以下文章来源于信风TradeWind ，作者刘艺晨 作者刘艺晨 编辑松壑 名创优品要为自己的潮玩故事补上最重要的一块拼图。 业绩会上，董事长叶国富宣布已签约9个艺术家IP，未来将走向国际IP与自有IP的双驱动模式。 叶国富称，自有IP是集团今年、也是未来的重大战略。 "过去，名创优品在与国际IP的合作中，具有产品开发优势、营销优势、渠道优势， 唯一缺的就是自有IP。只要把对自有 IP的认知拉齐，开始行动的话， 我认为我们大有前途 。"叶国富说。 就在一天之前，泡泡玛特在王宁"轻松300亿"的乐观预期中，冲破了4200亿的市值。 泡泡玛特在北美等全球市场的快速增长，为后续入局者验证了潮玩市场的潜力与空间。 这对已建立超3000家海外门店的名创优品亦是巨大的机遇。 上半年，名创优品实现收入93.93亿元，同比增长21.1%；经调整净利润为12.78亿元，同比增长3%。 TOPTOY品牌快速增长，二季度营收同比增长八成至4亿元，并于报告期内近期斩获淡马锡领投的一轮战略融资，交易后估值约为100亿港元。 自有IP绝对将带来估值想象空间，但在这之前，名创优品需要先证明自己可以。 大店托举 名创优品在IP潮玩领域积淀不浅 ...

公司发布 2025 上半年业绩公告。2025H1 公司实现营业收入 93.9 亿元，同比增长 21.06%，实现 净利润 9.06 亿元，同比下滑 23.1%，实现经调整归母净利润 12.8 亿，同比增长 3%。2025Q2 公司 实现营业收入 49.66 亿元，同比增长 23%，实现净利润 4.9 亿元，同比下降 16.67%，实现经调整 净利润 6.9 亿元，同比增长 10.6%。调整项主要包含收购永辉股权的银行贷款的利息开支、与股 票挂钩证券有关的利息开支以及分占永辉亏损等。 ► 25Q2 收入增长环比提速，国内及海外同店持续向好 证券研究报告|港股公司点评报告 [Table_Date] 2025 年 08 月 25 日 [Table_Title] Q2 盈利能力环比改善，发力自有 IP 矩阵 [Table_Title2] 名创优品(9896.HK) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 9896 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价(港元)： | 51.05/25.05 | | 目标价格(港元 ...

名创优品要为自己的潮玩故事补上最重要的一块拼图。 业绩会上，董事长叶国富宣布已签约9个艺术家IP，未来将走向国际IP与自有IP的双驱动模式。 叶国富称，自有IP是集团今年、也是未来的重大战略。 "过去，名创优品在与国际IP的合作中，具有产品开发优势、营销优势、渠道优势，唯一缺的就是自有 IP。只要把对自有 IP的认知拉齐，开始行动的话，我认为我们大有前途。"叶国富说。 就在一天之前，泡泡玛特在王宁"轻松300亿"的乐观预期中，冲破了4200亿的市值。 泡泡玛特在北美等全球市场的快速增长，为后续入局者验证了潮玩市场的潜力与空间。 这对已建立超3000家海外门店的名创优品亦是巨大的机遇。 上半年，名创优品实现收入93.93亿元，同比增长21.1%；经调整净利润为12.78亿元，同比增长3%。 TOPTOY品牌快速增长，二季度营收同比增长八成至4亿元，并于报告期内近期斩获淡马锡领投的一轮 战略融资，交易后估值约为100亿港元。 自有IP绝对将带来估值想象空间，但在这之前，名创优品需要先证明自己可以。 大店托举 名创优品在IP潮玩领域积淀不浅，更多作为"渠道品牌"被市场熟知。 近年来，通过与Chikawa、哈利波特等 ...

