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- 奎哥2021奎哥2021
  ·2021-08-24
  看好广州阿富
  “去山寨化”之后，名创优品的新问题来了
  但如今，10个月过去了，名创优品所面临的问题，已经不只是“山寨”。“山寨”已有解决之法名创优品给人带来的“山寨”印象，主要源自于品牌设计和产品设计两个方面。今年1月和4月，名创优品分别遭遇两位设计师的隔空喊话，被指涉嫌抄袭产品设计。而最新发布的财报，则暴露出更多名创优品亟待解决的问题。回到国内市场，名创优品的境地也并不乐观。此外，名创优品在国内市场的地位也正在逐渐受到冲击。
  “去山寨化”之后，名创优品的新问题来了
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17:05","market":"us","language":"zh","title":"“去山寨化”之后，名创优品的新问题来了","url":"https://stock-news.laohu8.com/highlight/detail?id=2161088890","media":"惊蛰研究所","summary":"但如今，10个月过去了，名创优品所面临的问题，已经不只是“山寨”。“山寨”已有解决之法名创优品给人带来的“山寨”印象，主要源自于品牌设计和产品设计两个方面。今年1月和4月，名创优品分别遭遇两位设计师的隔空喊话，被指涉嫌抄袭产品设计。而最新发布的财报，则暴露出更多名创优品亟待解决的问题。回到国内市场，名创优品的境地也并不乐观。此外，名创优品在国内市场的地位也正在逐渐受到冲击。","content":"<html><body><div>\n<p><img src=\"https://static.tigerbbs.com/47aa6d04033b44808fa703c8e6d28efb\"/></p><p><span>作者|小满</span><span></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>声明|题图来源于网络。惊蛰研究所原创文章，如需转载请留言申请开白。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>近日，<a href=\"https://laohu8.com/S/MNSO\">名创优品</a>（NYSE:MNSO）发布了2021财年第四财季未经审计财务报告和全年财报。财报显示，名创优品2021年第四财季的总营收达到了24.72亿元，同比增长59%；毛利增加至6.39亿元，同比大幅增长68.4%，本季度的净利润（Non-IFRS）为1.45亿元，同比大幅增长242%。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>但是，在全年数据方面，名创优品整个2021财年的总营收同比仅增长1%，为90.72亿元。同时，<strong>对比2019财年的2.9亿元亏损和2020年的2.6亿元亏损，名创优品在2021财年的亏损陡然扩大至14.3亿元。</strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>资本市场反应格外灵敏，财报发布当天，名创优品的股价跌破20美元发行价至12.43美元。总市值相比今年2月份的107.74亿美元高点，蒸发了70亿美元，仅余38.08亿美元。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>去年10月，名创优品身负“山寨”标签登陆纽交所，带着资本的加持和期许开启新的征程。但如今，<strong>10个月过去了，名创优品所面临的问题，已经不只是“山寨”。</strong></span></p><p><img src=\"https://static.tigerbbs.com/ae25089e7f1249cdba022069f62bc8db\"/></p><p><span><span> </span><strong><span><strong><span><strong><span><strong><span><strong><span><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><strong arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"> </span></strong></span></strong></strong></span></strong></span></strong></span></strong></span></strong> </span></strong></span></strong></span><span><strong><span><strong><span>“山寨”已有解决之法</span></strong></span></strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>名创优品给人带来的“山寨”印象，主要源自于品牌设计和产品设计两个方面。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>名创优品的线下门店从店名、店铺装潢到设计风格等，都与同样经营零售百货的日本知名品牌无印良品极为相似。此外，名创优品的logo采用了与优衣库极为相似的设计语言和配色，由此导致一部分不明真相的消费者，一度以为名创优品也是日本品牌。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>在产品设计方面，名创优品曾经为了强调自身“日本设计师品牌”的品牌形象，在产品上大量使用了日文说明，但很快就被网友“打脸”这些日文说明“连日本人都看不懂”。<strong>此外，名创优品旗下的多款产品也被扒出在外包装上与雅漾、the body shop等知名品牌高度相似。</strong></span></p><p><img src=\"https://static.tigerbbs.com/b2aa9b8fdff147c9bdeb24e8a0e472b8\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>然而，随着实力的不断增强和新的品牌策略，名创优品已为撕下“山寨”标签找到了解决方案。