该行将名创优品今明两年非国际财务报告准则每股盈利预测上调11%及2%。目标价由32港元上调至46.9 港元，以反映更高的业绩预估、估值基准从2025年转为2025及2026年平均值，以及目标市盈率由12倍升 至15倍。该行指出，名创优品目前估值为远期市盈率14倍，对应2025至2027年每股盈利年复复合增长率 14%，隐含的市盈增长率为1倍，属合理估值。 美银证券发布研报称，把名创优品(09896)评级从"跑输大市"上调至"中性"，因其第二季业绩超出预期。 收入及非国际财务报告准则净利润分别增长23%及11%，较第一季度的增长19%及倒退5%有所加速。当 中，非国际财务报告准则净利润超出该行预估14%，受惠于收入较预期高出3%及更好的利润率。 ...

该行将名创优品今明两年非国际财务报告准则每股盈利预测上调11%及2%，目标价由32港元上调至46.9 港元，以反映更高的业绩预估、估值基准从2025年转为2025及2026年平均值，以及目标市盈率由12倍升 至15倍，评级从"跑输大市"上调至"中性"。 美银证券发表研报指，名创优品第二季业绩超出预期，收入及非国际财务报告准则净利润分别增长23% 及11%，较第一季度的增长19%及倒退5%有所加速。当中，非国际财务报告准则净利润超出该行预估 14%，受惠于收入较预期高出3%及更好的利润率。 ...

Core Viewpoint - UBS reports that MINISO's same-store sales growth is accelerating in both China and the United States, driven by a low base effect and strong demand for plush toys [1] Group 1: Sales Performance - In China, management's efforts in channel upgrades, such as MINISO Land and flagship stores, have been successful, with same-store sales growth turning positive year-on-year in Q2 [1] - Q3 is expected to see a significant acceleration in same-store sales growth from low single digits in Q2 to high single digits [1] Group 2: Profitability - UBS forecasts that the store-level profit margin will remain flat year-on-year for the first half of the year, with significant improvement expected in July and continued improvement in the second half [1] Group 3: IP Strategy - MINISO's proprietary IP, YOYO, was successfully launched in June, with the first batch of products selling out quickly, generating an estimated total merchandise volume (GMV) of approximately 40 million yuan this year, with a target of over 100 million yuan by 2026 [1] - The acquisition of IP Nommi by Top Toy is expected to generate 250 million yuan in GMV this year, compared to 100 million yuan in 2024 [1] Group 4: Financial Forecasts - UBS has raised its adjusted net profit forecasts for MINISO for 2025 to 2027 by 1% to 2%, maintaining a "Buy" rating [1] - The target price for MINISO's U.S. stock has been increased from $25 to $28 [1]

8月21日，名创优品发布2025年中期业绩公告。数据显示，该公司期内实现营收93.93亿元，较上年同期 增长21.1%。其中第二季度营收49.7亿元，同比增长23.1%。上半年的经营利润为15.46亿元，同比增长 3.4%；期内利润9.06亿元，同比下降23.1%。 作为名创优品旗下的潮玩品牌，TOP TOY在2025年上半年的营收为7.42亿元（约1.04亿美元），较上年 同期增长73%；其中，第二季度营收为4亿元（约5610万美元），同比增长87%。 上半年营收已达去年全年的四分之三 据财报披露，名创优品旗下潮玩业务品牌TOP TOY在2025年上半年营收7.42亿元，同比增长73%；其中 第二季度营收为4亿元，同比增长87%。数据显示，2024年TOP TOY全年营收9.84亿元，也就是说，今 年上半年的营收已达去年全年的四分之三。 | | | | 截至2025年6月30日止六個月 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 名創優品品牌 | | | | | | | | | | | TOP TOY | 未分配 | | | | 中國內地 ...

同时，名创优品宣布派发中期股息，每股ADS股息为0.29美元，上半年股份回购及派发股息合计约10.7 亿元，占经调整净利润的84%，上半年股份回购金额已超过2024全年，持续为股东带来丰厚回报。 格隆汇8月22日｜昨晚公布业绩的名创优品(9896.HK)今日大涨，盘中一度涨超20%，报47.16港元，股价 创今年1月以来新高；截至目前成交额放大至18.7亿港元。 公司公布财报显示，2025年二季度总营收达49.7亿元，同比增长23.1%；毛利率44.3%，较去年同期上升 40个基点；经调整净利润(Non-IFRS)6.9亿元，同比增长10.6%；经调整净利率13.9%，经调整每股ADS 收益同比上升12.0%，展现出强劲的业务韧性和稳健的盈利能力。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in the new consumption sector, with notable gains in stocks such as Miniso, XPeng Motors, and NIO, indicating a positive outlook for the market [1] Group 1: Stock Performance - Miniso's stock surged over 19%, reaching a high of 47.16 HKD, marking the highest price since January of this year [1] - Other stocks in the sector, including XPeng Motors and NIO, also saw significant increases of over 11% and 7% respectively [1] - The Hong Kong consumption ETF (513230), which includes leading companies like Miniso and Pop Mart, maintained a strong performance, rising nearly 1.5% during the trading session [1] Group 2: Market Outlook - According to招商策略, there is an optimistic outlook for the Hong Kong stock market, with mid-year earnings showing improvement and a record high in earnings forecast rates over the past three years [1] - The profitability of Hong Kong stocks, particularly those with a higher "new economy" component, is expected to improve ahead of A-shares [1] - The report suggests focusing on differentiated investment strategies compared to A-shares, recommending a sequential approach starting with innovative drugs, followed by the internet sector, and finally new consumption [1] Group 3: Investment Recommendations - Key investment vehicles highlighted include: - Core broad-based Hong Kong ETF: 恒生ETF (159920) [1] - AI and platform economy: 恒生科技指数ETF (513180) [1] - Core consumption assets in Hong Kong: 港股消费ETF (513230) [1] - Global pharmaceutical industry representation: 恒生医药ETF (159892) [1] - Chinese AI technology concept companies: 恒生互联网ETF (513330) [1]

