生死狙击
叶国富计划关闭重开80%门店，谁为“腾笼换鸟”买单？_我的网站
A | 出品｜商业消费组
作者｜李佳琪
编辑｜苗正卿
题图｜名创优品官方微博
“他买你做的多，还是买泡泡玛特做的多？”10月22日，罗永浩在@罗永浩的十字路口 视频播客节目请来名创优品创始人叶国富，问出了上述这个被老罗自称为“歹毒”的问题。
而这仅仅只是开胃小菜。
The Chinese national flag and the Ecuadorian national flag. Photo: VCG
At the invitation of Chinese President Xi Jinping, President of the Republic of Ecuador Daniel Roy-Gilchrist Noboa Azín will pay a state visit to China from August 16 to 23, a Chinese foreign ministry spokesperson announced on Friday.
Noting that 2026 marks the 10th anniversary of the China-Ecuador comprehensive strategic partnership, the Chinese spokesperson said that China hopes the visit will help further consolidate political mutual trust between the two countries, carry forward the traditional friendship, and achieve new progress in the comprehensive strategic partnership for the benefit of the two peoples.
The spokesperson said Ecuador is an important Latin American country, and that the two sides have signed a document on Belt and Road cooperation and a free trade agreement, practical cooperation in various areas has been fruitful, and the friendship between the peoples has been deepening.
A release from Ecuador's Ministry of Foreign Affairs notes that the China leg serves as the first stop of his Asia tour, which will also take him to Vietnam and Singapore. The statement adds that the state visit to China is intended to deepen strategic ties and advance key initiatives spanning trade, investment, infrastructure, energy, technology and sustainable‑development cooperation.
Citing Ecuadorian foreign minister Roberto Kury, local media outlet Vistazo reported that the agenda would include Chinese investment interest in energy and mining, as well as Quito's aim of boosting its exports.
According to the Chinese Foreign Ministry, the upcoming visit will be President Daniel Noboa's first state visit to China. It's also President Noboa's second visit to China following his initial trip in June 2025 for the Annual Meeting of the New Champions in North China's Dalian.
During Noboa's last China visit, he met with the Chinese leader in Beijing. The two heads of state jointly witnessed the signing of the cooperation plan between China and Ecuador on jointly promoting Belt and Road cooperation.
Ecuadorian digital outlet Primicias wrote that the trip will mark a new chapter in the bilateral relationship that Ecuador has consolidated with one of its key economic partners.
"In recent years, China‑Ecuador relations have maintained steady growth. This upcoming visit is expected to further consolidate high‑level political mutual trust between the two countries and forge top‑level consensus for further cooperation in the next phase," Pan Deng, director of the Latin America and Caribbean Region Law Center at the China University of Political Science and Law, told the Global Times on Friday.
Meanwhile, the visit will also help strengthen the bilateral institutional cooperation network, translate cooperation plans into concrete outcomes across niche sectors, and establish a multi‑tiered dialogue mechanism covering governments, enterprises and academia, Pan noted.
"Pragmatic cooperation between China and Ecuador has outgrown fragmented, ad hoc short‑term projects, entering a new era of long‑term cooperation that is institutionalized, regular and scalable," Pan added.
According to China's Ministry of Commerce, the China‑Ecuador Free Trade Agreement was signed on May 11, 2023 and officially entered into force on May 1, 2024. Ecuador thus became China's 27th free‑trade partner and the fourth for China in Latin America.
China has, for consecutive years, stood as Ecuador's second‑largest trading partner. Figures from China's Ministry of Foreign Affairs show that the bilateral trade volume stood at $17.33 billion in 2025, marking a 24‑percent year‑on‑year rise. For the January‑April period of 2026, bilateral trade totaled $6.28 billion, representing nearly 20‑percent year‑on‑year growth.
Pan noted that China‑Ecuador cooperation represents a typical model of complementary development. China boasts strengths in the market, production capacity, technology and capital, while Ecuador is endowed with high‑quality agricultural and marine resources, clean‑energy potential and a favorable Pacific geographic location. The two sides form a sound partnership based on mutual benefit and win‑win outcomes.
Specifically, Ecuador's agricultural produce, aquatic products and specialty resources steadily continue to enter the Chinese market. In terms of investment and infrastructure, Chinese players have long taken part in local livelihood projects and infrastructure building that align with Ecuador's actual development needs, he noted.
Ahead of the Ecuadorian president's state visit to China, Uruguayan President Yamandu Orsi travelled to China in February as Latin America's first head of state to visit China in 2026. During Orsi's visit, the two sides issued a joint statement on deepening their comprehensive strategic partnership, and signed more than 10 cooperation documents covering investment, trade and other fields.
Much like China‑Uruguay ties, evolving China‑Ecuador relations demonstrate that Latin American countries can pursue development‑oriented practical cooperation through independent diplomacy, without being forced to take sides or sacrificing their sovereignty and economic autonomy, said Pan.