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>今年1月和4月，名创优品分别遭遇两位设计师的隔空喊话，被指涉嫌抄袭产品设计。但是，在后续的媒体报道中，两位设计师均表示已经和名创优品协商处理妥当。其中一位设计师还透露，名创优品允诺将进行合理赔偿，并与该设计师签订1-3年的合作协议。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>与此同时，<strong>名创优品通过与Hello Kitty、咱们裸熊、探险活宝、粉红豹、飞天小女警、姆明、芝麻街、Kakao Friends等全球数十个知名IP合作，以及签约王一博、张子枫以及陈飞宇等明星成为品牌代言人，也重新树立了年轻、潮流、活力、青春的品牌形象。</strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>名创优品何时能够撕下“山寨”标签，只是时间问题。而最新发布的财报，则暴露出更多名创优品亟待解决的问题。</span></p><p><span><span><span> </span><strong><span><strong><span><strong><span><strong><span><strong><span><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><strong arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"> </span></strong></span></strong></strong></span></strong></span></strong></span></strong></span></strong> </span></strong></span></strong></span></span><span><strong><span><strong><span>全球扩张受阻、规模化失效，名创优品需要新的增长点</span></strong></span></strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>在国内市场，很多人形容名创优品是“供应链品牌化”。因为<strong>名创优品的经营逻辑就是凭借对供应端的成本控制，不断推出海量的高性价比SKU，再借助核心商圈的大店人流量实现“薄利多销”。</strong>所以线下门店的扩张一直是名创优品的核心发展方向。但是在疫情黑天鹅的面前，名创优品的扩张进度已经受到无法忽视的影响。</span></p><p><img src=\"https://static.tigerbbs.com/9ced614146b8418e946301e6a1c4524d\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>早在数年前的公司年会上，叶国富就对名创优品提出“百国万店”计划，誓言要在2022年前走进100个国家和地区，全球门店达到1万家，实现1000亿元的年营收规模。<strong>而在距离叶国富所设定的目标期限不足一年的当下，名创优品在门店数量上的扩张进度甚至都还未完成一半。</strong></span></p><p><img src=\"https://static.tigerbbs.com/2cca687f806d45f99c41b710341c78bb\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>财报显示，截至2021年6月30日，名创优品的全球门店数量为4749家，同比增长12.48%；其中国内门店2939家，2021财年增加406家；海外门店1810家，2021财年增加121家。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>全球扩张进度的受阻，无疑拖了营收的后腿。数据显示，名创优品2021财年的国内业务收入为72.9亿元，同比增长20.6%。国际业务收入为17.804亿元人民币，同比下降39.3%。叶国富在业绩电话会上提到，自7月以来的疫情反复还将继续影响国际业务。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>回到国内市场，名创优品的境地也并不乐观。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>在疫情多次反复的背景下，预防性储蓄降低了居民消费倾向，整个零售行业的生产和消费也受到了持续的压制，特别是线下消费的人流量始终未能恢复到疫情前的水平。<strong>这意味着名创优品将继续背负门店房租、员工工资等硬性的运营成本，但营收能力却无法回归常态。</strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>在此前提下，继续扩张门店则又存在进一步扩大亏损的可能。并且，名创优品的目标消费者本就属于价格敏感型用户，在营收增长乏力的情况下，名创优品也无法通过提高客单价的方式实现短期回血。</span></p><p><img src=\"https://static.tigerbbs.com/d04c2df52b5e41319f9a9817fe3f3ee5\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>此外，名创优品在国内市场的地位也正在逐渐受到冲击。在营业模式上与名创优品如出一辙的三福百货、纪念日、The Green Party、木槿生活等一批小众新锐品牌也正在逐步发展壮大。可以预料的是，名创优品即将面对内外交困、腹背受敌的尴尬局面。<strong>而如何在扩张受阻的情况下找到新的增长点，就成了当下亟待名创优品解决的事情。