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，並明確表示概不就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） 調整股票掛鈎證券及看漲期權價差行使價 茲提述名創優品集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）日 期為2025年1月7日有關發行股票掛鈎證券及訂立上限認股權證的公告（「該公告」） 及日期為2025年4月24日有關因派發截至2024年12月31日止財政年度末期股息而 調整股票掛鈎證券及看漲期權價差行使價的公告。本公告所用詞彙與該公告所界 定者具有相同涵義。 茲進一步提述本公司日期為2025年8月21日的公告，內容有關董事會批准就截至 2025年6月30日止六個月派發中期現金股息，金額為每股美國存託股0.2896美元 或每股0.0724美元（「2025年中期股息」）。 調整股票掛鈎證券行使價 根據股票掛鈎證券的條款及條件規定的調整條文，由於2025 ...

Group 1: Company Overview - TOP TOY, a潮玩 brand under Miniso Group, recently received investment from Temasek, resulting in a post-investment valuation of approximately HKD 10 billion [1] - Established in December 2020, TOP TOY positions itself as a "global潮玩 collection store," offering over 10,000 SKUs across eight categories, with price ranges from 39 yuan to tens of thousands [1] - The company has adopted a dual-driven model of "licensed IP + original IP," with significant growth expected from its exclusive IP "Nommi糯米儿," projected to generate over 1 billion yuan in revenue across all channels in 2024 [1] Group 2: Industry Growth - The潮玩 market in China is in a rapid growth phase, with projections indicating that the industry scale will reach 110.1 billion yuan by 2026 [2] - A preliminary "IPO ladder" is forming in the潮玩 industry, with brands like 布鲁可 and 卡游 making significant strides towards public offerings, attracting substantial investor interest [2] - 布鲁可's IPO was notably successful, achieving a subscription rate of 6000 times during its offering phase, while 卡游 is expected to surpass 10 billion yuan in revenue in 2024 [2] Group 3: International Expansion - Leading潮玩 companies are prioritizing international expansion, with 泡泡玛特 establishing a localized global operation since 2018, achieving overseas revenue of 5.593 billion yuan in the first half of 2025, a year-on-year increase of 439.6% [3] - TOP TOY is expanding into Southeast Asia through a dual model of "store-in-store + independent stores," with its搪胶毛绒 series contributing 35% to overseas sales in Q1 2025 [3] - 布鲁可's overseas revenue share increased from 2% in 2024 to over 1 billion yuan in the first half of 2025, representing 8.3% of total revenue [3]

Group 1 - MINISO LAND global flagship store in Nanjing East Road achieved record sales of over 14 million yuan in July, marking the highest monthly performance [1] - The store attracts ten times the foot traffic compared to regular stores, benefiting from its location and tourist consumption advantages [1] - The store has generated over 100 million yuan in sales within just nine months of its opening [1] Group 2 - Huangpu District's GDP is projected to reach 334.4 billion yuan by the end of 2024, with an average annual growth rate of approximately 4.5% during the 14th Five-Year Plan [5] - Huangpu is actively promoting the transformation and upgrading of major commercial areas, including Nanjing Road, Huaihai Road, and Yuyuan, to attract younger consumers [5] - The First Department Store has successfully introduced "two-dimensional" retail concepts, achieving daily sales of 50,000 to 60,000 yuan per cabinet, exceeding expectations [5][7] Group 3 - The First Department Store has developed various themed areas, including the "Kawaii Dimension Street," to enhance its appeal to younger demographics [7] - The introduction of high-energy flagship stores and experience stores has led to the opening of 919 new retail locations in Huangpu since the start of the 14th Five-Year Plan [9] - The TOP TOY flagship store opened in Nanjing East Road, attracting over 30,000 visitors on its opening day and generating sales exceeding 1.08 million yuan [9][11] Group 4 - The TOP TOY store features a unique business model combining "trendy toy launches, artistic experimentation, and cross-border social interaction" to create a vibrant consumer experience [11] - The store has adjusted its operating hours to accommodate high foot traffic, with an average daily visitor count exceeding 20,000, including over 20% international tourists [13] - Huangpu aims to further explore youth economy and inbound consumption to unlock additional consumer potential [13]

