智通财经APP获悉，东吴证券发布研报称，维持名创优品（09896）"买入"评级，公司是自有品牌+IP潮 流零售龙头，海外扩张+IP战略具备广阔发展空间，公司短期直营店费用提升、未来受益于同店表现持 续改善有可能带动美国直营业务的利润率改善。 东吴证券主要观点如下： 业绩表现 2025Q3，公司实现收入58.0亿元，同比+28.17%;高于公司指引的25~28%。归母净利润为4.4亿元，同 比-31%(主要因永辉超市权益法下的应计投资亏损，以及股权激励费用提升等)。)剔除股权支付费用、 可转债利息开支、对永辉超市投资亏损(权益法)和相关银行贷款利息等项目后，经调整净利润为7.67亿 元，同比+11.75%。公司整体同店GMV实现中个位数同比增长。 国内MINISO的同店GMV同比增速在Q2转正后，Q3实现加速增长 Q4即将迎来美国消费旺季，期待公司指引门店表现 2025Q3公司国内miniso、海外miniso、TOPTOY分部均实现同店GMV同比增速改善。根据财报业绩会， 公司预计2025Q4收入同比增长在25~30%范围，中国和美国的同店均为低双位数增长，相比2025Q3进一 步加速;经调整经营利润率的同比 ...

智通财经APP获悉，交银国际发布研报称，名创优品(09896) 第三季业绩基本符合预期。该行认为，当 前趋势与全年指引相符，集团正深化IP矩阵和大店策略，推动同店进一步恢复，加强增长韧性。维持目 标价48.7港元及"买入"评级。 报告表示，名创优品内地业务同店复苏强劲，门店优化见效。海外业务直营盈利有所改善。此外，TOP TOY第三季收入年增111%至5.7亿元人民币，自有IP快速放量，同店实现中单位数增长。2025年3季度公 司收入同比增28.2%至58亿元人民币，略超出此前公司指引(25-28%)，主要受益于内地业务复苏及TOP TOY的强劲增长。 ...

TOP TOY：3Q25 收入同比增111%远超预期。3Q25，TopToy 收入5.75亿元/同比+111.4%，门店净增14 家至307 家；TOP TOY 品牌的同店销售同比提升至中个位数增长率。 直营门店杠杆效应逐步释放，经调经营利润率延续收窄趋势。①毛利： 3Q25 毛利额25.9 亿元/同比+27.6%，毛利率为44.7%/同比-0.2pct；②销售费用：3Q25 销售及分销开支 14.3 亿元/同比+43.5%，同比增长主因公司为推动业务发展而增加对直营门店投资，尤其是美国等战略 性海外市场；3Q25，公司直营店收入同比增69.9%，而相关开支同比增40.7%，直营门店运营效率有所 提升。③管理费用：一般及行政开支3.4 亿元/同比+45.6%，部分源于TOP TOY 品牌相关的股份支付开 支增加。④经调整经营利润：3Q25 经调整经营利润同比增长14.8%至10.2 亿元，经调整经营利润率为 17.6%/同比-2.1pct，同比降幅逐季收窄（1Q/2Q 经调OPM 各同比-4.2/-2.3pct），运营效率持续改善；我 们预计4Q25 公司经调OPM 同比降幅与3Q 接近，2H25 经调OPM ...

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、名创优品等新消费龙头，又包含腾讯、快手、 阿里巴巴、小米等互联网电商龙头，科技+消费属性突出。 华源证券表示，新兴消费品的蓬勃发展折射出新世代年轻人在当前社会环境下所孕育出的新兴消费观 念，正确的解读此类全新的消费叙事是抓住新消费公司成长的关键因素。因此，在黄金珠宝方面，建议 关注更受年轻消费者欢迎的古法黄金赛道头部品牌，如老铺黄金等；潮玩方面，建议关注具备IP创造及 对IP运营有丰富的成功经验的公司，如泡泡玛特、名创优品；现制茶饮方面，建议关注品牌力较强且业 务覆盖区域较广的头部茶饮品牌，如蜜雪集团、古茗。 11月21日，名创优品发布"IP天才少年计划"，以100-1000万年薪面向全球招募顶尖IP创作人才，以加强 原创IP孵化，构建自有IP矩阵，向全球领先的IP运营平台升级。名创优品方面表示，该岗位设置意图为 吸引年轻人才来进行原创IP开发。11月21日，名创优品公布了2025年第三季度财务报告。财报显示， 旗下潮玩品牌TOP TOY营收达5.7亿元，实现1 ...

