北京商报讯（记者 刘卓澜）10月10日，无印良品（上海）商业有限公司母公司株式会社良品计画发布 2025财年（2024年9月-2025年8月）财报。数据显示，营业收入及各阶段利润均实现增收增益，其中营 业收入同比增长18.6%达7846.29亿日元；营业利润达738.4亿日元，同比增长31.5%；经常性利润实现 723.1亿日元，同比增长29.6%；归属于母公司股东的本期净利润约为508.46亿日元，同比增长22.3%。 财报显示，截至2025年8月底，全球门店总数较上期增加107家，达到1412家。其中，中国内地积极优化 门店布局，开拓新店，门店数量净增24家，达到422家。无印良品表示，中国内地市场线上和线下销售 同比两位数增长，销售与利润均大幅提升。无印良品推进门店大型化，优化门店布局，推进开拓新店， 在杭州、重庆等主要城市开设及改装大型门店，同时积极优化门店布局，单店销售额逐步提升。同时， 电商销售占整体销售的约两成，全年既存店铺和电商销售额同比达到110%。 为扩大客户群，无印良品通过SNS等平台强化营销活动，并在"双11"、"6·18"等促销节点加强推广。据 介绍，无印良品推出符合当地生活方式的本 ...

数据来源：国家统计局 相关报告：智研咨询发布的《2025-2031年中国零售支付行业市场全景调研及发展潜力研判报告》 2025年8月，全国日用品类商品零售类值当期值为712.9亿元，环比增长7.22%，同比增长7.7%；2025年 1-8月全国日用品类商品零售类值累计值为5685.2亿元，同比增长7.4%。 近一年全国日用品类商品零售类值当期值与同比增长统计图 2015-2025年全国日用品类商品零售类值累计值与累计增长统计图 数据来源：国家统计局 ...

最近，无印良品在小红书上曝光大增，这次的主角是一款巴恩风外套。 藏蓝与深绿配色、极简设计加上醒目口袋，刚上市就被网友调侃为"供销社风"、"老干部穿搭"。社交媒 体上二创不断，年轻人涌进试衣间，手揣MUJI红色笔记本、脚踩"类解放鞋"，标题打上"你好同志，请 问机床五厂怎么走"，轻松斩获过万点赞。 但不同于以往叫好不叫座的出圈，这一次，流量实实在在地转化成了真金白银。最新财报显示，无印良 品中国市场业绩在三年低迷后强势回暖，推动整个东亚地区利润同比大涨127.5%。据中国团队透露， 区域营收与利润已连续10个月实现盈利双增。 根据《日经MJ》的一项调查，上海无印良品旗舰店和深圳MUJI酒店周边的消费者中，90%的人表示选 择无印良品是因为其"设计朴素"，而选择"功能性"的消费者仅占48%。这一数据充分说明了最初选择无 印良品的消费者，往往是那些对价格不那么敏感、追求品质和设计的群体。 随着无印良品的快速扩张，同行竞争逐渐加剧，压力也随之而来。从2014年开始，无印良品对多款产品 进行了直接降价。这一改变标志着品牌试图通过价格策略来迎合更多消费者，吸引不同层次的市场需 求。 然而，降价并未带来预期的效果。 从20 ...

