2025Q2 毛利率同比小幅提升，经营活动现金流保持健康。毛利率方面，2025H1，公司毛利率为 44.3%，同比提升0.6pct；2025Q2，公司毛利率为44.3%，同比提升0.4pct。毛利率提升主因：（1）高毛 利率的海外直营市场占比提升；（2）TOP TOY 业务毛利率提升。费用率方面，2025H1，公司销售及 一般行政费用率为28.6%，同比提升3.6pct，其中销售及分销费用率为23.2%，同比提升3.6pct，一般及 行政费用率为5.4%，同比持平。销售及分销费用同比增长，主因公司在海外市场投资直营门店，特别 是美国等战略海外市场。净利润率方面，2025H1，公司经营利润率为16.5%，同比下滑2.8pct；经调整 净利润率13.6%，同比下滑2.4pct。存货方面，截至2025H1 末，公司存货为28.36 亿，较年初增长 3.1%。 2025Q2，公司实现营收49.66 亿元，同比增长23.1%；实现经调整净利润6.92亿元，同比增长10.6%。 2025H1，公司实现营收93.93 亿元，同比增长21.1%；实现经调整净利润12.79 亿元，同比增长3.0%。 事件点评 2025Q2 公 ...

| 收盘价（港元）： | 47.100 | | --- | --- | | 年内最高/最低（港元）： | 55.000/20.000 | | 流通/总股本（亿股）： | 12.27/12.43 | | 流通市值（亿港元）： | 577.80 | | 总市值（亿港元）： | 585.28 | 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 商贸零售 名创优品（09896.HK） 买入-A(维持) 2025Q2 名创业务同店销售显著改善，经营拐点显现 2025 年 8 月 25 日 公司研究/公司快报 事件描述 8 月 21 日，公司公布截至 2025 年 6 月 30 日止季度业绩及上半年中期业绩。 2025Q2，公司实现营收 49.66 亿元，同比增长 23.1%；实现经调整净利润 6.92 亿元，同比增长 10.6%。2025H1，公司实现营收 93.93 亿元，同比增长 21.1%； 实现经调整净利润 12.79 亿元，同比增长 3.0%。 事件点评 市场数据：2025 年 ...

科技出海 1、Manus 公司 RRR 达 9000万美元，正尝试 Agent 支付 在今天在新加坡举行的 Stripe Tour 上，Manus 联合创始人兼首席科学家季逸超披露了近期的经营数据， Manus AI 收入运行率（RRR，Revenue Run Rate）已经达到 9000 万美元，很快即将上亿。 此外，Manus表示，参与 Stripe 活动的原因之一是双方正推进 在 Agent 内完成支付 ，把「研究—决策 —下单/结算」连成闭环，用基础设施协作来消解世界的摩擦。 2、海尔生物与泰国RAM医疗集团签署战略合作协议 盈康一生旗下青岛海尔生物医疗股份有限公司（以下简称"海尔生物"）与泰国三大私立医院集团之一的 RAM医疗集团（Ramkhamhaeng HospitalGroup）签署战略合作协议，双方将在药房自动化、智慧医疗全 场景等领域展开深度协同。这场"技术方案+本土服务"的联合，不仅标志着海尔生物"一国一策"海外战 略在东南亚市场再结硕果，更成为其从"产品输出"向"生态共建"探索的关键一步。 海尔生物有望以点带面完善东南亚市场布局，进一步撬动区域6.7亿人口的医疗需求。 消费出海 1、联 ...

海外新开门店坪效店销优异：名创2025Q2 海外收入为19.4 亿元，同比增长28.6%，其中美国收入同比 增长超过80%。2025Q2 海外新增94 家门店至3307 家；SSSG 同比低单位数下滑。根据公司业绩会，公 司2025 年计划净增500 个以上海外门店，同时放慢直营店开店速度，更注重门店质量。2025 年美国新 开的门店平均店销是老店的约1.5 倍，坪效高出近30%。 TOP TOY 高速增长，并于近期完成战略融资：2025Q2 TOP TOY 实现营收4.02 亿元，同比+87%； Q2 净增13 家门店，达293 家（含283 家国内，10 家海外门店）;SSSG 同比低单位数增长。TOP TOY 近期 完成一笔由淡马锡领投的战略融资，交易后估值约100 亿港元。 机构：东吴证券 研究员：吴劲草/阳靖 投资要点 业绩简评：2025Q2，公司实现收入49.66 亿元，同比+23.07%；高于公司原有指引，2025 年全年预计产 生380 亿以上的GMV 和210 亿以上的收入。归母净利润为4.9亿元，同比-16.67%。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 ...

