每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 （记者 曾健辉） 截至发稿，红旗连锁市值为76亿元。 每经AI快讯，红旗连锁（SZ 002697，收盘价：5.58元）11月24日晚间发布公告称，公司第五届第二十 六次董事会会议于2025年11月24日在公司会议室召开。会议审议了《关于增加2025年日常关联交易预计 额度的议案》等文件。 2025年1至6月份，红旗连锁的营业收入构成为：商业占比100.0%。 ...

Core Viewpoint - The company announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of 20% over three consecutive trading days on November 21 and 24, 2025 [1] Group 1: Stock Performance - The stock price fluctuation is classified as an abnormal volatility due to the cumulative increase of 20% [1] Group 2: Company Actions - The company is reviewing recent events, including changes in the registered address of its wholly-owned subsidiary, the exercise of stock options under the "Navigator Plan (Phase VI)", the early termination of the employee stock ownership plan under the "Navigator Plan (Phase III)", and the mid-year dividend distribution for 2025 [1] Group 3: Disclosure and Operations - As of the announcement date, there are no corrections or supplements to previous information, the company's operations are normal, and there are no undisclosed significant matters involving the controlling shareholder or actual controller [1]

该行认为，名创优品在成功执行各项举措后，正处于实现更强劲内生增长的良好轨道上，同时从长期增 长前景来看，其估值并不高;预期名创优品的股份回购计划，也将支撑其股价，以减轻收购永辉超市所 带来的部分拖累。 中银国际称，名创优品今年第三季的业绩好坏参半，考虑到市场不确定性增加，料投资者对公司收购永 辉超市及其整体策略持更加谨慎态度。不过，若聚焦名创优品核心业务，该行相信公司凭借其强大的IP 策略，正走在正确的轨道中，有望在全球范围内获取更多市场份额。该行将名创优品2025至2027财年的 调整后每股盈利预测。分别上调4%、下调6%、下调7%，但将报告的每股盈利预测下调35%、22%、 20%。 中银国际发布研报称，市场对名创优品(09896)的核心业务担忧过度了，这或提供买入机会，尤其是如 果在收购永辉超市（601933）的负面因素有所缓解情况下。基于2026年预测调整后15倍每股盈利计算， 予H股目标价从48.4港元降至46.1港元;美股(MNSO.US)目标价从24.8美元降至23.6美元，相当于2025年 预测调整后每股盈利19倍，或今明两年预测报告每股盈利29倍、18倍;维持"买入"评级。 ...

智通财经APP获悉，摩根士丹利发布研报称，据报长和(00001)计划最早于明年上半年分拆旗下零售业务 屈臣氏集团，于中国香港及英国双重上市，料集资约20亿美元。目前长和零售业务在全球31个市场有 1.7万间门店，今年上半年所产生的EBITDA约10亿美元，同比增长12.5%。该行指，目前市场对长和未 上市的业务，包括港口、零售及电信业务的隐含估值为零，上市或出售资产有望释放价值;预期集团股 价未来60日升幅将跑赢大市，现予目标价61港元及"增持"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported Q3 revenue of 5.797 billion RMB, representing a 28% year-over-year increase, with an adjusted net profit of 767 million RMB, up 11.7% year-over-year [2]. - The domestic and overseas segments showed strong growth, with domestic revenue from Miniso at 2.909 billion RMB (+19.3%), overseas Miniso at 2.312 billion RMB (+27.7%), and TOPTOY at 575 million RMB (+111.4%) [3]. - The company is actively expanding its store network, reaching a total of 4,407 stores in China, with significant growth in first, second, and third-tier cities [3]. - The overseas segment has also seen a boost, with North America exceeding same-store growth expectations and a total of 3,424 overseas stores [3]. - TOPTOY's revenue growth is attributed to rapid store expansion and increased sales of proprietary IP products, with a total of 307 stores as of Q3 [4]. Financial Performance - The company forecasts adjusted net profits of 2.964 billion RMB, 3.419 billion RMB, and 4.208 billion RMB for the years 2025, 2026, and 2027, respectively [5]. - The projected P/E ratios for the years 2025, 2026, and 2027 are 15, 13, and 11 times, respectively [5]. - Revenue growth rates are expected to be 25.12%, 23.03%, and 21.77% for the years 2025, 2026, and 2027 [10]. - The adjusted net profit growth rates are projected at 8.96%, 15.35%, and 23.07% for the same years [10].

中金表示，名创优品三季度毛利率同比微降0.2ppt，主要因产品结构调整。股份支付薪酬开支1.8亿元， 主要与TOPTOY股权激励相关，剔除该项后销售和管理费用率同比+1.4ppt/-0.3ppt，增幅如期收窄，海 外直营业务经营利润率同增低单位数。由于永辉收购事项及发行股票挂钩证券，期内净财务费用1.0亿 元，分占永辉亏损1.5亿元，其他收益0.7亿元，剔除相关影响后，经调整净利润同增12%至7.7亿元。 消息面上，名创优品近日公布第三季度业绩，期内实现营收57.97亿元，同比增长28.2%，超过25%至 28%指引范围的上限。归属母公司的净利润为4.41亿元，相比去年同期的6.42亿元下滑超30%。 智通财经APP获悉，名创优品(09896)再跌超6%，截至发稿，跌6.48%，报36.68港元，成交额1.88亿港 元。 ...

