(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月25日｜鲍威尔暗示或在9月降息，上周五美股大涨！道指再创新高，中概指数涨2.73%。港股 三大指大幅高开，恒指涨1.06%，国指涨1.07%，恒生科技指数涨1.49%。盘面上，大型科技股全线上 涨，百度涨近3%，京东、阿里巴巴涨超2%，腾讯涨1.42%，网易、小米、美团均上涨；汽车股大涨， 蔚来汽车涨近15%，东风集团股份高开超69%，子公司岚图汽车将以介绍上市方式登陆港股，东风集团 股份将同步完成私有化退市；电信设备股、新消费概念股、核电股、物流股、黄金股等纷纷上涨，其 中，名创优品涨超9%，中兴通讯(000063)涨近4%。另一方面，餐饮股、特斯拉概念股、直播概念股走 低，东方甄选跌近3%。(格隆汇) ...

长江商报消息 ●长江商报记者 沈右荣 时隔四年，名创优品（09896.HK，MNSO.US）业绩出现了调整。 8月21日晚，名创优品发布了2025年中期业绩公告。上半年，公司实现营业收入近94亿元，同比增长约21%；归母 净利润为9.06亿元，同比下降23%。 名创优品上一次归母净利润下降，是2020年同期。 对于归母净利润下降，名创优品将其归咎为永辉超市拖累。 2020年12月，名创优品公布旗下独立运营的潮玩品牌TOP TOY，定位是"亚洲潮玩集合店"。2025年8月21日，名 创优品宣布，TOP TOY近期获得淡马锡战略融资，估值约100亿港元。 8月22日，名创优品港股大涨20.58%，收报47.10港元/股，市值585亿港元。 净利时隔四年首降 知名公司名创优品的归母净利润出现了罕见下降。 根据最新发布的2025年中期业绩公告，2025年上半年，名创优品实现营业收入93.93亿元，同比增长21.10%；归母 净利润9.06亿元，同比下降23%；经调整净利润为12.79亿元，同比增长3%。 2024年中期，名创优品实现的营业收入为77.59亿元，同比增长25.01%；归母净利润为11.70亿元，同比增长 ...

记者丨吴抒颖 编辑丨包芳鸣 时隔四年，名创优品再度录得利润下滑，但名创优品管理层在业绩会上表现从容，投行机构也态度积 极。 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%；经营利润为15.46亿元，同比增长3.4%；期内利润则下降至9.06亿元，同比减少23.1%。 名创优品期内利润下滑的主要原因指向其投资的永辉超市报告期内出现亏损，由此带来的拖累。虽然对 财务报表带来明显的影响，但名创优品管理层不认为这是问题，因为名创优品的营运指标表现要好于预 期。 今年上半年，永辉超市实现营业总收入299.48亿元，同比下跌20.73%；归母净亏损为2.41亿元，扣非后 归母净亏损为8.02亿元。 对于永辉超市这笔投资，名创优品在业绩会上并未做过多展开，尽管此前叶国富对这笔投资"无比看 好"。叶国富曾对投资者回应，大家都看不懂（投资永辉超市）就对了，如果看得懂我就错了。他认为 中国线下超市面临20年一遇的机会，从胖东来调改后的永辉超市中也看到了这种模式的潜力，对此他无 比激动。 叶国富还称，名创优品和永辉超市能够形成互补，永辉超市为之补上了必需品赛道的拼图，永 ...

| MNSO | 12m Price Target: $25.30 | Price: $20.84 | Upside: 21.4% | | --- | --- | --- | --- | | 9896.HK | 12m Price Target: HK$49.00 | Price: HK$39.06 | Upside: 25.4% | Miniso reported a solid 2Q25 beat, where both revenue growth at 23% yoy (vs. guidance of 18-21%) and adj. OP growth of 8.5% yoy (vs. guidance of flat/slight yoy decline) were both above guidance and GSe. The key positive surprises came from 1) Miniso China, where sales growth of 14% yoy beat expectations and SSSG turned positive, despite flu ...

