Core Viewpoint - MINISO reported a revenue of 9.393 billion RMB for the first half of 2025, marking a 21.1% increase year-on-year, with a notable growth in the second quarter of 23.1% [1] Financial Performance - The operating profit for the first half of 2025 was 1.546 billion RMB, reflecting a 3.4% year-on-year increase, while the net profit decreased by 23.1% to 906 million RMB [1] - TOP TOY, a brand under MINISO, achieved a revenue of 742 million RMB (approximately 104 million USD) in the first half of 2025, representing a 73% increase year-on-year, with second-quarter revenue reaching 400 million RMB (approximately 56.1 million USD), up 87% [3][4] Business Expansion - As of June 30, 2025, TOP TOY had a total of 293 stores, with 283 located in mainland China, and added 17 new stores in the first half of the year, resulting in a net increase of 98 stores compared to the same period last year [8] - The management anticipates a 50%-60% increase in the number of stores and a 70%-80% growth in performance for TOP TOY this year [8] Strategic Initiatives - MINISO is shifting its store strategy from relying on small stores to a diversified approach that includes MINISO LAND series, flagship stores, regular stores, and pop-up stores to cater to different commercial ecosystems [8] - The MINISO LAND store in Shanghai achieved over 100 million RMB in sales within nine months, showcasing a new paradigm in interest-based consumption [10] IP Development - The company aims to enhance its IP strategy by focusing on both international and proprietary IPs to drive sustainable growth [16] - MINISO has signed contracts with nine toy artists and has invested 5.1 million RMB to acquire a 51% stake in HiTOY, which has a diverse product line and annual sales exceeding 100 million RMB [18] Market Outlook - The performance of competitors like Pop Mart reinforces MINISO's confidence in the growth potential of the toy market in China, indicating a burgeoning consumer interest and market development [20]

同时，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，持续为股东带来丰厚回报。 格隆汇8月22日｜昨晚公布业绩的名创优品(9896.HK)今日大涨，盘中一度涨超20%，报47.16港元，股价 创今年1月以来新高；截至目前成交额放大至18.7亿港元。 公司公布财报显示，2025年二季度总营收达49.7亿元，同比增长23.1%；毛利率44.3%，较去年同期上升 40个基点；经调整净利润(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%，展现出强劲的业务韧性和稳健的盈利能力。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in the new consumption sector, with notable gains in stocks such as Miniso, XPeng Motors, and NIO, indicating a positive outlook for the market [1] Group 1: Stock Performance - Miniso's stock surged over 19%, reaching a high of 47.16 HKD, marking the highest price since January of this year [1] - Other stocks in the sector, including XPeng Motors and NIO, also saw significant increases of over 11% and 7% respectively [1] - The Hong Kong consumption ETF (513230), which includes leading companies like Miniso and Pop Mart, maintained a strong performance, rising nearly 1.5% during the trading session [1] Group 2: Market Outlook - According to招商策略, there is an optimistic outlook for the Hong Kong stock market, with mid-year earnings showing improvement and a record high in earnings forecast rates over the past three years [1] - The profitability of Hong Kong stocks, particularly those with a higher "new economy" component, is expected to improve ahead of A-shares [1] - The report suggests focusing on differentiated investment strategies compared to A-shares, recommending a sequential approach starting with innovative drugs, followed by the internet sector, and finally new consumption [1] Group 3: Investment Recommendations - Key investment vehicles highlighted include: - Core broad-based Hong Kong ETF: 恒生ETF (159920) [1] - AI and platform economy: 恒生科技指数ETF (513180) [1] - Core consumption assets in Hong Kong: 港股消费ETF (513230) [1] - Global pharmaceutical industry representation: 恒生医药ETF (159892) [1] - Chinese AI technology concept companies: 恒生互联网ETF (513330) [1]

Core Insights - Miniso reported a revenue of 9.393 billion RMB for the first half of 2025, representing a year-on-year growth of 21.1% [1] - Operating profit for the same period was 1.546 billion RMB, up 3.4% year-on-year, while net profit decreased to 905.99 million RMB, down 23.1% compared to the previous year [1][2] Financial Performance - For the second quarter of 2025, revenue reached 4.966 billion RMB, a 23.1% increase year-on-year, with operating profit at 836.16 million RMB, an 11.3% rise [2] - The net profit for the second quarter was 489.53 million RMB, down 17.3% from 591.43 million RMB in the same quarter last year [2] Profitability Analysis - The decline in net profit was attributed to a decrease in pre-tax profit, increased financial costs related to stock-linked securities, and losses from the acquisition of Yonghui Superstores [3] - Financial costs for the first half of 2025 amounted to 794 million RMB, significantly higher than the 90 million RMB in the same period last year, primarily due to interest expenses related to stock-linked securities and bank loans for the acquisition [4] Debt and Liabilities - Total liabilities doubled from 7.765 billion RMB at the end of 2024 to 15.749 billion RMB in the first half of 2025, with the debt-to-asset ratio increasing from 42.85% to 59.10% [5] Sales and Distribution Expenses - Sales and distribution expenses rose to 1.16 billion RMB, a 40.4% increase year-on-year, with a 42.8% increase when excluding share-based payment expenses [6] - The increase in expenses is attributed to investments in direct stores, particularly in strategic overseas markets like the United States [6] Market Expansion - The number of Miniso stores increased from 7,504 to 7,612, while TOPTOY stores grew from 276 to 293 as of June 30, 2025 [5] - Revenue from overseas markets increased by 29.4%, accounting for 40.9% of total brand revenue, up from 37.3% in the previous year [6]

