叶国富：我为何要“浪费”一个亿，富养IP

Core Viewpoint - 2025 is identified as the "Year of IP" in China, marking a significant opportunity for cultural IP to thrive globally, particularly in the trendy toy IP sector, which is still in its early competitive stages [2][9]. Group 1: Company Strategy - MINISO's founder, Ye Guofu, has elevated the "IP strategy" to a group-level strategy, focusing on enhancing proprietary IP and store operations as key priorities for 2026 [3][7]. - The company aims to upgrade 80% of its stores, emphasizing a transformation strategy termed "腾笼换鸟" (replace old with new) to adapt to the evolving market [5][14]. - MINISO has successfully launched its "IP Paradise" store format, with the first store in Shanghai achieving over 100 million yuan in sales within nine months, becoming a popular destination for tourists [5][16]. Group 2: IP Development Approach - MINISO has developed a comprehensive approach to proprietary IP, which includes launching products based on IP images, validating sales data, and then promoting through social media and celebrity endorsements [4][9]. - The company has established a four-step process for IP operation: signing exclusive IP or incubating proprietary IP, product development, store sales, and promotional activities, which are essential for long-term success [9][11]. - MINISO is committed to investing billions annually in developing its proprietary IP, with plans to recruit top IP creative talents globally [11][12]. Group 3: Market Positioning and Future Outlook - The company plans to open "Paradise Stores" primarily in developed markets like Europe and the U.S., while maintaining cost-effective regular stores in less developed regions [5][16]. - MINISO aims to lead 100 Chinese IPs into the global market over the next decade, aligning its business model with cultural consumption trends [14][17]. - The company recognizes the growing importance of interest-based consumption and cultural experiences, positioning itself to capitalize on these trends in the coming years [16][17].