Core Viewpoint - The article highlights the rising commercial value and popularity of the youth idol group, Times Youth League, as they prepare for their concert series in Shanghai, showcasing their influence in the market through various brand endorsements [6][7]. Group 1: Concert and Popularity - Times Youth League will hold four concerts titled "Crowning Ceremony" in Shanghai from August 20 to 24, attracting significant interest with over 1.85 million people wanting to attend the August 21 show, surpassing 99% of similar events [6]. - The group's popularity has been consistently increasing since their formation in 2019, indicating a strong fanbase and market presence [6]. Group 2: Brand Endorsements - Times Youth League has secured multiple brand endorsements, including partnerships with several A-share listed companies such as Laiyifen (603777.SH), Xiangpiaopiao (603711.SH), and Luluguyuan, as well as Hong Kong-listed Li Ning (02331.HK) and dual-listed Miniso (NYSE:MNSO, 09896.HK) [6][7]. - In April 2023, they became the brand ambassadors for Luluguyuan, followed by becoming the spokesperson for Meco fruit tea in May, and previously for Laiyifen [6][7]. Group 3: Market Movements - Luluguyuan is currently preparing for a listing in Hong Kong, having submitted its application in April 2023, after a previous attempt to list on the A-share market in 2019 [7]. - Li Ning, which has been a market player since its Hong Kong listing in 2004, continues to leverage the group's popularity by appointing them as global ambassadors for its youth sports products [7].

Group 1 - The Times Youth Team, a popular idol group, is set to hold four concerts in Shanghai from August 20 to 24, attracting significant attention with over 1.85 million people interested in attending the concert on August 21, surpassing 99% of similar events [1] - The commercial value of the Times Youth Team has been increasing since its formation in 2019, with several brand endorsements in various sectors, including multiple A-share listed companies such as Laiyifen (603777.SH), Xiangpiaopiao (603711.SH), and Liuliumy Garden, as well as Hong Kong-listed companies like Li Ning (02331.HK) and dual-listed Miniso (NYSE:MNSO, 09896.HK) [1][2] - The Times Youth Team has recently become the brand ambassador for Li Ning's youth sports products and has also been announced as the global brand ambassador for Miniso, with a promotional theme that has gained significant traction on social media [2] Group 2 - Xiangpiaopiao became the first listed company in China's milk tea industry in November 2017, while Laiyifen was recognized as the "first stock of snacks on the main board" after its listing in October 2016 [2] - Liuliumy Garden is currently in the process of going public in Hong Kong, having submitted its listing application in April this year, after a previous attempt to list on the A-share market in June 2019 ended in withdrawal [2] - Miniso was first listed on NASDAQ in October 2020 and achieved a secondary listing in Hong Kong in July 2022, establishing a dual primary listing [2]

Core Viewpoint - MINISO is optimistic about the growth potential of the Chinese潮玩 (trendy toy) market, leading to increased investment in潮玩 and IP strategies [1][2] Group 1: MINISO LAND Expansion - MINISO LAND has opened its first store in Guangzhou, featuring 5,500 SKUs and over 100 IP products, with nearly 90% of products being IP-related [1] - The opening day sales at the Guangzhou MINISO LAND reached 450,000 yuan, while the Shanghai store achieved over 100 million yuan in sales within nine months [1] - Future MINISO LAND stores will be opened in the Greater Bay Area, with plans for more diverse retail formats [5] Group 2: IP Consumption Insights - The IP industry is correlated with national economic development, with China’s IP consumption penetration rate around 53%-56%, indicating significant growth potential compared to Japan and North America [2] - MINISO LAND stores have an average IP product ratio of 70%-75%, with the Guangzhou store potentially exceeding 80% [3] Group 3: IP Evaluation Mechanism - MINISO employs a "horse racing" mechanism to evaluate IP potential, utilizing both intuitive insights from experienced staff and data from social media and user discussions [4] - This approach is similar to other leading潮玩 companies, focusing on expanding their IP matrix and identifying successful IPs [4] Group 4: Competitive Landscape - The primary competitor in the潮玩 market is Pop Mart, which has recently surpassed a market capitalization of 420 billion HKD [6][7] - MINISO and Pop Mart have a competitive yet complementary relationship, with MINISO focusing on collaborations with large IPs while also developing its own IPs [7] - The潮玩 market is expected to remain diverse, with no single company dominating the space [7][8] Group 5: Market Position and Future Outlook - As of August 20, MINISO's stock price was 40.88 HKD per share, reflecting a 3.55% increase and a total market capitalization of 50.8 billion HKD [8] - The company aims to enhance its IP strategy and believes it will become a leading platform in the潮玩 ecosystem alongside Pop Mart [8]

