股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: 名創優品集團控股有限公司 呈交日期: 2025年10月13日 截至月份: 2025年9月30日 狀態: 重新提交 I. 法定/註冊股本變動 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： USD 100,000 FF301 FF301 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.00001 USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000 ...

Core Insights - MINISO LAND, a strategic store format of MINISO, has launched its first dual stores in Chongqing, integrating global IP resources and creating an immersive shopping experience [1][2] - The stores are designed to resonate with Chongqing's unique urban culture and are positioned as new trendy landmarks for shopping, socializing, and engagement [1] - The launch is part of MINISO's channel upgrade strategy in the Southwest market and aims to invigorate Chongqing's "first store economy" while supporting its development as an international consumption center [1] Store Features - The MINISO LAND in the Jiefangbei business district spans over 1600 square meters, creating an immersive artistic environment, while the store in the Guanyinqiao area covers over 1400 square meters with a "Starry Paradise" theme [2] - Both stores feature over 80% of their products from popular global IPs, with more than 6100 SKUs available, enhancing consumer emotional engagement through themed displays and interactive installations [2] Business Strategy - MINISO employs a dual strategy of leveraging top-tier licensed IPs alongside exclusive proprietary IPs, continuously enhancing its IP matrix and emotional connection with consumers [3] - The company has achieved significant sales milestones, such as a store in Shanghai generating over 100 million yuan in sales within nine months, indicating strong market potential [3] - Future plans include expanding into high-potential cities and creating more "interest consumption" landmarks that blend IP appeal with local characteristics [3]

Core Insights - TOP TOY, a潮玩 brand under Miniso, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise approximately $300 million [1] - The brand has emerged as the largest and fastest-growing潮玩 collection brand in China, with a projected GMV exceeding 2.4 billion yuan in 2024 [2] - TOP TOY's growth is closely tied to Miniso's resources and market strategies, particularly as Miniso accelerates its North American expansion [2][3] Company Growth and Market Position - TOP TOY was established during the market boom following the listing of Pop Mart and has since become a significant player in the潮玩 industry [2] - The brand has expanded to 299 stores by September 2025, with operations extending to Thailand and Japan [2] - TOP TOY's revenue for 2024 is projected to reach 1.9 billion yuan, reflecting a year-on-year growth of 16.8% [3] Business Model and Channel Strategy - TOP TOY operates under a "light asset" model, leveraging Miniso's extensive retail network, with 85% of its stores being partner-operated [3][4] - Approximately 50% of TOP TOY's annual sales come from its relationship with Miniso, indicating a heavy reliance on Miniso's distribution channels [4][9] - The partnership with Yonghui Supermarket, where Miniso is the largest shareholder, may provide additional sales channels for TOP TOY [4] Financial Performance and Projections - In the first half of 2025, TOP TOY's revenue from搪胶毛绒 products reached 146 million yuan, a 2.3-fold increase compared to the previous year [4] - Sales expenses doubled to 160 million yuan in the first half of 2025, primarily due to investments in overseas market expansion [6][7] Challenges and Strategic Considerations - TOP TOY faces operational challenges due to rapid expansion, with inventory turnover days increasing from 38.1 to 50.5 days [7] - The average transaction value and product price have decreased by 10%, impacting same-store GMV growth rates [7] - The brand's reliance on external IPs remains a concern, with self-developed IP contributing only 0.36% of total revenue in 2024 [12][20] IP Development and Future Outlook - TOP TOY has made strategic acquisitions to enhance its IP portfolio, increasing its self-developed IPs from 8 to 17 [23] - The company aims to establish a stronger presence in the潮玩 market by developing proprietary IPs, which is crucial for long-term competitiveness [21][22] - Future projections indicate a decline in revenue contribution from Miniso, expected to drop below 40% by 2028 [9][10]

