Investment Rating - The report maintains a "Buy" rating for MINISO, indicating a positive outlook for the company's performance in the market [5]. Core Insights - MINISO's same-store sales have significantly improved, driving accelerated revenue growth, with a notable performance from TOP TOY, which achieved a revenue increase of 58.9% [5]. - The company reported a total revenue of 4.43 billion RMB in Q1 2025, reflecting an 18.9% year-on-year growth, although adjusted net profit fell by 4.8% to 587 million RMB [3][5]. - The overseas expansion continues to contribute positively, with overseas store count reaching 3,213, leading to a 30.3% increase in overseas revenue [5]. Financial Data and Earnings Forecast - Revenue projections for MINISO are as follows: - 2023: 13.839 billion RMB - 2024: 16.994 billion RMB - 2025E: 20.979 billion RMB - 2026E: 24.765 billion RMB - 2027E: 28.718 billion RMB - The expected growth rates for revenue are 39.4% in 2023, 22.8% in 2024, and 23.4% in 2025 [4][6]. - Adjusted net profit forecasts are: - 2025E: 2.845 billion RMB - 2026E: 3.343 billion RMB - 2027E: 3.794 billion RMB [4][6].

Summary of MINISO's Conference Call Company Overview - **Company**: MINISO (名创优品) - **Industry**: Retail, specifically in the consumer goods sector Key Financial Performance - **Q1 2025 Revenue**: 44.3 billion RMB, a 19% year-over-year increase, exceeding expectations of 15% to 18% growth [2][9] - **Brand Revenue**: 40.9 billion RMB, up 16.5% year-over-year [2][9] - **Domestic Market Contribution**: 24.9 billion RMB, a 9% increase [9] - **Overseas Market Contribution**: 15.9 billion RMB, a 30% increase, with overseas revenue share rising to 36% [2][9] - **Gross Margin**: 44.2%, up 1 percentage point year-over-year [2][10] - **Adjusted EBITDA Margin**: 23.4% [10] - **Adjusted Net Profit Margin**: 16.6% [10] Domestic Market Insights - **Same-store Sales**: Decline has narrowed significantly, with positive growth in first and second-tier cities, while northern regions still face challenges [3][13] - **Management Strategies**: Focus on enhancing operational quality through strategic management improvements and data-driven insights [3][6] - **Store Strategy**: Closing inefficient small stores while opening larger, more efficient ones [10][24] Overseas Market Strategies - **North America**: Focus on improving store operation quality and cost control, with a 30% increase in overseas revenue [5][9] - **Supply Chain Adjustments**: Increasing local inventory and sourcing to reduce reliance on imports, with local sourcing in the U.S. nearing 40% [4][16] - **Market Expansion**: Plans to open new stores in key U.S. states to enhance customer satisfaction and operational efficiency [18] Product and IP Strategy - **IP Development**: Continued focus on proprietary IP and interest-driven consumption, with new product lines like the "吉福特熊" expected to generate 4-5 billion RMB in sales [2][19] - **Product Innovation**: Introduction of new product series such as the Spring Festival series and Sakura series, which have received positive market feedback [3][19] Future Outlook - **Growth Strategy**: Emphasis on same-store sales growth while dynamically adjusting new store openings based on performance [25] - **Financial Management**: Commitment to shareholder returns through dividends and share buybacks, with a dividend of 740 million RMB announced [12][8] - **Cost Management**: Focus on improving operational efficiency and managing expenses to ensure healthy profit growth [12][10] Additional Insights - **TOP TOY Performance**: The TOP TOY brand saw a 59% revenue increase in Q1 2025, with self-selected products accounting for over 40% of sales [7] - **Franchisee Confidence**: Increased investment returns for franchisees, with new store openings primarily operated by them, indicating strong brand confidence [14][15] - **Third-party Product Strategy**: Careful selection of third-party products to maintain gross margins while enhancing customer experience [21][22][23] This summary encapsulates the key points from MINISO's conference call, highlighting financial performance, market strategies, product innovation, and future outlook.

