来源：金吾财讯 金吾财讯 | 名创优品(MNSO)盘前涨超1%，截至发稿，报22.37美元。 消息面上，西部证券发研报指，名创优品25H1中国内地收入同比增长11.4%，其中第二季度同店销售额 实现四个季度以来首次正增长，显示运营优化与客流改善初见成效。公司战略重心已从数量扩张转向质 量提升，通过关闭低效小店、优化网络结构，截至25H1，门店总数达4,305 家，净增190 家。以 MINISO LAND和旗舰店为代表的大店业态，凭借沉浸式IP 场景与丰富SKU，显著提升客单价与坪效， 成为增长与品牌升级的核心动力。未来，国内市场将聚焦同店增长与大店拓展，计划净增100-150家门 店。 该机构表示，海外业务与TOP TOY 构成双增长引擎。25H1 海外业务收入同比大增29.4%，截至期末门 店数达3,307 家。北美市场为核心驱动力，门店数增至394 家，GMV 激增67.5%至14.1 亿元，同店销售 在第二季度取得个位数增长，得益于集群化布局与深度本地化运营。未来海外市场将转向精细化运营， 美国重点打磨大店模型，计划全年开店80 家，并依托本土化团队深耕加拿大、澳洲等高增长区域，目 标全年净增海外门店 ...

# B i g N e w s # 整 理 ｜彭 倩 全球咖啡连锁品牌大变局，贝恩资本或竞购 Costa 这也是全球经济变化的一个缩影。适时出售，是面对激烈市场竞争的国际品牌不得不做的战略调整， 对买方而言则是好的抄底机会。 麦当劳拟4年内新增1万家店，将反超蜜雪冰城 麦当劳想重当全球餐饮连锁老大。近期，彭博指麦当劳计划在四年内新增近1万家门店，使全球门店 总数达到约5万家。 凭着 "哪都能开" 的渗透力，蜜雪冰城在2024年底以46479家的门店数超过麦当劳(43477家),成了 全球门店数第一的餐饮连锁企业。在中国许多城市，一条几百米的街上至少有2-3家蜜雪冰城，店铺 可大可小，占据一条街的金角银边草肚皮，哪怕店的门牌小到只有雪王 logo 并且只能勉强写下一 个"蜜"，这家店也能开起来。 星巴克曾经的劲敌，Costa 也要卖了。 今年暑期，英国天空新闻（Sky News）曾披露：可口可乐公司正在与投资银行Lazard合作，评估出 售 Costa 咖啡，已与私募股权投资机构进行初步接触。随后，收购方的名单不断更新，如今贝恩资 本是新加入的成员。 Costa 由两兄弟布鲁诺·科斯塔（Bruno Costa） ...

1. 潮玩品牌TOP TOY向港交所递交招股书 9月26日，名创优品旗下潮玩品牌TOP TOY向港交所递交招股书，摩根大通、瑞银集团、中信证券为 IPO的联席保荐人。TOP TOY称，募资的主要用途为丰富IP矩阵、深化全球市场全渠道布局、品牌营 销、提升数字化能力等。据招股书显示，TOP TOY是中国规模最大、增速最快的潮玩集合品牌。2024 年公司GMV（商品交易总额）24亿元。【】 新兴潮玩品牌AYOR TOYS自9月25日官宣田栩宁为代言人后，首日全渠道销售额即突破4000万，强势 登顶天猫、抖音、小红书行业榜单TOP1。此次热销核心得益于"明星+IP"策略，旗下原创IP"兔闪闪 ShyShy"系列借势明星效应持续发力。此外，成立仅三月的AYOR TOYS已获阿里巴巴领投。 6. 上海乐高乐园潮玩新地标"ATM LAND"国庆开业 2. 阅文投资的Hitcard冲刺"卡牌第一股" 阅文集团参投的卡牌品牌Hitcard正推进上市进程，剑指"卡牌第一股"。 Hitcard是上海骑形网络科技有 限公司旗下品牌，聚焦潮玩IP卡牌品牌，专注于成年人收藏卡片，获泡泡玛特、红杉中国等多方投资， 阅文集团持股10%并深 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Insights - The company has shown signs of operational improvement in its domestic business, with a notable increase in overseas market performance and the TOP TOY brand continuing to grow rapidly [6] - The company's revenue for the first half of 2025 reached 9.39 billion, representing a year-on-year increase of 21.1%, while the net profit attributable to shareholders was 0.91 billion, down 22.6% year-on-year [6] - The company is shifting its strategy from relying on external licensed IP to a dual approach of "licensing + proprietary," enhancing its brand and product margins [6] Financial Performance Summary - Total revenue projections for the company are as follows: - 2024A: 16,994 million - 2025E: 21,083 million - 2026E: 25,190 million - 2027E: 29,658 million - Year-on-year growth rates for total revenue are projected at 48.1% for 2024, 24.1% for 2025, 19.5% for 2026, and 17.7% for 2027 [2] - Net profit attributable to shareholders is projected as follows: - 2024A: 2,618 million - 2025E: 2,421 million - 2026E: 3,398 million - 2027E: 4,240 million - Year-on-year growth rates for net profit are projected at 48.0% for 2024, -7.5% for 2025, 40.3% for 2026, and 24.8% for 2027 [2] Market Position and Strategy - The company has expanded its store count in mainland China to 4,305 by the end of June 2025, with a net increase of 190 stores compared to the previous year [6] - The overseas market has also seen significant growth, with a net increase of 554 stores, bringing the total to 3,307 [6] - The TOP TOY brand has shown impressive growth, with a net increase of 98 stores globally, reaching a total of 293 [6] Valuation and Price Target - The target price for the company's stock is set at 53.82 HKD, with the current price at 43.82 HKD [2] - The company is expected to achieve a price-to-earnings ratio of 18 times for 2026, based on comparable company valuations [6]

