从“山寨优选”到“大IP梦”，叶国富的全球“大冒险”

Core Viewpoint - MINISO is undergoing a strategic transformation from a retail company to a cultural and creative company, aiming to become a leading global IP operation platform, while facing challenges related to its past "knockoff" reputation and the sustainability of its IP strategy [3][10][21] Group 1: Strategic Transformation - MINISO has launched an "IP Equalization" initiative, with plans to invest 100 million yuan annually to support original IP development and recruit top IP designers [1][3] - The company aims to have over 8,800 global stores by the end of 2025, with a significant presence in key markets like New York and Paris [3][10] - The transformation is marked by collaborations with high-profile IPs such as Disney and Harry Potter, but raises questions about whether this shift can truly erase its "value retail" roots [3][10] Group 2: Financial Performance - In 2024, MINISO's revenue reached 16.994 billion yuan, a year-on-year increase of 22.8%, with overseas revenue surging by 42% to 6.68 billion yuan [10][11] - The company's gross margin improved to 44.9%, but profitability remains under pressure due to rising IP licensing costs, which increased by 31.5% to 2.408 billion yuan [11][13] - Despite impressive revenue growth, the quality of profits has not kept pace, leading to concerns about the sustainability of its IP strategy [10][11] Group 3: Supply Chain and Operational Efficiency - MINISO has developed a highly efficient supply chain, reducing product development cycles to as short as 21 days, significantly faster than the industry average [9][10] - The company relies heavily on external IPs for sales, lacking a robust internal IP culture, which limits its ability to create a stable profit model [15][20] - Quality control issues have emerged, with several products facing scrutiny for safety and quality, impacting brand perception and customer loyalty [13][14] Group 4: Global Expansion and Market Positioning - MINISO's global strategy includes opening flagship stores in prestigious locations, enhancing brand image and attracting consumers [16][17] - The company has made strides in overseas markets, with a total of 579 direct stores and 2,303 partner stores as of mid-2025 [16][20] - However, challenges remain in localizing products and addressing supply chain inefficiencies, which hinder its ability to fully capitalize on international opportunities [20][21]