</strong></span></p><p><span><span> </span><strong><span><strong><span><strong><span><strong><span><strong><span><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><strong arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"> </span></strong></span></strong></strong></span></strong></span></strong></span></strong></span></strong> </span></strong></span></strong></span><span><strong><span><strong><span>渠道、品类“多维”突破，奈何前途依旧未卜</span></strong></span></strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>事实上，名创优品已经有了一些对策。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>在线下扩张受阻的情况下，名创优品已经开始大力布局线上。</span></strong><span>财报显示，名创优品在2021财年第四财季的国内电商渠道收入为2亿元，同比增长136%，电商和O2O业务合计贡献了集团总收入的12%。另外，名创优品的活跃消费会员数在过去12个月里超过了3300万，同比增长49%，环比增长10%，线上业务稳步推进。同时，据天眼查显示，名创优品还在6月25日以注册资本1000万元人民币成立了跨境电商公司，布局时下正热的跨境电商业务。</span></p><p><img src=\"https://static.tigerbbs.com/a07406e658d949f3affc14e086829e96\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>不过，由于名创优品的大部分SKU都以贴牌代工为主，且与品牌之间缺乏独特关联。导致消费者对其产品并未产生长期依赖和稳定复购。因此往往需要消费者现场体验后才有机会刺激购买的消费模式。<strong>在脱离了线下大店这一消费场景后，名创优品能否实现线下营收向线上渠道的转移，仍然是一个有待证明的问题。</strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>此外，面对将要到来的行业内同质化竞争，名创优品选择在潮玩、饰品等细分品类谋求多点突破。</span></p><p><img src=\"https://static.tigerbbs.com/06eb0741f5df407db2587e8c46fdaae0\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>财报显示，去年12月成立的潮玩品牌TOP TOY截至今年6月30日，已经拥有了33家门店，其中第四财季新增24家门店。虽然目前TOP TOY的原创IP数只有6个，但是名创优品已经与包括漫威、<a href=\"https://laohu8.com/S/DIS\">迪士尼</a>、火影忍者在内的全球超过80个IP版权达成战略合作。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>按照名创优品的发展思路，TOP TOY借助大IP的影响力，将有机会与盲盒赛道的领头羊<a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>一较高下，而参考泡泡玛特2020年高达63.4%的毛利率，名创优品也有希望以此为集团贡献持续的营收增长。</span></p><p><img src=\"https://static.tigerbbs.com/f38b08a814c94176b9cad7a3a66283ad\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>不过名创优品对于TOP TOY的寄托或许过于理想了。根据天眼查数据显示，截至目前我国潮玩企业数量已超过800多家。<strong>TOP TOY虽有大IP傍身，但仍然不可避免要进入激烈的行业竞争之中，并且在缺乏自主IP的情况下，如何保证足够的利润是TOP TOY未来一段时间需要认真思考的问题。</strong>加之泡泡玛特上市后，舆论也出现了不少质疑的声音导致其股价持续低迷。因此很难说TOP TOY一定能成为名创优品重获资本认可的“新故事”。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>至于叶国富已经驾轻就熟的饰品赛道，名创优品作为大股东的ACC超级饰沿用了名创优品高性价比、大店、海量SKU的发展路线，正试图复制出一条新的独立业务。而在5月ACC超级饰宣布完成了近1亿美元融资的消息，也在一定程度上表明了资本对于名创优品在饰品赛道上的发展潜力。不过，在本就高度分散化的饰品赛道上，ACC超级饰终究能做成多大的蛋糕，也仍未有定数。</span></p><p><img src=\"https://static.tigerbbs.com/1384c814d5d847dfaa81147f17d6af00\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>8年前，在叶国富决定将“哎呀呀”升级为名创优品，涵盖居家、百货、美护、出行、电器、餐厨、服装等多个品类时，就已经开始了时尚快消领域的轮回。</span></strong><span>等待他的是创造出更多的SKU来满足消费者日益增长的快时尚消费需求，以及针对不同品类赛道进行品牌塑造。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>值得肯定的是，在过去的8年时间里，名创优品成功挖掘出了以高性价比SKU为核心的快时尚零售模式。但是在不同品类赛道的品牌塑造上，名创优品的旅程才刚刚开始，其难度不亚于再造出一个“名创优品”。