今年上半年，公司财务成本净额为79.4百万元，去年同期的财务收入净额为9.0百万元。财务成本同比增长主要是由于与公司于2025年1月发行的股票挂钩 证券及与用于收购永辉超市股份有限公司股权的银行贷款有关的利息开支增加。 8月21日晚间，名创优品发布2025年中期业绩报告，公司上半年实现收入93.93亿元，同比增长21.1%；经营利润为15.46亿元，同比增长3.4%；但期内利润 下降至9.06亿元，同比减少23.1%。 | | | 截至6月30日止三個月 | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | | 2024年 | 2025年 | | | | | | （未經審計） | | | | | | | 人民幣千元 人民幣千元 | | 千美元 人民幣千元 人民幣千元 千美元 | | | | 收入 | 4.035,212 | 4.966.068 | 693,236 | 7.758.743 | 9,393,112 | 1.311.228 | | 銷售成伞 | (2,261,884) | (2,76 ...

人民财讯8月22日电，截至午间收盘，恒生指数涨0.32%，恒生科技指数涨1.61%。盘面上，半导体、硬 件设备等板块涨幅居前，华虹半导体涨超11%，中芯国际涨超6%。其他个股方面，中兴通讯、小鹏汽 车涨超10%，名创优品涨超18%。 转自：证券时报 ...

Group 1: Hong Kong Stocks Performance - Miniso (09896) surged over 20% after reporting a 10% year-on-year increase in adjusted net profit for Q2, with TOP TOY revenue skyrocketing by 87.0% [1] - Li Ning (02331) rose over 6% as it announced a 3.3% year-on-year increase in revenue and declared an interim dividend of HKD 0.3359 per share [1] - Innovent Biologics (02096) increased by over 6% following a 26% year-on-year growth in innovative drug revenue, expanding its commercialized innovative drug portfolio to ten products [1] - Tuhu-W (09690) gained over 10% after reporting a 14.6% year-on-year increase in adjusted net profit while continuing to optimize supply-side costs [1] - Kuaishou-W (01024) rose over 4% with impressive Q2 results and accelerated commercialization [1] - UBTECH (09880) increased over 3% as it led the establishment of two national technical standards for humanoid robots [1] - InnoCare Pharma (02577) saw a rise of over 5% after announcing a partnership with NVIDIA [1] Group 2: Other Notable Performances - China Communications Services (00552) fell over 2% despite a slight 0.18% year-on-year increase in net profit attributable to shareholders, with stable development among its three major clients [2] - Parkson Group (03368) surged nearly 25% after reporting a turnaround to profitability in the first half of the year and proposing an interim dividend of HKD 0.02 per share [2] - Esprit Holdings (00330) jumped over 37% after issuing a profit warning, expecting a net profit of approximately HKD 1 million for the six months ending June 30, 2025 [2] - XPeng Motors (09868) rose over 10% as CEO He Xiaopeng increased his stake by purchasing 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share [2] Group 3: US Market Highlights - Coty (COTY.US) plummeted 21.60% due to weak performance in the US market, retailer destocking, and consumers seeking value, impacting Q4 results [3] - NIO (NIO.US) increased by 9.27% ahead of the launch of its new ES8 product and the start of pre-sales [3] - Huazhu Group (HTHT.US) continued to rise by 2.19% with a 41.3% year-on-year increase in revenue and net profit, benefiting from management franchise and licensing business [3] - Boss Zhipin (BZ.US) rose 6.61% after reporting an over 85% year-on-year increase in net profit for the mid-year and extending its share buyback plan [3] - Youlan Group (YOUL.US) surged 17.13% after announcing plans to acquire four companies to expand its online recruitment and regional market share [3] - Hesai Technology (HSAI.US) increased by 11.00% amid market speculation about a potential IPO in Hong Kong to raise approximately USD 300 million [3] Group 4: Additional US Stock Movements - Miniso (MNSO.US) rose 6.38% after reporting a revenue of CNY 9.39 billion for the first half of the year, a year-on-year increase of 21.1%, with adjusted net profit of CNY 1.28 billion [4] - Walmart (WMT.US) fell 4.49% as Q2 adjusted earnings per share fell short of expectations due to increased insurance claims, legal fees, and restructuring costs [4] - Gilead Sciences (GILD.US) dropped 2.18% after CVS Health decided not to include Gilead's new HIV prevention drug Yeztugo in its business plans [4] - XPeng Motors (XPEV.US) rose 11.68% following the CEO's purchase of 3.1 million Class A ordinary shares [5] - Aegon (AEG.US) increased by 7.64% after reporting a turnaround to profitability in the first half of 2025, primarily driven by growth in its US business [5]

每经AI快讯，8月22日，港股名创优品盘中涨超20%，创今年1月以来新高。名创优品公布财务报告显 示，公司第二季度总营收达到了49.7亿元，同比增长23.1%；该季度毛利率44.3%，较去年同期上升40个 基点；经调整净利润（非国际财务报告准则，Non-IFRS）6.9亿元，同比增长10.6%。 ...