六大线下渠道变局与机会 在全新的零售竞争图景中，渠道已不仅是简单的"货架"或"通路"，其自身的定位革新与效率革命，正从根本上重塑品牌与消费者连接的方式。 对品牌商而言，清晰理解每一种渠道变化的实质，就是洞察生意增长或流失的关键。具体来看： 2025年行至年尾，快消品行业在宏观周期中持续承压前行。很多快消品牌的压力已无处可藏：一边吃力守护存量，一边艰难寻觅增量。 而压力的根源，清晰指向了正处于结构性变革的线下渠道——夫妻老婆店客流下滑、传统商超遭遇调改、折扣连锁下沉拓店，即时零售加速渗透...... 传统分销网络与生意秩序不断被冲击，渠道碎片化似乎已成定局。 固守旧地图，注定找不到新大陆。品牌厂家如何深刻理解这场变局的本质，并提前布局应对之策？其意义已非"重要"可以形容，而是关乎生存与发展 的"必然"。 1. 夫妻老婆店：作为很多品牌厂家销量基石，生意肉眼可见地清淡。传统模式正遭受客流锐减与成本飙升的双重挤压，意味着品牌商依赖其"自然动销"的 模式出现失效。 其未来在于被数字化连接赋能，通过接入B2B平台和即时零售网络，转型为社区服务的"前置仓"。这要求品牌商必须改变合作模式，从单纯供货转向赋 能，提供适配小店 ...

Core Viewpoint - Miniso has successfully implemented a global layout for lifestyle goods collection stores, leveraging mature IP operation capabilities and offline development experience, particularly in the U.S. market, which provides a guarantee for the company's continued growth [1] Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 4.427 billion yuan (+18.9%), operating profit of 710 million yuan (-4.51%), and net profit attributable to shareholders of 416 million yuan (-28.5%) [1] - Adjusted net profit for the same period was 587 million yuan (-4.81%) [1] Group 2: Domestic Store Performance - The same-store sales decline in domestic Miniso locations improved from a high single-digit decrease to a mid-single-digit decrease, with a positive same-store sales performance during the May Day holiday [2] - The number of domestic Miniso stores decreased by 111 to 4,275, with reductions in first, second, and third-tier cities of 18, 49, and 44 stores respectively [1] Group 3: Strategic Initiatives - The company continues to execute a strategy of opening larger stores and encourages franchisees to exit smaller, less profitable locations, aiming for more IP-dominant stores and flagship stores [2] - In Q1 2025, the company added 95 overseas stores, reaching a total of 3,213, with overseas business revenue growth exceeding 30% [2] Group 4: Supply Chain and Cost Management - The U.S. direct sales system is expanding, focusing on densely populated states to enhance scale effects, although initial costs have pressured Q1 performance [2] - The company has increased its local sourcing in the U.S. to nearly 40%, minimizing the impact of tariffs [2] Group 5: Profitability and Future Outlook - The company's gross margin continued to rise, but net profit margin declined due to increased financial expenses from convertible bond issuance and bank loans for acquiring Yonghui Superstores [2] - The company maintains projected net profits for 2025-2027 at 3.074 billion, 3.645 billion, and 4.074 billion yuan, corresponding to PE ratios of 16X, 13X, and 12X [2]