股票掛鈎證券及看漲期權價差行使價 茲提述名創優品集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）日 期為2025年1月7日有關發行股票掛鈎證券及訂立上限認股權證的公告（「該公告」） 及日期為2025年4月24日有關因派發截至2024年12月31日止財政年度末期股息而 調整股票掛鈎證券及看漲期權價差行使價的公告。本公告所用詞彙與該公告所界 定者具有相同涵義。 茲進一步提述本公司日期為2025年8月21日的公告，內容有關董事會批准就截至 2025年6月30日止六個月派發中期現金股息，金額為每股美國存託股0.2896美元 或每股0.0724美元（「2025年中期股息」）。 調整股票掛鈎證券行使價 根據股票掛鈎證券的條款及條件規定的調整條文，由於2025 ...

Group 1 - The core viewpoint of the news is the strategic partnership between MINISO and COSMAX, focusing on innovation and technology in the skincare sector through the establishment of a joint laboratory [1][5]. - The collaboration aims to address the increasingly refined consumer demands for skincare products, emphasizing safety, user experience, and skin compatibility [3]. - The joint laboratory will concentrate on research directions such as "moderate cleansing" and "skin-specific customization," leading to the development of the "MINISO Balance Cleansing Series" products, which have received positive consumer feedback [3][5]. Group 2 - COSMAX, founded in 1992 in South Korea, is recognized for its R&D capabilities and production technology, enhancing the quality and reputation of skincare products developed through this partnership [5]. - In 2022, MINISO collaborated with experts from Shanghai Jiao Tong University School of Medicine to research mechanisms related to sensitive skin and pigmentation, resulting in the launch of products like Vitamin B5 Soothing Cream and Whitening Essence [6]. - By early 2025, MINISO plans to launch the "High Mountain Source Centella Asiatica Special Care Series," developed in collaboration with Jinan University, targeting sensitive skin and post-aesthetic treatment care [8]. Group 3 - The partnership aims to create a robust "industry-academia-research" innovation mechanism, allowing for rapid market response and precise supply while maintaining quality standards [10]. - MINISO's founder emphasizes the importance of returning to the essence of retail, focusing on serving consumer desires for a better life, which is reflected in the company's commitment to developing high-quality skincare products [10].

本文来自微信公众号：投资人黄海 （ID：haivcconsumer），作者：投资人黄海，题图来自：视觉中国 中国的IP消费领域有两家头部公司，一家是泡泡玛特，另外一家是名创优品。 泡泡玛特大家都非常熟悉了。过去一段时间，泡泡玛特的核心IP不断出圈，Labubu更是成为了全民的爆 款。 至于名创优品，有些朋友可能觉得奇怪，这不是所谓"十元店"吗？专卖便宜货的，怎么成为IP消费的代 表呢？ 实际上，我在公众号里多次分析过，名创优品现在的定位已经摇身一变，从当年主营生活用品的杂货 店，完全变成了IP衍生品集合店。 杂货店自然是主打性价比，IP消费主打的却是情绪价值。情绪价值和性价比，是商业当中两个截然不同 的方向。 名创优品真的能够摇身一变，把自己的商业模式重新塑造一遍吗？这个问题，是这家公司最有趣的地 方。 当然，在IP消费这个大领域当中，名创优品还是个后来者，距离泡泡玛特的水平还是很遥远的。 从现在两家公司的市值就能看出来。本文写作之时，泡泡玛特的市值超过了4000亿港币，而名创优品大 约在600亿港币的水平。 也就是说，泡泡玛特的市值是名创优品的7～8倍。 泡泡玛特贵为IP消费的王者，第一的位置短期内不可动摇 ...

Core Insights - Recent financial reports from various companies indicate that overseas business has become a key driver of growth across multiple industries, with many firms experiencing significant revenue increases from international operations [2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20]. Group 1: Company Performance - Pop Mart reported its best-ever performance with revenue expected to exceed 30 billion RMB for the year, driven by a 204.4% increase in H1 revenue to 13.8763 billion RMB [2][13]. - Tencent's Q2 revenue grew by 15% to 184.5 billion RMB, with international game revenue increasing by 35% [3]. - JD's Q2 net revenue reached 356.7 billion RMB, a 22.4% year-on-year increase, although net profit decreased to 6.2 billion RMB [4]. - Kuaishou's Q2 revenue grew by 13.1% to 35 billion RMB, with overseas revenue increasing by 20.5% [9]. - Baidu's total revenue for Q2 was 32.7 billion RMB, with core revenue of 26.3 billion RMB, marking a 35% increase [10]. Group 2: International Expansion - JD Logistics expanded its overseas warehouse network, operating over 130 warehouses across 23 countries, enhancing its global supply chain capabilities [5]. - Luckin Coffee opened 2 new stores in New York as part of its international strategy, with total revenue for Q2 reaching 12.359 billion RMB, a 47.1% increase [11]. - Xiaomi's revenue for Q2 was 116 billion RMB, with 31.6% coming from international markets, primarily Europe and India [12]. - Miniso's overseas revenue grew by 29.4% to 3.534 billion RMB, with a total of 3,307 stores globally [14][15]. - Mx Ice City has established over 53,000 stores globally, with 4,733 located overseas, achieving a 39.3% revenue growth [16]. Group 3: Industry Trends - The trend of companies diversifying their revenue streams through international markets is evident, with many firms reporting double-digit growth in overseas sales [2][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20]. - The solar energy sector, despite facing challenges, has seen some leaders like CATL report a 34.22% increase in overseas revenue [17]. - The automotive industry, represented by Geely, reported a 27% increase in total revenue, with a focus on expanding its global market presence [19][20].

