登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601010 证券简称：文峰股份编号：临2025-066 文峰大世界连锁发展股份有限公司 关于控股股东部分股份质押的公告 本公司董事会及全体董事保证公告内容不存在虚假记载、误导性陈述或者重大遗漏，并对其内容的真实 性、准确性和完整性承担法律责任。 ● 截至本公告日，文峰大世界连锁发展股份有限公司（以下简称"公司"或"本公司"）控股股东江苏文峰 集团有限公司（以下简称"文峰集团"）持有本公司股份444,724,567股，占公司总股本的24.07%。文峰集 团累计质押本公司A股股份355,148,943股（含本次），占其持股数量的79.86%，占公司总股本的 19.22%。 公司于近日获悉控股股东文峰集团将其持有的本公司部分股份办理了质押，现公告如下： 一、股份质押的具体情况 1、本次股份质押基本情况 ■ 注：上述比例均按照四舍五入保留小数，如有差异系四舍五入的尾差造成。 2、本次质押股份未被用作重大资产重组业绩补偿等事项的担保或其他保障用途。 3、股东累计质押股份情况 截至本次公告披露日，文峰集团累计质押股份情况如下： 单位：股 重要内容提示： 二、控 ...

在全渠道高速发展的背景下，区域性连锁零售（定义：基于各区域前五大(基于2024年全 年 销 额 ) 本 土 连 锁 超 市 ） 也 在 稳 步 发 展 。 它 们 不 追 求 " 快 速 规 模 扩 张 " ， 也 不 陷 入 " 低 价 内 卷"，而是靠着 "社区便利性" 和 "本地化" 的特色，走出了差异化的增长道路。 在区域性连锁零售内，也有着增长分化的态势：Worl dpa ne l消费者指数家庭样组的数据显 示，截至20 2 5年6月1 3日的5 2周，实现增长的区域零售商*整体销售额实现了2 1%的同比增 长，其中大部分的增长来源于渗透率的提升，为未来带来更多潜在的发展机会。 （点击图片，查看往期精彩洞察特辑） 消 费 者 的 购 物 篮 里 都 藏 着 明 显 的 " 偏 好 信 号 " 。 Wo rl d p a n e l 消 费 者 指 数 家 庭 样 组 的 数 据 显 示，在截至2025年6月13日的5 2周，对比全国前五的零售集团（沃尔玛集团、高鑫零售集 团 、 永 辉 超 市 公 司 、 华 润 集 团 、 物 美 集 团 ） ， 区 域 性 连 锁 零 售 的 快 消 品 购 买 ...

Core Viewpoint - Xinhua Dou's stock has experienced a significant surge, achieving three consecutive daily limit-ups, with a total increase of 33.11% during this period [2] Recent Stock Performance - As of November 24, 2025, Xinhua Dou's stock price reached 9.81 yuan, with a turnover rate of 0.18% and a trading volume of 1.18 million shares, amounting to a transaction value of 11.58 million yuan [2] - The stock's limit-up order amount reached 1.335 billion yuan, indicating strong market interest [2] - The total market capitalization of Xinhua Dou in the A-share market is 7.061 billion yuan, with a circulating market value of 6.423 billion yuan [2] Trading Data - The stock has been listed on the Dragon and Tiger List due to a cumulative deviation of 20% in its price over three trading days [2] - Institutional investors net sold 5.7648 million yuan, while other trading desks collectively net bought 136 million yuan [2] - Recent trading data shows fluctuations in daily price changes and net capital inflows, with notable inflows on November 21 (22.24 million yuan) and November 24 (41.31 million yuan) [2]

Summary of Miniso's Earnings Call Company Overview - **Company**: Miniso - **Date**: November 24, 2025 Key Points Industry and Market Performance - **Domestic Market**: The domestic market has stabilized and improved, contributing two-thirds of the company's profits. The business model and profitability are stable, reducing tail risks [3][12] - **Overseas Market**: The overseas market achieved low single-digit same-store sales growth. The Top Toy business grew by 110%, significantly contributing to revenue, although franchise and agency performance in Latin America and Asia was slightly below expectations [2][4] Financial Performance - **Revenue Growth**: Miniso reported a revenue growth of 28.2%, exceeding Bloomberg's consensus estimate of around 25%. Domestic same-store sales grew nearly 10% [4] - **Profitability**: The company's net profit growth was 12%, which was 3 percentage points lower than Bloomberg's consensus. This was primarily due to a 0.2 percentage point decline in gross margin, attributed to an increase in third-party products and tariff fluctuations [2][4][5] Future Projections - **Net Profit Forecast**: For 2025, Miniso expects a net profit of approximately 2.9 billion RMB, with a fourth-quarter profit of about 850 million RMB. If the profit margin of U.S. stores improves by 2-3 percentage points in 2026, adjusted net profit could reach 3.5 billion RMB [6][8] - **Valuation**: The current price-to-earnings ratio is around 15 times for 2025, considered low. If performance improves as expected, the valuation could significantly increase [6][13] U.S. Market Insights - **Contribution to GMV**: The U.S. market contributes about 10% to the company's GMV and 20-30% to revenue. In 2025, there are 421 U.S. stores with an average monthly sales of 700,000 RMB [7][11] - **Store Performance**: New stores have shown a 1.5 times increase in sales efficiency and a 1.3 times increase in sales per square meter compared to older stores. However, new stores still represent a small percentage of total stores, and overall effects will take time to materialize [10][11] Investment and Financing - **Investment in Yonghui**: Miniso's investment in Yonghui is measured using the equity method, accounting for 29% of Yonghui's net profit in Miniso's financials. Financing activities for the acquisition resulted in approximately 150 million RMB in interest costs [9] Market Sentiment - **Stock Price and Valuation Outlook**: The stock price has overly reflected negative news, with a market cap of about 45 billion HKD (approximately 40 billion RMB). Even under pessimistic forecasts, the P/E ratio for next year is around 13 times, indicating a potentially undervalued position [13]

