9月10日，东三省首家名创优品MINISO LAND全球IP联名集合店在哈尔滨凯德广场·学府开始试营业。 开业当日，店内外人潮涌动，众多年轻消费者迫不及待地想要第一时间体验这个全新的消费空间。 千平沉浸式IP乐园，名创优品重塑零售空间体验 MINISO LAND店内面积近1300平方米，消费者在各个IP主题区域驻足浏览、拍照打卡。从三丽鸥、 chiikawa到《疯狂动物城》、史迪奇等迪士尼经典角色，多元化的IP产品覆盖了生活用品、文具、美 妆、家居装饰等多个品类。 凯德广场·学府的MINISO LAND 名创优品自2013年创立以来，以"生活好物集合店"的定位迅速扩张，如今已成为全球知名的零售品牌。 据名创优品2025半年报显示，其品牌在中国内地和海外市场的门店数量持续增加，截至2025年6月30 日，名创优品集团门店总数为7905家，同比净增842家门店；其中，名创优品品牌门店数量为7612家， 同比净增744家门店。TOP TOY门店数量为293家，同比净增98家门店。上半年经营利润为15.46亿元， 较上年同期的15亿元增长3.4%。 自2016年开始，名创优品陆续和全球知名IP合作，推出IP联名产品， ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2][27]. Core Insights - In August 2025, domestic retail sales (社零) grew by 3.4% year-on-year, slightly below market expectations, with a total retail sales amounting to 3.97 trillion yuan [5][6]. - The retail sales growth for the textile and apparel sector in the first eight months of 2025 was 2.9%, with a notable increase in sports and entertainment products, which saw a growth of 20.6% [8][10]. - The online retail channel continues to outperform the overall retail market, with a year-on-year growth of 6.4% in physical goods online sales [6][10]. Summary by Sections Retail Performance - In August 2025, the year-on-year growth rates for dining and goods retail were 2.1% and 3.6%, respectively [5]. - The consumer confidence index in July 2025 was 89.0, reflecting a 1.1 point increase [5]. Channel Analysis - Online channels showed a year-on-year growth of 6.4% in physical goods, while offline channels like convenience stores and supermarkets demonstrated stable performance [6]. - For the first eight months of 2025, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 6.6%, 4.9%, 1.2%, 5.2%, and 1.7%, respectively [6]. Sector-Specific Insights - The jewelry sector saw a significant year-on-year growth of 16.8% in August 2025, with gold prices reaching an average of 775.92 yuan per gram, up 36.7% year-on-year [7][11]. - The textile and apparel sector's year-on-year growth was 3.1% in August 2025, with a marginal improvement compared to previous months [7][10]. Investment Recommendations - The report recommends focusing on brands like 361 Degrees, with a noted increase in revenue growth among major sports brands [8][10]. - For the textile manufacturing sector, it suggests tracking the recovery of Nike, which could positively impact overall sector valuations [10].

丨证券研究报告丨 港股研究丨公司点评丨名创优品（9896.HK） [Table_Title] 名创优品 2025Q2 点评：成长和盈利空间重启， 自有 IP 崭露头角 SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 李锦 罗祎 秦意昂 报告要点 [Table_Summary] 2025Q2 公司实现收入 49.66 亿元，同比增长 23%；归母净利润为 4.90 亿元，同比下降 17%， 经调整后净利润为 6.91 亿元，同比增长 11%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 名创优品（9896.HK） cjzqdt11111 [Table_Title 名创优品 2022]5Q2 点评：成长和盈利空间重启， 自有 IP 崭露头角 [Table_Summary2] 事件描述 2025Q2 公司实现收入 49.66 亿元，同比增长 23%；归母净利润为 4.90 亿元，同比下降 17%， 经调整后净利润为 6.91 亿元， ...