Group 1 - The core viewpoint of the news is the strategic partnership between MINISO and COSMAX, focusing on innovation and technology in the skincare sector through the establishment of a joint laboratory [1][5]. - The collaboration aims to address the increasingly refined consumer demands for skincare products, emphasizing safety, user experience, and skin compatibility [3]. - The joint laboratory will concentrate on research directions such as "moderate cleansing" and "skin-specific customization," leading to the development of the "MINISO Balance Cleansing Series" products, which have received positive consumer feedback [3][5]. Group 2 - COSMAX, founded in 1992 in South Korea, is recognized for its R&D capabilities and production technology, enhancing the quality and reputation of skincare products developed through this partnership [5]. - In 2022, MINISO collaborated with experts from Shanghai Jiao Tong University School of Medicine to research mechanisms related to sensitive skin and pigmentation, resulting in the launch of products like Vitamin B5 Soothing Cream and Whitening Essence [6]. - By early 2025, MINISO plans to launch the "High Mountain Source Centella Asiatica Special Care Series," developed in collaboration with Jinan University, targeting sensitive skin and post-aesthetic treatment care [8]. Group 3 - The partnership aims to create a robust "industry-academia-research" innovation mechanism, allowing for rapid market response and precise supply while maintaining quality standards [10]. - MINISO's founder emphasizes the importance of returning to the essence of retail, focusing on serving consumer desires for a better life, which is reflected in the company's commitment to developing high-quality skincare products [10].

Core Insights - The article discusses the competitive landscape of the IP consumption sector in China, focusing on two leading companies: Pop Mart and Miniso [1][2]. Group 1: Company Overview - Pop Mart is recognized as a dominant player in the IP consumption market, with its core IP, Labubu, becoming a national sensation [2][10]. - Miniso has transformed from a discount retailer to an IP derivative product store, indicating a significant shift in its business model [3][4][6]. Group 2: Market Position and Financial Performance - As of mid-2025, Pop Mart's market capitalization exceeds HKD 400 billion, while Miniso's is around HKD 60 billion, indicating a valuation disparity of 7-8 times [8][9]. - Pop Mart reported a revenue of CNY 13.8 billion and a net profit of CNY 4.7 billion in the first half of 2025, with a profit growth rate of 362% year-on-year [12]. - Miniso achieved a revenue of CNY 9.3 billion and an operating profit of CNY 1.27 billion in the same period, reflecting a 3.4% year-on-year growth [14]. Group 3: Business Models - Pop Mart's business model is primarily driven by its proprietary IP, with 88% of its sales coming from self-owned IP [23]. - Miniso has been following a "borrowed" approach by licensing well-known international IPs, which incurs high costs and limits its originality [16][18]. Group 4: Future Strategies - Miniso is shifting towards a self-owned IP strategy, with plans to leverage its extensive global store network of 7,600 locations to test market acceptance of new IPs [32][35]. - The company has recently opened large IP experience stores, named "Miniso Land," in major urban centers, focusing solely on IP products [41][44]. Group 5: Market Trends and Globalization - Both companies have a high degree of globalization, with overseas revenue accounting for approximately 40% of total income, a figure expected to rise in the coming years [55][56]. - The article emphasizes the growing cultural and spiritual consumption attributes of the IP sector, moving beyond traditional price competitiveness [57][58].

