Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and future projections. Core Insights - Miniso achieved a revenue of 16.994 billion RMB in 2024, representing a year-on-year increase of 22.8%, with an adjusted net profit of 2.721 billion RMB, up 15.4% year-on-year, and an adjusted net profit margin of 16.0% [1][3] - The company has completed the acquisition of 29.4% of Yonghui Supermarket, which is expected to impact financial results starting from Q2 2025 [4][5] - The report highlights strong growth in both domestic and international markets, with a significant increase in overseas revenue, which accounted for 41.7% of brand revenue in 2024, up from 35.9% in 2023 [2][3] Financial Performance Summary - In 2024, Miniso's gross margin reached 44.9%, an increase of 3.7 percentage points year-on-year, attributed to a higher proportion of overseas direct sales and increased contributions from high-margin products [3] - The total expenses for 2024 were 4.366 billion RMB, a 52% increase year-on-year, driven by a 100% increase in revenue from direct stores [3][6] - The company plans to distribute a final dividend of 740 million RMB, approximately 50% of the adjusted net profit for the second half of 2024 [1] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 21.174 billion RMB, 26.040 billion RMB, and 31.583 billion RMB, respectively, with year-on-year growth rates of 25%, 23%, and 21% [5][6] - The expected net profit for 2025 is 3.020 billion RMB, reflecting a 15% increase, with further growth anticipated in subsequent years [5][6] - The report anticipates that the acquisition of Yonghui will lead to synergies in brand development, supply chain upgrades, and product enhancement [5]

Core Viewpoint - The article emphasizes the accelerating globalization of Chinese enterprises, highlighting their growing influence in the global market and the challenges they face in international expansion [3][6]. Group 1: Global Expansion of Chinese Enterprises - Chinese companies are increasingly becoming significant players in global business, with examples such as Mixue Ice City surpassing McDonald's and Starbucks to become the largest chain restaurant globally [4] - BYD has overtaken Tesla to become the world's largest manufacturer of pure electric vehicles [5] - Miniso's flagship store in New York achieved over one million in daily sales, showcasing the potential of Chinese brands abroad [6] Group 2: Challenges Faced by Chinese Companies - The article discusses various challenges encountered by Chinese companies during their international ventures, including hidden costs in local land policies and cultural conflicts leading to high turnover of overseas executives [6] - New regulations, such as the EU's carbon emission laws, pose risks that could jeopardize years of overseas planning [6] Group 3: Importance of Leadership in Globalization - Successful international expansion requires experienced leaders, referred to as "navigators," who can guide companies through the complexities of foreign markets [7] - The article outlines the need for a significant number of skilled leaders and managers to support the globalization of Chinese enterprises, including hundreds of leaders for Fortune 500 companies and millions of mid-level and grassroots managers [9] Group 4: Training and Development for Global Leaders - To support Chinese companies in their international endeavors, a "Navigator Training Program" has been established to cultivate leaders with global perspectives and practical skills [12] - The program focuses on a comprehensive curriculum covering all aspects of international business, from strategy formulation to operational execution, aiming to reduce risks and enhance decision-making capabilities [12][16] - The training includes real-world case studies and practical exercises to ensure that participants can apply their learning effectively [12][13] Group 5: Course Details and Structure - The Navigator Training Program spans four months, with a focus on intensive learning and practical application, including a field trip to Southeast Asia [19] - The program is designed for company founders, executives, and managers involved in international operations, with limited enrollment to ensure personalized attention [19]

