Group 1 - The report highlights a structural differentiation in consumption performance since 2025, with companies like Pop Mart, Miniso, and Lao Pu Gold successfully expanding overseas, leading to better performance for export-oriented companies [1][2] - By 2026, the report anticipates an acceleration in consumer exports, driven by a backdrop of the Federal Reserve entering a rate-cutting cycle and easing tariffs, with Southeast Asia surpassing the US as China's largest export destination [1][2] - The report outlines three main paths for companies going overseas: raw materials and medical devices, skincare products leveraging cost-effectiveness and Chinese herbal ingredients, and acquisitions to expand global market presence [2][3] Group 2 - The beauty industry is characterized by a steady global market demand, with emerging markets in Southeast Asia showing higher growth potential compared to East Asia and Europe [2] - The jewelry market is experiencing demand differentiation, with product upgrades and a broader consumer base, particularly in Asia, North America, and Europe [2][3] - The cross-border e-commerce sector is witnessing a globalized supply chain, with significant competition in Southeast Asia, and a shift towards high-value consumer electronics in the region [3][4] Group 3 - Investment recommendations include focusing on companies with strong organizational structures and management capabilities in the beauty sector, such as Mao Ge Ping and Shangmei, while recommending premium jewelry brands like Lao Pu Gold and Chao Hong Ji [3][4] - The report suggests that the cross-border e-commerce sector will benefit from tariff conflicts easing and a recovering demand cycle, recommending companies like Xiao Shangpin City and Jiao Dian Technology [3][4] - The retail sector is expected to improve due to effective adjustments, with a focus on companies like Miniso and Yonghui Supermarket [3][4]

Core Viewpoint - Miniso (09896.HK) announced that it will hold a board meeting on November 21, 2025, to consider and approve its unaudited financial performance for the three months ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for a Friday, which may indicate a strategic timing for financial disclosures [1] - The financial performance to be discussed pertains to a specific quarter, highlighting the company's ongoing commitment to regular financial reporting [1]

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11 月21日（星期五）召開董事會會議，藉以考慮及批准（其中包括）本公司截至2025 年9月30日止三個月的未經審計財務業績及其發佈。 本公司的管理層將於美國東部時間2025年11月21日（星期五）上午四時正（同日北 京時間下午五時正）舉行業績電話會議以討論財務業績。英語同聲傳譯將於電話 會議中提供。電話會議可通過以下方式接入： 連接方式2 收聽會議的人士可通過撥打以下號碼並使用與連接方式1相同的會議號及密碼接 入會議。 1 | 美國： | +1 689 278 1000（或+1 719 359 4580） | | --- | --- | | 中國香港： | +852 ...

Core Points - MINISO Group plans to release its financial results for the September quarter of 2025 before the U.S. market opens on November 21, 2025 [1] - An earnings conference call will be held on the same day at 4:00 A.M. Eastern Time to discuss the financial results, with simultaneous interpretation in English [2] - The conference call can be accessed via Zoom or by dialing specific phone numbers for various regions [3][4] 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]

Investment Rating - The report suggests a focus on the Hainan sector and sub-sectors with performance elasticity during the Spring Festival, indicating a positive medium-term outlook for new consumption growth, transformation recovery, overseas expansion, and policy benefits [3] Core Insights - Following the new gold tax policy, there has been a price increase in gold jewelry at retail terminals, highlighting the importance of brand strength and product quality [1][2] - The new tax policy differentiates between investment and non-investment uses of standard gold, affecting tax deductions and pricing strategies for retailers [2] - Major brands have raised their gold prices post-policy implementation, with increases ranging from 58 to 70 CNY per gram for leading brands [2] Summary by Sections 1. Market Review - The retail index increased by 0.31% this week, underperforming the Shanghai Composite Index by 0.77 percentage points [9] - The retail sector's performance ranked 17th among all sectors during this period [9] 2. Company Dynamics - Small Commodity City has acquired land for a cultural and commercial complex for 3.2 billion CNY [16] - West China Tourism plans to issue up to 30.61 million shares to raise no more than 300 million CNY for working capital and debt repayment [16] 3. Industry Dynamics - Xiaohongshu has obtained a payment license, indicating a significant development in the digital payment landscape [22] - Starbucks has partnered with Boyu Capital to expand its retail operations in China, aiming to increase the number of stores to 20,000 [22] - JD's global sales during the Double 11 event saw a transaction volume increase of over 300% in cross-border shipping areas [23]

