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4月2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 ...

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) FF305 | 1). | 已購回以作註銷但尚未註銷之股份 | | 411,600 | % | HKD | 36.4374 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年3月26日 | | | | | | 2). | 已購回以作註銷但尚未註銷之股份 | | 530,600 | % | HKD | 37.6823 | | | 變動日期 | 2025年3月27日 | | | | | | 3). | 已購回以作註銷但尚未註銷之股份 | | 269,000 | % | HKD | 37.1479 | | | 變動日期 | 2025年3月28日 | | | | | | 4). | 已購回以作註銷但尚未註銷之股份 | | 55,400 | % | HKD | 35.515 | | | 變動日期 | 2025年3月31日 | | | | | | 5). | 已購回以作註銷但尚未註銷之股份 | | 52,600 | % | USD | 4.6 ...

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： 重新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年4月2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 | | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份 ...

Core Insights - The main focus of the article is on the growth and strategic direction of the collectible toy industry, particularly highlighting the performance of Pop Mart and TOP TOY, as well as their differing approaches to market competition. Group 1: Company Performance - Pop Mart has reported a revenue exceeding 10 billion yuan, with profits increasing by over 180%, achieving a market capitalization of over 200 billion HKD [1] - TOP TOY, a brand under Miniso, opened its first flagship store in Shanghai and plans to expand globally, aiming to establish over 1,000 stores in 100 countries within five years [1][2] - TOP TOY's revenue reached 980 million yuan last year, marking a 45% year-on-year growth, and the number of stores increased from 148 to 276 [2] Group 2: Strategic Direction - TOP TOY's strategy focuses on the secondary creation of large IPs, contrasting with Pop Mart's emphasis on proprietary IP development [2][4] - The company aims to become a global brand, similar to its parent company Miniso, by expanding its store presence worldwide [2][4] - TOP TOY has already opened five stores in Southeast Asia and plans for overseas sales to account for over 50% of its revenue [2] Group 3: Competitive Landscape - TOP TOY does not view Pop Mart as a direct competitor, as they operate in different market segments, with TOP TOY focusing on large IP adaptations [2][30] - The founder of TOP TOY believes that the uniqueness of an IP is less important than its design and marketability, which allows for a more predictable business model [7][10] - The company has shifted its product strategy from a 70-30 split of self-developed to externally sourced products to a 50-50 split, with plans to move towards a 70-30 ratio favoring self-developed products in the future [23] Group 4: Market Insights - The collectible toy market is seen as a growing sector, with both companies benefiting from increased consumer interest, particularly in blind box products [22][39] - The founder of TOP TOY acknowledges the potential risk of consumer fatigue towards collectible toys, which is a shared concern in the industry [39] - The competitive landscape is expected to evolve, with the emergence of new brands and products, indicating a dynamic market environment [30][38]

Core Viewpoint - The article discusses the internal unrest at Miniso due to dissatisfaction with the newly implemented "312 system," highlighting the need for founder Ye Guofu's leadership amidst ongoing changes at both Miniso and Yonghui Supermarket [2][4][11]. Group 1: Internal Issues at Miniso - Employees expressed dissatisfaction with the "312 system," leading to a small-scale protest within work groups, where some employees were restricted from speaking and removed from groups [2][3]. - The "312 system" involves a new staffing model for the lightning warehouse business, which has caused tension between frontline employees and management [2][3]. - The management's failure to align with the company's cultural values, as previously articulated by Ye Guofu, has led to criticism from employees [6][7]. Group 2: Ye Guofu's Leadership and Focus - Ye Guofu has been primarily focused on Yonghui Supermarket's restructuring, which has diverted attention from Miniso's internal issues [4][11]. - Employees are calling for Ye Guofu to address the unrest and provide direction for the company [4][11]. - Ye Guofu's management philosophy emphasizes simplicity and efficiency, but there are concerns about the execution of these principles within the company [5][6]. Group 3: Business Performance and Strategy - Miniso reported a record high of 7,780 global stores in 2024, with a net increase of 1,219 stores, and a revenue of 16.994 billion yuan, achieving a gross profit of 7.637 billion yuan and a gross margin of 44.9% [7][8]. - Despite strong growth, the company plans to slow down store openings in 2025 to focus on store quality and same-store sales [8][10]. - The company faces challenges in same-store sales growth, which has declined from 30%-35% in 2023 to high single-digit growth in 2024, attributed to issues like store location and franchise management [9][10]. Group 4: Future Plans and Challenges - Miniso aims to upgrade smaller stores to larger formats and optimize its channel and franchise management to improve same-store sales [10]. - The company is exploring new business models, such as MINISO IP LAND, to enhance profitability while addressing the challenges of existing store performance [10][11]. - Ye Guofu's long-term vision includes increasing the share of IP product sales to 50% by 2028 and leading Chinese IP brands globally [10][11].

