未来将继续扩大高辨识的门店网络，提升自有品牌和自有IP 的销售贡献。 名创优品—中国内地市场有序恢复，海外市场延续扩张：1）名创优品中国内地市场上半年收入同比增 长11.4%至51.1 亿元，2 季度同比增速加速至13.6%。2 季度同店同比转正（1 季度：下降中个位数）， 主要由客单价拉动，高线城市恢复好于低线城市。管理层表示，3 季度同店延续了正增长趋势，全年同 店转正可期。门店方面，2 季度扭转了1 季度的关店趋势，净增加30 家（含7 家乐园店）至4,305 家。 2）海外市场上半年收入同比增长29.4% 至35.3 亿元，2 季度同比增长28.6%。2 季度同店改善至低单位 数降幅（欧洲/北美增高个位数，拉美等有所拖累）。2 季度门店净增94家至3,307 家，管理层维持全年 净增500 家海外门店的指引（其中美国80家），但基于更加谨慎的评估，下调了新增门店中的直营比例 （从40-45%下调至35%），我们认为这将有助于资本开支的节省。 Top Toy 延续高增长：Top Toy 上半年收入维持高增长，同比提升73.0%至7.4 亿元， 2 季度录得同比 87.0%的强劲增长（超过此前70-80% ...

Core Insights - TOP TOY, a潮玩 brand under Miniso, has recently secured investment from Temasek, achieving a post-investment valuation of approximately HKD 10 billion [3][4] - The investment reflects Temasek's confidence in the emotional value encapsulated in products targeting Generation Z, positioning TOP TOY as a key player in the Asian Z-generation consumer market [10][12] Company Overview - TOP TOY was launched in 2020, initially testing the "global潮玩集合平台" concept with a single store, and has since expanded to over 280 stores across more than 80 cities in China, with plans for international expansion [4][5] - The brand offers a wide range of products, including blind boxes, figurines, and collaborations with over 200 international IPs, appealing to consumers aged 10 to 40 [4][5] Investment Details - Temasek's investment is seen as a strategic move to capitalize on the growing潮玩 market, particularly in Southeast Asia, where the market is experiencing a compound annual growth rate of over 40% [11][12] - The investment is also viewed as a potential precursor to TOP TOY's separate IPO, with Miniso exploring the possibility of spinning off the潮玩 business to optimize shareholder value [6][7] Market Dynamics - The潮玩 industry is characterized by high emotional value, with products serving as "emotional factories" that transform abstract feelings into tangible assets [16][20] - The business model leverages psychological triggers and social media to drive impulse purchases, creating a cycle of consumption that resonates with younger consumers [17][18] Strategic Positioning - Temasek's investment aligns with its focus on long-term trends, particularly in the context of the Asian Z-generation cultural consumption, which is one of the fastest-growing segments [13][14] - The partnership is expected to enhance TOP TOY's operational efficiency and market reach, leveraging Temasek's resources and connections in Southeast Asia [12][14]

Group 1 - Miniso's American Depositary Shares (ADSs) surged over 20% following a strong quarterly earnings report that exceeded estimates on both revenue and net income [1][2] - In Q2, Miniso's revenue increased by 23% to nearly 4.97 billion yuan ($692 million), surpassing internal forecasts, driven by growth in same-store gross merchandise value across all operating segments [2][4] - Non-GAAP adjusted net income rose by almost 11% to nearly 692 million yuan ($96 million), translating to 2.24 yuan ($0.31) per ADS, outperforming analyst expectations [4] Group 2 - The CEO of Miniso highlighted the strength in the home market as a key growth driver, emphasizing the company's resilience in a competitive retail environment [5] - Miniso declared a bi-annual cash dividend of approximately $0.29 per ADS, yielding 2.2% based on the latest closing price [5]

本文源自：金融界 作者：行情君 大事提醒： 8月22日，名创优品获海通国际维持评级至增持，目标价上调至27.3美元。 资料显示，名创优品集团控股有限公司是一家全球零售商,提供丰富多样的创意生活家居产品。自2013 年在中国开设第一家门店以来的九年时间里,公司已成功孵化了两个品牌,分别是名创优品和TOP TOY。 根据弗若斯特沙利文报告,于2021年,公司通过名创优品门店网络销售的产品GMV总计约人民币180亿元 (28亿美元),成为全球最大的自有品牌生活家居综合零售商。TOP TOY是公司在2020年12月推出的一个 新品牌,是提出潮流玩具集合店概念的品牌先驱。 8月23日，名创优品(MNSO)盘中上涨20.16%，截至03:41，报26.64美元/股，成交1.52亿美元，总市值 82.76亿美元。 财务数据显示，截至2025年06月30日，名创优品收入总额93.93亿人民币，同比增长21.06%；归母净利 润9.06亿人民币，同比减少22.57%。 ...