【雷军个人超1亿港元增持小米股票】11月24日，小米集团于港交所发布公告表示，小米集团创始人、董事长兼CEO雷军个人斥资超1亿港元增持小米集团 260万股，雷军持股比例增加至23.26%。本月，小米集团连续两日大手笔回购公司股票2150万股，总斥资金额超8亿港币。今年以来，小米集团累计回购金 额已超23亿港币。（每经网） 【极越汽车关联公司申请破产】天眼查天眼风险信息显示，11月24日，极越关联公司上海集度汽车有限公司新增一则破产审查案件，申请人为该公司，经办 法院为上海市第三中级人民法院。该公司成立于2021年11月，法定代表人为夏一平，注册资本4亿美元，经营范围包括新能源汽车整车销售、汽车零部件及 配件制造、汽车零配件批发、电动汽车充电基础设施运营等。股东信息显示，该公司由集度汽车（香港）有限公司全资持股。据媒体报道，去年12月，极越 汽车陷入资金链断裂、供应商公开追讨欠款等事件，引发多方关注。（九派新闻） | 124 动态 @企查查 ( ) | | | --- | --- | | 上海集度汽车有限公司 JIDU | | | 91310000MA7CDC7H8N 发票抬头> | | | 3 41万+ 存续 ...

完整早报音频，请点击标题下方小耳机收听 【雷军个人超 1 亿港元增持小米股票】 11 月 24 日，小米集团于港交所发布公告表示，小米集团创始人、董事长 兼 CEO 雷军个人斥资超 1 亿港元增持小米集团 260 万股，雷军持股比例增加至 23.26% 。本月，小米集团连续 两日大手笔回购公司股票 2150 万股，总斥资金额超 8 亿港币。今年以来，小米集团累计回购金额已超 23 亿港 币。（每经网） 【极越汽车关联公司申请破产】 天眼查天眼风险信息显示， 11 月 24 日，极越关联公司上海集度汽车有限公司新 增一则破产审查案件，申请人为该公司，经办法院为上海市第三中级人民法院。该公司成立于 2021 年 11 月，法 定代表人为夏一平，注册资本 4 亿美元，经营范围包括新能源汽车整车销售、汽车零部件及配件制造、汽车零配件 批发、电动汽车充电基础设施运营等。股东信息显示，该公司由集度汽车（香港）有限公司全资持股。据媒体报 道，去年 12 月，极越汽车陷入资金链断裂、供应商公开追讨欠款等事件，引发多方关注。（九派新闻） | 【员工入职要改成"鼠"姓？三只松鼠：并非强制】 近日，三只松鼠员工使用'鼠'字前缀花名 ...

Core Viewpoint - Miniso's 3Q25 results are mixed, with a 28% YoY revenue growth meeting the upper bound of guidance, but reported operating profit (OP) and net profit (NP) declined due to expenses related to Top Toy IPO and losses from Yonghui Superstore [1][2][4] Financial Performance - 3Q25 revenue grew 28% YoY to RMB 5,797 million, reaching the upper bound of guidance (+25-28% YoY), while adjusted OP increased 15% YoY to RMB 1,022 million, slightly beating expectations [2] - Reported OP decreased 1% YoY due to share option expenses of RMB 175 million (+364% YoY) related to Top Toy IPO, and reported NP fell 31% YoY to RMB 441 million due to losses from Yonghui Superstore [2][4] Store Performance - Same-store sales growth (SSSG) in China improved sequentially to high single digits (HSD), with expectations for double-digit (DD) growth in 4Q25 [2][4] - Overseas SSSG reached low single digits (LSD), but US SSSG improved to DD, expected to maintain DD in 4Q25, supported by value-for-money positioning and rapid store expansion [3][4] Guidance and Strategy - Miniso's 4Q25 guidance indicates revenue growth of 25-30% YoY and double-digit growth in adjusted OP, focusing on "quality growth" to improve margins in 2026 [4] - Management clarified that store renovations will be gradual, easing investor concerns about the need for extensive revamps [2][4] Valuation and Investment Outlook - Target price lowered to US$ 23.6 and HK$ 46.41, based on 15x 2026E adjusted EPS, reflecting a shift to adjusted EPS valuation due to non-operating losses from Yonghui [6] - Despite challenges from Yonghui, Miniso is expected to deliver stronger organic growth, with share buybacks supporting share price [7]

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。 ...