投资者关系活动记录表 编号：2025-004 | | 特定对象调研（含个人投资者来访） 分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他（电话会议） | | 参与人/单位名称 | 天风证券、长江证券、广发证券、华源证券、长城基金、国金证券、中信证券等 | | 时间 | 2025 年 8 月 26 日上午 | | 地点 | 电话会议 | | 公司接待人员姓 | 副总裁、董事会秘书 蓝地 | | 名 | 战略运营中心总经理 廖振晖 | | | 主要交流问题如下： | | | Q1：养殖业方面公司今年的出栏规划以及今明年的成本下降目标？ | | | A1：公司目前生猪养殖整体的完全成本约为 13.3 元/kg，场内的成本指标要求更为严格， | | | 预计今年完全成本会持续下降。今年生猪的出栏目标为 230 万头左右。 | | | Q2：目前能繁母猪存量的情况和中期规划？ | | | A2：公司落实和执行国家政策，目前能繁母猪没有增长。从规划的角度来看，在养殖 | | | 总量不变 ...

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].

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][14]. Group 1: Company Background and Expansion - Ye Guofu established a jewelry chain called "Aiya Ya" in 2004, which peaked with over 3,000 stores but faded due to e-commerce competition and lack of product differentiation [1]. - In 2013, Miniso was launched using a similar model, focusing on a wide range of home goods, and quickly expanded to 7,488 stores by March 2023, with over 3,200 located overseas [2][5]. Group 2: Business Model and Revenue Generation - Nearly 99% of Miniso's 4,275 stores in mainland China are franchise stores, with the top 50 franchisees operating half of the total stores [5]. - The franchise model allows Miniso to maintain revenue growth by providing management services while franchisees cover initial investments and operational costs [5][6]. Group 3: Challenges and Market Saturation - Miniso is experiencing a "growth bottleneck," with revenue growth not translating into profit, leading to an 18% drop in stock prices following the release of its Q1 financial report [2][6]. - The over-reliance on new store openings has created a cycle of losses due to market saturation and increased competition among franchisees [6][7]. Group 4: International Expansion and Strategy - To combat domestic market saturation, Miniso is focusing on international markets, initially in Southeast Asia, and has shifted to a direct operation model in regions outside Asia [7][8]. - The company is also investing in larger, higher-end stores to enhance brand image, which has increased operational costs [8]. Group 5: Product Strategy and IP Utilization - Since 2022, Miniso has shifted its strategic focus towards IP-related products, which can increase customer purchase frequency and average transaction value [9][11]. - However, reliance on external IP licensing has led to rising costs, with over 100 million yuan spent on licensing in Q1 2023 [9]. Group 6: Adjustments and Future Directions - Miniso is implementing a "close small stores, open large stores" strategy, having opened around 100 large stores that generate three times the average sales of regular stores [11]. - The company is also expanding its TopToy brand internationally and has partnered with Meituan for its lightning warehouse business to enhance operational efficiency [13][14].