Core Insights - MUJI has experienced a significant resurgence in the Chinese market, with a 127.5% year-on-year profit increase in the East Asia region, following three years of sluggish performance [3][5] - The brand's strategy shift towards localized products and pricing adjustments has contributed to its recovery, contrasting with the decline of competitors like Miniso and NetEase Yanxuan [5][9] Market Performance - MUJI's Chinese market accounts for approximately 20% of the group's total revenue, with over 400 stores in mainland China [4] - The brand's revenue and profit have seen continuous growth for ten consecutive months, indicating a successful turnaround [3] Brand Strategy - Initially, MUJI adopted a premium positioning strategy in China, similar to Uniqlo, which appealed to consumers seeking quality and design [7] - Despite initial success, the brand faced increased competition and began implementing price reductions from 2014, which did not yield the expected sales growth [8] Product and Pricing Adjustments - In 2022, MUJI shifted from direct price cuts to a more nuanced approach, focusing on essential goods like food and daily necessities, while also changing the sales model for larger furniture items [9][10] - The introduction of the "MUJI 500" store format, with products priced around 25 RMB, marks a significant move towards catering to local market demands [10] Localization Efforts - Under the leadership of President Sadafumi Takamatsu, MUJI has emphasized local product development, with about 70% of its grocery and food items now tailored to Chinese consumer preferences [14] - The brand has also expanded its product range to include more everyday essentials, enhancing its appeal to local consumers [14][15] Retail Innovation - MUJI has experimented with innovative retail concepts, such as farm-themed stores and restaurants, to connect with local consumers and promote the value of supporting local farmers [15] - The brand's merchandising strategy encourages one-stop shopping experiences, increasing the likelihood of additional purchases [15][16] Conclusion - MUJI's journey from peak to trough and back highlights the necessity for mid-range brands to continuously adapt and innovate in response to market dynamics and consumer preferences [16]

北京商报讯（记者 刘卓澜）9月24日，北京商报记者从无印良品（上海）商业有限公司母公司株式会社 良品计画获悉，9月，MUJI将在深圳、上海、西安、武汉等8座城市开设11家新店。据介绍，MUJI中国 大陆直营店及EC店铺销售额已达成12个月连续增长，累计达成同比119.1%增长，2025财年新增43家 店，净增18家新店。 ...

Core Insights - A new company named Suzhou Haike Qie Trading Co., Ltd. has been established with a registered capital of 50,000 RMB, indicating a focus on retail and trading activities in various sectors [1] Company Overview - The legal representative of the company is Fei Na, suggesting a personal ownership structure [1] - The business scope includes licensed projects such as tobacco product retail, e-cigarette retail, alcohol sales, and food sales, which require approval from relevant authorities before operations can commence [1] - General business activities include the sale of pre-packaged food, food internet sales, delivery services, and various retail services, indicating a diverse operational strategy [1] Industry Implications - The inclusion of tobacco and e-cigarette retail in the business scope reflects ongoing trends in the tobacco and vaping industry, which may present both opportunities and challenges [1] - The company's focus on food sales and delivery services aligns with the growing demand for convenience in consumer purchasing behavior, particularly in the context of e-commerce [1]

Company Overview - Company recently engaged with its Chairman and CEO, Ye Guofu, and the General Manager for the U.S. market, Tom Bartlebaugh, to discuss business strategies in the U.S. and globally [1] - The focus is on the company's IP strategy and refined operations in the U.S. market, which are expected to yield positive results [1] IP Strategy - The company is actively signing artists to enhance its own IP incubation, establishing a dual-track global IP ecosystem with both licensed and proprietary IP [1] - Management is confident in the company's unique advantages in full-category coverage, multi-channel penetration, global layout, and end-to-end operations, which facilitate collaborations with artists at relatively low costs [1] - Continuous improvement of IP collaboration and promotion mechanisms is underway, including a professional selection and elimination system to maintain the lifecycle and freshness of IP [1] Retail Strategy - The company is advancing channel enhancement and refined operations, opening high-potential stores like MINISO LAND in Shanghai and MINISOSPACE in Nanjing [1] - Management believes there is significant room for improvement in domestic stores, leveraging a large store strategy and iterative optimization to enhance brand upgrade and consumer loyalty [1] U.S. Market Operations - Tom Bartlebaugh brings 15 years of experience from similar companies in the U.S. and emphasizes a focus on user needs and disciplined, scientific business expansion [1] - The company sees strong competitive advantages in multi-category offerings, product quality, and IP development in the U.S. market [1] - The current strategy includes creating a family-oriented "one-stop" shopping experience to cater to various family members' needs [1] - Operational improvements are driven by data models for store location, staffing, and backend support, enhancing operational precision [1] - The company is testing various store formats, including Mall, Lifestyle Center, and Power Center, while developing a membership system for ongoing customer engagement [1] Financial Outlook - The company maintains a positive outlook on its IP strategy and overseas operational efficiency, projecting adjusted net profits of 2.9 billion and 3.7 billion yuan for 2025 and 2026, respectively [2] - Current valuations suggest a 19 times non-IFRS P/E for 2025, with a target price increase of 9% to 56.93 HKD and 29.38 USD, indicating a 17% upside potential [2]