Group 1 - TOP TOY, a潮玩 brand under Miniso, has submitted its prospectus to the Hong Kong Stock Exchange, aiming to strengthen Miniso's presence in the entertainment consumption sector and create a second growth curve for the group [1] - TOP TOY has established a comprehensive platform for the潮玩 industry since opening its first store in December 2020, with a product matrix that includes figurines, 3D assembly models, and plush toys [1] - Financial data shows that TOP TOY's revenue increased from 679 million yuan in 2022 to 1.461 billion yuan in 2023, and is projected to reach 1.909 billion yuan in 2024, with net profits turning from a loss of 38 million yuan in 2022 to 212 million yuan in 2023 and 294 million yuan in 2024 [1] Group 2 - Bright Dairy's subsidiary, New Light, plans to sell its North Island assets in New Zealand to Abbott for 170 million USD, with the transaction expected to complete by April 2026 [2] - This sale is anticipated to enhance New Light's net profit by approximately 10 to 15 million New Zealand dollars in the 2026 fiscal year, reflecting a strategic shift towards optimizing overseas asset structure and focusing on core business [2] Group 3 - The State Administration for Market Regulation has introduced new regulations for food safety responsibilities in chain catering enterprises, marking a shift from quantity-focused to quality-focused oversight [3] - The new regulations clarify definitions for chain operations and emphasize the responsibilities of headquarters, which may lead to valuation premiums for compliant chain enterprises while putting pressure on smaller brands with lax management [3] Group 4 - The founder of the oral care brand Canban, Yin Kuo, announced the launch of a new personal care brand "Little Arrow" this year, indicating a shift towards a multi-brand group operation model [4] - Canban aims to explore new growth opportunities by focusing on the "one old one young" market, expanding into niche categories like dental floss, and adapting to channel diversification trends [4] - This strategic expansion is expected to enhance brand synergy and may lead to a reassessment of the innovation capabilities of domestic personal care brands in the capital market [4]

国信证券发布研报称，随着名创优品(09896)国内大店策略优化门店结构并改善运营效率，推动同店销 售逐步改善;同时IP战略强化全球竞争力，强劲推动海外业务和TOP TOY品牌发展，未来随着公司持续 深化IP战略，拓展自有艺术家IP，并加速国内外门店结构升级，主业收入端有望提升，同时经营利润率 有望逐步改善，维持"优于大市"评级。 国信证券主要观点如下： 公司主业经营拐点显现，管理层上调全年指引 公司二季度经营层面改善明显，一方面海内外同店均有所改善，同时公司逆转此前净关店趋势，带动业 绩超预期增长。来看具体财务数据，名创优品单二季度实现营收49.66亿/yoy+23.1%，超出公司此前 18%-21%指引上限。经营利润8.36亿/yoy+11.3%，经调整净利润6.92亿/yoy+10.6%，经调整净利率 13.9%/yoy。 在此基础上，公司管理层上调全年指引，预计Q3整体收入增长25-28%，MINISO品牌国内收入增长中双 到高双(同店增长高单);海外收入加速至30%-35%，同店增长低中单位数;TOPTOY品牌收入增长 70%-80%，同店增长中个位数;Q3经营利润率环比继续改善。全年来看，集团收入同 ...

文 | 《 BUG 》栏目 闫妍 近日，一位原创设计师在社交媒体公开发声，控诉名创优品旗下某款哈利波特主题戒指产品 涉嫌抄袭其原创设计，并公布了自己的设计原稿和名创优品线下实物产品对比图，称二者外 观存在高度相似。 该设计师告诉《 BUG 》栏目，已提起诉讼，案件已进入司法程序。截至发稿，名创优品官 方未回应此事。 除此之外，名创优品还陷入了不少知识产权纠纷、不正当竞争等相关诉讼。天眼查信息显 示，名创优品（广州）有限责任公司从 2024 年 11 月 13 日至 2025 年 9 月 1 日，共涉 及 13 起司法案件，其中不正当竞争纠纷、侵害外观设计专利权纠纷以及著作权权属、侵权 纠纷涉及了 5 起案件，且均为被告，占比 38.5% 。 戒指设计引发原创设计师诉讼 近日，独立设计师 Zavier 在社交媒体发布声明表示，控诉名创优品旗下某款哈利波特主题 戒指产品涉嫌抄袭其原创设计。 该设计师在声明中表示，"近期，我发现名创优品（广州）有限责任公司生产、销售的一款 产品，与我的原创设计高度相似。作为一名个体创作者，面对行业巨头，我在第一时间选择 了最理性、最克制的沟通方式，尝试通过正式函件与对方交涉。很遗憾 ...

