Summary of Conference Call Notes Industry or Company Involved - Miniso (名创优品) - Top Toy - Yonghui Supermarket (永辉超市) - Baijiu Industry (白酒行业) - Express Delivery Industry (快递行业) - Weixing Precision (帏翔精密) - TCL Electronics (TCL 电子) - Aimeike (爱美客) Key Points and Arguments Miniso Performance and Strategy - Miniso achieved revenue of 400 million in 2024, a year-on-year increase of 23% and a net profit of 2.6 billion, up 16% [2] - The company opened 460 new stores in China, totaling 4,386 stores [2] - The SKU count increased to 12,600 with a monthly launch rate of 1,180 new products [2] - In overseas markets, particularly North America, 265 new stores were opened, with overseas GMV growth exceeding 50% and agency market growth at 17% [4] Top Toy Development - Top Toy opened 128 new stores last year, doubling its store count and achieving profitability with a pre-tax profit margin exceeding 9% [2][5] Yonghui Supermarket Acquisition - The acquisition of Yonghui Supermarket was completed in Q1, with expectations for it to break even this year, limiting its drag on Miniso [6] Baijiu Industry Trends - The baijiu industry is expected to see an upward turning point, with inventory decreasing year-on-year and improved demand during the Spring Festival [7] - High-end liquor demand remains stable, while mid-to-low price segments face challenges [7] Express Delivery Industry Insights - In early March, express delivery volume growth remained at 20%-21%, higher than expected [8] - A shift in the industry from peak to off-peak season is anticipated, with revenue growth expected to approach 15% [8] Weixing Precision Financials - Weixing Precision reported a net profit of 10.15 billion in 2024, a 12.7% year-on-year increase, meeting expectations [9] TCL Electronics Performance - TCL Electronics reported revenue of 99.32 billion HKD in 2024, a 25.7% increase, and a net profit of 1.61 billion HKD, up 100.1% [13] - The company expects a dividend payout ratio of 50% [13] - TV sales in China grew by 5.8%, while overseas sales increased by 17.6% [13] Aimeike's Financial Performance - Aimeike's revenue and net profit growth were approximately 5% in 2024, but Q4 saw a decline in revenue by 7% and net profit by 15% [17] - The company plans to focus on internal growth and external acquisitions, with several new products expected to launch in 2025 [18][20] Future Outlook for Aimeike - Aimeike's revenue and profit growth is projected to be around 11% in 2025, with potential acceleration in 2026 and 2027 due to new product launches and acquisitions [20] Other Important but Possibly Overlooked Content - The express delivery industry is facing a transition period, and companies like Zhongtong Express are setting ambitious growth targets of 20%-24% for parcel volume [10] - Yunda is under investigation by the National Postal Administration, which may affect its business relationships with major clients [11] - SF Express's strategic investment in Dekun Logistics aims to enhance cost efficiency through business collaboration [12] - TCL's other display and internet business segments showed steady growth, with significant contributions from innovative business areas [14][15]

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, China Feihe, and Haidilao, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights significant growth in the food and beverage sector, with companies like Guoquan and Yum China reporting substantial revenue increases. Guoquan's revenue for the first half of 2025 reached 3.24 billion RMB, a year-on-year increase of 21.6%, while Yum China's revenue was 5.77 billion USD, up 2% year-on-year [2][6]. - The designer toys sector is experiencing expansion, with Pop Mart opening its largest flagship store in Thailand, indicating strong brand presence and market penetration [2]. - The home appliance sector is also showing positive trends, with companies like Ecovacs and Dun'an Environment reporting significant stock performance increases of 10.7% and 8.1% respectively [3][7]. Summary by Category Food & Beverage Sector - Key performers include Guming (+8.2%) and Xiaocaiyuan (+7.3%), while underperformers include Yum China (-2.1%) and Green Tea Group (-2.4%) [3][7]. - Guoquan's interim results show a net profit of 190 million RMB, a remarkable increase of 122.5% year-on-year [2]. Designer Toys Sector - Pop Mart's stock increased by 14.3%, reflecting strong market performance, while Miniso also saw an 8.5% increase [3][7]. - The announcement of Time Youth Group as Miniso's global brand ambassadors is expected to enhance brand visibility [2]. Home Appliance Sector - Ecovacs and Dun'an Environment are leading with stock increases of 10.7% and 8.1% respectively, indicating robust market demand [3][7]. - The overall performance of the home appliance sector remains strong, with various companies reporting positive growth trends [2].

