海豚投研·2025-05-24 10:51Financial Overview - Total revenue for Q1 FY25 was 44.3 billion RMB, showing a year-over-year increase of 18.4% [1] - Gross profit was 19.6 billion RMB with a gross margin of 44.3% [1] - Core operating profit was 7.1 billion RMB, representing a decline of 13.41% year-over-year [1] - Adjusted net profit was 5.9 billion RMB, down 10.11% year-over-year [1] Market Strategy - The company is focusing on improving same-store sales performance, which has shown significant improvement compared to Q3 and Q4 of the previous year [2] - The average customer transaction value remained stable, while foot traffic in physical stores has seen a slight decline [2] - The company is optimistic about achieving positive growth in same-store sales by mid-2025 [2] Expansion Plans - The company opened 5 new large stores in Q1 and has plans for 50 more [5] - Internationally, the company is focusing on expanding in 24 states in the U.S., covering 76% of the population [5] - The company aims to enhance its product differentiation with over 40% of its products being proprietary under the TOP TOY brand [5] Financial Management - The company plans to distribute a dividend of 740 million RMB for the fiscal year 2024 [4] - A total of 260 million RMB has been allocated for share buybacks in 2025, representing 0.7% of total shares [4] - The long-term target for operating profit margin is set at 20%, with a short-term focus on improving the efficiency of direct stores [4]