Group 1: MINISO Performance - MINISO achieved revenue of 4.97 billion CNY in Q2 2025, a year-on-year increase of 23.1%, exceeding company guidance[7] - Adjusted net profit for Q2 2025 was 690 million CNY, up 10.6% year-on-year[7] - For H1 2025, MINISO's revenue reached 9.39 billion CNY, a 21.1% increase year-on-year, with adjusted net profit of 1.28 billion CNY, up 3.0%[7] Group 2: Store Expansion and Strategy - As of H1 2025, MINISO had 4,305 stores in China, a net decrease of 80 stores since the beginning of the year[8] - The company successfully opened the MINISO LAND flagship store in Shanghai, achieving over 100 million CNY in sales within 9 months[8] - Internationally, MINISO's revenue reached 3.53 billion CNY in H1 2025, a 29.4% increase year-on-year, with 3,307 overseas stores, net adding 189 stores[8] Group 3: Financial Metrics and Projections - MINISO's gross margin for H1 2025 was 44.3%, an increase of 0.6 percentage points year-on-year[10] - The company’s operating profit margin for H1 2025 was 16.5%, down 2.8 percentage points year-on-year, while adjusted net profit margin was 13.6%, down 2.4 percentage points[10] - The target price for MINISO is set at 58.23 HKD, reflecting a potential upside of 21.6% from the current price of 47.88 HKD[12] Group 4: Alibaba Performance - Alibaba's cloud service revenue grew by 2% year-on-year, driven by strong AI demand[18] - The company reported a net profit of 42.38 billion CNY in the latest quarter, up from 24 billion CNY year-on-year[18] - Alibaba's target price is set at 166.00 USD, with a buy rating based on projected revenues of 1,032.93 billion CNY for FY2026[19]

出品：新浪财经创投Plus 编辑整理：shu 据中国基金业协会数据显示，2025年8月新增登记的私募股权、创业投资基金管理人仅5家，较7月骤降近七成，与2024年8月相比减少64.3%；月内已注销的 私募股权、创业投资基金管理人共94家，其中约三分之二为主动注销；新增备案私募股权投资基金、创业投资基金分别为134只、234只，合计新增368只， 同比增长25.2%，环比微降1.9%。 募资端集中度持续攀升，投资端呈现结构性变化。基于公开数据不完全统计，8月国内一级股权投资市场共发生565起融资事件，同比、环比分别增长 28.4%、2.4%；披露总融资额约351.78亿元，较2024年8月提高32.8%，与2025年7月相比却直接"腰斩"。不过，若剔除7月「国网新源」高达365亿元的巨额融 资，8月融资总额环比基本持平；平均单笔融资额约为6336.16万元，同比小幅提升3.4%。 值得关注的是，8月8日，清洁能源集团中广核旗下的「内蒙古中广核」，通过北京产权交易所引入工银投资、农银投资、建信投资、央企乡村产业投资基 金、交银投资、工融交运基金等六家战略投资机构，共获得融资金额118亿元，约占披露融资总额33.5 ...

Core Insights - Shanghai's inbound passenger and consumption growth is strong during this summer travel season, with Pudong Airport focusing on the 2025 "Shanghai Summer" international consumption season to enhance the travel experience for global visitors [1] Group 1: Entertainment and Shopping - Pudong Airport has introduced "TOP TOY" global pop-up stores and "Sanrio" toy shops to cater to young travelers, featuring popular IP products like Stitch and Hello Kitty, along with promotional discounts [3] - Upcoming pop-up stores include a "Comic Speed Drawing" shop and a Pokémon pop-up, aimed at engaging travelers of all ages [3] Group 2: Dining Experience - The airport has launched several first-time dining options, including a fresh sushi restaurant and a bakery by Michelin-starred chef Joel Robuchon, enhancing the culinary offerings at Pudong Airport [6] - Notable restaurants like 壹零贰小馆 and 六福菜馆 have also opened their first locations at the airport, improving the overall dining experience [6] Group 3: Convenience Services - Pudong Airport is enhancing inbound services for international travelers, including partnerships with major telecom operators for better communication services [7] - The introduction of convenience stores and online shopping services via the "Shanghai Airport" WeChat mini-program aims to improve traveler satisfaction and accessibility [7] - The airport has also deployed food delivery robots to assist travelers during late hours, showcasing technological advancements in service delivery [7]