【名创优品（9896.HK）】门店质量持续优化，关注海外经营杠杆释放——2025年一季报点评（姜浩/梁丹辉）

Core Viewpoint - The company reported a revenue growth of 18.9% year-on-year in Q1 2025, but profits decreased by 28.9% during the same period, indicating potential challenges in profitability despite revenue growth [2]. Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 4.427 billion yuan, reflecting an 18.9% increase year-on-year, while the profit for the period was 417 million yuan, down 28.9% [2]. - Adjusted net profit for the period was 587 million yuan, showing a decline of 4.8% year-on-year [2]. - The comprehensive gross margin for Q1 2025 was 44.2%, up by 0.8 percentage points compared to the previous year, driven by increased overseas market revenue and improved product mix [3]. Group 2: Brand Performance - The MINISO brand generated a revenue of 4.09 billion yuan in Q1 2025, marking a 16.5% year-on-year increase, supported by a 9.1% growth in domestic revenue and a 30.3% increase in overseas revenue [3]. - The TOP TOY brand reported a revenue of 340 million yuan, which is a significant growth of 58.9% year-on-year, primarily due to an increase in the average number of stores [3]. Group 3: Store Adjustments and Shareholder Returns - As of the end of Q1 2025, the total number of stores reached 7,768, with a net decrease of 12 stores quarter-on-quarter; domestic MINISO stores decreased by 111, while overseas stores increased by 95 [4]. - The company has been optimizing its domestic store structure to enhance store quality [4]. - Shareholder returns amounted to 990 million yuan, including cash dividends of 100 million USD and share buybacks totaling 260 million yuan [4].