Group 1 - The core viewpoint of the article is that Miniso suggests spinning off its TOP TOY business and independently listing it on the main board of the Hong Kong Stock Exchange [1] Group 2 - The proposal indicates a strategic move by Miniso to enhance its market presence and potentially unlock value from its subsidiary [1] - The independent listing could provide TOP TOY with greater operational flexibility and access to capital markets [1] - This decision reflects Miniso's broader strategy to focus on its core business while allowing its subsidiaries to thrive independently [1]

Core Viewpoint - Miniso (09896.HK) announced its plan to spin off its subsidiary TOP TOY through an independent listing on the Hong Kong Stock Exchange, with the proposal already submitted and confirmed by the exchange [1] Group 1: Company Structure and Plans - The spin-off will allow TOP TOY to operate as an independent entity while remaining a subsidiary of Miniso after the completion of the proposed separation [1] - TOP TOY was established on April 24, 2025, in the Cayman Islands and focuses on the design, development, procurement, and sales of trendy toys [1] Group 2: Listing Process - On September 26, 2025, TOP TOY submitted its listing application form (A1 form) to the Hong Kong Stock Exchange through its joint sponsors, seeking approval for its shares to be listed and traded on the main board [1] - The proposed spin-off will be executed through a global offering and distribution, although the specifics regarding the scale and structure of the global offering and distribution are yet to be finalized [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，並不構成收購、購買或認購證券之邀請或要約，亦不擬邀請任何有關要約或 邀請。尤其是，本公告並不構成亦並非在香港、美利堅合眾國或其他地方銷售任何證券之要約 或購買或認購任何證券之任何要約的邀請或招攬。 名創優品集團控股有限公司（「本公司」）過往及現時均無意根據1933年美國證券法（經修訂） （「美國證券法」）辦理本公告所述任何證券的登記，如並非根據美國證券法辦理登記或根據美國 證券法或美利堅合眾國任何適用州的證券法獲得適用豁免遵守登記規定，則上述證券不可於美 利堅合眾國發售或出售。於美利堅合眾國公開發售任何證券將刊發招股章程或發售備忘錄，而 有關招股章程或發售備忘錄可向發行人或出售證券的持有人索取，且當中將載列發行人及其管 理層的詳盡資料以及財務報表。本公司無意於美利堅合眾國登記發售之任何部分或於美利堅合 眾國公開發售證券。 MINISO Group Holding Limited 名創優品集 ...

Core Viewpoint - The company is experiencing a turning point in its main business operations, with preliminary verification of mid-year performance, and is expected to see continued improvement in domestic and international performance driven by the optimization of the large store model and proprietary IP strategy [1][2]. Group 1: Financial Performance - In Q2, the company achieved revenue of 4.966 billion, a year-on-year increase of 23.1%, exceeding the previous guidance of 18%-21% [2]. - Adjusted net profit for Q2 was 0.692 billion, a year-on-year increase of 10.6%, with an adjusted net profit margin of 13.9%, down 1.6 percentage points year-on-year [2]. - The company has raised its full-year guidance, expecting Q3 overall revenue growth of 25%-28% and adjusted operating profit to be between 3.65 billion and 3.85 billion [2]. Group 2: Domestic Brand Performance - Domestic revenue for the MINISO brand in Q2 was 2.62 billion, a year-on-year increase of 13.6%, with same-store sales turning positive [3]. - The company opened 30 new stores in Q2, reversing the trend of net store closures from the first quarter [3]. - Key drivers for same-store growth include improved organizational structure, enhanced product supply, and optimized store operations during holidays [3]. Group 3: International Brand Performance - Overseas revenue for the MINISO brand reached 1.94 billion, a year-on-year increase of 28.6%, with a net addition of 94 stores in Q2 [4][5]. - The North American market strategy focuses on large stores and cluster openings, with new stores achieving 1.5 times the sales efficiency of older stores [5]. - The company plans to continue expanding its overseas presence, with a target of adding over 500 new stores this year [4]. Group 4: TOPTOY Brand Performance - TOPTOY achieved revenue of 0.4 billion in Q2, a year-on-year increase of 87%, with a net addition of 13 stores [6]. - The brand's gross margin has significantly improved, and same-store sales have shown single-digit growth [6]. - Future plans include enhancing sales contributions from proprietary brands and IP, focusing on markets with high potential for toy consumption [6]. Group 5: Strategic Initiatives - The company is implementing a dual strategy of opening large stores and developing proprietary IP, with significant progress in both domestic and international markets [7]. - The MINISO LAND and flagship stores are designed to enhance customer experience and increase sales per square meter [7]. - The proprietary IP strategy includes collaborations with artists and the launch of new products, aiming for a total GMV of 1 billion from proprietary IP products this year [7].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本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。 倘閣下對本文件任何內容有任何疑問，應尋求獨立專業意見。 TOP TOY International Group Limited （「本公司」） （於開曼群島註冊成立的有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣下知 悉、接納並向本公司、其聯席保薦人、保薦人兼整體協調人、顧問或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據呈交香港公司註冊處處長登記的本 公司招股章程作出投資決定，有關文本將於發售期內向公眾人士刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件中 的資料作出任何投資決定； (b) 在聯交所 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of TOP TOY International Group Limited (the "Company") (A company incorporated in the Cayman Islands with limited liab ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][23] Core Views - The company is showing signs of a turning point in its main business operations, with mid-year performance beginning to validate this trend. The ongoing implementation of the large store model and proprietary IP strategy is expected to drive continuous improvement in both domestic and international performance [2][3][23] - The domestic large store strategy is optimizing store structure and improving operational efficiency, leading to gradual improvements in same-store sales. The IP strategy is enhancing global competitiveness and significantly driving overseas business and the TOP TOY brand development [2][3][23] Summary by Sections Financial Performance - In Q2, the company achieved revenue of 4.966 billion, a year-on-year increase of 23.1%, exceeding the previous guidance of 18%-21%. Operating profit reached 836 million, up 11.3% year-on-year, while adjusted net profit was 692 million, reflecting a 10.6% increase year-on-year [3][23] - The management has raised the full-year guidance, expecting Q3 overall revenue growth of 25-28%, with domestic MINISO brand revenue growth in the mid to high double digits and overseas revenue accelerating to 30%-35% [3][23] Domestic Business - The domestic revenue for the MINISO brand in Q2 was 2.62 billion, a year-on-year increase of 13.6%. Same-store sales have turned positive, with a net increase of 30 stores in Q2, reversing the previous trend of store closures [9][10] - Same-store growth is driven by improved customer spending and enhanced store conversion rates, despite a slight decline in foot traffic [9][10] Overseas Business - Overseas revenue for the MINISO brand reached 1.94 billion, a year-on-year increase of 28.6%. The company plans to add over 500 new stores globally this year, with significant growth in the North American market [13][14] - The North American strategy focuses on large stores and cluster openings, enhancing brand presence and operational efficiency [14][16] TOP TOY Brand - TOP TOY achieved revenue of 400 million in Q2, a year-on-year increase of 87%. The brand is focusing on enhancing its own brand and IP sales contributions, with plans for global expansion [17][19] Strategic Initiatives - The company is advancing its large store strategy both domestically and internationally, with significant investments in MINISO LAND and flagship stores, which have shown higher sales efficiency compared to smaller stores [18][19] - The proprietary IP strategy has evolved into a dual-driven model, focusing on both artist IP and top international licensed IP, with plans to launch self-owned IP products in overseas markets [19][23]

