Core Viewpoint - The article emphasizes the strategic shift of MINISO towards an IP-driven retail model, focusing on "interest consumption" to redefine its business model and create new growth engines [1][2] Strategic Goals - The IP strategy aims to upgrade channel positioning, moving from a cost-effective retailer to an IP retail collection store, tapping into the significant growth opportunities within China's IP retail market [1] - The strategy highlights the emotional value and cultural attributes of products, aiming to create a repurchase loop by locking in core consumer groups through IP-driven products and channel scenarios [1] Competitive Advantages - MINISO's competitive edge lies in its high-frequency iteration development, efficient supply chain with an inventory turnover of 50 days, and a strong global network of resources [1] - The company boasts a design team of 124 internal designers and 37 internationally recognized independent designers as of 2021, enhancing its product differentiation [1] - The operational efficiency honed in the domestic market is expected to yield greater benefits in under-supplied overseas markets [1] Growth Path - The company focuses on high emotional value "super categories" such as plush toys and blind boxes, while continuously refining its distribution model and series iterations to strengthen brand loyalty and repurchase rates [1] - MINISO has developed a seven-layer store matrix to meet diverse consumer needs, with the highest level being MINISO LAND, which serves as a venue for top IP product resources [1] - The company is exploring collaborations with various IPs in the two-dimensional and trendy toy sectors to create exclusive brand and product offerings [1] Investment Outlook - The IP strategy is expected to drive brand upgrades and business growth in a competitive retail market, establishing a long-term value anchor for the company [2] - The company's supply chain and operational capabilities in the domestic IP market are anticipated to enhance its effectiveness in overseas markets [2] - Projected adjusted net profits for the company are expected to reach 2.9 billion, 3.27 billion, and 4.15 billion yuan in 2025, 2026, and 2027 respectively [2]
名创优品(9896.HK)：开心哲学成就超级品牌