除助力企业发展之外，飞书还在合规层面为出海企业提供保障。自创立之初，飞书累计投入数十亿元开 展合规建设，致力于使合规建设满足全球各地数据隐私（如 GDPR、CCPA）与安全要求，确保数据驻 留、传输符合当地法规。 "中国企业正通过文化、渠道、产品三条路径，积极拓展全球市场。在巴黎，消费者会前往名创优品的 店铺购物；在埃塞俄比亚，民众广泛使用传音手机；在新加坡，人们爱喝霸王茶姬……这些在国内深受 中国消费者喜爱的产品和服务，也逐渐获得海外用户的认可。"8月27日在"2025飞书先进生产力峰 会"上，飞书首席商业官林婵提到，中国企业全球化正迎来新一轮浪潮。 林婵在演讲中展示了飞书产品在组织协作、跨国文化和AI运用上对企业的全方位支持。她提到，飞书 将尽全力助力企业扬起组织、文化和AI三张风帆，鼓满风力，同时为企业提供安全的运营航道和合规 保障。 现场多位嘉宾分享，他们不断应用飞书解决出海时在全球组织、创新技术（如AI）、跨国文化三个关 键维度发生的问题。 霸王茶姬首席技术官汤海涛在现场提到，为使全球员工能更好的理解东方传统文化和中国茶文化和霸王 茶姬的企业价值观，霸王茶姬在飞书上搭建了"茶茶圈"，汇聚了7万多名门 ...

文化街区焕彩，首店经济聚势。在广州北京路步行街，一座岭南骑楼建筑作为名创优品MINISO大店战 略的华南首秀焕发新生。 8月17日，名创优品MINISO华南首家MINISO LAND（城市乐园店）启幕，一座传统岭南建筑与超100 个全球IP交融，碰撞出奇妙火花，既保留了传统建筑的文化风貌，又注入了鲜活的潮流设计和IP元素， 成为广州新的兴趣消费地标，这不仅标志着名创优品MINISO"开好店、开大店"渠道战略的深化落地， 更以"文化活化+潮流设计"的创新模式，为广州建设国际消费中心城市注入全新动能。 盘活地区存量旧资源，打造华南IP消费新地标 北京路步行街作为广州千年商都的金名片，坐拥丰富的岭南文化遗产，但部分骑楼建筑因缺乏维护与业 态创新，亟待焕新。名创优品MINISO以华南首家MINISO LAND的入驻为契机，通过"修旧如新"的改 造理念，完整保留岭南骑楼三段式结构与文化内核，同时加入品牌标志性IP形象、动态LED屏幕等设计 语言，实现传统建筑与潮流消费场景的有机融合。 焕发老建筑新活力：在城市更新中实现文化共生 作为名创优品MINISO战略级店态，MINISO LAND华南首店不仅是首店经济的标杆案例， ...

Core Viewpoint - MINISO has officially entered the competitive market of trendy IP toys, joining the ranks of major players like Pop Mart, driven by the concept of "interest consumption" proposed by its founder Ye Guofu in 2020 [2][3][5] Financial Performance - MINISO's stock price surged over 30% following the release of its financial report, which showed a revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, and an adjusted net profit of 1.278 billion yuan, up 3% [9][10] - The second quarter revenue reached 4.97 billion yuan, a 23.1% increase, exceeding the previous guidance of 18%-21% [9][12] - The gross profit margin improved to 44.3%, up 0.4% year-on-year, attributed to a higher proportion of overseas revenue and optimized IP product structure [12][15] Strategic Initiatives - Ye Guofu announced the signing of nine artist IPs, indicating a dual-driven strategy focusing on both international and proprietary IPs [4][5] - The company aims to enhance its self-owned IP, which is seen as a critical strategy for future growth [5][15] - The TOPTOY brand has shown rapid growth, with second-quarter revenue increasing by 80% to 400 million yuan, and a recent strategic financing round led by Temasek valuing it at approximately 10 billion HKD [7][12] Market Positioning - MINISO's overseas revenue now accounts for 39% of total income, with significant growth in markets like the U.S. and Southeast Asia [9][10] - The company has established over 3,000 overseas stores, positioning itself to capitalize on the global trend of trendy toys [7][10] - The launch of MINISO SPACE in high-end commercial areas like Nanjing Deji Plaza aims to enhance brand visibility and consumer experience [20][22][24] Consumer Engagement - The MINISO SPACE concept integrates high-end commercial spaces with trendy IPs, creating an immersive shopping experience that appeals to younger consumers [24][26] - The store's design and layout focus on interactive and experiential retail, aiming to resonate with the target demographic [24][26]

