2025Q2 毛利率同比小幅提升，经营活动现金流保持健康。毛利率方面，2025H1，公司毛利率为 44.3%，同比提升0.6pct；2025Q2，公司毛利率为44.3%，同比提升0.4pct。毛利率提升主因：（1）高毛 利率的海外直营市场占比提升；（2）TOP TOY 业务毛利率提升。费用率方面，2025H1，公司销售及 一般行政费用率为28.6%，同比提升3.6pct，其中销售及分销费用率为23.2%，同比提升3.6pct，一般及 行政费用率为5.4%，同比持平。销售及分销费用同比增长，主因公司在海外市场投资直营门店，特别 是美国等战略海外市场。净利润率方面，2025H1，公司经营利润率为16.5%，同比下滑2.8pct；经调整 净利润率13.6%，同比下滑2.4pct。存货方面，截至2025H1 末，公司存货为28.36 亿，较年初增长 3.1%。 2025Q2，公司实现营收49.66 亿元，同比增长23.1%；实现经调整净利润6.92亿元，同比增长10.6%。 2025H1，公司实现营收93.93 亿元，同比增长21.1%；实现经调整净利润12.79 亿元，同比增长3.0%。 事件点评 2025Q2 公 ...

| 收盘价（港元）： | 47.100 | | --- | --- | | 年内最高/最低（港元）： | 55.000/20.000 | | 流通/总股本（亿股）： | 12.27/12.43 | | 流通市值（亿港元）： | 577.80 | | 总市值（亿港元）： | 585.28 | 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 商贸零售 名创优品（09896.HK） 买入-A(维持) 2025Q2 名创业务同店销售显著改善，经营拐点显现 2025 年 8 月 25 日 公司研究/公司快报 事件描述 8 月 21 日，公司公布截至 2025 年 6 月 30 日止季度业绩及上半年中期业绩。 2025Q2，公司实现营收 49.66 亿元，同比增长 23.1%；实现经调整净利润 6.92 亿元，同比增长 10.6%。2025H1，公司实现营收 93.93 亿元，同比增长 21.1%； 实现经调整净利润 12.79 亿元，同比增长 3.0%。 事件点评 市场数据：2025 年 ...

Group 1 - The core viewpoint of the news is the positive market sentiment following the joint statement from the US and China, which aims to address economic and trade concerns between the two nations [1] - After the joint statement, the Chinese yuan appreciated against the US dollar, with the exchange rate reaching 7.1991, the highest since April 7 [1] - Market analyst Liao Hanbo from Great Wall Fund suggests that the most fearful phase of the capital market may have passed, as most indices have recovered or are close to recovering previous declines, reflecting expectations of reduced friction [1] Group 2 - The current stock valuations are generally considered high, and investors are advised to focus on stocks with low expectations and potential turning points in their operations [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 3.8 billion yuan in Q1 2025, representing a year-on-year growth of 47%. The net profit attributable to shareholders was approximately 350 million yuan, up 11% year-on-year, while the net profit excluding non-recurring items was about 320 million yuan, reflecting a 17% increase [2][4]. Summary by Sections Business Performance - The company experienced a significant operational turning point, with Q1 revenue growth primarily driven by high increases in overseas building materials revenue, while machinery equipment revenue remained relatively stable. The gross margin for Q1 was approximately 29.7%, an increase of 2.8 percentage points year-on-year, mainly due to significant improvements in the gross margin of overseas building materials [9]. - The company’s net profit for Q1 was 350 million yuan, an 11% increase year-on-year. After adjusting for exchange losses, the net profit would be 410 million yuan, representing a growth of over 30% [9]. Overseas Building Materials - The overseas building materials segment exceeded expectations, with revenue growth driven by increases in both volume and price of tiles, as well as the expansion of glass business. The company holds a leading position in the African building materials market, benefiting from production, distribution, and brand advantages [9]. - The company’s previous large-scale capital expenditures have laid the foundation for capacity increases over the next two years, with new projects expected to contribute to revenue growth [9]. Building Machinery - The building machinery segment saw a decline in revenue due to cyclical industry demand slowdown and adjustments in client investment rhythms. However, the company is positioned as a global duopoly in ceramic machinery, with expected stable revenue in 2025 [9]. Investment in Lithium Industry - The investment in Blueco Lithium maintained stable returns, with Q1 production of lithium carbonate at approximately 8,500 tons and sales of about 8,100 tons. Despite a 33% year-on-year decline in average price, the segment still achieved significant profitability [9]. Market Position and Growth Potential - The company is recognized as a rare leading player in the African market, combining low valuation with certain growth prospects. The company is expected to benefit from urbanization trends in Africa, with projected net profits of approximately 1.58 billion yuan and 1.73 billion yuan for 2025 and 2026, respectively, corresponding to valuations of 10 and 9 times [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved an annual revenue of 12.1 billion yuan in 2024, a year-on-year decrease of 3%. However, the net profit attributable to shareholders was 330 million yuan, representing a year-on-year increase of 91%. The non-recurring net profit was approximately 150 million yuan, showing a significant year-on-year growth of 234% [3][4]. - In the first quarter, the company reported a revenue of 2.1 billion yuan, which is a year-on-year increase of 3%. The net profit attributable to shareholders reached 110 million yuan, up 123% year-on-year, while the non-recurring net profit was approximately -10 million yuan, indicating a substantial improvement [3][4]. Summary by Sections Revenue and Profitability - The company’s total revenue for 2024 was 12.1 billion yuan, down 3% year-on-year. The core business of wall coatings saw a 4% decline, accounting for 58% of total revenue. However, the revenue from home decoration wall paint grew by 13% [8]. - The first quarter of 2025 showed a revenue growth of 3%, with wall coatings generating 1.25 billion yuan, a 9% increase year-on-year. The engineering wall coatings also saw a 9% increase in revenue [8]. Market Performance - The company’s retail revenue continued to grow positively, while the engineering business faced challenges due to price wars. The retail revenue showed double-digit growth, contrasting with a 13% decline in engineering wall coatings revenue [8]. Cost and Margin Analysis - The gross margin for 2024 was approximately 29.6%, a decrease of 1.9 percentage points year-on-year, but showed a quarterly improvement to 31.0% in Q1 2025, up 2.7 percentage points year-on-year. The operating expense ratio also improved, with a decrease in the period expense ratio to 25.7% for 2024 [8]. Cash Flow and Financial Health - The company maintained a strong operating cash flow, with a cash collection ratio of 1.11, 1.18, and 1.15 over the past three years. The net cash flow from operating activities for 2024 was approximately 1 billion yuan, with Q1 2025 achieving a positive cash flow of 110 million yuan, marking the first positive cash flow in Q1 in history [8]. Future Outlook - The company is positioned as a core player in the stock market, adapting to the new era of renovation. The projected net profits for 2025 and 2026 are approximately 1 billion yuan and 1.31 billion yuan, respectively, with corresponding valuations of 26 and 20 times [8].