窦娜 图片来源：公司提供 三种流量类型中，心智流量最重要 每经记者｜黄海 每经编辑｜张海妮 2025年6月14日，中欧国际工商学院（以下简称中欧）AMP课程二十周年庆典论坛在上海校区举行。名创优品执行副总裁、首席产品官、中欧校友窦娜作主 题分享。 论坛期间，窦娜接受了《每日经济新闻》记者的采访。谈及名创优品与泡泡玛特的差异时，其回应："两家公司服务的客群可能有一定的重叠度，比如大家 都提供情绪价值，但可能比重不一样，名创优品是实用价值+情绪价值。从IP（知识产权）角度，名创优品可能更多是跟中国、美国、欧洲、日韩等地的一 些顶级IP合作，我们也在积极探索发展自有IP的方向。" 谈及名创优品海外开店结构中对直营和代理门店的分配逻辑时，窦娜回应记者称："我们最开始做海外市场的时候，其实也没有特别复杂的分配逻辑，可能 有一些比较重点的市场。比如说从人口的数量上来讲，会把一些重点国家列为直营市场。海外的代理门店也不是单纯地进货、卖货，更多还是有点类直营的 方式。" "从选择海外代理商这个角度来讲，我们肯定希望对方对零售有很强（的）认知，并且是零售专业背景出身，（本身）也从事零售工作。我们也会要求对方 的团队里有商品团队 ...

证券研究报告 | 公司点评 | 专业连锁Ⅱ 国内同店改善，利润短期承压 ——名创优品 25Q1 点评报告 投资要点 名创优品发布 25 年一季度业绩： 1）25 年一季度收入 44.27 亿元（同比+18.9%），略超彭博一致预期，主要是国 内同店改善、海外延续较快增长带动。 伴随国内同店改善、海外保持较快开店，我们预计 2025-2027 年公司收入分别 205.65、244.25、289.15 亿元，同比+21.0%/+18.8%/+18.4%。综合考虑海外直营 门店仍在模型优化阶段、25 年二季度起并表永辉超市以及财务费用增加，预计 2025-2027 年归母净利润分别 27.37、33.32、41.52 亿元，同比 +4.6%/+21.8%/+24.6%，对应 PE 分别为 14.7x/12.0x/9.7x；经调整净利润分别 28.40、34.35、42.55 亿元，同比+4.4%/+21.0%/+23.9%，对应 PE 为 14.1x/11.7x/9.4x。 2）25 年一季度经调整净利润 5.87 亿元（同比-4.8%），低于彭博一致预期 6.61 亿 元，主要是因为海外直营店扩张仍在跑模型阶段、 ...

Major Events - JiuTai Rural Commercial Bank (06122) plans to sell 78.51% stake in HuanShan HuiMin Village Bank for 40.4 million yuan [1] - Vanke Enterprises (02202) intends to receive a loan of up to 3 billion yuan from its major shareholder, Shenzhen Metro Group [1] - China Gas Holdings (08246) signed a memorandum of understanding with the Lao Ministry of Industry and Commerce to explore cooperation in developing fuel and natural gas supply networks in Laos [1] - Miniso Group (09896) is conducting a preliminary assessment on the potential spin-off listing of its trendy toy business operated under the "TOP TOY" brand [1] - Baiyunshan Pharmaceutical (00874) subsidiary received approval from the National Medical Products Administration for the drug registration certificate of Tadalafil tablets (2.5mg, 5mg) [1] - Huaxing Capital Holdings (01911) portfolio company Circle successfully listed on the New York Stock Exchange, marking the first IPO milestone in the global stablecoin sector [1] - China National Nuclear Corporation (01763) plans to initiate its first irradiation station cooperation project in Peru [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 50.7 billion yuan in the first five months, an increase of about 26.5% year-on-year [1] - China Overseas Land & Investment (00688) recorded a cumulative property sales amount of approximately 90.4 billion yuan in the first five months, a decrease of 11.1% year-on-year [1] - Shimao Group (00813) reported a cumulative contract sales total of 11.2 billion yuan in the first five months, a decrease of 18.71% year-on-year [1] - Zhongliang Holdings (02772) achieved a cumulative contract sales amount of approximately 5.37 billion yuan in the first five months, a decrease of 33.38% year-on-year [1] - GAC Group (02238) experienced a year-on-year decline in May's automobile production by 8.16% and a sales drop of 24.80% [1] - Poly Property Group (00119) achieved a contract sales amount of approximately 21.8 billion yuan in the first five months, an increase of 3.81% year-on-year [1] - New天绿色能源 (00956) completed a power generation volume of approximately 7.29 million megawatt-hours in the first five months, an increase of 10.86% year-on-year [1]