周五，名创优品(MNSO.US)大涨逾12%，报24.91美元。财报显示，2025年上半年，名创优品实现收入 93.93亿元(人民币，下同)，同比增长21.1%；公司权益股东应占利润9.06亿元，同比下降22.6%；每股普 通股基本盈利0.74元。派发中期现金股息每股美国存托股0.2896美元或每股普通股0.0724美元。单看第 二季度，该公司实现营收49.7亿元，同比增长23.1%(超出管理层此前给出的18%-21%指导区间)，调整后 净利润同比增长10.6%至6.9亿元，其中，TOP TOY营收激增87.0%，创下新纪录。 名创优品执行董事兼主席叶国富表示，二季度名创优品中国内地同店销售增长转正，进入三季度进一步 加速。公司预计名创优品内地今年全年的同店销售将会取得正增长。 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 名创优品(9896.HK) 投资评级 上次评级 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com [Table_Title] 名创优品(9896.HK)：25Q2 业绩超预期，集 团同店回正 [Table_ReportDate] 2025 年 8 月 22 日 [Table_S 事件：公司发布 ummary] 25H1 业绩，实现收入 93.93 亿元，同增 21.1%，经调整经 营利润 15.87 亿元，同增 1.7%，经调整净利润 12.79 亿元，同增 3%，调整 后净利率 13.6%，同比-2.4pct。25Q2 公司实现收入 49.66 亿元，同增 23.1%， 超此前 18-21%的增幅指引，经调整经营利润 8.52 亿元，同增 8.5%，经调 整经营利润率 17.2%，均超公司指引；经调净利润 6.92 亿元，同增 10.6%， 经调整净利率 13.9%，同比-1.6pct。 点评： 2 ...

Core Viewpoint - Miniso (MNSO.US) experienced a significant increase of over 12%, closing at $24.91, following the release of its financial report for the first half of 2025, which showed a revenue growth of 21.1% year-on-year [1] Financial Performance - For the first half of 2025, Miniso achieved a revenue of 9.393 billion RMB, reflecting a year-on-year increase of 21.1% [1] - The company's profit attributable to equity shareholders was 906 million RMB, which represents a decline of 22.6% year-on-year [1] - Basic earnings per share for ordinary shares were reported at 0.74 RMB [1] Dividend Distribution - Miniso declared an interim cash dividend of $0.2896 per American Depositary Share or 0.0724 RMB per ordinary share [1] Quarterly Performance - In the second quarter, Miniso recorded a revenue of 4.97 billion RMB, marking a year-on-year growth of 23.1%, surpassing the management's previous guidance of 18%-21% [1] - Adjusted net profit for the second quarter increased by 10.6% year-on-year to 690 million RMB, with TOP TOY's revenue surging by 87.0%, setting a new record [1] Sales Growth Outlook - The Executive Director and Chairman of Miniso, Ye Guofu, indicated that same-store sales in mainland China turned positive in the second quarter and are expected to accelerate further into the third quarter [1] - The company anticipates positive same-store sales growth for the entire year in mainland China [1]

智通财经APP获悉，周五，热门中概股集体冲高，名创优品(MNSO.US)大涨12%，蔚来(NIO.US)涨逾 7%，金山云(KC.US)涨逾5%，拼多多(PDD.US)、阿里巴巴(BABA.US)涨逾3%，小鹏汽车(XPEV.US)涨 逾2%。 ...

8月22日，名创优品获海通国际维持评级至增持，目标价上调至27.3美元。 资料显示，名创优品集团控股有限公司是一家全球零售商,提供丰富多样的创意生活家居产品。自2013 年在中国开设第一家门店以来的九年时间里,公司已成功孵化了两个品牌,分别是名创优品和TOP TOY。 根据弗若斯特沙利文报告,于2021年,公司通过名创优品门店网络销售的产品GMV总计约人民币180亿元 (28亿美元),成为全球最大的自有品牌生活家居综合零售商。TOP TOY是公司在2020年12月推出的一个 新品牌,是提出潮流玩具集合店概念的品牌先驱。 8月22日，名创优品(MNSO)开盘上涨10.46%，截至21:30，报24.49美元/股，成交402.69万美元，总市值 76.08亿美元。 财务数据显示，截至2025年06月30日，名创优品收入总额93.93亿人民币，同比增长21.06%；归母净利 润9.06亿人民币，同比减少22.57%。 大事提醒： 本文源自：金融界 作者：行情君 ...

资料显示，名创优品集团控股有限公司是一家全球零售商,提供丰富多样的创意生活家居产品。自2013 年在中国开设第一家门店以来的九年时间里,公司已成功孵化了两个品牌,分别是名创优品和TOP TOY。 根据弗若斯特沙利文报告,于2021年,公司通过名创优品门店网络销售的产品GMV总计约人民币180亿元 (28亿美元),成为全球最大的自有品牌生活家居综合零售商。TOP TOY是公司在2020年12月推出的一个 新品牌,是提出潮流玩具集合店概念的品牌先驱。 本文源自：金融界 8月22日，名创优品(MNSO)开盘上涨9.88%，截至21:30，报24.36美元/股，成交417.41万美元，总市值 75.68亿美元。 财务数据显示，截至2025年06月30日，名创优品收入总额93.93亿人民币，同比增长21.06%；归母净利 润9.06亿人民币，同比减少22.57%。 大事提醒： 8月22日，名创优品获海通国际维持评级至增持，目标价上调至27.3美元。 作者：行情君 ...