名创优品第二季度营收49.7亿元人民币，预估48.4亿元人民币；第二季度调整后净利润6.915亿元人民 币。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

[Financial and Operational Overview](index=3&type=section&id=Financial%20and%20Operational%20Overview) [Quarterly Financial Highlights (For the Three Months Ended June 30, 2025)](index=3&type=section&id=Quarterly%20Financial%20Highlights) The company delivered strong performance in Q2 2025 (June quarter), with total revenue increasing by 23.1% to RMB 4.97 billion, exceeding the upper end of guidance. Gross margin slightly rose to 44.3%, and adjusted net profit grew by 10.6% year-over-year. Group-level same-store sales turned positive, indicating accelerating business growth Key Financial Metrics for the Quarter Ended June 30, 2025 | Metric | Q2 2025 (June Quarter) | YoY Change | | :--- | :--- | :--- | | Revenue (RMB billion) | 4.966 | +23.1% | | Gross Margin | 44.3% | +0.4 percentage points | | Operating Profit (RMB billion) | 0.836 | +11.3% | | Adjusted Operating Profit (RMB billion) | 0.852 | +8.5% | | Profit for the Period (RMB billion) | 0.490 | -17.2% | | Adjusted Net Profit (RMB billion) | 0.692 | +10.6% | | Adjusted EBITDA (RMB billion) | 1.150 | +14.7% | | Adjusted Diluted EPS per ADS (RMB) | 2.24 | +12.0% | - Group-level same-store sales growth turned positive this quarter, a significant improvement from the mid-single-digit decline in the previous quarter[8](index=8&type=chunk) - MINISO brand same-store sales growth was flat year-over-year, with low single-digit growth in the domestic market and low single-digit decline in overseas markets[8](index=8&type=chunk) - TOP TOY brand same-store sales growth improved to low single-digit growth[8](index=8&type=chunk) [Half-Year Financial Highlights (For the Six Months Ended June 30, 2025)](index=4&type=section&id=Half-Year%20Financial%20Highlights) In H1 2025, total revenue increased by 21.1% to RMB 9.39 billion, with gross margin rising to 44.3%. Despite slower operating profit growth, adjusted net profit still saw a slight increase, maintaining overall business expansion Key Financial Metrics for the Six Months Ended June 30, 2025 | Metric | H1 2025 | YoY Change | | :--- | :--- | :--- | | Revenue (RMB billion) | 9.393 | +21.1% | | Gross Profit (RMB billion) | 4.157 | +22.6% | | Gross Margin | 44.3% | +0.6 percentage points | | Operating Profit (RMB billion) | 1.546 | +3.4% | | Adjusted Net Profit (RMB billion) | 1.279 | +3.0% | | Adjusted Diluted EPS per ADS (RMB) | 4.12 | +4.0% | [Operating Highlights](index=5&type=section&id=Operating%20Highlights) As of June 30, 2025, the Group's global store count reached 7,905, with a net increase of 842 stores year-over-year, demonstrating strong expansion. Overseas markets were the primary driver for MINISO brand store growth, with 74.5% of new stores in the past 12 months located abroad, and TOP TOY also achieved significant store growth Store Count Changes (As of June 30, 2025) | Brand/Region | Total Stores | Net Increase YoY | | :--- | :--- | :--- | | **Group Total** | **7,905** | **842** | | **MINISO** | **7,612** | **744** | | - China Mainland | 4,305 | 190 | | - Overseas Markets | 3,307 | 554 | | **TOP TOY** | **293** | **98** | - As of June 30, 2025, the company's cash position (including cash, restricted cash, and time deposits) was **RMB 7.466 billion**[12](index=12&type=chunk) - In H1 2025, net cash generated from operating activities was **RMB 1.014 billion**, and free cash flow was **RMB 0.579 billion**[12](index=12&type=chunk) [Management Commentary](index=6&type=section&id=Management%20Commentary) [Remarks from Founder, Chairman & CEO, and CFO](index=6&type=section&id=CEO%20and%20CFO%20Remarks) Management expressed satisfaction with the quarter's results, highlighting the positive and accelerating trend in China mainland