Company Performance - MINISO Group Holding Limited Unsponsored ADR (MNSO) closed at $17.74, reflecting a -1.93% change from the previous day, underperforming the S&P 500's daily loss of 0.33% [1] - Over the past month, MNSO shares have decreased by 1.47%, while the Retail-Wholesale sector gained 0.67% and the S&P 500 increased by 4.07% [1] Upcoming Earnings - The upcoming earnings disclosure is highly anticipated, with a consensus estimate forecasting revenue of $672.03 million, representing a 21.03% growth compared to the same quarter last year [2] Annual Forecast - For the entire year, Zacks Consensus Estimates predict earnings of $1.12 per share and revenue of $2.9 billion, indicating changes of -2.61% for earnings and +22.75% for revenue compared to the previous year [3] Analyst Revisions - Recent revisions to analyst forecasts for MNSO are important as they reflect near-term business trends, with positive revisions indicating optimism about the business outlook [4] Zacks Rank - The Zacks Rank system currently rates MNSO as 5 (Strong Sell), with no changes in the consensus EPS estimate over the past month [6] Valuation Metrics - MNSO is trading at a Forward P/E ratio of 16.22, which is a discount compared to its industry's Forward P/E of 17.97 [7] - The company has a PEG ratio of 1.06, while the average PEG ratio for Retail - Apparel and Shoes stocks is 2.02, indicating a more favorable valuation relative to expected earnings growth [8] Industry Context - The Retail - Apparel and Shoes industry, part of the Retail-Wholesale sector, has a Zacks Industry Rank of 209, placing it in the bottom 16% of over 250 industries [8][9]

6月29日上海首映礼现场，名创优品的IP联名产品成为独特风景线。当导演加里斯·爱德华兹意外现身 MINISO LAND选购"霸王龙PENPEN"公仔时，现场视频迅速在社交平台获得热播。这种将IP联名场景 与电影宣发深度绑定的创新模式，既强化了IP的情感价值，又实现了流量转化。 7月2日，随着电影《侏罗纪世界：重生》在中国热映，名创优品MINISO LAND全球1号店焕新升级 为"侏罗纪世界"主题门店，同步推出超50款IP联名新品。 IP联名引爆首映礼 导演空降引发社交热潮 2025年南京MINISO SPACE的亮相，将IP联名推向新高度。该门店通过场景化陈列、限量款发售等方 式，打造"可购物的主题乐园"。分析人士指出，名创优品通过IP联名实现了三重突破：产品维度开发独 家设计、渠道维度构建主题空间、文化维度促进跨圈层传播。其"全球IP+中国供应链+本地化运营"的模 式，为行业提供了国际化样本。 据悉，本次IP联名系列包含公仔、包袋、文具等全品类商品，特别注重"实用性与收藏性并重"的设计理 念。其中PENPEN与霸王龙的创意融合款，通过反差萌设计吸引了众多年轻消费者。 据透露，名创优品未来将不断通过国际顶级I ...

6月18日，名创优品全球首家MINISO SPACE在南京德基广场正式开业，以"IP联名+场景化体验"为核 心，掀起新一轮消费热潮。开业首日，限定首发的WAKUKU新品引发年轻消费者排队抢购，迅速售 罄。此次入驻顶奢商圈，标志着名创优品通过IP联名生态与高奢商业的破壁融合，进一步巩固其在全球 兴趣消费领域的领先地位。 叶国富强调："丰富的IP联名内容与高端空间结合，催生了新的零售吸引力。"德基广场年销售额达245 亿元，MINISO SPACE的入驻既为顶奢商圈注入活力，也通过"在名创逛德基，在德基逛名创"的双向导 流模式，推动品牌价值升级。 兴趣消费时代，IP联名撬动增量市场 名创优品早在2021年便提出"兴趣消费"理念，而IP联名正是其落地这一战略的关键抓手。通过挖掘IP的 情感联结价值，品牌成功打破"场景无边界、人群无阶层、开心无时限"的消费壁垒。例如，开业首日售 罄的WAKUKU新品，正是通过限量IP联名策略激发消费者的收藏欲与社交分享欲。 名创优品创始人叶国富表示："IP联名运营需要闭环方法论——从签约独家IP、开发产品，到门店数据 验证和种草推广，缺一不可。"MINISO SPACE通过"IP场景 ...