</span></p><p><img src=\"https://static.tigerbbs.com/8d4461f4790f47e6a5c3987315bbcefc\"/></p><p><span>本自媒体所涉及法律相关问题，由上海蓝白律师事务所黄春欢高级顾问提供全面法律顾问服务。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"> 今日</span></strong><strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">互动 </span></strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">你在名创优品买过什么？</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/4c0ca140d8cb4a84840e1523b8fb7fa9\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><img arial=\"\" gb=\"\" helvetica=\"\" inline=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/5052aade6ea740cab3df0667dd05e18c\" ui=\"\" yahei=\"\"/></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><img src=\"https://static.tigerbbs.com/44a2eb9903854d6cadb581641b3b904a\"/></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><img src=\"https://static.tigerbbs.com/fe8cab86d2ee4bbca62ac373972f5b12\"/></span><span><img src=\"https://static.tigerbbs.com/63e325a6094f499fbcf31767300ad916\"/></span></p>\n</div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“去山寨化”之后，名创优品的新问题来了</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“去山寨化”之后，名创优品的新问题来了\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1071033040\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f564dbd9499f4fa08f3b3eaa260a44bd);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">惊蛰研究所 </p>\n<p class=\"h-time\">2021-08-24 17:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div>\n<p><img src=\"https://static.tigerbbs.com/47aa6d04033b44808fa703c8e6d28efb\"/></p><p><span>作者|小满</span><span></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>声明|题图来源于网络。惊蛰研究所原创文章，如需转载请留言申请开白。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>近日，<a href=\"https://laohu8.com/S/MNSO\">名创优品</a>（NYSE:MNSO）发布了2021财年第四财季未经审计财务报告和全年财报。财报显示，名创优品2021年第四财季的总营收达到了24.72亿元，同比增长59%；毛利增加至6.39亿元，同比大幅增长68.4%，本季度的净利润（Non-IFRS）为1.45亿元，同比大幅增长242%。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>但是，在全年数据方面，名创优品整个2021财年的总营收同比仅增长1%，为90.72亿元。同时，<strong>对比2019财年的2.9亿元亏损和2020年的2.6亿元亏损，名创优品在2021财年的亏损陡然扩大至14.3亿元。</strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>资本市场反应格外灵敏，财报发布当天，名创优品的股价跌破20美元发行价至12.43美元。总市值相比今年2月份的107.74亿美元高点，蒸发了70亿美元，仅余38.08亿美元。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>去年10月，名创优品身负“山寨”标签登陆纽交所，带着资本的加持和期许开启新的征程。但如今，<strong>10个月过去了，名创优品所面临的问题，已经不只是“山寨”。</strong></span></p><p><img src=\"https://static.tigerbbs.com/ae25089e7f1249cdba022069f62bc8db\"/></p><p><span><span> </span><strong><span><strong><span><strong><span><strong><span><strong><span><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><strong arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"> </span></strong></span></strong></strong></span></strong></span></strong></span></strong></span></strong> </span></strong></span></strong></span><span><strong><span><strong><span>“山寨”已有解决之法</span></strong></span></strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>名创优品给人带来的“山寨”印象，主要源自于品牌设计和产品设计两个方面。