same-store sales, improved overseas markets, and optimism for H2 growth, while reaffirming commitment to shareholder value through dividends and buybacks, and emphasizing TOP TOY's strategic investment from Temasek - Mr. Guofu Ye, Founder, Chairman, and CEO, emphasized that MINISO China mainland same-store sales growth turned positive in the June quarter and is expected to achieve positive growth for the full year 2025, highlighting the company's strong execution and business model resilience[14](index=14&type=chunk) - Mr. Ye noted improved overseas business same-store sales, particularly in strategic markets like Europe and North America, with investments in direct-operated businesses expected to further unlock sales potential and optimize profit margins[14](index=14&type=chunk) - TOP TOY brand revenue grew by **87.0%** and completed a strategic financing round led by Temasek, with a post-investment valuation of approximately **HKD 10 billion**[14](index=14&type=chunk) - Mr. Jingjing Zhang, CFO, stated that revenue growth is expected to continue accelerating in H2 2025, with approximately **RMB 1.071 billion** returned to shareholders through share repurchases and dividends in H1 2025, representing **84%** of adjusted net profit[15](index=15&type=chunk)[16](index=16&type=chunk) [Recent Developments](index=7&type=section&id=Recent%20Developments) [Interim Dividend and TOP TOY Update](index=7&type=section&id=Interim%20Dividend%20and%20TOP%20TOY%20Update) The company announced an interim cash dividend for 2025, totaling approximately 50% of H1 adjusted net profit. Additionally, its trendy toy brand TOP TOY recently completed a strategic financing round led by Temasek, with a post-investment valuation of approximately HKD 10 billion, demonstrating strong market recognition of its business model and growth potential - The Board approved an interim cash dividend of **USD 0.2896 per ADS**, totaling approximately **USD 89.3 million** (approximately **RMB 0.640 billion**), representing **50%** of H1 2025 adjusted net profit[17](index=17&type=chunk) - TOP TOY completed a strategic financing round led by global investment company Temasek, with a post-transaction valuation of approximately **HKD 10 billion**[18](index=18&type=chunk) [Financial Results Analysis](index=7&type=section&id=Financial%20Results%20Analysis) [Quarterly Financial Results (For the Three Months Ended June 30, 2025)](index=7&type=section&id=Quarterly%20Financial%20Results) This quarter's revenue grew by 23.1%, primarily driven by strong growth in MINISO's overseas business (+28.6%) and TOP TOY business (+87.0%). Gross margin increased by 0.4 percentage points year-over-year to 44.3%. However, profit for the period decreased due to a significant 40.4% increase in selling and distribution expenses from strategic investments in overseas direct-operated stores, and losses from the investment in Yonghui Superstores Quarterly Revenue Breakdown | Brand/Region | Revenue (RMB billion) | YoY Growth | | :--- | :--- | :--- | | **MINISO Brand** | **4.563** | **+19.5%** | | - China Mainland | 2.621 | +13.6% | | - Overseas Markets | 1.942 | +28.6% | | **TOP TOY Brand** | **0.402** | **+87.0%** | | **Total** | **4.966** | **+23.1%** | - Gross margin increased year-over-year to **44.3%**, primarily benefiting from increased revenue contribution from overseas markets and higher gross margin for TOP TOY[22](index=22&type=chunk) - Selling and distribution expenses increased by **40.4%** year-over-year, mainly due to the company's investment in direct-operated stores to drive future growth, particularly in strategic overseas markets like the United States[22](index=22&type=chunk) - Profit for the period was **RMB 0.490 billion**, compared to RMB 0.591 billion in the prior year period. The decrease was