Core Viewpoint - The company achieved a revenue of 13.88 billion yuan in the first half of the year, representing a year-on-year growth of 204%, with adjusted net profit reaching 4.71 billion yuan, a year-on-year increase of 363%, both exceeding expectations [1] Group 1: Revenue and Profit Growth - The company reported significant revenue and profit growth, with both figures surpassing previous forecasts [1] - The domestic and American markets showed impressive profit margins, with ongoing improvements in supply chain capabilities and performance of other IPs aside from LABUBU [1] Group 2: International Expansion - The Americas led the growth, with revenue increases of 1142% in the first half, and the company plans to open more flagship stores in the second half [1] - As of June, the number of overseas self-operated stores reached 162, an increase of 32 stores since the beginning of the year, with a target of 200 stores by year-end [1] Group 3: Domestic Market Performance - In the domestic market, single-store revenue more than doubled, with annualized figures of 18 million yuan and 47.4 million yuan for mainland China and Hong Kong/Macau/Taiwan, respectively [2] - The operating profit margin for the China division increased by 13 percentage points to 49%, outperforming overseas margins [2] Group 4: IP Development - The company plans to launch a mini version of Labubu and collaborate with celebrity IPs like Zhou Shen and Sun Yanzi [2] - Although Labubu's revenue share increased to 35%, the revenue contribution from the second to fifth largest IPs remained around 10% each, indicating a balanced and healthy IP structure [2] Group 5: Margin and Efficiency - The company achieved a record high gross margin of 70%, with adjusted net margin reaching 34%, both showing significant year-on-year and quarter-on-quarter increases [3] - Inventory turnover days decreased to 83 days from 100 days last year, reflecting improved operational efficiency alongside a 200% revenue increase [3] Group 6: Future Outlook - The company expects continued high growth while focusing on operational quality and long-term sustainable growth [3] - Key points for the second half include ramping up production capacity, enhancing production efficiency, and launching new products like mini Labubu [3]

本报讯(记者李豪悦)近期，中国网球公开赛(以下简称"中网")与潮玩品牌"Letsvan奇梦岛"双方就中网官 方商品潮玩类合作进行签约，发布10款中网吉祥物阿中与WAKUKU联名产品。 此次合作共推出10款限定潮玩，包括"WAKUKU哇库库×中网"胖哒哒限定款毛绒公仔 800%、"WAKUKU哇库库×中网"酷满贯限定款毛绒吊卡、"WAKUKU哇库库×中网"ACE限定款毛绒吊 卡等，所有限定产品将于9月14日全球开售。 中网赛事组委会秘书长陈杰指出，头部赛事与新锐潮玩携手合作，是一次极具前瞻性和创新性的跨界联 动，既为观众和消费者带来新体验，也给中网赛事和Letsvan奇梦岛进一步发展创造新契机，对于推动 文商旅体深度融合，大力发展赛事经济，具有重要的作用。 首创集团副总经理、中网公司董事长孙宝杰表示，此次"体育+文创"的创新实践，不仅丰富了中网特许 商品线，更将在年轻群体中扩大赛事影响力，为文商旅体融合发展探出一条新路径。 Letsvan奇梦岛创始人、CEO战绘宇介绍了联名产品创作理念。他表示，此次设计融合了网球竞技张力 与奇梦岛标志性艺术语言，兼顾实用性与收藏价值，部分款式还将结合国际潮流趋势打造"全球限量 ...