7月7日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 100.20 | 50058.94 | 502.000 | 494.400 | 3854195.72 | | 01299 | 友邦保险 | 550.00 | 37676.01 | 69.150 | 68.050 | 1635193.90 | | 00418 | 方正控股 | 1038.60 | 1174.36 | 1.150 | 1.110 | 3540.93 | | 01681 | 康臣药业 | 40.60 | 448.53 | 11.080 | 10.960 | 3689.99 | | 01907 | 中国旭阳 集团 | 175.00 | 435.95 | 2.510 | 2.480 | 14713.68 | | 02039 | 中集集团 | 48.83 | 309.43 ...

Group 1: Acquisition and Business Expansion - Baozun has completed the acquisition of the UK high-end yoga wear brand Sweaty Betty's business in China, marking its third international brand acquisition after Gap and Hunter [1] - Sweaty Betty, founded in 1998, is known for its stylish yoga pants and has a price range of 750 to 1180 RMB, slightly higher than some core products of lululemon [1] - The acquisition will be managed by the same team responsible for Gap and Hunter, indicating Baozun's strategy of leveraging local design and supply chain capabilities to restructure overseas brands' operations in China [1] Group 2: Financial Performance - Baozun's Q1 2025 revenue reached 284 million USD, reflecting a year-on-year increase of 3.27% [2] - Armani Group reported a 6% decline in annual revenue to 2.3 billion euros for 2024, with a significant drop in operating profit by nearly 69% to 67 million euros [4] - LVMH and Kering are dragging down the luxury sector, with a projected 3% decline in organic sales for Q2 2025, worsening from a 1% decline in Q1 [3] Group 3: Market Trends and New Products - The luxury goods market is facing increased pressure due to currency fluctuations and decreased purchasing power among tourists from China and the US [3] - Color Wow, a US haircare brand, has been acquired by L'Oréal, with its sales estimated to be slightly above 300 million USD [5][6] - HOKA ONE ONE launched the new Rocket X 3 racing shoes, featuring advanced materials for improved performance [10] Group 4: Brand Developments - The Chinese high-end fragrance brand Wenxian has launched its seventh season of products, focusing on traditional Chinese scents [7] - Emis has opened its third pop-up store in Hangzhou, following successful openings in Shenzhen and Chengdu, targeting a younger demographic [13] - Kappa's parent company, China Dongxiang, reported a revenue decline of 3.7% to 1.68 billion RMB but achieved profitability with a net profit of 207 million RMB [23]

整理 ｜ 李小霞 #Big News# 宝尊收购英国高端瑜伽服品牌 Sweaty Betty 中国区业务 继接手Gap大中华区与英国雨靴品牌Hunter之后，宝尊迎来第三个国际品牌并购。 近日，中国电商与品牌运营公司宝尊已完成对英国高端瑜伽服品牌 Sweaty Betty 在中国区业务的收 购，但未透露交易的细节。 Sweaty Betty 与 lululemon 一样，也是创立于1998年，曾被誉为"更时尚的瑜伽裤品牌"，在英美 市场具备一定认知度。其产品主打修身剪裁与英伦风格，定价区间为750至1180元人民币，甚至略高 于lululemon部分核心产品。 此次收购后，Sweaty Betty中国业务将由宝尊电商旗下负责Gap和Hunter的原班团队接手，相关岗 位也已启动招聘。这一操作延续了宝尊近年来在品牌管理转型上的典型打法，用本土设计、供应链与 全渠道零售能力，重构海外品牌在中国的运营系统。 目前，宝尊已构建起以基础服饰Gap、功能户外Hunter和高端运动Sweaty Betty为核心的三品牌矩 阵，覆盖从大众到中高端、从生活方式到专业功能的多维需求。根据财报显示，宝尊2025年第一季 度营业收入 ...

