Core Viewpoint - The article highlights the rapid growth and market success of Tong Shifu, a company specializing in copper crafts, which has gained significant popularity among young male consumers, paralleling the success of brands like Bubble Mart in the new consumption sector [3][48]. Company Overview - Tong Shifu, founded by Yu Guang, has become the leading brand in China's copper cultural and creative products industry, leveraging a unique market position and a focus on quality [7][9]. - The company has recently submitted its IPO application in Hong Kong, indicating its readiness for public listing [9]. Business Strategy - Yu Guang's entrepreneurial journey reflects a commitment to quality and innovation, having previously succeeded in the bathroom fixtures industry before pivoting to copper crafts [12][16]. - The company employs a pricing strategy aimed at making copper products accessible to a broader audience, with items like the "Twelve Zodiac" series priced as low as 99 yuan [21][23]. - Tong Shifu has adopted a marketing approach similar to Xiaomi, focusing on community engagement and brand loyalty through events like the "Copper Fan Heroes Conference" [27][30]. Market Performance - In 2024, Tong Shifu achieved a revenue of 5.71 billion yuan with a net profit of 790 million yuan, reflecting a net profit margin of 13.8% [46]. - The company holds a 35% market share in the Chinese copper cultural and creative products market, positioning it as a dominant player [46]. Consumer Demographics - The primary consumer base consists of over 500 million "Copper Fans," predominantly young males aged 30-35, indicating a strong trend towards interest-based consumption [48].

Core Insights - The consumer platform "What Worth Buying" released the consumption trend for the "618" mid-year shopping festival, indicating a strong interest in "trade-in" programs, with related keywords' GMV increasing by 26.37% year-on-year [1] - Experience-based consumption is becoming a significant driver for many consumers, with ticket sales for movies, concerts, and events seeing a GMV increase of 555.90% year-on-year [1] - Other categories such as gaming hardware, outdoor equipment, and photography also experienced substantial growth, with GMV increases of 300.19%, 62.20%, and 18.01% respectively [1] Category Summaries - **Trade-in Programs**: The enthusiasm for "trade-in" remains high, contributing to a 26.37% year-on-year growth in GMV for related keywords, with significant increases in categories like audio playback, home appliances, and mobile communications, which saw GMV growth of 54.84%, 44.38%, and 29.08% respectively [1] - **Experience Consumption**: Experience-based purchases are gaining traction, with ticket sales for entertainment events showing a remarkable growth of 555.90% year-on-year, indicating a shift towards experiential spending [1] - **Other Categories**: The gaming hardware sector saw a GMV increase of 300.19%, while outdoor gear and photography equipment also showed growth rates of 62.20% and 18.01% respectively, highlighting diverse consumer interests [1]

开展首日周边购买排队超3个小时、周末门票核验排队一个小时以上、180元/只的限定熊猫版哆啦A梦40分钟全部售罄、人均展会周边消费超过500元…… 近日，上海嘉里中心的100%哆啦A梦展在沪上掀起一阵蓝胖子旋风。一只难求、不断补货的限定衍生品，从全国各地慕名而来的哆啦A梦粉丝和漫天飞的 观展攻略、代购帖都足见这次展会的火爆。大量非购票用户也被中庭展陈吸引，前来与散落在购物中心各个角落的机器猫装置合影打卡，经典IP的带动效 应可见一斑。 不只是哆啦A梦，不久前的Chikawa樱花季线下发售同样体现了超高人气，首发日无论是北京THEBOX朝外还是上海南京东路上的Miniso Land，都在开门 前迎来了超过100人的队伍。4月20日新品全线上架当天，北京朝阳大悦城的Miniso门店在早上8:30左右，便已经排起了近500人的长队，人流直接围绕商 场外转了大半圈。 近两年，随着兴趣消费崛起、IP效应增强，二次元展陈、限定IP商品首发等线下活动显著回潮。一方面，Jellycat、名创优品等品牌的线下新品首发和快闪 活动吸睛无数。另一方面，包括海贼王、数码宝贝、吉卜力、柯南、哆啦A梦等童年回忆型经典日漫IP开始以付费展的 ...

