Core Insights - Miniso has made a strategic investment in Lingmouse Animation, a company founded by Jin Jin, known for creating the popular IP "Ye Luo Li," which has generated over 10 billion yuan in sales from its merchandise [1][2] - This investment indicates Miniso's shift towards developing its own IPs, reducing reliance on high licensing fees for existing popular IPs [2][3] Group 1: Investment and Business Strategy - Miniso's investment in Lingmouse Animation is part of its broader strategy to enhance its core business by exploring self-owned IP models [2][6] - The company has spent 420 million yuan on licensing fees in the past year, highlighting the financial burden of relying on external IPs [2][3] - Miniso aims for IP products to account for over 50% of its total sales by 2028, with current IP product sales already exceeding 30% [4] Group 2: Financial Performance and Market Position - In 2024, Miniso's total revenue is projected to grow by 22.8% to 17 billion yuan, with adjusted net profit increasing by 15.4% to 2.72 billion yuan [7] - Despite rapid expansion, same-store sales growth has declined, raising concerns among investors, as evidenced by a 9.75% drop in stock price following the financial report [7][8] - The average transaction value has risen to 38.1 yuan, with gross margins climbing to 44.9% [4] Group 3: Market Dynamics and Competition - The market for IP products is becoming increasingly competitive, with many retailers entering the space, leading to a "red ocean" scenario [10][11] - Miniso's strategy includes targeting younger consumers, particularly the Alpha generation, and adapting its product offerings accordingly [12][13] - The number of companies in the toy and IP sector has surged, with over 20,800 related enterprises currently registered in China, reflecting a 30.27% increase in new registrations [13][14]
烧钱“买买买”，名创优品能否撕下“十元店”标签