Core Viewpoint - MINISO Group Holding Limited Unsponsored ADR (MNSO) is experiencing a decline in stock price, with a recent trading session closing at $19.13, reflecting a -3.58% change from the previous day, which is underperforming compared to the S&P 500 and other indices [1] Company Performance - The upcoming earnings disclosure is anticipated to show revenue of $859.03 million, representing a 33.05% increase from the prior-year quarter [2] - Full-year estimates project earnings of $1.35 per share and total revenue of $3 billion, indicating year-over-year changes of +17.39% for earnings and 0% for revenue [2] Analyst Estimates - Recent adjustments to analyst estimates for MINISO are being monitored closely, as these revisions reflect short-term business trends and a favorable outlook on the company's health and profitability [3] - The Zacks Rank system, which integrates estimate changes, currently ranks MINISO as 3 (Hold), indicating a neutral outlook [5] Valuation Metrics - MINISO is trading at a Forward P/E ratio of 12.64, which is below the industry average of 18.63, suggesting that the stock may be undervalued [6] - The company has a PEG ratio of 1.31, compared to the industry average of 2.09, indicating a more favorable growth expectation relative to its price [7] Industry Context - The Retail - Apparel and Shoes industry, which includes MINISO, holds a Zacks Industry Rank of 50, placing it in the top 21% of over 250 industries, suggesting strong performance potential [8]

Group 1 - The Nasdaq China Golden Dragon Index fell by over 0.5% on January 26 [2] - Miniso Group saw a decline of 4.08% [2] - Zai Lab Limited experienced a drop of 4.36% [2] - Daqo New Energy Corp decreased by 2.80% [2] - Xpeng Motors fell by 2.70% [2] - Baidu Inc. declined by 2.51% [2]

Market Overview - U.S. stock futures are lower, with Dow futures down approximately 0.1% on Monday [1] Revolution Medicines Inc - Shares of Revolution Medicines Inc (NASDAQ:RVMD) fell 26.1% to $87.02 in pre-market trading following reports that Merck (NYSE:MRK) is no longer in talks to acquire the company [1] Erasca Inc - Erasca Inc (NASDAQ:ERAS) experienced a decline of 11.5%, trading at $8.82 in pre-market after announcing the closing of an upsized public offering of common stock [2] BlackRock TCP Capital Corp - BlackRock TCP Capital Corp (NASDAQ:TCPC) saw a decrease of 8.7%, trading at $5.35 in pre-market [2] Ambitions Enterprise Management Co LLC - Ambitions Enterprise Management Co LLC (NASDAQ:AHMA) dipped 7.9% to $28.30 in pre-market trading after a 17% drop on Friday, despite reporting a year-over-year increase in H1 EPS results [2] Regencell Bioscience Holdings Ltd - Regencell Bioscience Holdings Ltd (NASDAQ:RGC) fell 6% to $29.52 in pre-market trading after a 2% gain on Friday [2] Sierra Bancorp - Sierra Bancorp (NASDAQ:BSRR) declined 5.8% to $33.02 in pre-market trading [2] Forward Industries Inc - Forward Industries Inc (NASDAQ:FWDI) declined 4.6% to $7.46 in pre-market trading [2] Argo Blockchain PLC - Argo Blockchain PLC – ADR (NASDAQ:ARBK) fell 3.8% to $4.20 in pre-market trading [2] MINISO Group Holding Ltd - MINISO Group Holding Ltd – ADR (NYSE:MNSO) declined 3.6% to $19.12 in pre-market trading [2] Corvus Pharmaceuticals Inc - Corvus Pharmaceuticals Inc (NASDAQ:CRVS) fell 3.2% to $24.17 in pre-market trading after announcing the closing of an upsized public offering of common stock, generating gross proceeds of approximately $201 million [2]

Core Viewpoint - Miniso (09896.HK) announced a share buyback on January 26, 2026, spending HKD 1.9707 million to repurchase 52,600 shares at a price range of HKD 37.08 to 38 per share [1] Group 1 - The total expenditure for the share buyback was HKD 1.9707 million [1] - The number of shares repurchased was 52,600 [1] - The price range for the repurchase was between HKD 37.08 and 38 per share [1]

Core Viewpoint - Miniso Group (09896) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 52,600 shares at a total cost of HKD 1.9707 million [1] - The buyback price per share ranges from HKD 37.08 to HKD 38.00 [1]

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： 2026年1月26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 ...

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.