Core Viewpoint - The company, 卡游, is advancing its IPO process in Hong Kong, capitalizing on favorable market conditions and its strong market position in the entertainment and toy sectors [1][2]. Group 1: Market Environment and IPO Context - The external environment has shifted favorably for 卡游, with younger consumers driving demand for emotional and social consumption [1]. - The company aims to leverage the current market dynamics to accelerate its expansion and showcase its unique business model of "content-driven consumption" [1]. - The Hong Kong market is increasingly welcoming to new economy enterprises, particularly those with high growth potential [1]. Group 2: Financial Performance - In 2024, 卡游 achieved total revenue of 10.057 billion yuan, a staggering increase of 278% year-on-year [2]. - Adjusted net profit reached 4.466 billion yuan, marking a 378% surge compared to 2023, reflecting the success of its diversified strategy [2]. Group 3: IP Diversification Strategy - 卡游 employs a dual-track model of "licensed IP monetization" and "original IP ecosystem extension," which provides both short-term certainty and long-term growth potential [3]. - As of December 31, 2024, 卡游 has a portfolio of 70 IPs, with 69 being licensed, contributing over 85% of total revenue from the top five licensed IP products [3][4]. - The company has established long-term relationships with key IP partners, ensuring revenue stability from core IPs [4]. Group 4: Product Diversification - 集换式卡牌 (trading card games) constitute over 90% of 卡游's total sales, with revenue from this segment growing from 3.93 billion yuan to 8.2 billion yuan, reflecting a compound annual growth rate of 27.8% [8]. - The company has successfully expanded into peripheral products and cross-category offerings, tapping into the growing market for related merchandise [8][9]. - 卡游's flexible supply chain and operational capabilities enable rapid product development across multiple categories, enhancing its competitive edge [10]. Group 5: User Engagement and Market Strategy - The company has demonstrated exceptional sensitivity in user operations, effectively targeting demographic shifts through data-driven marketing strategies [12]. - By integrating IP diversification as a content engine and product diversification as a growth lever, 卡游 has established a robust business model that combines card sales with derivative product expansion [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In 2024, the company achieved revenue of 16.99 billion, a year-on-year increase of 23%. The net profit attributable to the parent company was 2.62 billion, up 16% year-on-year, while the adjusted net profit was 2.72 billion, also reflecting a 16% increase [2][4]. - For Q4 2024, the company reported revenue of 4.71 billion, a 23% year-on-year growth, with a net profit of 810 million, marking a 27% increase, and an adjusted net profit of 790 million, which is a 20% increase year-on-year [2][4]. - The company is in a strategic investment phase that is temporarily diluting profit margins, with growth driven by IP and international expansion [4]. Revenue Summary - The company’s revenue growth is supported by strong performance in overseas markets and the TOPTOY brand, while domestic operations faced slight pressure due to high base effects. In 2024, domestic revenue for the company grew by 11%, while TOPTOY saw a 45% increase. In Q4, domestic revenue growth was 7% for the company and 50% for TOPTOY [7]. - The overseas market experienced a robust growth of 43% in 2024, with direct overseas operations growing by 66% on a comparable basis [7]. Profitability Summary - The adjusted net profit for 2024 was 2.72 billion, reflecting a 16% year-on-year increase, with Q4 adjusted net profit reaching 790 million, a 20% increase year-on-year. The gross margin, sales, and management expense ratios showed changes of 3.9%, 2.4%, and 1.0% respectively, with operating profit margin improving by 0.6 percentage points [7]. - The decrease in financial income and the phase of direct investment have temporarily diluted profit margins, but operational profitability continues to improve [7]. Strategic Initiatives - The company is enhancing product capabilities while implementing an innovative store matrix strategy and an online O2O approach to capture domestic growth. The "seven-layer store matrix strategy" is being executed, focusing on both IP and category scenarios [7]. - The company plans to transform smaller stores into larger ones and optimize channel and franchise structures to achieve precise inventory distribution [7]. Financial Projections - The adjusted net profit forecasts for 2025, 2026, and 2027 are 3.04 billion, 3.73 billion, and 4.59 billion respectively, indicating a positive outlook for profitability as the company scales its operations [7].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is steadily advancing its global layout and emphasizes its IP channel's capacity to capture demand [5] - The company achieved significant revenue growth in 2024, with a total revenue of 16.994 billion RMB, representing a year-on-year increase of 22.8% [7] - The company completed its annual store opening target, with a total of 7,780 stores by the end of 2024, including 6,504 Miniso stores [7] - The overseas store expansion is notable, with 631 new stores opened abroad, accounting for 58% of total new openings [7] - The company's gross margin reached a historical high of 44.9% in 2024, up 3.7 percentage points year-on-year, driven by an increase in overseas direct sales [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 11,473.21 million RMB - 2024: 16,994.03 million RMB - 2025E: 20,851.52 million RMB - 2026E: 24,818.06 million RMB - 2027E: 29,259.03 million RMB - The expected year-on-year growth rates for revenue are 13.76% in 2023, 48.12% in 2024, and 22.70% in 2025 [6] - The adjusted net profit for 2025 is projected to be 3,123.30 million RMB, with a year-on-year growth rate of 19.3% [6] - The earnings per share (EPS) are expected to increase from 1.42 RMB in 2023 to 2.50 RMB in 2025 [6] Store Expansion and Product Strategy - The company has successfully launched new products under the WAKUKU brand, with a recent release selling out within two hours, indicating strong consumer interest [7] - The TOPTOY brand has also seen rapid overseas expansion, achieving a revenue of 984 million RMB in 2024, a year-on-year increase of 44.7% [7] - The company is focusing on adjusting its revenue structure and IP product mix to enhance gross margin performance [7]

