Core Viewpoint - HSBC significantly raised the target price for Pop Mart, citing the effectiveness of its multi-IP strategy and the healthy adjustment of Labubu pricing, with a target price increase from HKD 215.50 to HKD 331.50, representing a 53.8% increase and a 32% upside potential from the current stock price [1] Group 1: Financial Projections - HSBC raised the 2025 net profit forecast for Pop Mart by 24%, driven by strong performance in overseas markets and the successful launch of Labubu 3.0 [1][5] - The revenue forecast for 2025 was increased by 34% to RMB 14.325 billion, with an expected year-on-year growth of 183% [2] - The net profit forecast for 2025 is now projected to be RMB 7.856 billion, a 131% increase year-on-year, which is 23% higher than previous estimates [5] Group 2: Market Performance - Labubu 3.0 series launched in April 2025 gained unprecedented attention due to promotion by international celebrities and KOLs, leading to strong product momentum [2] - The resale prices of Labubu 3.0 have normalized, which is beneficial for maintaining the brand's health and reducing speculative hoarding [5] - The U.S. market revenue forecast was significantly raised from RMB 3.547 billion to RMB 5.509 billion, reflecting the positive outlook for overseas markets [2] Group 3: Multi-IP Strategy - The success of Pop Mart is not solely dependent on the Labubu IP, as new series releases and other IPs continue to engage consumer interest [3] - In Thailand and other Asian markets, these regions account for over 40% and 30% of overseas revenue, respectively, indicating a diverse revenue stream [3] - The Google search index for Crybaby, the company's fourth-largest IP, surged in the quarters following the peak interest in Labubu, demonstrating the sustainability of the company's IP operations [3]

编号：2025-007 | 投资者关系活动 | ☑特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动/策略会 | | | □现场参观 □其他 | | 参与单位名称及 | 盈鼎基金、幸福时光基金、恒邦兆丰基金、汉唐基金、国 | | 人员姓名 | 金证券、卓览投资、和君资本家等 家机构 位投资者（排 9 11 | | | 名不分先后） | | 时间 | 年 月 2025 6 24 日（15:00-17:00） | | 地点 | 深圳总部会议室现场调研 | | 上市公司接待人 | 董事、总裁兼财务总监李方悦 | | 员姓名 | 董秘兼财务副总监傅佳敏 | | | 悦起文化总经理王奕文 | | | 数智化管理中心总监郭瑞 | | | 一、介绍公司发展历程、核心团队、客户情况、主要业务 | | | 情况等。 | | 投资者关系活动 | 二、奥雅城市文旅焕新大模型多模块应用演示。 | | | 三、悦起文化（Joykey）定位、核心团队和 IP 储备、业务 | | 主要内容介绍 | 模式介绍。 | | | 四、主要问答环节 | | | 问题 1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Insights - The company is enhancing its IP strategy by collaborating with Tencent Video to launch new products based on popular domestic animation IPs, reflecting a trend towards cultural confidence and national pride [1][2] - The partnership aims to create a unique cultural identity through the integration of domestic animation and stationery products, appealing to the younger generation [2] - The company is expected to see continued growth in revenue and net profit, with projected net profits of 1.56 billion, 1.73 billion, and 1.93 billion yuan for 2025, 2026, and 2027 respectively [3] Financial Data and Valuation - Revenue projections for the company are as follows: 23.35 billion yuan in 2023, 24.23 billion yuan in 2024, and increasing to 33.53 billion yuan by 2027, with a growth rate of 16.78% in 2023 [3][10] - The company's net profit is projected to grow from 1.53 billion yuan in 2023 to 1.93 billion yuan in 2027, with corresponding P/E ratios decreasing from 20.72 in 2023 to 16.39 in 2027 [3][10] - The company maintains a healthy balance sheet with an asset-liability ratio of 38.48% and a net asset value per share of 9.95 yuan [6]