Core Insights - The report "2025 Tmall Pet Economy Cross-Industry Observation" highlights the strong appeal of the pet economy across various sectors, with 72 cross-industry brands identified in 11 categories including apparel, home appliances, and daily chemicals [1][2]. Industry Overview - Nearly 40% of cross-industry brands focus on essential pet cleaning and other supplies, while over 30% target personalized pet apparel [1]. - Chinese brands dominate the pet market, accounting for 48% of the cross-industry brands, with Guangdong, Zhejiang, and Shanghai being the top three provinces for brand concentration [2]. Brand Performance - The median establishment year for domestic brands is 2003, while international brands date back to 1949. However, both groups entered the pet market around 2022, with younger domestic brands outperforming older international ones in sales [3]. - 22% of cross-industry brands have established independent pet sub-brands or opened dedicated Tmall stores, leading to significant commercial returns. Brands that deeply invest in the pet sector see monthly sales amounts 738% higher than those with a "testing the waters" approach [5]. Market Dynamics - The top 20 cross-industry pet brands on Tmall saw a 90% turnover rate from the first half of 2024 to the first half of 2025, indicating a dynamic market with new entrants like "Golden Dad" from Three Squirrels making rapid gains [8]. - 77.8% of cross-industry brands have chosen pet segments closely related to their main business, which correlates with better performance. Brands leveraging existing strengths in related fields have seen success, exemplified by Dettol's entry into the pet cleaning market [12]. Future Opportunities - The pet market remains open for potential entrants, with significant opportunities in pet smart products and cleaning supplies, which are experiencing growth and lack dominant brands, providing a competitive edge for companies with relevant technology and R&D capabilities [12].

Group 1 - MINISO and COSMAX have established a joint laboratory to enhance collaboration in skincare technology and product development [1][2] - The partnership aims to leverage COSMAX's expertise in cosmetics R&D and MINISO's consumer insights to create safe, efficient, and cost-effective skincare products [1][2] - This collaboration is a significant step for MINISO to integrate international R&D resources and strengthen its scientific foundation in the skincare sector [2] Group 2 - MINISO focuses on precise consumer demand insights, expanding its basic and functional skincare product lines [2][3] - The joint laboratory will concentrate on "moderate cleansing" and "skin-specific customization," utilizing big data analysis to develop products tailored to different skin types [2] - MINISO has previously collaborated with Shanghai Jiao Tong University to research sensitive skin and pigmentation issues, resulting in effective products like Vitamin B5 soothing cream [3] Group 3 - The company emphasizes an integrated "industry-university-research" model for R&D, aiming for rapid market response and precise product supply [3] - MINISO's founder stated that retail innovation should focus on enhancing consumer experiences and maintaining high-quality products at affordable prices [3] - Future plans include deepening global expansion and channel upgrades while promoting precision and professionalism in the skincare field [3]

Group 1 - The three major US stock indices collectively rose, with the Dow Jones up 0.14%, the Nasdaq up 0.7%, and the S&P 500 up 0.44% [1] - Major technology stocks saw significant gains, with Oracle rising over 6%, Apple increasing over 4%, and Nvidia climbing nearly 4% [1] - Popular Chinese concept stocks mostly declined, with NIO down over 6%, JD.com down over 3%, and Miniso down over 2% [1] Group 2 - Century Internet rose over 4%, and iQIYI increased over 3% [1] - Amazon and Meta both fell by more than 1% [1] - Li Auto and Bilibili also experienced declines of over 1% [1]