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6月25日 第 2 頁 共 15 頁 v 1.3.0 變動日期 2025年4月4日 FF305 | 13). | 已購回以作註銷但尚未註銷之股份 | | 1,793,400 | % | HKD | 29.2223 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年4月7日 | | | | | | 14). | 已購回以作註銷但尚未註銷之股份 | | 95,620 | % | USD | 4.0305 | | | 變動日期 | 2025年4月7日 | | | | | | 15). | 已購回以作註銷但尚未註銷之股份 | | 760,000 | % | HKD | 29.5034 | | | 變動日期 | 2025年4月8日 | | | | | | 16). | 已購回以作註銷但尚未註銷之股份 | | 168,412 | % | USD | ...

Market Capitalization Summary - TAL Education Group has a market capitalization of 14.104 billion [2] - Vipshop Holdings has a market capitalization of 8.066 billion [2] - 7.705 billion market capitalization for SouFun Holdings [2] - 6.042 billion market capitalization for WuXi AppTec [2] - 2.461 billion market capitalization for Lufax Holding [2] Stock Performance - TAL Education Group's stock increased by 0.75 (+3.77%) [2] - Vipshop Holdings' stock rose by 0.34 (+2.29%) [2] - SouFun Holdings saw a stock increase of 1.75 (+4.05%) [2] - WuXi AppTec's stock increased by 0.70 (+2.75%) [2] - Lufax Holding's stock rose by 0.05 (+1.79%) [2] Additional Company Insights - The stock of iQIYI increased by 0.38 (+4.04%) with a market cap of 2.417 billion [2] - Xunlei's market capitalization is 2.74 billion with a stock increase of 0.09 (+2.09%) [4] - The market cap of Huami is 0.1758 billion with a stock increase of 0.02 (+0.98%) [4]

Core Viewpoint - The article emphasizes the strategic shift of MINISO towards an IP-driven retail model, focusing on "interest consumption" to redefine its business model and create new growth engines [1][2] Strategic Goals - The IP strategy aims to upgrade channel positioning, moving from a cost-effective retailer to an IP retail collection store, tapping into the significant growth opportunities within China's IP retail market [1] - The strategy highlights the emotional value and cultural attributes of products, aiming to create a repurchase loop by locking in core consumer groups through IP-driven products and channel scenarios [1] Competitive Advantages - MINISO's competitive edge lies in its high-frequency iteration development, efficient supply chain with an inventory turnover of 50 days, and a strong global network of resources [1] - The company boasts a design team of 124 internal designers and 37 internationally recognized independent designers as of 2021, enhancing its product differentiation [1] - The operational efficiency honed in the domestic market is expected to yield greater benefits in under-supplied overseas markets [1] Growth Path - The company focuses on high emotional value "super categories" such as plush toys and blind boxes, while continuously refining its distribution model and series iterations to strengthen brand loyalty and repurchase rates [1] - MINISO has developed a seven-layer store matrix to meet diverse consumer needs, with the highest level being MINISO LAND, which serves as a venue for top IP product resources [1] - The company is exploring collaborations with various IPs in the two-dimensional and trendy toy sectors to create exclusive brand and product offerings [1] Investment Outlook - The IP strategy is expected to drive brand upgrades and business growth in a competitive retail market, establishing a long-term value anchor for the company [2] - The company's supply chain and operational capabilities in the domestic IP market are anticipated to enhance its effectiveness in overseas markets [2] - Projected adjusted net profits for the company are expected to reach 2.9 billion, 3.27 billion, and 4.15 billion yuan in 2025, 2026, and 2027 respectively [2]

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6月24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 。 | 1). | 已購回以作註銷但尚未註銷之股份 | | 411,600 | % | HKD | 36.4374 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年3月26日 | | | | | | 2). | 已購回以作註銷但尚未註銷之股份 | | 530,600 | % | HKD | 37.6823 | | | 變動日期 | 2025年3月27日 | | | | | | 3). | 已購回以作註銷但尚未註銷之股份 | | 269,000 | % | HKD ...

