Investment Rating - The report maintains a "Strong Buy" rating for the company [3][6] Core Insights - The company reported Q3 revenue of 5.8 billion (+28.2% YoY) and adjusted net profit of 770 million (+11.7% YoY), with a net profit margin of 13.2% (-2.0 percentage points) [1][6] - Domestic revenue for the company's brand reached 2.91 billion (+19.3% YoY), while overseas revenue was 2.31 billion (+27.7% YoY). TOPTOY revenue surged to 570 million (+111.4% YoY) [1][6] - The company has a robust "1+3" moat strategy, combining a Chinese supply chain, global IP, global design, and global channels, which supports its domestic expansion and high growth in overseas markets [1][6] Financial Performance - The company expects significant revenue growth, with projected revenues of 13.84 billion, 16.99 billion, 21.21 billion, 25.13 billion, and 29.27 billion for 2023 to 2027, respectively, reflecting growth rates of 39%, 23%, 25%, 18%, and 17% [2][7] - Adjusted net profit is projected to grow from 2.39 billion in 2023 to 4.34 billion in 2027, with corresponding growth rates of 101%, 13%, 10%, 23%, and 18% [2][7] - The company’s earnings per share (EPS) is expected to increase from 1.90 in 2023 to 3.45 in 2027 [2][7] Domestic Market Performance - In Q3, the domestic brand revenue was 2.91 billion, with same-store sales showing high single-digit growth. The company anticipates low double-digit growth in same-store sales for Q4 [1][6] - The company added 102 new stores in Q3, bringing the total to 4,407 stores [1][6] International Market Performance - The overseas brand revenue reached 2.31 billion, with same-store sales showing low single-digit growth. The U.S. market saw revenue growth exceeding 65% [1][6] - The company opened 117 new stores overseas in Q3, with a total of 3,424 stores by the end of the quarter [1][6] TOPTOY Performance - TOPTOY brand revenue reached 570 million in Q3, with a same-store sales growth in the mid-single digits and a net increase of 14 stores, totaling 307 stores [1][6]

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%。 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。 智通财经APP获悉，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。 ...

Investment Rating - The report maintains an "Increase" rating for the industry [6] Core Viewpoints - The report indicates signs of recovery in the retail sector, particularly in high-end consumption and new retail, supported by recent quarterly performance disclosures from consumer companies [1] - The recovery is attributed to both low base effects from the previous year and the resilience of specific market segments, suggesting a strengthening foundation for domestic consumption [1] Summary by Sections Brand Performance - Richemont Group reported a 14% revenue increase in Q3 2025, with a 7% growth in mainland China, driven primarily by jewelry sales [2] - Burberry's same-store sales turned positive for the first time since 2024, with a 3% increase in China, benefiting from a low base effect [2] Property Performance - Swire Properties reported retail sales growth of 41.9% in Shanghai and 7.8% in Beijing for the first three quarters of 2025, indicating improving retail performance [3] - China Resources Land's total contract sales in October 2025 were approximately 15.2 billion yuan, a decrease of 51%, but recurring income showed a 3% increase [3] New Retail Developments - Walmart's Q3 2026 revenue reached $179.5 billion, a 5.8% year-on-year increase, with a 21.8% growth in China and a 32% increase in e-commerce sales [4] - Miniso reported a 28% revenue growth in Q3 2025, with a net profit increase of 12% and a total of 8,138 stores globally [5] Industry Trends - The retail index showed a decline of 7.24% recently, underperforming the Shanghai Composite Index by 3.34 percentage points [14] - The report highlights the importance of new consumption trends and the potential for growth in sectors like duty-free shopping and cross-border e-commerce [10] Company Dynamics - Yum China announced a new strategic plan aiming for significant growth in store numbers and profitability over the next three years [21] - Huitongda Network plans to acquire a 57% stake in Cognition Boundary, enhancing its market position [21] Industry Developments - Good Sale has introduced coffee sales in select stores, maintaining a low-price strategy [23] - JD's discount supermarket is set to open a new location, expanding its market coverage [23] - Hema's new discount community supermarket model is entering the Guangdong market, indicating strategic expansion [24]

