Core Viewpoint - Sony Pictures has acquired the film adaptation rights for the popular toy IP "Labubu" and has invited director Paul King, known for "Paddington" and "Wonka," to bring it to the big screen [1][2]. Group 1: Project Development - Paul King will serve as the director for the film, collaborating with Department M, known for works like "Christopher Robin" and the remake of "The Hand That Rocks the Cradle," along with producer She Wenxin, recognized for "Wish Dragon" and "A Beautiful Day in the Neighborhood" [3][5]. - The project is currently in the early development stage, with no screenwriter confirmed yet [6]. - Sony is working with Chinese toy retailer and brand Bubble Mart to advance the adaptation [6].

交银国际研究 行业剖析 2025 年 12 月 2 日 消费行业 2026 年展望：新常态下的消费新动能 2025 年消费小幅回暖，2026 年有望延续温和增长：2025 年以来，中国内 地消费市场延续温和复苏态势，1-10 月社会消费品零售总额累计同比增长 4.3%，显示整体需求处于恢复通道。然而，消费者信心指数虽逐季回升但 仍徘徊在荣枯线下，储蓄意愿维持高位、CPI 低位运行，均反映出消费者 偏谨慎的心态。因此我们看到，性价比趋势下多数细分行业仍面临需求偏 软与竞争加剧的双重压力；但另一方面，消费者更加重视情绪价值，同时 "以旧换新"等政策有效带动家电等品类，相关子行业成为年内消费主 线。展望2026年，消费有望延续温和增长的新常态，其核心特征是总体需 求增速偏缓，但消费理性化与需求层级的上移不断推动结构性分化，进而 成为细分市场的重要增长动力。市场将逐步构建新平衡，以挖掘消费者需 求为核心，更加重视经营效率提升；企业需精准洞察消费趋势，通过产 品、渠道、技术创新与供应链优化，把握新常态下的结构性机会。 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可 ...

据了解，本次快闪开幕周将推出多项专属福利，包括弗里达吊卡300只、定制贴纸与徽章领取、现场购买赠礼计划等。值得一提的是， 11月30日开业首日将特别推出"一日店长"活动：用户单笔消费满238元即可凭小票兑换"60s互动手环"，于13:30-17:00与明星店长胡凯旋 进行专属互动，并获赠限定小卡、亲签及合照拍立得等独家周边。活动进入12月下旬后将切换至跨年主题，增设夜间氛围灯光区，通过 更多参与方式增强用户互动，使快闪在整个节日周期保持新鲜感。同时，恰逢K11 VIP DAY，K11会员还将享有专属体验日，可提前解 锁新品与特别礼遇。 11月30日，HERE奇梦岛与上海K11购物艺术中心携手推出的跨年季限时快闪活动在K11 B2中庭拉开帷幕。作为品牌升级后的首个核心 线下项目，奇梦岛现场带来包括独家首发的WAKUKU弗里达联名限定吊卡，用户不仅可以近距离体验潮玩文化，还可以参与"一日店 长""到店打卡"等社交互动，获取快闪期间的不定期惊喜礼物。 本次奇梦岛快闪活动以具有节日氛围的空间陈列和丰富互动体验，构建一个面向城市年轻人的治愈型情绪场景，陪伴消费者体验年末的 仪式感。更值得期待的是，奇梦岛将同步开启"双城 ...

Core Viewpoint - MINISO is undergoing a significant transformation from a low-cost daily goods retailer to a cultural and creative company focused on IP products, which has sparked mixed reactions in the market [6][8][35]. Group 1: Transformation Strategy - The founder of MINISO, Ye Guofu, has proposed closing 80% of existing stores to reopen them with a new focus on cultural and creative products [7]. - The new store format, MINISO LAND, aims to create a more upscale shopping experience, contrasting with traditional MINISO stores that are often located in less prominent areas [10][11]. - MINISO LAND has opened only 18 locations, strategically placed in city centers to become new landmarks, showcasing a shift in business strategy [10][11]. Group 2: Product Offering and Market Position - MINISO LAND emphasizes IP products, with a reported 79.6% of sales coming from these items, significantly higher than traditional products [11]. - The average transaction value in MINISO LAND is three times that of regular MINISO stores, indicating a successful shift in consumer spending behavior [11]. - The store features a diverse range of IP products, including collaborations with popular franchises, making it a competitive player in the market [20][22]. Group 3: Consumer Reception and Market Dynamics - Consumer feedback indicates that while MINISO LAND products are more expensive than traditional MINISO items, they remain cheaper than typical IP toy stores, appealing to a broad audience [20][22]. - The store attracts a significant number of foreign customers, highlighting its global appeal and the effectiveness of its location strategy [20]. - Despite the initial success, concerns about product quality and originality persist, as many items are perceived as lacking in uniqueness compared to competitors [23][29]. Group 4: Future Challenges and Opportunities - MINISO's reliance on external IP licensing raises concerns about long-term sustainability, as the company faces increasing costs and potential market volatility [35]. - The company's strategy to recruit talent for original IP development is crucial for its future growth, but initial efforts have faced criticism for lack of appeal [35]. - The ongoing challenge will be balancing the integration of original IP while maintaining the affordability and accessibility that has defined MINISO's brand [30][35].

