用IP连接情感，用场景创造快乐。这场从"卖货"到"造梦"的跨越，或许真的能诞生一个属于中国的"迪士尼"，但长路仍漫漫。 从2013年靠优质低价席卷市场的"十元店"，到2025年全球门店超8000家的零售巨头，名创优品靠渠道优势实现了规模的极致扩张。 然而，当大多数人为"渠道帝国"惊叹时，叶国富却清晰地看到繁荣背后的隐忧——存量博弈时代，单纯的规模优势难以为继。 于是，叶国富毅然选择"壮士断腕"，以承受短期转型阵痛为代价，押注IP生态赛道，试图完成从"卖商品"到"卖文化"的核心跨越。而这条承载着他IP野心 的转型之路，注定绕不开一个强劲对手——王宁麾下的泡泡玛特。 一个是从渠道端向上延伸的"零售巨无霸"，一个是从内容端向下生长的"潮玩鼻祖"，两者的交锋，将不仅是商业版图的争夺，更关乎"造梦权"的争夺。 叶国富十年布局 "家人们，我们正处在中国IP崛起的黄金时代……未来十年，我们要带领100个中国IP走向世界，亲手打造世界级的IP。" 叶国富在2026新年寄语《以IP为帆，向世界出发》中喊出了要成为"全球领先的IP运营平台"的口号，同时也为名创优品锚定了从"零售公司"到"文化创意集 团"的转型方向。 此前，10月 ...

2026年将愿景升级为"全球领先的IP运营平台"，着力于构建一个开放、共创的IP创新生态。并表示，未 来十年，要带领100个中国IP走向世界，亲手打造世界级IP。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：1月4日，名创优品集团董事会主席叶国富发布2026年新年寄语，披露2025年业务进展及2026 年IP生态发展方向。 致辞显示，2025年名创优品遍布全球112个国家和地区、超8000家门店的深海布局，特别是海外GMV占 比突破46%。同时，名创优品宣布启动"IP天才少年计划"，以百万至千万年薪面向全球招募顶尖IP设计 人才，旨在强化原创IP孵化，构建自有IP矩阵，推动公司向全球领先的IP运营平台升级。全球25家 MINISO LAND的落地，与超180个国际顶流IP的深度共创，推动了从"IP联名"到"IP生态"的跃升。 YOYO、萝卜街、吉福特熊、墩DUN鸡等原创IP的成功推出，将开启从"零售公司"到"文化创意集团"的 转型。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 为更贴近粉丝用户心声，聆听他们对品牌的真实反馈与创意建议，MINISO（名创优品）近日以"一起回 名创快乐老家"为主题，邀请100位粉丝用户深入MINISO公司全球总部，开启一场沉浸式共创之旅。通 过新品体验、产品主理人对谈、打卡互动等多元形式，让粉丝用户深度了解产品迭代和参与内容共创， 共同定义未来的潮流风向。 从用户到伙伴，MINISO与粉丝用户达成双向奔赴 活动现场，粉丝用户化身"产品体验官"，对新品进行测评投票、与研发团队交流使用感受与建议，各品 类负责人也与他们围坐一堂，分享爆品案例和经验。除此之外，MINISO还在活动中给多位粉丝用户颁 发了"名创流量密码主理人" "年度氪金大佬""名创打卡特种兵"等奖项。 获得"名创打卡特种兵"认证的用户"挥刀屠龙"分享了她的独特经历。作为一名资深"名创粉"，她每到一 座城市出差或旅游，总会特意寻找当地的门店打卡留念。近十年来，她的足迹遍布北上广深、香港、澳 门，甚至跨越重洋抵达美国洛杉矶，累计打卡30多个城市的门店，用镜头记录下名创优品成长为全球零 售巨头的每一步。 （名创优品创始人叶国 ...

最近的名创优品(MINISO),明星含量有些"超标"。 "我们既懂品类,更懂IP如何赋能品类,而非简单印个logo。"正如名创优品董事会主席兼首席执行官叶国 富所言,在这一体系内:核心品类是"稳定器",保障基础流量与复购;IP则是"放大器",通过IP设计提升产品溢 价与品牌吸引力,并反哺核心品类热度,二者形成可持续的增长循环。 正是这种"实用价值与情感价值"的深度融合,让MINISO成功跨越消费圈层,成为串联全球明星、精英家庭 与大众消费者的情感纽带,也让"逛名创"从购物行为,升维为一种全球共通的消费文化现象,实现真正 的"快乐平权"。 引领全球"兴趣消费",MINISO重构零售空间与消费圈层 在传统印象中,明星与高净值人群的消费多与奢侈品紧密绑定。如今,为何中外明星名流纷纷成为 MINISO"常客"?这背后不仅是"明星同款"的短暂风潮,更映射出MINISO从"大众市场"向"高势能圈层"、 从"年轻标签"向"全球家庭消费"的战略升维。其正凭借"兴趣消费"的深度实践,悄然重塑全球消费审美, 完成从商业输出到文化共鸣的品牌跃迁。 "多IP矩阵+多品类好物"齐发力,全球掀起逛名创热潮 随着明星家庭与名流人士频繁进店 ...

