8月21日晚间，名创优品发布2025年中报。今年上半年，名创优品实现收入93.93亿元，同比增长 21.1%；期内利润则下降至9.06亿元，同比减少23.1%。近日，南京德基广场的MINISO SPACE全球首店 开业，开业首日推出的WAKUKU新品手办两小时售罄，持续保持"周周上新"节奏。在社交平台上，该 名创优品门店成为南京德基广场新晋"必打卡地"。名创优品会是下一个泡泡玛特吗？记者实探门店，并 采访了专家。 沉浸式首店吸引年轻人打卡消费 8 月 24 日，扬子晚报/紫牛新闻记者在南京德基广场的MINISO SPACE全球首店看到，这家将潮玩与艺 术展览结合的门店，成为年轻人热衷的打卡地。哆啦 A 梦、蒙奇奇、Hello kitty、布丁狗、美乐蒂、 chiikawa、草莓熊、哈利·波特、菲力猫、……大量潮玩IP 云集，关键是推出了多款" 德基限定"首发 的 限量产品，带来许多新鲜感。 这不仅是一家商店，而是"展览—体验—零售"的沉浸式空间。门店内设有Chiikawa主题小火车、迪士尼 海盗船等艺术装置，通过霓虹灯光与巨型公仔营造"拍照友好场景"，顾客拍照后上传社交平台，强化社 交传播属性。 "妈妈，这是 ...

Group 1 - Louis Vuitton opened its first independent perfume and beauty boutique in Nanjing, China, with a new lipstick series priced at 1200 yuan and a replacement core at 510 yuan, launching on August 25 [2] - Sporty & Rich launched a limited-time pop-up space "WELLNESS CLUB" in Shanghai, inspired by California's native ecology, promoting a lifestyle of health and self-care [4] - Pas Normal Studios opened its flagship store in Shanghai, focusing on community interaction and cycling culture, following its first store in Beijing [6] Group 2 - TWOI Design Lab opened its first store in Shanghai, targeting young women with a "cream style" aesthetic, offering clothing, shoes, and accessories [7] - TravelDepot plans to open its first global flagship store in Hangzhou, covering 300-500 square meters, focusing on travel-related products and services [10] - ONE MOMENT opened its first store in Chengdu, featuring a modern retro style aimed at young women [14] Group 3 - Anta's first "Rizhao Jinshan" themed store opened in Shenyang, showcasing outdoor and all-weather apparel across three floors [18] - Decathlon responded to rumors of selling 30% of its Chinese subsidiary, emphasizing its commitment to long-term development in China [20] - Pandora announced plans to close 100 stores in China, expanding its initial plan to close 50 stores due to declining sales [22] Group 4 - Xianyu opened its first circular store in Shenzhen, integrating resale and recycling into its business model [21] - Hema Fresh opened four new stores in China, with plans to open nearly 100 more this fiscal year [23] - Aldi is entering the Nanjing market with its first store [24] Group 5 - JD's discount supermarket opened its first store in Zhuozhou, featuring over 5000 high-quality products and plans for rapid expansion [27] - JD's Seven Fresh Food MALL plans to expand nationwide after successful operations in Harbin [28] - TOP TOY completed a new round of financing led by Temasek, achieving a valuation of 10 billion HKD [29] Group 6 - Lao Pu Gold reported a 249.4% increase in sales revenue for the first half of 2025, with an average sales performance of approximately 4.59 billion yuan per store [32] - Pop Mart's revenue for the first half of 2025 reached 138.8 billion yuan, exceeding the total revenue for 2024 [33] - Miniso's revenue for the first half of 2025 was 93.93 billion yuan, with a net profit increase of 11% [34] Group 7 - Amer Sports reported a 42% revenue increase in the Greater China region for Q2 2025 [35] - Li Ning's revenue for the first half of 2025 grew by 3.3% to 148.2 billion yuan [37] - Xtep Group's revenue for the first half of 2025 increased by 7.1% to 68.38 billion yuan [38] Group 8 - Estée Lauder's net sales for the 2025 fiscal year declined by 8%, marking the third consecutive year of decline [39] - Walmart China reported a 30.1% increase in net sales for Q2 2026, with e-commerce sales growing by 39% [41] - Authentic Brands Group announced the acquisition of Guess for 1.4 billion USD, including debt [42]