Amid rising trade protectionism, geopolitical disruptions and heightened market uncertainties, the two sides uphold open cooperation and mutual benefit, offering the Global South a viable pathway for cooperation rooted in equality, mutual benefit, stability and no political strings attached, he added.
。更刺激的是，在节目中，叶国富提出今明两年要“腾笼换鸟”，将名创优品80%的门店关闭重开，改变店铺模型和产品结构，实现从零售向文化创意的转变。
截至目前，名创优品全球门店网络已超7000家，80%就意味着近6000家门店将“推倒重来”。
按照叶国富的规划，“腾笼换鸟”的核心有两大支柱：门店模型重构与产品结构变革。门店方面，将原200㎡以下的中小型门店升级为400-600㎡的主题化空间，旗舰店则参考上海南京路1500㎡的“MINISO LAND全球壹号店”，打造集商品、娱乐、社交于一体的沉浸式体验空间。产品方面，计划未来3-5年将IP产品占比从当前的50%提升至80%以上，减少低价标品，增加漫威、迪士尼、基卡瓦等联名IP的高溢价商品，实现从零售公司到文化创意公司”的定位跃迁。
从行业趋势来看，这场转型并非无的放矢。近年来，IP衍生品市场持续升温，盲盒、潮玩等文创产品凭借高溢价和强用户粘性，成为零售行业的新增长点。名创优品此前布局的IP联名产品已取得一定成效，这为其全面转向IP文创提供了基础。而扩大门店规模、增加体验场景，也是应对电商冲击的常见策略。
B |
但激进转型背后的风险同样不容忽视。首先是用户适应成本的挑战。
C | 长期以来，名创优品在消费者心智中留下的“平价实用”标签难以轻易抹去，而转型后IP产品的溢价将导致价格带上移，可能流失大量依赖低价刚需品的核心用户。三四线城市的消费者是否愿意为沉浸式体验和IP符号买单，仍是未知数。其次是执行层面的巨大压力，80%门店的关闭重开并非一次性完成，而是分批调整，这意味着在长达两年的转型期内，门店变动可能引发购物不便，进而影响品牌口碑。
此外，财务压力、模式适配、竞争对手的围剿，都可能让叶国富的野心功亏一篑。
D | 但正如他自己所说，“机会永远属于那些看不懂的人”。
重塑
叶国富在访谈中强调，名创优品在5~7年左右时间内就实现了从0到100亿。
其近乎野蛮的扩张的确令人瞩目。最辉煌时期，名创优品一年开出上千家门店，进店转化率高达30%。叶国富将这种成功归因于准确把握了市场需求，开创了当时中国没有的全新零售模式。
E |
然而这种跑马圈地式的扩张模式背后，隐患早已埋下。大量200㎡以下的小店，坪效低迷、产品同质化严重，既无法承载新的IP产品，也难以满足年轻人的体验式消费需求。
名创优品中国内地合伙人门店在2024年关闭了299家，关店数量近乎翻倍，单店年收入从巅峰时期的270万跌至190万。2025年第一季度，名创优品出现了首次总门店数量下滑，国内净减少111家门店。关店主要集中在二线及以下城市，主要以清理小加盟商的亏损门店为主。同店销售增长的表现也不尽如人意。
为寻找新增长点，名创优品加速海外直营店扩张，并推进潮玩品牌TOP TOY的“大店”战略。
F | 这导致租金、折旧摊销等成本大幅上升。若接下来真的要大幅闭店重开，那新店肩负的任务，就是在激进扩张与追求健康利润之间找到平衡。
值得注意的是：2024年9月，名创优品斥资62.7亿元收购永辉股权，这笔巨额支出几乎掏空了公司当时的账面现金，并带来了额外的财务利息成本。从近半年来的财报中不难看出，名创优品的净利润在近几个季度持续承压。2025年第一季度，公司出现“增收不增利” 的局面，营收增长18.9%，但经调整净利润同比下滑。
G | 主要由于其销售与分销开支同比增长46.7%，以及收购永辉带来的财务成本增加。
H | 2025年第二季度，公司总营收达49.7亿元，同比增长23.1%；该季度毛利率44.3%，较去年同期上升40个点。然而在营收增长的同时，盈利能力却承受压力。
海外直营店的扩张是另一个利润消耗点。虽然直营模式下毛利率较高，但最终的经营利润率目前只有单个位数，拖累了集团整体的盈利能力。
叶国富的嗅觉向来敏锐。他意识到，零售的战场已经从数量之争转向效率之争，而效率的核心不再是多开店，而是开好店。于是那个曾经沉迷扩张的“开店狂魔”，意图重塑自己的零售宇宙， 企图做出三重底层逻辑的彻底转变。