人民财讯8月22日电，截至午间收盘，恒生指数涨0.32%，恒生科技指数涨1.61%。盘面上，半导体、硬 件设备等板块涨幅居前，华虹半导体涨超11%，中芯国际涨超6%。其他个股方面，中兴通讯、小鹏汽 车涨超10%，名创优品涨超18%。 转自：证券时报 ...

Group 1: Hong Kong Stocks Performance - Miniso (09896) surged over 20% after reporting a 10% year-on-year increase in adjusted net profit for Q2, with TOP TOY revenue skyrocketing by 87.0% [1] - Li Ning (02331) rose over 6% as it announced a 3.3% year-on-year increase in revenue and declared an interim dividend of HKD 0.3359 per share [1] - Innovent Biologics (02096) increased by over 6% following a 26% year-on-year growth in innovative drug revenue, expanding its commercialized innovative drug portfolio to ten products [1] - Tuhu-W (09690) gained over 10% after reporting a 14.6% year-on-year increase in adjusted net profit while continuing to optimize supply-side costs [1] - Kuaishou-W (01024) rose over 4% with impressive Q2 results and accelerated commercialization [1] - UBTECH (09880) increased over 3% as it led the establishment of two national technical standards for humanoid robots [1] - InnoCare Pharma (02577) saw a rise of over 5% after announcing a partnership with NVIDIA [1] Group 2: Other Notable Performances - China Communications Services (00552) fell over 2% despite a slight 0.18% year-on-year increase in net profit attributable to shareholders, with stable development among its three major clients [2] - Parkson Group (03368) surged nearly 25% after reporting a turnaround to profitability in the first half of the year and proposing an interim dividend of HKD 0.02 per share [2] - Esprit Holdings (00330) jumped over 37% after issuing a profit warning, expecting a net profit of approximately HKD 1 million for the six months ending June 30, 2025 [2] - XPeng Motors (09868) rose over 10% as CEO He Xiaopeng increased his stake by purchasing 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share [2] Group 3: US Market Highlights - Coty (COTY.US) plummeted 21.60% due to weak performance in the US market, retailer destocking, and consumers seeking value, impacting Q4 results [3] - NIO (NIO.US) increased by 9.27% ahead of the launch of its new ES8 product and the start of pre-sales [3] - Huazhu Group (HTHT.US) continued to rise by 2.19% with a 41.3% year-on-year increase in revenue and net profit, benefiting from management franchise and licensing business [3] - Boss Zhipin (BZ.US) rose 6.61% after reporting an over 85% year-on-year increase in net profit for the mid-year and extending its share buyback plan [3] - Youlan Group (YOUL.US) surged 17.13% after announcing plans to acquire four companies to expand its online recruitment and regional market share [3] - Hesai Technology (HSAI.US) increased by 11.00% amid market speculation about a potential IPO in Hong Kong to raise approximately USD 300 million [3] Group 4: Additional US Stock Movements - Miniso (MNSO.US) rose 6.38% after reporting a revenue of CNY 9.39 billion for the first half of the year, a year-on-year increase of 21.1%, with adjusted net profit of CNY 1.28 billion [4] - Walmart (WMT.US) fell 4.49% as Q2 adjusted earnings per share fell short of expectations due to increased insurance claims, legal fees, and restructuring costs [4] - Gilead Sciences (GILD.US) dropped 2.18% after CVS Health decided not to include Gilead's new HIV prevention drug Yeztugo in its business plans [4] - XPeng Motors (XPEV.US) rose 11.68% following the CEO's purchase of 3.1 million Class A ordinary shares [5] - Aegon (AEG.US) increased by 7.64% after reporting a turnaround to profitability in the first half of 2025, primarily driven by growth in its US business [5]

每经AI快讯，8月22日，港股名创优品盘中涨超20%，创今年1月以来新高。名创优品公布财务报告显 示，公司第二季度总营收达到了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%。 ...

Group 1 - The stock price of Miniso Group (09896) increased by 20.02% on August 22, reaching HKD 46.88 per share with a trading volume of HKD 1.364 billion [1] - Miniso Group is a leading global retailer in home and lifestyle products, operating under the brands Miniso and TOP TOY [1] - As of 2021, the total GMV of Miniso's store network was approximately RMB 18 billion (USD 2.8 billion), making it the largest private label home goods retailer globally [1] Group 2 - As of the mid-year report in 2025, Miniso Group reported total revenue of RMB 9.393 billion and a net profit of RMB 906 million [2] - On August 21, the company repurchased 16,000 shares at a price range of HKD 37.8-38 per share, totaling HKD 607,000 [3]

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].