Core Viewpoint - The ongoing controversy between Pop Mart and Miniso regarding the design similarities of their stores highlights the intense competition between these two major players in the IP economy and overseas expansion [1][19]. Group 1: Company Background - Miniso, originally a "10 yuan store," has been transitioning towards the IP economy and accelerating its overseas expansion, but reported revenue growth without profit increase in Q1, indicating challenges in its transformation [1][20]. - Pop Mart, focusing on self-developed IP and blind box toys, has achieved rapid revenue and profit growth, significantly widening the gap in market competition [1][22]. Group 2: Recent Developments - The controversy began after Pop Mart opened its largest flagship store in Thailand, which some observers claimed resembled Miniso's store design, leading to a heated online discussion [4][6]. - Allegations surfaced that Miniso may have recruited individuals to promote the narrative of Pop Mart's alleged design plagiarism, with reports of payments for social media posts [13][18]. Group 3: Financial Performance - In Q1 2025, Miniso reported total revenue of 4.43 billion yuan, a year-on-year increase of 19%, but a net profit decline of 28.8% to 416.5 million yuan [21]. - In contrast, Pop Mart's revenue for the same period grew by 165%-170%, with overseas revenue increasing by 475%-480%, showcasing its aggressive market strategy [20][22]. Group 4: Market Positioning - Miniso has been expanding its overseas presence since 10 years ago, with 3,213 stores globally as of March 31, 2025, while Pop Mart is rapidly entering Southeast Asian markets, intensifying competition [20][22]. - The competition between the two companies is not only about products and pricing but also extends to public perception and brand positioning in the market [24].

每经记者｜舒冬妮 每经编辑｜文多 ｜2025年8月12日 星期二｜ NO.1 泡泡玛特泰国新店陷"撞脸"名创优品？双方回应来了 8月11日，"泡泡玛特泰国店被指撞脸名创优品"话题登上热搜。日前，泡泡玛特在曼谷"ICONSIAM"购 物中心新开的全球最大品牌旗舰店正式营业。但有网友称，该门店与名创优品位于上海南京东路 的"MINISOLAND"店相似，涉嫌抄袭。针对此事，《21世纪经济报道》记者以消费者身份分别致电泡 泡玛特与名创优品。泡泡玛特接线客服表示，已有相关部门在处理，后续建议关注官方渠道获取事件进 展。名创优品接线工作人员则称，相关问题已登记反馈，如果情况属实，公司肯定会跟进处理。 点评：事件本质是"多巴胺美学"趋同下的品牌视觉碰撞，争议已触发社交媒体情绪，若官方处理失当， 或压制股价势头。若借机强化IP叙事并推出差异化体验，反而有望延续涨势。 NO.2 宜家入驻京东 瑞典家具零售商宜家在电商平台京东的旗舰店已正式开业，公司希望借此拓展在中国第三方线上购物平 台的业务，以低价产品吸引新客户。旗舰店将销售超6500 款产品，配送由京东物流承接。继2020年3月 在阿里巴巴的天猫商城开店后，京东是宜家入驻 ...

Group 1 - The report analyzes the Southeast Asian trendy toy market, highlighting its current status, competitive landscape, consumer characteristics, policy environment, and future development trends [1][2]. - The Southeast Asian trendy toy market is projected to reach approximately $2.5 billion in 2024, with an expected annual growth rate of 20%, outpacing the global average [3][56]. - The market is characterized by a dominance of Chinese brands in the mass market, while Western and Japanese brands lead in niche segments, and local brands are still emerging [3][58]. Group 2 - Chinese brands like Pop Mart and Miniso are rapidly expanding in Southeast Asia, with Pop Mart's revenue in the region expected to reach 2.4 billion RMB in 2024, marking a year-on-year growth of 619.1% [4][60]. - International brands such as Bandai and Funko are also present in the market but primarily focus on niche segments due to pricing and distribution challenges [5][61]. - Local brands like Mighty Jaxx and XM Studios are emerging but face significant challenges in IP operation, production scale, and financial strength compared to Chinese brands [6][61]. Group 3 - The sales channels for trendy toys include both physical and online platforms, with major online marketplaces like Shopee and Lazada playing a crucial role in market penetration [7][62]. - The consumer demographic is primarily aged between 15-35 years, with female consumers making up about 60% of the market [8]. - Consumer motivations are driven by the "instant gratification" and "social currency" attributes of trendy toys, heavily influenced by social media [9]. Group 4 - The trade relationship between China and ASEAN countries is strong, with ASEAN becoming China's largest trading partner since 2020 [11]. - Different countries in Southeast Asia have varying tax and certification standards for trendy toys, necessitating companies to prepare accordingly [12]. - The investment environment in Southeast Asia is promising but comes with certain risks, including financial exchange rate risks and labor quality disparities [13]. Group 5 - The Southeast Asian trendy toy market is expected to continue its rapid growth, but competition will intensify, leading to product homogenization [14]. - Companies are advised to develop scientific layout strategies, including product development planning, channel network construction, and business model innovation [14]. - Emphasis on cultural integration is crucial for trendy toy brands to enhance market acceptance and brand influence [14][15]. Group 6 - The Southeast Asian trendy toy market has significant growth potential but faces intense competition and diverse challenges [16]. - Chinese trendy toy brands need to understand local market characteristics and develop scientific market strategies to transition from "product export" to "cultural export" [16].