Core Viewpoint - The Hang Seng Index Company announced its semi-annual index adjustment results, including the addition of China Telecom, JD Logistics, and Pop Mart to the Hang Seng Index, with Pop Mart also being included in the Hang Seng China Enterprises Index. The Hang Seng Technology Index remained unchanged [1][2]. Group 1: Index Adjustments - The Hang Seng Index will include China Telecom, JD Logistics, and Pop Mart with respective weights of 1.44%, 0.51%, and 0.22%, increasing the total number of constituent stocks to 88 [2]. - Pop Mart will be included in the Hang Seng China Enterprises Index with a weight of 2.10%, maintaining the total number of constituent stocks at 50 [2]. - The Hang Seng Technology Index will not have any additions or removals, keeping its total at 30 constituent stocks [2]. Group 2: Fund Flows - The expected fund inflows from the additions are approximately $160 million for China Telecom, $68.74 million for JD Logistics, and $45 million for Pop Mart, with respective inflow durations of 4.4 days, 3.5 days, and 1.0 day [2]. - For the Hang Seng China Enterprises Index, Pop Mart is expected to bring in $150 million with an inflow duration of about 0.3 days [3]. - The Hang Seng Technology Index is projected to see significant inflows for Horizon Robotics and BYD, estimated at $560 million and $500 million, with inflow durations of 3.4 days and 0.9 days respectively [3]. Group 3: Stock Connect Adjustments - A total of 20 stocks are expected to be added to the Stock Connect, with 19 stocks being removed, aligning closely with previous predictions [4]. - The potential new additions to the Stock Connect include companies such as China Foods, Cao Cao Travel, and others [4]. - Companies like CATL, Heng Rui Medicine, and Sanhua Intelligent Control, which are already listed in both A and H shares, will enter the Stock Connect after their price stabilization period ends [4]. Group 4: Implementation Timeline - The index adjustments will be implemented on September 5 and will officially take effect on September 8 [5]. - The official announcement regarding the Stock Connect adjustments will be published on September 5, with trading commencing on September 8 [5]. Group 5: Market Reactions - Active funds may engage in preemptive buying or selling for arbitrage, while passive funds will adjust their holdings at the end of the trading day on September 5, leading to significant trading volume for related stocks [6].

Investment Rating - The report maintains an "Add" rating for the retail industry [1] Core Insights - Miniso's subsidiary TOP TOY has completed a strategic financing led by Temasek, achieving a post-transaction valuation of approximately HKD 10 billion [3][8] - TOP TOY is experiencing rapid growth, with a revenue of CNY 742 million in H1 2025, representing a year-on-year increase of 73%. The GMV for TOP TOY stores in mainland China reached CNY 795 million, up 52.6% year-on-year [3][8] - The overall market for entertainment toys in China is projected to reach CNY 101.8 billion in 2024, with a year-on-year growth of 43% and an expected CAGR of 15.8% from 2024 to 2029 [3][9] - TOP TOY has generated positive operating profit with an operating profit margin of 6.9% in H1 2025, despite a slight decline in same-store sales [3][9][10] - The financing will help TOP TOY achieve a value reassessment and supplement the capital needed for its rapid development [10] Summary by Sections Industry Viewpoint - TOP TOY's strategic financing led by Temasek has positioned it for continued growth, with a significant increase in store count and revenue [3][8] Market Performance - The retail index increased by 4.55% during the week of August 18 to August 22, 2025, indicating a positive market trend [11] Company Valuation Table - The report includes a valuation table for various companies in the retail sector, with Miniso's stock trading at a P/E of 18x based on 2025E earnings [17][19]

（文章来源：每日经济新闻） 泡泡玛特于2020年在港交所上市，截至8月22日收盘，泡泡玛特每股报价320.4港元，总市值超过4300亿 港元，今年以来，泡泡玛特股价涨幅超过258%。根据其8月19日发布的2025年上半年财报显示，实现营 收138.8亿元，同比增长204.4%，经调整净利润47.1亿元，同比增长362.8%。半年营收突破百亿，净利 润超2024全年，集团业绩再创新高，各项经营指标表现优异。在业绩说明会上，泡泡玛特董事长兼CEO 王宁曾表示集团全年营收预计不低于300亿元。 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、蜜雪集团等新消费龙头，又包含小米、阿里巴 巴、腾讯、美团等互联网电商龙头，科技+消费属性突出。 8月22日，恒生指数公司公布最新季度检讨结果，决定将中国电信、京东物流、泡泡玛特纳入恒生指 数，成分股数目由85只增至88只，调整将于9月8日生效。这是泡泡玛特首次被纳入恒生指数，体现了资 本市场对于泡泡玛特综合实力的高度认可。此前，泡泡玛特曾多次被列入恒生指数潜在候选股。 就在纳入 ...

