Core Viewpoint - The trademark dispute between KK Group and Miniso is set to be heard in court on September 1, highlighting ongoing legal battles in the new retail sector [2] Group 1: Background of the Dispute - The dispute originated in 2019 when KK Group's beauty retail brand "THE COLORIST" faced trademark registration issues in China and abroad, allegedly linked to Miniso [3] - KK Group initiated legal action in 2020 to protect its trademark rights, resulting in favorable court rulings against the trademark registrations by associated companies of Miniso [3] Group 2: KK Group's Business Development - KK Group was founded in 2015 and has rapidly expanded its brand portfolio, launching several retail brands including "KKV" and "X11" [4][5] - The company has raised over 4 billion yuan through multiple funding rounds, with significant investments from notable firms, including a recent $300 million round led by JD.com [6] Group 3: Financial Performance - KK Group's revenue showed growth from 16.46 billion yuan in 2020 to 47.69 billion yuan in 2023, with a turnaround to profitability in 2023 [6][7] - The average monthly GMV per store reached 734,000 yuan in 2023, reflecting a 43.8% year-on-year increase [7] - Despite the growth in revenue, the number of franchise stores has declined significantly, from 424 in 2020 to just 109 by October 2023 [7]

Group 1 - Recently, Miniso (Guangzhou) International Supply Chain Management Co., Ltd. was established with a registered capital of 60 million RMB [1] - The legal representative of the new company is Zhou Shu [1] - The business scope includes software sales, enterprise management, international freight forwarding, and domestic freight forwarding [1] Group 2 - The new company is wholly owned by Miniso (Guangzhou) Co., Ltd. [1]

Core Viewpoint - The controversy surrounding the opening of Pop Mart's flagship store in Thailand highlights the ongoing competition and design similarities with Miniso's MINISO LAND, raising questions about originality and potential copyright infringement in retail design [1][2][3] Group 1: Company Performance - Pop Mart's stock has surged approximately 170% year-to-date, with a market capitalization of around HKD 370 billion and a price-to-earnings ratio exceeding 100, driven by a significant increase in overseas sales, which grew over four times in the first half of the year [3][4] - In contrast, Miniso's stock has seen a slight decline of 0.6%, with a market capitalization close to HKD 50 billion and a price-to-earnings ratio of about 18, impacted by profit declines due to acquisitions and interest expenses [4][3] Group 2: Market Strategy - Pop Mart adopts a "premium expansion" strategy, focusing on creating brand awareness through online channels and flagship stores, while Miniso emphasizes rapid store replication through supply chain advantages and cost control [5][6] - The two companies have distinct approaches to intellectual property (IP), with Pop Mart acting as an "IP creator" and Miniso as an "IP connector," relying on collaborations with established brands to enhance product offerings [6][7] Group 3: Industry Trends - The Chinese toy industry, particularly in the collectible segment, is experiencing significant growth, with its market share in overseas markets increasing from 3% in 2020 to an expected 18% by 2025 [8] - The rise of the collectible toy market is contributing to the transformation of China's manufacturing sector, moving from "OEM advantages" to "cultural premiums," and is projected to reach a market size of CNY 110.1 billion by 2026 [9] Group 4: Consumer Behavior - The competition between Pop Mart and Miniso reflects a broader consumer trend where young consumers seek both emotional value and cost efficiency in their purchases, indicating a dual demand for unique experiences and affordability [10]

Core Viewpoint - Miniso (09896) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company plans to repurchase 1,200 shares at a total cost of $5,850 [1] - The buyback price per share is set at $4.875 [1] - The buyback is scheduled for August 14, 2025 [1]

格隆汇8月15日丨名创优品(09896.HK)公告，8月14日耗资5850美元回购1,200股，每股回购价4.875美 元。 ...

Group 1 - Miniso (09896) announced a share buyback plan, intending to repurchase 1,200 shares at a total cost of $5,850 [1] - The buyback price per share is set at $4.875 [1]

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（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) ...

该公司成立于2017年8月，法定代表人为周书，经营范围包括自然科学研究和试验发展、信息技术咨询 服务、互联网销售等。股东信息显示，该公司由米尼科技（广州）有限公司全资持股。 天眼查工商信息显示，8月11日，名创优品科技（广州）有限公司发生工商变更，注册资本由4.5亿人民 币减至约3.1亿人民币，降幅约31%。 ...

Core Viewpoint - The KK Group is suing Miniso and its affiliates for trademark infringement and unfair competition regarding its brand "THE COLORIST," with the trial set for September 1, which could significantly impact intellectual property protection in the beauty retail industry [2][3]. Company Dynamics - KK Group, established in 2015, operates multiple brands including "THE COLORIST," "KKV," and X11, and has expanded to over 1,000 stores across more than 200 cities globally, including locations in Singapore, Thailand, and Malaysia [7]. - The company has been actively pursuing legal actions against trademark infringement since 2019, achieving partial victories in previous cases [3][6]. - KK Group has submitted its IPO application to the Hong Kong Stock Exchange four times since November 2021, with the latest application now expired, but the company states that the IPO process is progressing as planned [7]. Industry Overview - The beauty retail sector in China has seen explosive growth, with the market size reaching 130 billion yuan in 2021 and projected to exceed 400 billion yuan by 2025 [5]. - The rapid expansion has led to increased competition and a rise in trademark disputes due to the high degree of similarity among brands, making it difficult for consumers to distinguish between them [5][6]. - The industry has experienced a slowdown in growth, with many brands closing stores or exiting the market, including the closure of 18 stores by Sa Sa International in mainland China by June 2025 [6].

Core Insights - The rapid growth of instant retail in Shenzhen is highlighted, with a significant increase in order volume and transaction value across various product categories [3][5][10] Group 1: Instant Retail Growth - Shenzhen's instant retail orders surged by 1500% from March to July 2025 compared to the previous year, with current orders being 20 times higher than the same period last year [3] - Mobile phone sales increased by over 300% year-on-year since June, while smartwatches and tablets saw growth exceeding 200% [3] - 66 non-food brands on Taobao's flash purchase platform achieved monthly sales exceeding 10 million, with 395 brands surpassing 1 million [3] Group 2: Transformation of Physical Stores - Physical stores are evolving into "front warehouses" to meet the demand for rapid delivery, with major brands like Watsons and Xiaomi integrating into Taobao's flash purchase system [5][7] - The average order volume for Xiaomi stores quadrupled over four months, while over half of Miniso's stores doubled their sales [5][3] Group 3: Consumer Behavior and Demand - Two main consumer segments identified: emergency urban consumers (over 60%) and instant gratification seekers, with the latter willing to pay significantly more for immediate access to products [8][11] - High-repurchase, small-volume, and immediately usable products have seen a 200% increase in conversion rates [8] Group 4: Operational Efficiency - Companies are leveraging technology to enhance efficiency, with Xiaomi reducing packing time from 12 minutes to 7 minutes through system integration [9] - The integration of offline and online sales has proven beneficial, with Watsons achieving a fivefold increase in online orders during promotional events [10] Group 5: Challenges and Market Dynamics - The rise of instant retail has led to the closure of 20% of traditional stores unable to meet the 15-minute packing requirement [11] - The market is witnessing a decline in pure e-commerce growth, with instant retail attracting 78% of new customers [11][12]