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名创优品(09896):25Q2点评:全球门店突破7900家,全球化战略驱动高增长
Tianfeng Securities· 2025-08-23 13:27
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 ...
名创优品(MNSO.US)大涨逾12% 二季度TOP TOY营收激增87%
Zhi Tong Cai Jing· 2025-08-22 16:47
周五,名创优品(MNSO.US)大涨逾12%,报24.91美元。财报显示,2025年上半年,名创优品实现收入 93.93亿元(人民币,下同),同比增长21.1%;公司权益股东应占利润9.06亿元,同比下降22.6%;每股普 通股基本盈利0.74元。派发中期现金股息每股美国存托股0.2896美元或每股普通股0.0724美元。单看第 二季度,该公司实现营收49.7亿元,同比增长23.1%(超出管理层此前给出的18%-21%指导区间),调整后 净利润同比增长10.6%至6.9亿元,其中,TOP TOY营收激增87.0%,创下新纪录。 名创优品执行董事兼主席叶国富表示,二季度名创优品中国内地同店销售增长转正,进入三季度进一步 加速。公司预计名创优品内地今年全年的同店销售将会取得正增长。 ...
美股异动 | 名创优品(MNSO.US)大涨逾12% 二季度TOP TOY营收激增87%
智通财经网· 2025-08-22 14:23
智通财经APP获悉,周五,名创优品(MNSO.US)大涨逾12%,报24.91美元。财报显示,2025年上半年, 名创优品实现收入93.93亿元(人民币,下同),同比增长21.1%;公司权益股东应占利润9.06亿元,同比 下降22.6%;每股普通股基本盈利0.74元。派发中期现金股息每股美国存托股0.2896美元或每股普通股 0.0724美元。单看第二季度,该公司实现营收49.7亿元,同比增长23.1%(超出管理层此前给出的 18%-21%指导区间),调整后净利润同比增长10.6%至6.9亿元,其中,TOP TOY营收激增87.0%,创下新 纪录。 名创优品执行董事兼主席叶国富表示,二季度名创优品中国内地同店销售增长转正,进入三季度进一步 加速。公司预计名创优品内地今年全年的同店销售将会取得正增长。 ...
淡马锡,投了叶国富
投资界· 2025-08-22 07:22
潮玩火爆。 作者 I 周佳丽 报道 I 投资界PEdaily 昨天(8月2 1日),名创优品罕见宣布了一则融资消息—— 旗下潮玩品牌TOP TOY收获来自淡马锡领投的战略融资,投后估值约1 0 0亿港元。 这是202 0年名创优品IPO上市后,叶国富操刀的全新兴趣消费版图:今年二季度,TOP TOY营收4亿元,目前门店总数达2 9 3家。现在,名创优品正评估它分拆上市的可能性。 这意味着,潮玩江湖又一个IPO要来了。 今天上午,名创优品大涨超20%,市值飙涨1 0 0亿港元至5 7 0亿港元。 另一边,泡泡玛特刚刚创造了史上最好业绩,股价不断刷新历史,最新市值已冲破4200 亿港元。IP潮玩,这个曾经让人看不懂的生意,如今火爆程度令人惊叹不已。 淡马锡领投 TOP TOY估值100亿 时间回到2020年10月,名创优品敲开了纽交所的IPO大门,来自湖北十堰的叶国富圆了 上市敲钟梦。 两个月后,名创优品推出一个全新品牌TOP TOY。定位为潮流玩具集合店,TOP TOY 聚焦新一代消费群体,截至去年底已拥有超万个SKU,覆盖了手办、3D积木、搪胶毛绒 和其他潮流玩具等主要潮流玩具品类。 虽由名创优品孵化推向市场 ...
名创优品(09896):2025年半年报点评:Q2经调整净利润同比+11%,国内同店增速回正或现经营拐点
Soochow Securities· 2025-08-22 02:32
证券分析师 吴劲草 执业证书:S0600520090006 wujc@dwzq.com.cn 证券研究报告·海外公司点评·专业零售(HS) 名创优品(09896.HK) 2025 年半年报点评:Q2 经调整净利润同比 +11%,国内同店增速回正或现经营拐点 买入(维持) | [盈利预测与估值 Table_EPS] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 13,838 | 16,994 | 21,028 | 24,957 | 29,114 | | 同比(%) | 39.42 | 22.80 | 23.74 | 18.69 | 16.65 | | 归母净利润(百万元) | 2,253 | 2,618 | 2,680 | 3,318 | 3,990 | | 同比(%) | 111.48 | 16.17 | 2.39 | 23.79 | 20.25 | | Non-IFRS 净利润(百万元) | 2,357 | 2,721 | 2,939 | 3,393 | 3,858 ...
