On October 22, the eighth episode of "Luo Yonghao's Crossroads" featured a recorded video discussion between Luo Yonghao and Ye Guofu, the founder, chairman, and CEO of MINISO Group Holding Limited.

Ye Guofu discussed the rapid development of MINISO, attributing its success to strong market demand. "We went from 0 to 10 billion in about 5 to 7 years, a growth rate that is likely faster than Jack Ma's journey from 0 to 10 billion," he noted.

He revealed that the first batch of suppliers was sourced from the Canton Fair. "The Fair was full of high-quality exporters. When we started MINISO, the Canton Fair was held in Guangzhou, and since we were also based in the city, I led our merchandise team to find suppliers there. Suppliers participating in the Fair are typically strong, possess design capabilities, have foreign trade experience, and understand international aesthetics, which greatly enhanced the competitiveness of our products."

Regarding selection strategies, MINISO benchmarked against competitors to refine their product models, continuously eliminating and introducing new products. Within three months, they successfully established a commercial model for their self-operated stores.

Ye Guofu also emphasized that the performance of a new store can be assessed within an hour. "If 100 people come in and only 5 buy something, that's not acceptable. Currently, MINISO has a conversion rate of 30%; out of 100 visitors, 30 make a purchase."