（文/朱道义 编辑/张广凯） 潮玩巨头们之间的商战，正越来越朴实无华？ 8月11日，"泡泡玛特泰国店被指撞脸名创优品"的话题登上热搜。而随着热度持续发酵，事件又出现了新的进展：有聊天截图在网络上流传，内容显示名创 优品（股票代码：09896.HK）疑似以每条300元的价格，招募"水军"对相关话题进行炒作。 事情的起源，是泡泡玛特（股票代码：09992.HK）于8月8日在泰国曼谷的ICONSIAM购物中心新开了全球最大的品牌旗舰店，为面积高达760平方米的超大 沉浸式空间。 据泡泡玛特官微介绍，该旗舰店整体空间分为两层，首层MEGA区以MOLLY与THE MONSTERS的大型产品为打卡点，另设有潮玩专区、POP BEAN互动 区。此外，店内还特别设立了泡泡玛特全球首家海外咖啡空间POP MART CAFÉ。户外广场则放置了身高4米的巨型Molly Thailand Limited装置，身穿泰国当 地特色服装、骑着大象。 泡泡玛特还表示，门店以泰国传统文化为设计灵感，融合大量在地元素。设计细节融合泰国独特的"水文化"、传统建筑语言与包容性理念。 值得注意的是，该旗舰店除了在当地再度引发大排长龙的消费热潮，其装修 ...

Core Viewpoint - The recent controversy between Pop Mart and Miniso highlights the competitive landscape in the trendy toy market, with allegations of design similarities between their flagship stores in Thailand and Shanghai [1][2]. Group 1: Company Strategies - Miniso adopts a direct sales model in high-potential markets like the US and India, while using an agency model in regions like Europe and Southeast Asia, partnering with local retail firms [2]. - Pop Mart's flagship store in Thailand spans over 760 square meters, showcasing local cultural elements and a vibrant design aimed at creating an immersive experience for consumers [2]. - Miniso's MINISO LAND flagship store covers nearly 2000 square meters, featuring narrative layouts and interactive elements to establish a new IP-themed amusement park [2]. Group 2: Market Trends - The current consumer trend is shifting towards an "experience economy," where immersive shopping experiences are prioritized, making store design and location critical for brand competitiveness [3]. - The design of retail spaces serves as a significant symbol for brands, enhancing their perceived value and long-term brand equity in local markets [3].

Group 1 - MINISO is reportedly soliciting blog posts at a price of 300 yuan per article, focusing on topics related to its brand and operations, indicating a new wave of competition in the trendy toy market [1] - The controversy began after POP MART opened its largest global flagship store in Bangkok, which some observers claim resembles MINISO's MINISO LAND store in Shanghai, suggesting potential design plagiarism [1] - Both companies emphasize the importance of offline retail, with MINISO's president previously investing 6.27 billion yuan in Yonghui Supermarket, highlighting the significance of quality retail in building a new commercial civilization in China [1] Group 2 - MINISO adopts a direct sales model in countries with large populations and growth potential, such as the United States and India, while using an agency model in other regions, primarily partnering with well-known local retail companies [2] - The topic of POP MART's Thai store allegedly resembling MINISO gained significant attention on social media, indicating public interest in the competitive dynamics between the two brands [3] Group 3 - POP MART's founder, Wang Ning, personally oversees store decorations and has mentioned the slow but steady approach of opening stores, with an estimated 200 overseas locations by the end of the year, all managed by local teams [4] - The flagship store in Thailand spans over 760 square meters, showcasing local cultural elements and vibrant design, while MINISO LAND covers nearly 2000 square meters, featuring immersive experiences and interactive elements [4] - Experts emphasize the importance of store design and location in enhancing brand competitiveness, noting that a well-crafted shopping environment can significantly impact consumer perception and long-term brand value [4]