智通财经APP获悉，中金发布研报称，看好名创优品(09896)国内外业务的精细化运营和持续提效，管理 层预计4Q25收入同增25-30%，其中中美同店均同增低双位数。因毛利率波动及费用投放，经调整净利 润预测25年基本维持29亿元，下调26年预测4%至36亿元，当前港/美股对应15倍25年non-IFRS P/E，维 持港/美股跑赢行业评级。考虑行业估值调整，下调港/美股目标价12%/11%至50.18港元/26.08美元，对 应20倍25年non-IFRS P/E，分别有28%/33%的上行空间。 中金主要观点如下： 公司3Q25收入同增28%至58亿元，经调整净利润同增12%至7.7亿元，业绩符合该行预期。 3Q25毛利率同比微降0.2ppt，主要因产品结构调整。股份支付薪酬开支1.8亿元，主要与TOPTOY股权激 励相关，剔除该项后销售和管理费用率同比+1.4ppt/-0.3ppt，增幅如期收窄，海外直营业务经营利润率 同增低单位数。由于永辉收购事项及发行股票挂钩证券，期内净财务费用1.0亿元，分占永辉亏损1.5亿 元，其他收益0.7亿元，剔除相关影响后，经调整净利润同增12%至7.7亿元。 名创国内业 ...

Group 1: Investment and Expansion - Nongfu Spring plans to invest 28.42 million yuan to expand its edible ice production project, aiming for an annual output of 7,000 tons [1][2] - The project will utilize existing idle production facilities and purchase advanced ice production lines [1] - The edible ice market has seen significant growth, with ice cup sales maintaining over 300% growth for two consecutive years [1] Group 2: Financial Performance - Amer Sports reported a 30% year-on-year revenue increase to $1.756 billion in Q3 2025, with a net profit of $143 million, up 156% [3][4] - The outdoor performance segment, including Salomon, showed a remarkable 35.6% revenue growth, while the technical apparel segment grew by 31.4% [3][4] - The company raised its full-year revenue growth forecast to 23%-24%, significantly above the initial 20%-21% target [4] Group 3: Retail Performance - Walmart's Q3 net sales in China reached $6.1 billion, a 21.8% increase year-on-year, driven by strong performance from Sam's Club and e-commerce [5][6] - Global e-commerce sales for Walmart grew by 27%, with all business segments exceeding 20% growth [6] Group 4: Brand Developments - Miniso's TOP TOY brand saw a 111% revenue increase in Q3, contributing to a total revenue of 5.7 billion yuan [7][8] - The brand is expanding its IP ecosystem and has launched a recruitment initiative for top IP creators [7][8] Group 5: Market Trends - The edible ice and ice drink market is projected to grow significantly, with a forecasted 39% growth in instant retail channels over the next three years, potentially exceeding 63 billion yuan by 2026 [1]

Core Insights - The "2025 China Retail Innovation Conference" focuses on exploring structural opportunities in the saturated market, emphasizing new trends, forces, and models in retail innovation [1] - The conference highlights three core directions for companies: deepening user demand, reconstructing the "people, goods, and environment" ecosystem, and embracing technology for growth [1][2] Group 1: User Demand - Companies should focus on user demand by providing precise insights to activate existing value, targeting segments like the silver economy, Generation Z, single economy, and pet economy [1] - There is a growing emphasis on personalized experiences and sustainable health concepts, necessitating a shift from product provision to deep brand experience operations [1] Group 2: Ecosystem Reconstruction - The "people" aspect requires a shift from traffic thinking to user thinking, while the "goods" aspect should focus on high-quality price ratios and creating scarce value rather than engaging in price wars [1] - The "environment" aspect is transforming traditional transaction spaces into comprehensive lifestyle service centers and social hubs, with an irreversible trend towards deep online and offline integration [1] Group 3: Technology Empowerment - Companies are encouraged to embrace technologies like big data, AI, and 5G as foundational infrastructures to reconstruct retail operations [1] - AI applications are advancing from "intelligent assistance" to "beyond artificial intelligence," playing significant roles in product selection, ordering, customer service, and management support [2] - There is a recommendation for companies to focus on the integration of AI with hardware to enhance efficiency and upgrade experiences [2]

Group 1 - The company announced that its Vice President, Ms. Qin Guofen, is under investigation and has been placed under detention by the Qidong Municipal Supervisory Committee, but this matter is personal and unrelated to the company's operations [1] - The company assures that the investigation will not significantly impact its daily operations, which are proceeding normally [1] - The company will continue to monitor the situation and fulfill its information disclosure obligations as required by law [1] Group 2 - The company held its third extraordinary general meeting of shareholders on November 20, 2025, at its conference room in Nantong, Jiangsu Province [3] - The meeting was attended by 8 out of 9 current directors, with one independent director absent due to work commitments [5] - A resolution to change the accounting firm was passed during the meeting [6]