名创优品想做出自己的LABUBU

Core Viewpoint - Miniso aims to enhance its narrative in the trendy toy market by developing its own IP, which is considered a critical strategic move for the company moving forward [1][5]. Group 1: Company Strategy and Performance - Miniso has signed contracts with 9 artists for IP development, indicating a dual-driven strategy of international and proprietary IP [1]. - In the first half of the year, Miniso achieved revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, with adjusted net profit reaching 1.278 billion yuan, up 3% [3]. - The TOPTOY brand has seen rapid growth, with second-quarter revenue increasing by 80% to 400 million yuan, and a recent strategic financing round led by Temasek valued the brand at approximately 10 billion HKD [4]. Group 2: Market Position and Competitive Landscape - Miniso is recognized as a "channel brand" in the IP trendy toy sector, having collaborated with high-profile IPs like Chikawa and Harry Potter to drive product innovation and traffic conversion [6][7]. - The company has experienced a 13 percentage point increase in gross margin over three years due to the premium pricing of IP-related products, although the non-exclusive cooperation model is easily replicable, leading to significant market competition [8]. - Miniso's licensing expenses have increased significantly, with a 31.5% year-on-year rise to 240 million yuan in the first half of the year, which is putting pressure on profits [9]. Group 3: Retail Strategy and Store Performance - The MINISO LAND concept, which serves as a high-end store format, has shown strong performance, with an average monthly sales of 4 million yuan per store, significantly outperforming regular stores [12][13]. - The global flagship MINISO LAND store in Shanghai achieved sales exceeding 100 million yuan within just 9 months of opening [16]. - The company is shifting its strategy to focus on larger stores, with over 200 stores exceeding 400 square meters, contributing significantly to sales despite only representing 5% of total stores [32][33]. Group 4: Future Outlook and Challenges - Miniso's management is optimistic about achieving positive same-store sales growth for the year, having transitioned to positive growth from a decline in the first quarter [35]. - The company plans to slow down its aggressive store opening strategy, reducing the target for new stores in the U.S. to 80, nearly half of the previous year's target, while focusing on densely populated areas to improve operational efficiency [45][46]. - The investment in Yonghui Supermarket has resulted in a 119 million yuan accounting loss, which may continue to pressure Miniso's financial performance in the near term [48].