Core Viewpoint - The article discusses the release of the "Consumption Promotion Special Action Plan" by the Central Committee of the Communist Party of China and the State Council, aimed at boosting consumer spending and enhancing the income of urban and rural residents [2][3]. Group 1: Income Growth Initiatives - The plan emphasizes promoting reasonable growth in wage income through employment support programs for key sectors, industries, and small and micro enterprises [2]. - It includes measures to enhance property income channels, stabilize the stock market, and improve the management of state-owned enterprises [3]. - The plan aims to ensure farmers' income growth by establishing mechanisms for grain farmers' income protection and exploring ways to utilize farmers' housing [3]. Group 2: Consumer Capability Support - The plan proposes increasing support for child-rearing and education, including the establishment of a childcare subsidy system and enhancing pediatric services [4]. - It aims to improve medical and pension security, with plans to raise basic pension and medical insurance subsidies by 2025 [4]. - The initiative includes measures to strengthen support for low-income populations and improve the living conditions of vulnerable groups [4]. Group 3: Service Consumption Enhancement - The plan focuses on optimizing services for the elderly and children, promoting community-based childcare services, and enhancing home service training [5][6]. - It encourages the development of cultural and tourism consumption, including streamlining approval processes for events and expanding the scope of inbound consumption [6]. - The initiative aims to promote the development of high-quality tourism destinations and support the establishment of duty-free shops [6]. Group 4: Major Consumption Upgrades - The plan supports the replacement of old consumer goods, particularly in the automotive and home appliance sectors, and encourages the circulation of second-hand goods [7]. - It aims to stabilize the real estate market and enhance housing consumption by implementing favorable tax policies and supporting flexible housing loan options [7]. - The initiative includes measures to extend the automotive consumption chain and promote the second-hand car market [7]. Group 5: Quality Improvement in Consumption - The plan emphasizes the importance of enhancing service quality in trade, logistics, and cultural tourism sectors, and supports the development of Chinese service brands [8]. - It promotes the integration of traditional culture into product design and encourages the development of new consumption models driven by artificial intelligence [8]. - The initiative aims to improve the integration of domestic and foreign trade, supporting the transition of foreign trade products to domestic sales [8]. Group 6: Consumer Environment Improvement - The plan includes measures to ensure workers' rights to rest and vacation, promoting flexible holiday arrangements [9]. - It aims to create a safer consumption environment by enhancing consumer rights protection and regulating online sales practices [9]. - The initiative focuses on improving urban and rural consumption facilities and developing smart business districts [9]. Group 7: Optimization of Restrictive Measures - The plan calls for the gradual reduction of unreasonable consumption restrictions and encourages a shift from purchase management to usage management in sectors like automotive [10]. - It aims to simplify approval processes for promotional activities and enhance regulatory efficiency through cross-departmental collaboration [10]. Group 8: Support Policy Enhancement - The plan emphasizes the need for coordinated consumer promotion policies and the strengthening of investment support for consumption-related projects [11]. - It includes measures to encourage financial institutions to increase personal consumption loans and provide fiscal subsidies for eligible loans [11]. - The initiative aims to explore activities that incentivize consumer spending, such as prize-based invoice activities [11].

汽车促销从新年第一天开始，理想、小鹏、零跑各推出上万元补贴。 1 月 2 日，理想汽车官方发布车置换补贴兜底权益，在 2025 年 3 月底之前定购并交付，符合 "购车 发票所在地未推出地方置换补贴" 或 "购车发票所在地推出地方置换补贴，用户不符合地方置换补 贴条件"，可以享受理想汽车 1.5 万元 / 台的现金补贴。1 月 1 日，小鹏汽车推出一万元的新春红包 和 888 度电卡活动，覆盖部分车型。同日，零跑汽车根据不同车型推出 5000-15000 元不等的现金 红包。蔚来、极氪等车企也推出不同程度的补贴政策。 特斯拉 Model Y 有望继续蝉联全球最畅销汽车。 1 月 1 日，特斯拉在一篇 2024 年终总结中表示，目前特斯拉的全球保有量已经突破 700 万辆，其 中 Model Y 占据了很大一部分。在 2023 年创下全球销量 122 万辆的纪录之后，2024 年特斯拉有望 继续蝉联全球最畅销的汽车。此前有消息称，新款 Model Y 将在今年 1 月在中国大规模生产，车 型代号为 "Juniper"。 小米汽车 2025 年交付目标是 30 万辆。 1 月 1 日，小米汽车官方宣布，小米汽车 ...