primarily impacted by non-operating factors such as the share of loss from Yonghui and increased finance costs. Adjusted net profit increased by **10.6%** year-over-year to **RMB 0.692 billion**[26](index=26&type=chunk)[27](index=27&type=chunk) [Half-Year Financial Results (For the Six Months Ended June 30, 2025)](index=9&type=section&id=Half-Year%20Financial%20Results) H1 2025 total revenue grew robustly by 21.1%, with MINISO's overseas business (+29.4%) and TOP TOY (+73.0%) as key growth engines. Gross margin reached a historical high for the first half at 44.3%. Similar to the quarterly performance, investments in direct-operated stores led to a significant increase in selling expenses, while losses from the Yonghui investment and costs related to equity-linked securities impacted net profit Half-Year Revenue Breakdown | Brand/Region | Revenue (RMB billion) | YoY Growth | | :--- | :--- | :--- | | **MINISO Brand** | **8.649** | **+18.1%** | | - China Mainland | 5.115 | +11.4% | | - Overseas Markets | 3.534 | +29.4% | | **TOP TOY Brand** | **0.742** | **+73.0%** | | **Total** | **9.393** | **+21.1%** | - Gross margin reached **44.3%**, a historical high for the first half, increasing by **0.6 percentage points** year-over-year[33](index=33&type=chunk) - Profit for the period was **RMB 0.906 billion**, compared to RMB 1.177 billion in the prior year period. Adjusted net profit was **RMB 1.279 billion**, compared to RMB 1.242 billion in the prior year period[37](index=37&type=chunk) [Financial Statements and Reconciliations](index=16&type=section&id=Financial%20Statements%20and%20Reconciliations) [Unaudited Condensed Consolidated Financial Statements](index=16&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The report provides unaudited condensed consolidated statements of financial position and statements of profit or loss and other comprehensive income as of June 30, 2025. The statements of financial position show total assets significantly increased to RMB 26.65 billion due to items like the acquisition of Yonghui equity and derivative financial assets. The statements of profit or loss detail quarterly and half-year revenue, costs, expenses, and profit - As of June 30, 2025, the company's total assets were **RMB 26.65 billion**, a significant increase from RMB 18.12 billion at the end of 2024, primarily due to increases in non-current asset items such as 'interests in associates accounted for using the equity method' and 'derivative financial assets'[53](index=53&type=chunk) - Total liabilities increased from **RMB 7.76 billion** to **RMB 15.75 billion**, mainly due to new non-current loans and borrowings and derivative financial liabilities[55](index=55&type=chunk)[57](index=57&type=chunk) [Reconciliation of Non-IFRS Financial Measures](index=21&type=section&id=Reconciliation%20of%20Non-IFRS%20Financial%20Measures) This section provides a detailed reconciliation from profit for the period under IFRS to non-IFRS measures such as adjusted net profit and adjusted EBITDA. Key adjustments include excluding non-operating or non-cash items like share-based payment expenses, fair value changes of derivative instruments, and profit/loss and interest expenses related to specific investments (e.g., Yonghui) and financing activities, to better reflect core operating performance - Adjusted net profit primarily adds back equity-settled share-based payment expenses, fair value changes of derivative instruments, interest expenses related to equity-linked securities and loans for Yonghui equity acquisition, and share of loss from Yonghui[61](index=61&type=chunk) - Adjusted EBITDA further adds back depreciation and amortization, finance costs (excluding specific items), and income tax expense to adjusted net profit[63](index=63&type=chunk) [Supplemental