Core Insights - The Southeast Asian trendy toy market is rapidly developing, with a projected market size of approximately $2.5 billion in 2024 and an expected annual growth rate of 20%, making it a core market for Chinese trendy toy brands to expand into [1][11][15]. Market Overview - The region has significant advantages, including a young population of 688 million, with a median age of 30.5 years, indicating substantial consumer potential [1][46]. - Cultural proximity to China and the presence of a large Chinese community serve as natural bridges for market entry [1][50]. - Trade agreements like RCEP enhance trade facilitation and supply chain collaboration [1][52]. Market Structure - The market is characterized by a structure where Chinese brands dominate the mass market, while brands from Europe, the US, and Japan lead in niche segments, and local brands are still emerging [1][15]. - Chinese brands hold an 80% share of the mass market, leveraging supply chain and marketing advantages [1][59]. - Local brands, such as Singapore's Mighty Jaxx, are still in the nascent stage [1][59]. Sales Channels - Physical retail channels dominate, including global chains (e.g., Toys "R" Us), Chinese brand stores (e.g., Pop Mart, KKV), local channels (e.g., Thailand's Mega Plaza), and vending machines [1][59]. - Online platforms like Shopee, Lazada, and TikTok Shop are primary sales channels [1][59]. Consumer Demographics - The primary consumer demographic is aged 15-35, with over 60% being female, emphasizing the importance of instant gratification and social attributes in purchasing behavior [1][46]. - Preferences vary by country, with Vietnam favoring Chinese mech models and Thailand leaning towards functional trendy toys [1][46]. Challenges for Companies - Companies face challenges such as cultural and religious differences, varying policies and regulations, homogenization of products, and talent shortages [2][12]. - It is recommended that companies adopt differentiated strategies, integrate local culture into products, innovate membership models, and enhance digital capabilities [2][12]. Future Outlook - The Southeast Asian trendy toy market is expected to continue its rapid growth, with significant opportunities for Chinese brands to expand their presence [1][15]. - The market's competitive landscape is likely to evolve, necessitating a deeper understanding of consumer demand and supply chain optimization for future success [15][15].

Market Overview - US stock indices collectively rose, with the Dow Jones up 0.47% and a weekly gain of 1.35%, the Nasdaq up 0.98% with a weekly gain of 3.87%, and the S&P 500 up 0.78% with a weekly gain of 2.43% [2] - Popular tech stocks saw significant increases, with Apple rising over 4% and achieving a weekly gain of 13%, the best performance since July 2020 [2] - The Nasdaq China Golden Dragon Index fell 0.26% but had a weekly gain of 2.39%, with mixed performances among Chinese concept stocks [2] Economic Indicators - The National Retail Federation reported an 8.4% year-on-year decline in US imports in June, significantly exceeding expectations due to tariff increases by the Trump administration [3] - Morgan Stanley predicts the Federal Reserve will cut interest rates by 25 basis points in September and again in December, with a total of three cuts expected, bringing the policy rate down to 3.5% [3] Commodity Prices - WTI crude oil futures closed flat at $63.88 per barrel, while Brent crude oil futures rose 0.24% to $66.59 per barrel [4] - COMEX gold futures rose 0.13% to $3458.2 per ounce, with a weekly increase of 1.24%, and COMEX silver futures rose 0.56% to $38.51 per ounce, with a weekly increase of 3.79% [5] Corporate Developments - JD.com announced plans to invest over 10 billion yuan in the smart robotics sector, aiming to help 100 brands achieve sales of over 1 billion yuan within three years [14] - Kuaishou launched an independent "takeaway" section, reporting a more than threefold increase in payment users for takeaway products in Q2 [16] - A media report suggested that Ingka Group is planning to sell 10 shopping centers in China, with the first three located in Wuxi, Beijing, and Wuhan, involving a total of 16 billion yuan [18] Regulatory Actions - The China Securities Regulatory Commission (CSRC) plans to enhance the cultivation of long-term capital and improve the attractiveness of domestic capital markets [8] - The CSRC issued a notice regarding *ST Gaohong, which faces a potential forced delisting due to significant violations of information disclosure laws, with a proposed fine of 160 million yuan [22] Market Reactions - Shares of Hengan International fell over 15% after the company reported disappointing mid-term results, leading to a downgrade in revenue forecasts by UBS [24] - Xiaomi Group clarified rumors regarding a partnership with Wells Fargo, stating there has been no collaboration and legal actions will be pursued against those spreading false information [26]

Core Viewpoint - US stock markets experienced collective gains, with the Dow Jones up 0.47%, the Nasdaq up 0.98%, and the S&P 500 up 0.78%, indicating a positive market sentiment for the week [1] Group 1: Market Performance - The Dow Jones increased by 1.35% over the week, while the Nasdaq saw a significant rise of 3.87%, and the S&P 500 rose by 2.43% [1] - Notable tech stocks performed well, with Apple rising over 4% and achieving a weekly gain of 13%, marking its best weekly performance since July 2020 [1] - Other tech stocks like Google and Tesla increased by over 2%, while Nvidia saw a rise of over 1% [1] Group 2: Sector Performance - The automotive and consumer electronics sectors led the gains, with GoPro rising over 7%, Sony up over 4%, and both Toyota and Honda increasing by over 3% [1] - Conversely, the sports betting and cruise sectors faced declines, with Flutter Entertainment dropping over 8%, and Carnival and Royal Caribbean cruise lines falling by over 2% [1] Group 3: Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.26% but still recorded a weekly gain of 2.39% [1] - Among popular Chinese stocks, NIO rose over 3% and XPeng Motors nearly 3%, while Bilibili, iQIYI, and Miniso saw declines of over 1% [1]

