天眼查App显示，近日，湖北省白因伞生活用品馆（个人独资）成立，法定代表人为白森引，注册资本 1万人民币，经营范围为一般项目：家具制造，家具零配件销售，家具销售，汽车零配件零售，服装服 饰零售，日用家电零售，体育用品及器材零售，照相器材及望远镜零售，办公用品销售，乐器零售，自 行车及零配件零售，日用百货销售，鞋帽零售，摩托车及零配件零售，显示器件销售，电子元器件零 售，洗车设备销售，五金产品零售，珠宝首饰零售，文具用品零售，化妆品零售，钟表销售，厨具卫具 及日用杂品零售，照明器具销售，照相机及器材销售，钟表与计时仪器销售，日用杂品销售，日用品销 售，自行车零配件销售，日用品批发，二手日用百货销售，包装服务。（除许可业务外，可自主依法经 营法律法规非禁止或限制的项目）。 ...

Core Viewpoint - Miniso, founded by Ye Guofu, has rapidly expanded its store network but is now facing growth challenges and declining profits despite increasing revenue [2][11]. Group 1: Company Background and Expansion - Ye Guofu established a jewelry chain called "Aiyaya" in 2004, which peaked with over 3,000 stores but declined due to e-commerce competition and lack of product differentiation [1]. - In 2013, Miniso was launched, applying the successful low-cost model to a broader range of household products, quickly expanding to 7,488 stores by March 2023, with over 3,200 located overseas [2][5]. - The franchise model has been crucial, with nearly 99% of the 4,275 stores in mainland China being franchisee-operated, allowing Miniso to maintain revenue growth through new store openings [5]. Group 2: Financial Performance and Challenges - Despite a growing number of stores, Miniso reported a decline in profits in its Q1 financial report, leading to an 18% drop in stock prices [2][11]. - The company is overly reliant on new store openings for revenue growth, which has led to a vicious cycle of opening more stores while facing diminishing returns and increased competition among franchisees [5][11]. Group 3: Market Saturation and Strategic Shifts - Miniso is facing market saturation in first-tier cities, with nearly 50% penetration in shopping centers, leading to increased rental costs and reduced customer traffic [5][6]. - To counteract domestic market saturation, Miniso is focusing on international expansion, particularly in Southeast Asia, and has shifted to a direct operation model in overseas markets to improve brand management [6][7]. Group 4: Product Strategy and Cost Management - The company is shifting its focus to IP-related products, which can enhance customer purchase frequency and increase average transaction values, although reliance on external IP licensing has raised costs significantly [8][11]. - Miniso is implementing a strategy to close underperforming stores while opening larger flagship stores that can generate higher sales, and is also exploring the introduction of TopToy products to leverage its supply chain advantages [11][13]. Group 5: Future Outlook - The challenges faced by Miniso highlight the difficulties of rapid expansion and the need to balance growth with profitability, making it essential for the company to refine its operational strategies moving forward [14].