Core Insights - The recent trend of "shopping at MINISO" led by top celebrities and affluent families has become a global phenomenon, indicating a shift in MINISO's strategy from targeting the mass market to engaging high-potential consumer segments and families worldwide [1][2] - MINISO's Q3 financial report shows total revenue of 58 billion, a 28% year-on-year increase, with overseas market revenue reaching 23.1 billion, also up 28%, highlighting the brand's successful global expansion [2][4] - The launch of MINISO LAND stores represents a strategic shift towards immersive retail experiences, enhancing brand value and consumer engagement [3][4] Financial Performance - MINISO's total revenue for Q3 reached 58 billion, with a 28% increase year-on-year [2] - Revenue from the MINISO brand was 52.2 billion, marking a 23% growth [2] - Overseas revenue accounted for 44.3% of total brand revenue, with the U.S. market showing a remarkable 65% year-on-year growth [2] Global Expansion - MINISO has entered 112 countries and regions, with over 8,000 stores globally, establishing overseas markets as a significant revenue driver [2] - The number of overseas stores reached 3,424, with a focus on high-potential commercial areas [2][3] Brand Strategy - MINISO is transitioning to a high-quality development phase driven by brand value and experiential innovation, with a focus on creating immersive shopping environments [4] - The company aims to build a "multi-IP matrix" and a diverse product range to meet various consumer needs, enhancing both functional and emotional connections with products [6][8] Cultural Impact - MINISO's strategy aligns with the growing trend of "interest consumption," which has gained global recognition, reflecting a shift in consumer behavior [9][10] - The company is positioning itself as a cultural ambassador for China, aiming to elevate Chinese original IPs to a global level [10]

Core Insights - MINISO is experiencing a global surge in popularity, driven by celebrity endorsements and a shift from mass market appeal to high-value consumer segments [1][2] - The brand's strategy emphasizes "interest consumption," allowing it to resonate with both young consumers and families worldwide [1][4] Brand Breakthrough - MINISO is redefining consumer perceptions by positioning itself as a lifestyle choice for high-net-worth individuals, moving beyond traditional luxury associations [2][4] - The brand's diverse product offerings and IP collaborations have attracted attention from celebrities, indicating a successful transition to a premium market [2][4] Ecosystem Development - MINISO has established a "multi-IP matrix" and a wide range of product categories, creating an ecosystem that enhances emotional connections and social interactions [4][8] - The brand has partnered with over 150 well-known IPs and developed its own IPs, such as the Gifford Bear and DUN Chicken, to appeal to a broad audience [4][8] Channel Upgrade - MINISO's global store network has expanded to over 8,000 locations across 112 countries, positioning itself as a destination for IP-driven consumer experiences [5][7] - The introduction of MINISO LAND stores, which offer immersive shopping experiences, has proven successful, with flagship locations achieving record sales [7] Cultural Expansion - The rise of "interest consumption" reflects a global shift towards emotional and experiential purchasing, moving beyond mere functionality [8][11] - MINISO aims to elevate Chinese IPs on the global stage, aligning with national policies promoting diverse consumer experiences [11]

Core Viewpoint - MINISO reported a revenue of 9.393 billion RMB for the first half of 2025, marking a 21.1% increase year-on-year, with a notable growth in the second quarter of 23.1% [1] Financial Performance - The operating profit for the first half of 2025 was 1.546 billion RMB, reflecting a 3.4% year-on-year increase, while the net profit decreased by 23.1% to 906 million RMB [1] - TOP TOY, a brand under MINISO, achieved a revenue of 742 million RMB (approximately 104 million USD) in the first half of 2025, representing a 73% increase year-on-year, with second-quarter revenue reaching 400 million RMB (approximately 56.1 million USD), up 87% [3][4] Business Expansion - As of June 30, 2025, TOP TOY had a total of 293 stores, with 283 located in mainland China, and added 17 new stores in the first half of the year, resulting in a net increase of 98 stores compared to the same period last year [8] - The management anticipates a 50%-60% increase in the number of stores and a 70%-80% growth in performance for TOP TOY this year [8] Strategic Initiatives - MINISO is shifting its store strategy from relying on small stores to a diversified approach that includes MINISO LAND series, flagship stores, regular stores, and pop-up stores to cater to different commercial ecosystems [8] - The MINISO LAND store in Shanghai achieved over 100 million RMB in sales within nine months, showcasing a new paradigm in interest-based consumption [10] IP Development - The company aims to enhance its IP strategy by focusing on both international and proprietary IPs to drive sustainable growth [16] - MINISO has signed contracts with nine toy artists and has invested 5.1 million RMB to acquire a 51% stake in HiTOY, which has a diverse product line and annual sales exceeding 100 million RMB [18] Market Outlook - The performance of competitors like Pop Mart reinforces MINISO's confidence in the growth potential of the toy market in China, indicating a burgeoning consumer interest and market development [20]

Core Insights - The event held by Miniso featuring the "Gifford Family" in Guangzhou aimed to create an immersive healing experience targeting the emotional needs of young people [1][2] - The emotional resonance generated by the event led to significant social media engagement, highlighting the importance of emotional value as a core driver of consumption [2] - Miniso's dual-engine strategy of "collaboration + originality" has resulted in the successful launch of various IPs, with the "Gifford Family" achieving notable sales figures [3][4] Group 1 - The "Gifford Family" event transformed the venue into a mental refuge through interactive installations and plush toys, catering to the emotional needs of young consumers [1] - Social media topics related to the event, such as MinisoHugTeam, gained traction, with users sharing personal stories of emotional support from the plush toys [2] - The "Gifford Family" generated over 63 million yuan in sales in Q1 2025, with the Gifford Bear leading the plush category at 48 million yuan [3] Group 2 - Miniso's design centers in China, South Korea, Japan, and the United States support the complete incubation cycle of original IPs, from creative development to product launch [4] - The "Gifford Family" uses skin-friendly materials to create emotional connections, with physical stores serving as channels for storytelling and emotional engagement [4] - Miniso is entering a phase focused on deepening emotional value in its IP operations, aiming to create a warm narrative that resonates globally [4]