证券时报·数据宝统计，名创优品在港交所公告显示，12月30日以每股36.400港元至37.060港元的价格回 购32.54万股，回购金额达1192.28万港元。该股当日收盘价36.800港元，下跌0.27%，全天成交额1.22亿 港元。 | 2025.07.23 | 5.84 | 34.500 | 34.050 | 199.52 | | --- | --- | --- | --- | --- | | 2025.07.22 | 5.82 | 34.600 | 33.950 | 199.37 | | 2025.07.21 | 5.72 | 35.600 | 34.600 | 199.40 | | 2025.07.18 | 5.70 | 35.350 | 34.600 | 199.43 | | 2025.07.17 | 5.74 | 35.100 | 34.600 | 199.74 | | 2025.07.16 | 5.68 | 35.950 | 34.900 | 199.92 | | 2025.07.15 | 5.66 | 35.850 | 34.600 | 199.47 | | 2025.07.14 | 5.6 ...

智通财经APP讯，名创优品(09896)发布公告，于2025年12月30日，该公司斥资1192.28万港元回购32.54 万股股份，每股回购价格为36.4-37.06港元。 ...

格隆汇12月30日丨名创优品(09896.HK)公告，12月30日耗资1192.3万港元回购32.54万股，每股回购价 36.4-37.06港元。 ...

公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年12月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 ...

名创优品（09896）发布公告，于2025年12月29日该公司斥资24.64万美元回购5.13万股，回购价格为每 股4.7825-4.8250美元。 来源：新浪港股 ...

智通财经APP讯，名创优品(09896)发布公告，于2025年12月29日该公司斥资24.64万美元回购5.13万股， 回购价格为每股4.7825-4.8250美元。 ...

格隆汇12月30日丨名创优品(09896.HK)公告，12月29日耗资24.64万美元回购5.13万股，每股回购价 4.7825-4.825港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年12月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | ...

Core Insights - The financial structure of American consumers is under significant strain, with 37% unable to handle a $400 emergency, indicating a precarious financial situation despite seemingly high incomes [2][8] - In contrast, Chinese consumers exhibit a more flexible spending structure, with a higher proportion of disposable income available for discretionary spending, leading to different consumption behaviors [7][13] Group 1: American Consumer Spending - In the U.S., consumer spending is largely driven by obligations, with essential expenses like housing, transportation, and healthcare consuming over 70% of income, leaving little room for discretionary spending [5][6] - The rising costs of healthcare are particularly burdensome, with average family insurance premiums reaching $26,993 annually, which can significantly impact disposable income [5][6] - The perception of strong consumer spending in the U.S. is misleading, as much of it is tied to rigid expenses rather than discretionary choices [6][8] Group 2: Chinese Consumer Spending - Chinese consumers have a more balanced spending structure, with only 50-55% of income tied to essential expenses, allowing for greater flexibility in discretionary spending [7][8] - Recent data shows that while physical goods consumption is weakening, service consumption is on the rise, indicating a shift in consumer priorities towards experiences rather than ownership [9][12] - The high savings rate in China, estimated at 32.4%, provides a buffer for consumers, allowing them to wait for compelling reasons to spend rather than being forced to spend due to obligations [8][15] Group 3: Investment Implications - Companies reliant on impulsive spending may face challenges as consumers become more budget-conscious, while those with stable cash flows and strong user engagement may be undervalued in the current market [10][11] - Certain sectors, such as experience-based consumption and value-driven products, are likely to benefit from the current consumer behavior shift, as consumers prioritize spending on experiences and affordable options [11][12] - The distinction between passive market declines and active consumer retrenchment is crucial for investment strategies, as the latter may indicate potential for recovery given the substantial savings available [9][13]

名创优品回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.29 | 32.06 | 38.480 | 36.740 | 1195.06 | | 2025.12.24 | 5.26 | 37.820 | 37.060 | 196.11 | | 2025.12.23 | 5.26 | 38.000 | 37.640 | 198.92 | | 2025.12.19 | 2.70 | 38.000 | 37.600 | 102.06 | | 2025.12.18 | 31.54 | 38.200 | 37.900 | 1199.16 | | 2025.12.15 | 25.66 | 39.240 | 38.620 | 999.43 | | 2025.12.12 | 26.02 | 38.680 | 37.800 | 1000.67 | | 2025.12.11 | 5.26 | 38.000 | 37.160 | 198.25 | | 2025.12.10 | 5.2 ...