Market Overview - Investors are showing caution ahead of the upcoming Federal Reserve meeting, with mixed performance in US stock indices. The Nasdaq rose by 0.44% supported by large tech stocks, while the S&P 500 slightly declined and the Dow Jones fell by approximately 0.6% [1] - Tesla's stock surged by about 7.4%, marking its largest daily increase in nearly three months, with a two-day gain of nearly 14% [1] - Circle's stock dropped by approximately 6.3% as its competitor Tether launched a new stablecoin [1][10] - Vaccine manufacturers saw significant declines, with BioNTech's stock dropping over 10% at one point and Moderna falling by 7.3% [1][27] - Gemini's stock experienced a volatile debut, initially soaring over 60% before closing up 14% [1][10] Cryptocurrency Market - The cryptocurrency market saw a general upward trend, with Bitcoin rising about 2% for three consecutive days, Ethereum breaking out of a near two-week range with a rise of over 6.2%, and Solana increasing by 6.3% [2] Commodity Market - Gold prices increased by 0.27% but retreated after reaching a new high of $3674 per ounce [3] - Oil prices fluctuated, initially dropping before rising by 3.65% from the day's low, although the gains were later reduced [3] Asian Market - The Hang Seng Index rose by 1.7%, with Alibaba reaching a nearly four-year high and Baidu surging by 8%. However, the ChiNext Index fell by over 1% [4] Company News - Nvidia's DGX Cloud business faced setbacks as AI developers resisted high prices [8] - Amazon and Google experienced stock fluctuations amid investigations by US regulators into their search advertising practices [9][19] - Alibaba launched an open-source model, Qwen3-Next-80B-A3B, which significantly reduced training costs and improved inference efficiency [21] - SK Hynix announced a new product that doubles bandwidth and improves power efficiency by over 40% [21] - Morgan Stanley noted that CATL has gained significant market share in the European electric vehicle battery market, solidifying its industry leadership [21] Regulatory and Economic Developments - The US Congress Budget Office revised its economic growth forecast for 2025 down to 1.4% from 1.9% [23] - China's August social financing increased by 2.57 trillion yuan, with new loans of 590 billion yuan and a significant rise in deposits [24]

9月6日9时，在广州海关所属广州车站海关关员的监管下，满载家用电器、服装鞋靴等货物的X9024次 中欧班列从广州国际港驶出，预计20天后抵达土耳其伊斯坦布尔。这是粤港澳大湾区首次开行至土耳其 的中欧班列。 这里的粤企出海合作案例数不胜数。例如，亿航智能与阿拉伯合作，在中东和北非建立首个电动飞机制 造工厂，填补了当地低空交通装备制造的空白；文远知行落户阿布扎比中阿产业园，获得阿联酋首个自 动驾驶路跑牌照，推动当地智能交通产业发展；TCL中环与沙特远景实业合作建设光伏硅片工厂，助力 沙特能源转型，助力沙特实现 "2030愿景"中的能源转型目标。 出海新模式 这是今年以来广东企业联通四海的一个缩影。 根据广州海关数据，今年前8月，广州国际港共开行国际班列233列，发运标箱1.98万个、货值52.09亿元 人民币，开行班列数量占广东省40%，位列广东省内中欧班列站点首位。在全球贸易环境复杂多变、外 部需求持续承压的背景下，广东外贸顶住多重压力，实现稳步增长。 其中，民营企业是当之无愧的外贸"主力军"。数据显示，前8个月，广东民营企业进出口3.99万亿元， 增长4.8%，占进出口总值的64.2%。不仅仅是货物的进出口， ...

据追风交易台，高盛最新发布的中国IP零售与玩具行业跟踪报告显示，8月份行业呈现明显的策略分化态势，这一变化反映了行业从高频数据驱动向基本面 回归的重要转折点。 具体来看，高盛表示，泡泡玛特经历了价格溢价修正，但通过增加产品投放量实现了货币化提升；布鲁可加速产品发布节奏；名创优品自有IP表现亮眼，估 值修复至2025年市盈率高十位数。 高盛同时调整了目标价格：泡泡玛特目标价格为350港元，名创优品上调至29美元/港币56港币（基于20倍2025-26年市盈率），布鲁可下调至港币93港币 （基于22倍2025-26年市盈率）。 高盛基于不同公司的增长前景调整了目标价格，名创优品上调反映了改善的增长前景，从19倍2025年市盈率提升至20倍2025-26年市盈率。布鲁可下调则因 为需要等待新产品线的更多可见性，这些产品线将是未来收益增长的主要支撑。 泡泡玛特：价格溢价修正背后的战略调整 8月份泡泡玛特股价经历波动，主要反映了市场对高频数据放缓的担忧，特别是二级市场价格变化。Labubu Big Into Energy系列溢价有限，迷你Labubu发布 时的溢价也低于前一系列。 关键数据显示战略转变： 迷你Labub ...