Core Viewpoint - The article highlights the expansion of various Chinese companies into international markets, showcasing their strategic moves and growth in overseas operations. Group 1: Company Expansions - Meituan's international delivery brand Keeta has launched in Doha, Qatar, with plans to expand into Brazil in the coming months [5] - Great Wall Motors has completed the construction of its factory in Brazil, with an annual production capacity of 50,000 vehicles [5][7] - Tea brand Cha Baidao has announced its first store in North America, located in New York, marking its entry into the U.S. market [5] - Lenovo is establishing a regional headquarters in Riyadh, Saudi Arabia, as part of its strategic expansion in the Middle East [6] Group 2: Financial Performance and Growth - Zero Run Auto reported its first half-year profit, with overseas markets becoming a significant growth driver, exporting 24,980 vehicles in the first seven months of 2025 [8] - Pop Mart plans to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [8] - Xiaomi's automotive division aims for profitability in the second half of the year, maintaining its 2027 overseas expansion target [9] Group 3: New Business Models and Innovations - AliExpress has launched an "overseas hosting" model in Australia, following its success in other markets [5] - Yimutian, a major agricultural B2B platform, has gone public on NASDAQ, aiming to expand its offline services and international business [10] - Shouqu Technology has secured nearly 100 million yuan in angel funding to enhance its battery management systems and accelerate global market expansion [11] Group 4: Industry Trends - The global photovoltaic industry is witnessing increased competition, prompting Chinese companies to enhance their international presence and supply chain resilience [15] - The user-side energy storage market is recovering, with significant growth expected in commercial storage due to supportive policies and mature business models [14]

研究报告 Research Report 24 Aug 2025 中国可选消费 & 必需消费 China (Overseas) Discretionary & Staples 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliance Sector Weekly Report [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | | --- | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | | 评级 | | 泡泡玛特 | Outperform 现代牧业 | | | Outperform | | 安踏体育 | Outperform 澳优 | | | Outperform | | 百威亚太 | Neutral | 九毛九 | | Outperform | | 华润啤酒 | Outperform | | | | | 华住酒店集团有限 | Outperform | | | | | 公司 | | | | | | 海底捞 | Outperform | | | | | ...

Company Developments - Meituan's international delivery brand Keeta has officially launched in Doha, Qatar, with plans to expand into more Gulf Cooperation Council (GCC) countries and enter the Brazilian market in a few months [2] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, located in Iracemapolis, São Paulo, with an annual production capacity of 50,000 vehicles [2] - AliExpress has launched its "overseas hosting" model in Australia, following its implementation in several other countries including the US and Mexico [2] - Cha Bai Dao has announced the opening of its first North American store in New York, marking its entry into the US market, following successful expansions in Singapore and France [2] Strategic Expansion - Lenovo Group plans to establish a regional headquarters in Riyadh, Saudi Arabia, and has begun construction on a manufacturing facility expected to start trial production in 2026 [3] - MINISO's founder expressed intentions to expand the MINISO LAND stores overseas, emphasizing the importance of proprietary IP alongside global IP [3] - Leap Motor has achieved a milestone by reporting its first half-year profit, with overseas markets becoming a significant growth driver [3] - Pop Mart aims to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [4] Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with adjusted net profit rising by 362.8% [4] - Xiaomi's automotive division is expected to start generating profits in the second half of the year, with plans to avoid price wars [4] - XGIMI's Vietnam factory has launched its first projector, with overseas revenue projected to reach 1.086 billion yuan in 2024, marking an 18.94% year-on-year increase [5] Market Trends - The user-side energy storage market is showing signs of recovery, with a focus on high-growth new markets and a concentration of market players [8] - Chinese innovative pharmaceutical companies are transitioning from followers to leaders in the market, with a focus on internationalization [8] - The global photovoltaic industry is experiencing increased competition, prompting Chinese companies to accelerate their global expansion efforts [9][10]

