（文/朱道义 编辑/张广凯） 潮玩巨头们之间的商战，正越来越朴实无华？ 8月11日，"泡泡玛特泰国店被指撞脸名创优品"的话题登上热搜。而随着热度持续发酵，事件又出现了新的进展：有聊天截图在网络上流传，内容显示名创 优品（股票代码：09896.HK）疑似以每条300元的价格，招募"水军"对相关话题进行炒作。 事情的起源，是泡泡玛特（股票代码：09992.HK）于8月8日在泰国曼谷的ICONSIAM购物中心新开了全球最大的品牌旗舰店，为面积高达760平方米的超大 沉浸式空间。 据泡泡玛特官微介绍，该旗舰店整体空间分为两层，首层MEGA区以MOLLY与THE MONSTERS的大型产品为打卡点，另设有潮玩专区、POP BEAN互动 区。此外，店内还特别设立了泡泡玛特全球首家海外咖啡空间POP MART CAFÉ。户外广场则放置了身高4米的巨型Molly Thailand Limited装置，身穿泰国当 地特色服装、骑着大象。 泡泡玛特还表示，门店以泰国传统文化为设计灵感，融合大量在地元素。设计细节融合泰国独特的"水文化"、传统建筑语言与包容性理念。 值得注意的是，该旗舰店除了在当地再度引发大排长龙的消费热潮，其装修 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights - In Q2 2025, the company achieved revenue of $2.787 billion, a 4% increase year-on-year, with operating profit of $304 million, up 14%, and net profit of $215 million, up 1% [1][24] - Same-store sales turned positive, with a continuous increase in franchise ratio. The overall system sales for KFC and Pizza Hut increased by 5% and 3% respectively, while same-store sales rose by 1% for both KFC and Pizza Hut [1][24] - The company added 336 new stores in Q2 2025, with a franchise ratio of 26%, including 295 new KFC stores (40% franchise) and 95 new Pizza Hut stores (22% franchise) [1][24] Summary by Sections Industry & Company Dynamics - The company reported a Q2 2025 operating profit margin of 10.9%, an increase of 1.0 percentage points, with restaurant profit margins at 16.1%, up 0.6 percentage points [2][25] - The increase in delivery sales, which accounted for 45% of total sales, led to a rise in rider costs [2] Investment Suggestions - Five investment themes are suggested: 1. Continuous upgrades in AI technology benefiting companies like Keri International and Focus Technology 2. Increased consumer willingness to pay for emotional value, benefiting new retail players like Pop Mart and Miniso 3. Recovery in cyclical sectors under domestic demand, benefiting companies like Haidilao and Yum China 4. Expanding overseas consumption opportunities, with a focus on brands like Pop Mart and Miniso 5. Revitalization of traditional business formats as offline traffic returns, benefiting companies like Yonghui Supermarket and China Resources [6][49][52] Macro & Industry Data - In June, the total retail sales of consumer goods reached 4.23 trillion yuan, a year-on-year increase of 4.8% [26][28] - The online retail sales of physical goods accounted for 24.9% of total retail sales, with a year-on-year growth of 6.0% [27][33] Key Company Announcements - The company returned $274 million to shareholders in Q2 2025, including $184 million in stock buybacks and $90 million in cash dividends [24] - The flagship store of Pop Mart in Thailand opened on August 8, showcasing local cultural elements and interactive areas for consumers [3][22]