公司发布 2025 上半年业绩公告。2025H1 公司实现营业收入 93.9 亿元，同比增长 21.06%，实现 净利润 9.06 亿元，同比下滑 23.1%，实现经调整归母净利润 12.8 亿，同比增长 3%。2025Q2 公司 实现营业收入 49.66 亿元，同比增长 23%，实现净利润 4.9 亿元，同比下降 16.67%，实现经调整 净利润 6.9 亿元，同比增长 10.6%。调整项主要包含收购永辉股权的银行贷款的利息开支、与股 票挂钩证券有关的利息开支以及分占永辉亏损等。 ► 25Q2 收入增长环比提速，国内及海外同店持续向好 证券研究报告|港股公司点评报告 [Table_Date] 2025 年 08 月 25 日 [Table_Title] Q2 盈利能力环比改善，发力自有 IP 矩阵 [Table_Title2] 名创优品(9896.HK) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 9896 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价(港元)： | 51.05/25.05 | | 目标价格(港元 ...

Core Insights - Watsons is attempting to regain its position in the beauty retail industry after being marginalized, focusing on three core strategies: scenario reconstruction, user operation, and regional penetration [1] - The success of Watsons' turnaround depends on breakthroughs in supply chain localization, user experience reconstruction, and organizational agility [1] - The company faces significant challenges from both internal path dependencies and external competition from new market entrants [1] Strategy and Market Position - In the first half of the year, Watsons launched multiple offline consumption scenarios targeting men's, children's, and health categories, expanding beyond its traditional focus on women aged 18 to 45 [2] - Watsons plans to establish men's sections in 300 stores nationwide and aims to attract young families by focusing on children's products [2] - The company has ambitious sales goals, aiming for a threefold increase in health product sales within three years [4] Operational Changes - Watsons is redefining the value of its physical stores by integrating them into a more efficient new retail model, which includes a concept called "back-end stores" for order processing [6][9] - The number of back-end stores is projected to increase from 131 at the end of 2024 to 394 by mid-2025 [6] - The company is also focusing on improving delivery efficiency and store productivity, with plans to extend its reach to community stores within a 15-minute radius of consumers [9] Historical Context and Challenges - Watsons was once a retail leader but has seen declining revenue since 2015 due to the rise of e-commerce and new beauty retail formats [10][11] - The company has struggled to adapt to the changing competitive landscape, with its market share eroded by online platforms and new beauty stores that offer immersive experiences [11][13] - Watsons' previous attempts at online integration have been hampered by issues in traffic, supply chain, and logistics [9][16] Competitive Landscape - Watsons faces intense competition from new beauty brands and retail formats, such as HARMAY and MINISO, which have successfully captured market share with innovative approaches [11][20] - The overlap in target demographics between Watsons and competitors like MINISO highlights the need for Watsons to enhance its value proposition [20] - The competition is characterized by a clash of retail paradigms: Watsons' traditional model versus the agile, supply chain-driven strategies of newer entrants [22]

Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [5] Core Views - MINISO's same-store sales in China showed significant improvement in Q2 2025, indicating a turning point in operations [6][14] - The company reported Q2 2025 revenue of 4.966 billion yuan, a year-on-year increase of 23.1%, and an adjusted net profit of 0.692 billion yuan, up 10.6% year-on-year [7][9] - For the first half of 2025, MINISO achieved revenue of 9.393 billion yuan, a 21.1% increase year-on-year, with an adjusted net profit of 1.279 billion yuan, growing 3.0% year-on-year [9] Financial Performance - In Q2 2025, MINISO's adjusted net profit margin was 13.9%, down 1.6 percentage points year-on-year, while the first half of 2025 saw a net profit margin of 13.6%, down 2.4 percentage points year-on-year [9][11] - The gross margin for the first half of 2025 was 44.3%, reflecting a slight increase of 0.6 percentage points year-on-year [11] - The company’s operating cash flow for the first half of 2025 was 1.014 billion yuan, aligning closely with net profit [13] Business Segmentation - Domestic revenue for MINISO in H1 2025 was 5.115 billion yuan, a year-on-year increase of 11.4%, with same-store sales showing low single-digit growth in Q2 2025 [10] - Internationally, MINISO's revenue reached 3.534 billion yuan in H1 2025, a 29.4% increase year-on-year, although same-store sales declined slightly in Q2 2025 [10] - The TOP TOY segment reported H1 2025 revenue of 742 million yuan, a remarkable 73.0% increase year-on-year [10] Future Projections - The report forecasts MINISO's revenue for 2025-2027 to be 21.216 billion, 25.799 billion, and 30.633 billion yuan respectively, with net profits projected at 2.606 billion, 3.464 billion, and 4.239 billion yuan [14][16] - The expected P/E ratios for 2025-2027 are 17.0, 12.8, and 10.4 respectively, indicating a favorable valuation outlook [14][16]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential stock price increase of over 15% within the next six months [5]. Core Views - The company has exceeded expectations in its H1 2025 performance, with revenue reaching 4.966 billion yuan in Q2 2025, a 23.1% increase year-on-year, and an adjusted net profit of 6.92 million dollars, reflecting a slight decline in profit margins [1]. - The report highlights the recovery of same-store sales in mainland China and significant growth opportunities in the North American market, which is expected to be a major growth driver due to its large population and high per capita income [1][2]. - The company is focusing on a large store strategy and localized operations overseas, which has shown positive results in the U.S. market, with same-store sales turning positive in Q2 2025 [2]. - The company is increasing its investment in IP, particularly in artist IP, which is expected to drive sales growth significantly in the coming years [3]. Financial Summary - For H1 2025, the company reported revenue of 9.393 billion yuan, a 21.1% increase year-on-year, with an adjusted net profit of 1.279 billion yuan, showing a slight year-on-year increase [1]. - The financial projections for 2025-2027 indicate revenues of 21.242 billion yuan, 25.574 billion yuan, and 29.407 billion yuan respectively, with corresponding net profits of 2.413 billion yuan, 3.467 billion yuan, and 4.323 billion yuan [4][9]. - The report anticipates a net profit margin of 13.6% in 2025, with a projected PE ratio decreasing from 22.14 in 2025 to 12.36 in 2027, indicating improving valuation metrics over time [4][9].