记者丨吴抒颖 编辑丨包芳鸣 时隔四年，名创优品再度录得利润下滑，但名创优品管理层在业绩会上表现从容，投行机构也态度积 极。 8月21日晚间，名创优品发布2025年中报。今年上半年，名创优品实现收入93.93亿元，同比增长 21.1%；经营利润为15.46亿元，同比增长3.4%；期内利润则下降至9.06亿元，同比减少23.1%。 名创优品期内利润下滑的主要原因指向其投资的永辉超市报告期内出现亏损，由此带来的拖累。虽然对 财务报表带来明显的影响，但名创优品管理层不认为这是问题，因为名创优品的营运指标表现要好于预 期。 今年上半年，永辉超市实现营业总收入299.48亿元，同比下跌20.73%；归母净亏损为2.41亿元，扣非后 归母净亏损为8.02亿元。 对于永辉超市这笔投资，名创优品在业绩会上并未做过多展开，尽管此前叶国富对这笔投资"无比看 好"。叶国富曾对投资者回应，大家都看不懂（投资永辉超市）就对了，如果看得懂我就错了。他认为 中国线下超市面临20年一遇的机会，从胖东来调改后的永辉超市中也看到了这种模式的潜力，对此他无 比激动。 叶国富还称，名创优品和永辉超市能够形成互补，永辉超市为之补上了必需品赛道的拼图，永 ...

记者丨吴抒颖 编辑丨包芳鸣 时隔四年，名创优品再度录得利润下滑，但名创优品管理层在业绩会上表现从容，投行机构也态度积极。 8月21日晚间，名创优品发布2025年中报。 今年上半年，名创优品实现收入93.93亿元，同比增长21.1%；经营利润为15.46亿元，同 比增长3.4%；期内利润则下降至9.06亿元，同比减少23.1%。 名创优品期内利润下滑的 主要原因指向其投资的永辉超市报告期内出现亏损，由此带来的拖累。 虽然对财务报表带来明显的影响， 但名创优品管理层不认为这是问题，因为名创优品的营运指标表现要好于预期。 管理层引导投资者从营运数据中挖掘利好，而投行机构从名创优品的经营数据中看到的积极方向，是同店销售额正增长、国内业务 表现好于预期，海外业务稳步扩张等。在中报发布后的次日，投资者用脚投票，名创优品股价飙涨。 截至8月22日收盘，名创优品报47.1港元/股，大涨20.58%，总市值为585.28亿港元，创下新高。 尽管名创优品一切看起来都在改 善，它也被认为是继泡泡玛特之后潮玩界的又一"潜力股"。但名创优品的基因，与泡泡玛特存在路径不同。 泡泡玛特有意控制门店数量，名创优品依靠合伙人迅猛增长；泡泡玛特 ...

Company Developments - Meituan's international delivery brand Keeta has officially launched in Doha, Qatar, with plans to expand into more Gulf Cooperation Council (GCC) countries and enter the Brazilian market in a few months [2] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, located in Iracemapolis, São Paulo, with an annual production capacity of 50,000 vehicles [2] - AliExpress has launched its "overseas hosting" model in Australia, following its implementation in several other countries including the US and Mexico [2] - Cha Bai Dao has announced the opening of its first North American store in New York, marking its entry into the US market, following successful expansions in Singapore and France [2] Strategic Expansion - Lenovo Group plans to establish a regional headquarters in Riyadh, Saudi Arabia, and has begun construction on a manufacturing facility expected to start trial production in 2026 [3] - MINISO's founder expressed intentions to expand the MINISO LAND stores overseas, emphasizing the importance of proprietary IP alongside global IP [3] - Leap Motor has achieved a milestone by reporting its first half-year profit, with overseas markets becoming a significant growth driver [3] - Pop Mart aims to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [4] Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with adjusted net profit rising by 362.8% [4] - Xiaomi's automotive division is expected to start generating profits in the second half of the year, with plans to avoid price wars [4] - XGIMI's Vietnam factory has launched its first projector, with overseas revenue projected to reach 1.086 billion yuan in 2024, marking an 18.94% year-on-year increase [5] Market Trends - The user-side energy storage market is showing signs of recovery, with a focus on high-growth new markets and a concentration of market players [8] - Chinese innovative pharmaceutical companies are transitioning from followers to leaders in the market, with a focus on internationalization [8] - The global photovoltaic industry is experiencing increased competition, prompting Chinese companies to accelerate their global expansion efforts [9][10]