Core Insights - MINISO is accelerating its layout in core business districts across the country with the opening of MINISO LAND in Hangzhou, featuring over 100 IP products and exclusive immersive experiences [1][4] - The Hangzhou store is designed to cater to the younger demographic's demand for trendy culture and immersive experiences, creating a new urban landmark [2][4] - The collaboration with Disney's "Zootopia" marks a significant expansion in MINISO's IP operations, showcasing the brand's strategic depth in this area [3][4] Store Features - The MINISO LAND in Hangzhou features a three-level immersive space with various attractions, including a giant toy house and themed areas for popular IPs like Pokémon and Disney [2][3] - The store includes a dedicated area for the "Zootopia" collaboration, with themed products across multiple categories and interactive experiences for customers [3] Business Strategy - MINISO's strategy involves continuous expansion into key commercial areas, with previous successful openings in cities like Shanghai and Chongqing, demonstrating strong sales performance [4] - The brand's international strategy is also progressing, with the recent opening of its first overseas MINISO LAND in Bangkok, showcasing its ability to localize offerings while maintaining global standards [4] - By focusing on immersive IP experiences, MINISO aims to redefine urban commercial spaces and enhance its market position as a leading global IP operator [4]

Core Viewpoint - The new energy sector is experiencing significant growth, with leading stocks in various sub-sectors seeing substantial price increases, indicating a strong market trend in this area [1][4]. New Energy Sector Performance - The new energy sector, including silicon energy, photovoltaic equipment, and BC batteries, has shown strong performance, with notable increases in stock prices for leading companies such as Longi Green Energy, Tongwei Co., and Tianci Materials [4][6]. - Key stocks like Enjie Co., Tongwei Co., and others have seen significant price surges, reflecting positive market sentiment [1][4]. Individual Stock Highlights - Demingli (stock code 001309) reached a market value of 61.679 billion, with a price increase of 10% and a trading volume ratio of 2.13 [2]. - Xiangnong Xinchuan (stock code 300475) achieved a market value of 81.541 billion, with a price increase of 8.90% and a trading volume ratio of 1.33 [3]. Industry Catalysts - The recent "AI + electricity" trend is driving demand in the new energy sector, with major companies signing long-term supply agreements, indicating optimistic future demand [7]. - Tianci Materials announced long-term supply agreements with major companies, projecting a total supply of 1.595 million tons from 2026 to 2028 [7]. - The price of lithium hexafluorophosphate has seen a significant increase, rising from approximately 47,000 yuan/ton in July to an average of 113,500 yuan/ton by November 3, driven by seasonal demand and supply constraints [8]. Market Dynamics - The recent price increases in lithium hexafluorophosphate and yellow phosphorus are attributed to supply chain adjustments and recovering demand for electrolyte raw materials [8]. - A coalition of 17 leading photovoltaic companies is expected to stabilize market conditions and promote a balanced supply-demand dynamic in the long term [8].

Core Insights - MINISO has launched an innovative artist street in Guangzhou, focusing on co-creation, sharing, immersion, and interaction, aiming to connect artists with toy enthusiasts through a one-stop experience [1] - The street features the original artist IP "AngryAimee," which encourages young people to express their emotions through immersive content [3] - MINISO plans to introduce more artist IPs and themed events in the street, creating a reusable and sustainable co-creation platform that integrates original content with commercial scenarios [5] Product Launch and Engagement - During the event, several limited-edition products were launched, including "Beach Music Festival Blind Box" and "400% Big Doll," featuring innovative interactive elements that attracted many fans [6] - The designer of AngryAimee participated in a signing event, engaging with fans to gather inspiration for future designs [6] International Expansion and Brand Strategy - MINISO showcased its original toy artist IPs at the Paris Fashion Week, marking a significant step in its strategy to bring 100 Chinese IPs to the global stage [8] - The participation in Paris Fashion Week highlights the artistic elevation of Chinese original toy IPs, transitioning from collectibles to fashion accessories [10] - MINISO's innovative artist street model extends its influence from international platforms to local commercial applications, creating a complete cycle of content output and market integration [11] IP Development and Investment - The founder of MINISO mentioned a yearly investment of 100 million yuan to cultivate and nurture original IPs, emphasizing the importance of providing ample space for experimentation [15] - MINISO has established a dual-driven model of "licensed IP + signed artist IP," focusing on both international collaborations and systematic development of original IPs [16] - The company aims to build a growth platform for Chinese original forces, promoting local IPs to become globally influential cultural symbols [16]

