机构：东北证券 研究员：易丁依 Q3收入超预期，利润短期因永辉收购承压。（1）25Q3：实现营收 57.97亿元/+28.2%，略超此前指引上 限28%，经调净利润7.67 亿元/+11.7%，经调净利率13.2%/-2.0pcts。受永辉收购影响，Q3 财务费用1.05 亿元，投资亏损1.45 亿元，归母净利润4.41 亿元，归母净利率7.6%。（2）25Q1-Q3：实现营收151.90 亿元/+23.7%，毛利率44.4%/+0.3pcts，经调净利润20.46 亿元/+6.1%，经调净利润率13.5%/-2.2pcts。 门店扩展迅猛，达到8000 家里程碑。集团层面，截至25Q3，达到8138家门店，同比净增718 家，实现 8000 家里程碑。分品牌来看：（1）名创优品：25Q3 实现营收52.22 亿元/+22.9%，门店7831 家，同比 净新开645家，其中中国内地4407 家/+157 家，海外3424 家/+488 家；（2）TOPTOY：实现营收5.75 亿 元/+111.4%，门店307 家/+73 家。 利润受永辉调改影响，年内完成调改及关店减负。截至25Q3，永辉超市已完成222 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6]. Core Insights - The company demonstrated a significant acceleration in revenue growth in Q3, achieving a revenue of 5.797 billion, a year-on-year increase of 28.2%, surpassing previous guidance [2]. - The adjusted operating profit for Q3 was 1.022 billion, up 14.8% year-on-year, while the adjusted net profit reached 767 million, reflecting an 11.7% increase [2]. - The company expects Q4 revenue growth to be between 25% and 30%, with double-digit same-store sales growth anticipated in both China and the U.S. [2]. - The domestic business is benefiting from a large store strategy and refined operations, with same-store sales showing a positive trend [4]. - The overseas business is expanding rapidly, with a net addition of 117 stores in Q3, bringing the total overseas store count to 3,424 [2]. Financial Performance Summary - Q3 revenue for the brand was 5.222 billion, a year-on-year increase of 22.9%, with domestic revenue at 2.909 billion, up 19.3% [2]. - The company forecasts a full-year revenue growth of 25%, with adjusted operating profit expected to be between 3.65 billion and 3.85 billion [4]. - The financial projections for 2023 to 2027 indicate a steady increase in revenue and net profit, with 2023 revenue projected at 13.839 billion, growing to 28.578 billion by 2027 [5]. - The adjusted net profit for 2023 is estimated at 2.253 billion, with a projected increase to 3.257 billion by 2027 [5].

"名创优品（MINISO）要起飞了！""原来国际巨星也爱逛名创！"近期，一场由顶流明星与名流家庭共同引领的"逛名创"热潮席卷全球社交网络。"水果 姐"凯蒂·佩里不仅在MV中手提MINISO购物袋与吉福特熊，更在个人直播中频频互动玩梗；帕里斯·希尔顿携子女在洛杉矶门店沉浸式扫货，小票长度比肩 保镖硬汉；还有董璇与女儿小酒窝温馨逛店，王嘉尔、范丞丞等国内知名艺人被频频偶遇，"娱乐圈是不是在全球名创团建"已从娱乐话题升维成一种现象级 的全球消费热潮。 这股热潮不止于"明星同款"，更标志着MINISO从"大众市场"向"高势能圈层"、从"年轻人爱逛"向"全球家庭消费"的战略跨越。当"逛名创"成为跨圈层的共同 选择，品牌也以"兴趣消费"为核心，完成了一次深刻的全球化实践与价值升级。这不仅是一次品牌破圈，更展现出中国企业在全球消费市场中实现文化共鸣 的新路径。 品牌破圈：从大众潮流到顶流之选 传统观念中，明星与高净值人群的消费多与奢侈品紧密绑定。然而，MINISO正凭借"兴趣消费"定位打破这一认知，核心驱动力在于其IP产品与多品类并重 的差异化策略。 截至目前，集团业务已覆盖全球112个国家和地区，门店数量突破8000家。 ...

今日热点导览 苹果北京直营店加入国补阵营 ST立方：可能被实施强制退市 WeChat港币钱包上线支援大埔火灾救援捐款专区 香港建造业总工会：对业界金属棚架取代竹棚架持开放态度，全面转型需超两年 国内航线燃油附加费12月5日上涨 许家印前妻丁玉梅，被冻结15亿元资产 搜狐视频计划重启美剧采购，张朝阳：大家都不做是因盗版太严重 11月28日，智通财经获悉，在"2025搜狐财经年度论坛"上，搜狐创始人、董事局主席兼首席执行官张朝 阳透露，搜狐视频计划重启美剧业务，并加大对美剧和美国电影的采购力度。在张朝阳看来，之所以很 多平台都不做美剧，是因为盗版太严重，"当我们买来正版内容，大家盗版都看过了。"他表示，尽管现 TOP3大新闻 特朗普：将无限期暂停来自所有"第三世界国家"的移民 美国总统特朗普当地时间11月27日深夜在社交平台发文称，将无限期暂停来自所有"第三世界国家"的移 民，以让美国的移民系统能够完全恢复。 当地时间11月26日下午，两名美国国民警卫队成员在距离白宫仅几个街区的地方遭到枪击并受重伤，其 中一人伤重不治身亡。经确认，嫌疑人名为拉赫马努拉·拉坎瓦尔，原籍阿富汗，与妻儿居住在华盛顿 州。美国联邦调查局 ...

