同时，名创优品宣布派发中期股息，每股ADS股息为0.29美元，上半年股份回购及派发股息合计约10.7 亿元，占经调整净利润的84%，上半年股份回购金额已超过2024全年，持续为股东带来丰厚回报。 格隆汇8月22日｜昨晚公布业绩的名创优品(9896.HK)今日大涨，盘中一度涨超20%，报47.16港元，股价 创今年1月以来新高；截至目前成交额放大至18.7亿港元。 公司公布财报显示，2025年二季度总营收达49.7亿元，同比增长23.1%；毛利率44.3%，较去年同期上升 40个基点；经调整净利润(Non-IFRS)6.9亿元，同比增长10.6%；经调整净利率13.9%，经调整每股ADS 收益同比上升12.0%，展现出强劲的业务韧性和稳健的盈利能力。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in the new consumption sector, with notable gains in stocks such as Miniso, XPeng Motors, and NIO, indicating a positive outlook for the market [1] Group 1: Stock Performance - Miniso's stock surged over 19%, reaching a high of 47.16 HKD, marking the highest price since January of this year [1] - Other stocks in the sector, including XPeng Motors and NIO, also saw significant increases of over 11% and 7% respectively [1] - The Hong Kong consumption ETF (513230), which includes leading companies like Miniso and Pop Mart, maintained a strong performance, rising nearly 1.5% during the trading session [1] Group 2: Market Outlook - According to招商策略, there is an optimistic outlook for the Hong Kong stock market, with mid-year earnings showing improvement and a record high in earnings forecast rates over the past three years [1] - The profitability of Hong Kong stocks, particularly those with a higher "new economy" component, is expected to improve ahead of A-shares [1] - The report suggests focusing on differentiated investment strategies compared to A-shares, recommending a sequential approach starting with innovative drugs, followed by the internet sector, and finally new consumption [1] Group 3: Investment Recommendations - Key investment vehicles highlighted include: - Core broad-based Hong Kong ETF: 恒生ETF (159920) [1] - AI and platform economy: 恒生科技指数ETF (513180) [1] - Core consumption assets in Hong Kong: 港股消费ETF (513230) [1] - Global pharmaceutical industry representation: 恒生医药ETF (159892) [1] - Chinese AI technology concept companies: 恒生互联网ETF (513330) [1]

Core Insights - Miniso reported a revenue of 9.393 billion RMB for the first half of 2025, representing a year-on-year growth of 21.1% [1] - Operating profit for the same period was 1.546 billion RMB, up 3.4% year-on-year, while net profit decreased to 905.99 million RMB, down 23.1% compared to the previous year [1][2] Financial Performance - For the second quarter of 2025, revenue reached 4.966 billion RMB, a 23.1% increase year-on-year, with operating profit at 836.16 million RMB, an 11.3% rise [2] - The net profit for the second quarter was 489.53 million RMB, down 17.3% from 591.43 million RMB in the same quarter last year [2] Profitability Analysis - The decline in net profit was attributed to a decrease in pre-tax profit, increased financial costs related to stock-linked securities, and losses from the acquisition of Yonghui Superstores [3] - Financial costs for the first half of 2025 amounted to 794 million RMB, significantly higher than the 90 million RMB in the same period last year, primarily due to interest expenses related to stock-linked securities and bank loans for the acquisition [4] Debt and Liabilities - Total liabilities doubled from 7.765 billion RMB at the end of 2024 to 15.749 billion RMB in the first half of 2025, with the debt-to-asset ratio increasing from 42.85% to 59.10% [5] Sales and Distribution Expenses - Sales and distribution expenses rose to 1.16 billion RMB, a 40.4% increase year-on-year, with a 42.8% increase when excluding share-based payment expenses [6] - The increase in expenses is attributed to investments in direct stores, particularly in strategic overseas markets like the United States [6] Market Expansion - The number of Miniso stores increased from 7,504 to 7,612, while TOPTOY stores grew from 276 to 293 as of June 30, 2025 [5] - Revenue from overseas markets increased by 29.4%, accounting for 40.9% of total brand revenue, up from 37.3% in the previous year [6]

Group 1 - The Hang Seng Index increased by 0.32% and the Hang Seng Tech Index rose by 1.61% as of midday close [1] - The semiconductor and hardware equipment sectors showed significant gains, with Hua Hong Semiconductor rising over 11% and SMIC increasing by over 6% [1] - Notable individual stocks included ZTE Corporation and Xpeng Motors, both rising over 10%, while Miniso surged over 18% [1]