Core Viewpoint - Miniso has issued a second apology regarding a recent material mishap involving its global brand ambassador, the Times Youth Team, acknowledging errors in promotional materials and expressing regret for the oversight [1] Group 1: Apology and Acknowledgment - On August 8, Miniso apologized for a mistake where member Liu Yaowen's image was not displayed correctly in promotional materials due to work negligence [1] - The company has taken immediate action to rectify the issue and has addressed the responsible parties according to company policy [1] - Miniso also apologized for issues with offline promotional gifts that featured repeated or missing member images, extending apologies to all members of the Times Youth Team and their fans [1] Group 2: Commitment to Improvement - Miniso emphasized its commitment to the collaboration with the Times Youth Team and expressed deep regret over the mistakes made [1] - The company is actively following up on customer service to replace problematic promotional gifts and has provided contact information for customers to reach out [1] - Miniso stated that it will adopt a more rigorous and careful approach to its work in the future to enhance customer experience and prevent similar incidents from occurring again [1]

格隆汇8月8日丨名创优品(09896.HK)宣布，将于2025年8月21日（星期四)召开董事会会议，藉以考虑及 批准（其中包括）(i)公司截至2025年6月30日止三个月的未经审计财务业绩及其发布，(ii)公司截至2025 年6月30日止六个月的中期财务业绩及根据上市规则发布该中期业绩，及(iii)宣布和派发股息（如有）。 ...

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，概不對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） 董事會會議日期 名創優品集團控股有限公司（「本公司」）董事會（「董事會」）宣佈，將於2025年8月 21日（星期四)召開董事會會議，藉以考慮及批准（其中包括）(i)本公司截至2025年 6月30日止三個月的未經審計財務業績及其發佈，(ii)本公司截至2025年6月30日 止六個月的中期財務業績及根據香港聯合交易所有限公司證券上市規則發佈該中 期業績，及(iii)宣佈和派發股息（如有）。 連接方式1 加入Zoom會議。 Zoom鏈接： https://zoom.us/j/91975768223?pwd=9ExRKhgHx8Q8QQyhZBwhNzPa1p3rea.1 會議號：919 7576 8223 會議密碼：9896 連接方式2 收聽會議的人士可通過撥打以下 ...

Core Viewpoint - MINISO Group Holding Limited plans to release its financial results for the June quarter and interim period of 2025 on August 21, 2025, before the U.S. market opens [1]. Group 1: Financial Results Announcement - The earnings conference call will take place at 5:00 A.M. Eastern Time on August 21, 2025, with simultaneous interpretation in English [2]. - Access to the conference call can be made via a Zoom link or by dialing specific phone numbers [3][4]. - A replay of the conference call will be available approximately two hours after the live event on the Company's investor relations website [5]. Group 2: Company Overview - MINISO Group is a global value retailer known for offering trendy lifestyle products with IP design, aiming to provide a delightful shopping experience [6]. - The Company has established a significant store network worldwide since its first store opened in China in 2013, building the MINISO brand as a globally recognized retail name [6].

Core Insights - The article highlights the increasing acceptance and convenience of mobile payment systems among foreign visitors in China, driven by recent government initiatives to enhance payment services [1][2][4] Group 1: Mobile Payment Adoption - Foreign tourists in China are increasingly using mobile payment methods, with services like "external card binding" and "external package use" facilitating nearly 7 million international consumers in 2024, resulting in a transaction volume and number of transactions increasing over threefold year-on-year [1] - The successful payment rate for foreign customers at retail stores has improved significantly, with a success rate exceeding 90% compared to only 10-20% previously [2] Group 2: Merchant Opportunities - The convenience of mobile payments has led to increased foot traffic and sales for merchants, particularly in tourist-heavy areas, with a notable rise in purchases from Southeast Asian customers [2] - Partnerships between payment platforms like Alipay and major credit card companies, such as American Express, have expanded the acceptance of international cards, covering seven major global card brands [2] Group 3: Currency Exchange Services - The establishment of foreign currency self-service exchange machines has improved the efficiency and convenience of currency exchange for foreign visitors, allowing for quick transactions without prior appointments [4][5] - Banks are enhancing their services by providing multi-language support and enabling cash withdrawals using international cards at ATMs, further facilitating the payment experience for foreign tourists [4]