MINISO LAND全球壹号店 作为高度全球化的中国品牌，MINISO的全球化进程始终与中国文化出海同步。通过成为首个入驻美国纽约时代广场、法国巴黎香榭丽舍大街等全球地标的 中国品牌，以及MINISO LAND等城市乐园创新店态的落地，MINISO已成为中国文化与中国IP走向世界的重要窗口。2023年，MINISO联合新华社客户端启 动"中国文化创新全球发展计划"，2024年叶国富宣布未来10年将助力100个中国IP走向世界。 11月21日，名创优品（MINISO）正式发布"IP天才少年计划"，以百万至千万级年薪面向全球招募顶尖IP创作人才。这一举措被视为在文化创意领域深度对 标华为"天才少年计划"，标志着中国领军企业正在从"科技强国"与"文化兴国"两个战略维度同步推进人才全球争夺战。 如果说华为"天才少年计划"是通过吸纳全球顶尖科技人才，助力中国企业在科技创新领域实现突破，那么MINISO"IP天才少年计划"则是深入布局文化创意 领域，加强原创IP孵化能力，构建具有全球影响力的自有IP矩阵。这两大计划分别代表了中国企业的硬软实力进入了全球化大比拼。 名创优品集团董事会主席兼首席执行官叶国富表示：我们正迎来 ...

Investment Rating - The report maintains a strong buy rating for the new consumption industry [3] Core Insights - New consumption is characterized by new demand from emerging consumer groups like Generation Z and a shift from leverage-driven consumption to income-driven consumption among older demographics [5][17] - The supply side benefits from China's robust manufacturing capabilities and the internet's ability to reshape business models and efficiency [5][17] - The report highlights two main investment opportunities: aggressive new consumption sectors such as trendy toys and gold jewelry, and defensive cyclical sectors like liquor and travel [5][4] Summary by Sections New Consumption: What is New Consumption? - New consumption has gained traction in recent years, initially a term from the primary market, now widely recognized [17] - It encompasses both new demand from younger consumers and a shift in older consumers' preferences towards more rational spending [17][21] New Demand: Stars Gather to Form Light - Emotional consumption and the rise of national trends are significant drivers, with luxury attributes associated with products [46] - The report identifies key sectors: IP toys, gold jewelry, and new tea drinks, which align with current consumer trends [5][4] New Supply: Old Trees Sprout New Buds - The report emphasizes that industries with easier pathways develop first, while more challenging sectors follow as technology and information improve [33] - It discusses the efficiency gains in retail and service sectors through standardization and technological advancements [33] Investment Recommendations - The report suggests focusing on two types of opportunities: aggressive new consumption sectors (e.g., trendy toys, gold jewelry) and defensive cyclical sectors (e.g., liquor, travel) [5][4] - Specific companies to watch include Pop Mart, Mijia, and various tea brands [5][4] Emotional Consumption and National Trends - Generation Z's emotional consumption is highlighted, with a significant portion willing to pay for emotional value [21][23] - The report notes the increasing acceptance of Chinese brands among younger consumers, contrasting with older generations' preferences [21][22] Gold Jewelry Market - The gold jewelry market is projected to grow significantly, with ancient gold jewelry gaining popularity due to its cultural significance [86][87] - The market size for ancient gold jewelry is expected to reach 4,214 billion by 2028, with a compound annual growth rate of 21.8% [86][87] IP Toy Market - The report outlines the rapid growth of the IP toy market, with a projected market size of 1,741 billion by 2024, reflecting a compound annual growth rate of 13.6% [69][70] - The emotional value associated with IP toys is a key driver of consumer interest and market expansion [78][79]

