机构：西部证券 研究员：于佳琦/吴岑 随着与永辉合作的供应链协同效应逐步释放，公司运营效率有望进一步提升。基于公司在渠道升级、IP 战略与全球化运营方面的成功执行，其增长质量与盈利能见度持续提升。我们预计公司2025~2027 年 EPS 为1.93/2.58/3.26 元，维持"买入"评级。 风险提示：行业竞争加剧；品牌及IP 孵化不及预期；门店扩张经营风险。 国内业务企稳回升。公司25H1 中国内地收入同比增长11.4%，其中第二季度同店销售额实现四个季度 以来首次正增长，显示运营优化与客流改善初见成效。公司战略重心已从数量扩张转向质量提升，通过 关闭低效小店、优化网络结构，截至25H1，门店总数达4,305 家，净增190 家。以MINISO LAND和旗 舰店为代表的大店业态，凭借沉浸式IP 场景与丰富SKU，显著提升客单价与坪效，成为增长与品牌升 级的核心动力。未来，国内市场将聚焦同店增长与大店拓展，计划净增100-150 家门店。 IP 战略已从引流工具升级为核心竞争壁垒。IP 产品通过情感价值有效提升品牌溢价与用户粘性，对公 司收入形成有力支撑。公司正从"IP 联名"向"自有IP 孵化"深化，首 ...

Group 1 - The core viewpoint of the article indicates that most new consumption concept stocks in the Hong Kong market experienced declines on October 2, with specific companies like Pop Mart (09992.HK) dropping over 4%, Miniso (09896.HK) down by 3%, and Hou Shang Ayi (02589.HK) falling nearly 1% [1] Group 2 - Pop Mart (09992.HK) saw a decline of more than 4% [1] - Miniso (09896.HK) experienced a decrease of 3% [1] - Hou Shang Ayi (02589.HK) fell nearly 1% [1]

Group 1 - The Hong Kong stock market saw a decline in new consumption concept stocks, with notable drops in companies such as Pop Mart, Miniso, and Gu Ming [1] - Pop Mart experienced a decline of 4.95%, with a latest price of 253.600 and a total market capitalization of 340.57 billion, while year-to-date growth stands at 185.71% [2] - Miniso's stock fell by 3.01%, with a latest price of 43.200 and a market cap of 52.777 billion, reflecting a year-to-date decline of 5.78% [2] Group 2 - Gu Ming's stock decreased by 2.15%, with a latest price of 21.820 and a market cap of 51.892 billion, showing a year-to-date increase of 119.52% [2] - Lao Pu Gold saw a drop of 1.62%, with a latest price of 700.500 and a market cap of 120.96 billion, while year-to-date growth is at 198.95% [2] - Bluco's stock fell by 1.65%, with a latest price of 89.200 and a market cap of 22.193 billion, reflecting a year-to-date increase of 47.80% [2]

Company Overview - Company has been actively enhancing operational efficiency in the U.S. market, with significant improvements in store efficiency observed [1] - The company aims to create a one-stop shopping experience for families in the U.S., covering a wide range of products including toys, beauty, food, home goods, and gifts [1] - The company possesses advantages in product quality and IP richness [1] Operational Strategy - The company is leveraging AI and data models to drive store management and resource allocation, improving site selection accuracy and single-store operational efficiency [1] - A strategy shift from scattered store openings to clustered openings in strategic areas is being implemented to enhance brand visibility and reduce costs [1] - The company is exploring various store formats in the U.S., planning to open higher-quality stores in Lifestyle Centers and Power Centers [1] Performance Metrics - According to the company's Q2 2025 earnings call, the new store efficiency in the U.S. market is projected to be 1.5 times that of existing stores, with a nearly 30% higher sales per square meter and improved rent-to-sales ratio [1] - The company anticipates a boost in overseas single-store profit margins during the fourth quarter, which is typically a peak season for overseas operations [2] Financial Forecast - The adjusted net profit forecast for 2025 and 2026 is set at 2.9 billion and 3.7 billion respectively, with current Hong Kong and U.S. stocks corresponding to a 17 times 2025 non-IFRS P/E ratio [2] - The company maintains a target price of 56.93 HKD and 29.38 USD for Hong Kong and U.S. stocks respectively, corresponding to a 22 times 2025 non-IFRS P/E, indicating a potential upside of 32% for both [2]