Core Viewpoint - The company is focusing on high-quality growth through channel optimization and inventory adjustments, with expectations for improved same-store sales and profitability recovery in the coming quarters [1][2]. Group 1: Domestic Market Performance - The company aims to stabilize and gradually improve same-store sales by refining product offerings and services to address competitive pressures [1]. - Inventory adjustments are being made to better match demand across different market tiers, enhancing product quality in lower-tier markets while promoting popular products in higher-tier markets [1]. - The company has closed underperforming stores and is focusing on flagship "big stores" to drive growth, with new store openings planned [1]. Group 2: Overseas Market Strategy - The company is enhancing its overseas operations by establishing a product development team in North America and improving same-store performance since April [2]. - Cost optimization strategies are being implemented, including concentrated store openings and flexible staffing to reduce operational costs in North America [2]. - The company is also strengthening guidance for overseas partners and exploring new store models in the agent market [2]. Group 3: Profitability and Financial Forecast - The company anticipates short-term fluctuations in profitability due to the ramp-up phase of high-growth businesses, but expects improvements as operational models are optimized [2]. - The company projects adjusted net profits of 2.99 billion, 3.73 billion, and 4.57 billion yuan for 2025-2027 [2]. - A target price of 47 HKD is maintained, with a PE ratio of 18x for 2025, reflecting short-term business uncertainties [2].

Core Viewpoint - The company maintains a "buy" rating despite facing profit pressure in FY2025Q1, with expectations for improvement in same-store sales and profit margins in Q2 and a stronger performance anticipated in H2 2025 during the overseas peak season [1][2] Financial Performance - FY2025Q1 revenue reached 4.427 billion yuan, a year-on-year increase of 18.9%, with contributions from various segments: - Miniso's domestic business revenue was 2.494 billion yuan, up 9.1% year-on-year - Miniso's overseas business revenue was 1.592 billion yuan, up 30.3% year-on-year - TOP TOY revenue was 340 million yuan, up 58.9% year-on-year - Adjusted net profit for FY2025Q1 was 587 million yuan, a decrease of 4.81% year-on-year, indicating profit pressure [1][2] Same-Store Sales and Store Expansion - Same-store sales improvement has become a strategic focus, with Q2 showing a continued positive trend - In FY2025Q1, Miniso's domestic revenue grew by 9.1%, but same-store daily sales saw a low single-digit decline, primarily due to reduced foot traffic in malls - The overseas revenue growth of 30.3% was supported by a 24.6% increase in average store count - In FY2025Q1, Miniso closed 111 domestic stores due to market adjustments, while 95 new overseas stores were opened, indicating ongoing expansion efforts [1][2] Profitability Metrics - The company's gross margin for FY2025Q1 was 44.2%, an increase of 0.8 percentage points year-on-year - Adjusted net profit margin was 13.3%, down 3.3 percentage points year-on-year - Operating profit margin (OPM) was 16.0%, a decline of 3.9 percentage points year-on-year, attributed to a higher proportion of lower-margin direct sales and upfront costs related to new store openings in the U.S. [2]

Core Viewpoint - Miniso (09896.HK) is considering a potential spin-off of its "TOP TOY" brand for independent listing to optimize shareholder value, although the plan is in preliminary stages and dependent on various factors including market conditions [1][4]. Company Summary - Miniso has engaged JPMorgan and UBS to assist with the potential IPO of TOP TOY in Hong Kong, aiming to attract new investments from sovereign wealth funds and other potential investors before selling shares [4]. - TOP TOY, established in December 2020, operates as a trendy toy collection store, offering licensed IP toys, proprietary IP toys, and third-party brand toys, with approximately 11,000 SKUs as of the end of last year [4][6]. - In 2024, TOP TOY's revenue is projected to grow by 44.71% to 984 million yuan, with GMV increasing by 41.04% to 1.148 billion yuan, and the company has achieved profitability for the year [6]. Industry Summary - The toy market is experiencing heightened interest, with competitors like Pop Mart and Blokus achieving significant market valuations, indicating a competitive landscape for TOP TOY [7]. - TOP TOY aims to open over 1,000 stores in 100 key global business districts within the next five years, with a target of 150 new stores in 2025, 100 of which will be in China [7].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 47.00 [5][8]. Core Insights - The company is focusing on high-quality growth through channel optimization and product offerings, with expectations for same-store sales to turn positive in May [1][2]. - The company is enhancing its overseas operations with localized strategies and optimizing direct store expenses, which is expected to drive revenue growth [3][4]. - Short-term profit fluctuations are anticipated due to the ramp-up phase of high-growth businesses, but improvements in operational models are expected to enhance profitability [4]. Summary by Sections Domestic Operations - The company is adjusting its product offerings to better match market demands, focusing on high-quality products in higher-tier markets and cost-effective options in lower-tier markets [2]. - The closure of underperforming stores and the opening of flagship "IP Land" stores are part of the strategy to drive growth, with expectations for same-store sales to stabilize [2]. Overseas Operations - The company aims to increase its store count by 500-600 locations this year, with improvements in same-store sales in North America due to cost optimization strategies [3]. - The establishment of a product development team in North America is expected to enhance operational efficiency and profitability [3]. Financial Projections - The adjusted net profit forecasts for 2025-2027 are RMB 29.9 billion, RMB 37.3 billion, and RMB 45.7 billion respectively, with a target price based on a PE ratio of 18x for 2025 [5][7]. - Revenue projections show a growth trajectory with expected revenues of RMB 20.7 billion in 2025, reflecting a year-on-year increase of 21.83% [7][19].

