格隆汇2月11日丨名创优品(09896.HK)公告，2月11日耗资65.9万港元回购1.7万股。 ...

FF305 公司名稱： 名創優品集團控股有限公司 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 呈交日期： 2026年2月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關 ...

Core Viewpoint - Miniso, a dual-listed company in Hong Kong and the US, is facing significant operational challenges, including a court ruling against its domestic entity and deteriorating financial health, marked by declining profits and increasing debt levels [1][19]. Financial Performance - Despite maintaining double-digit revenue growth since 2025, Miniso's net profit has significantly declined, indicating a severe weakening of its profitability [3][4]. - The company's net profit for the first three quarters of 2025 was 4.16 billion RMB, 9.06 billion RMB, and 13.47 billion RMB, with year-on-year declines of 28.52%, 22.57%, and 25.68% respectively, highlighting a continuous downward trend [4][8]. - The core issue behind the profit decline is the rapid increase in sales, management, and financial expenses, collectively referred to as "three expenses," which have severely eroded profit margins [5][8]. Expense Analysis - Sales expenses surged significantly, reaching 10.21 billion RMB, 21.81 billion RMB, and 36.11 billion RMB in the first three quarters of 2025, with year-on-year growth rates of 46.72%, 43.29%, and 43.37% respectively, outpacing revenue growth [5][8]. - Management expenses also increased, with year-on-year growth rates of 26.55%, 20.33%, and 29.43% in the same period, driven by rising personnel costs due to business expansion [8]. - Financial expenses saw an alarming increase, with year-on-year growth rates of 296.27%, 477.52%, and 656.57%, reaching 233 million RMB by the end of the third quarter, indicating a significant rise in interest-bearing debt [8][10]. Debt and Cash Flow - Miniso's debt levels have surged, with the asset-liability ratio exceeding 60%, indicating heightened financial risk [10][12]. - Short-term debt rose dramatically from 567 million RMB at the end of 2024 to 1.886 billion RMB by the end of the third quarter of 2025, reflecting a geometric increase in repayment pressure [10][12]. - Cash reserves have significantly decreased, dropping from 6.328 billion RMB at the end of 2024 to 3.1 billion RMB by the end of the third quarter of 2025, a decline of 56.4% [14]. Inventory Issues - Miniso's inventory has reached a historical high of 3.288 billion RMB by the end of the third quarter of 2025, representing a 20.07% increase from the end of 2024 [16][18]. - The increase in inventory is attributed to product stagnation and declining inventory turnover efficiency, with domestic store turnover days increasing by 5 days to 75 days and overseas stores reaching 187 days [18]. - Despite collaborations with over 150 global IPs, including Disney and Harry Potter, the sales of some IP-related products have not met expectations, contributing to inventory buildup [18].

格隆汇2月11日丨名创优品(09896.HK)公告，2月10日耗资24.81万美元回购5.13万股，每股回购价4.8225- 4.8525美元。 ...

智通财经APP讯，名创优品(09896)发布公告，于2026年2月10日斥资24.8万美元回购5.13万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 FF305 呈交日期： 2026年2月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | ...

Group 1: Core Insights - The consumer sector is experiencing a revival in 2025, with significant activity in the IPO space, particularly in the consumer IP domain, highlighted by companies like TOPTOY and 52TOYS [1][2] - The market is witnessing a structural shift from material consumption to cultural consumption, with a focus on emotional value and original IP creation [3][4] - AI is becoming a pivotal element in reshaping consumer experiences, with companies like Luobo Intelligent achieving rapid sales through innovative AI products [1][17] Group 2: Consumer IP - 2025 is marked as a breakthrough year for consumer IP, with Bubble Mart's market value surpassing 400 billion, inspiring other toy companies [3] - The trend is shifting towards original design as the core driver of growth in the toy industry, moving away from reliance on licensing and imitation [5][6] - Emotional demand is driving the need for personalized and diverse product offerings, particularly in the male consumer market [6] Group 3: Offline Channels - The offline retail landscape is undergoing significant transformation, with traditional supermarkets like Yonghui adopting "fat reduction" strategies and new players like Hema and Meituan entering the market [9][10] - The competition in offline retail is evolving from a focus on individual product strength to comprehensive operational capabilities, emphasizing long-term strategies [11][13] - Community-based retail is expected to become a core battleground in the new retail landscape, with a focus on private labels and direct sourcing [13][15] Group 4: Consumer + AI - 2025 is recognized as the "year of AI in consumption," with a convergence of technology maturity, user acceptance, and commercial imagination pointing towards a potential explosion in AI-driven products [17] - AI products are expected to diversify in 2026, focusing on creating natural and emotionally connected experiences for consumers [18][19] - The gaming sector is anticipated to see significant growth, with AI playing a crucial role in the development of immersive experiences [21] Group 5: Consumer Brands - The competition among consumer brands is shifting towards depth in consumer engagement rather than breadth of reach, with a focus on tangible product innovation [22] - New retail channels, such as instant retail and community supermarkets, are emerging as key growth areas, necessitating brands to adapt their product offerings accordingly [23][24] - The high-end market is evolving, with consumers seeking richer emotional and cultural values from products, pushing brands to innovate in their offerings [25][26][27]

智通财经APP讯，名创优品(09896)发布公告，于2026年2月10日斥资17.46万港元回购4600股。 该信息由智通财经网提供 ...

格隆汇2月10日丨名创优品(09896.HK)发布公告，2026年2月10日耗资17.5万港元回购4600股，回购价格 每股37.82-38港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2026年2月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括 ...