研究员：汤秀洁 事项： 公司发布2025 年中报：2025 年上半年公司实现收入93.9 亿元，同比+21.1%；归母净利润9.1 亿元，同 比-22.6%；经调整净利润12.8 亿元，同比+3.0%。 评论： 机构：华创证券 渠道组合变化带动毛利率提升，海外直营店扩张致利润率略下滑。25H1 公司毛利率44.3%，同比提升 0.6pp，主要系海外市场收入占比提升、产品组合转向盈利能力更高的产品、TOP TOY 的毛利率提升所 致。25H1 公司销售费用同比增长43.3%，主要原因是公司在美国等战略性海外市场对直营门店的投 入，带动净利率同比下滑5.5pp 至9.6%。 发力自有IP，开启潮玩新篇章。IP 战略是名创优品实现品牌升级、提升产品毛利的核心，公司目前正 从依赖外部授权IP 向"授权+自有"双轮驱动进行升级，构建更深的护城河。公司首批签约了9 位潮玩艺 术家，开启了名创优品潮玩板块新篇章。 投资建议：公司主业经营拐点显现，海外市场和TOP TOY 仍处于高增阶段，同时永辉超市对公司利润 的拖累预计将主要体现在2025 年，2026 年之后将逐步贡献正向业绩。考虑到同店略承压和永辉超市投 资收益影响， ...

名创优品(09896)公布，2025年9月30日合计注销约507.27万股已回购股份。 ...

智通财经APP讯，名创优品(09896)公布，2025年9月30日合计注销约507.27万股已回购股份。 ...

表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年9月30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 。 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) | 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 | | 已發行股份（不 ...

Core Viewpoint - TOP TOY International Group Limited, a subsidiary of Miniso, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to independently list its shares [1] Group 1: Business Overview - TOP TOY focuses on trendy toy retail, with a projected GMV of approximately 2.4 billion yuan in 2024, where self-developed products account for nearly 50% of revenue [1] - The company has established a comprehensive IP matrix with 17 proprietary IPs and 43 licensed IPs, collaborating with well-known brands like Sanrio and Disney to enhance product appeal [2][3] - Revenue from self-developed products has increased from below 40% in 2022 to around 50% in 2023, 2024, and the first half of 2025 [3] Group 2: Financial Performance - TOP TOY's revenue for the years 2022, 2023, 2024, and the first half of 2025 was 679 million yuan, 1.461 billion yuan, 1.909 billion yuan, and 1.36 billion yuan respectively, with corresponding net profits of -38 million yuan, 212 million yuan, 294 million yuan, and 180 million yuan [1] Group 3: Market Strategy and Expansion - The company operates through various sales channels, including its Tmall flagship store, other major e-commerce platforms, and physical retail locations, with a total of 293 stores as of June 30, 2025 [3] - The majority of TOP TOY's stores are franchise-operated, with 250 out of 293 being partner-operated [3] - The flagship store in Shanghai opened in March 2025, achieving sales of over 1 million yuan on its opening day and exceeding 7 million yuan in sales by August 2025 [3] Group 4: Future Plans and Funding - The net proceeds from the IPO will be used to diversify the IP matrix, enhance IP operational capabilities, deepen global omnichannel strategies, and strengthen supply chain and digital capabilities [4] - Miniso's investment in TOP TOY has led to a post-investment valuation of approximately 10 billion HKD [4]

在MINISO LAND西安原力场店，WAKUKU主题专区成为核心亮点，围绕WAKUKU系列打造专属打卡 墙、限定商品区与互动装置，吸引大量消费者前来打卡互动，展现出原创IP与场景融合所带来的情绪共 鸣与商业吸引力。 名创优品通过"顶级授权IP+独家自有IP"的双轮驱动，持续拓展其IP生态版图。名创优品不仅与迪士 尼、三丽鸥等国际IP巨头合作借势，更在全球挖掘孵化原创IP，以此构建了协同发展的IP矩阵，提升了 沉浸式消费体验。这一战略成效卓著，截至2025年9月，名创优品已在全国开设多家MINISO LAND， 其中位于上海南京东路的全球壹号店创下"9个月销售额破亿、单月1600万元"的业绩纪录，充分验证了 其IP商业模式的强大动能。 西安首店的开业，标志着名创优品"超级IP+超级门店+超级体验"创新模式的深化，随着高势能门店在全 国的持续布局，名创优品正通过打造MINISO LAND这样的"城市新地标"推动商业升级与潮流氛围的双 向赋能。 名创优品表示，未来，将坚定围绕"兴趣消费"战略轴心，以店态创新构筑品质商业新生态。 记者注意到，作为西安最具活力的年轻消费聚集区，原力场商业综合体以其高校密集、客群年轻化 ...