据央视财经，今年上半年，国产化妆品零售总额创近五年新高，国货美妆品牌以55%的市场份额，实现 对国际品牌的持续超越。不仅如此，线上也是销售火热。数据显示，今年一季度在线交易平台化妆品零 售额1528.85亿元，同比增长14.68%。值得一提的是，今年上半年，化妆品消费也呈现出新的趋势，男 性护肤、香水香氛等化妆品细分赛道销量增长更为明显。 （文章来源：第一财经） ...

Summary of MINISO Conference Call Company and Industry Overview - The conference call discusses MINISO, a retail company focusing on IP derivative products, which is part of the broader IP licensing industry that maintains a growth rate of nearly 10% [2][4] - The collectible toy market, particularly in the IP sector, has a compound annual growth rate (CAGR) of approximately 20%, with plush toys and blind boxes being the fastest-growing segments [2][4] Core Insights and Arguments - MINISO strategically entered the IP retail sector to target core customer groups, shifting from a cost-effective positioning to a more segmented user profile, aligning with the transformation trends in offline retail [2][7] - The company has a global multi-tiered channel system that empowers upstream licensing and facilitates the international expansion of domestic IPs [2][8] - MINISO's product development cycle is rapid, with an inventory turnover period of about 90 days, allowing for quick adaptation to market demands [2][8] - The demand for global IP licensing and derivative products is increasing, providing MINISO with opportunities to expand market share, especially in the Chinese market where the penetration rate of licensed products is significantly lower than in the U.S. [2][4][10] Competitive Advantages - MINISO's competitive advantages include: 1. A global, multi-tiered channel system that enhances its licensing capabilities [8] 2. Strong product development and iteration capabilities, with a quick inventory turnover [8] 3. A strategic positioning in overseas markets with a diverse range of IP products at competitive prices [8][9] Areas for Improvement - Past collaborations, such as with Marvel, revealed issues with inventory management and product precision, indicating room for improvement in distribution and stock management [11] - The performance of certain products, like the Chikawa line in first and second-tier cities, was suboptimal, highlighting the need for better market fit and inventory strategies [11] Strategic Initiatives for 2025 - In 2025, MINISO is focusing on core categories such as gummy plush toys, blind boxes, perfumes, and travel products, while launching co-branded and self-designed new products [12][13] - The introduction of the MINISO Land store format in key commercial areas aims to enhance brand image and significantly boost single-store revenue, with one store's performance equating to that of 30 regular stores [3][13] - New exclusive partnerships with brands like TMT Space and others have been established to strengthen MINISO's position as an IP collection store [14] Performance and Future Outlook - MINISO's overall performance has shown improvement, with same-store sales turning positive as of May 2025, and expectations for further growth due to a low base effect [15] - The company is shifting its focus from rapid store expansion to optimizing existing stores, particularly in overseas markets [15] - MINISO's current price-to-earnings ratio is 13 times, which is considered attractive compared to other retailers and IP valuations, leading to a buy recommendation [15][16]

化妆品产业值得信赖的知识性学习交流平台 作者 | 肖子木 以下文章来源于化妆品观察 品观 ，作者肖子木 化妆品观察 品观 . 来源 | 化妆品观察 品观 导语： 未来，美妆与医美、美妆与大健康的跨界融合会加速重构行业生态。 不仅仅在中国，全球美妆行业都在从"轻松增长"迈入"复杂的新阶段"。 近日，麦肯锡联合时尚商业评论BOF发布了《The State of Fashion:Beauty》2025年度报 告，对当下全球美妆市场进行了深度描摹和预言。 报告指出：2024年全球美妆市场规模为4410亿美元，尽管近两年全球经济存在着不稳定性， 但2022-2024年间美妆市场仍然获得了7%的增长，而接下来， 麦肯锡预测全球增速将跌至 5% （2024-2030年）。 此外，不同的地区、类目之间的分化将进一步加大，地缘冲突、市场饱和、消费者价值敏感 度提升这三个因素共同作用了这一结果。 当曾经清晰的成功公式，变成难以破解的谜题，所有人都只能以更审慎的姿态挖掘不曾被留 意的增长机会。 区域分化： 美妆巨头寻找下一个中国 2024年，中国美妆市场在全球的占比为15%，是欧洲（24%）、北美洲（21%）之后的第 三大市场。 ...

以下文章来源于明亮公司 ，作者主编24小时在线 明亮公司 . 追踪新商业、好公司，提供一手情报与领先认知。 作者：MD 出品：明亮公司 名创优品（MNSO.US；9896.HK）近期在收购、出海和门店升级等方面的动作不断引起市场的关注。 29日，在名创优品"2024全球品牌战略升级成果发布会"上，公司创始人、董事长叶国富表示，名创优品全新要做 "全球IP联名集合店"，并 与公司高管一起分享了名创优品对于目前零售行业趋势、出海、门店、IP产品等主题的观点和实践 。 目前，名创优品门店数已超过7000家。根据公司今年上半年财报演示文稿，2024年-2028年，名创优品每年净新增门店数将达900-1100家； 期间营收年复合增长率超过20%；2028年IP产品销售占比超过50%。 "名创优品能走向全球， 最核心的原因是开创了全球IP联名集合店这一新的商业模式 。我们与全球150多个知名IP合作，设计出极具兴趣消 费价值的产品，并在全球进行本地化经营，靠这种创新模式走向世界。"叶国富说。 谈出海：资源「无限倾斜」，产品、供应链本地化 围绕中国企业"出海"的实践经验，叶国富总结出了几个关键点： 一是创始人要有全球化的视 ...