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1月26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 ...

ab 20 January 2026 Global Research China Consumer Sector 2026 GCC takeaways: Sector valuation remains attractive with signs of consumption recovery Green shoots in consumer confidence with increasing divergence in preferences We hosted ~35 consumer companies (listed and private), one expert panel on shopping malls and new consumption trends, and a tour in Shanghai and Hangzhou. Despite the near-term property market downturn, we have seen green shoots in consumer confidence and think improving stock market r ...

Core Insights - The report emphasizes the structural opportunities in both domestic demand and overseas expansion for 2026, particularly focusing on new services and new retail sectors [2][24] - It highlights the positive resonance between policy and fundamentals, suggesting that leading companies in the commercial sector are likely to benefit from policy stimuli and improve their fundamentals [2][4] Domestic Demand - The report identifies new services and new retail as the main lines for domestic demand, with a focus on the marginal changes in the fundamentals of related sub-sectors [2][5] - Specific sub-sectors showing price increase potential include: - **Hotels**: Strong leisure demand and optimized supply structure, with prices expected to remain stable or slightly increase. Recommended companies include Huazhu Group, Jinjiang Hotels, and Shoulv Hotels [2][3] - **Duty-Free**: With the opening of Hainan, the sector is stabilizing, and China Duty Free is highlighted as a key player [2][3] - **Gold and Jewelry**: The report notes a high volatility in gold prices but anticipates improved terminal sales. Recommended companies include Chow Tai Fook and Lao Puhuang [2][3] - **Mother and Baby**: Leading companies are expected to maintain steady growth, supported by favorable policies. Recommended companies include Kidswant and Aiyingshi [2][3] Sub-Sectors Driven by Volume Growth - The report suggests focusing on the Consumer Price Index (CPI) for sectors primarily driven by volume growth: - **Supermarkets**: CPI increases are beneficial for same-store sales, with a shift in focus from store adjustments to supply chain reforms. Recommended companies include Yonghui Superstores and Jiajiayue [3][5] - **Tourism**: The report highlights the potential for expansion and asset integration in the tourism sector, recommending companies like Jiuhua Tourism and Changbai Mountain [3][5] - **Dining**: Emphasizes refined operations and incentives for leading companies, with recommendations including Yum China and Haidilao [3][5] - **Tea Drinks**: The report notes that delivery subsidies may impact pricing, with store openings expected to drive growth. Recommended companies include Mixue and Gu Ming [3][5] Overseas Expansion - The report indicates that leading companies with high barriers to entry are expected to continue showing strong performance in overseas markets, with a focus on brand building and diversified destinations [4][24] - Recommended companies for overseas expansion include: - **Small Commodity City** and **Miniso**: Both are noted for their strong performance and brand development [4][24] - **Anker Innovations** and **Sumida**: Highlighted for their competitive advantages in specific segments [4][24] Investment Recommendations - The report suggests that for 2026, investors should focus on sectors benefiting from policy support and those with strong performance certainty in overseas markets [5][24] - It emphasizes the importance of monitoring the recovery of volume in certain sectors while maintaining a cautious approach to pricing stability [5][24]

来源：中国企业家杂志 2025年是中国IP的元年，潮玩IP行业的竞争亦刚处于起步阶段。 文｜《中国企业家》记者 李欣 编辑｜米娜 头图来源｜受访者 2025年，中国的文化IP在全球范围内，以前所未有的广度和深度"刷屏"，迎来了最好的时代。 名创优品集团创始人、董事会主席兼首席执行官叶国富给出了"2025年是中国IP元年"的结论，并将"IP战略"正式提升为集团级战略。 围绕这一目标，2026年名创优品将聚焦"做好自有IP，开好店"这两件事。基于此，叶国富强调要将80%的店铺重新升级，实现"腾笼换鸟"，并称这是名创 优品未来几年必须完成的事。 站在新节点上，挑战的复杂度被拉到前所未有的量级，对叶国富而言，接下来将是一场硬仗。 以下为文章核心要点： 1.观察可复制、可放大的"超级IP"，在全球都有同一套底层逻辑：先靠明星、达人引爆，再用电影或故事把生命力拉长。 2.名创优品形成了一套完整的自有IP打法：先让IP形象落地成产品，上架跑销售数据，经过数据验证后，立刻启动社媒种草、明星带货等多元推广；热度 起来后，再为它做内容，写剧本、编故事，未来走向电影化也不是不可能。 3.对内部就强调八个字：腾笼换鸟、脱胎换骨。这体 ...

