Core Viewpoint - The company reported a strong Q2 performance with revenue growth of 23.1% to 4.97 billion yuan, exceeding previous guidance of 18-21% [1] - The improvement in fundamentals is attributed to the effectiveness of the large store strategy, positive same-store sales, and operational leverage optimization [1] Revenue Performance - Domestic revenue increased by 13.6%, with a net addition of 30 stores in the quarter; same-store sales turned positive, supported by improved average selling price (ASP) despite a slight decline in foot traffic [2] - Overseas revenue grew by 28.6%, with the U.S. market showing positive same-store sales, benefiting from the large store strategy [2] - TopToy's revenue surged by 87.0% to 400 million yuan, with same-store sales turning positive, indicating a positive trend [2] Profitability Metrics - Gross margin reached a new high, increasing by 0.6 percentage points to 44.3% due to the IP strategy and higher overseas revenue contribution [2] - Operating profit margin (OPM) decreased by 1.8 percentage points to 16.8%, primarily due to the lower-margin overseas direct sales and increased TopToy revenue; however, the decline was less severe than in Q1 [2] - Adjusted net profit margin fell by 1.6 percentage points to 13.9% after accounting for the impact of Yonghui Investment [2] Strategic Initiatives - The company is shifting its growth strategy from rapid store expansion to enhancing store efficiency through large store openings and refined operations, which has been successfully implemented domestically and is being replicated overseas [1][3] - The focus on proprietary IP development aims to integrate product, channel, and operational strategies, leveraging large stores as platforms for IP promotion [1][3] Future Outlook - The company expects annual revenue growth of over 25% and adjusted operating profit to reach between 3.65 billion and 3.85 billion yuan [3] - Revenue forecasts for 2025-2027 have been raised by 3.7% to 21.47 billion, 25.66 billion, and 30.36 billion yuan respectively, reflecting improved same-store performance and the effectiveness of the large store strategy [3] - The target price has been adjusted to 52.46 HKD based on a 20x PE ratio for 2025, reflecting the company's performance inflection point and effective operational strategies [3]
名创优品(9896.HK)：Q2业绩拐点清晰 自有IP战略启航