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]

Core Insights - MINISO LAND, the first of its kind in South China, opened in Guangzhou, featuring 5,500 SKUs and over 100 IP products, with nearly 90% of products being IP-related [1] - The store attracted over 10,000 visitors on its opening day, showcasing the potential of transforming old properties in commercial areas [1] - Since its soft launch on July 5, 2025, the store has introduced 16 product lines, with IP sales accounting for 84.43% of total sales, highlighting the effectiveness of the "IP + scene" business model [1] Company Strategy - MINISO is innovating retail spaces through unique IP designs and aims to build a leading global toy ecosystem [1] - The company employs a "dual-track" IP operation strategy, localizing classic IPs like Disney and Sanrio while also nurturing original IPs to enhance commercialization [1] - The CEO emphasized the role of super IPs and super scenes in revitalizing Guangzhou as an international consumption center [1] Expansion and Performance - Since October 2024, MINISO has been advancing its "big store strategy," with 12 MINISO LAND and 1 MINISO SPACE locations established in key cities across China [2] - The MINISO LAND flagship store on Nanjing East Road in Shanghai achieved over 100 million in sales within 9 months, setting a record [2] - The MINISO SPACE in Nanjing's Deji Plaza is noted as the first Chinese IP space to enter a global luxury shopping district [2]

Core Insights - MINISO LAND, the first store of its kind in South China, opened on August 17, blending traditional Lingnan architecture with over 100 global IPs, creating a new cultural landmark in Guangzhou [2] - The store serves as a benchmark for the "first store economy" and is a significant step in MINISO's strategy of "opening good stores and large stores" [2] - The store attracted over 10,000 visitors on its opening day, showcasing its potential as a model for upgrading old properties in the Beijing Road business district [2] Company Strategy - MINISO is leveraging innovative IP design to reshape retail spaces and accelerate the construction of a leading global trendy toy ecosystem [3] - The MINISO LAND serves as a trend design experimental space, transforming traditional retail into a global IP showcase that integrates display, experience, and consumption [3] - The company has established 12 MINISO LAND and 1 MINISO SPACE stores in key cities across China, with the Shanghai store achieving over 100 million in sales within 9 months [3] Market Impact - The successful integration of Chinese brands with global IPs is expected to create significant market shifts, evidenced by the impressive sales performance of MINISO's stores [3] - The focus on immersive experiences and storytelling for niche IPs aims to broaden their appeal to mainstream consumers, enhancing overall market engagement [3]

Group 1 - MINISO opened its first MINISO LAND store in South China on August 17, 2023, located on Beijing Road Pedestrian Street in Guangzhou, attracting over 10,000 visitors on opening day [1] - The store features a three-story standalone building with a total area of 1,200 square meters, designed around the "amusement park" theme [1] - Since its soft opening on July 5, 2025, the store has launched 16 product lines, with 6 being first releases, and IP sales accounting for 84.43% of total sales [1] Group 2 - MINISO has established 12 MINISO LAND and 1 MINISO SPACE stores in key cities across China, with the global flagship store in Shanghai achieving over 100 million yuan in sales within 9 months [2] - The MINISO SPACE in Nanjing has become the first Chinese IP space to enter a global luxury shopping district [2] - The CEO of MINISO stated that the company will continue to inject new momentum into Guangzhou's development as an international consumption center through the synergy of super IPs and super scenes [2]

Core Viewpoint - KK Group is involved in a legal dispute with Miniso regarding trademark infringement and unfair competition related to its brand "THE COLORIST," which is set to be heard in court on September 1. This case is significant for intellectual property protection in the beauty retail industry [2][4]. Company Overview - KK Group, established in 2015, is a leading new retail enterprise in China, owning multiple brands including "THE COLORIST," "KKV," and X11. The company has expanded to over 1,000 stores across more than 200 cities globally, including locations in Singapore, Thailand, and Malaysia [2][3]. Legal Background - The dispute began in 2019 when KK Group's brand "THE COLORIST" was registered by "Axin Technology" in China and by "Shenzhen Falaisheng" in several overseas countries, both of which are linked to Miniso. KK Group opened its first stores in Guangzhou and Shenzhen on September 26, 2019, quickly gaining recognition as a leading beauty retail brand [3][4]. Previous Legal Actions - Since 2020, KK Group has taken legal actions to protect its trademarks. The Beijing High People's Court ruled in favor of KK Group, stating that the registration by the infringing party constituted "unfair means of registration," leading to the cancellation of the trademark. Additionally, the Nanjing Intermediate People's Court found that Miniso's "WOW COLOUR" store design was highly similar to "THE COLORIST," ordering a cessation of infringement and a compensation of 2 million yuan [4][5]. Industry Context - The beauty retail sector in China has seen explosive growth, with the market size reaching 13 billion yuan in 2021 and projected to exceed 40 billion yuan by 2025. However, the industry faces challenges of homogenization, with many brands adopting similar business models and store designs, making it difficult for consumers to distinguish between them [5][6]. Market Trends - Recent reports indicate a slowdown in growth within the beauty retail sector, with some brands closing stores due to poor management. For instance, Sasa International announced the closure of its last 18 stores in mainland China in June 2025. In the first half of 2025, at least 34 domestic and international brands announced closures or exits from the Chinese market [6].

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]

格隆汇8月18日｜迅雷涨超20%，爱奇艺涨超16%，金山云涨超4%，中通快递、小鹏汽车、名创优品涨 近3%。 ...

Group 1 - Chinese concept stocks showed strength in pre-market trading on August 18, with notable gains in several companies [2] - Xunlei surged over 20%, while iQIYI increased by more than 16% [2] - Kingsoft Cloud rose over 4%, and other companies like ZTO Express, Xpeng Motors, and Miniso saw nearly 3% gains [2]

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]