美股异动 | 名创优品(MNSO.US)涨逾7% 二季度营收同比增长23.1%
智通财经网· 2025-08-21 15:25
Group 1 - The core viewpoint of the articles highlights the strong financial performance and growth strategies of Miniso, with a significant increase in revenue and profitability in the second quarter [1][2] - Miniso reported total revenue of 4.97 billion yuan in Q2, representing a year-on-year growth of 23.1%, with a gross margin of 44.3%, up 40 basis points from the previous year [1] - Adjusted net profit reached 690 million yuan, a year-on-year increase of 10.6%, with an adjusted net profit margin of 13.9% and adjusted earnings per ADS rising by 12.0% [1] Group 2 - Miniso's subsidiary, TOP TOY, achieved revenue of 400 million yuan in Q2 2025, marking a substantial year-on-year increase of 87.0%, with a total of 293 stores [2] - The global investment firm Temasek led a funding round for TOP TOY, resulting in a post-investment valuation of approximately 10 billion Hong Kong dollars, underscoring TOP TOY's leading position in the trendy toy industry [2] Group 3 - Miniso is leveraging a dual-track strategy by collaborating with top international IPs like Disney and Sanrio, while also actively signing original trendy toy artists to expand its IP portfolio [1] - The recent success of the Toy Story 30th Anniversary series and the One Piece themed pop-up events in major cities demonstrates Miniso's effective engagement with diverse consumer groups [1]
Labubu爆火真相:中国潮玩,凭啥圈粉全球?
21世纪经济报道· 2025-07-09 08:21
Core Viewpoint - The article highlights the significant rise of Chinese潮玩 (trendy toys) IPs, particularly LABUBU, which has gained immense popularity both domestically and internationally, indicating a shift in cultural influence and economic strength from China to the global market [1][21]. Group 1: LABUBU's Popularity - LABUBU, a trendy toy character, has become a sensation, with top celebrities collecting it and even luxury brands like Hermès collaborating with it [1][3]. - The auction price for the initial LABUBU product is comparable to the price of a house, showcasing its high market value [1]. - LABUBU's recent collaborations include a partnership with Uniqlo and a limited edition inspired by the Mona Lisa, which sold out quickly in France [3]. Group 2: Financial Performance of Pop Mart - Pop Mart, the company behind LABUBU, reported a more than 100% increase in overall revenue in Q1 2025, with overseas revenue growing over 400% year-on-year [5]. - It is projected that Pop Mart's overseas revenue will surpass its domestic revenue this year [5]. - Pop Mart's market capitalization has exceeded that of international trendy toy brands like Sanrio, indicating its growing influence in the industry [7]. Group 3: Market Trends and Projections - The Chinese潮玩 industry is expected to reach a total value of 110.1 billion yuan by 2026, with an average annual growth rate exceeding 20% [11]. - Other Chinese brands, such as Miniso's TOP TOY and 52TOYS, are also targeting international markets, indicating a broader trend of Chinese潮玩 brands going global [13]. Group 4: Factors Supporting Global Success - The success of Chinese潮玩 brands is attributed to a mature industrial chain that allows for efficient IP development and production [16]. - The rise of cross-border e-commerce has lowered barriers for Chinese brands to enter international markets, with Pop Mart reaching over 90 countries and regions [17]. - A strategy of deep localization is being employed, allowing Chinese潮玩 to resonate with diverse global audiences by understanding their unique cultural needs [19]. Group 5: Cultural and Economic Implications - The growth of Chinese潮玩 IPs is closely linked to the country's economic strength, with successful cultural exports enhancing China's global cultural influence [20][21]. - The article suggests that more phenomena like LABUBU will continue to emerge, further opening avenues for Chinese culture in the global market [21].
进驻卢浮宫、联名优衣库,中国潮玩何以全球圈粉?