Group 1: Retail and Exhibition Industry in Guangzhou - Guangzhou's total retail sales of social consumer goods reached 291.27 billion yuan, with a year-on-year growth of 3.5% [1] - The number of economic and trade exhibitions held in Guangzhou's professional exhibition venues reached 60, marking a year-on-year increase of 36.4%, with an exhibition area of 2.402 million square meters, up 14.2% [1] - The cumulative number of exhibitors and visitors reached 2.484 million, reflecting a year-on-year growth of 9.3% [1] Group 2: Miniso's Strategic Initiatives - Miniso is focusing on transforming into quality retail and enhancing interest consumption, with 2025 marking the second year of this transition [1] - The company has launched over 90 new IP events this year, including collaborations with major franchises like Harry Potter and "Black Myth: Wukong" [1] - Miniso has established a robust supply chain with over 1,400 quality suppliers globally, with approximately 50% of suppliers located in the Pearl River Delta [1] Group 3: SHEIN's Innovations in Fashion Industry - SHEIN's innovation research center in Panyu integrates cutting-edge technology exploration, quality testing, and supply chain training [2] - The company is promoting digital and green upgrades in the fashion industry, with nearly 80% of its green electricity usage coming from rooftop solar projects [2] - SHEIN is committed to driving carbon reduction through technology innovation and sustainable practices across the product lifecycle [2] Group 4: Exhibition Growth in Guangzhou - In 2024, Guangzhou's exhibition industry is expected to reach a new scale with 358 exhibitions and an exhibition area of 11.86 million square meters, reflecting an 8.9% growth [3] - The number of attendees for exhibitions is projected to reach 23.13 million, a significant increase of 30.7% [3] - Guangzhou's conference industry is also growing, with 6,406 meetings expected to be held, marking a 13.7% increase in participation [3]

微信群的热闹，是今年电商平台"6·18"大促的一个小缩影。今年各电商平台纷纷抢跑"6·18"，比往年提 前了近10天。业内人士认为，今年"6·18"可谓充满变革，电商平台从价格战转向价值战，不仅激活了消 费新动能，还为消费者提供了更多便利。 兴趣消费当道 在"6·18"大促前，多个平台宣布了合作计划。淘宝天猫与小红书达成战略合作，打造"红猫计划"；京东 物流与胖东来合作，拓展供应链；B站深化与淘天、京东等电商平台的合作，进一步升级"京火计 划"和"星火计划"。 在业内人士看来，这是电商平台与内容平台结合，争夺用户注意力的"多巴胺玩法"之一。随着中国消费 结构不断进化，消费者对文化认同、情绪价值和生活方式的关注日益上升。对平台而言，"踩准"用户情 绪，更能有效刺激消费。 今年"6·18"大促涵盖了"5·20"重要消费节点。"5·20"当日，各大平台数据显示，彩妆、个护、鲜花等展现 出强劲的消费动力。 "6·18"开卖以来，淘宝App平均每天有超140万用户搜索"送礼"；从"五一"黄金周到5月20日，天猫奢品 新品成交同比增长97%，大量新品首发即热卖。 电商平台与内容平台合作备战"6·18"大促 郭晨凯 制图 ...

Group 1: Market Trends - The traditional couple economy is cooling down, with a notable shift towards male consumers focusing on self-investment and personal interests [1][3][14] - Data shows that 30% of men plan to not give gifts during the 2024 "520" period, indicating a significant change in spending behavior [1] - The sales of the domestic game "Black Myth: Wukong" reached 9 billion yuan, primarily driven by male players, reflecting the rise of "self-consumption" among men [1] Group 2: Changing Consumer Behavior - The willingness to engage in romantic relationships among young people is declining, with both genders scoring around 5 out of 10 on their desire for romance [2][3] - The sales of DR diamond rings, once a symbol of true love, have seen a significant decline, with a 36.19% drop in revenue year-on-year [2] - The cinema attendance for romantic films is decreasing, replaced by a demand for family and solo viewing experiences [3] Group 3: Male Consumption Dynamics - Male consumers are increasingly spending on personal grooming and beauty products, with sales in categories like skincare and cosmetics for men reaching 1.86 billion yuan, a 65% increase year-on-year [5] - The male medical beauty market is also growing, with 45% of surveyed men planning to increase their spending on medical aesthetics in 2024 [7] - The average spending of male consumers online has surpassed that of females, reaching 10,025 yuan, with the male consumption market expected to exceed 6 trillion yuan by 2025, growing at a compound annual growth rate of 9.8% [4] Group 4: Marketing and Brand Strategy - Brands need to adapt to the shift from relationship-based consumption to individual needs, focusing on "solitary consumption" [9][10] - Marketing strategies are evolving from emphasizing product functionality to highlighting emotional value and identity recognition [12][13] - The rise of interest-based consumption is evident, with products becoming symbols of social identity, such as the "middle-class three-piece set" [8][12] Group 5: Future Outlook - The transformation in male consumer behavior is indicative of a broader market restructuring, where consumption is increasingly tied to personal meaning rather than mere transactions [14] - The emergence of new markets driven by single economy, technological empowerment, and evolving values is expected to create significant opportunities for brands [14]

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].