Core Insights - The new tea beverage industry is experiencing a shift towards the integration of blind box models, driven by brands like Mixue Ice City and their collaborations with popular IPs [1][3][22] - The industry has faced a decline, with approximately 40,000 tea beverage stores closing in the past year, indicating a phase of accelerated market consolidation [3][4] - The price war initiated by platforms like Alibaba and Meituan has intensified competition, leading to reduced brand loyalty and increased price sensitivity among consumers [4][5][19] Industry Trends - The blind box model is emerging as a new growth strategy for tea beverage brands, allowing them to engage with younger consumers and create unique marketing experiences [3][9][11] - Brands are transitioning from relying on external IP collaborations to developing their own IPs, enhancing their storytelling and emotional connection with consumers [7][17][22] - The success of blind boxes is evident in their ability to drive sales and customer engagement, with brands like Ningji reporting significant user growth during promotional events [9][13] Market Dynamics - The competitive landscape is shifting, with brands like Mixue Ice City maintaining high sales volumes through cost-effective pricing, while others like Nayuki are struggling with profitability due to their direct sales model [5][6] - The integration of blind boxes into the business model not only serves as a marketing tool but also represents a significant revenue stream for tea beverage brands [13][14] - The cultural narrative surrounding IPs is becoming increasingly important, as brands leverage their unique stories to differentiate themselves in a crowded market [17][20][22] Global Expansion - New tea beverage brands are exploring international markets, with a focus on building brand recognition and attracting local franchisees [20][21] - The cultural perception of Chinese tea beverages varies by region, presenting challenges for market entry, but successful IPs like Labubu provide inspiration for effective branding strategies [21][22] - The valuation of tea beverage brands is evolving, with a growing emphasis on the strength and potential of proprietary IPs as core assets rather than mere marketing tools [20][22]