Core Insights - The Chinese潮玩 (trendy toy) market is entering a new competitive phase, with MINISO's own潮玩 brand "WAKUKU" challenging the long-standing dominance of Pop Mart in the industry [3][4] - The潮玩 industry in China is projected to reach a total value of 110.1 billion yuan by 2026, with an average annual growth rate exceeding 20% [4] - The market remains highly fragmented, with even leading players like Pop Mart holding only an 11.5% market share by GMV in 2024, indicating ample room for new entrants [6] Industry Growth and Competition - The潮玩 market has seen a continuous increase in scale, with over 50,000 related enterprises currently in operation [5] - WAKUKU's strategy of offering products at fixed prices rather than through random draws is expected to lower purchase barriers and expand its consumer base [6] - The success of WAKUKU has led to increased attention from investors, with reports of potential investments in潮玩 brands like TNT [7] Brand Development and IP Strategy - The success of LABUBU, a潮玩 brand, highlights the importance of storytelling and cultural integration in building a globally recognized IP [8][11] - Pop Mart has seen a significant increase in its market value, with its stock price rising approximately 470% over the past year, surpassing the combined market value of major international toy companies [11] - The competition between Pop Mart and MINISO reflects different strategic approaches, with Pop Mart focusing on IP ecosystem development and MINISO leveraging its extensive distribution channels [12] Market Dynamics and Future Outlook - The潮玩 industry is transitioning from a phase of explosive growth to one of consolidation, where companies with strong original design and cultural branding will dominate [12] - The emergence of imitation products has raised concerns about market trust and product differentiation, potentially impacting the overall潮玩 market [13] - Strengthening IP protection is crucial for maintaining brand integrity and fostering consumer trust in the潮玩 sector [14]

Core Insights - MINISO's stock rose over 1% pre-market, reaching $22.37, driven by positive financial performance and strategic shifts [1] Group 1: Domestic Performance - In H1 2025, MINISO's revenue in mainland China increased by 11.4% year-on-year, with same-store sales achieving positive growth for the first time in four quarters, indicating effective operational optimization and improved customer traffic [1] - The company's strategic focus has shifted from quantity expansion to quality enhancement, closing inefficient small stores and optimizing its network structure, resulting in a total of 4,305 stores by the end of H1 2025, with a net increase of 190 stores [1] - Large store formats, represented by MINISO LAND and flagship stores, have significantly boosted average transaction value and sales per square meter, becoming the core drivers of growth and brand upgrade [1] Group 2: International Expansion - MINISO's overseas business saw a substantial revenue increase of 29.4% in H1 2025, with the total number of international stores reaching 3,307 [2] - The North American market is a key growth driver, with store count rising to 394 and GMV surging by 67.5% to 1.41 billion yuan, supported by cluster-based layouts and localized operations [2] - Future plans for the overseas market include refined operations, with a focus on developing large store models in the U.S. and aiming to open 80 new stores throughout the year, while also targeting high-growth regions like Canada and Australia with a goal of adding over 500 international stores [2] - TOP TOY's business continues to grow rapidly, with a year-on-year revenue increase of 73% and a total of 293 stores, serving as a strong secondary growth curve for the group [2]

MINISO LAND西安原力场店坐拥近1200平方米的三层空间，外立面以巨型立体毛绒WAKUKU主题装 置构筑鲜明视觉符号，成为区域内极具辨识度的商业地标。门店通过融合史迪奇、疯狂动物城等IP主题 场景，打造沉浸式游乐空间，通过模块化与策展式设计打破传统零售逻辑，满足消费者"逛店如逛园"的 全场景消费体验。 门店商品种类超过6000种，其中IP产品占比突破80%，涵盖三丽鸥、迪士尼、WAKUKU、罗小黑、哈 利·波特、萌趣趣、吉福特熊、拓麻歌子、宝可梦等热门IP。得益于其独特的场景设计、IP阵容及名创 优品在"兴趣消费"趋势下的精准卡位。 9月30日，MINISO LAND西北首店于西安原力场正式开业，以三层沉浸式空间、超百款IP产品、独家打 卡场景，打造为集消费、社交、文化体验于一体的城市新地标，为古都西安注入全新潮流活力。作为名 创优品战略级店态，该店不仅是品牌在西北地区的首站布局，更以"全国首家WAKUKU主题店"的差异 化定位，成为西安"首店经济"的典型样本。 来源：群众新闻 IP价值的充分释放，依赖于消费场景的持续创新。名创优品正通过创新的空间设计与IP内容融合，将传 统零售空间升级为集展示、体验 ...

