Core Viewpoint - Miniso (09896) announced a share buyback plan, intending to repurchase 48,400 shares at a total cost of $232,400 on November 21, 2025 [1] Group 1 - The company plans to execute the buyback to enhance shareholder value [1] - The total expenditure for the buyback is approximately $232,400 [1] - The number of shares to be repurchased is 48,400 [1]

格隆汇11月23日丨名创优品(09896.HK)公告，11月21日耗资23.2万美元回购4.8万股。 ...

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 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年11月23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 | 已發行股份（不包括庫存股份）數 目 | | ...

钟睒睒杀入600亿新赛道 钟睒睒这次瞄上了食用冰。 近期，据浙江省人民政府官网，农夫山泉计划投资2842万元，扩建杭州建德新安江饮品有限公司年 产7000吨的食用冰项目。据了解，该项目拟利用新安江街道朱家埠厂区现有闲置生产车间，购置国 内外领先的流水方冰生产线1条，高透冰制冰生产线1条，主要用来生产食用冰。 这两年，冰杯成为了夏日水饮新单品，也成为食品饮料行业高速增长的细分品类。《2025中国都市 消费行为白皮书》显示，冰杯品类的销量已连续两年保持300%以上的增速。 早在2023年，农夫山泉便开始布局食用冰产品。当年5月，农夫山泉申请了标贴（冰杯）专利。 2024年，农夫山泉首次推出食用冰产品，在便利店渠道上新了160g规格的冰杯，售价在3.5元～5 元。在农夫山泉的2024年年报中，首次提到了食用冰——"食用冰打开了冰、饮共生的新场景……" 据奥纬咨询预测，冰品冰饮有望成为即时零售的标志性品类，未来三年冰品冰饮在即时零售渠道增速 预计将达到39%，到2026年销售规模有望突破630亿元。 整理 ｜ 李小霞 #Big News# 据了解，此次投资建设年产7000吨的食用冰生产线，主要以生产160g的冰杯为主 ...

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，反映的是成熟门店的业 绩情况。 《每日经济新闻》记者注意到，2024年名创优品曾创下收入新高，但主要是新店数量增长所驱动，而国 内同店GMV下降高个位数，海外同店GMV增速放缓。这意味着规模化扩张背后，单店经营质量并未得 到显著提升。进入2025年，名创优品着力改善经营质量，同店销售明显恢复——从第一季度降幅收窄， 到第二季度转正，再到第三季度实现中个位数增长。 在电话会上，叶国富表示："第三季度国内业务的收入同比增长19.3%，这一增长更多来自于同店（销 售的）拉动，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；海外市场收入突破23亿元，同比增长28%，最大的海外市场美国收入同比增长超过65%，其 中同店销售低双位数增长，超过了我们此前的预期。" 第三季度，海外收入已占名创优品集团收入的约40%。对于未来的出海计划，叶国富表示，要将中美等 市场已验证过的经验复制并推广至更多国家和地区，每一步都围绕长期可 ...

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]