内容来源：罗永浩的十字路口 我确实比较喜欢逛街。 现在到每个城市，第一件事就是逛商场。 我创业第一个店（哎呀呀），就是逛街逛出来的。 当时跟老婆逛街发现，开饰品店生意不错，就在想：要不要开个饰品店？ 第二次创业—— 名创优品，也是我在日本逛街逛出来的。 日本的杂货店、百货店，设计很漂亮、很精美，价格也很有竞争力，很便宜。 中国当时没这模式 ，我就想把它引到国内，就诞生了名创优品。 目前，名创优品线上销售占10%左右，90% 还是线下销售。 现在很多零售品牌，大部分零售品依然以线下为主。 电商这几年确实发展得很快，对中国的线下零售业冲击很大。 但我认为，还是要从 企业家个人情况出发比较好，你擅长哪种打法，就用哪种打法。 像 小米 就是从线上起来的，现在线下也开得很成功。 我认为，还是要 放弃线上线下的概念，回归本质。 商业的本质，还是要把产品做好。 一个企业，如果没有好产品，什么都不是。 只要你有好产品，线上线下都能卖好。 你看 山姆 ，产品做得很好，在线下卖得很好，一开前置仓，线上也卖得很好。 所以，核心的问题，不是看线上线下，而是一定要聚焦一个观点：把产品做好。 未来线下零售的核心是 "好逛"。 大家不是为 ...

Core Viewpoint - MINISO Group (MSNO) is set to report its Q3 financial results on November 21, with expectations focused on performance indicators and potential investment opportunities for long-term investors [1]. Group 1: Financial Performance Expectations - The upcoming Q3 report is anticipated to provide insights into MINISO's financial health and operational performance, which are critical for assessing future growth potential [1]. Group 2: Investment Strategy - The investment approach discussed emphasizes a balanced portfolio that includes growth, value, and dividend-paying stocks, with a particular focus on value investments [1]. - The strategy also includes the occasional use of options trading to enhance returns [1].

前不久，名创优品创始人叶国富在与罗永浩对谈的视频播客中提到，名创正在加速签约原创潮玩艺术家，并称「要浪费一个亿投入到IP当中」。这似乎掀 开了潮玩行业争夺IP的一角。而在此次对话之前，名创已经独家签约了包括右右酱、猪坚强、气宝等十七个艺术家IP。 名创签约的部分IP 在一些潮玩从业者看来，名创如今的高调动作更像是为了加快TOPTOY的上市，而在潮玩行业，对IP的争夺一直近两三年的重点之一。今年labubu的火 爆，不仅让更多中小潮玩公司开始入局，也让更多资本开始关注潮玩领域的投资。 混战之中，行业亟待破局。 比如今年六月成立、已经拿到阿里投资的AYOR TOYS，其创始人有MCN从业背景，建立在其对潮流消费者的洞察、新媒体经验的基础上，与田栩宁的合 作，被视为将其他市场的经验带入潮玩市场，触达更多非传统的潮玩用户的新路径。 一位潮玩公司负责人告诉我们，当下大多数潮玩公司都缺少发行能力，除了泡泡玛特，大都要依靠名创、KKV这样的渠道。而当名创开始强调自己的IP 之后，这些IP势必会受到挤压。一些头部公司由于发行资源有限，导致很多IP得不到曝光，被冷藏，最终面临解约。 传统的潮玩公司的打法是参加展会、制造稀缺、卖 ...

Core Insights - MINISO has been awarded the "Best New Store Concept" at the MAPIC Awards 2025 for its innovative MINISO LAND store concept, which emphasizes experiential retail and IP-driven content [1][2][5] Group 1: Award Recognition - The MAPIC Awards are recognized as a leading accolade in the global commercial real estate sector, celebrating creativity and commercial impact in retail innovation [2][6] - The jury highlighted MINISO LAND's high return rate and strong consumer appeal, positioning it as a destination brand that enhances foot traffic for property owners [6][9] Group 2: Store Concept and Performance - MINISO LAND features over 70 iconic IP zones, with 70-80% of products being IP collaborations, creating immersive shopping experiences [4][5] - Since its opening, the Shanghai MINISO LAND has generated over 100 million yuan (approximately US$14 million) in sales within nine months, with IP products contributing 79.6% of revenue and a repeat purchase rate of 35%-40% [5][6] Group 3: Global Expansion Strategy - Following the success of MINISO LAND, the company is accelerating its global deployment, aiming to create immersive environments that extend beyond traditional shopping [7][9] - MINISO has established flagship stores in key European cities, including Paris, London, Madrid, and Amsterdam, with a total of 319 stores opened in Europe by June 2025 [8][9]

顾客在泡泡玛特英国伦敦牛津街店内选购。 阮秋玄不仅能准确说出多部中国剧中人物的中文名字，还专门报名学习中文。"剧中人物的服饰、礼仪 都美得让人心醉。"她说，"更吸引我的是中国影视剧那些传承千年的价值观念——忠孝节义、家国情 怀。" 像阮秋玄这样的越南年轻人不在少数。河内师范大学的学生陈氏梅甚至组建了"中国古装剧迷"社团，不 时举办观影活动。"《甄嬛传》里精致的宫廷礼仪，《知否知否应是绿肥红瘦》中展现的宋代美学， 《庆余年》里巧妙的诗词运用，都让我们着迷。"她说。 在英国伦敦卡姆登区，一名小女孩刚走出中国潮玩门店，就迫不及待地拆开手中的"拉布布"盲盒，脸上 绽放出笑容。身旁的父亲轻声问："是不是很开心？"小女孩用力地点了点头。 如今，在伦敦的地铁、街头，记者时常能看到背包上挂着"拉布布"、哪吒等中国潮流玩具的行人，每有 中国潮玩新店开业也总能吸引大量粉丝排队等候。 新华社记者 李 颖摄 从中式新茶饮的美学浸润到中国潮玩的创意绽放，如今，越来越多中国品牌正通过创新设计承载文化内 核，以多元形态不断走进海外消费者日常生活，让世界更直接地触摸到中国文化的独特魅力。 午后时分，马来西亚吉隆坡市中心的中国新式茶饮品牌霸王 ...