Summary of Key Points from the Conference Call Industry Overview - The潮玩 (trendy toy) market is benefiting from macroeconomic development, with China's per capita GDP surpassing $12,000, shifting consumer spending from necessities to discretionary items, providing growth momentum for the潮玩 industry [1][2] - The IP toy market in China is projected to reach approximately 57.8 billion RMB by 2025, with an annual growth rate of about 20%, indicating a robust trend in the consumer sector [2] Core Insights and Arguments - IP toys account for about half of the sales in the潮玩 market, with blind boxes being the main driving force [1][2] - The rise of潮玩 brands is largely attributed to consumer-driven marketing, aesthetic appeal, third-party certification (such as going public), and social media dissemination, which reduces marketing costs and fosters a vibrant secondary market [1][4] - The core competitiveness of潮玩 includes aesthetic PUA (Pick Up Artist), third-party certification, and self-promotion, allowing brands like泡泡玛特 (Pop Mart) to attract young consumers and enhance brand credibility through unique designs and social attributes [1][5] Consumer Behavior and Market Dynamics - The purchase behavior of潮玩 and new consumer products is characterized by randomness, such as the uncertainty of obtaining rare cards or hidden items in blind boxes, which stimulates dopamine release and increases pleasure [8][9] - Blind boxes dominate the潮玩 market, accounting for over half of the sales due to their more appealing presentation compared to directly displayed products [8] Competitive Landscape -潮玩 companies can be categorized into three types: channel-based (e.g.,名创优品), third-party IP-based (e.g.,布鲁可, 卡游), and self-owned IP companies (e.g.,泡泡玛特). Self-owned IP companies are considered to have the most long-term value due to their rarity and sustainability [3][11][15] - Successful潮玩 brands like泡泡玛特 have gained credibility through third-party certification, unlike unsuccessful brands like暴力熊 (Bearbrick) and蒙奇奇 (Monchhichi), which lacked such validation [6][7] Additional Insights - The core competitiveness of self-owned IP companies lies in their ability to sustain operations, which determines whether an IP can remain relevant and profitable over time [13] - Companies using third-party IP for product sales can achieve growth by enhancing their operational and channel capabilities, focusing on exclusive IP acquisition to avoid homogenization and ensure profitability [14]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The IP toy industry in China is experiencing significant growth, with a market size projected to exceed 11 billion yuan by 2026, driven by evolving consumer preferences and innovative product offerings [21][22] - Bubble Mart has established a dual-driven structure with both licensed IP products and proprietary IP products, enhancing brand value and market penetration [2][29] - The success of blind boxes is attributed to their unique appeal, fostering a sense of mystery and social interaction among consumers [21][22] Summary by Sections Industry Overview - The Chinese IP toy market has grown from 3.5 billion yuan in 2021 to an estimated 7.6 billion yuan in 2024, with a compound annual growth rate (CAGR) exceeding 30% [21] - The market is expected to continue expanding, with blind boxes leading in market share, projected to increase from 28.1% in 2021 to 38.5% by 2026 [21] Company Performance - Bubble Mart reported a revenue growth of 165%-170% in Q1 2025, with domestic revenue increasing by 95%-100% and overseas revenue soaring by 475%-480% [2] - The LABUBU series and the Nezha blind box series have become significant contributors to sales, showcasing the effectiveness of leveraging cultural elements in product design [2][3] Product Strategy - Bubble Mart's product matrix includes both licensed IP collaborations and self-created IP, allowing for a diversified portfolio that enhances profitability and brand loyalty [2][6] - The report highlights the importance of proprietary IP in maintaining higher profit margins and creating a sustainable competitive advantage [6][7] Market Dynamics - Over 60% of surveyed consumers indicated an increased budget for IP licensed products in 2025, signaling a shift from interest-based to habitual consumption [10] - The report notes that more than 90% of toy manufacturers believe that IP licensing significantly boosts product sales, with 22.7% of companies reporting sales growth of over 100% due to IP licensing [10] Competitive Landscape - Bubble Mart leads the market with a strong presence in terms of popular IPs and sales volume, significantly outpacing competitors like TNT SPACE and 52TOYS [28][29] - The company has developed a robust retail network, with over 1,000 stores and a membership base that has grown from 300,000 in 2017 to over 46 million in 2024, contributing to 92.7% of total sales [29]

Core Viewpoint - Miniso is considering a potential spin-off of its TOP TOY brand to enhance shareholder value, with the decision dependent on various factors including market conditions [1][2]. Financial Performance - TOP TOY's revenue for Q1 increased by 58.9% year-on-year, reaching 340 million RMB, contrasting with Miniso's main brand revenue growth of only 16.5% [1][2]. - For the fiscal year ending December 31, 2024, TOP TOY's GMV was 1.148 billion RMB, a 41.04% increase from 814 million RMB in the previous year [3]. - The average transaction value for TOP TOY decreased to 109.5 RMB in 2024 from 121.3 RMB in 2023, indicating a drop in overall customer spending [3]. Store Expansion - As of Q1 2024, TOP TOY had 280 stores, a net increase of 120 stores year-on-year, including 240 partner stores and 40 direct stores [1][4]. - The company plans to add 150 new stores in 2025, with 100 of those located in China [4]. Market Strategy - TOP TOY focuses on high cost-performance products, differentiating itself from competitors like Pop Mart, which emphasizes developing popular proprietary IPs [2][5]. - The company aims for overseas sales to exceed 50% of total sales, having already opened stores in Indonesia and Thailand [5]. IP Development - TOP TOY is in the process of cultivating its own IPs, such as "Twinkle," but still lags behind competitors like Pop Mart in terms of brand recognition and IP strength [6].