Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a strong same-store revenue growth of 28% year-on-year in Q3 2025, with total revenue reaching 5.8 billion yuan, exceeding the company's guidance of 25-28% [7] - The overseas segment showed significant growth, with overseas revenue increasing by 28.6% year-on-year, and the company plans to slow down the opening of new stores to focus on quality [7] - The TOP TOY division experienced remarkable growth, with revenue increasing by 111.5% year-on-year in Q3 2025 [7] - The company expects Q4 2025 revenue growth to be in the range of 25-30%, with same-store growth in both China and the U.S. projected to accelerate [7] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 11,473 million yuan, 2024A: 16,994 million yuan, 2025E: 21,305 million yuan, 2026E: 25,961 million yuan, and 2027E: 30,963 million yuan, with year-on-year growth rates of 13.76%, 48.12%, 25.37%, 21.85%, and 19.27% respectively [1] - The adjusted net profit for 2025 is projected to be 2,901 million yuan, with a year-on-year growth of 6.61% [1] - The company's EPS is expected to be 1.83 yuan in 2025, with a P/E ratio of 18.58 based on the latest diluted earnings [1]
名创优品（09896）：同店强劲收入同比+28%，TOPTOY加速成长，期待Q4旺季表现