Core Viewpoint - The dialogue between Luo Yonghao and Ye Guofu emphasizes the importance of product quality over the online and offline retail debate, highlighting that good products will sell well regardless of the sales channel [3][6][7]. Group 1: Views on E-commerce and Retail - Ye Guofu believes that the concept of online versus offline retail should be abandoned, focusing instead on the essence of the product. He cites that Miniso's in-store conversion rate is 30%, which is significantly higher than typical e-commerce conversion rates [3][7]. - He recalls that Miniso achieved a revenue of 10 billion in just five years, faster than Alibaba's growth to the same figure, and emphasizes the importance of product quality in driving sales [6][7]. - Ye Guofu acknowledges the rapid growth of e-commerce but insists that retailers must find their own development model, with Miniso successfully balancing both online and offline sales [7]. Group 2: Franchise and Marketing Strategy - Miniso opened its first franchise just three months after its establishment, with Ye Guofu stating that the stores serve as the best advertisement, attracting potential franchisees due to their success [9][10]. - He mentions that franchisees enjoy a gross profit margin of 38%, and the flagship store in Shanghai generated 100 million in nine months, demonstrating the effectiveness of the franchise model without spending on advertising [9][10]. Group 3: IP and Cultural Transformation - Ye Guofu reveals that Miniso has collaborated with over 150 IPs since 2016 and is undergoing a transformation from a retail company to a cultural and creative company, aiming to meet the growing spiritual needs of consumers [10][11]. - He emphasizes the importance of exporting both technology and culture for China's future, aiming to take 100 Chinese IPs global in the next decade [10][11]. Group 4: Views on Industry Collaborations - Ye Guofu expresses strong support for Luo Yonghao's approach to improving the dining experience, advocating for freshly prepared food over pre-packaged options, which he believes consumers are increasingly rejecting [12][14]. - He discusses the collaboration with Yu Donglai, stating that it is a selfless effort to help Yonghui Supermarket improve without any financial gain, highlighting the importance of product quality in retail [15][16]. Group 5: Admiration for Contemporary Entrepreneurs - Ye Guofu identifies three contemporary Chinese entrepreneurs he admires: Ren Zhengfei, Ning Gaoning, and Yu Donglai, praising their contributions to the industry and their unique business philosophies [18].

Core Viewpoint - The dialogue with Ye Guofu emphasizes the importance of product quality over the online-offline retail debate, highlighting that good products will sell well regardless of the sales channel [2][4]. Group 1: Ye Guofu's Views on Retail - Ye Guofu believes that the concept of online versus offline retail should be abandoned, advocating for a focus on product quality [4]. - He cites that Miniso's in-store conversion rate is 30%, significantly higher than typical e-commerce rates, demonstrating the effectiveness of physical retail [5]. - Ye Guofu expresses a strong preference for offline retail, stating that 90% of Miniso's sales come from physical stores, with only 10% from online [3]. Group 2: Miniso's Business Model and Growth - Miniso achieved a revenue milestone of 10 billion in just five years, faster than Alibaba's growth to the same figure [5]. - The company opened over 1,000 stores in peak years, showcasing rapid expansion [5]. - Ye Guofu emphasizes that successful franchises do not require advertising, as the stores themselves serve as effective marketing tools [6]. Group 3: Collaboration and Industry Insights - Ye Guofu discusses the collaboration with Yu Donglai, highlighting that it is a selfless effort to help Yonghui Supermarket improve without any financial gain [9]. - He notes that the transformation of Yonghui's stores, referred to as "Fat Transformation Stores," is a trend among various supermarket brands aiming for quality retail [10]. - Ye Guofu admires Yu Donglai for his altruistic approach and considers him a unique figure in the business world [11]. Group 4: Future Directions and Cultural Aspirations - Miniso is transitioning from a retail company to a cultural and creative enterprise, aiming to meet the growing spiritual needs of consumers as material needs become saturated [7]. - Ye Guofu plans to help 100 Chinese IPs go global in the next decade, indicating a strategic shift towards cultural exports [7]. - He believes that the future of China's economy relies on both technological and cultural advancements, moving beyond traditional retail models [7].

Core Insights - The discussion highlighted the rapid growth and strategic initiatives of Miniso, with its founder Ye Guofu sharing insights on the company's development and future plans [1][2][3] Company Development - Miniso was founded in 2013 by Ye Guofu, inspired by foreign lifestyle specialty stores, and achieved a revenue of 10 billion RMB within five years, outpacing Alibaba's Jack Ma [1] - The company has a current in-store conversion rate of 30%, meaning 30 out of 100 visitors make a purchase [1] - The flagship store on Nanjing Road in Shanghai generated sales of 100 million RMB in nine months, with a peak monthly revenue of 16 million RMB [1] Business Strategy - Ye Guofu emphasized the importance of a "trial and error" budget for innovation, suggesting that spending 100 million RMB on experimentation is a safer long-term strategy than avoiding risks [2] - Miniso employs a dual-track model for IP development, collaborating with top brands like Disney and signing artists for unique product designs [2] - The TOP TOY brand under Miniso is projected to achieve revenues of 4 billion RMB by Q2 2025, reflecting a year-on-year growth of 87% [2] Acquisitions and Partnerships - Miniso acquired a 29.4% stake in Yonghui Supermarket for approximately 6.3 billion RMB, becoming its largest shareholder [3] - Ye Guofu praised the collaboration with Pang Donglai, highlighting the importance of product quality and service in retail success [3] Market Position and Future Plans - Miniso reported a total revenue of 4.97 billion RMB for Q2 2025, a 23.1% increase year-on-year, with a gross margin of 44.3% [3] - The company operates 4,305 stores domestically and 3,307 stores internationally, with net additions of 30 and 94 stores in Q2, respectively [3] - Future plans include a significant restructuring of 80% of its stores to shift from retail to cultural and creative offerings [3]

