本季Caroline Hú大秀以"伪装"为主题，通过纯白盒子空间营造出特殊氛围，灵感来源于设计师对打破无 形社会规则的思考。结合设计师大秀主题以及名创优品三款IP的故事，Caroline Hú为三款搪胶娃娃打造 独属于她们的高定娃衣：萝卜街的可爱蛋糕裙在甜美中透出坚定；右右酱的粉色纱裙散发着治愈系的纯 此次名创优品搪胶潮玩首登国际四大时装周，是中国品牌与设计师的强强联合，更是名创优品"带领100 个中国IP走向世界"战略的成功实践。这标志着中国潮玩产业正迈向以原创IP和品牌价值为核心的全球 化新阶段，开启以文化自信与设计美学引领全球市场的新征程。 在刚刚落幕的法国巴黎时装周上，名创优品旗下原创潮玩艺术家IP萝卜街、右右酱与KUMARU惊喜亮 相中国设计师Caroline Hú的2026春夏系列大秀。这些潮玩IP不仅现身秀场头排，与艺人、博主互动合 影，更走进后台全程陪伴设计师与模特备秀，以鲜活姿态融入国际时尚现场。 潮玩邂逅时尚浪漫，中国IP闪耀巴黎时装周 Caroline Hú被誉为"最懂浪漫的中国设计师"，曾入围LVMH青年设计师大奖半决赛并荣获首届BoF中国 大奖，其设计以浪漫主义为基调，擅长将手工针织 ...

# B i g N e w s # 整 理 ｜彭 倩 全球咖啡连锁品牌大变局，贝恩资本或竞购 Costa 这也是全球经济变化的一个缩影。适时出售，是面对激烈市场竞争的国际品牌不得不做的战略调整， 对买方而言则是好的抄底机会。 麦当劳拟4年内新增1万家店，将反超蜜雪冰城 麦当劳想重当全球餐饮连锁老大。近期，彭博指麦当劳计划在四年内新增近1万家门店，使全球门店 总数达到约5万家。 凭着 "哪都能开" 的渗透力，蜜雪冰城在2024年底以46479家的门店数超过麦当劳(43477家),成了 全球门店数第一的餐饮连锁企业。在中国许多城市，一条几百米的街上至少有2-3家蜜雪冰城，店铺 可大可小，占据一条街的金角银边草肚皮，哪怕店的门牌小到只有雪王 logo 并且只能勉强写下一 个"蜜"，这家店也能开起来。 星巴克曾经的劲敌，Costa 也要卖了。 今年暑期，英国天空新闻（Sky News）曾披露：可口可乐公司正在与投资银行Lazard合作，评估出 售 Costa 咖啡，已与私募股权投资机构进行初步接触。随后，收购方的名单不断更新，如今贝恩资 本是新加入的成员。 Costa 由两兄弟布鲁诺·科斯塔（Bruno Costa） ...

证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 潮玩集合店第一品牌——TOP TOY 正式递 交港股上市申请，附招股书拆解 2025 年 09 月 29 日 增持（维持） [Table_Tag] [周观点（注：文中"本周"指的 Table_Summary] 9 月 22 日至 9 月 28 日） 本周行情回顾 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 证券分析师 王琳婧 执业证书：S0600525070003 wanglj@dwzq.com.cn 行业走势 ◼ 2025 年 9 月 26 日，名创优品旗下 TOP TOY 正式向联交所递交上市申 请。此次分拆将通过全球 ...

Core Viewpoint - Despite uncertainties from trade friction in the second half of the year, companies with overseas expansion capabilities are expected to achieve greater growth potential, particularly those with advantageous global capacity layouts in export chain brands and structural opportunities in domestic demand sectors such as self-consumption, packaging beverage companies benefiting from travel trends and cost advantages, and steadily growing high-dividend enterprises [1] Group 1: Retail Sales Performance - In August, retail sales growth slowed down, falling below consensus expectations, with a year-on-year increase of 3.4% compared to the expected 3.8% [1] - The automotive sector turned positive with a year-on-year growth of 0.8%, while retail sales excluding automobiles grew by 3.7% [1] - The restaurant sector showed signs of recovery, with year-on-year growth in retail sales for restaurants and goods at 2.1% and 3.6% respectively [1] Group 2: Consumer Trends - The growth of optional goods remained stable, although the growth rate of national subsidy categories showed marginal slowdown, and the tobacco and alcohol sectors faced pressure [1] - The restaurant sector's growth rate improved in August after a significant decline in June and July, with overall restaurant growth recovering to 2.1% year-on-year [1] - The online retail sales of physical goods grew by 6.4% year-on-year from January to August, slightly up from 6.3% in the previous month, outperforming overall retail sales [1]

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].