Core Viewpoint - The article highlights the rapid growth and strategic positioning of TOP TOY in the collectible toy market, emphasizing its differentiation from competitors like Pop Mart through a focus on large IP adaptations rather than developing proprietary IPs [3][5][7]. Group 1: Company Performance - Pop Mart reported a revenue exceeding 10 billion yuan, with profits increasing by over 180%, achieving a market capitalization of over 200 billion HKD [3]. - TOP TOY's revenue reached 980 million yuan in the previous year, marking a 45% year-on-year growth, and the number of stores increased from 148 to 276 [5]. - TOP TOY plans to expand its international presence, aiming for over 50% of sales to come from overseas markets [6]. Group 2: Strategic Direction - TOP TOY's founder stated that the company does not view Pop Mart as a direct competitor, as they operate in different segments of the market [7]. - The company initially attempted to create its own IP but faced significant losses, leading to a strategic pivot towards adapting existing large IPs [8][11]. - The focus on large IP adaptations is seen as a more certain path to success, leveraging established user bases and market recognition [8][25]. Group 3: Market Positioning - TOP TOY aims to become a global brand, similar to its parent company, Miniso, with plans to open over 1,000 stores in 100 countries within five years [5][8]. - The company emphasizes the importance of unique design in its products, even when working with established IPs, to differentiate itself in the market [15][17]. - The competitive landscape is viewed as an opportunity for collaboration rather than direct competition, with a desire for multiple brands to thrive in the collectible toy space [41][42]. Group 4: Future Outlook - The company is focused on product development and store expansion as its primary objectives for the next 1 to 3 years [46]. - There is a recognition of the potential risks associated with consumer interest in collectible toys, which could impact the market as a whole [48].

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 第 1 頁 共 7 頁 v 1.3.0 FF305 | 1). | 已購回以作註銷但尚未註銷之股份 | | 411,600 | % | HKD | 36.4374 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年3月26日 | | | | | | 2). | 已購回以作註銷但尚未註銷之股份 | | 530,600 | % | HKD | 37.6823 | | | 變動日期 | 2025年3月27日 | | | | | | 3). | 已購回以作註銷但尚未註銷之股份 | | 269,000 | % | HKD | 37.1479 | | | 變動日期 | 2025年3月28日 | | | | | | 4). | 已購回以作註銷但尚未註銷之股份 | | 55,400 | % | HKD | 35.515 | | | 變動日期 | 2025年3月31日 | | | | | | 5). | 已購回以作 ...

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4月1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 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [7]. Core Insights - The company achieved a record high gross margin of 44.9% in 2024, driven by accelerated overseas direct sales and improved single-store efficiency [3][4]. - Total revenue for 2024 reached 17 billion CNY, reflecting a year-on-year growth of 22.8%, with significant contributions from both domestic and overseas markets [1][2]. - The company plans to continue its expansion strategy, with expectations of revenue and profit growth in 2025 and 2026 [5]. Summary by Sections Financial Performance - In Q4 2024, the overall revenue was 4.71 billion CNY, a year-on-year increase of 22.7%. For the entire year, revenue was 17 billion CNY, up 22.8% [1]. - The gross margin for 2024 was 44.9%, an increase of 3.7 percentage points from the previous year [4]. Regional Performance - Domestic revenue in mainland China for Q4 was 2.3 billion CNY, growing by 6.5% year-on-year, while overseas revenue reached 2.13 billion CNY, marking a 42.7% increase [1]. - For the full year, domestic revenue was 9.33 billion CNY (up 10.9%) and overseas revenue was 6.67 billion CNY (up 41.9%), accounting for 39.3% of total revenue [1]. Channel Performance - The brand achieved total revenue of 16 billion CNY in 2024, a 22% increase, while the TOP TOY brand generated 980 million CNY, growing by 44.7% [2]. - The company opened 1,219 new stores globally, bringing the total to 7,780 stores by the end of 2024 [2]. Strategic Initiatives - The company is focusing on enhancing its IP strategy and expanding its overseas presence, with the first TOP TOY store opening in Bangkok, Thailand [4]. - The adjusted net profit for 2024 was 2.721 billion CNY, reflecting a year-on-year growth of 15.4% [4]. Shareholder Returns - The company returned a total of 1.575 billion CNY to shareholders in 2024 through cash dividends and share buybacks [5].

以下文章来源于中国企业家杂志 ，作者李欣 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 来源|中国企业家杂志 作者| 李欣 编辑| 米娜 名创优品创始人叶国富"挂帅"永辉后，挥刀"砍向"中间商。 3月29日，永辉超市召开2025年度全球供应商大会。当天，叶国富在会上称，会与核心供应商建立长期的深度合作。 首批锁定200家核心大供应 商，由他亲自筛选，保证与对方董事长一年至少见一次面，自己亲自见。 "今天晚上到明天上午，我要见一大批核心供应商的董事长，这个事情无比重要。我重视，希望供应商董事长也要重视，这件事情，下面人重视是做 不了的。"叶国富说。 在现场，他还表示，坚决反对换一个采购换一批供应商，要让战略核心供应商有绝对的安全感，称自己站在这，说到做到。"有任何采购人员为难 你，直接微信我，直接找我。对于战略供应商，我是一把手亲自服务的。" 叶国富此番表态，让此前热议的永辉超市要去掉经销商的传闻就此尘埃落定。 而一切，都源于约十天前那场决定性的权力交接。 3月17日，永辉超市在福建福州召开2025年第一次临时股东大会。会上表决通过了公司第六届董事会非独立董事等议案，并成立改革领导小组，由 叶国富担任组长 ...