Group 1: Chinese New Tea Beverage Industry - Chinese new tea beverage brands like Bawang Chaji, Mixue Ice City, Nayuki, and Heytea are expanding internationally, particularly in Malaysia, by combining cultural elements with their products to enhance their appeal [2][3] - The Malaysian market is witnessing a significant increase in the market share of Chinese tea brands, which are transitioning from passive followers to active participants in the global market, showcasing strong cultural attraction [2] - The incorporation of Chinese visual elements such as characters and traditional patterns into brand identity enhances brand recognition and consumer loyalty, reflecting cultural confidence and creativity of Chinese enterprises in overseas markets [3] Group 2: Chinese Television Dramas - Chinese historical dramas like "Journey to the West," "Empresses in the Palace," and "Nirvana in Fire" have gained immense popularity in Vietnam, with viewers discussing plots and characters passionately [4][5] - The cultural values portrayed in these dramas resonate deeply with Vietnamese audiences, fostering a better understanding of Chinese history and traditions [5] - The ongoing cultural exchanges between China and Vietnam are strengthening the ties between the two nations, enhancing mutual understanding and friendship [5] Group 3: Chinese Trendy Toy Industry - Chinese trendy toy brands such as Pop Mart are rapidly expanding in the UK, with plans to open additional stores, reflecting a growing market presence [6] - The sales of blind boxes from Chinese brand Miniso are increasing significantly, with a reported 63% growth in the past year in the UK [6] - Trendy toys are increasingly incorporating Chinese cultural elements, with brands like 52TOYS achieving success in Thailand by creating culturally inspired products that resonate with local consumers [6][7] - The success of these brands highlights the potential of Chinese creative products in the global market, showcasing the ability to connect emotionally with consumers [7]

Group 1 - The report highlights a structural differentiation in consumption performance since 2025, with companies like Pop Mart, Miniso, and Lao Pu Gold successfully expanding overseas, leading to better performance for export-oriented companies [1][2] - By 2026, the report anticipates an acceleration in consumer exports, driven by a backdrop of the Federal Reserve entering a rate-cutting cycle and easing tariffs, with Southeast Asia surpassing the US as China's largest export destination [1][2] - The report outlines three main paths for companies going overseas: raw materials and medical devices, skincare products leveraging cost-effectiveness and Chinese herbal ingredients, and acquisitions to expand global market presence [2][3] Group 2 - The beauty industry is characterized by a steady global market demand, with emerging markets in Southeast Asia showing higher growth potential compared to East Asia and Europe [2] - The jewelry market is experiencing demand differentiation, with product upgrades and a broader consumer base, particularly in Asia, North America, and Europe [2][3] - The cross-border e-commerce sector is witnessing a globalized supply chain, with significant competition in Southeast Asia, and a shift towards high-value consumer electronics in the region [3][4] Group 3 - Investment recommendations include focusing on companies with strong organizational structures and management capabilities in the beauty sector, such as Mao Ge Ping and Shangmei, while recommending premium jewelry brands like Lao Pu Gold and Chao Hong Ji [3][4] - The report suggests that the cross-border e-commerce sector will benefit from tariff conflicts easing and a recovering demand cycle, recommending companies like Xiao Shangpin City and Jiao Dian Technology [3][4] - The retail sector is expected to improve due to effective adjustments, with a focus on companies like Miniso and Yonghui Supermarket [3][4]

Core Viewpoint - Miniso (09896.HK) announced that it will hold a board meeting on November 21, 2025, to consider and approve its unaudited financial performance for the three months ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for a Friday, which may indicate a strategic timing for financial disclosures [1] - The financial performance to be discussed pertains to a specific quarter, highlighting the company's ongoing commitment to regular financial reporting [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 MINISO Group Holding Limited 名創優品集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：9896） 董事會會議日期 名創優品集團控股有限公司（「本公司」）董事會（「董事會」）宣佈，將於2025年11 月21日（星期五）召開董事會會議，藉以考慮及批准（其中包括）本公司截至2025 年9月30日止三個月的未經審計財務業績及其發佈。 本公司的管理層將於美國東部時間2025年11月21日（星期五）上午四時正（同日北 京時間下午五時正）舉行業績電話會議以討論財務業績。英語同聲傳譯將於電話 會議中提供。電話會議可通過以下方式接入： 連接方式2 收聽會議的人士可通過撥打以下號碼並使用與連接方式1相同的會議號及密碼接 入會議。 1 | 美國： | +1 689 278 1000（或+1 719 359 4580） | | --- | --- | | 中國香港： | +852 ...

Core Points - MINISO Group plans to release its financial results for the September quarter of 2025 before the U.S. market opens on November 21, 2025 [1] - An earnings conference call will be held on the same day at 4:00 A.M. Eastern Time to discuss the financial results, with simultaneous interpretation in English [2] - The conference call can be accessed via Zoom or by dialing specific phone numbers for various regions [3][4] Company Overview - MINISO Group is a global value retailer known for offering trendy lifestyle products with IP design, aiming to provide a delightful shopping experience [6] - The company has established a significant store network worldwide since its first store opened in China in 2013, building the MINISO brand as a globally recognized retail name [6]