聚焦创投圈投融资最新情报。 8月21日消息，名创优品集团发布了2025年第二季度及半年度财务报告，旗下潮玩品牌TOP TOY也收获来自全球投资机构淡马锡领投的最新融资，投后估 值达到约100亿港元。 今年第二季度，TOP TOY营收同比大涨87.0%，门店总数达293家。其中在外部合作方面，上半年TOP TOY在全球重磅首发超过170款新品，持续引领市场 潮流；自有IP方面，高人气潮玩IP Nommi糯米儿正式官宣加入TOP TOY自有IP矩阵。作为原创治愈系IP，糯米儿自推出以来深受全球消费者喜爱，在东 南亚等地区拥有众多粉丝，与已有的卷卷羊等原创IP共同构成TOP TOY强大的自有IP资产库。同时，TOP TOY持续推出自研与独家产品，实现IP产品差异 化。 名创优品集团董事会主席兼首席执行官叶国富表示："名创优品未来就是要把IP这件事情做足、做透、做深，不仅在中国有影响力，而且在全球有影响 力。凭借深化与全球头部IP联名合作，保障整体经营的可持续性和稳定增长的同时，通过自有IP构建差异化、高爆发、可复制的持续增长驱动力。这正是 我们对未来增长持续性充满信心的关键所在。" L4级自动驾驶企业白犀牛近日完成 ...

智通财经APP讯，名创优品(09896)发布截至2025年6 月30日止六个月业绩，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。 毛利率达到44.3%，为过往上半年的历史高点，增长0.6个百分点。毛利率的同比增长主要是由于名创优 品品牌海外市场贡献的收入增加，及TOP TOY的毛利率增长所致。 名创优品品牌的收入增加18.1%至86.49亿元，包括：中国内地名创优品品牌的收入增加11.4%;海外市场 名创优品品牌的收入增加29.4%。海外收入占名创优品品牌收入的40.9%，去年同期则为37.3%。 TOP TOY品牌的收入增加73.0%至7.421亿元，主要得益于其平均门店数量的快速增长。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 4.427 billion yuan for Q1 2025, representing a year-on-year increase of 18.9%, slightly exceeding Bloomberg consensus expectations, driven by improvements in same-store sales domestically and continued rapid growth overseas [1] - The adjusted net profit for Q1 2025 was 587 million yuan, a year-on-year decrease of 4.8%, falling short of Bloomberg consensus expectations of 661 million yuan, primarily due to ongoing overseas store expansion and increased financial expenses [1] - Domestic revenue for MINISO reached 2.494 billion yuan in Q1 2025, up 9.1% year-on-year, with same-store sales showing improvement [2] - Overseas revenue for MINISO was 1.592 billion yuan in Q1 2025, reflecting a year-on-year increase of 30.3%, although growth rates slowed due to high base effects [3] - TOP TOY achieved domestic revenue of 340 million yuan in Q1 2025, marking a year-on-year increase of 58.9% [4] Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are estimated at 20.565 billion yuan, 24.425 billion yuan, and 28.915 billion yuan, respectively, with year-on-year growth rates of 21.0%, 18.8%, and 18.4% [5] - The expected net profit attributable to the parent company for the same period is projected to be 2.737 billion yuan, 3.332 billion yuan, and 4.152 billion yuan, with corresponding year-on-year growth rates of 4.6%, 21.8%, and 24.6% [5] - The price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are estimated to be 14.7x, 12.0x, and 9.7x, respectively [5]

Core Viewpoint - The founder of MINISO, Ye Guofu, is targeting the booming IP economy and toy market by planning to raise approximately $300 million through the potential spin-off listing of its toy brand TOP TOY in Hong Kong, aiming to optimize shareholder value [2] Company Overview - TOP TOY, established under MINISO, has rapidly expanded its store count to nearly 300 within five years, positioning itself as a trendy toy collection store [2][3] - As of the end of 2024, TOP TOY plans to launch around 11,000 SKUs, covering various toy categories [3] Financial Performance - TOP TOY reported a revenue of 984 million yuan in 2024, a year-on-year increase of approximately 45%, with a GMV of 1.148 billion yuan, also up 41% [4] - In Q1 2025, TOP TOY's revenue reached 340 million yuan, marking a year-on-year growth of 58.9% [4] - Despite revenue growth, the average transaction price decreased from 121.3 yuan to 109.5 yuan, and the average product price fell to 57.8 yuan, down about 9% [4] Market Position and Strategy - The domestic IP toy market is projected to grow significantly, with a GMV of 756 billion yuan in 2024, expected to reach 1.675 trillion yuan by 2029 [6] - TOP TOY's reliance on external IPs for product offerings poses a risk, as it primarily collaborates with major IPs like Disney and Marvel, which may limit its ability to develop proprietary IPs [7] Expansion Plans - TOP TOY aims to open over 1,000 stores globally within five years, leveraging the extensive channel advantages of MINISO, which has over 7,780 stores worldwide [5][6] Challenges - MINISO's recent overseas expansion has increased costs, leading to a situation where revenue growth does not translate into profit, with Q1 2025 showing a decline in adjusted net profit [9] - The acquisition of Yonghui Supermarket has resulted in significant losses, with Yonghui's revenue declining by 14.07% in 2024 and continuing to face operational challenges [10]