Group 1 - The Nasdaq China Golden Dragon Index increased by over 2% [1] - Popular Chinese concept stocks generally rose, with Bilibili up 6.74%, Baidu up 6.59%, and GDS Holdings up 4.98% [1] - Other notable gains include Kingsoft Cloud rising by 4.14% and Miniso increasing by 4.06% [1] Group 2 - Legend Biotech experienced a significant decline, falling by 10.76% [1] - NetEase and Luckin Coffee both dropped nearly 3% [1] - Amer Sports saw a decrease of 1.63% [1]

在"首店经济"持续驱动城市商业焕新的浪潮下，名创优品战略级创新店态MINISO LAND完成了其在西 南市场的关键落子。名创优品MINISO首次登陆重庆，便于解放碑与观音桥两大核心商圈同步揭幕"双首 店"。 区别于传统零售，名创优品MINISO LAND以场景化与策展式思维，彻底重构了线下消费场景。解放碑 店以超过1600平方米的面积，打造了一个打破维度边界的沉浸式艺术奇境。观音桥店则以超过1400平方 米的"星际乐园"为主题，运用虚拟与现实交融的设计语言，搭配明快色彩与互动装置，营造出充满探索 趣味的未来感社交空间，精准契合了Z世代的审美偏好。两家门店通过乐园式陈列与"一步一景"的游逛 动线设计，成功实现了从传统购物场所向兴趣体验与情感共鸣空间的转型。 MINISO此次双店齐开、双圈共振的布局，迅速点燃了本地消费热情与社交打卡热潮，不仅标志着名创 优品西南区域拓展战略迈出坚实一步，也为重庆建设国际消费中心城市注入了源自兴趣消费的崭新活 力。 MINISO LAND 重庆解放碑店 锚定城市双核心，驱动全域消费焕新 重庆以其独特的立体城市格局与充满年轻活力的文化氛围，始终是潮流消费的高地。名创优品此次布局 极具 ...

智通财经APP讯，名创优品(09896)发布公告，于2026年1月21日，该公司斥资80.27万港元回购2.12万股 股份，每股回购价37.72-38港元。 ...

格隆汇1月21日丨名创优品(09896.HK)发布公告，2026年1月21日耗资80.3万港元回购2.12万股。 ...

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1月21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 ...

| MNSO 名创优品 | | | | --- | --- | --- | | 19.080 + -0.210 -1.09% | | 收盘价 01/20 15:59 美东 | | 19.510 ↑ 0.430 +2.25% | | 盘前价 01/21 04:20 美东 | | 三 71 24 华 S 5 日 ♥ 自选 | | ● 快捷交易 | | 最高价 19.560 | 开盘价 19.190 | 成交量 63.69万 | | 最低价 19.040 | 昨收价 19.290 | 成交额 1221.15万 | | 平均价 19.171 | 市福率 19.08 | 总市值 59.03亿(--) | | 振 幅 2.70% | 市盈率(静) 15.81 | 总股本 3.09亿 | | 换手率 0.66% | 市净率 3.824 | 流通值 18.46亿 | | 52周最高 26.422 | 委 比 60.00% | 流通股 9674.98万 | | 52周最低 13.779 量 比 1.38 | | 色 主 1胎 | | 历史最高 31.333 股息TTM 0.624 | | 换股比率 4.00 | | 历史最低 ...