and a Kax and . . . . e . . e S iiKAWA Dr. / cc . . . ● .... . . . 6 ● . . ● . 0 O O ● ● O ● 0 0 e 0 ● ● 0 PEANDI Z世代消费者正在改写全球潮玩市场规则。 他们不再满足于标准化产品，而是追求IP背后的情感认同与社交货币价值。这种转变让中国品牌看到了超车机会。相较于欧美传统玩具巨头，中国企业更擅 长捕捉新兴消费趋势，在IP孵化速度、数字化营销等方面展现出独特优势。 不久前，泰国曼谷Siam Square步行街的超千平三层独栋商场内人头攒动，吸引超5000名消费者排队打卡。这是名创优品海外首家MINISO LAND亮相泰国的 开业现场。 MINISO LAND是去年推出的乐园系门店业态，与传统门店在商品结构和运营模式上有根本性不同，其店内IP占比高达80%-90%，是名创优品从零售公司转 型成为文化创意公司的关键一步。 去年10月上海南京东路MINISO LAND首店创下9个月销售额破亿的业绩，验证了体验式零售商圈大店的潜力。随着该店态在中国的捷报频传，出海也成为 了MINISO LAND水到渠成的一件 ...

Core Insights - MINISO has opened its first overseas MINISO LAND store in Bangkok, Thailand, marking a significant step in its brand upgrade and globalization strategy [2][5] - The store features over 80 global IPs and more than 8000 SKUs, creating an immersive shopping experience that combines popular international and local Thai cultural elements [3][4] - The company plans to expand the MINISO LAND format to major Southeast Asian cities, including Jakarta, Kuala Lumpur, Manila, and Singapore, with a steady growth strategy [5][6] Store Details - The MINISO LAND store in Siam Square covers over 1000 square meters and includes various interactive experiences such as a 3D display and photo walls [3] - The store's theme is "One Step, One World," featuring distinct IP zones and a diverse product range including plush toys, blind boxes, and creative cultural products [3][4] - The store aims to serve not just as a retail space but as a content experience platform, enhancing brand value and consumer engagement [3][4] Market Strategy - Thailand is identified as a key strategic market for MINISO, with nearly 20 upgraded stores already established since its entry in 2016 [6][7] - The company emphasizes a cautious and quality-focused expansion approach, planning to open MINISO LAND stores at a double-digit annual growth rate rather than rapid mass openings [5][6] - The Thai market is characterized by a young population with high acceptance of fashion and IP, making it a lucrative area for MINISO's growth [6][7] Operational Model - The current operational model in Thailand is primarily direct sales, with a focus on enhancing brand experience and value proposition [7] - The company has entered 112 countries and regions globally, with over 7900 stores, positioning itself as a new benchmark for "Chinese creation" in retail [7]

Core Viewpoint - MINISO has opened its first MINISO LAND in Thailand, aiming to create a retail space that combines shopping, socializing, and experiential elements for local consumers [1] Company Strategy - The company has been expanding its overseas market since 2015, with a focus on Southeast Asia as its primary region for international business development [1] - Thailand is identified as a core strategic market within this Southeast Asian expansion [1] Market Positioning - The new MINISO LAND is positioned as an "IP collection + scene experience" venue, indicating a shift towards more immersive retail experiences [1]

Core Insights - MINISO has launched an innovative artist street in Guangzhou, focusing on co-creation, sharing, immersion, and interaction, aiming to connect artists with toy enthusiasts through a one-stop experience [1] - The street features the original artist IP "AngryAimee," which encourages young people to express their emotions through immersive content [3] - MINISO plans to introduce more artist IPs and themed events in the street, creating a reusable and sustainable co-creation platform that integrates original content with commercial scenarios [5] Product Launch and Engagement - During the event, several limited-edition products were launched, including "Beach Music Festival Blind Box" and "400% Big Doll," featuring innovative interactive elements that attracted many fans [6] - The designer of AngryAimee participated in a signing event, engaging with fans to gather inspiration for future designs [6] International Expansion and Brand Strategy - MINISO showcased its original toy artist IPs at the Paris Fashion Week, marking a significant step in its strategy to bring 100 Chinese IPs to the global stage [8] - The participation in Paris Fashion Week highlights the artistic elevation of Chinese original toy IPs, transitioning from collectibles to fashion accessories [10] - MINISO's innovative artist street model extends its influence from international platforms to local commercial applications, creating a complete cycle of content output and market integration [11] IP Development and Investment - The founder of MINISO mentioned a yearly investment of 100 million yuan to cultivate and nurture original IPs, emphasizing the importance of providing ample space for experimentation [15] - MINISO has established a dual-driven model of "licensed IP + signed artist IP," focusing on both international collaborations and systematic development of original IPs [16] - The company aims to build a growth platform for Chinese original forces, promoting local IPs to become globally influential cultural symbols [16]