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6月24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 rise of Chinese潮玩 (trendy toys) is transforming into a global phenomenon, driven by the strength of "Made in China" and cultural appeal [1][2][6] Group 1: Market Performance - In 2024, Pop Mart reported a revenue of 7.97 billion RMB in mainland China, a year-on-year increase of 52.3%, while overseas and Hong Kong, Macau, and Taiwan revenue reached 5.07 billion RMB, growing by 375.2% [3] - The Southeast Asian market saw a remarkable revenue growth of 619.1%, with North America and other regions also experiencing significant increases of 556.9% and 310.7% respectively [3] - MINISO's first global MINISO LAND store in Shanghai achieved a sales record of 12.03 million RMB in its first month of trial operation [3] Group 2: Supply Chain and Production Advantages - The efficiency of China's supply chain is highlighted, with a typical delivery time of 3 to 7 days for domestic markets and 20 to 30 days for overseas markets, significantly faster than other countries [4] - Chinese潮玩 companies can respond quickly to market demands, with new products designed and launched within two weeks [4] Group 3: Cultural Impact and Consumer Trends - The潮玩 industry is becoming a universal social language, with products serving as a medium for self-expression and social interaction among global youth [6] - The concept of "interest consumption" is gaining traction, reflecting a shift from material to emotional and cultural needs as GDP per capita rises [6][7] - The global acceptance of Chinese潮玩 is seen as a recognition of Chinese aesthetics and culture by the younger generation worldwide [7]

Core Insights - The report highlights the rapid expansion of Chinese trendy toy brands in global markets, particularly in Southeast Asia and Europe, reshaping the competitive landscape of the toy industry [1][2][6] - The global toy market reached a size of 773.1 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of 5.1% from 2024 to 2028, driven primarily by the rise of collectible toys [2][16] - The shift in consumer demographics towards adult collectors, termed "Kidult" culture, is a significant driver of this market transformation [2][3] Market Dynamics - The collectible toy segment has become a core growth engine, with the global market for collectible toys reaching 57.1 billion USD in 2023 and expected to exceed 69.6 billion USD by 2028, reflecting a CAGR of 4.0% [2][17] - Traditional toy giants like Mattel and Hasbro are facing challenges due to aging IPs and reliance on offline channels, leading to a decline in market share [3][37] - The competitive landscape is shifting, with new brands like Squishmallows and Funko gaining traction, while established brands struggle to maintain their positions [3][33] Competitive Advantages of Chinese Brands - Chinese trendy toy brands leverage a three-pronged advantage: designer talent, supply chain efficiency, and IP ecosystem development [4][5] - The number of art students in China has increased significantly, from 133,000 in 2004 to 647,000 in 2024, providing a robust talent pool for design innovation [4] - Chinese manufacturers are enhancing production precision and efficiency, exemplified by companies like Gaodesi, which produces over 10 billion building blocks annually [4] Regional Market Insights - Southeast Asia is identified as a key battleground for Chinese brands, with a toy market size of 4.1 billion USD in 2023 and a young population driving demand [6][7] - The U.S. market shows high consumer spending on toys, with an average of 136.8 USD per person, significantly higher than in China [7][8] - Chinese brands are successfully penetrating the U.S. market through localized strategies and partnerships with popular IPs, achieving notable sales growth [7][8] Strategic Developments - Companies like Pop Mart are adopting a dual strategy of original IP development and global licensing partnerships, enhancing their market presence [5][8] - The trend of "prosumer" engagement is emerging, where consumers actively participate in the creation and promotion of IPs, increasing brand loyalty [8][9] - The report emphasizes the transformation of the Chinese toy industry from a manufacturing base to a global brand powerhouse, with significant cultural implications [9]

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6月23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 | 佔有關 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [15] Core Viewpoints - The report emphasizes the company's IP strategy as a means to reshape its business model and create a new growth engine, focusing on "interest consumption" to drive brand upgrades and business growth [10][13][24] Summary by Sections Strategic Goals - The company's IP strategy aims to upgrade channel positioning, transitioning from a cost-effective retailer to an IP retail collection store, tapping into the significant growth opportunities within the Chinese IP retail market [10][23] Competitive Advantages - The company benefits from high-frequency product iteration and a global network layout, with inventory turnover days at 50 days, significantly lower than peers, and a strong design team with 124 internal designers and 37 international designers [11][57] Growth Path - The company focuses on high emotional value "super categories" such as plush toys and blind boxes, enhancing terminal presentation through a seven-layer store matrix, with the highest level being MINISO LAND, which showcases top IP products [12][57] Investment Recommendations - The report forecasts that the company's adjusted net profit will reach 2.9 billion, 3.27 billion, and 4.15 billion yuan from 2025 to 2027, indicating a positive outlook for its IP retail market development [13][19]

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 FF305 呈交日期： 2025年6月22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 ...