Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of approximately 7.759 billion RMB in H1 2024, representing a year-on-year growth of 25%. The net profit attributable to shareholders was about 1.17 billion RMB, up 16.45% year-on-year, with an adjusted net profit of 1.24 billion RMB, reflecting a growth of 17.8% [5]. - The board approved a share buyback plan, intending to repurchase up to 2 billion HKD worth of shares over the next 12 months [5]. - The second quarter's performance met expectations, with a stable adjusted net profit margin. In Q2 2024, the company reported a revenue of 4.04 billion RMB, a year-on-year increase of 24.1% [5]. - The domestic TOP TOY and overseas direct store expansions showed significant breakthroughs, with a total of 455 new stores opened in H1 2024 [5]. - The company continues to implement its long-term strategy focusing on cost-effectiveness, globalization, product innovation, and IP design, with expectations for net profits of 2.6 billion RMB in 2024 and 3.2 billion RMB in 2025 [6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of approximately 7.759 billion RMB, a 25% increase year-on-year. The net profit attributable to shareholders was around 1.17 billion RMB, reflecting a 16.45% increase year-on-year [5]. - The second quarter saw a revenue of 4.04 billion RMB, up 24.1% year-on-year, with a gross margin increase of 4.1 percentage points to 43.9% [5]. Store Expansion - The company opened a total of 455 new stores in H1 2024, with 189 in mainland China and 266 in overseas markets [5]. - The average number of stores increased by 18.8%, and same-store sales grew by 7% [5]. Strategic Outlook - The company is focusing on multi-store formats to cover more consumer scenarios and demographics domestically, while its overseas business is in an aggressive expansion phase [6]. - The product development capabilities are continuously improving, as evidenced by the increasing proportion of IP products and breakthroughs in TOP TOY's self-developed products [6].
名创优品2024年中报点评：TOP TOY和海外展店亮眼，二季度经营性利润率保持稳定