Group 1 - Miniso (MNSO.US) stock rose 3.7% in pre-market trading ahead of its earnings report scheduled for August 21 [1] - Nomura expects Miniso's Q2 earnings report to meet expectations, with revenue projected to increase by 19% year-on-year to 4.8 billion RMB [1] - Operating profit is anticipated to decline by 1% to 744 million RMB [1] Group 2 - As of August 19, the closing price was $20.130, with a pre-market price of $20.880 [1] - The total market capitalization is approximately $6.254 billion [1] - The stock has a 52-week high of $27.149 and a low of $12.257 [1]

来源：市场资讯 （来源：极光JIGUANG） 一、财报表现分析：一季度营收环比下滑，净利润端面临挑战 2025年一季度，名创优品总营收44.3亿元，环比下滑6.1%，同比上涨18.9%。Miniso品牌收入同比增长 16.5%至40.86亿，其中国内市场稳健发展，得益于门店结构优化以及大店战略的初见成效，营收同比上 涨9.1%达24.94亿元；海外市场则在精准的市场布局下快速增长，营收达15.92亿元，同比增长30.3%， 占集团总收入比重较去年同期提高了约3个百分点。TOP TOY品牌收入大幅上涨58.9%至3.4亿元。 在海外业务、潮玩子品牌TOP TOY发展的带动下，名创优品一季度毛利润同比增长21.1%；毛利率较去 年同期上升0.8个百分点至44.2%。毛利率的稳中有升主要归因于两大关键因素：一是海外市场直营门店 占比提升，促使高利润的直营业务比重增加；二是产品竞争力提升，通过不断引入与开发高附加值产 品、深化IP战略，实现产品的差异化与产品组合的优化，进而提升市场竞争力、带动TOPTOY毛利率提 升。 尽管营收和毛利增长，但名创优品一季度期内利润较上年同期锐减28.8%，录得4.165亿元；经调整净 ...

野村则表示，预计名创优品的二季度财报将符合预期，当中，收入预计按年升19%至48亿元人民币；经 营溢利料跌1%至7.44亿元人民币。就公司本地业务，野村料名创优品次季销售增长13%，并录得正向的 同店销售增长，而海外业务则料销售增长29%。不过，由于公司直营店的营运未达理想状态，预计其经 营利润率或继续受压，预计同比降3.1个百分点至15.5%。 名创优品(09896)尾盘涨超4%，截至发稿，涨3.44%，报40.84港元，成交额2.8亿港元。 消息面上，名创优品拟于8月21日举行董事会会议批准中期业绩。海通国际预计公司2Q收入49亿元，同 比增长21%。毛利率预计44.7%，同比增长0.8pct，主因海外直营市场收入占比提升。经营利润7.5亿 元，同比基本持平，经营利润率15.3%，同比下降3.3pct；经调净利6.1亿元(调整永辉股权投资产生的相 关亏损)，同比下降3%，经调净利率12.4%，同比下降3.1pct，主要受海外直营市场收入占比提升导致费 用率上行和财务费用增长影响。 ...

