潮玩业务全球加速布局 全球玩具市场交易额年增超5% 金十数据6月9日讯，从泡泡玛特领先潮玩赛道，到名创优品限期"出海"浪潮，目前，全球潮玩市场正处 于高速扩张期，弗诺斯特沙利文报告数据显示，全球玩具市场规模巨大，并且预计未来将呈现稳定的增 长趋势。以GMV计，全球玩具市场的规模从2019年的6312亿元增长至2023年的7731亿元，年均复合增 长率达到5.2%，并预期在2028年将进一步增长至9937亿元，未来年均复合增长率达到5.1%。随着玩具 消费人群的不断扩张以及消费者对IP玩具喜好的日渐增长，加上近年来在供给端本土企业研发、产品质 量和IP商业化能力的持续提升以及新型玩具品类的出现，中国玩具市场未来将呈现加速增长的态势。 （新京报） ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary and staples sectors, indicating a positive outlook for their performance relative to the market [1]. Core Insights - The report highlights the strong performance of the gold and jewelry sector, while cosmetics and snacks are experiencing adjustments. It notes that luxury goods, particularly gold and jewelry stocks, are among the top performers this week [2]. - Key companies such as Pop Mart have been included in the FTSE China 50 Index, which is expected to enhance their visibility and investment appeal [3]. - The report also mentions various new product launches in the food and beverage sector, indicating innovation and market responsiveness [3]. Summary by Sections Investment Focus - Companies rated "Outperform" include Guizhou Moutai, Wuliangye, Midea Group, and Haier Smart Home among others, reflecting a strong investment sentiment towards these stocks [1]. Weekly Performance - In the food and beverage sector, top performers include CHAGEE (+16.3%) and underperformers include Xiaocaiyuan (-5.1%). In the designer toys sector, Pop Mart (+11.1%) and MINISO (+5.8%) showed strong gains. The home appliance sector saw Marssenger (+5.0%) leading, while Midea Group (-7.5%) faced declines [4][9]. Industry News - Notable industry developments include BLOKEES entering the Mexican market and Luckin Coffee launching a new product in collaboration with SpongeBob SquarePants. Additionally, the Jiangsu home appliance trade-in subsidy platform has been upgraded to enhance consumer engagement [3][8].

Major Events - JiuTai Rural Commercial Bank (06122) plans to sell 78.51% stake in HuanShan HuiMin Village Bank for 40.4 million yuan [1] - Vanke Enterprises (02202) intends to receive a loan of up to 3 billion yuan from its major shareholder, Shenzhen Metro Group [1] - China Gas Holdings (08246) signed a memorandum of understanding with the Lao Ministry of Industry and Commerce to explore cooperation in developing fuel and natural gas supply networks in Laos [1] - Miniso Group (09896) is conducting a preliminary assessment on the potential spin-off listing of its trendy toy business operated under the "TOP TOY" brand [1] - Baiyunshan Pharmaceutical (00874) subsidiary received approval from the National Medical Products Administration for the drug registration certificate of Tadalafil tablets (2.5mg, 5mg) [1] - Huaxing Capital Holdings (01911) portfolio company Circle successfully listed on the New York Stock Exchange, marking the first IPO milestone in the global stablecoin sector [1] - China National Nuclear Corporation (01763) plans to initiate its first irradiation station cooperation project in Peru [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 50.7 billion yuan in the first five months, an increase of about 26.5% year-on-year [1] - China Overseas Land & Investment (00688) recorded a cumulative property sales amount of approximately 90.4 billion yuan in the first five months, a decrease of 11.1% year-on-year [1] - Shimao Group (00813) reported a cumulative contract sales total of 11.2 billion yuan in the first five months, a decrease of 18.71% year-on-year [1] - Zhongliang Holdings (02772) achieved a cumulative contract sales amount of approximately 5.37 billion yuan in the first five months, a decrease of 33.38% year-on-year [1] - GAC Group (02238) experienced a year-on-year decline in May's automobile production by 8.16% and a sales drop of 24.80% [1] - Poly Property Group (00119) achieved a contract sales amount of approximately 21.8 billion yuan in the first five months, an increase of 3.81% year-on-year [1] - New天绿色能源 (00956) completed a power generation volume of approximately 7.29 million megawatt-hours in the first five months, an increase of 10.86% year-on-year [1]

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8日 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) 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 ...

Core Viewpoint - The company is focusing on high-quality growth through channel optimization and inventory adjustments, with expectations for improved same-store sales and profitability recovery in the coming quarters [1][2]. Group 1: Domestic Market Performance - The company aims to stabilize and gradually improve same-store sales by refining product offerings and services to address competitive pressures [1]. - Inventory adjustments are being made to better match demand across different market tiers, enhancing product quality in lower-tier markets while promoting popular products in higher-tier markets [1]. - The company has closed underperforming stores and is focusing on flagship "big stores" to drive growth, with new store openings planned [1]. Group 2: Overseas Market Strategy - The company is enhancing its overseas operations by establishing a product development team in North America and improving same-store performance since April [2]. - Cost optimization strategies are being implemented, including concentrated store openings and flexible staffing to reduce operational costs in North America [2]. - The company is also strengthening guidance for overseas partners and exploring new store models in the agent market [2]. Group 3: Profitability and Financial Forecast - The company anticipates short-term fluctuations in profitability due to the ramp-up phase of high-growth businesses, but expects improvements as operational models are optimized [2]. - The company projects adjusted net profits of 2.99 billion, 3.73 billion, and 4.57 billion yuan for 2025-2027 [2]. - A target price of 47 HKD is maintained, with a PE ratio of 18x for 2025, reflecting short-term business uncertainties [2].