来源：市值观察 短短几个交易日，股价飙升超30%，名创优品这份财报，炸响了整个市场。 不只是数字亮眼，更释放出一个强烈信号：名创优品，已正式杀入潮玩IP巨头阵营！ 曾经看似毫不相关的两家公司，名创优品和泡泡玛特，如今正会师于同一条黄金赛道：全球火爆的潮玩 IP市场。 而背后共同的驱动力，正是"兴趣消费"。这一由名创优品创始人叶国富于2020年提出的概念，精准预言 了年轻一代"为热爱买单"的消费新趋势。 如今，它已深刻重塑全球消费格局，扭转"中国品牌"的传统形象，并借名创优品与泡泡玛特潮玩双巨头 的崛起，推动一场从产品市场到资本市场的价值重估。 01 战略跃升： 从IP零售企业到IP运营平台 8月底，名创优品公布了2025年第二季度及半年度财务报告，业绩亮眼。其中，Q2营收同比增长23.1% 至49.7亿元，经调整净利润6.9亿元，同比增长10.6%。 消息一出，股价大涨，美股收盘大涨6.38%，港股更是飙升20.58%。 亮眼表现不禁让人联想到泡泡玛特，后者曾凭借IP爆发力，创下市值神话。如今，名创优品正以"全能 模式"快步跟上。 两者的表现，再次印证了潮玩市场的巨大潜力。 在很多人的印象中，名创优品只是一家 ...

Core Viewpoint - The article highlights the significant growth of Chinese toy companies in overseas markets, showcasing their successful expansion strategies and the increasing contribution of international revenue to their overall performance [1][3][4]. Group 1: Overseas Market Performance - In the first half of 2025, Pop Mart's overseas revenue reached 5.593 billion yuan, a year-on-year increase of 439.60%, accounting for 40.31% of total revenue [1] - Blok's overseas revenue surged to 11 million yuan, up 899% year-on-year, contributing 8.3% to total revenue, leading to a turnaround in overall performance [1] - Miniso's overseas business generated 3.534 billion yuan, reflecting a 29.4% increase year-on-year, making up 40.9% of its total revenue [1] Group 2: Strategic Expansion - Chinese toy companies have been expanding internationally for years, with Miniso starting its global strategy in 2015 and Pop Mart opening its first overseas store in 2020 [3][11] - The overseas market is no longer a vague concept for Pop Mart, which has segmented its operations into specific regions, achieving triple-digit growth across all areas [6][12] - Miniso has opened more stores overseas than domestically, with 3,307 overseas stores compared to 4,305 in China, indicating a strong international presence [6] Group 3: Pricing and Profitability - Chinese toy products are not following a low-price strategy abroad; for instance, Pop Mart's products in the U.S. are priced significantly higher than in China, with some items reaching 40 USD [7] - The gross profit margin for Pop Mart's overseas business is 64.9%, which is 3.6 percentage points higher than its domestic market, contributing to overall margin improvement [7] - Blok, while experiencing revenue growth, has seen a decline in gross margins due to increased marketing and personnel costs [8] Group 4: Market Entry Strategies - The common trend among leading toy companies is to first test the waters in Asia before expanding to Europe and North America, utilizing online channels for initial brand exposure [11] - Pop Mart has effectively integrated online and offline strategies, with significant revenue coming from both channels, achieving 5.593 billion yuan from overseas markets with a balanced contribution from online and offline sales [12] Group 5: Impact on Domestic Industry - The success of Chinese toy companies abroad is positively impacting the domestic supply chain, with a significant portion of production concentrated in the Pearl River Delta region [16] - The export of toys has become one of the fastest-growing categories, surpassing traditional sectors like electronics and furniture [16] - The overseas success is also driving domestic consumption, with foreign tourists increasingly visiting China for shopping [16][17]

年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营收占比升 至40.31%；受益于前一年低基数，布鲁可（00325.HK）上半年海外营收达到1.1亿元，相较去年同期增 长899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品（09896.HK）品牌海外业务收入 35.34亿元，同比增长29.4%，占名创优品品牌收入的40.9%。 要看到的是，中国潮玩企业已经在海外市场布局已久。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。泡泡玛特则 于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了整个中国潮玩行业的 强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的出海路。 海外市场全面开花 截至2025年6月30日，位于中国内地的名创优品门店数量为4305家，同比净新开190家门店；而位于海外 市场的名创优品门店数量截至2025年6月30日为3307家，同比净新开554家门店。其中， ...