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]

经济观察网 10月22日，@罗永浩的十字路口 视频播客节目请来名创优品创始人叶国富。 对于未来规划，叶国富提出今明两年要"腾笼换鸟"，将名创优品80%的门店关闭重开，改变店铺模型和 产品结构，实现从零售向文化创意的转变。 在访谈中，叶国富称名创优品踩中了非常大的市场需求，在短短几年时间内就实现从0到100亿，在高峰 时期一年能开1000多家店，成长速度应该比马云还快。 ...

#叶国富称小米线上线下都成功#【#名创优品要转型# ：成为一个文化创意公司】10月22日，@罗永浩 的十字路口 发布新一期播客节目，本期嘉宾为名创优品创始人叶国富 。谈及对电商和零售业的看法， 叶国富表示：电商这几年确实发展的很快，对中国的零售业冲击很大，但是我们看如何找到适合的模式 来发展，有些人线上做得很好，有人线下也做得很好，比如我的能力在线下，我就围绕线下，把我的产 品做好，有些人能力适合做线上。他还表示：很多线上品牌也做线下，你看小米从线上起来的，现在线 下也开得很成功。谈到名创优品今年为何要转型，要成为一个文化创意公司，叶国富表示："未来名创 优品店铺产品我认为通过三到五年，所有店绝大部分要卖IP产品，因为IP这两年在中国进步很快，很多 人在关注了。"（财经网科技） 转自：贝壳财经 ...

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]

责任编辑：宋雅芳 新浪科技讯 10月22日下午消息，罗永浩发布新一期对话节目，此次对话名创优品创始人叶国富，聊潮 玩消费以及"胖改店"的故事。 他表示，名创优品做了三个月后就开始加盟，店铺是最好的广告，看到我们门店生意这么好，很多人主 动找我们加盟。 他提到，名创优品的加盟商有38%的毛利。上海南京路开了全球一号店，九个月做了一个亿，最高峰一 个月做了1600万。"真正好的东西不需要广告，只有差的东西要广告。从创业到现在我们没在加盟广告 上花过一分钱。" ...

他回忆，名创优品从0做到100亿，只用了五年时间，比马云从0到100亿速度还要快。最高峰一年开一千 多家店，另外进店转化率是30%，进来100个人有30个人买单，"电商有这么高的转化率吗？"他说。 责任编辑：宋雅芳 他提到，名创优品发展这么快，是因为踩中了市场需求，当时中国没有这个模式。 新浪科技讯 10月22日下午消息，罗永浩发布新一期对话节目，此次对话名创优品创始人叶国富，聊潮 玩消费以及"胖改店"的故事。 ...

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]

叶国富表示，自己比较喜欢逛街，创业就是逛街逛出来的。他称，当时在日本逛街，看到杂货店和百货 店设计得很漂亮很精美，价格也很有竞争力很便宜，当时中国没这个模式，把这个模式引入中国诞生了 名创优品。 责任编辑：江钰涵 新浪科技讯 10月22日下午消息，罗永浩发布新一期对话节目，此次对话名创优品创始人叶国富，聊潮 玩消费以及"胖改店"的故事。 ...