Core Viewpoint - The toy brand 52Toys, operated by Lezi Tiancheng, has filed for an IPO in Hong Kong, aiming to become the third trendy toy company listed on the Hong Kong Stock Exchange. However, it faces significant challenges compared to its competitor, Pop Mart, in terms of revenue, profitability, and store count [4][10][27]. Group 1: Company Overview - Lezi Tiancheng is recognized as the third-largest IP toy company in China, often compared to Pop Mart, but it lags behind in revenue, profitability, and store presence [4][7]. - As of 2024, Lezi Tiancheng operates only 5 stores, a significant reduction from 19 stores in 2022, while Pop Mart has over 400 stores [7][10]. Group 2: Financial Performance - From 2022 to 2024, Lezi Tiancheng's revenue increased from 463 million to 630 million, but its losses also grew from 1.74 million to 12.2 million [10][11]. - In contrast, Pop Mart's revenue surged from 4.617 billion to 13.038 billion during the same period, with net profits increasing from 476 million to 3.125 billion, marking a 6.5-fold increase [10][11]. Group 3: Sales Channels and Revenue Sources - Lezi Tiancheng relies heavily on distributors, which contributed over 60% of its revenue from 2022 to 2024 [11][12]. - The company has 336 domestic and 90 overseas distributors, but its products have limited visibility in retail stores compared to competitors [12][13]. Group 4: IP Strategy - Lezi Tiancheng's growth is centered around its proprietary and licensed IPs, with over 100 IPs as of 2024, including 35 proprietary and 80 licensed [17][18]. - The revenue contribution from licensed IPs has increased from 50.2% in 2022 to 64.5% in 2024, with the character Crayon Shin-chan alone accounting for over 60% of total revenue [17][18]. Group 5: Competitive Landscape - The domestic trendy toy market is highly competitive, with multiple brands vying for consumer attention, making it challenging for Lezi Tiancheng to stand out [16][27]. - The company faces risks related to the expiration of licensing agreements for key IPs, which could significantly impact its revenue if not renewed [18][24].

证券研究报告 | 公司点评 | 专业连锁Ⅱ 国内同店改善，利润短期承压 ——名创优品 25Q1 点评报告 投资要点 名创优品发布 25 年一季度业绩： 1）25 年一季度收入 44.27 亿元（同比+18.9%），略超彭博一致预期，主要是国 内同店改善、海外延续较快增长带动。 伴随国内同店改善、海外保持较快开店，我们预计 2025-2027 年公司收入分别 205.65、244.25、289.15 亿元，同比+21.0%/+18.8%/+18.4%。综合考虑海外直营 门店仍在模型优化阶段、25 年二季度起并表永辉超市以及财务费用增加，预计 2025-2027 年归母净利润分别 27.37、33.32、41.52 亿元，同比 +4.6%/+21.8%/+24.6%，对应 PE 分别为 14.7x/12.0x/9.7x；经调整净利润分别 28.40、34.35、42.55 亿元，同比+4.4%/+21.0%/+23.9%，对应 PE 为 14.1x/11.7x/9.4x。 2）25 年一季度经调整净利润 5.87 亿元（同比-4.8%），低于彭博一致预期 6.61 亿 元，主要是因为海外直营店扩张仍在跑模型阶段、 ...

泡泡玛特LABUBU高烧不退，也让叶国富的野心格外显眼。 作为名创优品的创始人、董事会主席，叶国富瞄准了当下最为火爆的IP经济潮玩赛道，迈出的步子也不 小——名创优品或募资约3亿美元，分拆旗下潮玩品牌TOP TOY在香港上市。名创优品公告称，正对 TOP TOY进行潜在分拆上市的初步评估，以优化股东价值。 总市值高达3693亿港元，一年半内股价飙升13倍，泡泡玛特的"神话"几乎让每个潮玩赛道上的生意人眼 红。不过，"狂奔"的叶国富，压力同样显眼。随着名创优品海外扩张推高成本，今年一季度陷入"增收 不增利"困境，去年吞下的"巨象"永辉超市，亏损之下仍面临继续关店、调改。 在核心业务承压之际，叶国富把目光投向"爱子"TOP TOY，若成功上市，叶国富手里将掌握三家上市 公司。 新京报贝壳财经记者梳理看到，近年来TOP TOY快速跑马圈地，短短五年门店达到近300家。尽管如 此，相比泡泡玛特高达130亿元的营收，TOP TOY去年收入不足10亿。在业内看来，背靠名创优品， TOP TOY无疑拥有渠道和供应链优势，但过度依赖外部IP，自产IP不足，也是不可小觑的短板。 TOP TOY则野心勃勃，目标在五年内在全球核心 ...

以下文章来源于字母榜 ，作者张琳 字母榜 . 让未来不止于大 来源|字母榜 撰文|张琳 编辑|谭宵寒 叶国富的"钱袋子"变瘪了。 2025年第一季度，名创优品交出了一份"增收不增利"的成绩单。财报显示，名创优品收入同比增长 18.9%至44.27亿元，但经调整净利润却同比下降4.8%至5.87亿元，净利润率从16.6%下滑至 13.3%。 这主要是由于名创优品在海外大幅扩张和IP授权费用增加所致。在费用投放上，一季度IP授权费用 投入同比提升39.6%，海外直营店相关开支（包括租金及相关开支、折旧及摊销开支以及剔除以股 份支付的薪酬开支的工资）同比提升71.4%。 除此以外，一季度，名创优品同店销售再次出现中个位数同比下滑。目前，名创优品的营收增长在 很大程度上是依赖不断开设新门店扩大销售规模，其经营效率依旧在下滑。 财报发布当日，名创优品股价大幅下跌，截至当日收盘，名创优品报收于18.29美元/ 股，暴跌 17.58%。 叶国富也尝试跳出名创优品之外，寻找增长。收购永辉，是叶国富寻找新增长叙事的"关键一跃"。 掌权永辉后的叶国富开始大刀阔斧地改革，一刀砍向经营不善的门店，一刀砍向中间商，但单店改 造成本超8 ...