Core Insights - The news highlights the significant rise of Chinese cultural soft power and the global influence of new cultural products like LABUBU, a trendy toy IP that has gained immense popularity internationally [1][9]. Group 1: LABUBU's Popularity - LABUBU, a small creature with sharp teeth, has become a sought-after collectible among celebrities, with auction prices for its initial products reaching levels comparable to real estate [3]. - Recent collaborations include a partnership with Uniqlo and a limited edition inspired by the Mona Lisa, which sold out quickly in France [5]. - The upcoming animation series for LABUBU is expected to enhance its market presence, with Bubble Mart's overall revenue more than doubling in Q1 2025, and overseas revenue increasing by over 400% year-on-year [7]. Group 2: Market Dynamics - Bubble Mart's market capitalization has surpassed that of international toy brands like Sanrio, indicating a shift in the competitive landscape of the toy industry [9]. - LABUBU's search popularity has exceeded that of Hello Kitty, suggesting a growing recognition and demand for this new IP [11]. Group 3: Industry Growth - The Chinese toy industry is projected to reach a total value of 110.1 billion yuan by 2026, with an average annual growth rate exceeding 20% [13]. - Other brands, such as Miniso's TOP TOY and 52TOYS, are also targeting international markets, indicating a broader trend of Chinese toy brands going global [15]. Group 4: Supporting Factors - The success of Chinese toy IPs is attributed to a mature industrial chain that allows for efficient IP development and production, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [17]. - The rise of cross-border e-commerce has lowered barriers for Chinese brands to enter international markets, with Bubble Mart reaching over 90 countries and achieving a 834% year-on-year growth in online revenue [18]. - A strategy of deep localization is being employed, allowing Chinese toy brands to better understand and cater to diverse global consumer needs [20]. Group 5: Cultural Impact - The evolution of Chinese cultural exports is shifting from mere output to cultural dialogue, supported by long-term investments in quality content, as seen in successful projects like "Nezha 2" and "Black Myth: Wukong" [25]. - The increasing global recognition of Chinese stories across various media, including games and toys, reflects the close relationship between a country's cultural influence and its economic strength [25].
8点1氪|迅雷5亿元收购虎扑;白象“多半”桶方便面的“多半”是商标;日本罗森将用2023年大米制作饭团售卖
3 6 Ke· 2025-06-04 23:58
Group 1: Company Developments - Miniso has reportedly hired JPMorgan and UBS to assist its TOP TOY subsidiary in an IPO in Hong Kong [1] - Estun announced plans to issue overseas listed foreign shares (H shares) and list on the Hong Kong Stock Exchange, pending shareholder approval and regulatory approvals [1] - Xunlei has completed the acquisition of sports platform Hupu for a total consideration of 500 million yuan, with 400 million yuan paid upfront and the remaining 100 million yuan to be paid in two installments [2] Group 2: Market Trends and Consumer Products - Japanese convenience store Lawson will start selling rice balls made from 2023 rice in July, alongside unprocessed rice, as part of efforts to address domestic rice shortages [5] - The first domestically produced nine-valent HPV vaccine has been approved for sale in China, breaking a long-standing market monopoly [5] - The number of newborns in Japan is projected to fall below 700,000 for the first time in 2024, according to the Ministry of Health, Labour and Welfare [9] Group 3: Financial and Investment Activities - PingPong has received preliminary approval from the Central Bank of the UAE to become the first Chinese third-party payment institution to hold a payment license in the UAE [9] - Anner, known as the "first stock of children's clothing," is undergoing a change in control after its founders plan to transfer 13.03% of their shares, reducing their stake to 14.35% [9] - "Bocui Recycling" has announced additional investment in its Series B financing, accumulating over 100 million yuan for product development and overseas project collaboration [17] Group 4: Technology and Innovation - OpenAI has announced that its paid enterprise users have increased from 2 million to 3 million, reflecting significant growth in its AI services [13] - The humanoid robot company "Accelerated Evolution" has completed Series A financing led by Shenzhen Capital Group, with funds aimed at product upgrades and mass production [18] - The world robot football league "RoBoLeague" will kick off in Beijing, featuring AI-driven robots competing autonomously [14]
出海速递 | 睁开眼睛看看这个墨西哥/据悉名创优品旗下TOP TOY谋求在港IPO
3 6 Ke· 2025-06-04 10:56
Group 1 - Mexico is perceived as not being perfect but also not as bad as it seems, indicating a nuanced view of the country's situation [2] - In the Middle East, e-commerce has become the "new normal," but physical retail stores remain essential to daily life [3] - "博萃循环" has secured several million yuan in Series B financing, targeting the international battery recycling market and operating in over ten countries [4] Group 2 - Shanghai's foreign trade export value reached 629.02 billion yuan in the first four months of the year, showing a year-on-year growth of 13.8% [5] - NIO reported a total revenue of 12.0347 billion yuan (approximately 1.658 billion USD) for Q1, with a year-on-year increase of 21.5% and vehicle deliveries up by 40.1% [6] - Aishida plans to invest up to 150 million yuan in Vietnam for modern cookware, small appliances, and industrial robots, aiming to enhance its global presence [7] Group 3 - TSMC's chairman stated that the company will not establish a factory in the Middle East, despite rumors, and expects revenue growth of 24% to 26% this year [7] - Neuralink completed a $650 million Series E funding round, raising its valuation to $9 billion, with plans to accelerate clinical trials and product development [8]