2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营 收占比升至40.31%；受益于前一年低基数，布鲁可（00325.HK）上半年海外营收达到1.1亿 元，相较去年同期增长899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品 （ 09896.HK ） 品 牌 海 外 业 务 收 入 35.34 亿 元 ， 同 比 增 长 29.4% ， 占 名 创 优 品 品 牌 收 入 的 40.9%。 记者丨刘婧汐 实习生陈晗章 编辑丨朱益民 年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 要看到的是，中国潮玩企业已经在海外市场布局已久。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。 泡泡玛特则于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了 整个中国潮玩行业的强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的 出海路。 海外市场全面开花 受益于去年的低基数，"中国版乐高"布鲁克海外市场以近九百倍的增速遥遥领先。 2024年前， ...

（原标题：成倍激增！中国潮玩，全球买单） 21世纪经济报道记者 刘婧汐 实习生 陈晗章 广州报道 年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营收占比升 至40.31%；受益于前一年低基数，布鲁可(00325.HK)上半年海外营收达到1.1亿元，相较去年同期增长 899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品(09896.HK)品牌海外业务收入35.34亿 元，同比增长29.4%，占名创优品品牌收入的40.9% 要看到的是，中国潮玩企业已经在海外市场布局已久。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。泡泡玛特则 于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了整个中国潮玩行业的 强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的出海路。 海外市场全面开花 受益于去年的低基数，"中国版乐高"布鲁克海外市场以近九百倍的增速遥遥领先。 2024年前，布鲁可海外 ...

名创优品要为自己的潮玩故事补上最重要的一块拼图。 业绩会上，董事长叶国富宣布已签约9个艺术家IP，未来将走向国际IP与自有IP的双驱动模式。 叶国富称，自有IP是集团今年、也是未来的重大战略。 "过去，名创优品在与国际IP的合作中，具有产品开发优势、营销优势、渠道优势，唯一缺的就是自有 IP。只要把对自有 IP的认知拉齐，开始行动的话，我认为我们大有前途。"叶国富说。 就在一天之前，泡泡玛特在王宁"轻松300亿"的乐观预期中，冲破了4200亿的市值。 泡泡玛特在北美等全球市场的快速增长，为后续入局者验证了潮玩市场的潜力与空间。 这对已建立超3000家海外门店的名创优品亦是巨大的机遇。 上半年，名创优品实现收入93.93亿元，同比增长21.1%；经调整净利润为12.78亿元，同比增长3%。 TOPTOY品牌快速增长，二季度营收同比增长八成至4亿元，并于报告期内近期斩获淡马锡领投的一轮 战略融资，交易后估值约为100亿港元。 自有IP绝对将带来估值想象空间，但在这之前，名创优品需要先证明自己可以。 大店托举 名创优品在IP潮玩领域积淀不浅，更多作为"渠道品牌"被市场熟知。 近年来，通过与Chikawa、哈利波特等 ...

Core Viewpoint - The article highlights the expansion of various Chinese companies into international markets, showcasing their strategic moves and growth in overseas operations. Group 1: Company Expansions - Meituan's international delivery brand Keeta has launched in Doha, Qatar, with plans to expand into Brazil in the coming months [5] - Great Wall Motors has completed the construction of its factory in Brazil, with an annual production capacity of 50,000 vehicles [5][7] - Tea brand Cha Baidao has announced its first store in North America, located in New York, marking its entry into the U.S. market [5] - Lenovo is establishing a regional headquarters in Riyadh, Saudi Arabia, as part of its strategic expansion in the Middle East [6] Group 2: Financial Performance and Growth - Zero Run Auto reported its first half-year profit, with overseas markets becoming a significant growth driver, exporting 24,980 vehicles in the first seven months of 2025 [8] - Pop Mart plans to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [8] - Xiaomi's automotive division aims for profitability in the second half of the year, maintaining its 2027 overseas expansion target [9] Group 3: New Business Models and Innovations - AliExpress has launched an "overseas hosting" model in Australia, following its success in other markets [5] - Yimutian, a major agricultural B2B platform, has gone public on NASDAQ, aiming to expand its offline services and international business [10] - Shouqu Technology has secured nearly 100 million yuan in angel funding to enhance its battery management systems and accelerate global market expansion [11] Group 4: Industry Trends - The global photovoltaic industry is witnessing increased competition, prompting Chinese companies to enhance their international presence and supply chain resilience [15] - The user-side energy storage market is recovering, with significant growth expected in commercial storage due to supportive policies and mature business models [14]

