MNSO(US:MNSO) 新浪财经·2025-09-11 10:14Core Viewpoint - A designer has accused Miniso of copying their original design for a Harry Potter-themed ring, leading to a lawsuit as the case enters judicial proceedings [3][6][19]. Legal Issues - Miniso has been involved in multiple legal disputes, with 13 judicial cases reported from November 13, 2024, to September 1, 2025, including 5 cases related to unfair competition and infringement of design patents, making up 38.5% of the total cases [4][15]. - The designer has publicly shared comparisons between their original design and Miniso's product, highlighting significant similarities in design elements [7][9]. Company Performance - In the first half of the year, Miniso reported a revenue increase of 21.1% to 9.393 billion yuan, but net profit attributable to shareholders fell by 22.6% to 906 million yuan [19]. - Despite revenue growth, the number of Miniso's main brand stores in mainland China decreased by 81, indicating a negative growth trend [19]. Market Position and Strategy - Miniso's CEO has indicated a shift away from purely pursuing store quantity growth, focusing instead on optimizing channel combinations and emphasizing larger store models [19]. - The company is facing challenges in expanding its IP business, particularly in the competitive landscape dominated by brands like Pop Mart [20][21]. Brand Controversies - Miniso has faced accusations of imitating various well-known brands, including Starbucks and Dior, with products that closely resemble their designs [13][15]. - The company has been criticized for its approach to intellectual property, with ongoing disputes affecting its reputation and market position [15][17].