Core Insights - The recent Paris Fashion Week showcased the collaboration between Miniso and Chinese designer Caroline Hú, highlighting the integration of original IPs like "萝卜街" and "右右酱" into the international fashion scene [1][3][4] Group 1: Event Highlights - Miniso's vinyl toys made their debut at one of the world's four major fashion weeks, marking a significant collaboration between Chinese brands and designers [3] - The event signifies a new phase for the Chinese toy industry, focusing on original IP and brand value as it aims for global expansion [3] - Caroline Hú's collection, themed "Disguise," created a unique atmosphere and showcased the blend of fashion and toy culture [6][9] Group 2: Design and Aesthetics - Caroline Hú is recognized for her romantic design style, incorporating elements like hand knitting and impressionist art into her fashion creations [4] - The designs for the vinyl dolls reflect themes of authenticity and self-expression, with each doll dressed in custom haute couture outfits [6][7] Group 3: Strategic Initiatives - Miniso's dual-track strategy of "top-tier licensed IP + signed artist IP" is gaining momentum, with nine toy artists strategically signed to enhance its unique IP ecosystem [9] - The collaboration with Caroline Hú captures the emotional resonance between toys and high-end fashion, redefining toys as fashion items that convey artistic expression [9] - Miniso plans to launch a new series of vinyl products inspired by the fashion show, expanding its offerings for global toy enthusiasts [12][14] Group 4: Global Expansion - The collaboration at Paris Fashion Week is a key practice of Miniso's globalization strategy and its dual-track IP model [14] - Miniso aims to leverage its global channel network to advance its strategy of bringing 100 Chinese IPs to the world, fostering creative connections between Eastern and Western aesthetics [14]

Core Insights - Miniso (MNSO.US) shares rose by 4% to $22.56 following the news of its subsidiary TOP TOY filing for an IPO on the Hong Kong Stock Exchange [1] - TOP TOY's primary business focuses on trendy toy retail, with a projected GMV of approximately 2.4 billion yuan in mainland China for 2024 [1] - Huachuang Securities indicated that Miniso's main business is showing signs of a turning point, with overseas markets and TOP TOY still in a high growth phase [1] - The profit drag from Yonghui Supermarket is expected to primarily impact the company in 2025, with positive contributions anticipated from 2026 onwards [1]

Core Viewpoint - Miniso's subsidiary TOP TOY has submitted a prospectus for an IPO on the Hong Kong Stock Exchange, indicating a strategic move to expand its market presence and capitalize on the growing demand for trendy toys [1] Group 1: Company Developments - Miniso's stock rose by 4% to $22.56 following the news of TOP TOY's IPO submission [1] - TOP TOY's primary business focuses on trendy toy retail, with an expected GMV of approximately 2.4 billion yuan in mainland China for 2024 [1] Group 2: Market Insights - Huachuang Securities noted that Miniso's main business is showing signs of a turning point, with both overseas markets and TOP TOY experiencing high growth phases [1] - The profit drag from Yonghui Supermarket is anticipated to primarily impact the company in 2025, with positive contributions expected from 2026 onwards [1]

Core Insights - Top Toy International Group Ltd., a spinoff of Miniso, has filed for a Hong Kong IPO, capitalizing on the rising popularity of collectible toys [3][4] - The IPO follows a $59.4 million Series A financing that valued Top Toy at $1.3 billion, with significant backing from Temasek [4][5] - Top Toy aims to compete with Pop Mart, which has seen substantial growth, with its revenue tripling to 13.8 billion yuan ($1.9 billion) in the first half of the year [5][6] Company Overview - Miniso, founded by Ye Guofu in 2013, has expanded to 4,305 domestic and 3,307 overseas stores, surpassing Uniqlo's store count [2] - Top Toy was established in 2020 as a budget-friendly supermarket for toy collectors, mirroring Miniso's successful model [7][8] - Top Toy's revenue for the first half of the year increased by 60% to 1.36 billion yuan, while its profit rose by 30% to 181 million yuan [5][10] Market Position - Pop Mart currently dominates the market with a valuation of approximately HK$340 billion ($44 billion) and a gross margin of 70%, compared to Top Toy's 32.4% [6][9] - Top Toy's reliance on third-party intellectual property (IP) affects its gross margins, as it uses licensed IP from companies like Disney and Sanrio [9][10] - Top Toy's self-developed IP revenue has increased to around 50% of total revenue in the first half of the year, up from less than 40% in 2022 [10][11] Competitive Landscape - The Chinese pop toy market has expanded from 20.7 billion yuan in 2019 to an estimated 58.7 billion yuan in 2024, with Top Toy holding a 2.2% market share [15] - Other competitors like Kayou Inc. and 52Toys have also filed for Hong Kong IPOs, with Kayou showing a gross margin of 67.3% [13][14] - Market reaction to Top Toy's IPO announcement has been muted, reflecting potential investor fatigue regarding the toy sector hype [16]