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>名创优品的线下门店从店名、店铺装潢到设计风格等，都与同样经营零售百货的日本知名品牌无印良品极为相似。此外，名创优品的logo采用了与优衣库极为相似的设计语言和配色，由此导致一部分不明真相的消费者，一度以为名创优品也是日本品牌。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>在产品设计方面，名创优品曾经为了强调自身“日本设计师品牌”的品牌形象，在产品上大量使用了日文说明，但很快就被网友“打脸”这些日文说明“连日本人都看不懂”。<strong>此外，名创优品旗下的多款产品也被扒出在外包装上与雅漾、the body shop等知名品牌高度相似。</strong></span></p><p><img src=\"https://static.tigerbbs.com/b2aa9b8fdff147c9bdeb24e8a0e472b8\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>然而，随着实力的不断增强和新的品牌策略，名创优品已为撕下“山寨”标签找到了解决方案。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>今年1月和4月，名创优品分别遭遇两位设计师的隔空喊话，被指涉嫌抄袭产品设计。但是，在后续的媒体报道中，两位设计师均表示已经和名创优品协商处理妥当。其中一位设计师还透露，名创优品允诺将进行合理赔偿，并与该设计师签订1-3年的合作协议。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>与此同时，<strong>名创优品通过与Hello Kitty、咱们裸熊、探险活宝、粉红豹、飞天小女警、姆明、芝麻街、Kakao Friends等全球数十个知名IP合作，以及签约王一博、张子枫以及陈飞宇等明星成为品牌代言人，也重新树立了年轻、潮流、活力、青春的品牌形象。</strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>名创优品何时能够撕下“山寨”标签，只是时间问题。而最新发布的财报，则暴露出更多名创优品亟待解决的问题。</span></p><p><span><span><span> </span><strong><span><strong><span><strong><span><strong><span><strong><span><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><strong arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"> </span></strong></span></strong></strong></span></strong></span></strong></span></strong></span></strong> </span></strong></span></strong></span></span><span><strong><span><strong><span>全球扩张受阻、规模化失效，名创优品需要新的增长点</span></strong></span></strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>在国内市场，很多人形容名创优品是“供应链品牌化”。因为<strong>名创优品的经营逻辑就是凭借对供应端的成本控制，不断推出海量的高性价比SKU，再借助核心商圈的大店人流量实现“薄利多销”。</strong>所以线下门店的扩张一直是名创优品的核心发展方向。但是在疫情黑天鹅的面前，名创优品的扩张进度已经受到无法忽视的影响。</span></p><p><img src=\"https://static.tigerbbs.com/9ced614146b8418e946301e6a1c4524d\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>早在数年前的公司年会上，叶国富就对名创优品提出“百国万店”计划，誓言要在2022年前走进100个国家和地区，全球门店达到1万家，实现1000亿元的年营收规模。<strong>而在距离叶国富所设定的目标期限不足一年的当下，名创优品在门店数量上的扩张进度甚至都还未完成一半。</strong></span></p><p><img src=\"https://static.tigerbbs.com/2cca687f806d45f99c41b710341c78bb\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>财报显示，截至2021年6月30日，名创优品的全球门店数量为4749家，同比增长12.48%；其中国内门店2939家，2021财年增加406家；海外门店1810家，2021财年增加121家。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>全球扩张进度的受阻，无疑拖了营收的后腿。数据显示，名创优品2021财年的国内业务收入为72.9亿元，同比增长20.6%。国际业务收入为17.804亿元人民币，同比下降39.3%。叶国富在业绩电话会上提到，自7月以来的疫情反复还将继续影响国际业务。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>回到国内市场，名创优品的境地也并不乐观。