Market Capitalization Overview - New Oriental has a market capitalization of 14.264 billion [2] - TAL Education (好未来) has a market capitalization of 8.983 billion [2] - Vipshop (唯品会) has a market capitalization of 7.770 billion [2] - Zai Ding Pharmaceutical (再鼎医药) has a market capitalization of 4.357 billion [2] - RELX has a market capitalization of 3.519 billion [2] Stock Performance - New Oriental's stock increased by 0.39 (+2.21%) [2] - TAL Education's stock increased by 1.00 (+5.02%) [2] - Vipshop's stock increased by 1.47 (+3.15%) [2] - Zai Ding Pharmaceutical's stock increased by 0.40 (+0.96%) [2] - RELX's stock increased by 0.37 (+2.98%) [2] Additional Companies - Huya (虎牙) has a market capitalization of 1.059 billion with a stock increase of 0.04 (+1.03%) [2] - iQIYI (爱奇艺) has a market capitalization of 2.479 billion with a stock increase of 0.14 (+1.52%) [2] - Lexin (乐信) has a market capitalization of 1.529 billion with a stock increase of 0.34 (+4.15%) [2] - Yihua Smart (宜人智科) has a market capitalization of 0.548 billion [2] Smaller Market Players - Sohu has a market capitalization of 0.323 billion with a stock decrease of 0.04 (-2.02%) [3] - Xiaoniu Electric (小牛电动) has a market capitalization of 0.257 billion [3] - Baozun (宝尊电商) has a market capitalization of 0.173 billion [3] - Huami Technology (华米科技) has a market capitalization of 0.164 billion [3]

Core Insights - The forum celebrating the 20th anniversary of the AMP program at CEIBS featured a keynote speech by Dou Na, Executive Vice President and Chief Product Officer of Miniso, discussing the company's differentiation from Pop Mart and its strategic focus on both practical and emotional value [1] Group 1: Brand Strategy and Market Positioning - Miniso aims to build a "super brand" through five dimensions: super symbols, super categories, super IP, super stores, and super users [5] - The company has over 7,000 physical stores globally, targeting different consumer bases in various regions [5] - Miniso distinguishes its channel and brand strategy through three types of traffic: mental traffic, content traffic, and offline traffic, with mental traffic being the most crucial for creating consumer demand [5][6] Group 2: Product Development and Market Expansion - Dou Na emphasized the importance of continuously launching hit products for sustained growth, rather than relying on a single blockbuster [6] - In Q1 2025, Miniso achieved overseas revenue of 1.59 billion yuan, a 30% year-on-year increase, surpassing the group's guidance [7] - The company employs a mix of direct and agency stores in overseas markets, focusing on key markets based on population and retail expertise [7] Group 3: Supply Chain Management - Miniso's global supply chain strategy emphasizes the importance of controllability and adapting to local market conditions [8] - The company aims to build a comprehensive supply chain system that is not solely reliant on one location, reflecting a globalized approach [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 4.427 billion yuan for Q1 2025, representing a year-on-year increase of 18.9%, slightly exceeding Bloomberg consensus expectations, driven by improvements in same-store sales domestically and continued rapid growth overseas [1] - The adjusted net profit for Q1 2025 was 587 million yuan, a year-on-year decrease of 4.8%, falling short of Bloomberg consensus expectations of 661 million yuan, primarily due to ongoing overseas store expansion and increased financial expenses [1] - Domestic revenue for MINISO reached 2.494 billion yuan in Q1 2025, up 9.1% year-on-year, with same-store sales showing improvement [2] - Overseas revenue for MINISO was 1.592 billion yuan in Q1 2025, reflecting a year-on-year increase of 30.3%, although growth rates slowed due to high base effects [3] - TOP TOY achieved domestic revenue of 340 million yuan in Q1 2025, marking a year-on-year increase of 58.9% [4] Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are estimated at 20.565 billion yuan, 24.425 billion yuan, and 28.915 billion yuan, respectively, with year-on-year growth rates of 21.0%, 18.8%, and 18.4% [5] - The expected net profit attributable to the parent company for the same period is projected to be 2.737 billion yuan, 3.332 billion yuan, and 4.152 billion yuan, with corresponding year-on-year growth rates of 4.6%, 21.8%, and 24.6% [5] - The price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are estimated to be 14.7x, 12.0x, and 9.7x, respectively [5]

公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年6月16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 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) ...

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15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 ...