Core Viewpoint - The Hong Kong consumer sector is experiencing positive momentum, with significant gains in key stocks and the recognition of new consumption brands in major indices [1] Group 1: Market Performance - The CSI Hong Kong Stock Connect Consumer Theme Index rose by 1.8% as of 10:05 AM, with notable increases in stocks such as Li Ning (over 5%), Alibaba-W, and Miniso (over 4%), and Meituan-W and Lao Pu Gold (over 2%) [1] - The inclusion of Pop Mart in the Hang Seng Index, effective from September 8, indicates a growing market acceptance of new consumption brands [1] Group 2: Industry Trends - The new consumption sector is showing strong performance, exemplified by Pop Mart's projected revenue of 13.88 billion yuan for the first half of 2025, representing a year-on-year growth of 204%, and an adjusted net profit of 4.71 billion yuan, up 372% year-on-year [1] - The CSI Hong Kong Stock Connect Consumer Theme Index includes leading companies across various sectors such as tourism, trendy toys, e-commerce, and consumer electronics, with a rolling P/E ratio of 21.3, which is below the 20th percentile since its launch in 2020 [1] Group 3: Investment Opportunities - The E Fund Hong Kong Consumer ETF (513070) offers T+0 trading and a low management fee of 0.15% per year, providing investors with an opportunity to capitalize on the trends of quality and personalized consumption [1]

Group 1 - The 2025 Taiwan Tourism Expo showcased popular mainland潮玩 IPs, attracting significant attention from the Taiwanese public [1] - The event featured a collaboration between the Cross-Strait Tourism Exchange Association Taipei Office and Pop Mart, themed "Travel with潮玩," with eight exhibition booths highlighting various潮玩 products [1] - Pop Mart's Vice President Chen Xiaoyun emphasized the strong consumer enthusiasm among young people for潮玩 IPs and the importance of creating emotional connections with these products [1] Group 2 - Founded in 2010, Pop Mart is a leading global潮流文化 entertainment group, with over 10 physical stores in Taiwan since opening its first store in 2022 [2] - The Taipei flagship store spans over 700 square meters, becoming a popular gathering place for local youth [2] - The Cross-Strait Tourism Exchange Association Taipei Office noted the deep integration of mainland cultural tourism, highlighting the emotional value of潮玩 IPs and the immersive experiences offered by theme parks [2]

Core Viewpoint - The popularity of the new "Starry People Dream Meteorological Bureau Series" IP from Pop Mart has led to a significant increase in secondary market prices, with some items being resold at three times their original price [1][11]. Group 1: Market Demand and Sales - The new products from Pop Mart sold out within seconds on official and major e-commerce platforms, indicating high demand [3][9]. - Consumers are actively trying to purchase these limited items, with some setting alarms to ensure they can buy them as soon as they are available [4][10]. - The overwhelming traffic on sales platforms has caused some to experience lag and temporary crashes, further complicating the purchasing process [9]. Group 2: Pricing and Resale Market - The latest complete box of the "Starry People" series has reached a resale price of 1350 yuan, representing a threefold increase, while individual items average around 150 yuan, also showing a twofold increase [11]. - Hidden variants of the series are being sold for as high as 478 yuan, with a premium exceeding six times the original price [11]. - Some resellers believe that the "Starry People" series could become the next big hit following the LABUBU series, with expectations of continued price increases in the future [13][15]. Group 3: Consumer Sentiment - There is a mix of disbelief and excitement among consumers regarding the high prices, with some questioning who is buying these expensive items [11]. - The current order volume for the "Starry People" series has exceeded expectations, mirroring the initial frenzy seen with the LABUBU series two months prior [15].

