智通财经APP获悉，国信证券发布研报称，维持布鲁可(00325)"优于大市"评级，不过短期考虑到公司 9.9元平价产品的占比提升可能影响毛利率，以及新IP的培育爬坡期， 下调公司2025-2027年归母净利润 至8.05/11.38/15.06亿元(前值分别为10.31/14.67/18.88亿元)。总体上，公司作为IP拼搭类玩具的龙头，仍 持续受益情绪消费、IP经济发展的红利。自身亦积极推进IP矩阵建设、品牌推广和渠道扩张，夯实未来 持续成长的基础。 据布鲁可官方消息，计划于9月12日推出"英雄总动员"星辰版第3弹产品，以及三丽鸥旗下IP"酷洛米第2 弹"产品。该行认为，星辰版作为公司9.9元价格带的产品，重要覆盖了广泛的下沉市场，成为推动公司 收入增长的重要驱动力。公司最新公布的上半年业绩显示，整体营收13.38亿元，同比+27.9%，其中包 括奥特曼星辰版在内的9.9元平价产品收入达到2.16亿元。此次上新将进一步丰富星辰版的产品矩阵，满 足多样化消费需求。 此外，公司也同步上新三丽鸥IP相关产品，是不断完善IP矩阵的一步。公司截至上半年，已将19个IP实 现商业化。2025上半年公司总收入中，前四大I ...

此外，公司也同步上新三丽鸥IP相关产品，是不断完善IP矩阵的一步。公司截至上半年，已将19个IP实 现商业化。2025上半年公司总收入中，前四大IP贡献了83.1%，而去年同期前三大IP贡献92.3%的收入， 多元IP的贡献则实现进一步提升。 国信证券发布研报称，维持布鲁可(00325)"优于大市"评级，不过短期考虑到公司9.9元平价产品的占比 提升可能影响毛利率，以及新IP的培育爬坡期，下调公司2025-2027年归母净利润至8.05/11.38/15.06亿元 (前值分别为10.31/14.67/18.88亿元)。总体上，公司作为IP拼搭类玩具的龙头，仍持续受益情绪消费、IP 经济发展的红利。自身亦积极推进IP矩阵建设、品牌推广和渠道扩张，夯实未来持续成长的基础。 据布鲁可官方消息，计划于9月12日推出"英雄总动员"星辰版第3弹产品，以及三丽鸥旗下IP"酷洛米第2 弹"产品。该行认为，星辰版作为公司9.9元价格带的产品，重要覆盖了广泛的下沉市场，成为推动公司 收入增长的重要驱动力。公司最新公布的上半年业绩显示，整体营收13.38亿元，同比+27.9%，其中包 括奥特曼星辰版在内的9.9元平价产品收入达到2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][7] Core Views - The company plans to launch new products under its core IP, including the third series of "Hero Total Mobilization" and the second series of "Cinnamoroll" from Sanrio, which will enhance its product matrix and cater to diverse consumer needs [3][5] - The company's revenue for the first half of the year reached 1.338 billion yuan, representing a year-on-year increase of 27.9%, with 216 million yuan coming from the 9.9 yuan affordable product line [3][5] - The company has commercialized 19 IPs as of the first half of the year, with the top four IPs contributing 83.1% of total revenue in the first half of 2025, compared to 92.3% from the top three IPs in the same period last year, indicating an improvement in the contribution from diversified IPs [3][4][5] Financial Forecasts and Valuation - The company's projected net profit for 2025-2027 has been revised down to 805 million, 1.138 billion, and 1.506 billion yuan respectively, with corresponding P/E ratios of 27.4, 19.4, and 14.7 times [4][7] - The company continues to benefit from emotional consumption and the growth of the IP economy, actively promoting its IP matrix, brand, and channel expansion to solidify its growth foundation [4][7]

Core Viewpoint - A designer has accused Miniso of copying their original design for a Harry Potter-themed ring, leading to a lawsuit and highlighting ongoing issues with intellectual property disputes involving the company [1][2][4]. Group 1: Lawsuit and Accusations - The designer, Zavier, has filed a lawsuit against Miniso, claiming that the company's product closely resembles their original design [2][4]. - Miniso has not publicly responded to the allegations as of the time of reporting [2][8]. - The designer provided evidence, including original design drafts and comparison images, to support their claims of similarity in design elements [5][4]. Group 2: Intellectual Property Issues - Miniso is currently involved in 13 legal cases related to intellectual property and unfair competition, with 5 cases specifically concerning design patent infringement and copyright issues, where the company is the defendant [2][11]. - The company has faced multiple accusations of copying designs from other brands, including products similar to Starbucks and Dior, raising concerns about its business practices [9][11]. Group 3: Financial Performance and Business Strategy - 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 [15]. - Despite revenue growth, the number of Miniso stores in mainland China decreased by 81, indicating potential challenges in market expansion [15][16]. - The CEO of Miniso stated a shift in focus from quantity growth to optimizing channel combinations, with a new emphasis on larger store models [16].