Core Viewpoint - The article discusses the contrasting performance of Pop Mart and Miniso in the new consumption sector, highlighting Pop Mart's strong growth driven by its IP strategy, while Miniso faces challenges in its business model transformation [2][12][25]. Group 1: Pop Mart's Performance - Since August, Pop Mart's stock price has increased by 37%, with a market capitalization exceeding 400 billion yuan [3]. - Pop Mart's recent mini LABUBU release sold 300,000 units in just one minute, showcasing its strong consumer demand [4]. - In the first half of 2025, Pop Mart achieved revenue of 13.876 billion yuan, 1.5 times that of Miniso, with a year-on-year growth of 204.4% [27]. Group 2: Miniso's Challenges - Miniso's stock has experienced significant volatility, with a 20% drop following its 2024 annual performance release and a subsequent rise of over 20% after its 2025 first-half results [7][8]. - For 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 decreased by nearly 20% [14]. - Miniso's market capitalization is still below 60 billion HKD, with a valuation of only 22 times earnings, indicating a lack of investor enthusiasm [10]. Group 3: IP Strategy Comparison - The disparity between Pop Mart and Miniso largely stems from their approaches to IP. Pop Mart has successfully integrated IP into its business model, while Miniso struggles to replicate this success [12][40]. - In the first half of 2025, Pop Mart's gross margin was 70.3%, significantly higher than Miniso's 44.3% [28]. - Pop Mart's revenue from self-developed products accounted for 99.1%, with 88.1% coming from artist IP, indicating a strong reliance on proprietary IP for revenue generation [29]. Group 4: Miniso's Growth Strategy - Miniso has expanded its overseas presence significantly, opening 554 new stores in international markets, nearly three times the number of new stores opened in mainland China [16][18]. - Despite the rapid expansion, Miniso faces high operational costs in overseas markets, leading to low same-store sales growth rates [20][21]. - The company is exploring ways to leverage IP to enhance its store offerings and drive growth, but it remains to be seen if it can effectively transform its business model [25][54]. Group 5: Future Outlook - The article suggests that Miniso's future growth may depend on its ability to develop and leverage its own IP, which could enhance its product offerings and market position [54][60]. - As the global market for Chinese cultural products expands, there is potential for significant growth in the IP economy, which could benefit companies like Miniso if they adapt successfully [60].

Group 1 - MINISO LAND global flagship store in Nanjing East Road achieved record sales of over 14 million yuan in July, marking the highest monthly performance [1] - The store attracts ten times the foot traffic compared to regular stores, benefiting from its location and tourist consumption advantages [1] - The store has generated over 100 million yuan in sales within just nine months of its opening [1] Group 2 - Huangpu District's GDP is projected to reach 334.4 billion yuan by the end of 2024, with an average annual growth rate of approximately 4.5% during the 14th Five-Year Plan [5] - Huangpu is actively promoting the transformation and upgrading of major commercial areas, including Nanjing Road, Huaihai Road, and Yuyuan, to attract younger consumers [5] - The First Department Store has successfully introduced "two-dimensional" retail concepts, achieving daily sales of 50,000 to 60,000 yuan per cabinet, exceeding expectations [5][7] Group 3 - The First Department Store has developed various themed areas, including the "Kawaii Dimension Street," to enhance its appeal to younger demographics [7] - The introduction of high-energy flagship stores and experience stores has led to the opening of 919 new retail locations in Huangpu since the start of the 14th Five-Year Plan [9] - The TOP TOY flagship store opened in Nanjing East Road, attracting over 30,000 visitors on its opening day and generating sales exceeding 1.08 million yuan [9][11] Group 4 - The TOP TOY store features a unique business model combining "trendy toy launches, artistic experimentation, and cross-border social interaction" to create a vibrant consumer experience [11] - The store has adjusted its operating hours to accommodate high foot traffic, with an average daily visitor count exceeding 20,000, including over 20% international tourists [13] - Huangpu aims to further explore youth economy and inbound consumption to unlock additional consumer potential [13]

