以下文章来源于凤凰网财经 ，作者凤凰网财经 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢迎访问：http://finance.ifeng.com/ 无印良品两年中因不合格产品被处罚4次。 文 ｜ 凤凰网财经 来源｜ 凤凰网财经（ID：finance_ifeng） 封面来源 ｜ Unsplash 主打轻奢的无印良品近年来在华降价，但仍被消费者吐槽太贵。公司有意推出产品单价在25元左右的新型门店，兼顾平价市场的策略愈发鲜明。 产品价格居高不下，品控还没有保障，多位消费者面临服饰开线起球、家居质量不佳的问题。 无印良品在华仍面临网易严选、名创优品、NOME以及主打类似风格的工厂产品竞争，一味低价并不一定是最优解，还需兼顾品牌形象，找到定价和主张间 的平衡。 无印良品在季节更替之时推出系列新款商品，却因为定价又一次遭受消费者集体质疑。 在社交平台上，多位网友留言表示无印良品定价过高，产品类型涵盖服饰、鞋帽、食品、家居等。一些评论指出，新款商品实际定价较消费者能够接受的心 理价位接近翻倍，"每次逛无印良品，我都觉得价格应该是日币"。 尽管也有少数网友称，无印 ...

名创优品（9896.HK）的高毛利表象撕开一道裂缝。 今年一季度44.27亿元的营业收入，同比增长18.9%。 虽然超出此前指引上限，但净利润却同比下滑4.8%至5.87亿元，导致净利率下跌了3.3个百分点至 13.3%。 增收不增利往往是危险信号的开始。 伴随"谷子经济"的走俏，泡泡玛特（9992.HK）、卡游和布鲁可（0325.HK）们迎来一众机构的蜂蛹调 研，而被冷落的名创优品，似乎正在面临被踢出"谷子圈"的风险。 不过，名创优品对自身的同店预期仍相对乐观，认为全年收入增速有望前低后高。 "直营门店的利润率低是暂时的，中长期仍认为经营利润率会回到20%左右。"名创优品首席财务官张靖 京表示。 从具体的经营角度看，一季度增收不增利或许是投入与回报的时间错配结果。 但市场反应相当激烈，财报披露次日，美股、港股均跌超17%。 在市场看来，前端增长若难以维持，刚性的费用就变得难以接受。 近年来名创优品斥巨资拿IP授权，意图脱离"十元店"标签，为"全球IP联名集合店"的目的地先行支付车 票。 在资本布局上，随着对于永辉（601933.SH）的布局与"胖改"，以及对TOP TOY的发育与分拆预期，一 家横跨三家上市 ...

Group 1 - Several U.S. retailers have warned that they will not absorb the additional costs from tariffs as requested by President Trump, but will instead raise prices [1] - The increase in prices will affect a wide range of products, including food, daily necessities, clothing, toys, and automobiles [1] - Mattel, a major toy manufacturer, announced that it will raise toy prices due to the additional costs from tariffs [1] Group 2 - Ford's CFO expects an increase of 1.5% in car prices in the U.S. as a result of the tariffs [1] - Procter & Gamble indicated that it is considering raising prices on certain product categories due to increased costs [1] - Adidas' CEO stated that the cost increases from higher tariffs will ultimately lead to higher prices for its products [1]

核心提示： 主打轻奢的无印良品近年来在华降价，但仍被消费者吐槽太贵。公司有意推出产品单价在 25 元左右 的新型门店，兼顾平价市场的策略愈发鲜明。 产品价格居高不下，品控还没有保障，多位消费者面临服饰开线起球、家居质量不佳的问题。 无印良品在华仍面临网易严选、名创优品、 NOME 以及主打类似风格的工厂产品竞争，一味低价并 不一定是最优解，还需兼顾品牌形象，找到定价和主张间的平衡。 无印良品在季节更替之时推出系列新款商品，却因为定价又一次遭受消费者集体质疑。 在社交平台上，多位网友留言表示无印良品定价过高，产品类型涵盖服饰、鞋帽、食品、家居等。 一些评论指出，新款商品实际定价较消费者能够接受的心理价位接近翻倍，"每次逛无印良品，我都 觉得价格应该是日币"。 尽管也有少数网友称，无印良品的部分商品在用料、质量、耐久性上具备优势，自己愿意为产品力 付费。但整体而言，无印良品的定价相较同类产品位于中等偏上的位置。 逛无印良品猜价格，甚至一度成为年轻人逛街时的小游戏，其乐趣就在于最终售价往往总是超过人 们的心理预期。以垃圾桶为例，一款无印良品木制垃圾桶售价为158元，引发网友吐槽，"这个垃圾 桶唯一的缺点就是缺点钱" ...