文 | 《 BUG 》栏目 闫妍 近日，一位原创设计师在社交媒体公开发声，控诉名创优品旗下某款哈利波特主题戒指产品 涉嫌抄袭其原创设计，并公布了自己的设计原稿和名创优品线下实物产品对比图，称二者外 观存在高度相似。 该设计师告诉《 BUG 》栏目，已提起诉讼，案件已进入司法程序。截至发稿，名创优品官 方未回应此事。 除此之外，名创优品还陷入了不少知识产权纠纷、不正当竞争等相关诉讼。天眼查信息显 示，名创优品（广州）有限责任公司从 2024 年 11 月 13 日至 2025 年 9 月 1 日，共涉 及 13 起司法案件，其中不正当竞争纠纷、侵害外观设计专利权纠纷以及著作权权属、侵权 纠纷涉及了 5 起案件，且均为被告，占比 38.5% 。 戒指设计引发原创设计师诉讼 近日，独立设计师 Zavier 在社交媒体发布声明表示，控诉名创优品旗下某款哈利波特主题 戒指产品涉嫌抄袭其原创设计。 该设计师在声明中表示，"近期，我发现名创优品（广州）有限责任公司生产、销售的一款 产品，与我的原创设计高度相似。作为一名个体创作者，面对行业巨头，我在第一时间选择 了最理性、最克制的沟通方式，尝试通过正式函件与对方交涉。很遗憾 ...

Core Viewpoint - The success of Jellycat's plush toys is attributed to the emotional value they provide, particularly through the immersive "play house" experience that resonates with adult consumers' desire to escape reality and fulfill their inner child [10][12]. Group 1: Product Offering - Jellycat offers a variety of plush toys, including common animal shapes and everyday objects, categorized into different series [4]. - The unique aspect of Jellycat's products is the incorporation of a "ceremonial" experience, such as the themed café where all toys resemble food items, enhancing the overall consumer experience [7]. Group 2: Consumer Engagement - The buying process at Jellycat includes interactive performances, such as candle lighting on plush cakes and tea preparation, creating a sense of ritual that appeals to consumers' nostalgia and emotional needs [10]. - Consumers perceive Jellycat toys not merely as playthings but as "children" that they care for, fulfilling a sense of purpose and control in their lives [11]. Group 3: Market Performance - During the 2023 "Double 11" shopping festival, Jellycat's sales surpassed Disney, establishing it as a leader in the plush fabric category, with an average transaction price of 465 yuan [12]. - In March 2024, data from Tmall indicated that products priced above 400 yuan accounted for 14.1% of sales, with Jellycat's "Pirate Dog" plush toy achieving a remarkable average transaction price of 2759 yuan, ranking as the best-selling item [12]. Group 4: Emotional Connection - The immersive "play house" environment created by Jellycat allows adults to temporarily escape their worries, fulfilling a psychological need for comfort and emotional healing [12]. - The appeal of Jellycat and similar brands lies in their ability to satisfy consumers' emotional needs, making them key players in the toy and IP economy [13].

Core Viewpoint - The rise of "pain gold," a combination of anime, gaming IPs, and gold jewelry, is becoming popular among young consumers, seen as a more valuable alternative to traditional merchandise [1][2][5]. Group 1: Market Trends - "Pain gold" has gained traction on social media and is viewed as a new growth point for jewelers, reflecting a shift in consumer spending towards personal enjoyment and emotional value [1][5]. - The average price of "pain gold" ranges from 1800 to 2000 yuan per gram, significantly higher than the typical gold jewelry price of around 1000 yuan per gram, indicating a substantial premium for these products [5][6]. Group 2: Consumer Behavior - Young consumers are increasingly willing to pay for emotional and nostalgic value, often associating their purchases with personal interests and childhood memories [3][4]. - The trend is supported by a growing number of discussions on social media, with over 20,000 posts and nearly 3 million views related to "pain gold," primarily from consumers born in the 1990s and 2000s [3][5]. Group 3: Industry Insights - The jewelry industry is adapting to the changing preferences of younger consumers, who prioritize design, emotional connection, and social attributes in their purchases [4][9]. - The integration of IP with gold jewelry is seen as an innovative direction for the traditional jewelry market, although concerns about the sustainability of this trend exist due to the varying lifespans of popular IPs [6][9]. Group 4: Pricing and Investment Perspective - Analysts caution that the high premiums associated with "pain gold" may not be justified from an investment standpoint, suggesting that traditional gold bars or coins are more rational choices for value retention [1][6]. - The liquidity of "pain gold" is also questioned, as its resale value may only reflect the gold price rather than any additional IP value, making it less attractive for investment purposes [5][6].

