Core Insights - Multiple companies, including Tencent Holdings and China Petroleum & Chemical Corporation, conducted share buybacks on December 5, 2025, with Tencent leading in both volume and monetary value [1][2] Company Summaries - **Tencent Holdings (00700)**: Repurchased 1.046 million shares for a total of 636 million, with a year-to-date total of 85.148 million shares, representing 0.927% of total share capital [2] - **China National Offshore Oil Corporation (01919)**: Bought back 3 million shares for 41.6745 million, with a cumulative total of 6.9543 million shares, accounting for 2.415% of total share capital [2] - **Kuaishou-W (01024)**: Acquired 438,000 shares for 29.9859 million, with a year-to-date total of 682,460 shares, representing 0.159% of total share capital [2] - **Fenbi (02469)**: Conducted a buyback of 6.657 million shares for 21.0954 million, with a cumulative total of 26.657 million shares, accounting for 1.193% of total share capital [2] - **Jinxin Fertility (01951)**: Repurchased 7.722 million shares for 19.7977 million, with a total of 7.722 million shares year-to-date, representing 0.280% of total share capital [2] - **Yum China (09987)**: Engaged in two buybacks, totaling 57,000 shares for 19.1905 million, with a cumulative total of 16.2024 million shares, accounting for 4.350% of total share capital [2] - **China Feihe (06186)**: Bought back 3 million shares for 12.3 million, with a cumulative total of 208 million shares, representing 2.295% of total share capital [2] - **Haier Smart Home (06690)**: Acquired 450,000 shares for 12.1991 million, with a total of 330,000 shares year-to-date, representing 0.116% of total share capital [2] - **Vitasoy International (00345)**: Repurchased 1.302 million shares for 8.6504 million, with a cumulative total of 1.928 million shares, accounting for 1.837% of total share capital [2] - **Coolpad Group (02369)**: Conducted a buyback of 4.144 million shares for 5.5725 million, with a total of 15.048 million shares year-to-date, representing 3.925% of total share capital [2]

业绩简述：25Q3实现营收57.97亿/+28.2%，国内营收+19.3%，国际业务+27.7%，Toptoy+111.5%。归母 净利润4.41亿/-31.4%，经调整净利润7.67亿/+11.7%，经调整EBITDA13.54亿/+18.8%。 国内及海外同店均延续改善趋势 ①收入略超预期，业绩符合预期其中：国内收入+19.3%vs预期中高双位数增长;国内计算单店+10%vs预 期高单位数增长。海外计算单店收入+7.9%，环比25Q2改善，与公司公告低个位数同店增长趋势一致。 ②25Q3净增233家(国内+102/海外+117/TopToy+14)，目前8,138家(国内4407/海外3424/TopToy307)。③国 内及海外开店均环比明显加速：此前公司战略聚焦开质量更好的大店，并兼顾门店数量和同店指标。本 季在同店指标有明显改善情况下，开店亦有明显加速，侧面反映目前门店的店型和品类调整取得效果。 国泰海通发布研报称，考虑名创优品(09896)海外直营店仍在投入阶段，下调公司2025-27年经调整归母 净利润至29.98/34.74/41.79(-0.24/-0.68/-0.01)亿元人民币。考虑公司 ...