Company Developments - Meituan's international delivery brand Keeta has officially launched in Doha, Qatar, with plans to expand into more Gulf Cooperation Council (GCC) countries and enter the Brazilian market in a few months [2] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, located in Iracemapolis, São Paulo, with an annual production capacity of 50,000 vehicles [2] - AliExpress has launched its "overseas hosting" model in Australia, following its implementation in several other countries including the US and Mexico [2] - Cha Bai Dao has announced the opening of its first North American store in New York, marking its entry into the US market, following successful expansions in Singapore and France [2] Strategic Expansion - Lenovo Group plans to establish a regional headquarters in Riyadh, Saudi Arabia, and has begun construction on a manufacturing facility expected to start trial production in 2026 [3] - MINISO's founder expressed intentions to expand the MINISO LAND stores overseas, emphasizing the importance of proprietary IP alongside global IP [3] - Leap Motor has achieved a milestone by reporting its first half-year profit, with overseas markets becoming a significant growth driver [3] - Pop Mart aims to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [4] Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with adjusted net profit rising by 362.8% [4] - Xiaomi's automotive division is expected to start generating profits in the second half of the year, with plans to avoid price wars [4] - XGIMI's Vietnam factory has launched its first projector, with overseas revenue projected to reach 1.086 billion yuan in 2024, marking an 18.94% year-on-year increase [5] Market Trends - The user-side energy storage market is showing signs of recovery, with a focus on high-growth new markets and a concentration of market players [8] - Chinese innovative pharmaceutical companies are transitioning from followers to leaders in the market, with a focus on internationalization [8] - The global photovoltaic industry is experiencing increased competition, prompting Chinese companies to accelerate their global expansion efforts [9][10]

港股公司报告 | 公司点评 名创优品（09896） 证券研究报告 25Q2 点评：全球门店突破 7900 家，全球化战略驱动高增长 事件： 根据 8 月 21 日公告，公司 2025 年第二季度整体收入 49.7 亿元，较去年同 期同比增长 23.1%；2025 年上半年实现收入 93.9 亿元，同比增长 21.1%。 分业务来看，2025 年第二季度名创优品中国内地实现收入 26.2 亿元，同 比增长 13.6%；名创优品海外实现收入 19.4 亿元，同比增长 28.6%；TOPTOY 实现收入 4.0 亿元，同比增长 87%。2025 年第二季度，公司实现毛利率 44.3%，同比提升 0.4pct；调整后净利润达 6.92 亿元，同比提升 10.6%，调 整后净利率为 13.9%。 股东回报来看，公司宣布派发中期股息，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。 门店网络的扩张来看，截止 2025 年 6 月 30 日，名创优品全球门店总数半 年净增 108 家达 7,612 家，TOPTOY ...

8月21日，名创优品发布2025年中期业绩公告。数据显示，该公司期内实现营收93.93亿元，较上年同期 增长21.1%。其中第二季度营收49.7亿元，同比增长23.1%。上半年的经营利润为15.46亿元，同比增长 3.4%；期内利润9.06亿元，同比下降23.1%。 作为名创优品旗下的潮玩品牌，TOP TOY在2025年上半年的营收为7.42亿元（约1.04亿美元），较上年 同期增长73%；其中，第二季度营收为4亿元（约5610万美元），同比增长87%。 上半年营收已达去年全年的四分之三 据财报披露，名创优品旗下潮玩业务品牌TOP TOY在2025年上半年营收7.42亿元，同比增长73%；其中 第二季度营收为4亿元，同比增长87%。数据显示，2024年TOP TOY全年营收9.84亿元，也就是说，今 年上半年的营收已达去年全年的四分之三。 | | | | 截至2025年6月30日止六個月 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 名創優品品牌 | | | | | | | | | | | TOP TOY | 未分配 | | | | 中國內地 ...