Core Viewpoint - The popularity of the collectible toy brand Labubu has surged globally, with celebrities endorsing it, leading to a significant increase in demand and subsequent issues with scalpers [1][4][11] Company Developments - TOP TOY, a collectible toy brand under Miniso, is reportedly seeking to go public in Hong Kong, having engaged JPMorgan and UBS for its IPO process [1][4] - TOP TOY aims to introduce new investments from sovereign wealth funds before selling shares, marking its second attempt at an IPO since March [1][4] - The brand was established in December 2020 and has expanded its product offerings significantly, with around 11,000 SKUs by the end of last year [4] Financial Performance - TOP TOY's revenue for 2024 is projected to grow by 44.71% to 984 million RMB, with GMV increasing by 41.04% to 814 million RMB [4][5] - The total number of transactions increased by 56.71% to approximately 19.9 million, although the average transaction value decreased by 9.73% to 109.5 RMB [4][5] - Compared to competitors, TOP TOY's performance lags behind leading companies like Pop Mart, which reported revenues of 13.038 billion RMB in 2024 [4][6] Market Position and Strategy - TOP TOY's self-owned IP accounts for a low single-digit percentage of its revenue, relying heavily on third-party brand products [6][8] - The company plans to differentiate itself by focusing on global IPs rather than developing its own, aiming to create products through reinterpretation of existing popular IPs [8][9] - TOP TOY has ambitious plans to open over 1,000 stores globally within five years, with expectations that overseas sales will exceed 50% of total sales [9][10] Competitive Landscape - The collectible toy market is competitive, with companies like Pop Mart and 52TOYS also pursuing IPOs and expanding their market presence [1][11] - Pop Mart's revenue from overseas markets has seen significant growth, indicating a trend among collectible toy brands to expand internationally [10][11]

Core Insights - The article highlights the importance of digitalization in administrative systems for companies in the global retail industry, with "Baidiyun Enterprise Express Management SaaS" being a key player in this transformation [1][10] - Miniso, a leading retail company, has achieved over 50% efficiency improvement and 40% cost reduction through its partnership with Baidiyun, showcasing a successful case of digital transformation in logistics management [1][11] Company Overview - Miniso was established in 2013 and has expanded to over 7,780 stores across 112 countries and regions by the end of 2024, focusing on stable growth, particularly in overseas markets [2] Administrative Differences - The article discusses the qualitative differences between administrative departments in large and small companies, emphasizing that large companies utilize data-driven procurement strategies to achieve significant cost savings [4] Digital Transformation Journey - Miniso's transition from traditional to digital logistics management began around 2016-2017, facing challenges such as manual data entry errors and lack of a unified shipping platform, which were resolved after partnering with Baidiyun [7][8] Benefits of Baidiyun SaaS - The integration of Baidiyun's system has led to unified management of domestic and international shipments, automated financial reconciliation, and improved efficiency by over 50% while reducing costs by 40% [9][10] Future Trends in Digitalization - The company recognizes that digitalization is an inevitable trend, focusing on resource integration, efficiency enhancement, and cost reduction as core values of their digital transformation strategy [10] Recommendations for Other Companies - Miniso recommends other expanding companies to try Baidiyun's SaaS, highlighting its advantages in compliance, cost control, and resource optimization, which have led to a significant increase in management efficiency [11]

Group 1 - Mexico is perceived as not being perfect but also not as bad as it seems, indicating a nuanced view of the country's situation [2] - In the Middle East, e-commerce has become the "new normal," but physical retail stores remain essential to daily life [3] - "博萃循环" has secured several million yuan in Series B financing, targeting the international battery recycling market and operating in over ten countries [4] Group 2 - Shanghai's foreign trade export value reached 629.02 billion yuan in the first four months of the year, showing a year-on-year growth of 13.8% [5] - NIO reported a total revenue of 12.0347 billion yuan (approximately 1.658 billion USD) for Q1, with a year-on-year increase of 21.5% and vehicle deliveries up by 40.1% [6] - Aishida plans to invest up to 150 million yuan in Vietnam for modern cookware, small appliances, and industrial robots, aiming to enhance its global presence [7] Group 3 - TSMC's chairman stated that the company will not establish a factory in the Middle East, despite rumors, and expects revenue growth of 24% to 26% this year [7] - Neuralink completed a $650 million Series E funding round, raising its valuation to $9 billion, with plans to accelerate clinical trials and product development [8]