Core Viewpoint - The founder of MINISO, Ye Guofu, is targeting the booming IP economy and toy market by planning to raise approximately $300 million through the potential spin-off listing of its toy brand TOP TOY in Hong Kong, aiming to optimize shareholder value [2] Company Overview - TOP TOY, established under MINISO, has rapidly expanded its store count to nearly 300 within five years, positioning itself as a trendy toy collection store [2][3] - As of the end of 2024, TOP TOY plans to launch around 11,000 SKUs, covering various toy categories [3] Financial Performance - TOP TOY reported a revenue of 984 million yuan in 2024, a year-on-year increase of approximately 45%, with a GMV of 1.148 billion yuan, also up 41% [4] - In Q1 2025, TOP TOY's revenue reached 340 million yuan, marking a year-on-year growth of 58.9% [4] - Despite revenue growth, the average transaction price decreased from 121.3 yuan to 109.5 yuan, and the average product price fell to 57.8 yuan, down about 9% [4] Market Position and Strategy - The domestic IP toy market is projected to grow significantly, with a GMV of 756 billion yuan in 2024, expected to reach 1.675 trillion yuan by 2029 [6] - TOP TOY's reliance on external IPs for product offerings poses a risk, as it primarily collaborates with major IPs like Disney and Marvel, which may limit its ability to develop proprietary IPs [7] Expansion Plans - TOP TOY aims to open over 1,000 stores globally within five years, leveraging the extensive channel advantages of MINISO, which has over 7,780 stores worldwide [5][6] Challenges - MINISO's recent overseas expansion has increased costs, leading to a situation where revenue growth does not translate into profit, with Q1 2025 showing a decline in adjusted net profit [9] - The acquisition of Yonghui Supermarket has resulted in significant losses, with Yonghui's revenue declining by 14.07% in 2024 and continuing to face operational challenges [10]

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13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 ...

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13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 ...

Summary of the Conference Call Company and Industry Overview - **Company**: Cool Play (酷乐潮玩) - **Industry**: Retail, specifically in the toy and trendy goods sector Key Points and Arguments 1. **Growth Strategy**: Cool Play maintains growth through emotional consumption products and a low-price strategy during economic downturns, with rapid expansion in cities like Wuhan and Changsha in 2023, indicating its potential to navigate economic cycles [1][4] 2. **Store Expansion Plans**: After rapid expansion in 2018, the company has adopted a cautious approach post-2023, planning to open no more than 30 new stores in 2025, reflecting a conservative industry outlook on market recovery [1][9][18] 3. **Sales Recovery**: Single-store sales have recovered to approximately 90% year-on-year, with average sales per store around 410,000 to 420,000 yuan [10] 4. **Store Characteristics**: Typical store size is about 200 square meters, with 2,500 to 3,000 SKUs, primarily categorized into toys (60%), daily necessities (20%), and trendy accessories (30%) [11][12] 5. **Profit Margins**: Profit margins vary by product category, with children's toys at 40%-60%, two-dimensional products at 35%-40%, and trendy accessories potentially exceeding 60% through promotions [13] 6. **IP Product Sourcing**: The company negotiates directly with IP holders or sources from authorized small brands, with high-profile IPs generally yielding lower margins due to higher costs [14][15] 7. **Market Competitors**: Major competitors include Miniso and GARM Party, with Cool Play ranking third in sales but having a higher average sales per store compared to competitors [19][20] 8. **Profitability Comparison**: Cool Play's net profit margin is in the double digits (approximately 12%-13%), while Miniso's is around 40%, highlighting Cool Play's more conservative growth strategy without external capital [21] 9. **International Expansion**: The company is focusing on international market expansion, particularly in Southeast Asia, where sales have reached three times that of domestic sales, with plans to enter the Thai market in 2025 [22] 10. **Supply Chain Advantages**: China's supply chain complexity and efficiency provide a competitive edge, allowing brands to meet consumer demands effectively [23] Additional Important Insights 1. **Trends in the Grocery Sector**: The grocery sector in China is experiencing positive growth, particularly during economic downturns, with a focus on emotional consumption products [3] 2. **Blind Box Market Decline**: The blind box market has rapidly shrunk, with only a few brands like Pop Mart remaining active, indicating a shift in consumer preferences [27] 3. **Impact of COVID-19**: The pandemic led to a temporary closure of underperforming stores, but the subsequent drop in rental prices has created opportunities for grocery stores to expand [7][8] 4. **Consumer Behavior**: Demand for children's products remains stable despite economic fluctuations, indicating resilience in this segment [17] 5. **Future Challenges**: The retail industry faces challenges, particularly in shopping centers where rising rents may hinder growth, while smaller discount and convenience stores are expected to thrive [61]

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12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 ...