Core Viewpoint - Miniso's financial performance in Q1 2025 shows revenue growth but declining profits, indicating challenges in maintaining profitability amid expansion efforts [1][5][9]. Financial Performance - Miniso's revenue increased by 18.9% year-on-year to 4.427 billion yuan, while adjusted net profit decreased by 4.8% to 587 million yuan, resulting in a net profit margin drop from 16.6% to 13.3% [1][5]. - The increase in costs is attributed to significant spending on IP licensing, which rose by 39.6%, and overseas direct store expenses, which surged by 71.4% [1][5][10]. - Same-store sales experienced a slight decline, indicating that revenue growth is heavily reliant on new store openings rather than improved operational efficiency [1][7]. Expansion Strategy - Miniso's overseas direct store count reached 608, up from 327 a year earlier, with overseas revenue growing by 30% to 1.59 billion yuan [5][10]. - The company is facing high operational costs in overseas markets due to a focus on direct and agency models, which increases expenses significantly [10][11]. Challenges in Domestic Market - The domestic market is nearing saturation, with a penetration rate of nearly 50% in first-tier cities, making further growth through new store openings increasingly difficult [7][9]. - Miniso's reliance on new store openings to drive growth is unsustainable, as same-store sales have not shown significant improvement [7][9]. IP Strategy and Market Position - Miniso has partnered with over 150 global IPs, boosting its gross margin from 26.7% in 2019 to 44.9% in 2024, but this reliance on IP licensing has led to increased sales expenses and potential market saturation [9][10][19]. - The company is perceived as a channel operator rather than an IP brand developer, which affects its market valuation compared to competitors like Pop Mart [19][20]. Acquisition and Reform Efforts - The acquisition of Yonghui Supermarket is seen as a strategic move to seek new growth avenues, but it has faced challenges, including internal power struggles and ongoing losses [11][12][21]. - Yonghui's reform efforts include upgrading the supply chain and closing underperforming stores, but these actions require significant capital and have not yet yielded positive results [13][16][21]. Future Plans and Market Positioning - There are plans to spin off the TOP TOY brand for a potential IPO to raise approximately $300 million, which could alleviate cash flow pressures on Miniso [17][19]. - The competitive landscape in the toy market is intense, and TOP TOY must establish a unique positioning to attract investor interest [20][21].

Financial Overview - Total revenue for Q1 FY25 was 44.3 billion RMB, showing a year-over-year increase of 18.4% [1] - Gross profit was 19.6 billion RMB with a gross margin of 44.3% [1] - Core operating profit was 7.1 billion RMB, representing a decline of 13.41% year-over-year [1] - Adjusted net profit was 5.9 billion RMB, down 10.11% year-over-year [1] Market Strategy - The company is focusing on improving same-store sales performance, which has shown significant improvement compared to Q3 and Q4 of the previous year [2] - The average customer transaction value remained stable, while foot traffic in physical stores has seen a slight decline [2] - The company is optimistic about achieving positive growth in same-store sales by mid-2025 [2] Expansion Plans - The company opened 5 new large stores in Q1 and has plans for 50 more [5] - Internationally, the company is focusing on expanding in 24 states in the U.S., covering 76% of the population [5] - The company aims to enhance its product differentiation with over 40% of its products being proprietary under the TOP TOY brand [5] Financial Management - The company plans to distribute a dividend of 740 million RMB for the fiscal year 2024 [4] - A total of 260 million RMB has been allocated for share buybacks in 2025, representing 0.7% of total shares [4] - The long-term target for operating profit margin is set at 20%, with a short-term focus on improving the efficiency of direct stores [4]