General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [3] - The registered capital of the company is RMB 112,770,840 [3] - The company is permanently established and will continue to exist [3] Legal Representative - The legal representative of the company is the general manager, who is responsible for executing company affairs [3][4] - The company will determine a new legal representative within 30 days of the resignation of the current one [2] Share Issuance and Capital Structure - The company issued 20.2 million shares to the public on June 22, 2022, and is listed on the Shenzhen Stock Exchange [3] - The company has a total of 112,770,840 shares, all of which are ordinary shares [6] - The shares are issued based on the principles of openness, fairness, and justice, with equal rights for each share of the same category [5] Business Objectives and Scope - The company's business objectives include utilizing the advantages of a joint-stock system to enhance competitiveness and create substantial returns for shareholders [7] - The business scope includes manufacturing and sales of daily chemical products, food additives, and non-residential real estate leasing, among others [7] Shareholder Rights and Responsibilities - Shareholders have the right to request the board of directors to execute decisions within 30 days [12] - Shareholders can sue the company or its directors for violations of rights and obligations as stipulated in the articles of association [4][12] - Shareholders are obligated to comply with laws and regulations and cannot withdraw their capital except as legally permitted [22] Share Transfer and Trading - Shares must be transferred in accordance with the law, and the company does not accept its own shares as collateral [14] - Directors and senior management must declare their shareholdings and are restricted in transferring shares during their tenure [11] Shareholder Meetings - The company holds annual shareholder meetings within six months after the end of the previous fiscal year [33] - Shareholders holding more than 10% of shares can request a temporary shareholder meeting [56] - The company must provide adequate notice of meetings, including time, place, and agenda [38] Decision-Making and Voting - Ordinary resolutions require a simple majority, while special resolutions require at least two-thirds approval from attending shareholders [48] - The company must ensure that voting rights are exercised fairly, especially for minority shareholders [49] Financial Management and Auditing - The company must maintain transparency in financial dealings and provide necessary conditions for the activities of the Communist Party organization within the company [4] - The board of directors is responsible for ensuring compliance with legal and regulatory requirements in financial reporting [18]

核心提示： 主打轻奢的无印良品近年来在华降价，但仍被消费者吐槽太贵。公司有意推出产品单价在25元左右的新型门店，兼顾平价市场的策略愈发鲜明。 产品价格居高不下，品控还没有保障，多位消费者面临服饰开线起球、家居质量不佳的问题。 无印良品在华仍面临网易严选、名创优品、NOME以及主打类似风格的工厂产品竞争，一味低价并不一定是最优解，还需兼顾品牌形象，找到定价和主张间 的平衡。 ------------------------------------------------ 无印良品在季节更替之时推出系列新款商品，却因为定价又一次遭受消费者集体质疑。 在社交平台上，多位网友留言表示无印良品定价过高，产品类型涵盖服饰、鞋帽、食品、家居等。一些评论指出，新款商品实际定价较消费者能够接受的心 理价位接近翻倍，"每次逛无印良品，我都觉得价格应该是日币"。 尽管也有少数网友称，无印良品的部分商品在用料、质量、耐久性上具备优势，自己愿意为产品力付费。但整体而言，无印良品的定价相较同类产品位于中 等偏上的位置。 逛无印良品猜价格，甚至一度成为年轻人逛街时的小游戏，其乐趣就在于最终售价往往总是超过人们的心理预期。以垃圾桶为例，一款 ...