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>在疫情多次反复的背景下，预防性储蓄降低了居民消费倾向，整个零售行业的生产和消费也受到了持续的压制，特别是线下消费的人流量始终未能恢复到疫情前的水平。<strong>这意味着名创优品将继续背负门店房租、员工工资等硬性的运营成本，但营收能力却无法回归常态。</strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>在此前提下，继续扩张门店则又存在进一步扩大亏损的可能。并且，名创优品的目标消费者本就属于价格敏感型用户，在营收增长乏力的情况下，名创优品也无法通过提高客单价的方式实现短期回血。</span></p><p><img src=\"https://static.tigerbbs.com/d04c2df52b5e41319f9a9817fe3f3ee5\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>此外，名创优品在国内市场的地位也正在逐渐受到冲击。在营业模式上与名创优品如出一辙的三福百货、纪念日、The Green Party、木槿生活等一批小众新锐品牌也正在逐步发展壮大。可以预料的是，名创优品即将面对内外交困、腹背受敌的尴尬局面。<strong>而如何在扩张受阻的情况下找到新的增长点，就成了当下亟待名创优品解决的事情。</strong></span></p><p><span><span> </span><strong><span><strong><span><strong><span><strong><span><strong><span><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><strong arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"> </span></strong></span></strong></strong></span></strong></span></strong></span></strong></span></strong> </span></strong></span></strong></span><span><strong><span><strong><span>渠道、品类“多维”突破，奈何前途依旧未卜</span></strong></span></strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>事实上，名创优品已经有了一些对策。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>在线下扩张受阻的情况下，名创优品已经开始大力布局线上。</span></strong><span>财报显示，名创优品在2021财年第四财季的国内电商渠道收入为2亿元，同比增长136%，电商和O2O业务合计贡献了集团总收入的12%。另外，名创优品的活跃消费会员数在过去12个月里超过了3300万，同比增长49%，环比增长10%，线上业务稳步推进。同时，据天眼查显示，名创优品还在6月25日以注册资本1000万元人民币成立了跨境电商公司，布局时下正热的跨境电商业务。</span></p><p><img src=\"https://static.tigerbbs.com/a07406e658d949f3affc14e086829e96\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>不过，由于名创优品的大部分SKU都以贴牌代工为主，且与品牌之间缺乏独特关联。导致消费者对其产品并未产生长期依赖和稳定复购。因此往往需要消费者现场体验后才有机会刺激购买的消费模式。<strong>在脱离了线下大店这一消费场景后，名创优品能否实现线下营收向线上渠道的转移，仍然是一个有待证明的问题。</strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>此外，面对将要到来的行业内同质化竞争，名创优品选择在潮玩、饰品等细分品类谋求多点突破。</span></p><p><img src=\"https://static.tigerbbs.com/06eb0741f5df407db2587e8c46fdaae0\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>财报显示，去年12月成立的潮玩品牌TOP TOY截至今年6月30日，已经拥有了33家门店，其中第四财季新增24家门店。虽然目前TOP TOY的原创IP数只有6个，但是名创优品已经与包括漫威、<a href=\"https://laohu8.com/S/DIS\">迪士尼</a>、火影忍者在内的全球超过80个IP版权达成战略合作。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>按照名创优品的发展思路，TOP TOY借助大IP的影响力，将有机会与盲盒赛道的领头羊<a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>一较高下，而参考泡泡玛特2020年高达63.4%的毛利率，名创优品也有希望以此为集团贡献持续的营收增长。</span></p><p><img src=\"https://static.tigerbbs.com/f38b08a814c94176b9cad7a3a66283ad\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>不过名创优品对于TOP TOY的寄托或许过于理想了。根据天眼查数据显示，截至目前我国潮玩企业数量已超过800多家。<strong>TOP TOY虽有大IP傍身，但仍然不可避免要进入激烈的行业竞争之中，并且在缺乏自主IP的情况下，如何保证足够的利润是TOP TOY未来一段时间需要认真思考的问题。</strong>加之泡泡玛特上市后，舆论也出现了不少质疑的声音导致其股价持续低迷。因此很难说TOP TOY一定能成为名创优品重获资本认可的“新故事”。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>至于叶国富已经驾轻就熟的饰品赛道，名创优品作为大股东的ACC超级饰沿用了名创优品高性价比、大店、海量SKU的发展路线，正试图复制出一条新的独立业务。