Core Insights - Recent financial reports from various companies indicate that overseas business has become a key driver of growth across multiple industries, with many firms experiencing significant revenue increases from international operations [2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20]. Group 1: Company Performance - Pop Mart reported its best-ever performance with revenue expected to exceed 30 billion RMB for the year, driven by a 204.4% increase in H1 revenue to 13.8763 billion RMB [2][13]. - Tencent's Q2 revenue grew by 15% to 184.5 billion RMB, with international game revenue increasing by 35% [3]. - JD's Q2 net revenue reached 356.7 billion RMB, a 22.4% year-on-year increase, although net profit decreased to 6.2 billion RMB [4]. - Kuaishou's Q2 revenue grew by 13.1% to 35 billion RMB, with overseas revenue increasing by 20.5% [9]. - Baidu's total revenue for Q2 was 32.7 billion RMB, with core revenue of 26.3 billion RMB, marking a 35% increase [10]. Group 2: International Expansion - JD Logistics expanded its overseas warehouse network, operating over 130 warehouses across 23 countries, enhancing its global supply chain capabilities [5]. - Luckin Coffee opened 2 new stores in New York as part of its international strategy, with total revenue for Q2 reaching 12.359 billion RMB, a 47.1% increase [11]. - Xiaomi's revenue for Q2 was 116 billion RMB, with 31.6% coming from international markets, primarily Europe and India [12]. - Miniso's overseas revenue grew by 29.4% to 3.534 billion RMB, with a total of 3,307 stores globally [14][15]. - Mx Ice City has established over 53,000 stores globally, with 4,733 located overseas, achieving a 39.3% revenue growth [16]. Group 3: Industry Trends - The trend of companies diversifying their revenue streams through international markets is evident, with many firms reporting double-digit growth in overseas sales [2][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20]. - The solar energy sector, despite facing challenges, has seen some leaders like CATL report a 34.22% increase in overseas revenue [17]. - The automotive industry, represented by Geely, reported a 27% increase in total revenue, with a focus on expanding its global market presence [19][20].

Core Insights - Chinese companies are actively expanding into global markets through cultural, channel, and product strategies, gaining recognition from overseas consumers [1][3] - The number of outbound enterprises in China has exceeded 700,000, marking a new wave of globalization as businesses venture into emerging markets like the Middle East and Africa [3] - The globalization process for Chinese companies can be divided into three key stages: product export, brand export, and globalization, with the latter being the ultimate goal [3] Group 1: Globalization Strategies - Leading companies have entered the "global organization stage," establishing global R&D, production, and marketing networks, leveraging digital tools for resource and information integration [3] - Companies like Bawang Tea Ji are utilizing platforms like Feishu to enhance understanding of Eastern culture among global employees, with over 70,000 partners engaged in a dedicated community [3][4] - Miniso has improved operational efficiency by 50% in Indonesia by utilizing Feishu's multi-dimensional forms for store expansion processes [4] Group 2: Compliance and Support - Feishu has invested billions in compliance measures to meet global data privacy and security regulations, ensuring data residency and transmission align with local laws [5] - Feishu announced partnerships with eight companies in South China to support their outbound efforts, emphasizing the need for collaboration in management, agility, and security [5] - The company aims to enhance efficiency for enterprises going global through effective integration with ecosystem partners [5]

Core Insights - MINISO has launched its first MINISO LAND store in South China, marking a significant step in its strategy to deepen its channel development and enhance the cultural and consumer landscape in Guangzhou [1][3][4] Group 1: Store Launch and Design - The MINISO LAND store integrates over 100 global IPs and features a unique design that preserves traditional Lingnan architectural elements while incorporating modern trends and dynamic displays [2][4] - The store attracted over 10,000 visitors on its opening day, showcasing its potential as a landmark for consumer engagement in the Beijing Road business district [3] Group 2: Cultural and Economic Impact - The store's opening is part of a broader strategy to revitalize old resources in the region, transforming underutilized properties into vibrant consumer spaces [2][6] - MINISO aims to contribute to Guangzhou's development as an international consumption center through innovative cultural and commercial integration [1][4][6] Group 3: Business Model and Strategy - The MINISO LAND concept exemplifies the company's innovative approach, combining "super IP + super store + super experience" to create a comprehensive consumer engagement model [5][6] - The store features a high percentage of IP products, with IP sales accounting for 84.43% during the trial operation, validating the effectiveness of the IP + scene business model [4][5] Group 4: Future Prospects - MINISO plans to expand its MINISO LAND concept across major cities, leveraging interest-based consumption to redefine the future of retail spaces [6][7] - The company is positioned as a key player in the cultural and commercial landscape, providing a replicable model for other Chinese retail brands aiming for global reach [6][7]

