谁来为叶国富的IP梦买单？

Core Viewpoint - The article discusses the challenges faced by Miniso, particularly in its domestic market, where same-store sales are declining, while the company is attempting to pivot towards larger store formats and IP-driven products to enhance its brand appeal and profitability [2][3][5][6]. Financial Performance - Miniso reported Q1 revenue of 4.43 billion yuan, a year-on-year increase of 18.9%, which was in line with expectations [2]. - Profit margins slightly declined due to increased IP licensing fees and depreciation costs from overseas stores, leading to an 18% drop in stock price following the earnings report [3]. Store Performance - Same-store sales have been under pressure, with a mid-single-digit decline reported for Q1 2024, although the decline was less severe than in Q4 2023 [5]. - The number of domestic stores decreased by 111 to 4,275, marking the first sequential decline in store count [5]. Strategic Shift - The company is shifting its strategy from opening numerous small stores to focusing on larger flagship stores, such as MINISO LAND, which emphasizes immersive shopping experiences [6][7]. - MINISO LAND stores are significantly larger, with areas 3-5 times that of regular stores, and are located in prime commercial districts, leading to increased operational costs [7][8]. IP Development - Miniso is attempting to enhance its product offerings through IP-driven products, but faces challenges in attracting consumers willing to pay a premium for these items [9][10]. - The company has launched TOY TOY, a separate brand focusing on trendy toys, which has shown promising revenue growth but still represents a small portion of overall sales [12][13]. Competitive Landscape - Analysts suggest that Miniso lags behind competitors like Pop Mart in terms of IP product design and market presence, indicating a need for stronger brand differentiation [15][16]. - Despite the challenges, Miniso retains a first-mover advantage in the domestic IP market, but must innovate to maintain relevance in a competitive landscape [16].