Core Insights - The rise of "pain gold," a combination of anime, gaming IPs, and gold jewelry, is becoming popular among young consumers, viewed as a more valuable alternative to traditional merchandise [1][2][3] - The trend reflects a shift in consumer attitudes, with younger generations prioritizing personal enjoyment and emotional value in their purchases [4][5] - The premium pricing of "pain gold" products is significantly higher than standard gold jewelry, raising concerns about their investment viability [6][7] Group 1: Market Trends - "Pain gold" has gained traction on social media, with over 20,000 discussions and nearly 3 million views, primarily among consumers born in the 1990s and 2000s [3][4] - The average price of "pain gold" ranges from 1,800 to 2,000 yuan per gram, which is substantially higher than the typical gold jewelry price of around 1,000 yuan per gram [6][7] - The demand for gold jewelry in China is evolving, with a projected consumer spending of 84 billion yuan by Q1 2025, reflecting a 29% quarter-on-quarter increase [7][10] Group 2: Consumer Behavior - Younger consumers are increasingly willing to pay for products that carry emotional significance, leading to a rise in the "二次元经济" (two-dimensional economy) and other high-value consumer categories [5][6] - The emotional value associated with gold jewelry is becoming more important than traditional reasons for purchasing, such as marriage or investment [4][5] - The shift in consumer focus from family-oriented spending to personal enjoyment is evident across different generations, with younger consumers driving the demand for innovative and emotionally resonant products [5][6] Group 3: Industry Perspectives - Industry experts express mixed views on the sustainability of the "pain gold" market, with some believing it represents a new direction for traditional jewelry, while others caution about the potential for a bubble due to the fluctuating popularity of IPs [7][8] - The integration of IPs with gold jewelry is seen as a way to enhance perceived value, but concerns remain about the long-term viability of such products as investments [6][7] - The gold jewelry market is expected to continue evolving, with a "pyramid" structure emerging where different segments cater to varying consumer needs, from cost-effective options to high-end luxury items [10]

Core Viewpoint - The rise of "pain gold," a combination of anime, gaming IPs, and gold jewelry, is becoming popular among young consumers, seen as a more valuable alternative to traditional merchandise [1][2][4] Group 1: Market Trends - "Pain gold" has gained traction on social media and is viewed as a new growth point for jewelers [1][2] - The retail price of gold jewelry has increased significantly, with IP-linked gold items showing even higher premiums compared to standard gold jewelry [3][6] - Young consumers are increasingly willing to pay for emotional value and personal significance in their purchases, shifting from traditional investment motives [4][5] Group 2: Pricing and Premiums - The average price of "pain gold" ranges from 1800 to 2000 yuan per gram, significantly higher than the standard gold jewelry price of around 1000 yuan per gram [6][7] - Specific examples of premium pricing include a 3-gram gold piece priced at 6600 yuan, equating to approximately 2200 yuan per gram, nearly double the market rate [2][3] Group 3: Consumer Behavior - Young consumers are increasingly focused on personal enjoyment and emotional connections, leading to a rise in spending on high-value items like "pain gold" [5][6] - Discussions around "pain gold" on social media platforms have garnered over 20,000 posts and nearly 3 million views, primarily from the 90s and 00s generations [3][4] Group 4: Industry Perspectives - Analysts express mixed views on the sustainability of the "pain gold" trend, with some believing it represents innovation in the jewelry sector, while others caution about the potential for price corrections as consumer rationality increases [7][8] - The demand for gold jewelry is evolving, with a projected increase in sales, particularly in high-end and innovative designs that appeal to younger consumers [9]

Core Viewpoint - The article highlights the contrasting performance of Pop Mart and Miniso in the new consumption sector, with Pop Mart continuing to thrive while Miniso faces volatility in its stock price and market perception [1][3]. Group 1: Company Performance - Pop Mart's stock price has increased by 37% since August, with a market capitalization exceeding 400 billion yuan [1]. - Miniso's market capitalization is currently less than 60 billion HKD, with a valuation of only 22 times earnings, indicating a lack of investor enthusiasm [3]. - In the first half of 2025, Miniso reported revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, but its net profit dropped nearly 20% [4]. Group 2: Store Expansion and Revenue - Miniso opened 554 new stores overseas in the first half of 2025, nearly three times the number of new stores opened in mainland China [4]. - As of June 30, 2025, Miniso had a total of 7,612 stores globally, with 3,307 located overseas [5]. - Approximately 75% of Miniso's new stores in the past year were opened overseas, highlighting its focus on international expansion as a key growth driver [5]. Group 3: IP and Brand Strategy - The significant difference in performance between Pop Mart and Miniso can be attributed to their respective approaches to intellectual property (IP) [3]. - Pop Mart's revenue for the first half of 2025 reached 13.876 billion yuan, 1.5 times that of Miniso, with a year-on-year growth of 204.4% [13]. - Pop Mart's gross profit margin was 70.3%, compared to Miniso's 44.3%, showcasing the impact of brand premium and IP operations [14]. Group 4: Challenges and Future Outlook - Miniso's reliance on a retail store model for growth may limit its performance potential, as increasing store density can lead to diminishing returns [6][10]. - The company faces challenges in transforming its business model and effectively leveraging IP to enhance store performance [12][29]. - Miniso has been gradually shifting towards original IP development, with plans to increase investment in this area, which could lead to greater growth if successful [28][31].