Core Viewpoint - Cathay Securities has downgraded Miniso's adjusted net profit forecasts for 2025-2027 to RMB 2.998 billion, 3.474 billion, and 4.179 billion, reflecting a decrease of RMB 0.24 billion, 0.68 billion, and 0.01 billion respectively, due to ongoing investments in overseas direct stores [1] Group 1: Performance Overview - In Q3 2025, Miniso achieved revenue of RMB 5.797 billion, representing a year-on-year increase of 28.2%, with domestic revenue growing by 19.3% and international business by 27.7%, while TopToy saw a remarkable growth of 111.5% [2] - The net profit attributable to shareholders was RMB 441 million, down 31.4%, while adjusted net profit was RMB 767 million, up 11.7%, and adjusted EBITDA reached RMB 1.354 billion, an increase of 18.8% [2] Group 2: Store Performance and Expansion - Both domestic and international same-store sales continued to show improvement, with domestic revenue exceeding expectations at +19.3% compared to a forecast of high double-digit growth, and domestic same-store sales up by 10% against expectations of high single-digit growth [3] - In Q3 2025, the company added 233 new stores (102 domestic, 117 international, and 14 TopToy), bringing the total to 8,138 stores (4,407 domestic, 3,424 international, and 307 TopToy) [3] - The acceleration in store openings reflects the company's strategic focus on higher-quality large stores while balancing store count and same-store metrics, indicating positive adjustments in store types and categories [3] Group 3: Cost Structure and Strategic Initiatives - The gross margin for Q3 2025 was 44.7%, a decrease of 0.2 percentage points year-on-year but an increase of 0.4 percentage points quarter-on-quarter, with rising sales expense ratios primarily due to investments in overseas direct stores [4] - The sales expense ratio has shown a narrowing trend, indicating improved efficiency in the use of sales expenses, with Q1 showing a year-on-year increase of 4.8 percentage points, Q2 at 3.2 percentage points, and Q3 at 1.4 percentage points [4] - The acceleration in store openings amidst same-store improvements suggests that the company's adjustments in domestic stores are in a positive cycle, which is expected to significantly boost valuation [4]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The cross-border e-commerce sector remains robust, with a focus on leading brands and B2B companies actively implementing AI applications [3] - Online sales during Black Friday and Cyber Monday showed steady growth, with significant increases in consumer spending [8] - The performance of AI in e-commerce is notable, with a substantial rise in traffic driven by AI tools, indicating a shift in consumer behavior [8] Summary by Sections Cross-Border E-commerce B2B - B2B companies have a clear revenue logic through AI tools, with promising business developments ahead [3] - Recommended stocks include Xiaoguo City (600415), Focus Technology (002315) [3] Cross-Border E-commerce B2C - Recommended stocks include Anker Innovation (300866), Ugreen Technology (301606), Zhiou Technology (301376), Jihong Co., Ltd. (002803), and Huakai Yibai (300592) [3] Other Relevant Stocks - Other recommended stocks include Konnate Optical (02276), Miniso (09896), and Sumida (600710) [3] Market Trends - Black Friday and Cyber Monday online sales reached record highs, with online spending of $11.8 billion and $14.25 billion respectively, marking year-on-year growth of 9.1% and 7.1% [8] - The average online price of consumer goods in the U.S. increased by 8%, impacting actual sales performance [8] Future Outlook - In 2026, a decrease in tariff costs is expected to improve profit margins for some cross-border e-commerce companies [8] - The report outlines a timeline of tariff adjustments throughout 2025, indicating a complex landscape for cross-border trade [8]

智通财经APP讯，名创优品(09896)发布公告，于2025年12月5日，该公司斥资24.84万美元回购5.13万 股。 ...

格隆汇12月7日丨名创优品(09896.HK)公告，12月5日耗资24.8万美元回购5.1万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 第 2 頁 共 7 頁 v 1.3.0 FF305 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年12月7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 | | 佔有關事件前的 ...

名创优品(09896)公布，2025年12月5日耗资约197.17万港元回购5.26万股股份。 ...

Group 1 - The potential for national income doubling is expected to open a "golden decade" for new consumption development, with a theoretical target of nearly doubling per capita GDP by 2035, from $13,300 in 2024 to approximately $20,000 [16][17][33] - The growth of the middle-income group is crucial for driving consumption, with a target of over 800 million middle-income individuals in the next 15 years, which will significantly influence the scale and quality of domestic consumption [42][49] - The report emphasizes the importance of promoting common prosperity to activate domestic consumption potential, highlighting that increasing the income of low-income groups can effectively convert new income into consumption [20][23][49] Group 2 - The beauty and personal care sector is expected to see growth driven by new materials in the medical beauty segment, with companies like Lepu Medical focusing on innovative materials that fill market gaps [4][5][15] - The beauty industry is entering a low-growth phase, where brand group operations and market share enhancement will be critical for sustainable growth, with companies like Mao Ge Ping and Shangmei Holdings being highlighted for their potential [4][5][15] - The pet care market is experiencing both consumption upgrades and intensified competition, with a focus on high-end, health-oriented products [4][5][15] Group 3 - The service consumption sector, particularly tourism and sports, is expected to benefit from policy encouragement, with companies like Sanxia Tourism and Lansi Co. being recommended for investment [4][5][15] - The report notes that the tourism sector is poised for growth due to increased interest in flexible vacations and the aging population, which is expected to drive demand for river cruises [4][5][15] - The sports service sector is highlighted as a core growth area, with event-driven economic activities expected to boost related industries [4][5][15] Group 4 - The IP and trendy toy market is entering a new phase with a surge in supply, and companies like Pop Mart are expected to maintain their leading positions through effective IP management [4][5][15] - The report indicates that the emergence of new designers and retail platforms is likely to sustain high demand for IP products, with a focus on companies that can effectively monetize potential IP [4][5][15] Group 5 - The gold and jewelry sector is facing short-term demand pressure due to tax reforms and seasonal fluctuations, with a focus on brands that can maintain pricing power amid these changes [5][15]

智通财经APP讯，名创优品(09896)公布，2025年12月5日耗资约197.17万港元回购5.26万股股份。 ...