Core Insights - MINISO FRIENDS, the first store in South China, opened in Shenzhen, aiming to create a new landmark for youth culture through an immersive IP experience [1][9] - The store integrates retail, experience, and social interaction, marking a significant step in MINISO's development of its IP platform [1][3] Group 1: Store Concept and Design - The MINISO FRIENDS store focuses on a "small yet exquisite" business model, creating a strong IP atmosphere through thoughtful scene design [3] - The store features over 70 popular IPs, including Disney and Harry Potter, with more than 4,000 SKUs, where IP products account for over 80% of the offerings [5] Group 2: Consumer Engagement and Experience - The store's design encourages consumers to explore a "mini paradise," creating an immersive shopping experience that attracted a large number of visitors on opening day [5] - The unique "Right Right Sauce" theme enhances emotional connections and provides a warm atmosphere, successfully drawing in consumers with interactive elements and exclusive gifts [5][7] Group 3: Strategic Expansion and Future Plans - The successful opening of the Shenzhen store indicates a replicable business model for MINISO FRIENDS, positioning it as a lightweight pioneer in urban trend centers [9] - The company plans to continue expanding innovative store formats like MINISO FRIENDS in major cities, reinforcing its status as a global IP operation platform [10]

Core Insights - MINISO has launched its strategic innovation store format, MINISO LAND, in Wuhan, marking its entry into the Central China market and stimulating local consumption [1][5] - The dual-store strategy targets two prime commercial districts, enhancing the city's commercial energy and supporting the "first store economy" [2][6] Strategic Layout - The expansion in Wuhan reflects MINISO's forward-looking strategy, with the stores located in the historic Jianghan Road and the modern Chu River Han Street, catering to diverse consumer needs [2][4] - This approach not only broadens geographical coverage but also integrates consumption and scene, resonating with various customer demographics [2] Store Design and Experience - MINISO LAND stores feature immersive IP experiences, with the Chu River Han Street store designed as a "Castle Paradise" and the Jianghan Road store themed as a "Wonderland" [3] - The stores utilize modular displays to transform products into interactive experiences, enhancing consumer engagement [3] IP Integration and Business Model - The stores leverage a dual-driven strategy combining top-tier licensed IPs and exclusive proprietary IPs, creating a differentiated operational matrix [4] - The Chu River Han Street store focuses on international IPs like Pokémon, while the Jianghan Road store emphasizes proprietary IPs like "Right Right Sauce," strengthening brand content development [4] Consumer Engagement and Sales Performance - The opening events featured interactive experiences, significantly attracting consumer foot traffic and driving sales conversion [5] - The success of the MINISO LAND model is evidenced by previous performance, such as the Shanghai store achieving over 100 million yuan in sales within nine months [5] National Expansion and Innovation - The launch of the Wuhan stores is part of MINISO's broader national strategy, which includes various store formats like MINISO SPACE and MINISO FRIENDS [6] - The ongoing expansion aims to enhance urban commercial innovation and consumer ecosystem upgrades, positioning MINISO as a key player in the IP-driven retail landscape [6]

Investment Focus - Amazon is the largest player in the cloud industry with a global market share of 30%, benefiting from scale effects that stabilize and improve margins [1] - Google is expected to see improvements in margins due to rising IaaS cloud scale, with a projected margin increase of over 20% by year-end [1] - Alibaba's cloud revenue reached 33.4 billion RMB in Q1 FY26, demonstrating strong growth driven by instant retail and cloud business resilience [1] Hardware & AI - Arista Networks is a leader in high-end data center network switches, with expected revenue contribution of at least $750 million from AI backend switches in 2025 [3] - NVIDIA's data center business, which accounts for 88% of its revenue, is projected to see strong growth driven by AI capital expenditures, with a target price of $204.35 based on a 30x FY2027 EPS [4] - SK Hynix is expected to benefit from recovering downstream inventory and a doubling of HBM sales this year, with a target price of KRW 280,555 [3] Internet & Services - Tencent Music is expected to see steady revenue growth driven by its core subscription business and new high-margin services, with a focus on expanding its content offerings [4] - Futu Holdings is projected to maintain strong growth in paid user numbers and AUM, benefiting from its virtual asset business and competitive valuation [6] - JoYY's core overseas live streaming business is stabilizing, supported by a favorable policy environment and strong industry demand [5] Pharmaceuticals - Hansoh Pharmaceutical is expected to see innovative drug revenue exceed 10 billion in 2025, with a significant contribution from milestone payments [8] - Innovent Biologics is focusing on expanding its ADC platforms, with potential peak sales of its pipeline products reaching 100 billion [8] - Kintor Pharmaceutical's innovative pipeline is expected to drive significant revenue growth, with a strong cash reserve of over $2 billion [9]