Core Insights - The retail industry is undergoing significant transformation as it enters a new phase of "rational consumption" and "quality upgrade," with Miniso leveraging its "high-quality low-price" strategy and global expansion to carve out a unique development path [1] - Miniso's impressive growth trajectory is reflected in its financial performance for 2024, with revenue increasing by 22.8% to 17 billion yuan, gross margin reaching a historical high of 44.7%, and net profit rising by 15.4% to 2.72 billion yuan [1] - The overseas market has shown remarkable performance, with revenue up 42% to 6.8 billion yuan, contributing 39.3% to overall revenue, and a net increase of 1,219 stores, including 631 overseas [1] Globalization Strategy - Miniso's globalization strategy has evolved from simple overseas store openings to a new phase of "regional deepening and precise penetration," aiming to exceed 3,000 overseas stores by 2025, covering over 100 countries and regions, with overseas revenue accounting for over 40% [2][4] - In the U.S., Miniso has established a dense retail network with 275 stores, offering high-cost performance home goods and trendy accessories that appeal to young consumers [2] - The Southeast Asian market, with a growing middle class, has seen strong demand for high-cost performance home goods, prompting Miniso to adopt a "regional center warehouse + local supply chain" model to enhance market responsiveness [4] Product Innovation and IP Strategy - Miniso's product innovation has progressed beyond low-cost homogeneity to focus on "precise demand and emotional value," with over 15,000 SKUs developed based on consumption data from over 50 million members [6] - The 2024 launch of the "smart home" series, which includes products like USB interface lamps, achieved sales of over 500 million yuan within three months, showcasing Miniso's market insight [6] - The deepening of IP strategy has significantly enhanced product value, with collaborations with over 80 IPs in 2024 leading to successful marketing events and increased customer engagement [8] Digital Operations - Digital capabilities have become the core support for Miniso's refined operations, establishing a comprehensive digital system from front-end to back-end, including a global supply chain management system in collaboration with Huawei Cloud [10] - The digital membership system has enhanced user stickiness, accumulating 50 million member data and enabling personalized services that significantly boost repurchase rates [11] - The launch of a "membership points mall" in 2024 has increased member activity to 65%, providing stable support for revenue growth [13] Future Outlook - Miniso's growth logic is becoming clearer, with continued overseas market penetration expected to unlock revenue potential, while the deepening of IP strategy will enhance product value [14] - The company aims to maintain flexibility in localization while injecting emotional value into its cost-performance offerings, positioning itself as a leading global IP design retail group [15]

去年8月底到10月初，九维文化运作出海的舞剧《咏春》在英国伦敦沙德勒之井剧院连续演出12场、在 法国巴黎会议宫上演4场——12天16场，刷新中国本土舞剧海外商演的时间、场次纪录。在沙德勒之井 剧院，累计超万人观看演出，国外观众占比超七成。 演出吸引许多英国观众自发了解这部作品。英国阿库·汉姆舞蹈团监制法鲁克·乔达里说："演出不仅让我 们看到武术中蕴含的人文意义，也让我们对中国文化有了更深认识。" "想要扎根当地市场，得依靠质量打出品牌、打出附加值，真正让当地民众认可我们。为此，团队对落 地剧院、合作方的标准有较高的要求。这些专业机构也会拿着'放大镜'审视我们的作品。"张力刚坦 言，"经过几次合作，我们的剧目再到欧洲剧院落地时，大多已是'免检产品'。" 自2008年成立以来，九维文化深耕演出运营、制作和文创等业务，积极探索文化产品出海，先后将现象 级舞剧《千手观音》、杂技芭蕾剧《天鹅湖》等多部优质国产剧目送出国门，与15个国家的演出团体建 立长期合作关系。"越来越多有志于文化传播的民营企业走出国门，政府部门也常到企业调研交流，出 谋划策，破解痛点难点。"多年从事文化产品出海推广，张力刚感受深刻。 "中华文化内核 ...

港股公司报告 | 公司点评 名创优品（09896） 证券研究报告 25Q2 点评：全球门店突破 7900 家，全球化战略驱动高增长 事件： 根据 8 月 21 日公告，公司 2025 年第二季度整体收入 49.7 亿元，较去年同 期同比增长 23.1%；2025 年上半年实现收入 93.9 亿元，同比增长 21.1%。 分业务来看，2025 年第二季度名创优品中国内地实现收入 26.2 亿元，同 比增长 13.6%；名创优品海外实现收入 19.4 亿元，同比增长 28.6%；TOPTOY 实现收入 4.0 亿元，同比增长 87%。2025 年第二季度，公司实现毛利率 44.3%，同比提升 0.4pct；调整后净利润达 6.92 亿元，同比提升 10.6%，调 整后净利率为 13.9%。 股东回报来看，公司宣布派发中期股息，每股 ADS 股息为 0.29 美元，上半 年股份回购及派发股息合计约 10.7 亿元，占经调整净利润的 84%，上半年 股份回购金额已超过 2024 全年。 门店网络的扩张来看，截止 2025 年 6 月 30 日，名创优品全球门店总数半 年净增 108 家达 7,612 家，TOPTOY ...