4月7日下午，永辉超市微信公众号发布了《致中国优质供应链的一封信》，其中那句"让中国制造的星光汇聚成照亮内需市场的银河"，被业内视为传统商 超转型的"破局宣言"。 背后也映射着永辉超市以"去中间商"为核心的供应链重构野心，以及对中国品质零售未来十年的战略押注。这场始于供应链端的变革，或将对零售业产生 更深远影响。 坚定走"品质零售"路线的永辉超市 永辉在公开信中提出，若因出口受阻而库存积压，永辉将开通"绿色通道"完成15天极速上架；针对苦恼于国内市场认知度的外贸商品，永辉将提供推广扶 持；对于渴望产品升级的供应链企业，永辉将作为"市场助手"共同开发新产品。 这也是永辉供应链改革与品质零售战略的率先鸣枪。 叶国富在此前的全球供应商大会上强调："未来零售行业就是两大趋势，品质零售和兴趣消费。名创优品代表兴趣消费，而我们希望通过永辉把握住品质 零售的机会。品质零售最核心的就是产品。只有好产品才有好品牌，只有好产品才有好渠道，只有好产品才有好业绩。" 这一观点与永辉的"三大聚焦一个反对"战略（聚焦核心供应商、核心大单品、长期主义；反对频繁更换供应商）形成呼应，将供应链从博弈转向共生。 2024年永辉亏损14亿元，而2 ...

以下文章来源于娱乐资本论 ，作者娱子酱团队 娱乐资本论 . 娱乐资本论隶属于界面财联社（上海报业集团主管主办），持有新闻牌照，是北京市文化产业投融资协 会会员单位，并与中国网络视听大会、北京国际电影节、上海国际电影节等行业大会展开了长期、深度 的合作，致力于独家报道，是泛文娱行业第一媒体。 近日，港股的几只兴趣消费"当红炸子鸡"泡泡玛特、名创优品、布鲁可陆续发布2024年财报。2024年， 三家公司分别实现130.38亿元/169.94亿元/22.41亿元的营业收入，同比增长106.9%/22.76%/155.53%，传递 出兴趣消费市场的巨大潜力。 2025年，兴趣消费市场何去何从？小娱详细分析了三家企业的2024年年报，发现这个高速增长、高速变 化的行业已经穿上了无法停下的"红舞鞋"：从资本市场的角度，一旦各个指标的增长反映出压力，新消 费的故事便会失去吸引力；从品牌的角度，爆款出现的节奏一旦停滞，品牌或将很快被消费者遗忘。 由此，兴趣消费品牌从国内卷到海外，但小娱通过研究海外兴趣消费巨头美泰、孩之宝 和Funko等财报发 现：海外市场，特别是欧美市场，同样存在明显的瓶颈乃至负增长。国产兴趣消费品牌在全球 ...

