Investment Rating - The investment rating for the company is "Buy" and is maintained [15] Core Viewpoints - The report emphasizes the company's IP strategy as a means to reshape its business model and create a new growth engine, focusing on "interest consumption" to drive brand upgrades and business growth [10][13][24] Summary by Sections Strategic Goals - The company's IP strategy aims to upgrade channel positioning, transitioning from a cost-effective retailer to an IP retail collection store, tapping into the significant growth opportunities within the Chinese IP retail market [10][23] Competitive Advantages - The company benefits from high-frequency product iteration and a global network layout, with inventory turnover days at 50 days, significantly lower than peers, and a strong design team with 124 internal designers and 37 international designers [11][57] Growth Path - The company focuses on high emotional value "super categories" such as plush toys and blind boxes, enhancing terminal presentation through a seven-layer store matrix, with the highest level being MINISO LAND, which showcases top IP products [12][57] Investment Recommendations - The report forecasts that the company's adjusted net profit will reach 2.9 billion, 3.27 billion, and 4.15 billion yuan from 2025 to 2027, indicating a positive outlook for its IP retail market development [13][19]
名创优品（09896）：系列深度之篇二：开心哲学成就超级品牌