新华财经上海11月21日电（记者高少华）名创优品集团（NYSE：MNSO；HKEX：9896）21日公布 2025年第三季度财务报告显示，第三季度总营收达58亿元，同比增长28%；经调整净利润7.7亿元，同 比增长12%。 转自：新华财经 名创优品集团控股的潮玩集合品牌"头号玩家"（TOP TOY）在2025年第三季度保持强劲增长，总营收 达5.7亿元，同比增长111%，创下单季度营收新高。截至9月末，"头号玩家"全球门店数增至307家，其 中海外门店数达15家，全球门店渠道网络持续完善。"头号玩家"未来将继续深化知识产权（IP）运营与 产品创新，加速全球化布局。 名创优品创始人、董事会主席兼首席执行官叶国富表示："名创优品依托授权IP与自有IP构成的IP组 合，全面丰富的品类结构，以及端到端的渠道掌控力，成功构筑了全链路、全品类、全渠道、全球化的 IP运营核心优势。未来，名创优品将锚定兴趣消费赛道，以战略升级开辟增长新格局。" 编辑：葛佳明 名创优品今年持续深化"开好店、开大店"的渠道战略，进入"大店驱动增长"阶段，带动同店营收显著提 升。2025年第三季度，名创优品品牌总营收52.2亿元，同比增长23%。 ...

名创优品持续深化"开好店、开大店"的渠道战略，已进入"大店驱动增长"阶段，带动同店销售与营收显 著提升。2025年第三季度，名创优品品牌总营收52.2亿元，同比增长23%。其中，中国内地营收29.1亿 元，实现同比增长19%的亮眼成绩，这一增速更多来自同店拉动，进入到第四季度，同店增长的趋势依 然稳健，10月份的同店更是取得双位数的增长。海外市场方面，Q3营收23.1亿元，同比增长28%。以海 外最大的市场美国为例，第三季度美国市场收入同比增长约65%，其中同店实现低双位数增长。2025年 至今，美国市场的新会员增长超过100%。 展望未来，TOP TOY将继续依托"全产业链潮玩集合平台"的定位，深化IP运营与产品创新，加速全球化 布局，致力于打造具有全球影响力的潮玩品牌，推动中国潮玩文化走向世界。 本报讯 11月21日，名创优品集团（以下简称"名创优品"）公布了2025年第三季度财务报告。报告期 内，名创优品持续深化高质量发展战略，经营质量持续提升，整体业绩增长亮眼。营收、同店销售等多 项指标均超过预期，在全球渠道升级与IP运营等战略方向上进一步强化竞争力。 财报显示，2025年第三季度名创优品总营收达58 ...

名创优品的创始人、主席兼首席执行官叶国富先生表示："我们很高兴地见到名创优品集团在9月季度实 现了两个重要的里程碑：季度收入首次突破50亿，名创优品集团全球门店突破8000家。名创优品中国内 地在9月季度递出了一份非常亮眼的成绩单，较上个季度实现了超过100家门店的净增长，且季度同店销 售实现了高个位数的增长。净开店和同店销售增长均实现了逐季度加速的趋势。在如此高度竞争的国内 市场实体零售环境下，名创优品中国内地再次出色的表现更进一步证明了我们快速的反应能力、强大的 执行力及商业模式的韧性。年至今的名创优品中国内地同店销售已达到低个位数的增长。我们正稳步朝 着实现名创优品中国内地2025年全年同店销售正增长的目标迈进。" "名创海外同店销售亦逐季度改善，9月季度同店销售增长改善至低个位数，例如我们的战略市场北美洲 与欧洲的同店销售增长依旧优异。我们预计海外增长更多来自同店销售的拉动，不仅增长品质更高，而 且可持续性更强，经营风险更低。同时，我们欣喜地看到海外直营业务的经营利润率有了同比提升，这 些都反映了名创优品核心运营能力的持续稳定提升。另外值得一提的是，TOP TOY在9月季度又创下了 同比111.4%的 ...