名创优品(MNSO.N)美股盘前续跌逾2%，绩后遭多家大行下调盈测。 ...

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. ...

Core Viewpoint - Miniso's 1Q25 revenue increased by 18.9% YoY to RMB4,427 million, but adjusted net profit (NP) declined by 4.8% YoY to RMB587 million, missing market expectations significantly. This decline is attributed to higher operating expenses related to new self-operated stores in the US, impacting the margin structure. Management remains optimistic about the full-year outlook, particularly for 4Q25, but investor concerns regarding earnings may take time to alleviate. The company is expected to present buying opportunities following the post-1Q25 earnings softness [1][2][5]. Revenue and Profit Performance - 1Q25 revenue growth of 18.9% YoY was in line with expectations, but adjusted NP fell by 4.8% YoY to RMB587 million, marking the lowest level since 3Q23. This decline contrasts sharply with the 20% YoY growth in NP recorded in 4Q24. The significant drop in adjusted NP is primarily due to a 47% YoY increase in selling and distribution expenses, which reached RMB1,021 million [2][3]. Operating Expenses and Store Strategy - The increase in operating expenses is mainly due to frontloaded costs associated with new self-operated stores in the US, which have higher operating expenses compared to franchised stores. Although the impact of these self-operated stores may diminish over time, it requires proof of effectiveness [3][4]. Management Outlook and Same-Store Sales Growth - Management anticipates that the new US stores will begin contributing to operating profits during the peak season in 4Q25. There has been sequential improvement in same-store sales growth (SSSG) in overseas markets, particularly in the US and Mexico, attributed to a refined strategy focusing on SSSG [4][5]. Future Expectations and Strategy Adjustments - Despite the 1Q25 miss, management's full-year target for 2025 remains unchanged, emphasizing a commitment to improving SSSG rather than aggressive store expansion. After a weak SSSG performance in 2024, there has been a quarter-over-quarter improvement in China, with expectations for further SSSG enhancement in 2Q25 [5][6]. Store Opening Plans - While the company still aims for a net store opening of 200-300 in 2025, management has indicated that this target is negotiable. The strategy of opening larger stores, particularly the IP-focused Miniso Land, is expected to support long-term SSSG growth [6]. Valuation and Earnings Forecast - The earnings forecast remains unchanged, with expectations that Miniso's earnings will align with original forecasts if self-operated stores overseas ramp up sufficiently in the second half of 2025. The target price is set at US$26.5 and HK$51.60, reflecting a P/E ratio of 20x/15x for 2025E/26E [7].

灯塔市还积极推动文体旅深度融合发展，不断为第三产业发展注入动力。全市深入挖掘燕州城、高 公馆、李兆麟故居等历史文物遗迹的文化内涵，提升旅游产品竞争力，不断丰富佟二堡购物旅游区、太 阳谷庄园、葛西河生态走廊等景区业态，全力构建以生态旅游、文化旅游、红色旅游、乡村旅游为重点 的全域旅游格局。 下一步，灯塔市将从持续扩大有效投资、推动产业转型升级、突出改革创新等方面重点发力，着力 补短板、强弱项，全力推动经济总量扩容进位。 作为全国农业科技现代化先行县、国家农业现代化示范区、省乡村振兴示范带，灯塔市全力推动农 业产业提质增效，2024年再添"国字""省字"荣誉，获评国家现代农业产业园、全国农业生产全程机械化 示范县、省乡村振兴补短板工程重点县。同时，粮食总产量保持42万吨以上，淡水鱼亩产全国第一。 以科技创新推动产业创新，加快构建具有特色优势的现代化产业体系，灯塔市成功入选省工业单项 冠军种子培育县。日用化工产业，建有省级日化产业园区，天然脂肪醇年产能16万吨，位居全国第一。 矿产建材产业，已探明矿产种类超20种，拥有沈煤集团红阳三矿等国有煤矿以及西钢等多家国内重点企 业。以皮装裘皮为主的轻工产业，已形成集加工硝染 ...