11月21日，名创优品（MNSO，股价19.57美元，市值60.55亿美元）发布2025年第三季度财报，该季度 名创优品集团总营收达58亿元，同比增长28%；经调整净利润（Non-IFRS）7.7亿元，同比增长12%。 《每日经济新闻》记者注意到，在11月21日晚间举行的业绩电话会上，名创优品创始人、董事会主席兼 首席执行官叶国富表示，第三季度收入增长更多来自于同店销售的拉动，这意味着增长质量更高、可持 续性更强，而且经营风险更低，也反映了公司核心运营能力的不断提升。 近几年，名创优品一边抓出海，一边抓IP战略。对于出海，叶国富称计划将中美等市场已验证过的经验 推广至更多国家和地区。而对于IP战略，业内关心其对外部IP和IP品类的依赖，叶国富表示已布局多项 自有IP，目标是形成刚需品类保流量、IP品类提利润的健康生长结构。 谈出海：把中美市场经验优先推广到东南亚 名创优品今年的三季报，在营收利润双增之外，同店销售的增长尤其值得关注。 在名创优品财报的口径中，同店销售指在比较期开始前已开业、截至比较期结束仍在营业、且于比较期 内闭店均不超过30日的门店GMV（成交总额）。它撇除了新开店带来的影响，反映的是成熟门 ...

Core Viewpoint - Miniso reported a total revenue of 5.8 billion yuan for Q3 2025, marking a 28% year-on-year increase, with significant growth in both its main brand and TOP TOY segment [1] Revenue Performance - Total revenue for Miniso Group reached 5.8 billion yuan, up 28% year-on-year [1] - Revenue from the Miniso brand was 5.22 billion yuan, reflecting a 23% year-on-year growth [1] - TOP TOY brand revenue was 570 million yuan, showing a remarkable 111% year-on-year increase [1] Strategic Developments - Miniso is advancing the plan for a separate listing of TOP TOY on the Hong Kong Stock Exchange [1] - TOP TOY is currently positioned as a trendy toy collection store, primarily focusing on external IP retail, with a relatively small proportion of self-owned IP [1] Operational Insights - During the earnings call, the CEO highlighted that TOP TOY achieved single-digit same-store sales growth in Q3, with a significant improvement in gross margin [1] - The rapid expansion of the self-owned IP 'Nommi' contributed to the performance, and TOP TOY is enhancing store image to create more immersive experience scenarios [1] - The company aims to increase the sales contribution from its self-owned brands and IP [1]

Group 1 - Xiaomi Group has made personnel adjustments in its public relations department, with Xu Jieyun taking over as the new head while Wang Hua is reassigned to the Wuhan regional headquarters [4] - Miniso has launched the "IP Genius Youth Plan," offering annual salaries between 1 million to 10 million to attract top IP creators globally, aiming to enhance its original IP incubation [5] - Geely is integrating its intelligent driving teams, with the Zeekr team transitioning to a newly established joint venture focused on intelligent driving solutions [8] Group 2 - Xiaomi's intelligent driving team has grown to over 1,800 members, with significant investment in AI research, exceeding 7 billion in 2025 [8][9] - NIO's CEO Li Bin commented on the competitive landscape of the automotive industry, stating that the competition in smart electric vehicles is entering a critical phase [15] - Genspark has completed a $275 million Series B funding round, achieving a post-money valuation of $1.25 billion [21] Group 3 - The global market for OLED tablet panels is expected to grow by 39% year-on-year by 2026, reaching 15 million units, driven by strong demand [33] - The China Passenger Car Association forecasts that retail sales of narrow passenger vehicles in November will be around 2.25 million units, with new energy vehicles expected to reach 1.35 million units [33]

Core Insights - The company reported a significant revenue growth of 28.2% year-on-year in Q3 2025, reaching 5.797 billion yuan, exceeding the previous guidance of 25% to 28% [2] - Despite the revenue increase, the net profit attributable to the parent company fell by over 30% to 441 million yuan compared to 642 million yuan in the same period last year [2][4] - The decline in net profit is attributed to increased costs associated with global expansion, particularly in sales and distribution expenses, which rose by 43.5% to 1.43 billion yuan [2][4] Store Expansion - As of September 30, 2025, the total number of stores reached 8,138, marking a milestone of over 8,000 stores, with a net increase of 718 stores year-on-year [3] - The number of MINISO stores specifically reached 7,831, with a net increase of 645 stores, including 4,407 in mainland China and 3,424 in overseas markets [3] - Overseas revenue for MINISO increased by 22.9% to 5.222 billion yuan, with overseas sales accounting for 44.3% of total brand revenue [3] Cost Structure and Profitability - The increase in sales and distribution expenses is linked to investments in direct stores, especially in strategic overseas markets [2][4] - Direct store revenue grew by 69.9%, while related expenses increased by 40.7%, indicating a significant rise in operational costs [4] - General and administrative expenses rose by 45.6% to 344 million yuan, primarily due to increased personnel costs related to business growth [4] TOP TOY Brand Performance - The TOP TOY brand saw a remarkable revenue increase of 111.4% in Q3 2025, reaching 575 million yuan, with a total revenue of 1.317 billion yuan for the first three quarters [5] - TOP TOY has submitted a prospectus to the Hong Kong Stock Exchange, aiming to raise approximately 300 million USD, while remaining a subsidiary of the parent company [5] - The brand focuses on collectible toys and has rapidly expanded since its establishment in 2020, with 307 stores as of September 30, 2025 [5]