Information](index=23&type=section&id=Supplemental%20Information) [Revenue and Store Count Details](index=23&type=section&id=Revenue%20and%20Store%20Count%20Details) This section provides detailed revenue breakdown by brand (MINISO, TOP TOY) and region (China Mainland, Overseas), along with MINISO brand store count details by city tier in China Mainland and by geographical region overseas, offering key data for in-depth analysis of the company's business structure and expansion strategy Quarterly and Half-Year Revenue Details (RMB thousand) | Brand/Region | Q2 2025 (RMB thousand) | YoY % | H1 2025 (RMB thousand) | YoY % | | :--- | :--- | :--- | :--- | :--- | | **MINISO Brand** | **4,563,226** | **19.5%** | **8,649,004** | **18.1%** | | - China Mainland | 2,621,212 | 13.6% | 5,114,987 | 11.4% | | - Overseas | 1,942,014 | 28.6% | 3,534,017 | 29.4% | | **TOP TOY Brand** | **402,208** | **87.0%** | **742,058** | **73.0%** | - As of June 30, 2025, among the **4,305** MINISO stores in China Mainland, third-tier and below cities had the highest number of stores, reaching **1,959**[69](index=69&type=chunk) - In overseas markets, Asia (excluding China) had the most MINISO stores with **1,695** locations; North America saw the fastest store growth, with a net increase of **160** stores year-over-year to **394**[71](index=71&type=chunk)

Core Insights - MINISO Group reported a revenue increase of 23.1% year over year to RMB4,966.1 million (US$693.2 million) for the June Quarter, exceeding previous guidance of 18%-21% [4][15] - The company achieved positive same-store sales growth (SSSG) after a previous contraction, with the MINISO brand's SSSG flat year over year and TOP TOY brand's SSSG growing at a low-single digit rate [4][11] - An interim dividend of US$0.2896 per ADS was announced, totaling approximately US$89.3 million (RMB639.5 million) [13] Financial Highlights for the June Quarter - Operating profit increased by 11.3% year over year to RMB836.2 million (US$116.7 million) [4][21] - Adjusted net profit rose by 10.6% year over year to RMB691.5 million (US$96.5 million), with an adjusted net margin of 13.9% [4][26] - Gross margin improved to 44.3%, up from 43.9% in the same period last year [4][18] Financial Highlights for the First Half of 2025 - Total revenue for the first half increased by 21.1% year over year to RMB9,393.1 million (US$1,311.2 million) [29] - Adjusted EBITDA grew by 11.2% year over year to RMB2,186.8 million (US$305.3 million), with an adjusted EBITDA margin of 23.3% [40] - Cash position as of June 30, 2025, was RMB7,466.1 million (US$1,042.2 million), compared to RMB6,698.1 million at the end of 2024 [42] Operational Highlights - The total number of stores increased to 7,905 as of June 30, 2025, representing a year-over-year increase of 842 stores [10] - The number of TOP TOY stores reached 293, marking a year-over-year increase of 98 stores [10] - 74.5% of new MINISO stores opened in the past year were located in overseas markets, indicating a strategic focus on global expansion [8] Recent Developments - TOP TOY brand revenue surged by 87.0% to RMB402.2 million (US$56.1 million) in the June Quarter, driven by strong performance in pop toy products [11][16] - The company is optimistic about future growth, particularly in overseas markets, following strategic investments in directly operated businesses [11][12]

消息面上，永辉超市（601933）发布2025年上半年业绩情况，今年上半年实现营业总收入299.48亿元， 同比下跌20.73%；净利润亏损2.41亿元，而上一年的净利润为2.75亿元，同比由盈转亏。针对今年上半 年收入下滑，永辉超市称，主要是因为其自去年下半年开启整体战略与经营的深度转型工作，关闭长期 经营亏损门店以及门店调改期歇业等因素所致。虽然调改门店收入较同期有大幅度增加，但无法弥补因 关店产生的收入下降。 值得注意的是，2024年9月，名创优品的子公司骏才国际以62.70亿元的价格收购永辉超市的29.4%股 份。据悉，名创优品拟于8月21日举行董事会会议批准中期业绩。野村表示，预计名创优品的二季度财 报将符合预期，当中，收入预计按年升19%至48亿元人民币；经营溢利料跌1%至7.44亿元人民币。 名创优品(09896)绩前跌超7%，截至发稿，跌4.75%，报38.94港元，成交额4.44亿港元。 ...