Core Viewpoint - MINISO has officially entered the competitive market of trendy IP toys, joining the ranks of major players like Pop Mart, driven by the concept of "interest consumption" proposed by its founder Ye Guofu in 2020 [2][3][5] Financial Performance - MINISO's stock price surged over 30% following the release of its financial report, which showed a revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, and an adjusted net profit of 1.278 billion yuan, up 3% [9][10] - The second quarter revenue reached 4.97 billion yuan, a 23.1% increase, exceeding the previous guidance of 18%-21% [9][12] - The gross profit margin improved to 44.3%, up 0.4% year-on-year, attributed to a higher proportion of overseas revenue and optimized IP product structure [12][15] Strategic Initiatives - Ye Guofu announced the signing of nine artist IPs, indicating a dual-driven strategy focusing on both international and proprietary IPs [4][5] - The company aims to enhance its self-owned IP, which is seen as a critical strategy for future growth [5][15] - The TOPTOY brand has shown rapid growth, with second-quarter revenue increasing by 80% to 400 million yuan, and a recent strategic financing round led by Temasek valuing it at approximately 10 billion HKD [7][12] Market Positioning - MINISO's overseas revenue now accounts for 39% of total income, with significant growth in markets like the U.S. and Southeast Asia [9][10] - The company has established over 3,000 overseas stores, positioning itself to capitalize on the global trend of trendy toys [7][10] - The launch of MINISO SPACE in high-end commercial areas like Nanjing Deji Plaza aims to enhance brand visibility and consumer experience [20][22][24] Consumer Engagement - The MINISO SPACE concept integrates high-end commercial spaces with trendy IPs, creating an immersive shopping experience that appeals to younger consumers [24][26] - The store's design and layout focus on interactive and experiential retail, aiming to resonate with the target demographic [24][26]

Company Changes - Yunnan Pagu Trading Co., Ltd recently underwent a change in its legal representative, with Zhou Wei stepping down and Liu Shuang taking over as the new legal representative, director, and manager [1] - Similar executive changes were reported for Shanghai Pagu Cultural and Creative Co., Ltd and Gansu Pagu Trading Co., Ltd [1] Company Information - Yunnan Pagu Trading Co., Ltd was established in September 2020 with a registered capital of 1 million RMB [1] - Shanghai Pagu Cultural and Creative Co., Ltd was founded in May 2021 with a registered capital of 10 million RMB [1] - Gansu Pagu Trading Co., Ltd also started in May 2021 with a registered capital of 1 million RMB [1] - All three companies are wholly owned by Beijing Pop Mart Cultural and Creative Co., Ltd [1] Business Scope - The business scope of Yunnan Pagu Trading Co., Ltd includes general retail of arts and crafts, gifts, agricultural products, computer software and hardware, clothing, cosmetics, toys, and health products, among others [1] - Shanghai Pagu Cultural and Creative Co., Ltd's business activities encompass internet information services, cultural and artistic exchanges, and various retail activities [3] - Gansu Pagu Trading Co., Ltd's operations include retail of daily necessities, office supplies, and cultural products, as well as management consulting and technical services [4]

Core Insights - Miniso Group reported a total revenue of 9.39 billion RMB for the first half of 2025, representing a year-on-year growth of 21.1% [1][2] - The company expects its full-year revenue for 2025 to grow by no less than 25%, exceeding previous guidance [1][4] Financial Performance - Gross profit for the first half of 2025 was 4.16 billion RMB, with a gross margin of 44.3% [1][2] - Adjusted net profit for the same period was 1.28 billion RMB, reflecting a 3% increase year-on-year [1][2] - The company announced a mid-term dividend of $0.29 per ADS, with share buybacks and dividends totaling approximately 1.07 billion RMB, accounting for 84% of adjusted net profit [1] Revenue Drivers - Revenue growth was driven by a 11.4% increase in domestic sales, a 29.4% increase in overseas sales, and a 73% increase in revenue from the TOP TOY brand [1][3] - TOP TOY brand revenue reached 400 million RMB in Q2 2025, marking an 87% year-on-year increase [3] Store Expansion and Market Focus - As of June 30, 2025, Miniso had a total of 7,612 stores globally, with 4,305 in mainland China and 3,307 overseas [3] - The company is focusing on high-potential commercial areas for new store openings, particularly in the U.S., where new stores are performing significantly better than older ones [4] Future Outlook - Management is optimistic about accelerating growth, projecting Q3 revenue growth of 25% to 28% [4] - The company aims to maintain a stable and rapid pace of signing new artist collaborations, having already signed nine toy artists [4]