FF305 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) | 2026年2月12 ...

Summary of Conference Call Notes Industry Overview - The report focuses on the Chinese IP retail and toy industry, specifically highlighting companies such as Pop Mart, Miniso, and Bloks, along with their recent performance and market strategies [1][6][7][8]. Key Points Pop Mart - **Sales Growth**: Pop Mart's online sales growth in China accelerated in January, attributed to increased supply on platforms like Tmall and Douyin. January recorded the highest sales volume over the past year [1][11]. - **Product Launches**: Successful new product launches, particularly the Twinkle Twinkle's Crush On You series and Skullpanda's My Little Pony series, positively impacted sales. The Crush On You series maintained a secondary price premium of approximately 40% [1][9]. - **Market Confidence**: The company's share buyback program helped restore market confidence [1]. - **Sales Data**: Combined sales on Tmall and Douyin flagship stores increased over 300% year-on-year in January, compared to a 53% increase in December [9]. Miniso - **Partnerships and Marketing**: Miniso partnered with the 2026 CCTV Spring Festival Gala, launching a co-branded IP "马优优". However, initial sales were muted, with less than 50 units sold by February 8 [1][50]. - **Sales Growth**: US credit card sales growth was approximately 65% in January, down from 75% in December [26][28]. - **IP Development**: The CEO highlighted plans to develop 100 proprietary IPs over the next decade and expand the Miniso Land format globally [50]. Bloks - **Product Launches**: Bloks experienced a slowdown in new product launches in January compared to December, consistent with seasonal trends [1][60]. - **Sales Performance**: Overall sales on Tmall and Douyin were down 10% year-on-year in January, attributed to timing distortions around the Chinese New Year shopping window [10]. Financial Forecasts and Valuations - **Earnings Forecasts**: The earnings forecasts for the three covered IP retailers were updated, with target prices lowered for all [2][55][56]. - **Pop Mart**: Expected low 30% year-on-year growth in topline and bottom line for 2026, with a new target price of HK$298 [57][59]. - **Miniso**: Adjusted target price lowered to US$25/HK$49 per ADR/H-share, with a focus on mid-high teens growth in net profit [56]. - **Bloks**: Target price revised down to HK$63, reflecting a slower growth outlook [60]. Market Sentiment and Consumer Confidence - **US Market**: Consumer confidence in the US declined sharply, while sentiment improved in the Euro Area, Malaysia, and Indonesia. The US credit card sales growth for Pop Mart and Miniso showed signs of deceleration [24][25][47]. - **Geopolitical Tensions**: Issues related to Pokemon and Detective Conan in China were noted amidst geopolitical tensions between China and Japan [49]. Additional Insights - **Secondary Market Trends**: Prices for Labubu's plush toys in the secondary market showed a downward trend, with discounts deepening from low single digits to 20% [9][32]. - **Online Sales Trends**: The online sales run-rate for plush toys in February remained broadly on track compared to January, indicating stable demand [1][9]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state and outlook of the Chinese IP retail and toy industry.

Group 1 - Company Miniso (09896) announced a share buyback of 2,800 shares at a cost of approximately HKD 10.64 million on February 12, 2026 [1]

Group 1 - The company Miniso (09896) announced a share buyback plan, spending approximately HKD 10.64 million to repurchase 2,800 shares on February 12, 2026 [1]

Group 1 - Miniso (09896.HK) announced a share buyback on February 12, spending HKD 106,000 to repurchase 2,800 shares [1]

公司名稱： 名創優品集團控股有限公司 呈交日期： 2026年2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 | | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 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 | | | ...

Group 1 - The company Miniso (09896) announced a share buyback plan, intending to repurchase 25,600 shares at a cost of $124,000 on February 11, 2026 [1]

Group 1 - The company Miniso (09896) announced a share buyback plan, intending to repurchase 25,600 shares at a cost of $124,000 on February 11, 2026 [1]

Core Viewpoint - Miniso (09896.HK) announced a share buyback on February 11, spending $123,900 to repurchase 25,600 shares at a price range of $4.83 to $4.875 per share [1] Group 1 - The total expenditure for the share buyback was $123,900 [1] - The number of shares repurchased was 25,600 [1] - The price per share during the buyback ranged from $4.83 to $4.875 [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： 2026年2月12日 | 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) | 2026年2月11日 | | 1,237,564,177 | | 0 | | 1,237 ...