从「十元店」到全球七千多家门店，名创优品为何越来越「难赚钱」？| 声动早咖啡

Core Viewpoint - Miniso, founded by Ye Guofu, has rapidly expanded its store network but is now facing growth challenges and declining profits despite increasing revenue [2][11]. Group 1: Company Background and Expansion - Ye Guofu established a jewelry chain called "Aiyaya" in 2004, which peaked with over 3,000 stores but declined due to e-commerce competition and lack of product differentiation [1]. - In 2013, Miniso was launched, applying the successful low-cost model to a broader range of household products, quickly expanding to 7,488 stores by March 2023, with over 3,200 located overseas [2][5]. - The franchise model has been crucial, with nearly 99% of the 4,275 stores in mainland China being franchisee-operated, allowing Miniso to maintain revenue growth through new store openings [5]. Group 2: Financial Performance and Challenges - Despite a growing number of stores, Miniso reported a decline in profits in its Q1 financial report, leading to an 18% drop in stock prices [2][11]. - The company is overly reliant on new store openings for revenue growth, which has led to a vicious cycle of opening more stores while facing diminishing returns and increased competition among franchisees [5][11]. Group 3: Market Saturation and Strategic Shifts - Miniso is facing market saturation in first-tier cities, with nearly 50% penetration in shopping centers, leading to increased rental costs and reduced customer traffic [5][6]. - To counteract domestic market saturation, Miniso is focusing on international expansion, particularly in Southeast Asia, and has shifted to a direct operation model in overseas markets to improve brand management [6][7]. Group 4: Product Strategy and Cost Management - The company is shifting its focus to IP-related products, which can enhance customer purchase frequency and increase average transaction values, although reliance on external IP licensing has raised costs significantly [8][11]. - Miniso is implementing a strategy to close underperforming stores while opening larger flagship stores that can generate higher sales, and is also exploring the introduction of TopToy products to leverage its supply chain advantages [11][13]. Group 5: Future Outlook - The challenges faced by Miniso highlight the difficulties of rapid expansion and the need to balance growth with profitability, making it essential for the company to refine its operational strategies moving forward [14].