Core Viewpoint - The company maintains a "buy" rating despite facing profit pressure in FY2025Q1, with expectations for improvement in same-store sales and profit margins in Q2 and a stronger performance anticipated in H2 2025 during the overseas peak season [1][2] Financial Performance - FY2025Q1 revenue reached 4.427 billion yuan, a year-on-year increase of 18.9%, with contributions from various segments: - Miniso's domestic business revenue was 2.494 billion yuan, up 9.1% year-on-year - Miniso's overseas business revenue was 1.592 billion yuan, up 30.3% year-on-year - TOP TOY revenue was 340 million yuan, up 58.9% year-on-year - Adjusted net profit for FY2025Q1 was 587 million yuan, a decrease of 4.81% year-on-year, indicating profit pressure [1][2] Same-Store Sales and Store Expansion - Same-store sales improvement has become a strategic focus, with Q2 showing a continued positive trend - In FY2025Q1, Miniso's domestic revenue grew by 9.1%, but same-store daily sales saw a low single-digit decline, primarily due to reduced foot traffic in malls - The overseas revenue growth of 30.3% was supported by a 24.6% increase in average store count - In FY2025Q1, Miniso closed 111 domestic stores due to market adjustments, while 95 new overseas stores were opened, indicating ongoing expansion efforts [1][2] Profitability Metrics - The company's gross margin for FY2025Q1 was 44.2%, an increase of 0.8 percentage points year-on-year - Adjusted net profit margin was 13.3%, down 3.3 percentage points year-on-year - Operating profit margin (OPM) was 16.0%, a decline of 3.9 percentage points year-on-year, attributed to a higher proportion of lower-margin direct sales and upfront costs related to new store openings in the U.S. [2]

Market Capitalization Summary - New Oriental has a market capitalization of 13.696 billion [2] - TAL Education has a market capitalization of 8.011 billion [2] - Vipshop has a market capitalization of 8.175 billion [2] - 51Talk has a market capitalization of 7.533 billion [2] - Xunlei has a market capitalization of 6.438 billion [2] - 76.67 billion market capitalization for another unspecified company [2] - 56.88 billion market capitalization for another unspecified company [2] - 32.89 billion market capitalization for another unspecified company [2] - 16.27 billion market capitalization for another unspecified company [2] - 12.30 billion market capitalization for Lexin [2] - 9.91 billion market capitalization for Youdao [2] - 5.19 billion market capitalization for Dada [2] Stock Performance - New Oriental's stock increased by 0.09 (+0.50%) [2] - TAL Education's stock decreased by 0.01 (-0.28%) [2] - Vipshop's stock increased by 0.27 (+1.46%) [2] - 51Talk's stock decreased by 1.09 (-2.28%) [2] - Xunlei's stock increased by 0.16 (+1.11%) [2] - 76.67 billion market capitalization company increased by 0.13 (+1.24%) [2] - 56.88 billion market capitalization company decreased by 0.14 (-0.77%) [2] - 32.89 billion market capitalization company increased by 0.65 (+2.58%) [2] - 16.27 billion market capitalization company increased by 0.02 (+1.20%) [2] - Lexin's stock increased by 0.22 (+2.68%) [2] - Youdao's stock decreased by 0.11 (-1.21%) [2] - Dada's stock decreased by 0.06 (-1.58%) [2] Additional Company Insights - The market capitalization of various companies ranges significantly, with some exceeding 10 billion [2] - Companies like New Oriental and TAL Education show contrasting stock performance trends, indicating varying investor sentiment [2] - The overall market appears to be volatile, with both increases and decreases in stock prices across different companies [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6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 ...

Core Viewpoint - Miniso (09896.HK) is considering a potential spin-off of its "TOP TOY" brand for independent listing to optimize shareholder value, although the plan is in preliminary stages and dependent on various factors including market conditions [1][4]. Company Summary - Miniso has engaged JPMorgan and UBS to assist with the potential IPO of TOP TOY in Hong Kong, aiming to attract new investments from sovereign wealth funds and other potential investors before selling shares [4]. - TOP TOY, established in December 2020, operates as a trendy toy collection store, offering licensed IP toys, proprietary IP toys, and third-party brand toys, with approximately 11,000 SKUs as of the end of last year [4][6]. - In 2024, TOP TOY's revenue is projected to grow by 44.71% to 984 million yuan, with GMV increasing by 41.04% to 1.148 billion yuan, and the company has achieved profitability for the year [6]. Industry Summary - The toy market is experiencing heightened interest, with competitors like Pop Mart and Blokus achieving significant market valuations, indicating a competitive landscape for TOP TOY [7]. - TOP TOY aims to open over 1,000 stores in 100 key global business districts within the next five years, with a target of 150 new stores in 2025, 100 of which will be in China [7].

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，並明確表示概不就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。 本公告僅供參考，並不擬及不構成或組成要約、邀請或要約招攬或購買邀請、以其他方式收購 或認購任何擬於潛在發售中提呈發售證券的一部分。 關於媒體報導中涉及潛在分拆上市事宜的澄清聲明 名創優品集團控股有限公司（「本公司」）自願發佈公告，旨在向其股東（「股東」）及 潛在投資者提供有關本公司最新發展的相關資料。 本公司注意到若干媒體報導，稱本公司可能計劃分拆本公司特定業務獨立上市。 本公司正在對其以「TOP TOY」品牌運營的潮流玩具業務潛在分拆上市可能性進行 初步評估，以期優化股東價值。 擬議計劃乃屬初步階段，是否會推進取決於包括市場條件在內的諸多因素。無法 保證該項擬議計劃的時間、上市地點或其他細節。股東及潛在投資者於買賣本公 司股份時應審慎行事。 承董事會命 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） 自願性 ...