Core Insights - Miniso has launched the "IP Genius Youth Program," offering annual salaries ranging from 1 million to 10 million yuan to attract top IP creation talents globally, aiming to enhance original IP incubation and build its own IP matrix [1] - The initiative is intended to draw young talents for original IP development [1] - Miniso reported its Q3 2025 financial results, revealing that its toy brand TOP TOY achieved revenue of 570 million yuan, marking a 111% year-on-year growth [1] Group 1 - The "IP Genius Youth Program" aims to strengthen Miniso's original IP capabilities [1] - The salary range for the program is set between 1 million and 10 million yuan [1] - TOP TOY's revenue growth indicates a successful expansion in the toy market [1]

MINISO Group Holding Limited (NYSE:MNSO) is expected to report strong third-quarter results, driven by overseas expansion and the success of its TOP TOY brand.The company's guidance exceeds analyst expectations, indicating potential outperformance in revenue and profit.Financial health indicators such as a P/E ratio of 18.61, earnings yield of approximately 5.37%, and a current ratio of 1.99 reflect investor confidence and a solid financial position.MINISO Group Holding Limited, listed on the NYSE:MNSO, is ...

Group 1 - TOP TOY International Group Limited has submitted a listing application to the Hong Kong Stock Exchange, indicating plans for an independent public offering [4] - The company is a subsidiary of Miniso Group, focusing on trendy toy products, which suggests a strategic move to separate its toy business from the parent company [4] - Joint sponsors for the listing include JPMorgan, UBS, and CITIC Securities, highlighting strong financial backing for the IPO process [4]

每经AI快讯，9月26日，名创优品：建议分拆TOP TOY并于香港联合交易所有限公司主板独立上市。 ...

Core Viewpoint - The global潮玩 (trendy toy) market is undergoing a significant restructuring, with companies like TOP TOY and泡泡玛特 (Pop Mart) showing remarkable growth, indicating a rapid expansion phase in China's潮玩 industry [1][2][3] Group 1: Company Performance - TOP TOY reported a revenue of 400 million yuan in Q2 2025, marking an impressive year-on-year increase of 87.0%, significantly surpassing the industry average growth rate [2] -泡泡玛特's Labubu IP generated 34.7% of its revenue in the first half of 2025, with a staggering year-on-year growth of 726.6% [2] -泡泡玛特 achieved a gross margin of 70.3%, well above the traditional toy companies' range of 20-30%, due to premium pricing and exclusive strategies [2] Group 2: Market Expansion - TOP TOY has expanded its store count to 293, with 283 located in mainland China, and achieved a total GMV of 1.05 billion yuan in the first half of 2025 [2] -泡泡玛特's overseas revenue surged by 440%, accounting for 40% of its total revenue, with the U.S. and European markets experiencing a growth rate of 480% [2][3] Group 3: Strategic Investments -淡马锡's investment in TOP TOY reflects a long-term investment perspective, recognizing the potential of the Chinese潮玩 market and the global expansion capabilities of名创优品 (Miniso) [3] -名创优品's total revenue reached 4.97 billion yuan in Q2 2025, with a year-on-year growth of 23.1%, and overseas revenue making up 42.6% of its total income [3] Group 4: Future Trends -泡泡玛特 aims to increase its overseas revenue share to 65% by 2027, while also diversifying into new business areas such as theme parks and animation content [6][7] -名创优品 plans to promote 100 Chinese IPs globally, enhancing its brand presence and cultural export [6][7]

Core Insights - The company reported a revenue of 9.39 billion yuan for H1 2025, a year-on-year increase of 21.06%, while net profit decreased by 23.1% to 906 million yuan [1] - Adjusted net profit for H1 2025 was 1.28 billion yuan, reflecting a 3% increase year-on-year [1] - The company raised its full-year revenue growth guidance from no less than 22.8% to 25% due to significant improvements in same-store sales both domestically and internationally [3] Financial Performance - In Q2 2025, the company achieved a revenue of 4.966 billion yuan, a 23% year-on-year increase, while net profit was 490 million yuan, down 16.67% [1] - The adjusted net profit for Q2 2025 was 690 million yuan, showing a 10.6% increase year-on-year [1] - The gross margin for Q2 2025 was 44.28%, with a slight increase of 0.05 percentage points quarter-on-quarter and 0.33 percentage points year-on-year [3] Store Expansion and Strategy - The number of MINISO stores in China reached 4,305 by Q2 2025, an increase of 190 stores year-on-year [2] - The company continues to implement a large store strategy, with significant sales from upgraded stores like the MINISO LAND store in Shanghai [2] - Overseas, the number of MINISO stores reached 3,307, with a year-on-year increase of 554 stores [2] Product Development and IP Strategy - The company signed nine toy designers to enhance its own IP portfolio, indicating a strategic move towards self-developed products [3] - The collaboration with HITOY to operate new IPs reflects the company's commitment to expanding its product offerings [3] Shareholder Returns - In H1 2025, the company returned a total of 1.07 billion yuan to shareholders, including 730 million yuan in cash dividends and 340 million yuan in share buybacks [4] - The total return to shareholders accounted for 84% of the adjusted net profit for the first half of the year [4]