对于名创优品，高盛指其估值在第二季业绩超预期后，回升至预测2025年市盈率高十位数(约16倍至19 倍)，这为市场带来更多信心，但认为相较成长展望仍不高。其新推出的自家IP是管理层及投资者关注 焦点。 高盛予泡泡玛特目标价350港元，维持"中性"评级。高盛上调名创优品的12个月目标价，美股从25.3美 元上调至29美元，港股目标价从49港元上调至56港元，维持"买入"评级。 高盛发表研究报告指，泡泡玛特披露上半年业绩后，强劲展望带动股价上升，随后出现波动，认为这反 映了对高频数据放缓的情绪波动，尤其是二手市场价格，认为此修正更多与公司增加货币化相关——例 如，第一批迷你Labubu的释出量明显高于前一系列，这支持盈利增长。高盛相信，强劲盈利仍将为估 值提供一些支持。 ...

报告引述2025年中期业绩，2025H1实现营收93.9亿元/同比+21.1%，经调整净利润为12.79亿元/同比 +3.0%，其中2025Q2实现营收49.7亿元/同比+23.1%，经调整净利润6.9亿元/同比+10.6%。MINISO国 内：门店重回净增，同店单季度转正。2025Q2国内MINISO门店数量净增30家/增量环比+141家，至期 末门店数量4305家/同比+190家，门店数量重回净增;2025Q2国内GMV同店实现低个位数增长，同店表 现边际向好，该行据此估算2025Q2表观单店收入61.1万元/同比+7.87%，2025H1名创国内同店同比下滑 低个位数，根据公司预计名创国内业务全年同店将实现正增长，同店表现将进一步优化;以上两点带动 国内MINISO2025Q2实现营业收入26.2亿元/同比+13.6%，环比持续提升。 国盛证券发布研报称，维持名创优品(09896)"买入"评级，参考公司上半年业绩表现及当下消费环境， 预计2025-2027年营业收入为213.2/254.5/300.0亿元，归母净利润分别为25.9/34.0/41.2亿元。另预计经调 整净利润分别为29.1/35.3/4 ...

报告引述2025年中期业绩，2025H1实现营收93.9亿元/同比+21.1%，经调整净利润为12.79亿元/同比 +3.0%，其中2025Q2实现营收49.7亿元/同比+23.1%，经调整净利润6.9亿元/同比+10.6%。MINISO国 内：门店重回净增，同店单季度转正。2025Q2国内MINISO门店数量净增30家/增量环比+141家，至期 末门店数量4305家/同比+190家，门店数量重回净增;2025Q2国内GMV同店实现低个位数增长，同店表 现边际向好，该行据此估算2025Q2表观单店收入61.1万元/同比+7.87%，2025H1名创国内同店同比下滑 低个位数，根据公司预计名创国内业务全年同店将实现正增长，同店表现将进一步优化;以上两点带动 国内MINISO2025Q2实现营业收入26.2亿元/同比+13.6%，环比持续提升。 智通财经APP获悉，国盛证券发布研报称，维持名创优品(09896)"买入"评级，参考公司上半年业绩表现 及当下消费环境，预计2025-2027年营业收入为213.2/254.5/300.0亿元，归母净利润分别为25.9/34.0/41.2 亿元。另预计经调整净利润分别为2 ...

Core Viewpoint - A designer has accused Miniso of copying their original design for a Harry Potter-themed ring, leading to a lawsuit and highlighting ongoing issues with intellectual property disputes involving the company [1][2][4]. Group 1: Lawsuit and Accusations - The designer, Zavier, has filed a lawsuit against Miniso, claiming that the company's product closely resembles their original design [2][4]. - Miniso has not publicly responded to the allegations as of the time of reporting [2][8]. - The designer provided evidence, including original design drafts and comparison images, to support their claims of similarity in design elements [5][4]. Group 2: Intellectual Property Issues - Miniso is currently involved in 13 legal cases related to intellectual property and unfair competition, with 5 cases specifically concerning design patent infringement and copyright issues, where the company is the defendant [2][11]. - The company has faced multiple accusations of copying designs from other brands, including products similar to Starbucks and Dior, raising concerns about its business practices [9][11]. Group 3: Financial Performance and Business Strategy - In the first half of the year, Miniso reported a revenue increase of 21.1% to 9.393 billion yuan, but net profit attributable to shareholders fell by 22.6% to 906 million yuan [15]. - Despite revenue growth, the number of Miniso stores in mainland China decreased by 81, indicating potential challenges in market expansion [15][16]. - The CEO of Miniso stated a shift in focus from quantity growth to optimizing channel combinations, with a new emphasis on larger store models [16].