Ge Long Hui·2025-09-05 14:01Core Viewpoint - The article highlights the contrasting performance of Pop Mart and Miniso in the new consumption sector, with Pop Mart continuing to thrive while Miniso faces volatility in its stock price and market perception [1][3]. Group 1: Company Performance - Pop Mart's stock price has increased by 37% since August, with a market capitalization exceeding 400 billion yuan [1]. - Miniso's market capitalization is currently less than 60 billion HKD, with a valuation of only 22 times earnings, indicating a lack of investor enthusiasm [3]. - In the first half of 2025, Miniso reported revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, but its net profit dropped nearly 20% [4]. Group 2: Store Expansion and Revenue - Miniso opened 554 new stores overseas in the first half of 2025, nearly three times the number of new stores opened in mainland China [4]. - As of June 30, 2025, Miniso had a total of 7,612 stores globally, with 3,307 located overseas [5]. - Approximately 75% of Miniso's new stores in the past year were opened overseas, highlighting its focus on international expansion as a key growth driver [5]. Group 3: IP and Brand Strategy - The significant difference in performance between Pop Mart and Miniso can be attributed to their respective approaches to intellectual property (IP) [3]. - Pop Mart's revenue for the first half of 2025 reached 13.876 billion yuan, 1.5 times that of Miniso, with a year-on-year growth of 204.4% [13]. - Pop Mart's gross profit margin was 70.3%, compared to Miniso's 44.3%, showcasing the impact of brand premium and IP operations [14]. Group 4: Challenges and Future Outlook - Miniso's reliance on a retail store model for growth may limit its performance potential, as increasing store density can lead to diminishing returns [6][10]. - The company faces challenges in transforming its business model and effectively leveraging IP to enhance store performance [12][29]. - Miniso has been gradually shifting towards original IP development, with plans to increase investment in this area, which could lead to greater growth if successful [28][31].