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4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 ...

Core Insights - The investment approach focuses on identifying businesses with potential for long-term growth and significant terminal value generation [1] - Emphasis is placed on understanding core business economics, including competitive advantages, unit economics, reinvestment opportunities, and management quality [1] - The goal is to generate long-term free cash flow and create shareholder value through fundamental research in sectors with strong secular growth trends [1] Investment Philosophy - The investor is self-educated with a decade of experience in the field, currently managing personal funds sourced from friends and family [1] - The motivation for sharing insights is to provide value to readers and receive feedback from the investment community [1] - The analysis aims to be both analytical and accessible, focusing on what drives long-term equity value [1]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 名创优品（09896）发布公告，于2025年12月3日斥资24.83万美元回购5.13万股。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 名创优品（09896）发布公告，于2025年12月3日斥资24.83万美元回购5.13万股。 责任编辑：卢昱君 ...

智通财经APP讯，名创优品(09896)发布公告，于2025年12月3日斥资24.83万美元回购5.13万股。 ...

格隆汇12月4日丨名创优品(09896.HK)公告，12月3日耗资24.83万美元回购5.13万股，每股回购价4.825- 4.865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4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 ...

Core Insights - MINISO has launched its strategic innovation store format, MINISO LAND, in Wuhan, marking its entry into the Central China market and aiming to invigorate local consumption and enhance the city's commercial capabilities [1][2] Group 1: Strategic Store Launch - The dual-store strategy targets two major commercial districts in Wuhan, aligning with the city's historical and modern commercial narratives to optimize consumer resource integration [2] - The opening of MINISO LAND is part of a broader trend of developing "first-store economy" in major cities, with Wuhan being a key commercial hub in Central China [2] Group 2: Retail Experience Redesign - MINISO LAND features immersive space design, transforming traditional retail into experiential consumption spaces, with the Chu River Han Street store offering a "castle paradise" theme and the Jianghan Road store presenting a "wonderland" concept [3] - Both stores utilize modular displays and interactive layouts to enhance customer engagement and create a unique shopping experience [3] Group 3: IP Integration Strategy - The stores incorporate a diverse range of popular global IPs, with over 80% of products being IP-related, showcasing MINISO's dual strategy of leveraging top-tier licensed IPs alongside proprietary creations [4] - The Chu River Han Street store focuses on global IPs like Pokémon to attract traffic, while the Jianghan Road store emphasizes its own IP, YOYO, to demonstrate MINISO's capabilities in IP development and content creation [4] Group 4: Commercial Performance and Value - The opening events featured interactive experiences that successfully drew in large crowds, indicating strong customer engagement and sales conversion potential [5] - The MINISO LAND model has proven effective in enhancing customer spending and profitability, contributing significantly to the company's overall performance [5] Group 5: National Expansion and Innovation - The launch of the Wuhan stores is a critical step in MINISO's nationwide rollout of its "theme park" store formats, which include MINISO SPACE and MINISO FRIENDS [6] - The company plans to continue expanding its IP-driven store formats while fostering urban development and contributing to the high-quality growth of China's IP ecosystem [6]

Market Performance - US stock indices showed a mixed performance with the S&P 500 index only 71 points away from its October high despite weak labor market data [1] - Major technology stocks had varied results, with Tesla rising over 4% and Microsoft falling over 2% [2] Sector Movements - Lithium stocks led the market rally, with companies like Albemarle and Livent showing significant gains, while major tech stocks struggled [3] - Chinese concept stocks mostly declined, with the Nasdaq China Golden Dragon Index dropping 1.38% [3] Commodity Trends - Base metals experienced a broad increase, with LME tin rising nearly 4.4% and LME copper up 2.7%, reaching historical highs [4][6] - A report from JPMorgan suggests that supply disruptions and global inventory mismatches could push copper prices to $12,500 per ton by mid-2026 [5] Cryptocurrency Market - The cryptocurrency market saw a collective rise, with Bitcoin surpassing $93,000, marking a 1.8% increase [6][7] - Significant liquidation occurred in the market, with over $360 million in total liquidations reported in the last 24 hours [8] Economic Indicators - The US private sector unexpectedly lost approximately 32,000 jobs in November, raising expectations for further interest rate adjustments by the Federal Reserve [8] - The probability of a 25 basis point rate cut by the Federal Reserve in December surged to 89% according to CME FedWatch [8]

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Insights - The global IP toy market is projected to reach 525.1 billion yuan in 2024, with a year-on-year growth of 21.7%, and is expected to grow to 771.7 billion yuan by 2029 [3][12] - The Chinese IP toy market is anticipated to reach 75.6 billion yuan in 2024, growing at a year-on-year rate of 29.2%, and is expected to reach 167.5 billion yuan by 2029 [3][13] - Generation Z is becoming the main consumer group, accounting for over 70% of the market, driven by emotional attachment, social needs, and companionship attributes [3][18] - The core competitiveness of the trendy toy industry lies in IP, with the highest cumulative revenue IP, Pokémon, reaching 98.9 billion USD [3][29] - The industry is witnessing a diversification of competition, with domestic IP gradually rising, and the market is still in a rapid development phase [3][4] Summary by Sections 1. Market Expansion and Consumer Demographics - The trendy toy market is expanding, with Generation Z becoming the primary consumer group [3][12] - The market structure is becoming more balanced, with static and movable dolls experiencing the fastest growth [3][13] 2. Value Transformation and Industry Trends - Leading IPs are enriching their cultural content through various media, creating a cross-media IP content ecosystem [3][4] - Companies are actively expanding their IP value transformation paths, achieving multi-category expansion and full ecosystem construction [3][4] 3. Full Industry Chain Coverage - The trend indicates that trendy toy companies are evolving from single-point breakthroughs to full industry chain layouts [3][4] - Companies like Disney and LEGO have achieved full chain layouts, while others are still working on their weaknesses [3][4] 4. Investment Recommendations - The report recommends investing in companies with full industry chain layouts such as Pop Mart, and those transforming retail into IP like Miniso and Morning Glory [4]

智通财经APP讯，名创优品(09896)发布公告，于2025年12月3日斥资198.85万港元回购5.26万股。 ...