智通财经APP获悉，名创优品(09896)绩前跌超7%，截至发稿，跌4.75%，报38.94港元，成交额4.44亿港 元。 消息面上，永辉超市发布2025年上半年业绩情况，今年上半年实现营业总收入299.48亿元，同比下跌 20.73%；净利润亏损2.41亿元，而上一年的净利润为2.75亿元，同比由盈转亏。针对今年上半年收入下 滑，永辉超市称，主要是因为其自去年下半年开启整体战略与经营的深度转型工作，关闭长期经营亏损 门店以及门店调改期歇业等因素所致。虽然调改门店收入较同期有大幅度增加，但无法弥补因关店产生 的收入下降。 值得注意的是，2024年9月，名创优品的子公司骏才国际以62.70亿元的价格收购永辉超市的29.4%股 份。据悉，名创优品拟于8月21日举行董事会会议批准中期业绩。野村表示，预计名创优品的二季度财 报将符合预期，当中，收入预计按年升19%至48亿元人民币；经营溢利料跌1%至7.44亿元人民币。 ...

Group 1 - The core viewpoint of the article highlights the financial performance and market position of Miniso (MNSO), noting a stock price increase and upcoming earnings report [1] - As of August 20, Miniso's stock opened at $20.63 per share, with a market capitalization of $6.409 billion and a trading volume of $895,600 [1] - For the fiscal year ending March 31, 2025, Miniso reported total revenue of 4.427 billion RMB, reflecting a year-on-year growth of 18.89%, while net profit attributable to shareholders decreased by 28.52% to 416 million RMB [1] Group 2 - Miniso is a global retailer that offers a diverse range of creative home products, having successfully launched two brands, Miniso and TOP TOY, since its first store opened in China in 2013 [1] - According to a report by Frost & Sullivan, Miniso's product GMV through its store network reached approximately 18 billion RMB (2.8 billion USD) in 2021, making it the largest private label home goods retailer globally [1] - TOP TOY, a new brand launched in December 2020, is positioned as a pioneer in the trendy toy collection store concept [1]

【解剖大盘】 港股连续调整了多日，今天在A股的带动下终于出现反弹，收盘恒指涨0.17%。 美商务部周二正式宣布，将风力涡轮机等407类钢铁和铝衍生产品纳入关税清单。特朗普钢铝关税范围 陡然扩大，美国进口商措手不及。这很显然对美国经济形成反噬，美股又陷入被动，惯用的伎俩就是打 中国牌。据报道，美国财政部长贝森特当地时间19日在接受采访时称："我们与中方进行了非常良好的 对话，我预计在11月前我们会再次会面。我认为当前工作开展得很顺利。" 再看老铺黄金(06181)业绩也超预期，股东应占利润22.68亿元，同比增加285%。今年上半年，老铺黄金 在单个商场平均销售业绩4.59亿元，已领先国际奢侈品一线巨头。据弗若斯特沙利文调研数据，老铺黄 金消费者与路易威登、爱马仕、卡地亚、宝格丽等国际五大奢侈品牌的消费者平均重合率接近八成，这 意味着国际奢侈品牌消费者越来越多转向老铺黄金，而中国品牌也首次成为高端消费的主流力量。如果 能达到国际奢侈品牌的认知度，那么海外这块增量就会较大，只是品牌的建立还需要时间和底蕴，今天 涨近9%。另外蜜雪集团(02097)、名创优品(09896)均涨幅超4%。 昨日板块聚焦提到的果链类持续 ...

Core Viewpoint - The article highlights the rising commercial value and popularity of the youth idol group, Times Youth League, as they prepare for their concert series in Shanghai, showcasing their influence in the market through various brand endorsements [6][7]. Group 1: Concert and Popularity - Times Youth League will hold four concerts titled "Crowning Ceremony" in Shanghai from August 20 to 24, attracting significant interest with over 1.85 million people wanting to attend the August 21 show, surpassing 99% of similar events [6]. - The group's popularity has been consistently increasing since their formation in 2019, indicating a strong fanbase and market presence [6]. Group 2: Brand Endorsements - Times Youth League has secured multiple brand endorsements, including partnerships with several A-share listed companies such as Laiyifen (603777.SH), Xiangpiaopiao (603711.SH), and Luluguyuan, as well as Hong Kong-listed Li Ning (02331.HK) and dual-listed Miniso (NYSE:MNSO, 09896.HK) [6][7]. - In April 2023, they became the brand ambassadors for Luluguyuan, followed by becoming the spokesperson for Meco fruit tea in May, and previously for Laiyifen [6][7]. Group 3: Market Movements - Luluguyuan is currently preparing for a listing in Hong Kong, having submitted its application in April 2023, after a previous attempt to list on the A-share market in 2019 [7]. - Li Ning, which has been a market player since its Hong Kong listing in 2004, continues to leverage the group's popularity by appointing them as global ambassadors for its youth sports products [7].