Market Updates - Dongfeng Motor Group (00489) opened over 56% higher after announcing its subsidiary, Lantu Motors, will go public in Hong Kong through a listing by introduction, while Dongfeng will simultaneously complete its privatization and delisting [1] - Xirui (02507) fell over 15% after being removed from the Hang Seng Composite Index, raising concerns about its potential removal from the Hong Kong Stock Connect list [1] - Luoyang Molybdenum (03993) rose over 9% after reporting a 60.07% year-on-year increase in net profit for the first half of the year, with all product output meeting targets [1] - Gold stocks surged, with Zijin Mining (02899) up over 6%, China Gold International (02099) up over 5%, Lingbao Gold (03330) up over 2%, and Shandong Gold (01787) up over 4%, driven by dovish comments from Powell at the Jackson Hole conference, raising expectations for interest rate cuts and potentially higher gold prices [1] - China Tobacco Hong Kong (06055) fell over 4% after reporting a nearly 9.8% year-on-year increase in net profit, impacted by rising leaf costs [1] Company Performance - Huaxing Capital Holdings (01911) rose over 6% after signing a strategic cooperation memorandum with YZiLabs to promote the listing of BNB on compliant exchanges [2] - Jinli Permanent Magnet (06680) increased over 14% following the introduction of new rare earth management measures, with expectations for rising rare earth prices [2] - CRRC Corporation (01766) rose over 5% after reporting a 72.48% year-on-year increase in net profit for the first half of 2025, with new orders totaling approximately 146 billion [2] - China Foods (00506) surged over 17% after being included in the Hang Seng Composite Index, with potential inclusion in the Hong Kong Stock Connect [2] - Times Electric (03898) rose over 6% after reporting a 12.93% year-on-year increase in net profit for the first half of 2025, focusing on rail transit traction and conversion systems [2] US Market Highlights - Zoom Video Communications (ZM.US) rose 12.71% after reporting second-quarter earnings that exceeded expectations and raising its annual guidance [3] - Nvidia (NVDA.US) increased 1.72% amid reports of halting production of components for H20 chips tailored for the Chinese market [3] - Intuit (INTU.US) fell 5.03% after reporting fourth-quarter earnings that missed revenue growth expectations [3] - Ross Stores (ROST.US) rose 1.12% after reporting second-quarter earnings that exceeded expectations, with same-store sales up 2% year-on-year [3] - NIO (NIO.US) continued to rise 14.44% as it officially launched pre-sales for its new ES8 model, set to deliver in September 2025 [3] Additional Company Updates - Miniso (MNSO.US) surged 20.12% after reporting a 23.1% year-on-year increase in total revenue for Q2, with strong same-store sales growth in both China and the US [4] - XPeng Motors (XPEV.US) rose 4.40% after its CEO increased his stake by purchasing 3.1 million Class A shares [4] - Futu Holdings (FUTU.US) increased 5.65% after reporting a 69.7% year-on-year revenue growth for Q2, receiving target price upgrades from multiple major banks [5] - Alibaba (BABA.US) rose 4.11% after reorganizing its business segments on its official website, although this does not indicate any structural changes [5]

Core Viewpoint - Miniso's revenue for the first half of the year increased by 21.1% year-on-year to 9.39 billion yuan, driven by overseas markets and Top Toy [1] Group 1: Financial Performance - In Q2, revenue grew by 23.1% year-on-year, surpassing previous guidance [1] - Adjusted net profit increased by 3% year-on-year to 1.28 billion yuan, with Q2 adjusted net profit margin improving to 13.9% quarter-on-quarter, although still lower than the same period last year due to investments in overseas stores [1] Group 2: Future Guidance - Miniso raised its full-year revenue growth guidance to over 25%, with same-store sales in mainland China expected to achieve positive year-on-year growth [1] - The company anticipates adjusted operating profit for the year to reach between 3.65 billion and 3.85 billion yuan, corresponding to a year-on-year growth of 7% to 13% [1] Group 3: Analyst Adjustments - Based on the first half performance and recent sales trends, the firm slightly raised its 2025 revenue forecast by 1% but lowered the 2026 to 2027 revenue forecasts by 2% to 4% [1] - Due to more conservative profit margin assumptions, the adjusted net profit forecasts for 2025 to 2027 were reduced by 13% to 14%, to between 2.8 billion and 4 billion yuan [1] - The target price was raised from 46.42 HKD to 48.7 HKD, maintaining a "Buy" rating [1]

Group 1 - Miniso's stock increased by nearly 5% [1] - Lao Pu Gold and Xiaomi Group both rose by 2% [1] - Li Auto, Cha Bai Dao, and Guo Quan saw increases of over 1.5% [1] Group 2 - Bruker experienced a decline of over 13.5% [1] - Hou Shang A Yi fell by nearly 6% [1] - Leap Motor dropped by nearly 3.5% [1] - Pop Mart decreased by nearly 1% [1]

Core Viewpoint - Miniso Group is experiencing a significant increase in stock price, indicating positive market sentiment towards the company and its growth potential [1]. Group 1: Company Overview - Miniso Group is a leading global retailer in the home goods sector, operating under the brands Miniso and TOP TOY [1]. - As of 2021, the total GMV of Miniso's store network reached approximately RMB 18 billion (USD 2.8 billion), establishing it as the largest private label home goods retailer globally [1]. Group 2: Financial Performance - As of the mid-year report in 2025, Miniso reported total revenue of RMB 9.393 billion and a net profit of RMB 906 million [2].