Group 1: Hong Kong Stocks Performance - Miniso (09896) surged over 20% after reporting a 10% year-on-year increase in adjusted net profit for Q2, with TOP TOY revenue skyrocketing by 87.0% [1] - Li Ning (02331) rose over 6% as it announced a 3.3% year-on-year increase in revenue and declared an interim dividend of HKD 0.3359 per share [1] - Innovent Biologics (02096) increased by over 6% following a 26% year-on-year growth in innovative drug revenue, expanding its commercialized innovative drug portfolio to ten products [1] - Tuhu-W (09690) gained over 10% after reporting a 14.6% year-on-year increase in adjusted net profit while continuing to optimize supply-side costs [1] - Kuaishou-W (01024) rose over 4% with impressive Q2 results and accelerated commercialization [1] - UBTECH (09880) increased over 3% as it led the establishment of two national technical standards for humanoid robots [1] - InnoCare Pharma (02577) saw a rise of over 5% after announcing a partnership with NVIDIA [1] Group 2: Other Notable Performances - China Communications Services (00552) fell over 2% despite a slight 0.18% year-on-year increase in net profit attributable to shareholders, with stable development among its three major clients [2] - Parkson Group (03368) surged nearly 25% after reporting a turnaround to profitability in the first half of the year and proposing an interim dividend of HKD 0.02 per share [2] - Esprit Holdings (00330) jumped over 37% after issuing a profit warning, expecting a net profit of approximately HKD 1 million for the six months ending June 30, 2025 [2] - XPeng Motors (09868) rose over 10% as CEO He Xiaopeng increased his stake by purchasing 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share [2] Group 3: US Market Highlights - Coty (COTY.US) plummeted 21.60% due to weak performance in the US market, retailer destocking, and consumers seeking value, impacting Q4 results [3] - NIO (NIO.US) increased by 9.27% ahead of the launch of its new ES8 product and the start of pre-sales [3] - Huazhu Group (HTHT.US) continued to rise by 2.19% with a 41.3% year-on-year increase in revenue and net profit, benefiting from management franchise and licensing business [3] - Boss Zhipin (BZ.US) rose 6.61% after reporting an over 85% year-on-year increase in net profit for the mid-year and extending its share buyback plan [3] - Youlan Group (YOUL.US) surged 17.13% after announcing plans to acquire four companies to expand its online recruitment and regional market share [3] - Hesai Technology (HSAI.US) increased by 11.00% amid market speculation about a potential IPO in Hong Kong to raise approximately USD 300 million [3] Group 4: Additional US Stock Movements - Miniso (MNSO.US) rose 6.38% after reporting a revenue of CNY 9.39 billion for the first half of the year, a year-on-year increase of 21.1%, with adjusted net profit of CNY 1.28 billion [4] - Walmart (WMT.US) fell 4.49% as Q2 adjusted earnings per share fell short of expectations due to increased insurance claims, legal fees, and restructuring costs [4] - Gilead Sciences (GILD.US) dropped 2.18% after CVS Health decided not to include Gilead's new HIV prevention drug Yeztugo in its business plans [4] - XPeng Motors (XPEV.US) rose 11.68% following the CEO's purchase of 3.1 million Class A ordinary shares [5] - Aegon (AEG.US) increased by 7.64% after reporting a turnaround to profitability in the first half of 2025, primarily driven by growth in its US business [5]

每经AI快讯，8月22日，港股名创优品盘中涨超20%，创今年1月以来新高。名创优品公布财务报告显 示，公司第二季度总营收达到了49.7亿元，同比增长23.1%；该季度毛利率44.3%，较去年同期上升40个 基点；经调整净利润（非国际财务报告准则，Non-IFRS）6.9亿元，同比增长10.6%。 ...

