Price Change Trends - The official price range for Wakuku dolls is between 69 yuan and 129 yuan, with the "leopard hat little devil" doll experiencing a secondary market premium of approximately 10%-25% after frequent exposure, leading to actual transaction prices between 140 yuan and 160 yuan for a doll originally priced at 129 yuan [1] - The limited edition "leopard hat" doll by Yu Shuxin saw prices soar to over 3000 yuan in the secondary market before restocking, representing a more than 30-fold increase from its original price of 99 yuan, and after restocking, prices fell to the 400-600 yuan range, still reflecting a 4-6 times premium [1] - The limited edition blind box collaboration with Wang Yibo sold out within 48 hours, with a secondary market premium reaching 300%, where the original price of 199 yuan was sold for around 800 yuan [2] Special Channel Limited Editions - The "Fat Dada XXL Doll" launched at MINISO's Beijing flagship store sold out within 2 hours, resulting in a 90.3% increase in store sales, with scalper prices doubling compared to the original price [2] Sales Performance Driven by Celebrity Influence - The "Fox and Rabbit" series in Shanghai, promoted by Yu Shuxin and Ding Yuxi, achieved record-breaking single-day sales, with secondary market premiums ranging from 150% to 200% [3] - Yu Shuxin has gifted the Wakuku dolls to over 10 public figures, which has significantly increased visibility and triggered a stockout phenomenon, as evidenced by her leopard hat design receiving over a million likes [4] Pricing Strategy and Market Dynamics - The brand employs a "limited release + channel exclusivity" strategy, creating artificial scarcity, as seen with the need for customers to queue for hours at pop-up stores, which further drives up premiums [6] - The presence of counterfeit versions priced at 39 yuan has inadvertently enhanced the value of the authentic products, as some consumers prefer the higher-priced genuine items for their association with celebrity endorsements [7]

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. ...

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]

多项经营指标超过预期。 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， 名创优品集团（ NYSE：MNSO，HKEX：9896） 于 5月23日 公布了 2025 年第一季度财务报告。 海外营收 同比增长 15.9 亿元 30.5%1 中国内地营收 同比增长 24.9 亿元 9.1 % 1 中国内地年初至今同店日均销持续改善 集团毛利率 44.2% 较去年同期上升0.8个百分点 经调整EBITDA* 经调整EBITDA率* 10.4 亿元 同比上升7.5%↑ 经调整净利润* 5.9 亿元 经调整净利率* 13.5% 25.4% 财报显示， 名创优品集团 一季度 总营收 44.3亿元，同比增长19% ； 毛利率为 44.2% ， 较 2024 年同期上升 0.8个百分点，录得过往第一季度的最高毛利率水平。在盈利能力方面，名创优品 集团 一 季 度 经调整（非国际财务报告准则（ Non-IFRS ） ） EBITDA 为 10.4 亿 元 ， 同 比 上 升 7.5%，经调整EBITDA率为23.4%，经调整净利润5.9亿元，经调整净利率13.3% ...

本报讯 （记者 徐春晖 许海燕） 东海县是全国最大的手工穿戴甲生产基地，自年初以来调整国际市场布 局，一批批小语种主播培训入职后，迅速链接起全球新兴市场。今年1—4月，东海穿戴甲销售额约50亿 元、同比增长91%，其中出口销售额占比40%。 5月18日，"苏新消费·夏夜生活"暨第六届连云港网络购物季活动上，江苏晶易易供应链管理有限公司线 上直播间人气爆棚。"公司现有100多位主播，西班牙语、葡萄牙语等小语种主播特别缺，长期招 募！"公司总经理陈智告诉记者。 360度展示商品、列出优惠价格……应届毕业生王曾曾正熟练地用泰语直播。5月1日担任主播以来，王 曾曾快速上手，现在每天播5个多小时，主要面向英国、泰国等国客户。今年以来，风云变幻的国际贸 易形势，让陈智意识到，一定要从单一市场转向新兴市场，提高抗风险能力。3月底，晶易易公司启动 日区直播，首月销售额达6000多美元，比一般美区新主播首月业绩高出2到3倍。"新兴市场的表现给了 我们底气，全球还有很多新蓝海！"陈智说。 东海每年约有8000万副穿戴甲畅销全球35个国家和地区。近年来，东海出台《关于扶持东海穿戴甲产业 发展十条措施》《东海县手工穿戴甲产业发展三年 ...