[Table_Title] 证券研究报告 / 行业深度报告 出海进行时——2026 商贸零售年度策略 跨境电商：产业链全球化，行业拐点出现。平台端，竞争压力东南亚＞ 美国＞欧洲，比价压力逐步凸显，分渠分品尤为重要；品类与品牌端， 东南亚高端制造不足+消费能力较低，消费电子依赖我国性价比品牌如 小米等；欧美地区消费电子格局集中，安克以快周转品类+高性价比树立 品牌力，家居与服装需求大但格局分散，致欧科技凭借简约实用、易组 装等破局，赛维时代凭借全品类品牌矩阵+高性价比站稳脚跟。 投资建议：美容护理建议关注组织架构、管理能力突出的毛戈平/上美股 份/若羽臣；黄金珠宝看好精品饰品，推荐老铺黄金/潮宏基；跨境电商板 块关税冲突缓和+降息周期需求恢复+AI 增量，推荐小商品城/焦点科技； 商超百货看好调改成效，建议关注名创优品/永辉超市/汇嘉时代/孩子王。 风险提示：需求复苏不及预期、竞争格局恶化、业绩及估值不及预期。 [Table_CompanyFinance] 重点公司主要财务数据 | 重点公司 | 现价 | EPS | | | | PE | | 评级 | | --- | --- | --- | --- | --- ...

格隆汇11月10日丨名创优品(09896.HK)宣布，将于2025年11月21日（星期五）召开董事会会议，藉以考 虑及批准（其中包括）本公司截至2025年9月30日止三个月的未经审计财务业绩及其发布。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 MINISO Group Holding Limited 名創優品集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：9896） 董事會會議日期 名創優品集團控股有限公司（「本公司」）董事會（「董事會」）宣佈，將於2025年11 月21日（星期五）召開董事會會議，藉以考慮及批准（其中包括）本公司截至2025 年9月30日止三個月的未經審計財務業績及其發佈。 本公司的管理層將於美國東部時間2025年11月21日（星期五）上午四時正（同日北 京時間下午五時正）舉行業績電話會議以討論財務業績。英語同聲傳譯將於電話 會議中提供。電話會議可通過以下方式接入： 連接方式2 收聽會議的人士可通過撥打以下號碼並使用與連接方式1相同的會議號及密碼接 入會議。 1 | 美國： | +1 689 278 1000（或+1 719 359 4580） | | --- | --- | | 中國香港： | +852 ...

Core Points - MINISO Group plans to release its financial results for the September quarter of 2025 before the U.S. market opens on November 21, 2025 [1] - An earnings conference call will be held on the same day at 4:00 A.M. Eastern Time to discuss the financial results, with simultaneous interpretation in English [2] - The conference call can be accessed via Zoom or by dialing specific phone numbers for various regions [3][4] Company Overview - MINISO Group is a global value retailer known for offering trendy lifestyle products with IP design, aiming to provide a delightful shopping experience [6] - The company has established a significant store network worldwide since its first store opened in China in 2013, building the MINISO brand as a globally recognized retail name [6]

Investment Rating - The report suggests a focus on the Hainan sector and sub-sectors with performance elasticity during the Spring Festival, indicating a positive medium-term outlook for new consumption growth, transformation recovery, overseas expansion, and policy benefits [3] Core Insights - Following the new gold tax policy, there has been a price increase in gold jewelry at retail terminals, highlighting the importance of brand strength and product quality [1][2] - The new tax policy differentiates between investment and non-investment uses of standard gold, affecting tax deductions and pricing strategies for retailers [2] - Major brands have raised their gold prices post-policy implementation, with increases ranging from 58 to 70 CNY per gram for leading brands [2] Summary by Sections 1. Market Review - The retail index increased by 0.31% this week, underperforming the Shanghai Composite Index by 0.77 percentage points [9] - The retail sector's performance ranked 17th among all sectors during this period [9] 2. Company Dynamics - Small Commodity City has acquired land for a cultural and commercial complex for 3.2 billion CNY [16] - West China Tourism plans to issue up to 30.61 million shares to raise no more than 300 million CNY for working capital and debt repayment [16] 3. Industry Dynamics - Xiaohongshu has obtained a payment license, indicating a significant development in the digital payment landscape [22] - Starbucks has partnered with Boyu Capital to expand its retail operations in China, aiming to increase the number of stores to 20,000 [22] - JD's global sales during the Double 11 event saw a transaction volume increase of over 300% in cross-border shipping areas [23]

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, Haidilao, and China Feihe, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights significant developments in the food and beverage, trendy toy, and home appliance sectors, including share repurchase announcements and new store openings [7]. - Yum China reported a revenue of $3.206 billion for Q3 2025, a 4% year-on-year increase, with a net profit of $282 million, down 5% year-on-year [7]. - The membership scale of Guoquan exceeded 60 million, achieving its annual target ahead of schedule [7]. Weekly Performance Summary - Helens saw a strong performance with an 8.0% increase in stock price, while companies like Dashi Co. and Pop Mart experienced declines of 13.0% and 7.6% respectively [2][8]. - In the home appliance sector, Roborock and Ecovacs faced declines of 5.5% and 7.6% respectively [8]. Company Developments - Helens announced a share repurchase plan for up to 10% of its issued shares [7]. - Auntea Jenny adopted an H-share incentive plan, allowing for the purchase of up to 5% of its total shares through market transactions [7]. - Miniso opened its first Miniso Land in Hangzhou, featuring a new product line in collaboration with "Zootopia 2" [7].