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, Haidilao, and China Feihe, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights significant developments in the food and beverage, trendy toy, and home appliance sectors, including share repurchase announcements and new store openings [7]. - Yum China reported a revenue of $3.206 billion for Q3 2025, a 4% year-on-year increase, with a net profit of $282 million, down 5% year-on-year [7]. - The membership scale of Guoquan exceeded 60 million, achieving its annual target ahead of schedule [7]. Weekly Performance Summary - Helens saw a strong performance with an 8.0% increase in stock price, while companies like Dashi Co. and Pop Mart experienced declines of 13.0% and 7.6% respectively [2][8]. - In the home appliance sector, Roborock and Ecovacs faced declines of 5.5% and 7.6% respectively [8]. Company Developments - Helens announced a share repurchase plan for up to 10% of its issued shares [7]. - Auntea Jenny adopted an H-share incentive plan, allowing for the purchase of up to 5% of its total shares through market transactions [7]. - Miniso opened its first Miniso Land in Hangzhou, featuring a new product line in collaboration with "Zootopia 2" [7].

Group 1 - MINISO FRIENDS opened its first store in South China, located in Shenzhen, aiming to create a new landmark for youth culture through immersive IP experiences [2] - The store features a unique "Right Right Sauce" glass window and various interactive installations, integrating popular global IPs such as Disney and Harry Potter [2] - MINISO's latest financial report indicates a total revenue of 4.97 billion yuan in Q2, representing a year-on-year growth of 23.1%, with a gross margin of 44.3%, up 40 basis points from the previous year [2] Group 2 - Shenzhen is promoting consumption upgrades through the "first store economy," with trendy toys becoming a significant aspect of this initiative [2] - Jin Guanghua Plaza has introduced 21 first-store brands, including high-traffic toy brands like WANGXIAOBEN and TOP TOY [3] - Shenzhen leads the nation in the toy industry, housing over 3,000 toy-related companies, which account for 14.4% of the total number of toy enterprises in China, forming a complete industry chain from design to export [3]

Core Viewpoint - The founder and CEO of Miniso Group, Ye Guofu, believes that 2025 marks the beginning of China's IP era, starting from the success of the movie "Nezha." Over the next decade, Miniso aims to lead 100 Chinese IPs to the global market, allowing consumers worldwide to engage with and appreciate original Chinese IPs and cultural creativity [5]. Group 1 - The eighth Hongqiao International Economic Forum's consumer sub-forum was hosted by the Ministry of Commerce and organized by Yicai [5]. - Ye Guofu emphasized the importance of promoting Chinese original IPs globally, indicating a strategic direction for Miniso in the coming years [5].

Core Insights - MINISO is accelerating its layout in core business districts across the country with the opening of MINISO LAND in Hangzhou, featuring over 100 IP products and exclusive immersive experiences [1][4] - The Hangzhou store is designed to cater to the younger demographic's demand for trendy culture and immersive experiences, creating a new urban landmark [2][4] - The collaboration with Disney's "Zootopia" marks a significant expansion in MINISO's IP operations, showcasing the brand's strategic depth in this area [3][4] Store Features - The MINISO LAND in Hangzhou features a three-level immersive space with various attractions, including a giant toy house and themed areas for popular IPs like Pokémon and Disney [2][3] - The store includes a dedicated area for the "Zootopia" collaboration, with themed products across multiple categories and interactive experiences for customers [3] Business Strategy - MINISO's strategy involves continuous expansion into key commercial areas, with previous successful openings in cities like Shanghai and Chongqing, demonstrating strong sales performance [4] - The brand's international strategy is also progressing, with the recent opening of its first overseas MINISO LAND in Bangkok, showcasing its ability to localize offerings while maintaining global standards [4] - By focusing on immersive IP experiences, MINISO aims to redefine urban commercial spaces and enhance its market position as a leading global IP operator [4]

Core Insights - MINISO LAND Hangzhou No.1 store opened on November 7, featuring an immersive three-story space with over 100 IP products and exclusive photo spots, aimed at enhancing regional consumer potential and revitalizing the commercial ecosystem in Hangzhou [1][2] - The store's design, led by the team that created the global No.1 store in Shanghai, incorporates a carousel as a creative core, presenting a modern and sculptural aesthetic that stands out in the urban landscape [1] - The store has successfully attracted a large number of visitors during its trial operation, with over 80% of its products being popular IPs, establishing itself as a significant trendsetting consumption landmark in Hangzhou [2] Company Strategy - MINISO LAND continues to expand into key commercial districts across China, with previous successful openings in Shanghai, Chongqing, and Wuhan, showcasing a strategic focus on immersive IP experience spaces [2] - The Shanghai MINISO LAND global No.1 store achieved remarkable sales performance, with over 100 million yuan in sales within nine months and a monthly revenue of 16 million yuan [2] - The brand's international strategy is also progressing, with the opening of its first overseas MINISO LAND in Bangkok, Thailand, which features over 1,000 square meters and incorporates local IPs, demonstrating the company's strong localization capabilities [2]