Core Viewpoint - The recent opening of Pop Mart's flagship store in Thailand has sparked discussions on social media regarding its design similarities to Miniso's flagship store, raising allegations of imitation [1] Group 1 - Pop Mart opened its largest flagship store in Thailand on August 8, located in the prominent Siam Discovery shopping area in Bangkok [1] - Observers noted that the store's design style closely resembles that of Miniso's global flagship store, MINISO LAND [1] - Allegations of design imitation have surfaced, with claims suggesting that posts accusing Pop Mart of copying were allegedly orchestrated by Miniso [1]

Core Viewpoint - The controversy surrounding Pop Mart's flagship store in Thailand, which has been accused of resembling Miniso's MINISO LAND store, highlights ongoing competition and design similarities between the two brands in the retail space [1][7]. Group 1: Event Overview - Pop Mart opened its largest global flagship store in Bangkok's ICONSIAM shopping center on August 8, covering an area of 760 square meters and inspired by Thai traditional culture [1]. - Social media users have pointed out similarities between Pop Mart's new store and Miniso's MINISO LAND store in Shanghai, suggesting potential design copying [1]. Group 2: Company Responses - Pop Mart's customer service indicated that relevant departments are handling the situation and advised consumers to follow official channels for updates [7]. - Miniso's staff confirmed that they have registered the issue and will follow up if the claims are substantiated [7]. Group 3: Previous Controversies - This incident is not the first for Pop Mart, as a popular influencer previously complained about receiving products from other brands after purchasing blind boxes from Pop Mart, leading to consumer association involvement [7]. Group 4: Financial Performance - According to Pop Mart's financial report, the company achieved a revenue of 13.04 billion yuan in 2024, marking a year-on-year increase of 106.9%, with overseas revenue reaching 5.07 billion yuan, a significant growth of 375% [7]. - Pop Mart has identified Thailand as a crucial part of its strategic expansion in Southeast Asia [7]. Group 5: Miniso's Market Position - Miniso opened its TOPTOY brand store in Bangkok's Siam Center in October 2024, with blind boxes contributing approximately 7% to its sales, and related products accounting for nearly 30% of total sales [8].

网友指出，二者相似的点在于高饱和度的色彩模式风格、用流动线条隔开不同区域、游乐园一样的门面以及天花板上都布置了荧光色块，还有整体的风格都 有一定的相似度。 社交媒体网 友截图 8月11日，"泡泡玛特泰国店被指撞脸名创优品"话题登上热搜。 图片来源：泡泡玛特官微 据密度财经报道，记者致电了泡泡玛特服务中心，其工作人员表示，门店的装修是由专门的设计部门负责的，肯定是没有问题的，会将网友的意见做记录反 馈，并派专人进行调查，如果真的是自己方的问题，将会及时整改并在相应的公众号发布公告，如调查无问题，则不做回应。 据泡泡玛特国际集团发布的财报显示，2024年泡泡玛特实现营收130.4亿元，同比增长106.9%，海外营收50.7亿元，同比增375%。泡泡玛特在相关宣传稿件 中直言，泰国是品牌在东南亚战略布局中的重要一站。 （齐鲁晚报·齐鲁壹点客户端编辑 石卉 综合江南都市报、密度财经、21世纪经济报道等） 名创优品则早在2024年10月就在曼谷SiamCenter开出旗下潮玩品牌TOPTOY首店。集团副总裁刘晓彬今年1月接受媒体采访时透露，盲盒已为名创优品贡献 约7%销售额，加上毛绒等IP衍生品，整体占比近三成。 ...

Group 1 - The controversy surrounding Pop Mart's store in Thailand being accused of resembling Miniso's MINISOLAND has gained significant attention on social media [1] - Pop Mart's customer service confirmed that relevant departments are handling the situation, while Miniso's staff stated that the issue has been logged for follow-up [1] - Allegations surfaced that individuals are being paid 300 yuan per post to promote the narrative of "suspected plagiarism" regarding the store designs [1] Group 2 - Miniso is actively transforming into an IP economy and accelerating its overseas expansion, having opened its TOPTOY brand store in Bangkok in October 2024 [5] - In 2024, Miniso reported total revenue of 17 billion yuan, a year-on-year increase of 22.8%, with an adjusted net profit of 2.72 billion yuan, up 15.4% [5] - Pop Mart's revenue reached 13.04 billion yuan in 2024, reflecting a remarkable year-on-year growth of 106.9%, with a net profit of 3.4 billion yuan, up 185.9% [5]