Group 1 - The Times Youth Team, a popular idol group, is set to hold four concerts in Shanghai from August 20 to 24, attracting significant attention with over 1.85 million people interested in attending the concert on August 21, surpassing 99% of similar events [1] - The commercial value of the Times Youth Team has been increasing since its formation in 2019, with several brand endorsements in various sectors, including multiple A-share listed companies such as Laiyifen (603777.SH), Xiangpiaopiao (603711.SH), and Liuliumy Garden, as well as Hong Kong-listed companies like Li Ning (02331.HK) and dual-listed Miniso (NYSE:MNSO, 09896.HK) [1][2] - The Times Youth Team has recently become the brand ambassador for Li Ning's youth sports products and has also been announced as the global brand ambassador for Miniso, with a promotional theme that has gained significant traction on social media [2] Group 2 - Xiangpiaopiao became the first listed company in China's milk tea industry in November 2017, while Laiyifen was recognized as the "first stock of snacks on the main board" after its listing in October 2016 [2] - Liuliumy Garden is currently in the process of going public in Hong Kong, having submitted its listing application in April this year, after a previous attempt to list on the A-share market in June 2019 ended in withdrawal [2] - Miniso was first listed on NASDAQ in October 2020 and achieved a secondary listing in Hong Kong in July 2022, establishing a dual primary listing [2]

Core Viewpoint - MINISO is optimistic about the growth potential of the Chinese潮玩 (trendy toy) market, leading to increased investment in潮玩 and IP strategies [1][2] Group 1: MINISO LAND Expansion - MINISO LAND has opened its first store in Guangzhou, featuring 5,500 SKUs and over 100 IP products, with nearly 90% of products being IP-related [1] - The opening day sales at the Guangzhou MINISO LAND reached 450,000 yuan, while the Shanghai store achieved over 100 million yuan in sales within nine months [1] - Future MINISO LAND stores will be opened in the Greater Bay Area, with plans for more diverse retail formats [5] Group 2: IP Consumption Insights - The IP industry is correlated with national economic development, with China’s IP consumption penetration rate around 53%-56%, indicating significant growth potential compared to Japan and North America [2] - MINISO LAND stores have an average IP product ratio of 70%-75%, with the Guangzhou store potentially exceeding 80% [3] Group 3: IP Evaluation Mechanism - MINISO employs a "horse racing" mechanism to evaluate IP potential, utilizing both intuitive insights from experienced staff and data from social media and user discussions [4] - This approach is similar to other leading潮玩 companies, focusing on expanding their IP matrix and identifying successful IPs [4] Group 4: Competitive Landscape - The primary competitor in the潮玩 market is Pop Mart, which has recently surpassed a market capitalization of 420 billion HKD [6][7] - MINISO and Pop Mart have a competitive yet complementary relationship, with MINISO focusing on collaborations with large IPs while also developing its own IPs [7] - The潮玩 market is expected to remain diverse, with no single company dominating the space [7][8] Group 5: Market Position and Future Outlook - As of August 20, MINISO's stock price was 40.88 HKD per share, reflecting a 3.55% increase and a total market capitalization of 50.8 billion HKD [8] - The company aims to enhance its IP strategy and believes it will become a leading platform in the潮玩 ecosystem alongside Pop Mart [8]