"非常切合当下年轻人的购买需求，美妆区有一些小众品牌的专柜，价格也不贵。"20多岁潮玩爱好者吴女士 告诉记者，她一次性花了200多元，买了卸妆油、香薰、潮玩挂件等。 根据名创优品集团最新财报显示，第二季度该集团总营收达到了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。 当下，深圳正通过"首店经济"推动消费提质升级，而潮玩成为其中的重要内容。 今年7月，深圳大悦城作为粤港澳大湾区首座大悦城，引入英国百年皇室御用玩具品牌Hamleys华南首店，引 来很多网红争先打卡。 金光华广场引入了21家首店品牌，并在B1、B2层引入WANGXIAOBEN、TOP TOY等高流量潮玩品牌。 深圳不仅是中国潮玩产业的策源地，更成为全国潮玩经济的风向标。数据显示，深圳以超3000家潮玩相关企 业数量稳居全国首位，占全国潮玩企业总量的14.4%。这些企业涵盖了从设计、生产到销售、出口等潮玩的 各个环节，形成了完整的产业链。 【深圳商报讯】（记者 李佳佳 文/图）日前，名创优品MINISO FRIENDS华南首店亮相深圳宝安海雅缤纷 城。该店以"迷你IP乐园"为定位，通过沉浸式IP体验与商业空间 ...

第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 作者 | 第一财经 日前，在商务部主办、第一财经承办的第八届虹桥国际经济论坛消费分论坛上，名创优品集团创始人、 董事会主席兼首席执行官叶国富认为，2025年从《哪吒》电影开始是中国的IP元年，未来10年，名创 优品要带领100个中国IP走向世界，让全球消费者接触到、喜欢上来自于中国的原创IP和中国的文化创 意。 微信编辑 | 小羊 2025.11. 07 中方向日方提出严正交涉和强烈抗议 A 成 L 4 1 T ...

Core Insights - MINISO is accelerating its layout in core business districts across the country with the opening of MINISO LAND in Hangzhou, featuring over 100 IP products and exclusive immersive experiences [1][4] - The Hangzhou store is designed to cater to the younger demographic's demand for trendy culture and immersive experiences, creating a new urban landmark [2][4] - The collaboration with Disney's "Zootopia" marks a significant expansion in MINISO's IP operations, showcasing the brand's strategic depth in this area [3][4] Store Features - The MINISO LAND in Hangzhou features a three-level immersive space with various attractions, including a giant toy house and themed areas for popular IPs like Pokémon and Disney [2][3] - The store includes a dedicated area for the "Zootopia" collaboration, with themed products across multiple categories and interactive experiences for customers [3] Business Strategy - MINISO's strategy involves continuous expansion into key commercial areas, with previous successful openings in cities like Shanghai and Chongqing, demonstrating strong sales performance [4] - The brand's international strategy is also progressing, with the recent opening of its first overseas MINISO LAND in Bangkok, showcasing its ability to localize offerings while maintaining global standards [4] - By focusing on immersive IP experiences, MINISO aims to redefine urban commercial spaces and enhance its market position as a leading global IP operator [4]

Core Insights - MINISO LAND Hangzhou No.1 store opened on November 7, featuring an immersive three-story space with over 100 IP products and exclusive photo spots, aimed at enhancing regional consumer potential and revitalizing the commercial ecosystem in Hangzhou [1][2] - The store's design, led by the team that created the global No.1 store in Shanghai, incorporates a carousel as a creative core, presenting a modern and sculptural aesthetic that stands out in the urban landscape [1] - The store has successfully attracted a large number of visitors during its trial operation, with over 80% of its products being popular IPs, establishing itself as a significant trendsetting consumption landmark in Hangzhou [2] Company Strategy - MINISO LAND continues to expand into key commercial districts across China, with previous successful openings in Shanghai, Chongqing, and Wuhan, showcasing a strategic focus on immersive IP experience spaces [2] - The Shanghai MINISO LAND global No.1 store achieved remarkable sales performance, with over 100 million yuan in sales within nine months and a monthly revenue of 16 million yuan [2] - The brand's international strategy is also progressing, with the opening of its first overseas MINISO LAND in Bangkok, Thailand, which features over 1,000 square meters and incorporates local IPs, demonstrating the company's strong localization capabilities [2]