门店质量优化

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【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)
光大证券研究· 2025-05-27 09:13
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].
【周黑鸭(1458.HK)】单店表现持续修复,积极拓展新渠道——2024年年报点评(叶倩瑜/董博文)
光大证券研究· 2025-04-11 09:02
事件: 特别申明: 报告摘要 点击注册小程序 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客户,用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限,若给您造成不便,敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 周黑鸭发布2024年年报,2024年全年实现收入24.51亿元,同比下滑10.66%,实现归母净利润0.98亿元,同比 下滑15.03%。其中24H2实现收入11.92亿元,同比下滑10.34%,实现归母净利润0.65亿元,同比增长371.96%。 优化低效门店,注重门店质量 发布日期: 2025-04-11 免责声明 查看完整报告 本订阅号是光大证券股份有限公司研究所(以下简称"光大证券研究所")依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 分品类看,2024年公司鸭及鸭副产品/其他产品/特许经营费实 ...