而在5月ACC超级饰宣布完成了近1亿美元融资的消息，也在一定程度上表明了资本对于名创优品在饰品赛道上的发展潜力。不过，在本就高度分散化的饰品赛道上，ACC超级饰终究能做成多大的蛋糕，也仍未有定数。</span></p><p><img src=\"https://static.tigerbbs.com/1384c814d5d847dfaa81147f17d6af00\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>8年前，在叶国富决定将“哎呀呀”升级为名创优品，涵盖居家、百货、美护、出行、电器、餐厨、服装等多个品类时，就已经开始了时尚快消领域的轮回。</span></strong><span>等待他的是创造出更多的SKU来满足消费者日益增长的快时尚消费需求，以及针对不同品类赛道进行品牌塑造。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>值得肯定的是，在过去的8年时间里，名创优品成功挖掘出了以高性价比SKU为核心的快时尚零售模式。但是在不同品类赛道的品牌塑造上，名创优品的旅程才刚刚开始，其难度不亚于再造出一个“名创优品”。</span></p><p><img src=\"https://static.tigerbbs.com/8d4461f4790f47e6a5c3987315bbcefc\"/></p><p><span>本自媒体所涉及法律相关问题，由上海蓝白律师事务所黄春欢高级顾问提供全面法律顾问服务。</span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"> 今日</span></strong><strong><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">互动 </span></strong></span></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">你在名创优品买过什么？</span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/4c0ca140d8cb4a84840e1523b8fb7fa9\"/></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><img arial=\"\" gb=\"\" helvetica=\"\" inline=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/5052aade6ea740cab3df0667dd05e18c\" ui=\"\" yahei=\"\"/></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><img src=\"https://static.tigerbbs.com/44a2eb9903854d6cadb581641b3b904a\"/></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><img src=\"https://static.tigerbbs.com/fe8cab86d2ee4bbca62ac373972f5b12\"/></span><span><img src=\"https://static.tigerbbs.com/63e325a6094f499fbcf31767300ad916\"/></span></p>\n</div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/93bc554492a6ac75a506826b968cfb2f","relate_stocks":{"MNSO":"名创优品"},"source_url":"http://mp.weixin.qq.com/s?__biz=MzIxMDE1MDg2OA==&mid=2247484731&idx=1&sn=e3d653e5c9894389f05627177cbcf79e&chksm=9769b180a01e389668a22e897419a729c400efa9de684ba3fdd3cc005868df791d7783f6d57b#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2161088890","content_text":"作者|小满声明|题图来源于网络。惊蛰研究所原创文章，如需转载请留言申请开白。近日，名创优品（NYSE:MNSO）发布了2021财年第四财季未经审计财务报告和全年财报。财报显示，名创优品2021年第四财季的总营收达到了24.72亿元，同比增长59%；毛利增加至6.39亿元，同比大幅增长68.4%，本季度的净利润（Non-IFRS）为1.45亿元，同比大幅增长242%。但是，在全年数据方面，名创优品整个2021财年的总营收同比仅增长1%，为90.72亿元。同时，对比2019财年的2.9亿元亏损和2020年的2.6亿元亏损，名创优品在2021财年的亏损陡然扩大至14.3亿元。资本市场反应格外灵敏，财报发布当天，名创优品的股价跌破20美元发行价至12.43美元。总市值相比今年2月份的107.74亿美元高点，蒸发了70亿美元，仅余38.08亿美元。去年10月，名创优品身负“山寨”标签登陆纽交所，带着资本的加持和期许开启新的征程。但如今，10个月过去了，名创优品所面临的问题，已经不只是“山寨”。   “山寨”已有解决之法名创优品给人带来的“山寨”印象，主要源自于品牌设计和产品设计两个方面。名创优品的线下门店从店名、店铺装潢到设计风格等，都与同样经营零售百货的日本知名品牌无印良品极为相似。此外，名创优品的logo采用了与优衣库极为相似的设计语言和配色，由此导致一部分不明真相的消费者，一度以为名创优品也是日本品牌。在产品设计方面，名创优品曾经为了强调自身“日本设计师品牌”的品牌形象，在产品上大量使用了日文说明，但很快就被网友“打脸”这些日文说明“连日本人都看不懂”。