Core Viewpoint - The report from CICC maintains a positive outlook on MINISO's IP strategy and overseas operational efficiency, projecting adjusted net profits of 2.9 billion and 3.7 billion yuan for 2025 and 2026 respectively, while raising the target price by 9% to 56.93 HKD and 29.38 USD [1] Group 1: IP Strategy and Global Ecosystem - The company is actively signing artists and increasing its own IP incubation, establishing a dual-track global IP ecosystem with both licensed and proprietary IP [1] - Management expresses confidence in the company's unique advantages in full-category coverage, multi-channel penetration, global layout, and full-link operations, which empower collaborations with artists while keeping costs relatively low [1] - The company is refining its IP collaboration and promotion mechanisms, creating a professional selection and elimination system to ensure the lifecycle and freshness of IP [1] Group 2: Domestic and International Operations - The company is enhancing channel operations and precision management by opening high-potential flagship stores like MINISO LAND in Shanghai and MINISO SPACE in Nanjing, believing there is significant room for improvement in domestic stores [1] - The management aims to drive brand upgrades and strengthen consumer loyalty through a large store strategy and iterative optimization [1] - The company focuses on user needs and aims for controlled, scientific business expansion, with strong competitiveness in multi-category offerings, product quality, and IP development in the U.S. market [2] Group 3: Operational Efficiency and Market Positioning - The company is creating a family-oriented "one-stop" shopping experience to meet diverse shopping needs of different family members [2] - Operationally, the company utilizes data models to enhance store location selection, staffing, and backend support, improving operational precision [2] - The company is leveraging IP and seasonal events to generate excitement, using everyday products for high-frequency repurchases while promoting high-quality IP and cost-effective products [2]

Core Viewpoint - The report from CICC maintains a positive outlook on MINISO's IP strategy and overseas operational efficiency, projecting adjusted net profits of 2.9 billion and 3.7 billion yuan for 2025 and 2026 respectively, while raising the target price by 9% to HKD 56.93 and USD 29.38 [1] Group 1 - The company is actively signing artists and increasing its own IP incubation, building a dual-track global IP ecosystem with licensed and proprietary IP [1] - Management expresses confidence in the company's unique advantages in full-category coverage, multi-channel penetration, global layout, and full-link operations, which enhance collaboration with artists while keeping costs relatively low [1] - The company is refining its IP collaboration and promotion mechanisms, establishing a professional selection and elimination system to ensure the lifecycle and freshness of IP [1] Group 2 - The management emphasizes the need to focus on user needs and expand the business in a measured and scientific manner [2] - The company believes its U.S. operations possess strong competitive advantages in multi-category offerings, product quality, and IP development, while also working on a family-oriented "one-stop" shopping experience [2] - Operationally, the company utilizes data models to drive precise store location selection, staffing, and backend support, enhancing operational efficiency [2]

Core Insights - Dongguan Ruihang Toy Co., Ltd. has recently been established with a registered capital of 10,000 RMB, indicating a new player in the toy industry [1] Company Overview - The company operates in a wide range of sectors including toy sales, daily necessities, wooden toys, clothing retail, electronic products, and various other consumer goods [1] - The business scope also includes sales of furniture, kitchenware, home appliances, outdoor products, arts and crafts, stationery, sports equipment, and automotive accessories [1] - Additionally, the company offers services such as education consulting, information technology consulting, and digital technology services, showcasing a diverse operational model [1] Industry Implications - The establishment of Dongguan Ruihang Toy Co., Ltd. reflects ongoing growth and diversification within the toy and consumer goods market in China [1] - The wide range of products and services offered may position the company to capture various market segments, potentially enhancing its competitive edge [1]