风口财经注意到，近年来，在激烈的市场竞争中，森马服饰的业绩已经显示疲态，增长速度明显放缓，利润规模大幅 收缩。与此同时，由于在产品质量、售后服务等方面仍存在问题，在一些消费投诉平台上，消费者的投诉较多，公司 品控仍有较多工作需要解决。 服装巨头森马服饰今年以来业绩突然转跌净利大幅下滑，引发市场关注。森马服饰近日公布的半年报显示，上半年公 司营收和净利润双双下滑，其中归母净利润同比下降41.17%。营收下滑的同时，公司的销售费用却大增17.67%。 半年报净利骤降四成 根据森马服饰2025年半年报，上半年公司实现营收61.49亿元，同比增长3.26%，归母净利润3.25亿元，同比下降 41.17%，扣非净利润2.96亿元，同比下降45.22%。 | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 成 | | 营业收入(元) | 6,148,842,028.76 | 5.954.984.967.50 | 3.26% | | 归属于上市公司股东的净利润(元) | 325, 050, 552. 78 | 552,502,075.58 | - ...

名创优品作为生活好物集合店的全球布局优势明显，把握潮玩大趋势，依托成熟的运营能力打造自有IP 产品的可实现性高。公司管理层坚定看好线下零售业态，具有持续推动线下零售渠道变革和产品战略的 决心和资源，打造适应中国广大消费者物美价廉、服务优质需求的综合线下场景以及全球化的IP 战略 将使得公司具有更长远的成长空间。公司海外拓展，特别是美国直营的落地为公司持续增长提供保障。 事件 名创优品公布2025 年第二季度业绩，实现营业收入49.66 亿元（+23.1%，超过指引的18-21%）， 实现 经营利润8.36 亿元（+11.3%），归母净利润4.90 亿元（-17.2%）；经调整净利润6.91亿元（+10.6%）， 主要由于发行衍生品产生的相关费用以及永辉超市的投资损益自二季度进入报表的影响。 机构：中信建投证券 研究员：刘乐文/陈如练/杨艾莉 核心观点 国内大店战略奏效 公司上半年持续推进大店战略，已开业11 家minisoland，平均月销达到400 万，minisospace 门店6 月进 驻南京高端商业德基广场。 公司坚定执行大店战略，已经开业200 多家400 平米以上的旗舰店，占国内目前4305 家m ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 52.46 [2]. Core Insights - The report highlights a clear inflection point in Q2 performance, driven by the effectiveness of the large store strategy and the positive turnaround in same-store sales, alongside the initiation of the proprietary IP strategy [11][8]. - The company expects a revenue growth rate of over 25% for the full year, with adjusted operating profit projected to reach between RMB 36.5 billion and RMB 38.5 billion [8]. Financial Performance - Q2 revenue increased by 23.1% year-on-year to RMB 4.97 billion, exceeding previous guidance of 18-21% [11]. - The operating profit for Q2 rose by 11.3% year-on-year to RMB 840 million, also surpassing prior guidance [11]. - Gross margin reached a new high of 44.3%, up 0.6 percentage points year-on-year [7]. - Adjusted net profit margin decreased by 1.6 percentage points to 13.9% in Q2 [7]. Revenue and Profit Forecasts - Revenue forecasts for 2025-2027 have been raised by 3.7% for each year, now projected at RMB 214.7 billion, RMB 256.6 billion, and RMB 303.6 billion respectively [9]. - Adjusted net profit forecasts remain cautious at RMB 29.9 billion, RMB 37.3 billion, and RMB 45.7 billion for 2025-2027 [9]. Strategic Initiatives - The company is shifting its growth strategy from rapid store expansion to enhancing store efficiency through large store formats and refined operations [11]. - The proprietary IP strategy aims to leverage global channels for IP promotion, enhancing product-channel-operations integration [8]. Market Position and Valuation - The company’s current market capitalization is HKD 48.537 billion, with a closing price of HKD 39.06 as of August 21 [2]. - The report suggests a cautious approach to profitability due to the lower margins from overseas direct operations and TOPTOY revenue contributions [9].

Core Viewpoint - MINISO's Q1 2025 financial report shows total revenue of 4.43 billion yuan, a 19% year-on-year increase, but net profit attributable to shareholders decreased by 28.5% to 420 million yuan, leading to significant stock price declines in both Hong Kong and US markets [1][2][4] Financial Performance - Total revenue for Q1 2025 reached 4.43 billion yuan, up 19% year-on-year [2][3] - Gross margin improved to 44.2%, an increase of 0.8 percentage points compared to the same period last year, marking the highest gross margin for a first quarter [2][6] - Net profit for Q1 2025 was 420 million yuan, down 28.8% from 586 million yuan in the same quarter last year [4][6] - Adjusted net profit decreased by 4.8% to 587 million yuan, with adjusted net profit margin dropping from 16.6% to 13.3% [4][6] Market Expansion - As of March 31, 2025, MINISO had a total of 7,488 stores globally, a net increase of 858 stores year-on-year [3][4] - Domestic store count reached 4,275, with a net increase of 241 stores, while overseas store count was 3,213, reflecting a net increase of 617 stores [3][4] - The company is implementing a "big store strategy" to enhance channel structure and has opened 8 MINISO LAND stores, with 15 more in preparation [3][4] Cost Structure and Profitability - Sales and distribution expenses increased by 46.7% year-on-year to 1.021 billion yuan, primarily due to the expansion of overseas direct stores [4][6] - The shift in revenue structure, with a decrease in high-margin franchise and agency business, has diluted overall profit margins [4][6] IP Strategy - The increase in gross margin is attributed to the IP strategy and interest consumption, with a gross margin of 44.2% in March 2025, the highest for that month historically [6][8] - MINISO has collaborated with over 150 external IPs since 2016, with significant reliance on external IPs leading to increased authorization costs, which rose by 39.6% in Q1 2025 [6][8] - The company faces intense competition in the IP space, with rising costs and pressure on profitability due to over-reliance on external IPs [6][8]

Core Viewpoint - The company reported a decline in revenue and net profit for the first quarter of 2025, indicating challenges in its operational performance compared to the previous year [5][6]. Financial Performance - The company achieved operating revenue of 279,490.16 million yuan, a year-on-year decrease of 15.06% [5]. - The net profit attributable to shareholders was 80,341.50 million yuan, down 13.33% year-on-year [5]. - The fashion segment generated revenue of 199,806.35 million yuan, reflecting an increase of 8.27% year-on-year, with the brand clothing business contributing 181,687.05 million yuan, up 13.17% [6]. - The net profit from the fashion segment was 18,808.67 million yuan, which decreased by 32.70% due to rising costs and expenses [6]. - The real estate segment had no new projects launched, with pre-sales of 27,639.17 million yuan, down 80.10% year-on-year, and revenue recognition of 78,922.20 million yuan, down 46.01% [8]. - The net profit from the real estate segment was 3,794.73 million yuan, a decline of 70.92% [8]. - Investment business net profit was 57,738.10 million yuan, showing a growth of 11.68% [9]. Strategic Initiatives - The company continued to implement its "large store strategy," opening 23 new self-operated stores and closing 18, resulting in a total of 1,876 self-operated stores with a total area of 50.97 million square meters [7].