此外，名创优品旗下的多款产品也被扒出在外包装上与雅漾、the body shop等知名品牌高度相似。然而，随着实力的不断增强和新的品牌策略，名创优品已为撕下“山寨”标签找到了解决方案。今年1月和4月，名创优品分别遭遇两位设计师的隔空喊话，被指涉嫌抄袭产品设计。但是，在后续的媒体报道中，两位设计师均表示已经和名创优品协商处理妥当。其中一位设计师还透露，名创优品允诺将进行合理赔偿，并与该设计师签订1-3年的合作协议。与此同时，名创优品通过与Hello Kitty、咱们裸熊、探险活宝、粉红豹、飞天小女警、姆明、芝麻街、Kakao Friends等全球数十个知名IP合作，以及签约王一博、张子枫以及陈飞宇等明星成为品牌代言人，也重新树立了年轻、潮流、活力、青春的品牌形象。名创优品何时能够撕下“山寨”标签，只是时间问题。而最新发布的财报，则暴露出更多名创优品亟待解决的问题。   全球扩张受阻、规模化失效，名创优品需要新的增长点在国内市场，很多人形容名创优品是“供应链品牌化”。因为名创优品的经营逻辑就是凭借对供应端的成本控制，不断推出海量的高性价比SKU，再借助核心商圈的大店人流量实现“薄利多销”。所以线下门店的扩张一直是名创优品的核心发展方向。但是在疫情黑天鹅的面前，名创优品的扩张进度已经受到无法忽视的影响。早在数年前的公司年会上，叶国富就对名创优品提出“百国万店”计划，誓言要在2022年前走进100个国家和地区，全球门店达到1万家，实现1000亿元的年营收规模。而在距离叶国富所设定的目标期限不足一年的当下，名创优品在门店数量上的扩张进度甚至都还未完成一半。财报显示，截至2021年6月30日，名创优品的全球门店数量为4749家，同比增长12.48%；其中国内门店2939家，2021财年增加406家；海外门店1810家，2021财年增加121家。全球扩张进度的受阻，无疑拖了营收的后腿。数据显示，名创优品2021财年的国内业务收入为72.9亿元，同比增长20.6%。国际业务收入为17.804亿元人民币，同比下降39.3%。叶国富在业绩电话会上提到，自7月以来的疫情反复还将继续影响国际业务。回到国内市场，名创优品的境地也并不乐观。在疫情多次反复的背景下，预防性储蓄降低了居民消费倾向，整个零售行业的生产和消费也受到了持续的压制，特别是线下消费的人流量始终未能恢复到疫情前的水平。这意味着名创优品将继续背负门店房租、员工工资等硬性的运营成本，但营收能力却无法回归常态。在此前提下，继续扩张门店则又存在进一步扩大亏损的可能。并且，名创优品的目标消费者本就属于价格敏感型用户，在营收增长乏力的情况下，名创优品也无法通过提高客单价的方式实现短期回血。此外，名创优品在国内市场的地位也正在逐渐受到冲击。在营业模式上与名创优品如出一辙的三福百货、纪念日、The Green Party、木槿生活等一批小众新锐品牌也正在逐步发展壮大。可以预料的是，名创优品即将面对内外交困、腹背受敌的尴尬局面。而如何在扩张受阻的情况下找到新的增长点，就成了当下亟待名创优品解决的事情。   渠道、品类“多维”突破，奈何前途依旧未卜事实上，名创优品已经有了一些对策。在线下扩张受阻的情况下，名创优品已经开始大力布局线上。财报显示，名创优品在2021财年第四财季的国内电商渠道收入为2亿元，同比增长136%，电商和O2O业务合计贡献了集团总收入的12%。另外，名创优品的活跃消费会员数在过去12个月里超过了3300万，同比增长49%，环比增长10%，线上业务稳步推进。同时，据天眼查显示，名创优品还在6月25日以注册资本1000万元人民币成立了跨境电商公司，布局时下正热的跨境电商业务。不过，由于名创优品的大部分SKU都以贴牌代工为主，且与品牌之间缺乏独特关联。导致消费者对其产品并未产生长期依赖和稳定复购。因此往往需要消费者现场体验后才有机会刺激购买的消费模式。在脱离了线下大店这一消费场景后，名创优品能否实现线下营收向线上渠道的转移，仍然是一个有待证明的问题。此外，面对将要到来的行业内同质化竞争，名创优品选择在潮玩、饰品等细分品类谋求多点突破。财报显示，去年12月成立的潮玩品牌TOP TOY截至今年6月30日，已经拥有了33家门店，其中第四财季新增24家门店。虽然目前TOP TOY的原创IP数只有6个，但是名创优品已经与包括漫威、迪士尼、火影忍者在内的全球超过80个IP版权达成战略合作。按照名创优品的发展思路，TOP TOY借助大IP的影响力，将有机会与盲盒赛道的领头羊泡泡玛特一较高下，而参考泡泡玛特2020年高达63.4%的毛利率，名创优品也有希望以此为集团贡献持续的营收增长。不过名创优品对于TOP TOY的寄托或许过于理想了。根据天眼查数据显示，截至目前我国潮玩企业数量已超过800多家。TOP TOY虽有大IP傍身，但仍然不可避免要进入激烈的行业竞争之中，并且在缺乏自主IP的情况下，如何保证足够的利润是TOP TOY未来一段时间需要认真思考的问题。加之泡泡玛特上市后，舆论也出现了不少质疑的声音导致其股价持续低迷。因此很难说TOP TOY一定能成为名创优品重获资本认可的“新故事”。至于叶国富已经驾轻就熟的饰品赛道，名创优品作为大股东的ACC超级饰沿用了名创优品高性价比、大店、海量SKU的发展路线，正试图复制出一条新的独立业务。而在5月ACC超级饰宣布完成了近1亿美元融资的消息，也在一定程度上表明了资本对于名创优品在饰品赛道上的发展潜力。不过，在本就高度分散化的饰品赛道上，ACC超级饰终究能做成多大的蛋糕，也仍未有定数。8年前，在叶国富决定将“哎呀呀”升级为名创优品，涵盖居家、百货、美护、出行、电器、餐厨、服装等多个品类时，就已经开始了时尚快消领域的轮回。等待他的是创造出更多的SKU来满足消费者日益增长的快时尚消费需求，以及针对不同品类赛道进行品牌塑造。值得肯定的是，在过去的8年时间里，名创优品成功挖掘出了以高性价比SKU为核心的快时尚零售模式。但是在不同品类赛道的品牌塑造上，名创优品的旅程才刚刚开始，其难度不亚于再造出一个“名创优品”。本自媒体所涉及法律相关问题，由上海蓝白律师事务所黄春欢高级顾问提供全面法律顾问服务。 今日互动 你在名创优品买过什么？","news_type":1},"isVote":1,"tweetType":1,"viewCount":1197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"followers","isTTM":false}