以下是名创优品 FY25 Q1 的财报电话会纪要，财报解读请移步《 名创优品：名创暴跌？ 没有 IP 魂，搬不来下一个 "泡泡玛特" 》 一、财报核心信息回顾 1、资本配置 2、展望 | | | | | | | | 名创优品财务数据概览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位:亿元,人民币 | | 1Q23 | 2023 | 3Q23 | 4023 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 市场换期 | GAP | | 总营收 | | 29.5 | 32.5 | 37.9 | 38.4 | 37.2 | 40.4 | 45.2 | 47.1 | 44.3 | 44.1 beat | 0.39% | | | yoy | 26.2% | 40.396 | 36.796 | 54.096 | 26.0% | 24.196 | 19.3% | 22.796 | 18.996 | 18.4% | | | 毛机 | | 11.6 | 13 ...

Financial Performance - The company reported Q1 2025 revenue of 4.43 billion RMB, a year-on-year increase of 18.9%, exceeding the market estimate of 4.41 billion RMB [1][3] - Net profit for the quarter was 416.5 million RMB, down 28.8% from 586 million RMB in the same period last year [1][3] - Adjusted net profit was 587.2 million RMB, below the expected 661.3 million RMB [1][3] - Adjusted EBITDA margin was 23.4%, down from 25.9% in Q1 2024 [1] Revenue Breakdown - Revenue from the MINISO brand reached 4.09 billion RMB, a 16.5% increase, with mainland China contributing 2.49 billion RMB (up 9.1%) and overseas markets contributing 1.59 billion RMB (up 30.3%) [4][5] - TOP TOY brand revenue was 340 million RMB, a significant increase of 58.9%, driven by rapid growth in average store count [4][5] Store Expansion - As of March 31, 2025, the total number of stores for the group was 7,768, with a net increase of 978 stores year-on-year [5][6] - The number of MINISO stores reached 7,488, with 4,275 located in mainland China and 3,213 overseas, marking a net increase of 241 and 617 stores respectively [6][7] Management Commentary - The CEO expressed confidence in achieving sustainable high-quality growth, attributing revenue growth to a strong recovery in same-store sales and strategic store network development [8] - The company plans to enhance collaboration with overseas partners, upgrade store formats, and improve operational efficiency to unlock expansion potential [8]

整理 ｜ 李小霞 #Big News# 名创优品海外门店突破3000家 当出海成为大时代命题，名创优品全球化步伐也在加速。 3月21日，名创优品集团公布了2024年财报，全年总营收达170亿元人民币，同比增长23%。毛利率 44.9%，较去年同期上升3.7个百分点。经调整净利润（非国际财务报告准则，Non-IFRS）27.2亿元，同比 增长15.4%，经调整净利率16%，经调整每股摊薄收益同比增长16%至8.68元。 其中，海外营收同比增长42%至67亿元，为集团贡献了接近40%的收入。财报电话会上，名创优品董事会 主席兼CEO叶国富表示，名创优品的美国市场收入在2021年到2024年的3年，以3位数的复合增速增长， 是名创优品在全球单店产出最高的市场之一。 2024年也是名创优品有史以来海外开店最快的一年。截至年末，海外门店实现了3000家的里程碑。公司 在中国内地和海外市场的门店总数，从2023年12月31日的6413家增至7504家。 另外。名创优品潮玩业务表现出色，旗下TOP TOY年度总营收9.8亿元，同比增涨45%，并实现全年盈 利。TOP TOY门店数量也由148家增加至276家。 财报发布后的 ...

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 蜜雪冰城 港股｜挂牌上市 据 IPO 早 知 道 消 息 ， 蜜 雪 冰 城 股 份 有 限 公 司 （ 以 下 简 称 " 蜜 雪 冰 城 " ） 于 2025 年 3 月 3 日 正 式 以"2097"为股票代码在港交所主板挂牌上市。 作为今年开年以来最热的IPO，蜜雪冰城在本次IPO发行中实现了1.82万亿的冻资、5258倍的认购 规模、超32.9亿的募资净额，超过"快手"成为港股的新晋"冻资王"。同时，蜜雪冰城在本次发行中 共引入M&G Investments（英卓投资管理）、红杉中国、博裕资本、高瓴和美团龙珠这5家基石投 资者，累计认购2亿美元。 截至2024年底，蜜雪冰城在全球已有超4.6万家门店，超越星巴克，成为全球第一的现制饮品企 业。2024年，蜜雪冰城门店的出杯量同比增长21.9%至约90亿杯。 同时，蜜雪冰城的营收从2022年的136亿元增长至2024年前三季度的187亿元，净利润也已连续两 年突破30亿元，且同比增速已经连续两年超过40%。 蜜雪冰城的超级IP和终身代言人" ...