Issue #2: Earnings check: who is really growing abroad?

第2期：财报透视：谁在海外真正增长？

Sample issue, October 2026 样刊

1. Chagee: overseas GMV more than doubles, but same-store sales fall

Chagee's Q2 2026 overseas GMV rose 114.3% year over year to RMB 504.0 million, with 399 overseas teahouses in 8 markets including the US and South Korea. Source: Q2 earnings call transcript. Inside Retail Asia notes overseas same-store GMV fell 15.1%, so growth comes from new stores. Source: Inside Retail Asia, Sep 1, 2026

霸王茶姬2026年第二季度海外GMV同比增长114.3%，达5.04亿元人民币；海外门店399家，覆盖美国、韩国等8个市场。但海外同店GMV下降15.1%，增长主要来自新店。

2. MINISO: 3,644 overseas stores; US rebounds in September

MINISO had 3,644 overseas stores as of June 30, 2026. Overseas revenue for the MINISO brand rose 14.9% in H1, with a low-single-digit decline in same-store GMV. Source: HKEX interim report. The company says MINISO USA grew GMV about 20% in Q3 and over 30% in September, with positive same-store sales growth. Source: MINISO IR, Oct 9, 2026

截至2026年6月30日，名创优品海外门店3,644家。上半年名创优品品牌海外收入增长14.9%，同店GMV低个位数下降。公司称美国市场第三季度GMV增长约20%，9月增长超30%，同店销售转正。

3. Pop Mart: China surges, overseas dips

Pop Mart's H1 2026 revenue grew 23.8% to RMB 17.17 billion, but Asia Pacific revenue fell 9.7% and the Americas fell 16.5%, while Europe and other regions rose 5.9%. It operated 676 stores and 2,827 roboshops globally; US-led Americas stores rose from 64 to 86. Source: Pop Mart interim report 2026

泡泡玛特2026年上半年收入增长23.8%至171.7亿元，但亚太收入下降9.7%，美洲下降16.5%，欧洲及其他地区增长5.9%。全球门店676家、机器人商店2,827台；美洲门店由64家增至86家。

Takeaway 要点

All three filings above show overseas growth driven mainly by new stores, while same-store numbers are mixed. Watch same-store metrics, not store counts.

以上财报显示，海外增长主要靠开新店，同店表现分化。应关注同店指标，而非门店数量。