智通财经APP获悉，名创优品(09896)尾盘涨超4%，截至发稿，涨3.44%，报40.84港元，成交额2.8亿港 元。 消息面上，名创优品拟于8月21日举行董事会会议批准中期业绩。海通国际预计公司2Q收入49亿元，同 比增长21%。毛利率预计44.7%，同比增长0.8pct，主因海外直营市场收入占比提升。经营利润7.5亿 元，同比基本持平，经营利润率15.3%，同比下降3.3pct；经调净利6.1亿元（调整永辉股权投资产生的 相关亏损），同比下降3%，经调净利率12.4%，同比下降3.1pct，主要受海外直营市场收入占比提升导 致费用率上行和财务费用增长影响。 野村则表示，预计名创优品的二季度财报将符合预期，当中，收入预计按年升19%至48亿元人民币；经 营溢利料跌1%至7.44亿元人民币。就公司本地业务，野村料名创优品次季销售增长13%，并录得正向的 同店销售增长，而海外业务则料销售增长29%。不过，由于公司直营店的营运未达理想状态，预计其经 营利润率或继续受压，预计同比降3.1个百分点至15.5%。 ...

Core Viewpoint - The recent legal developments in the trademark dispute between KK Group and its competitors highlight the ongoing challenges in the beauty retail sector, particularly regarding brand identity and competition [1][6][7]. Group 1: Legal Developments - KK Group's parent company has initiated a lawsuit against Miniso and other companies for unfair competition, with a recent court ruling confirming that Aixin Technology's actions in registering the "THE COLORIST" trademark abroad constitute unfair competition [1][6]. - The case has progressed through various legal stages, including pre-litigation mediation and jurisdictional appeals, and is set to enter the civil trial phase on September 1 [1]. - KK Group has faced challenges in protecting its trademark, having filed opposition and invalidation procedures against Aixin Technology's trademark application since November 2019, ultimately leading to a lawsuit in September 2023 [7]. Group 2: Brand and Market Position - KK Group is recognized as one of the earliest entrants in the beauty collection store market in China, launching its brand "THE COLORIST" in September 2019, which has rapidly expanded to 243 stores nationwide [12][14]. - "THE COLORIST" offers a wide range of beauty products, featuring over 2800 SKUs and a unique store design that emphasizes a pink visual theme and a 1:1 free try-on service [12]. - Miniso's "WOW COLOUR" brand, established in January 2020, shares similarities with "THE COLORIST" in its focus on experiential retail and has a product selection that leans towards domestic brands [14]. Group 3: Financial and Investment Background - KK Group has attracted significant investment, completing seven rounds of financing between 2016 and 2021, with notable participation from well-known venture capital firms [15]. - Despite its growth and market position, KK Group has faced challenges in its IPO attempts, having made four unsuccessful attempts to list on the Hong Kong Stock Exchange between 2021 and 2024 [16]. - In 2022, KK Group ranked among the top three in China's lifestyle retail sector, following Watsons and Miniso [16].

Core Insights - MINISO LAND, the first of its kind in South China, has opened in Guangzhou, featuring a three-story standalone building with a total area of 1200m² and housing 5500 SKUs, with over 100 types of IP products, making IP products account for nearly 90% of the offerings [1] - On its opening day, the MINISO LAND in Beijing Road achieved sales exceeding 450,000 yuan [1] - MINISO has established 12 MINISO LAND and 1 MINISO SPACE stores in key cities across China, with the global flagship store in Shanghai achieving sales of over 100 million yuan within just 9 months of opening [1] Company Expansion - The company plans to open another MINISO LAND in Guangzhou's Zhengjia Plaza, indicating confidence in the local consumer market's capacity to support two large stores [1] - The CMO of MINISO Group, Liu Xiaobin, expressed optimism about the potential for high growth in the Chinese trendy toy market, suggesting that the industry is still in its early stages and will mature with a diverse range of IP products appealing to various audiences [1]

Core Insights - MINISO LAND, the first store in South China, represents a strategic move for MINISO, showcasing the "first store economy" and the company's channel strategy of opening larger stores [2] - The store features an upgraded immersive experience with a "theme park" design, including a vertical display area and a dedicated IP theme zone [2] - The store has introduced 5,500 SKUs with over 100 types of IP products, with IP products accounting for nearly 90% of the offerings, creating a complete trendy toy ecosystem [2] Product and Sales Performance - Since its soft opening on July 5, 2025, the store has launched 16 product lines, including 6 first launches, with IP sales accounting for 84.43% of total sales, validating the effectiveness of the "IP + scene" business model [3] - The CEO of MINISO emphasized the importance of combining super IPs with super scenes to inject new energy into Guangzhou, supporting its development as an international consumption center [3]