名创优品 20250701 摘要 名创优品在整个产业链中的定位是什么？ 在整个产业链中，名创优品处于下游零售商的位置。虽然它不直接产生任何 IP 设计，但通过上游选品和自身渠道溢价能力获得高品质的 IP 商品。零售环节在 产业链中利润较高，可以拿到 5%至 20%的分成。因此，在整个产业链中，名 创优品作为零售商占据重要位置。 名创优品为何选择进入 IP 零售领域？ 进入 IP 零售领域是名创优品的一项战略决策。线下实体变革是当前零售行业的 主旋律，通过锁定部分核心客群实现需求满足。例如永辉超市和山姆会员店等 高品质零售商都通过圈定核心客群来提升渠道定位。同样地，通过做 IP 零售， 名创优品从过往性价比定位转向更细分、更局部用户画像，以进一步提升渠道 定位。这不仅符合行业发展趋势，也能推动公司整体渠道定位升级。 IP 衍生品行业保持近 10%增长，潮玩市场年复合增长率约 20%，毛绒 玩具和盲盒为增长最快的细分品类，名创优品作为下游零售商，通过选 品和渠道溢价获取 IP 商品利润。 名创优品战略性进入 IP 零售领域，旨在通过锁定核心客群，从性价比定 位转向更细分的用户画像，提升渠道定位，符合线下实体零售变 ...

Core Insights - The event held by Miniso featuring the "Gifford Family" in Guangzhou aimed to create an immersive healing experience targeting the emotional needs of young people [1][2] - The emotional resonance generated by the event led to significant social media engagement, highlighting the importance of emotional value as a core driver of consumption [2] - Miniso's dual-engine strategy of "collaboration + originality" has resulted in the successful launch of various IPs, with the "Gifford Family" achieving notable sales figures [3][4] Group 1 - The "Gifford Family" event transformed the venue into a mental refuge through interactive installations and plush toys, catering to the emotional needs of young consumers [1] - Social media topics related to the event, such as MinisoHugTeam, gained traction, with users sharing personal stories of emotional support from the plush toys [2] - The "Gifford Family" generated over 63 million yuan in sales in Q1 2025, with the Gifford Bear leading the plush category at 48 million yuan [3] Group 2 - Miniso's design centers in China, South Korea, Japan, and the United States support the complete incubation cycle of original IPs, from creative development to product launch [4] - The "Gifford Family" uses skin-friendly materials to create emotional connections, with physical stores serving as channels for storytelling and emotional engagement [4] - Miniso is entering a phase focused on deepening emotional value in its IP operations, aiming to create a warm narrative that resonates globally [4]

机构：长江证券 研究员：李锦/罗祎/秦意昂 风险提示 高频迭代和全球网点布局的优势持续复用。我们认为，优秀的IP 零售商能力体现在IP 资源的获取，产 品二创的能力，以及渠道拓展这三大方面，而名创优品天然具备：1）高效的供应链周转效率，公司存 货周转天数达到50 天远低于同行；2）优秀产品设计师团队，截至2021 年拥有124/37 位内部设计师/国 际知名独立设计师；3）丰富的全球渠道网络资源，为商品周转和曝光提供充足空间。三大资源禀赋奠 定名创IP 竞争优势，此外公司国内市场锤炼的极致效率，将在供给未充分的海外市场发挥更大作用。 增长路径：塑造心智品类，强化终端呈现 IP 周边二创的进阶是高品质的产品供应。从产品视角，公司横向把握品类趋势，聚焦高情感价值的"超 级品类"——毛绒玩具、盲盒，纵向基于运营经验调整配货模型和系列迭代，持续强化用户对于品牌的 心智和复购；从渠道维度，公司加强终端呈现，构建了七层店态矩阵满足细分需求，其中最高级别的店 态MINISO LAND 以场景式空间为载体，汇聚公司顶尖IP 商品资源，持续公司作为全球IP 零售集合店 的超级定位；从合作角度，公司持续探索更多二次元和潮玩IP ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [15] Core Viewpoints - The report emphasizes the company's IP strategy as a means to reshape its business model and create a new growth engine, focusing on "interest consumption" to drive brand upgrades and business growth [10][13][24] Summary by Sections Strategic Goals - The company's IP strategy aims to upgrade channel positioning, transitioning from a cost-effective retailer to an IP retail collection store, tapping into the significant growth opportunities within the Chinese IP retail market [10][23] Competitive Advantages - The company benefits from high-frequency product iteration and a global network layout, with inventory turnover days at 50 days, significantly lower than peers, and a strong design team with 124 internal designers and 37 international designers [11][57] Growth Path - The company focuses on high emotional value "super categories" such as plush toys and blind boxes, enhancing terminal presentation through a seven-layer store matrix, with the highest level being MINISO LAND, which showcases top IP products [12][57] Investment Recommendations - The report forecasts that the company's adjusted net profit will reach 2.9 billion, 3.27 billion, and 4.15 billion yuan from 2025 to 2027, indicating a positive outlook for its IP retail market development [13][19]