以下文章来源于明亮公司 ，作者主编24小时在线 明亮公司 . 追踪新商业、好公司，提供一手情报与领先认知。 作者：MD 出品：明亮公司 名创优品（MNSO.US；9896.HK）近期在收购、出海和门店升级等方面的动作不断引起市场的关注。 29日，在名创优品"2024全球品牌战略升级成果发布会"上，公司创始人、董事长叶国富表示，名创优品全新要做 "全球IP联名集合店"，并 与公司高管一起分享了名创优品对于目前零售行业趋势、出海、门店、IP产品等主题的观点和实践 。 目前，名创优品门店数已超过7000家。根据公司今年上半年财报演示文稿，2024年-2028年，名创优品每年净新增门店数将达900-1100家； 期间营收年复合增长率超过20%；2028年IP产品销售占比超过50%。 "名创优品能走向全球， 最核心的原因是开创了全球IP联名集合店这一新的商业模式 。我们与全球150多个知名IP合作，设计出极具兴趣消 费价值的产品，并在全球进行本地化经营，靠这种创新模式走向世界。"叶国富说。 谈出海：资源「无限倾斜」，产品、供应链本地化 围绕中国企业"出海"的实践经验，叶国富总结出了几个关键点： 一是创始人要有全球化的视 ...

名创优品出资 62.39 亿元，成永辉超市最大股东。 据永辉超市公告，公司股东牛奶公司（怡和旗下）、京东世贸和宿迁涵邦将转让所持股份给俊才国 际，交易对价为 62.39 亿元。交易完成后，俊才国际将持股 29.4%，为公司第一大股东。俊才国际 的实控方为名创优品。京东系持股比例则会在交易完成后变为 2.94%。根据公告，名创优品作为港 股上市公司，需就本次交易取得香港联交所的无异议确认。国家市场监督管理总局也需对本次交易 的经营者集中申报，作出不实施进一步审查、不予禁止或附加限制性条件批准的决定。 交易还有一些前置条款，比如目前永辉超市董事 Scott Anthony Price、孙燕军和监事李燊韡的辞职 信。 随着名创优品入股永辉超市和京东的退出，始于十年前的电商 "新零售" 实验也告一段落。 那时候京东、阿里在各自领域打败了一批线下巨头，成为中国最大零售巨头。2015 年阿里入股苏 宁、京东入股永辉，补各自短板 —— 3C 和食杂零售。在那几年的投资收购竞争中，阿里和京东都 分别自建渠道，在农村卖货。 再后来阿里又投资银泰、三江，启动盒马、收购大润发。京东则是更多在超市领域腾挪，成立七鲜 超市、和沃尔玛合 ...

过去 50 年最重要的技术之一，塑造了我们的生活，使我们习以为常。 文丨曾梦龙 编辑丨钱杨 黄俊杰 当一个基础设施变得非常成功时会发生什么？ 美国克莱姆森大学的教授乔丹·弗里斯（Jordan Frith）觉得是这样：人们不再想它，它也逐渐淡出人们的视线。 "条形码是一个典型的例子。" 他在去年出版的 《条形码》（Barcode）中写道： "条形码的隐蔽和平凡正是其成功的最终象征。 " 50 年前，条形码在美国应用于商业，如今几乎无处不在。食品、快递、书籍、门票、医药、登机牌上都可看到它的身影。全球每天大约出现 60 亿 次扫描条形码的 "嘀嘀" 声，每秒钟售出约 7 万件商品。 同样，由于已经是成功的基础设施，二维码早已让人习以为常。 2012 年，条形码的后代二维条形码（2D barcode，简称 "二维码"）借助移动支付率先在中国得到大规模应用。它让互联网平台成为消费者和商户 的连接者，推动了支付宝和微信崛起。 中国人每天几乎都要用智能手机 "扫一扫" 好几次 ，无论是买菜、坐地铁，还是想打开一辆共享单车，或 添加一个人为微信好友。 条形码和二维码是 "自动识别和数据采集"（AIDC）领域的众多技术之一， ...