Core Insights - MINISO LAND, the first store of its kind in South China, opened on August 17, blending traditional Lingnan architecture with over 100 global IPs, creating a new cultural landmark in Guangzhou [2] - The store serves as a benchmark for the "first store economy" and is a significant step in MINISO's strategy of "opening good stores and large stores" [2] - The store attracted over 10,000 visitors on its opening day, showcasing its potential as a model for upgrading old properties in the Beijing Road business district [2] Company Strategy - MINISO is leveraging innovative IP design to reshape retail spaces and accelerate the construction of a leading global trendy toy ecosystem [3] - The MINISO LAND serves as a trend design experimental space, transforming traditional retail into a global IP showcase that integrates display, experience, and consumption [3] - The company has established 12 MINISO LAND and 1 MINISO SPACE stores in key cities across China, with the Shanghai store achieving over 100 million in sales within 9 months [3] Market Impact - The successful integration of Chinese brands with global IPs is expected to create significant market shifts, evidenced by the impressive sales performance of MINISO's stores [3] - The focus on immersive experiences and storytelling for niche IPs aims to broaden their appeal to mainstream consumers, enhancing overall market engagement [3]

Core Viewpoint - The article discusses the challenges faced by Miniso, particularly in its domestic market, where same-store sales are declining, while the company is attempting to pivot towards larger store formats and IP-driven products to enhance its brand appeal and profitability [2][3][5][6]. Financial Performance - Miniso reported Q1 revenue of 4.43 billion yuan, a year-on-year increase of 18.9%, which was in line with expectations [2]. - Profit margins slightly declined due to increased IP licensing fees and depreciation costs from overseas stores, leading to an 18% drop in stock price following the earnings report [3]. Store Performance - Same-store sales have been under pressure, with a mid-single-digit decline reported for Q1 2024, although the decline was less severe than in Q4 2023 [5]. - The number of domestic stores decreased by 111 to 4,275, marking the first sequential decline in store count [5]. Strategic Shift - The company is shifting its strategy from opening numerous small stores to focusing on larger flagship stores, such as MINISO LAND, which emphasizes immersive shopping experiences [6][7]. - MINISO LAND stores are significantly larger, with areas 3-5 times that of regular stores, and are located in prime commercial districts, leading to increased operational costs [7][8]. IP Development - Miniso is attempting to enhance its product offerings through IP-driven products, but faces challenges in attracting consumers willing to pay a premium for these items [9][10]. - The company has launched TOY TOY, a separate brand focusing on trendy toys, which has shown promising revenue growth but still represents a small portion of overall sales [12][13]. Competitive Landscape - Analysts suggest that Miniso lags behind competitors like Pop Mart in terms of IP product design and market presence, indicating a need for stronger brand differentiation [15][16]. - Despite the challenges, Miniso retains a first-mover advantage in the domestic IP market, but must innovate to maintain relevance in a competitive landscape [16].

Core Viewpoint - Miniso's revenue is increasing, but profits are declining, indicating potential challenges in maintaining profitability despite growth in store openings [1][2]. Financial Performance - In Q1 2025, Miniso reported revenue of 4.427 billion yuan, a year-on-year increase of 18.9% [2]. - Operating profit for the same period was 710 million yuan, down 4.51% year-on-year [2]. - Net profit for Q1 2025 was 417 million yuan, a decline of 28.92% compared to the previous year [2]. - Adjusted net profit was 587 million yuan, reflecting a decrease of 4.81% year-on-year [2]. Store Expansion and Performance - Miniso opened a total of 978 new stores in the past year, bringing the total to 7,768 stores as of March 31, 2025 [3]. - The average sales performance of new stores opened in Q1 2025 improved by 27% compared to the same period in 2024 [3]. - The company is focusing on the MINISO LAND store format, with 8 locations opened and 15 more in preparation [3]. International Growth - Revenue from overseas markets grew by 30.3%, contributing an additional 3 percentage points to total revenue [4]. - Miniso aims to enhance collaboration with international partners to improve operational efficiency and store models [4]. Collaboration with Yonghui Supermarket - Miniso's CFO reported that Yonghui Supermarket has already closed 78 stores and plans to close between 250 to 350 stores in 2025 [5][6]. - The restructuring of Yonghui Supermarket is expected to improve profitability through enhanced cost and management efficiency [6]. Yonghui Supermarket's Financial Situation - Yonghui Supermarket reported a revenue of 17.479 billion yuan in Q1 2025, a decline of 19.32% year-on-year [7]. - The company has faced significant losses over the past four years, totaling over 9.5 billion yuan [7].