Core Insights - The discussion highlights the similarities between Miniso and Pop Mart in their growth trajectories, with both companies starting from a similar foundation in retailing miscellaneous goods and gradually transitioning towards IP development [1][2] Group 1: Company Growth and Strategy - Miniso and Pop Mart both began their journeys in 2010, focusing on selling miscellaneous goods, but with different primary product categories: Pop Mart emphasizes toys while Miniso focuses on lifestyle products [1] - Miniso has been slower in its transition to self-owned IP, starting this shift only in 2023, while Pop Mart began its transition approximately seven years earlier [1] - Miniso has signed contracts for 17 self-owned IPs, with the first IP projected to achieve sales of 40 million this year and potentially exceed 100 million next year [1] Group 2: Product Categories and Market Position - Pop Mart has expanded its product offerings to include blind boxes, plush toys, and mobile accessories, while Miniso has a diverse product range and is now incorporating blind boxes and figurines into its offerings [2] - The future product categories of both companies are expected to converge, with the main distinction being the different IPs each company holds [2]

Core Insights - The founder of Miniso, Ye Guofu, highlighted the company's rapid growth, achieving a revenue increase from zero to 10 billion in a short period, with the ability to open over 1,000 stores in peak years, indicating a growth rate faster than that of Jack Ma [1] Company Strategy - Ye Guofu announced plans for the next two years to "replace the old with the new," aiming to close and reopen 80% of Miniso's stores to transform the store model and product structure, shifting from retail to cultural creativity [1]

Core Viewpoint - The founder of Miniso, Ye Guofu, emphasizes the importance of adapting retail strategies to either online or offline models, highlighting the success of Xiaomi in both domains and the need for Miniso to transform into a cultural and creative company focusing on IP products in the coming years [1] Group 1: E-commerce and Retail Insights - E-commerce has rapidly developed and significantly impacted China's retail industry [1] - Different brands excel in either online or offline sales, with some, like Xiaomi, successfully operating in both [1] Group 2: Miniso's Transformation - Miniso aims to transition into a cultural and creative company, with a focus on selling IP products in the next three to five years [1] - The growing interest in IP products in China is noted as a key factor driving this transformation [1]

Core Insights - The guest of the eighth episode of "The Crossroads of Luo Yonghao" is Ye Guofu, the founder of Miniso, who discusses the supermarket industry in China [1] - Ye Guofu differentiates between supermarkets that sell products based on consumer needs, like Sam's Club and Pang Donglai, and those that focus on backend fees, such as shelf space and barcode fees [1] - Miniso's business model includes franchising, which started three months after its establishment, leveraging store visibility as a marketing tool [1] - Miniso's franchisees enjoy a gross margin of 38% [1] - The flagship store on Nanjing Road in Shanghai achieved sales of 100 million in nine months, with a peak monthly revenue of 16 million [1] - Ye Guofu emphasizes that high-quality products do not require advertising, stating that only inferior products need marketing, and Miniso has not spent any money on franchise advertising since its inception [1]

Core Insights - The conversation highlighted the success of Miniso, particularly its franchise model and the effectiveness of physical stores as advertising tools [1] - Miniso's franchisees enjoy a gross margin of 38%, indicating a profitable business model [1] - The flagship store on Nanjing Road in Shanghai achieved sales of 100 million in nine months, with a peak monthly revenue of 16 million [1] - The founder emphasized that high-quality products do not require advertising, contrasting with lower-quality products that do [1]

Core Insights - The conversation features Luo Yonghao discussing the rapid growth of Miniso, founded by Ye Guofu, highlighting its unique market positioning in China [1] - Miniso achieved a remarkable milestone, growing from zero to 10 billion in revenue within five years, surpassing Alibaba's growth rate in the same metric [1] - At its peak, Miniso opened over 1,000 stores in a single year, demonstrating a high conversion rate of 30% in-store, which is notably higher than typical e-commerce conversion rates [1]

Core Insights - The conversation between Luo Yonghao and Ye Guofu focuses on the retail landscape, particularly the balance between online and offline sales channels [1] Group 1: Retail Strategy - Ye Guofu expresses a strong emotional connection to offline retail, noting that Miniso's online sales account for approximately 10%, while 90% comes from offline sales [1] - Despite the rapid growth of e-commerce and its significant impact on the retail industry, Ye emphasizes the importance of finding a suitable development model for each brand [1] - Miniso has successfully leveraged offline retail while also expanding its online presence, indicating a dual-channel strategy [1] Group 2: Industry Trends - Ye mentions that many online brands, such as Xiaomi, have started to establish offline stores, highlighting a trend where companies recognize the strength of offline traffic [1] - He points out that the essence of business lies in product quality, stating that without good products, a company cannot succeed regardless of the sales channel [1] - Ye advocates for moving beyond the dichotomy of online versus offline, suggesting that the focus should return to the core of product excellence [1]