Investment Focus - Alphabet (GOOGL US) is expected to maintain good visibility in its advertising business due to the gradual release of its valuation under pressure from AI search, with a projected 30%+ growth in cloud business for the year and margin improvement driven by scale effects [1] - Alibaba (BABA US) is anticipated to see a cloud business growth rate of 28%-30%, benefiting from strong momentum in instant retail, with Taobao expected to achieve a 20-30% MAU growth driven by flash purchase [1] - NVIDIA (NVDA US) is projected to achieve strong revenue growth in FY2027, with GB300 series products expected to account for two-thirds of Blackwell series products, and a revenue target of $500 billion over the next five quarters [1] - Tencent (700 HK) is recommended as a top pick, with a target price of 700, driven by steady growth in core gaming and advertising businesses, and a projected near 20% growth rate in advertising [3] - New Oxygen (SY US) is focusing on the light medical beauty sector with a rapid expansion plan, aiming to open 50 self-operated stores by 2025, supported by a strong marketing capability and low customer acquisition costs [3] - Ctrip (TCOM US) is expected to benefit from steady growth in domestic leisure travel and the recovery of outbound travel, with a projected revenue growth of 14% to 71.1 billion yuan in 2026 [3] - Huazhu (HTHT US) is transitioning to a high-margin franchise model, with a target price of $52, supported by a strong recovery in industry RevPar [4] - Futu (FUTU US) is positioned for long-term growth in the virtual asset business, with a user base of 3.1 million and a current valuation offering a safety margin [4] - AIA (1299 HK) is expected to see steady growth in new business value and operational indicators, with a forward PEV of 1.46x [4] - Dongfang Electric (1072 HK) is actively involved in global power station project contracting, with significant opportunities in the U.S. market due to the demand for power supply capabilities [9]

Core Insights - Miniso is redefining consumer perceptions by positioning itself as a destination for "interest consumption," leveraging its IP products and a diversified strategy to attract both high-net-worth individuals and the general public [1][2] Group 1: Business Strategy - Miniso has developed a "multi-IP matrix + multi-category products + immersive experience" ecosystem, transitioning from an "IP collaboration leader" to a "global leading IP operation platform" [1] - The company offers a product matrix covering dozens of categories, including beauty, home goods, stationery, and trendy toys, focusing on high cost-performance and integrating IP design with practical functionality [1] Group 2: Market Expansion - Miniso has established a global presence, operating in 112 countries and regions with over 8,000 stores, including flagship locations in major global shopping districts [2] - The company aims to evolve from merely opening stores worldwide to establishing a strong presence in landmark locations, enhancing its brand visibility [2] Group 3: Cultural Impact - The CEO of Miniso, Ye Guofu, believes that "interest consumption" will become mainstream, emphasizing that products should provide emotional value and joy in addition to practical use [2] - Miniso is positioning itself as a cultural symbol in the globalization of Chinese brands, aiming to cultivate original Chinese IPs with global influence [2]

没想到，有一天"端木带我去买美特斯邦威"照进现实。 前几天，帕丽斯·希尔顿大小姐，希尔顿酒店创始人的曾孙女，带着老公和随行保镖扫货，扫的不是LV爱马仕，而是开到洛杉矶去的名创优品，一次性怒 刷四千美元（约2.8万人民币），拿到手的小票目测得有五米长，熟悉的红色挤眼购物袋多得连四个黑衣保镖都快拎不下了。 图源：小红书@多梨 "我靠无数个九块九养出来的名创优品，咋突然背着我升咖了？" 9块9杂货铺转行做文创IP，做得咋样? 名创优品最近确实有些喧嚣了。 这次「升咖」，与其说是意外，不如说是它蓄谋已久的转型动作。 就在一个月前，名创优品创始人叶国富叶老板做客罗永浩的播客，语不惊人死不休："我认为，要把名创优品现在80%的店铺全部关掉，重新开一遍。" 他所谓的"重新开一遍"，正是名创优品有史以来最疯狂的战略转型——从以高频日用品为主的9块9杂货铺，到以IP文创为主的文化创意公司。 "名创优品是疯了吗？" 图源：小红书@秀出风采 名创优品最近仿佛捅了名人窝——前有水果姐凯蒂·佩里来上海开巡演一头扎进店里买到停不下来，后有疯狂动物城导演杰拉德·布什在北京首映当天跑去 疯狂进货，捧着自家女儿儿子的毛绒玩偶笑得一脸慈祥，恨不 ...

此前在2020年，名创优品集团董事会主席兼首席执行官叶国富就率先提出"兴趣消费"将成为主流。他认 为，"消费的目的是开心"，商品除了实用价值，更应提供情绪价值与生活愉悦。 "我们正迎来一个属于中国IP的黄金时代。"叶国富指出，未来，MINISO将通过全球品牌影响力和门店 网络，致力于将中国原创IP培育成具有世界影响力的IP。 在此基础上，MINISO凭借覆盖美妆、家居、文具、潮玩等数十个品类的产品矩阵，以高质价比为本， 融合IP设计与实用功能，打造出集情感价值、产品趣味与场景体验于一体的独特优势。同时，公司以全 球门店网络为基石，将自身打造为跨越地域的IP潮流目的地，持续放大"逛名创"的全球热度。 截至目前，名创优品业务已覆盖全球112个国家和地区，门店数量突破8000家。从纽约时代广场、巴黎 香街，到雅加达Central Park的3000平方米全球最大门店，持续进驻世界级高势能商圈。 作为战略级店型，MINISO LAND进一步推动渠道形态向"沉浸式IP乐园"跃迁。在国内，MINISO LAND 已在北京、上海、广州等核心城市落地18家，其中上海MINISO LAND全球壹号店开业9个月销售额破 亿、单月 ...