Core Viewpoint - MINISO has officially entered the competitive market of trendy IP toys, joining the ranks of major players like Pop Mart, driven by the concept of "interest consumption" proposed by its founder Ye Guofu in 2020 [2][3][5] Financial Performance - MINISO's stock price surged over 30% following the release of its financial report, which showed a revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, and an adjusted net profit of 1.278 billion yuan, up 3% [9][10] - The second quarter revenue reached 4.97 billion yuan, a 23.1% increase, exceeding the previous guidance of 18%-21% [9][12] - The gross profit margin improved to 44.3%, up 0.4% year-on-year, attributed to a higher proportion of overseas revenue and optimized IP product structure [12][15] Strategic Initiatives - Ye Guofu announced the signing of nine artist IPs, indicating a dual-driven strategy focusing on both international and proprietary IPs [4][5] - The company aims to enhance its self-owned IP, which is seen as a critical strategy for future growth [5][15] - The TOPTOY brand has shown rapid growth, with second-quarter revenue increasing by 80% to 400 million yuan, and a recent strategic financing round led by Temasek valuing it at approximately 10 billion HKD [7][12] Market Positioning - MINISO's overseas revenue now accounts for 39% of total income, with significant growth in markets like the U.S. and Southeast Asia [9][10] - The company has established over 3,000 overseas stores, positioning itself to capitalize on the global trend of trendy toys [7][10] - The launch of MINISO SPACE in high-end commercial areas like Nanjing Deji Plaza aims to enhance brand visibility and consumer experience [20][22][24] Consumer Engagement - The MINISO SPACE concept integrates high-end commercial spaces with trendy IPs, creating an immersive shopping experience that appeals to younger consumers [24][26] - The store's design and layout focus on interactive and experiential retail, aiming to resonate with the target demographic [24][26]

Core Insights - MINISO has officially entered the潮玩 (trendy toy) IP market, signaling a strategic shift from a retail company to an IP operation platform [3][5][15] - The company's Q2 revenue increased by 23.1% year-on-year to 4.97 billion yuan, with adjusted net profit rising by 10.6% to 690 million yuan [5][6] - The rise in stock prices, with a 6.38% increase in the US market and a 20.58% surge in Hong Kong, reflects strong market confidence in MINISO's new direction [6][19] Strategic Leap - MINISO's transformation involves a dual approach of leveraging top-tier licensed IPs and developing proprietary IPs, enhancing its market position [14][15] - The company has collaborated with over 150 globally recognized IPs, including Disney and Hello Kitty, since 2016, significantly boosting its brand value [10][11] - The launch of MINISO LAND stores, which provide immersive shopping experiences, has contributed to substantial sales growth, with one store achieving over 100 million yuan in sales within nine months [16][17] Value Reconstruction - MINISO's self-owned IP development has become a key focus, with successful launches like the "吉福特家族" series generating over 200 million yuan in sales [12][15] - The company has established a comprehensive global supply chain and channel operations, allowing for effective IP value release [15][16] - The strategic shift towards self-owned IPs is expected to enhance MINISO's valuation, potentially aligning it with the success of competitors like Pop Mart [19][20] Future Outlook - The潮玩 market is anticipated to grow significantly over the next decade, driven by consumer demand for emotional value over functional attributes [20][25] - MINISO and Pop Mart are positioned to jointly promote Chinese潮玩 culture globally, expanding the consumer base and market education [21][22] - The evolution of MINISO from a retail-focused entity to an IP ecosystem platform reflects a broader trend in the Chinese market, moving from low-cost manufacturing to cultural premiumization [24][25]