Core Viewpoint - MINISO's Q1 2025 financial report shows total revenue of 4.43 billion yuan, a 19% year-on-year increase, but net profit attributable to shareholders decreased by 28.5% to 420 million yuan, leading to significant stock price declines in both Hong Kong and US markets [1][2][4] Financial Performance - Total revenue for Q1 2025 reached 4.43 billion yuan, up 19% year-on-year [2][3] - Gross margin improved to 44.2%, an increase of 0.8 percentage points compared to the same period last year, marking the highest gross margin for a first quarter [2][6] - Net profit for Q1 2025 was 420 million yuan, down 28.8% from 586 million yuan in the same quarter last year [4][6] - Adjusted net profit decreased by 4.8% to 587 million yuan, with adjusted net profit margin dropping from 16.6% to 13.3% [4][6] Market Expansion - As of March 31, 2025, MINISO had a total of 7,488 stores globally, a net increase of 858 stores year-on-year [3][4] - Domestic store count reached 4,275, with a net increase of 241 stores, while overseas store count was 3,213, reflecting a net increase of 617 stores [3][4] - The company is implementing a "big store strategy" to enhance channel structure and has opened 8 MINISO LAND stores, with 15 more in preparation [3][4] Cost Structure and Profitability - Sales and distribution expenses increased by 46.7% year-on-year to 1.021 billion yuan, primarily due to the expansion of overseas direct stores [4][6] - The shift in revenue structure, with a decrease in high-margin franchise and agency business, has diluted overall profit margins [4][6] IP Strategy - The increase in gross margin is attributed to the IP strategy and interest consumption, with a gross margin of 44.2% in March 2025, the highest for that month historically [6][8] - MINISO has collaborated with over 150 external IPs since 2016, with significant reliance on external IPs leading to increased authorization costs, which rose by 39.6% in Q1 2025 [6][8] - The company faces intense competition in the IP space, with rising costs and pressure on profitability due to over-reliance on external IPs [6][8]

机构：中金公司 研究员：宋文慧/徐卓楠/杨润渤/陈婕 1Q25 业绩低于我们预期 公司公布1Q25 业绩：收入同比+19%至44 亿元，经调整归母净利润同比-5%至5.87 亿元，业绩低于我们 的预期，主要因直营门店投入前置带来的销售费用率提升及财务费用增加。 高基数下，国内、海外同店销售同比下滑约中单位数。1Q25 名创优品国内业务收入同增9%至25 亿 元，同店同比跌幅环比收窄至中单位数，国内门店数量环比净减少111 家，在优化老店、小店的同时， IP Land、旗舰店等新店大店仍保持快速扩张；海外业务收入同增30%至16 亿元，总门店数季内增加95 家至3,213 家，同店同比有约中单位数的下滑，与上年同期高基数有关；TOPTOY 业务收入同增59%至 3.4 亿元，保持高速增长。 直营业务前期投入增加销售费用，发行股票挂钩证券相关费用和利息增加财务费用压力。1Q25 公司毛 利率同比提升0.8ppt 至44.2%，主要受益于高毛利率的海外业务和TOPTOY 收入占比提升；由于直营门 店数量同比大幅增加（海外直营门店608 家、上年同期327 家），直营业务前期投入较大，公司销售费 用率同比大幅提升4. ...

核心观点 名创优品已经成功实践了生活好物集合店的全球布局，依托成熟的IP 运营能力和线下开发经验，公司 海外拓展，特别是美国直营的落地为公司持续增长提供保障。公司管理层坚定看好线下零售业态，具有 持续推动线下零售渠道变革和产品战略的决心和资源，打造适应中国广大消费者物美价廉、服务优质需 求的综合线下场景以及全球化的IP 战略将使得公司具有更长远的成长空间。 事件 名创优品公布2025 年第一季度业绩，实现营业收入44.27 亿元（+18.9%），实现经营利润7.10 亿元 （-4.51%），归母净利润4.16亿元（-28.5%）；经调整净利润5.87 亿元（-4.81%）简评 国内同店持续改善，坚定推进IP 大店战略 2025 年第一季度，公司国内名创优品的同店降幅环比从高个位数下滑收缩至中个位数下滑，并且在二 季度高基数的情况下继续收窄降幅，五一期间甚至实现同店转正，表明公司自去年以来的一系列门店调 整措施取得积极反馈。在一季度国内名创环比净减少111 家至4275 家，其中一二三线城市分别减少18、 49、44 家。 机构：中信建投证券 研究员：刘乐文/杨艾莉 投资建议：公司一季度毛利率继续稳步上行，但由 ...

Financial Performance - The company reported Q1 2025 revenue of 4.43 billion RMB, a year-on-year increase of 18.9%, exceeding the market estimate of 4.41 billion RMB [1][3] - Net profit for the quarter was 416.5 million RMB, down 28.8% from 586 million RMB in the same period last year [1][3] - Adjusted net profit was 587.2 million RMB, below the expected 661.3 million RMB [1][3] - Adjusted EBITDA margin was 23.4%, down from 25.9% in Q1 2024 [1] Revenue Breakdown - Revenue from the MINISO brand reached 4.09 billion RMB, a 16.5% increase, with mainland China contributing 2.49 billion RMB (up 9.1%) and overseas markets contributing 1.59 billion RMB (up 30.3%) [4][5] - TOP TOY brand revenue was 340 million RMB, a significant increase of 58.9%, driven by rapid growth in average store count [4][5] Store Expansion - As of March 31, 2025, the total number of stores for the group was 7,768, with a net increase of 978 stores year-on-year [5][6] - The number of MINISO stores reached 7,488, with 4,275 located in mainland China and 3,213 overseas, marking a net increase of 241 and 617 stores respectively [6][7] Management Commentary - The CEO expressed confidence in achieving sustainable high-quality growth, attributing revenue growth to a strong recovery in same-store sales and strategic store network development [8] - The company plans to enhance collaboration with overseas partners, upgrade store formats, and improve operational efficiency to unlock expansion potential [8]