名创优品的创始人、主席兼首席执行官叶国富先生表示：「我们很高兴地见到名创优品集团在9月季度 实现了两个重要的里程碑：季度收入首次突破50亿人民币，名创优品集团全球门店突破8,000家。名创 优品中国内地在9月季度递出了一份非常亮眼的成绩单，较上个季度实现了超过100家门店的净增长，且 季度同店销售实现了高个位数的增长。净开店和同店销售增长均实现了逐季度加速的趋势。在如此高度 竞争的国内市场实体零售环境下，名创优品中国内地再次出色的表现更进一步证明了我们快速的反应能 力、强大的执行力及商业模式的韧性。年至今的名创优品中国内地同店销售已达到低个位数的增长。我 们正稳步朝着实现名创优品中国内地2025年全年同店销售正增长的目标迈进。」 格隆汇11月21日丨名创优品(09896.HK)公布，2025年第三季度，收入同比增长28.2%至人民币57.966亿 元，超过了公司此前25%至28%指引范围的上限。公司的三个经营分部的同店销售增长均呈现上升态 势，带动集团层面的同店销售增长达到中个位数水平。名创优品品牌的同店销售增长同比为中个位数， 主要得益于(i)中国内地卓越的高个位数增长，及(ii)海外市场的低个位数增长。T ...

Core Insights - The article emphasizes the importance of focusing on product quality in retail, regardless of whether the sales channel is online or offline [6][7][14] - It highlights the unique shopping experience that physical stores can provide, which often leads to impulse purchases that online platforms cannot replicate [6][14] Group 1: Retail Strategy - The company believes that the core of future offline retail lies in creating an enjoyable shopping experience, where consumers discover products they like while browsing [6][14] - The article suggests that successful retail strategies should follow consumer behavior and learn from successful models, such as Japanese stores [6][14] - It mentions that many retail brands still rely heavily on offline sales, with online sales accounting for only about 10% of total sales for some brands like Miniso [6][14] Group 2: Learning from Japanese Brands - The article discusses a learning trip to Japan to understand how Japanese brands thrive in low-growth environments, focusing on their operational strategies [10][14] - It highlights that Japanese brands have adapted to low-growth periods by focusing on customer expectations and making small innovations rather than pursuing disruptive changes [14][15] - The article emphasizes the importance of understanding consumer needs through direct engagement and observation, as demonstrated by successful Japanese brands [14][15][17] Group 3: Product Development and Innovation - The article points out that successful companies like FANCL and Suntory focus on product quality and consumer feedback to drive innovation [19][25] - It mentions that companies should not rely solely on data but should also engage with the physical product to ensure quality and consumer satisfaction [18][25] - The article illustrates how brands like Kikkoman and WORKMAN have successfully filled market gaps by understanding specific consumer needs and preferences [17][19]

Core Points - The article promotes various promotional activities related to digital currency, specifically targeting new and existing users of the platform, emphasizing discounts and benefits available during specific time frames [2][14][18]. Group 1: Promotional Offers - New users can receive a 20 yuan no-threshold red envelope, while both new and existing users can enjoy payment discounts ranging from 15 to 50 yuan [2]. - The promotional period for these offers is from November 1, 2025, to November 30, 2025 [2]. Group 2: Activity Participation - Users can participate in multiple promotional activities, with a limit of one red envelope per person during the promotional period [3]. - Users can enjoy up to two discounts during the promotional period [5]. Group 3: Specific Promotions - Various brands and services are included in the promotions, such as Luckin Coffee and Meituan, with specific promotional periods outlined [18][21]. - The digital currency wallet from the Bank of China is a prerequisite for participating in these promotions [7].

Core Insights - The founder of Miniso, Ye Guofu, announced plans to change the store model and product structure, with 80% of stores set to close and reopen [1] Company Strategy - The company is undergoing a significant transformation in its retail approach, indicating a shift in strategy to adapt to market demands [1] - The decision to close and reopen 80% of stores suggests a focus on optimizing store performance and potentially enhancing customer experience [1] Industry Impact - This move may reflect broader trends in the retail industry, where companies are reevaluating their physical presence and product offerings in response to changing consumer behavior [1]