首先是从流量覆盖到精准狙击。过去的名创优品门店只要有流量就敢开，不管是社区底商还是写字楼过道。但现在，叶国富要砍掉这些“无效门店”，把资源集中在核心商圈、热门地标，开出400-600㎡的MINISO LAND大店。最典型的代表莫过于上海南京东路全球壹号店就：9个月销售额破亿，单月最高1600万元，客单价是普通小店的3倍。而该类门店本质上是用门店质量换用户价值。
I |
其次是从卖产品到卖文化。10元店的模式注定天花板很低，产品溢价空间被死死限制。
J | 叶国富很早就发现，年轻人愿意为情怀买单。举例来看，同样是耳机，印上迪士尼logo就能从19元涨到29元切破受欢迎。于是，IP成了名创优品的“救命稻草”，而小店根本无法承载IP的场景化表达。关闭小店、重开大店，本质上是为IP铺路：只有足够大的空间，才能打造哈利·波特专区、三丽鸥主题墙，完成从零售到文创的认知升级。
K |
最后是从单打独斗到生态协同。如果只是名创优品自己闭店重开，或许只是一次常规的战略调整，但结合62.7亿元收购永辉的动作来看，这场闭店潮有着更深远的布局。叶国富接手永辉后，立刻启动了更激进的关店计划：在2024年关闭220家门店的基础上，2025年再关250-350家尾部门店。“一边是名创优品关闭80%小店，一边是永辉砍掉低效门店，两套‘闭店手术’共用一套底层逻辑：剥离低效资产，集中资源打造标杆门店，再通过供应链、IP资源的协同，实现1+1>2的效果。”有长期关注名创优品的零售行业专家告诉。
L |
叶国富曾在入主永辉后在朋友圈写过一句话：“大家都看不懂就对了，如果都看得懂我就没有机会了。
M | ” 上述行业专家认为：从开店到闭店的反转，看似矛盾，实则是一个商人在不同阶段的精准决策：扩张期用规模抢占市场，转型期用减法聚焦核心。这场闭店革命，本质上是叶国富对零售逻辑的重新定义。
谁为转型成本买单？
名创优品的扩张奇迹，离不开庞大的加盟体系支持。
N | 其独特的盈利模式让加盟商成为重要的利益相关方。
o | 此次80%门店关闭重开，意味着加盟商需要承担重新装修、货品更新、停业损失等一系列成本，这对本就面临盈利压力的加盟商来说，无疑是巨大的考验。
按照转型规划，新门店的单店面积扩大，装修成本和运营成本将大幅提升。
p | 以上海南京路1500㎡的旗舰店为例，其装修投入和运营成本远非普通小店可比，这意味着加盟门槛将显著提高，现有部分中小加盟商可能因资金压力被淘汰。
q | 而对于愿意跟进转型的加盟商来说，最关心的问题是：升级后的门店能否实现盈利增长？
虽然叶国富寄希望于IP产品的高溢价提升盈利能力，但IP文创的盈利逻辑与性价比商品完全不同。性价比商品依赖高频消费和薄利多销，而IP文创产品依赖低频高客单价和复购率。这要求门店不仅要提升空间体验，还要具备IP运营和用户维护的能力，这对加盟商的运营水平提出了更高要求。若总部无法提供足够的IP资源支持、运营指导和流量导入，转型后的门店可能面临“大而不强”的困境，加盟商的投资回报周期将大幅拉长。
上述行业专家认为：更值得警惕的是，加盟体系的稳定性直接影响品牌的市场覆盖。
r | 在两年的转型期内，部分区域可能出现门店关闭后无法及时重开的情况，导致市场空白，给竞争对手可乘之机。而如果转型效果不及预期，加盟商信心受挫，可能引发大规模退盟潮，这对名创优品的线下网络将是毁灭性打击。因此，这场“腾笼换鸟”不仅是对品牌战略的考验，更是对加盟体系凝聚力的生死考验。
叶国富的“换鸟”计划，展现了传统零售品牌在时代变革中的勇气，但勇气背后需要理性的支撑。名创优品的成功，本质上是抓住了“高品质+低价格”的商业本质，通过高效的供应链管理和渠道扩张实现了规模增长。
s | 如今的转型，不应是对这一核心逻辑的全盘否定，而应是在原有优势基础上的升级迭代。
文化创意并非低价的对立面，IP赋能也不应以牺牲实用性为代价。对名创优品而言，更稳妥的转型路径或许是“性价比为底，IP为翼”，保留核心生活用品的高性价比优势，同时精选优质IP进行深度合作，通过场景升级提升消费体验，而非彻底抛弃“十元店”的根基。
今明两年将是名创优品转型的关键期，80%门店的关闭重开不仅是空间和产品的重构，更是品牌心智的重塑。
t | 消费者是否愿意为IP溢价买单？加盟商是否愿意承担转型成本？IP产品能否形成持续的竞争力？这些问题的答案，将决定这场豪赌的最终结局。
叶国富曾说：“商业本质还是要把产品做好，一个企业如果没有好产品，什么都不是”。这句话不仅适用于过去的名创优品，更适用于转型中的名创优品。无论“笼”如何腾，“鸟”如何换，回归产品本身，平衡用户需求与商业利益，才是穿越周期的根本。重生还是冒险，只能等待市场给出答案。
#商业大消费编辑李佳琪，关注消费商业，行业人士欢迎交流加微信：llqq0103，新闻线索亦可邮件至[email protected]
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