Core Insights - The recent Paris Fashion Week showcased the collaboration between Miniso and Chinese designer Caroline Hú, highlighting the integration of original IPs like "萝卜街" and "右右酱" into the international fashion scene [1][3][4] Group 1: Event Highlights - Miniso's vinyl toys made their debut at one of the world's four major fashion weeks, marking a significant collaboration between Chinese brands and designers [3] - The event signifies a new phase for the Chinese toy industry, focusing on original IP and brand value as it aims for global expansion [3] - Caroline Hú's collection, themed "Disguise," created a unique atmosphere and showcased the blend of fashion and toy culture [6][9] Group 2: Design and Aesthetics - Caroline Hú is recognized for her romantic design style, incorporating elements like hand knitting and impressionist art into her fashion creations [4] - The designs for the vinyl dolls reflect themes of authenticity and self-expression, with each doll dressed in custom haute couture outfits [6][7] Group 3: Strategic Initiatives - Miniso's dual-track strategy of "top-tier licensed IP + signed artist IP" is gaining momentum, with nine toy artists strategically signed to enhance its unique IP ecosystem [9] - The collaboration with Caroline Hú captures the emotional resonance between toys and high-end fashion, redefining toys as fashion items that convey artistic expression [9] - Miniso plans to launch a new series of vinyl products inspired by the fashion show, expanding its offerings for global toy enthusiasts [12][14] Group 4: Global Expansion - The collaboration at Paris Fashion Week is a key practice of Miniso's globalization strategy and its dual-track IP model [14] - Miniso aims to leverage its global channel network to advance its strategy of bringing 100 Chinese IPs to the world, fostering creative connections between Eastern and Western aesthetics [14]

Group 1: Costa Coffee Sale - Coca-Cola is evaluating the sale of Costa Coffee, with Bain Capital emerging as a potential buyer, following initial discussions with private equity firms [3][4] - Costa Coffee was acquired by Coca-Cola for £3.9 billion (approximately 34.7 billion yuan) seven years ago, but is now being sold for £2 billion (approximately 19.4 billion yuan), indicating a significant decline in value [3][4] - The performance of Costa has deteriorated since its acquisition, with revenue dropping from £1.3 billion in 2018 to a slower growth rate, and only 400 new stores added globally in seven years [3][4] Group 2: Competitive Landscape - The coffee market is facing intense competition from established brands like Starbucks and emerging players such as Luckin Coffee and McCafé, which are impacting Costa's market share [4][5] - Costa's growth in China has been particularly challenging, failing to meet its target of 1,000 stores, with only around 500 currently operational [4][5] Group 3: McDonald's Expansion Plans - McDonald's plans to open nearly 10,000 new stores globally within four years, aiming to surpass its competitor, Mixue Ice City, which currently has 46,479 stores [6][8] - The strategy includes expanding in both urban and rural areas, focusing on increasing brand visibility and reducing operational costs through efficient supply chain management [6][8] Group 4: Goyard's Performance - Goyard's revenue surged by 64% to €810 million in the 2024 fiscal year, with a significant portion of sales coming from international markets [9][10] - The brand has maintained a high resale value, surpassing Hermès with a 104% retention rate, indicating strong consumer demand despite the overall luxury market downturn [9][10] Group 5: Mijia Ice City Acquisition - Mijia Ice City has acquired a 53% stake in Fresh Beer Fulu Family for approximately 297 million yuan, expanding its product offerings into the fresh beer market [11][12] - Fresh Beer Fulu Family, established in 2021, focuses on affordable fresh beer products, with prices ranging from 5.9 yuan to 9.9 yuan per 500mL [11][12] Group 6: TOP TOY's Market Position - TOP TOY, a brand spun off from Miniso, reported revenues of 6.79 billion yuan in 2022, with projections of 19.09 billion yuan by 2024, but struggles to differentiate itself from competitors like Pop Mart [14][15] - The brand primarily relies on collaborations with international IPs, which limits its brand recognition and profitability compared to Pop Mart's unique IP creations [15][16]

Investment Rating - The report maintains an "Accumulate" rating for the retail industry [1] Core Insights - TOP TOY, a subsidiary of Miniso, has officially submitted its listing application to the Hong Kong Stock Exchange, with the split expected to enhance the valuation of Miniso [4][10] - The rapid growth of the trendy toy industry has led to a doubling of TOP TOY's revenue in 2023, with a year-on-year increase of approximately 115%, and a projected revenue growth of 58.5% in the first half of 2025, reaching 1.36 billion yuan [4][10] - The Chinese trendy toy market is expected to grow from approximately 59 billion yuan in 2024 to about 213 billion yuan by 2030, with a compound annual growth rate (CAGR) of around 21% from 2025 to 2030 [28] - TOP TOY is projected to be the largest trendy toy collection store in China by 2024, leveraging its advantages in product selection, supply chain, IP operation, and franchise resources [31] - The split listing of TOP TOY is anticipated to allow different types of investors to benefit and assist Miniso in achieving a revaluation [33] Summary by Sections Weekly Industry Insights - TOP TOY's listing application was submitted on September 26, 2025, and will operate independently post-split [4][10] - The company achieved profitability in 2023, with a projected profit growth of 40% in 2024, reaching 297 million yuan [4][10] Market Performance Review - From September 22 to September 28, the Shenwan retail index decreased by 4.32%, while the Shanghai Composite Index increased by 0.21% [34][35] - Year-to-date performance shows the Shenwan retail index up by 1.91% [34][35] Company Valuation Table - The report includes a valuation table for various companies in the industry, indicating their market capitalization and projected earnings [37]