Group 1 - The stock price of Miniso Group (09896) increased by 20.02% on August 22, reaching HKD 46.88 per share with a trading volume of HKD 1.364 billion [1] - Miniso Group is a leading global retailer in home and lifestyle products, operating under the brands Miniso and TOP TOY [1] - As of 2021, the total GMV of Miniso's store network was approximately RMB 18 billion (USD 2.8 billion), making it the largest private label home goods retailer globally [1] Group 2 - As of the mid-year report in 2025, Miniso Group reported total revenue of RMB 9.393 billion and a net profit of RMB 906 million [2] - On August 21, the company repurchased 16,000 shares at a price range of HKD 37.8-38 per share, totaling HKD 607,000 [3]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 52.46 [2]. Core Insights - The report highlights a clear inflection point in Q2 performance, driven by the effectiveness of the large store strategy and the positive turnaround in same-store sales, alongside the initiation of the proprietary IP strategy [11][8]. - The company expects a revenue growth rate of over 25% for the full year, with adjusted operating profit projected to reach between RMB 36.5 billion and RMB 38.5 billion [8]. Financial Performance - Q2 revenue increased by 23.1% year-on-year to RMB 4.97 billion, exceeding previous guidance of 18-21% [11]. - The operating profit for Q2 rose by 11.3% year-on-year to RMB 840 million, also surpassing prior guidance [11]. - Gross margin reached a new high of 44.3%, up 0.6 percentage points year-on-year [7]. - Adjusted net profit margin decreased by 1.6 percentage points to 13.9% in Q2 [7]. Revenue and Profit Forecasts - Revenue forecasts for 2025-2027 have been raised by 3.7% for each year, now projected at RMB 214.7 billion, RMB 256.6 billion, and RMB 303.6 billion respectively [9]. - Adjusted net profit forecasts remain cautious at RMB 29.9 billion, RMB 37.3 billion, and RMB 45.7 billion for 2025-2027 [9]. Strategic Initiatives - The company is shifting its growth strategy from rapid store expansion to enhancing store efficiency through large store formats and refined operations [11]. - The proprietary IP strategy aims to leverage global channels for IP promotion, enhancing product-channel-operations integration [8]. Market Position and Valuation - The company’s current market capitalization is HKD 48.537 billion, with a closing price of HKD 39.06 as of August 21 [2]. - The report suggests a cautious approach to profitability due to the lower margins from overseas direct operations and TOPTOY revenue contributions [9].

Group 1 - The core viewpoint of the news is that Miniso Group reported strong financial performance for Q2 2025, with total revenue reaching 4.97 billion yuan, a year-on-year increase of 23.1% [1] - The gross margin for Q2 was 44.3%, which is an increase of 40 basis points compared to the same period last year [1] - Adjusted net profit (Non-IFRS) for the quarter was 690 million yuan, reflecting a year-on-year growth of 10.6%, with an adjusted net profit margin of 13.9% [1] - The company announced an interim dividend of $0.29 per ADS, with total share buybacks and dividends amounting to approximately 1.07 billion yuan, representing 84% of adjusted net profit [1] - For the Miniso brand, total revenue was 4.56 billion yuan in Q2, a year-on-year increase of 19.5%, with domestic revenue of 2.62 billion yuan (up 13.6%) and overseas revenue of 1.94 billion yuan (up 28.6%) [1] - As of June 30, 2025, the number of domestic stores reached 4,305, with a net increase of 30 stores in the quarter, while overseas stores totaled 3,307, with a net increase of 94 stores [1] - Instant retail channel sales surged by 53% year-on-year in the first half of the year [1] Group 2 - The subsidiary brand TOP TOY achieved revenue of 400 million yuan in Q2 2025, marking an impressive year-on-year growth of 87.0%, with a total of 293 stores [2] - Global investment firm Temasek led an investment round in TOP TOY, resulting in a post-investment valuation of approximately 10 billion HKD [2]

申万宏源证券指出，继续看好港股是潜在牛市中领涨市场，"牛市氛围"强化后，投资者在港股进行行业 轮动会更加积极，当前已经来到了港股大众消费品的补涨窗口。中期维度，继续看好港股科技、创新药 和新消费龙头。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金、蜜雪集团、名创优品等新消费龙头，又包含腾 讯、快手、阿里巴巴、小米等互联网电商龙头，科技+消费属性突出。 8月22日，港股三大指数集体高开，恒指涨0.4%，国指涨0.56%，恒生科技指数涨0.99%。港股新消费概 念走强，名创优品绩后涨超13%，小米集团、古茗、蜜雪集团等个股跟涨。港股消费ETF（513230）早 盘震荡攀升，现涨近1%。 浙商国际指出，对于中短期港股市场走势继续保持谨慎乐观的态度。板块配置方面，我们看好行业相对 景气且受益于政策利好的汽车、新消费、创新药、科技等；业绩股价稳健且受益于政策利好的低估值国 央企红利板块；基本面独立且受益于降息周期的香港本地银行、电信及公用事业红利股。 ...