那么，乐自天成旗下的潮玩品牌52TOYS，能否助力儒意打通IP战略的全链路？而儒意景秀的SLG游戏矩阵能否为其带来长久的发展？ 5月19日，《每日经济新闻》记者通过梳理游戏数据平台点点数据给出的2025年4月中国iOS端（苹果公司开发的移动操作系统）游戏预估流水排行时发现， 主攻SLG赛道的新晋厂商，中国儒意（HK00136，股价2.05港元，总市值318.16亿港元）旗下的游戏厂牌儒意景秀，4月新上线的《群星纪元》直接空降第8 名，在几乎由头部厂商霸榜的TOP10（前十）的红海中杀出一条血路。 "SLG大户"瞄准科幻题材 每经记者｜李宇彤 每经实习编辑｜余婷婷 重焕活力的SLG（策略类游戏）已经成为游戏厂商的必争之地，而新入局者也在逐步冲击原有的市场格局。 背靠腾讯，儒意景秀在资源上实现了超车。另一方面，中国儒意（以下简称"儒意"）以及儒意景秀贯彻的IP（具有商业价值的创意内容或品牌）策略，还在 持续地推动当中。 就在5月12日，万达电影发布公告，万达电影旗下全资子公司北京影时光电子商务有限公司（以下简称"影时光"）拟与关联方上海儒意星辰企业管理有限公 司（以下简称"儒意星辰"）共同投资北京乐自天成文化发展 ...

中信建投 大消费联合电话会议 20250323 摘要 Q&A 名创优品在 2024 年的业绩表现如何？其增长策略有哪些亮点？ 名创优品在 2024 年实现了 4 亿的收入，同比增长 23%。归母净利润达到 26 亿 元，增长 16%。四季度的整体增长略好于前三季度，全年保持稳定。名创优品 在国内拥有 4,386 家门店，去年新开 460 家。公司在 IP 战略方面进一步加码， SKU 数量上升至 12,600，每月上新速度提升至 1,180 款产品。Miniso Land 业 • 名创优品国内门店超 4,300 家，持续加码 IP 战略，SKU 达 12,600，每月上 新 1,180 款。海外市场重点布局北美直营店，全年新增 265 家，海外直营 GMV 增速超 50%，代理市场增长 17%。 • Top Toy 去年新开 128 家店，门店数量翻番并实现盈利，税前利润率达 9% 以上。公司完成对永辉超市股权的收购，预计永辉超市今年将基本盈亏平 衡，对公司拖累有限。 • 白酒行业或迎向上拐点，库存同比下降，春节期间需求环比改善，经济刺 激政策有望带动下半年需求回升。高端酒需求稳定，中低价位酒面临挑战， 厂家 ...

2022年至2024年，铜师傅的线上直销（主要来自天猫、京东、抖音等旗舰店）收入占比分别为 70.6%、69.9%和70.5%。叠加线上经销商销售，线上渠道收入总占比分别为80.9%、79.2%和 77.2%。同期，铜师傅在各线上直销渠道的加权平均复购率分别为约59.2%、56.9%和56.4%。 此外，铜师傅仍实施精准线下零售拓展，以补充和增强数字体验——截至2024年12月31日，铜师傅 的线下直营网络覆盖9家门店，并覆盖54家授权线下经销商运营的68家门店。 为保护、提升创意资产，铜师傅实行严格的IP管理制度，涵盖专利、艺术著作权和专有技术。截至 2024年12月31日，铜师傅已获得1,575项艺术著作权、285项外观设计专利、12项实用新型专利、 9项软件版权及2项发明专利。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，杭州铜师傅文创(集团)股份有限公司（以下简称"铜师傅"）于2025年5月9日正 式向港交所递交招股说明书，拟主板挂牌上市，招银国际担任独家保荐人。 成立于2013年的铜师傅作为一个文创工艺产品品牌，以铜始终为品牌的核心材 ...