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 ...

Daily Spotlight 22 August 2025 Michael MENG (852) 3988 6433 michael.meng@bocigroup.com Index Performance | | Last close | % 1D | % YTD | | --- | --- | --- | --- | | HSI | 25,105 | (0.2) | 25.1 | | HSCEI | 8,975 | (0.4) | 23.1 | | HSCCI | 4,360 | 0.3 | 15.3 | | MSCI HK | 13,388 | (0.0) | 26.7 | | MSCI CHINA | 82 | (0.0) | 26.4 | | FTSE CHINA A50 | 14,465 | 0.5 | 7.0 | | CSI 300 | 4,288 | 0.4 | 9.0 | | TWSE | 23,962 | 1.4 | 4.0 | | SENSEX | 81,858 | 0.3 | 4.8 | | NIKKEI 225 | 42,610 | (0.6) | 6.8 | | KOSPI | ...

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。 ...

全球医药全产业链代表：恒生医药ETF（159892） 汇集中国AI科技概念公司：恒生互联网ETF（513330） 港股核心宽基：恒生ETF（159920） AI+平台经济：恒生科技指数ETF（513180） 网罗港股消费核心资产：港股消费ETF（513230） 8月22日，港股新消费概念股走强，名创优品涨超19%，小鹏汽车涨超11%，蔚来涨超7%。个股方面， 昨晚公布业绩的名创优品今日大涨，盘中一度涨超20%，报47.16港元，股价创今年1月以来新高。成分 股包含泡泡玛特、名创优品等港股潮玩龙头的港股消费ETF（513230），午盘保持强势，现涨近1.5%。 招商策略认为，展望后市，仍然对港股市场保持乐观态度。截至目前数据，港股中报盈利向好，业绩预 喜率创三年来新高，"新经济"含量更高的港股盈利或先于A股持续改善。在前几次牛市中港股指数高度 略逊于A股，所以在本轮配置时，建议聚焦与A股存在差异化的方向，节奏上建议先创新药（流动性宽 松+BD数据持续向好），再互联网（外卖大战拐点出现），最后新消费（宏观经济与盈利拐点出现）。 值得关注的标的： （文章来源：每日经济新闻） ...

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%。 ...

截至2025年中报，名创优品营业总收入93.93亿元、净利润9.06亿元。 8月22日，名创优品(09896)盘中上涨20.02%，截至10:49，报46.88元/股，成交13.64亿元。 名创优品集团是一家全球领先的生活家居零售商，旗下拥有名创优品和TOP TOY两大品牌。截至2021 年，名创优品门店网络的产品GMV总额约为人民币180亿元（28亿美元），使其成为全球最大的自有品 牌生活家居综合零售商。 本文源自：金融界 作者：行情君 8月21日，公司以每股37.8-38港元回购1.6万股,回购金额60.7万港元。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 52.46 [2]. Core Insights - The report highlights a clear inflection point in Q2 performance, driven by the effectiveness of the large store strategy and the positive turnaround in same-store sales, alongside the initiation of the proprietary IP strategy [11][8]. - The company expects a revenue growth rate of over 25% for the full year, with adjusted operating profit projected to reach between RMB 36.5 billion and RMB 38.5 billion [8]. Financial Performance - Q2 revenue increased by 23.1% year-on-year to RMB 4.97 billion, exceeding previous guidance of 18-21% [11]. - The operating profit for Q2 rose by 11.3% year-on-year to RMB 840 million, also surpassing prior guidance [11]. - Gross margin reached a new high of 44.3%, up 0.6 percentage points year-on-year [7]. - Adjusted net profit margin decreased by 1.6 percentage points to 13.9% in Q2 [7]. Revenue and Profit Forecasts - Revenue forecasts for 2025-2027 have been raised by 3.7% for each year, now projected at RMB 214.7 billion, RMB 256.6 billion, and RMB 303.6 billion respectively [9]. - Adjusted net profit forecasts remain cautious at RMB 29.9 billion, RMB 37.3 billion, and RMB 45.7 billion for 2025-2027 [9]. Strategic Initiatives - The company is shifting its growth strategy from rapid store expansion to enhancing store efficiency through large store formats and refined operations [11]. - The proprietary IP strategy aims to leverage global channels for IP promotion, enhancing product-channel-operations integration [8]. Market Position and Valuation - The company’s current market capitalization is HKD 48.537 billion, with a closing price of HKD 39.06 as of August 21 [2]. - The report suggests a cautious approach to profitability due to the lower margins from overseas direct operations and TOPTOY revenue contributions [9].