Core Viewpoint - MINISO is expanding aggressively into overseas markets, particularly in Southeast Asia, with a focus on cultural consumption and the development of proprietary IPs [1][2][6]. Group 1: Expansion Strategy - MINISO opened its first overseas MINISO LAND store in Bangkok, Thailand, which has exceeded revenue expectations and plans to open 100 more stores in the next 3-5 years [2][3]. - The company views Southeast Asia as its primary overseas base, benefiting from a young population, high acceptance of fashion and IP, and favorable operating costs [2][3]. - MINISO LAND stores are designed to enhance brand visibility and market penetration, with a significant portion of products being IP-related [3][4]. Group 2: Market Adaptation - The Thai market shows a strong acceptance of both international and local IPs, leading to a tailored product offering in stores [4][6]. - MINISO has established a regional logistics center in Thailand to optimize operational costs and improve product competitiveness [4]. Group 3: Financial Performance - As of June 2023, MINISO operates 7,612 stores globally, with 3,307 located overseas, and reported overseas revenue of 1.94 billion yuan in Q2 2025, a 28.6% increase year-on-year [6][8]. - Overseas revenue accounted for 42.6% of total revenue in Q2 2025, up from 39.5% in the same period of 2024 [6]. Group 4: Proprietary IP Development - MINISO aims to develop its own IPs, with a goal of having 70% of its offerings as proprietary IPs and 30% as international IPs [7][8]. - The company has signed contracts with 17 local artists and aims to sign over 20 by the end of the year, emphasizing the importance of nurturing these IPs [7][8]. Group 5: Store Optimization - The strategy of "腾笼换鸟" (replace old with new) involves systematic updates to existing stores rather than a mass closure, enhancing store performance significantly [9]. - Upgraded stores in Thailand have seen sales increase by 8-10 times compared to previous performance, indicating a successful investment in store optimization [9].
名创优品：再开100家泰国门店，并逐步拓展至全球