Core Insights - The report emphasizes the structural opportunities in both domestic demand and overseas expansion for 2026, particularly focusing on new services and new retail sectors [2][24] - It highlights the positive resonance between policy and fundamentals, suggesting that leading companies in the commercial sector are likely to benefit from policy stimuli and improve their fundamentals [2][4] Domestic Demand - The report identifies new services and new retail as the main lines for domestic demand, with a focus on the marginal changes in the fundamentals of related sub-sectors [2][5] - Specific sub-sectors showing price increase potential include: - **Hotels**: Strong leisure demand and optimized supply structure, with prices expected to remain stable or slightly increase. Recommended companies include Huazhu Group, Jinjiang Hotels, and Shoulv Hotels [2][3] - **Duty-Free**: With the opening of Hainan, the sector is stabilizing, and China Duty Free is highlighted as a key player [2][3] - **Gold and Jewelry**: The report notes a high volatility in gold prices but anticipates improved terminal sales. Recommended companies include Chow Tai Fook and Lao Puhuang [2][3] - **Mother and Baby**: Leading companies are expected to maintain steady growth, supported by favorable policies. Recommended companies include Kidswant and Aiyingshi [2][3] Sub-Sectors Driven by Volume Growth - The report suggests focusing on the Consumer Price Index (CPI) for sectors primarily driven by volume growth: - **Supermarkets**: CPI increases are beneficial for same-store sales, with a shift in focus from store adjustments to supply chain reforms. Recommended companies include Yonghui Superstores and Jiajiayue [3][5] - **Tourism**: The report highlights the potential for expansion and asset integration in the tourism sector, recommending companies like Jiuhua Tourism and Changbai Mountain [3][5] - **Dining**: Emphasizes refined operations and incentives for leading companies, with recommendations including Yum China and Haidilao [3][5] - **Tea Drinks**: The report notes that delivery subsidies may impact pricing, with store openings expected to drive growth. Recommended companies include Mixue and Gu Ming [3][5] Overseas Expansion - The report indicates that leading companies with high barriers to entry are expected to continue showing strong performance in overseas markets, with a focus on brand building and diversified destinations [4][24] - Recommended companies for overseas expansion include: - **Small Commodity City** and **Miniso**: Both are noted for their strong performance and brand development [4][24] - **Anker Innovations** and **Sumida**: Highlighted for their competitive advantages in specific segments [4][24] Investment Recommendations - The report suggests that for 2026, investors should focus on sectors benefiting from policy support and those with strong performance certainty in overseas markets [5][24] - It emphasizes the importance of monitoring the recovery of volume in certain sectors while maintaining a cautious approach to pricing stability [5][24]

来源：中国企业家杂志 2025年是中国IP的元年，潮玩IP行业的竞争亦刚处于起步阶段。 文｜《中国企业家》记者 李欣 编辑｜米娜 头图来源｜受访者 2025年，中国的文化IP在全球范围内，以前所未有的广度和深度"刷屏"，迎来了最好的时代。 名创优品集团创始人、董事会主席兼首席执行官叶国富给出了"2025年是中国IP元年"的结论，并将"IP战略"正式提升为集团级战略。 围绕这一目标，2026年名创优品将聚焦"做好自有IP，开好店"这两件事。基于此，叶国富强调要将80%的店铺重新升级，实现"腾笼换鸟"，并称这是名创 优品未来几年必须完成的事。 站在新节点上，挑战的复杂度被拉到前所未有的量级，对叶国富而言，接下来将是一场硬仗。 以下为文章核心要点： 1.观察可复制、可放大的"超级IP"，在全球都有同一套底层逻辑：先靠明星、达人引爆，再用电影或故事把生命力拉长。 2.名创优品形成了一套完整的自有IP打法：先让IP形象落地成产品，上架跑销售数据，经过数据验证后，立刻启动社媒种草、明星带货等多元推广；热度 起来后，再为它做内容，写剧本、编故事，未来走向电影化也不是不可能。 3.对内部就强调八个字：腾笼换鸟、脱胎换骨。这体 ...

Group 1 - The Nasdaq China Golden Dragon Index increased by over 2% [1] - Popular Chinese concept stocks generally rose, with Bilibili up 6.74%, Baidu up 6.59%, and GDS Holdings up 4.98% [1] - Other notable gains include Kingsoft Cloud rising by 4.14% and Miniso increasing by 4.06% [1] Group 2 - Legend Biotech experienced a significant decline, falling by 10.76% [1] - NetEase and Luckin Coffee both dropped nearly 3% [1] - Amer Sports saw a decrease of 1.63% [1]