Core Insights - The founder of MINISO, Ye Guofu, believes that China's IP market is just beginning to explode, with significant potential for overseas expansion, particularly in cultural consumption [1][8] - MINISO LAND, the company's strategic store format, has opened its first overseas location in Bangkok, Thailand, which has exceeded revenue expectations [2][3] Expansion Strategy - Since its overseas expansion began in late 2015, MINISO has viewed Southeast Asia as its primary overseas base, with Thailand being a key focus due to its young population and cultural similarities to China [2][5] - The company plans to open 100 stores in Thailand over the next 3-5 years, primarily through direct ownership, and will also expand into other Southeast Asian countries [2][7] Business Model - The "IP + Scene" business model has attracted consumer attention and generated significant sales, with the MINISO LAND store in Shanghai achieving over 100 million yuan in sales within nine months [3][5] - In Bangkok, the IP product ratio in the MINISO LAND store is as high as 85-90%, reflecting local consumer preferences for both international and local IPs [6][7] Financial Performance - As of June 2023, MINISO operates 7,612 stores globally, with 4,305 in China and 3,307 overseas. The overseas business generated 1.94 billion yuan in revenue in Q2 2025, a 28.6% year-on-year increase, accounting for 42.6% of total revenue [7][8] IP Development - MINISO aims to cultivate its own IP, with a goal of having 70% of its products as self-developed IP and 30% as international IP. The company has signed contracts with 17 local artists and aims to sign over 20 by the end of the year [8][9] - The company has successfully launched several self-developed IPs, with "Youyou Sauce" generating over 40 million yuan in sales since its launch in June 2023 [9][10] Store Optimization - The "Tenglong Huan Niao" strategy involves systematically updating a portion of stores rather than a mass closure, focusing on enhancing store locations and sizes to improve sales performance [10]

Core Viewpoint - MINISO is expanding aggressively into overseas markets, particularly in Southeast Asia, with a focus on cultural consumption and the development of proprietary IPs [1][2][6]. Group 1: Expansion Strategy - MINISO opened its first overseas MINISO LAND store in Bangkok, Thailand, which has exceeded revenue expectations and plans to open 100 more stores in the next 3-5 years [2][3]. - The company views Southeast Asia as its primary overseas base, benefiting from a young population, high acceptance of fashion and IP, and favorable operating costs [2][3]. - MINISO LAND stores are designed to enhance brand visibility and market penetration, with a significant portion of products being IP-related [3][4]. Group 2: Market Adaptation - The Thai market shows a strong acceptance of both international and local IPs, leading to a tailored product offering in stores [4][6]. - MINISO has established a regional logistics center in Thailand to optimize operational costs and improve product competitiveness [4]. Group 3: Financial Performance - As of June 2023, MINISO operates 7,612 stores globally, with 3,307 located overseas, and reported overseas revenue of 1.94 billion yuan in Q2 2025, a 28.6% increase year-on-year [6][8]. - Overseas revenue accounted for 42.6% of total revenue in Q2 2025, up from 39.5% in the same period of 2024 [6]. Group 4: Proprietary IP Development - MINISO aims to develop its own IPs, with a goal of having 70% of its offerings as proprietary IPs and 30% as international IPs [7][8]. - The company has signed contracts with 17 local artists and aims to sign over 20 by the end of the year, emphasizing the importance of nurturing these IPs [7][8]. Group 5: Store Optimization - The strategy of "腾笼换鸟" (replace old with new) involves systematic updates to existing stores rather than a mass closure, enhancing store performance significantly [9]. - Upgraded stores in Thailand have seen sales increase by 8-10 times compared to previous performance, indicating a successful investment in store optimization [9].

Core Insights - The founder of MINISO, Ye Guofu, believes that China's IP market is just beginning to explode, with significant potential for overseas expansion, particularly in cultural consumption [1][8] - MINISO LAND, the company's strategic store format, has opened its first overseas location in Bangkok, Thailand, which has exceeded revenue expectations and is part of a plan to open 100 stores in Thailand over the next 3-5 years [3][4][6] Expansion Strategy - Since its international expansion began in late 2015, MINISO has viewed Southeast Asia as its primary overseas base, with Thailand being a key focus due to its young population and cultural similarities to China [3][4] - The company plans to enter major cities in Indonesia, Malaysia, the Philippines, and Singapore, aiming for steady growth rather than rapid expansion [6][7] Store Format and Performance - MINISO LAND stores are approximately twice the size of regular stores, with 75%-80% of products being IP-related, which has attracted significant consumer interest and sales [4][5] - The first MINISO LAND store in Shanghai achieved over 100 million yuan in sales within nine months, indicating strong market potential [4] IP Development - MINISO aims to cultivate its own IP, with a goal of having 70% of its products as proprietary IP and 30% as international IP, reflecting a shift towards becoming a cultural creative company [8][10] - The company has signed contracts with 17 local artists and aims to sign over 20 by the end of the year, emphasizing the importance of developing a robust IP matrix [8][9] Financial Performance - As of June 2023, MINISO operates over 7,600 stores globally, with 3,307 located overseas. The overseas business generated 1.94 billion yuan in revenue in Q2 2025, a 28.6% year-on-year increase, accounting for 42.6% of total revenue [7][8] - The company has reported that its proprietary IP "Youyou Sauce" generated over 40 million yuan in sales since its launch in June 2023, with expectations to exceed 100 million yuan in the following year [10]