Core Viewpoint - The core focus of the article is on Ye Guofu's strategic plan to reform Yonghui Supermarket, emphasizing the goal of reducing losses by 2025 through significant operational changes, including store closures and supply chain improvements [1][16][19]. Group 1: Leadership and Governance Changes - Ye Guofu, founder of Miniso, has joined Yonghui Supermarket's board as a non-independent director and is leading the reform group, following Miniso's acquisition of a 29.4% stake in Yonghui [3][9]. - Yonghui Supermarket is currently without a CEO, as the previous CEO, Li Songfeng, was not re-elected, highlighting a significant governance shift [10][12]. - The Shanghai Stock Exchange has issued a regulatory notice regarding Yonghui's internal governance, indicating the need for compliance and management standardization [4][5]. Group 2: Financial Performance and Loss Reduction Strategy - Yonghui Supermarket has faced substantial losses, totaling nearly 9 billion yuan from 2021 to 2023, with an expected net loss of 1.4 billion yuan in 2024, indicating a worsening financial situation [17][18]. - Ye Guofu's reform strategy for 2025 focuses on loss reduction, which includes closing 250 to 350 stores and adjusting around 200 stores to improve operational efficiency [19][20]. - The planned store closures represent a significant reduction in Yonghui's total store count, potentially affecting 33.42% to 46.79% of its locations [21][22]. Group 3: Operational and Strategic Initiatives - The reform initiatives include enhancing supply chain efficiency and developing private label products, with a goal for private labels to account for 40% of total sales within 3 to 5 years [23][24]. - Ye Guofu aims to implement a collaborative approach between Miniso and Yonghui, focusing on product development and supply chain upgrades to drive profitability [35][36]. - The emphasis on product quality and development is seen as a critical factor for both companies, with Ye Guofu advocating for a shift towards a manufacturing-driven retail model [34][26]. Group 4: Broader Market Context and Future Outlook - Ye Guofu's confidence in leading Yonghui's transformation is bolstered by Miniso's strong financial performance, with a reported revenue of 17 billion yuan in 2024, reflecting a 22.8% year-on-year growth [27][30]. - The contrasting performance between Miniso and Yonghui highlights the urgency for Yonghui to adapt and innovate in a competitive retail landscape [30][31]. - Ye Guofu's vision for Yonghui includes a focus on internationalization and modernization, aiming to leverage successful retail strategies to revitalize the brand [24][26].

瑞财经 吴文婷近日，名创优品旗下TOP TOY召开战略升级发布会，宣布启动全球化，目标是未来5年覆 盖全球100个国家核心商圈，开设超1000家门店。 名创优品旗下TOP TOY拟5年开店1000家，叶国富 称要抓住文化出海机会 在此背景下，名创优品以及TOP TOY的发展方向，均是布局全球的兴趣消费市场。"兴趣消费在中国刚 刚起步，而美国的兴趣消费市场已经非常成熟。美国人均兴趣消费超过2000元，日本人均兴趣消费为 588元，而中国的人均兴趣消费仅为51元。我们与日本相差10倍，与美国相差40倍。这意味着中国的兴 趣消费市场潜力巨大。"叶国富表示。 | | 截至12月31日 | | | --- | --- | --- | | | 2023年 | 2024年 | | TOP TOY門店數量 | | | | 直營店 | 14 | 40 | | 名創合夥人門店 | 134 | 236 | | 合計 | 148 | 276 | 2024年财报显示，TOP TOY门店数量由截至2023年12月31日的148家增加至截至2024年12月31日的276 家，其中272家位于中国内地。 名创优品创始人兼CEO叶国富指出，过 ...