Core Viewpoint - MINISO aims to enhance its position in the trendy toy market by developing its own intellectual property (IP) alongside international collaborations, as highlighted by the signing of nine artist IPs [2][3]. Group 1: Company Strategy - The chairman, Ye Guofu, emphasized that developing proprietary IP is a major strategic focus for MINISO this year and in the future, filling a critical gap in its business model [3][4]. - The company has seen significant revenue growth, achieving 9.39 billion yuan in revenue for the first half of the year, a 21.1% increase year-on-year, with adjusted net profit rising by 3% to 1.28 billion yuan [4]. - The TOPTOY brand has experienced rapid growth, with second-quarter revenue increasing by 80% to 400 million yuan, and a recent strategic financing round valuing it at approximately 10 billion HKD [4]. Group 2: Market Position and Competition - MINISO's collaboration with high-profile IPs like Chikawa and Harry Potter has led to rapid product launches and increased traffic, but the non-exclusive nature of these partnerships has resulted in significant competition and rising costs [7][8]. - The company's licensing expenses rose by 31.5% year-on-year to 240 million yuan in the first half of the year, which is a concern given the high costs associated with IP licensing [9]. - MINISO's MINISO LAND stores have shown strong performance, with an average monthly sales of 4 million yuan, indicating the potential for IP-driven retail experiences [10]. Group 3: Operational Efficiency - The company has implemented a strategy of closing smaller stores and opening larger ones, with over 200 stores exceeding 400 square meters, contributing significantly to sales [19][20]. - In North America, MINISO's revenue grew by over 80% year-on-year in the second quarter, with same-store sales also showing positive growth [22]. - The company plans to focus on improving the efficiency of its new stores, with a goal of enhancing the profitability of its operations [24]. Group 4: Financial Performance and Challenges - MINISO's operating profit margin was 16.5% in the first half of the year, down 2.8 percentage points from the previous year, primarily due to rising costs associated with new store openings [24]. - The investment in Yonghui Supermarket has resulted in a reported loss of 119 million yuan, adding pressure to MINISO's financial performance [25][26]. - The company anticipates ongoing losses from Yonghui's store closures, which may impact its overall financial results in the near term [26].

Group 1: Hermès and Lao Pu Gold - Approximately 80% of Hermès users are purchasing Lao Pu Gold, indicating a strong overlap in customer base [1] - Lao Pu Gold's sales performance for the year ending June 30, 2025, reached 14.18 billion yuan, a year-on-year increase of 249.4%, with adjusted net profit at 2.35 billion yuan, up 290.6% [1] - Lao Pu Gold has achieved the highest average revenue and sales per square meter among all jewelry brands in mainland China, surpassing Hermès [1] Group 2: Bubble Mart - Bubble Mart announced the launch of a mini LABUBU blind box series, priced at 79 yuan per box, with a total set price of 1,106 yuan [3] - The company reported a revenue of 13.88 billion yuan for the first half of the year, a 204.4% increase, with a net profit of 4.574 billion yuan, up 46.37% [4] - Bubble Mart's overseas market revenue reached 5.593 billion yuan, growing by 439.34% [4] Group 3: Yonghui Supermarket - Yonghui Supermarket reported a revenue of 29.948 billion yuan for the first half of 2025, a decline of 20.7%, with a net loss of 241 million yuan compared to a profit of 275 million yuan in the same period last year [6][7] - The revenue drop was attributed to the closure of long-term loss-making stores and the impact of store renovations [7] - The company closed 227 loss-making stores while opening 4 new ones, resulting in a total of 552 operational stores as of June 30 [7] Group 4: KFC's New Ventures - KFC has opened two new fried chicken stores in Shanghai, named "Fried Chicken Brothers," focusing on takeout and delivery with a price point around 30 yuan [8] - This move is part of KFC's strategy to explore new business models and diversify its offerings, following previous launches of brands like KPRO and KCOFFEE [8] Group 5: Under Armour - Under Armour reported a 4% decline in revenue to 1.1 billion USD for the first quarter of the 2026 fiscal year, with a net loss of 3 million USD [13] - The company anticipates a further revenue decline of 6% to 7% in the second quarter, with a projected operating profit range between a loss of 10 million USD and breakeven [13] Group 6: Estée Lauder - Estée Lauder's net sales for the fiscal year ending June 30, 2025, were 14.326 billion USD, down 8% year-on-year, with a net profit drop of 390%, from a profit of 390 million USD to a loss of 1.133 billion USD [14]