Core Viewpoint - The founder and CEO of Miniso Group, Ye Guofu, emphasized the importance of corporate culture as the foundation for global branding, stating that Chinese brands must take on the responsibility of cultural expression in the new era [1] Group 1: Corporate Vision and Mission - Miniso aims to become a global leading IP operation platform, with a mission centered around "being born for happiness" and telling Chinese stories through IP to reach the world stage [1] - The company believes that cultural expansion is not just a strategic move but a responsibility for this generation of Chinese brands [1] Group 2: Event Highlights - The first MINI TALK value story sharing conference attracted nearly 100 Miniso employees from global markets, with 14 employees advancing to the finals [1] - The event featured a unique format combining "value speeches and stand-up comedy," showcasing the company's commitment to innovative cultural activities [1] Group 3: Cultural Initiatives - Miniso released its first collection of outstanding personal stories titled "Miniso People," documenting how 10 exemplary employees translate values into visible actions across various scenarios such as product development and overseas operations [1]

Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on strong performance metrics and growth potential. Core Insights - Miniso reported a revenue of 15.19 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 23.7%. The adjusted net profit for the same period was 2.046 billion yuan, with an adjusted net profit margin of 13.5% [1][2] - The company's same-store sales growth in China reached low double-digit levels in October 2025, indicating a strong recovery and growth trajectory [2] - The TOP TOY segment showed exceptional performance with a revenue increase of 87.9% year-over-year, contributing significantly to overall growth [1][2] Summary by Sections Financial Performance - For Q3 2025, Miniso achieved a revenue of 5.797 billion yuan, a year-over-year increase of 28.2%. Domestic revenue was 2.909 billion yuan (yoy +19.3%), while overseas revenue was 2.312 billion yuan (yoy +27.7%). TOP TOY's Q3 revenue was 575 million yuan (yoy +111.4%) [2] - The adjusted operating profit margin for Q3 was 17.6%, showing a narrowing decline of 2.1 percentage points, indicating improved profitability [3] Store Expansion - As of the end of Q3 2025, Miniso had a total of 8,138 stores globally, with 4,407 in China and 3,424 overseas. The company opened 718 new stores year-over-year, with 75.7% of new openings in overseas markets [3] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 2.703 billion yuan, 3.438 billion yuan, and 4.232 billion yuan, respectively, with corresponding P/E ratios of 16.4X, 12.9X, and 10.5X [4][6]

Core Insights - Miniso has launched the "IP Genius Youth Program," offering annual salaries ranging from 1 million to 10 million yuan to attract top IP creation talents globally, aiming to enhance original IP incubation and build its own IP matrix [1] - The initiative is intended to draw young talents for original IP development [1] - Miniso reported its Q3 2025 financial results, revealing that its toy brand TOP TOY achieved revenue of 570 million yuan, marking a 111% year-on-year growth [1] Group 1 - The "IP Genius Youth Program" aims to strengthen Miniso's original IP capabilities [1] - The salary range for the program is set between 1 million and 10 million yuan [1] - TOP TOY's revenue growth indicates a successful expansion in the toy market [1]

Core Insights - MINISO has launched the "IP Genius Plan" to recruit top IP creators globally with annual salaries ranging from millions to tens of millions, aiming to enhance original IP incubation and build its own IP matrix [1] Group 1: Recruitment Strategy - The "IP Genius Plan" will be open for recruitment year-round, with no restrictions on nationality, educational background, or major [1] - The focus is on creativity, aesthetic ability, and artistic influence, targeting creators who have made a mark in their professional fields [1] Group 2: Creator Qualifications - Applicants must have notable achievements, such as winning professional awards or having their works exhibited or collected by professional institutions [1] - Candidates should also possess keen perception and a strong desire for expression [1] Group 3: Benefits for Selected Creators - Successful candidates will receive a competitive salary, a free creative environment, and access to a top-tier mentorship system [1] - MINISO will provide global ecological resource support, creating a comprehensive creative incubation and operation platform for creators [1]

(本文来自第一财经) 名创优品在港交所公告，第三季度收入同比增长28.2%，达到57.966亿元；经调整净利润同比增长 11.7%，达7.668亿元。 ...

2025年第三季度，名创优品品牌总营收52.2亿元，同比增长23%。其中，中国内地营收29.1亿元，实现 同比增长19%，这一增速更多来自同店拉动。进入四季度，同店增长的趋势依然稳健，10月份同店收入 取得双位数的增长。海外市场方面，三季度营收23.1亿元，同比增长28%。以海外最大的市场美国为 例，三季度美国市场收入同比增长约65%，其中同店实现低双位数增长。2025年至今，美国市场的新会 员增长超过100%。 11月21日，名创优品（09896.HK）公布了2025年第三季度财务报告。财报显示，2025年第三季度名创 优品实现总营收达58亿元，同比增长28%，其中名创优品品牌营收52.2亿元，同比增长23%，TOP TOY 品牌营收5.7亿元，实现111%的同比增长。 本季度，名创优品的毛利润为25.9亿元，同比增长28%，毛利率为44.7%。经调整净利润（Non-IFRS） 7.7亿元，同比增长12%，经调整净利率13.2%。门店增长方面，截至本季度末，名创优品全球门店突破 8000家，同店销售持续向好，实现中个位数的增长。 据财报，名创优品旗下控股的潮玩集合品牌TOP TOY在2025年第三季度保持强 ...