上 市 公 司 纺织服饰 2025 年 07 月 01 日 海澜之家 (600398) ——苏超官方战略合作伙伴，深度绑定现象级体育赛事 IP | 投资要点： | | --- | | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 20,957 | 6,187 | 22,313 | 24,540 | 27,004 | | 同比增长率（%） | -2.7 | 0.2 | 6.5 | 10.0 | 10.0 | | 归母净利润（百万元） | 2,159 | 935 | 2,411 | 2,705 | 3,047 | | 同比增长率（%） | -26.9 | 5.5 | 11.7 | 12.2 | 12.6 | | 每股收益（元/股） | 0.46 | 0.21 | 0.50 | 0.56 | 0.63 | | 毛利率（%） | 44.5 | 46.6 | 45.4 | 46.7 | 47.6 | | ROE（%） | 12.7 | 5.2 | 13.8 | 15.0 | 1 ...

如今，河南 "消费三象"胖东来、蜜雪冰城和泡泡玛特，已成为商超、茶饮、潮玩领域 "新标杆"。 相较其他二者，泡泡玛特尤为亮眼。创始人王宁靠着 "潮玩脑洞"，用盲盒形式，戳中了年轻人对潮流 文化和情感陪伴的需求，彻底点燃了年轻人的热情。 泡泡玛特现在有多火？Labubu系列就是答案。 同时，有观点认为，Labubu放量不足，或许也与饥饿营销有关，"物以稀为贵，如果量产上来了，大家 还会买吗？" 抢不到货的人难受，抢到货的人也有烦心事。 对消费者而言，想通过正规渠道入手Labubu，堪称一场耐心与运气的考验。记者走进电商平台泡泡玛 特直播间的评论区发现，这里满屏皆是"Labubu什么时候补货"的急切追问，运营人员不得不反复回 复："暂时没有哦，宝子。" 线下门店的"缺货潮"则更为直观。记者从店员处得知，Labubu目前订单量呈爆发式增长，线下门店库存 已全面告急，门店内只有样品，消费者想要订货，只能关注官方小程序等待补货信息，但具体补货数量 和时间均未明确。 Labubu在全球范围内的爆火，带动了泡泡玛特的股价，2025年来至今，涨幅已经超过160%。 截至6月6日收盘，泡泡玛特市值为3287.52亿元。据泡泡玛 ...

Financial Data and Key Metrics Changes - In Q1 2025, Miniso Group's total revenue reached RMB 4.43 billion, representing a 90% year-over-year growth, exceeding the upper limit of the guidance of 50% to 80% [6][27] - Miniso's revenue from Mainland China was RMB 2.49 billion, growing by 9%, while overseas revenue was RMB 1.59 billion, growing by 30% [6][27] - The gross margin increased by nearly one percentage point to 44.2% compared to the same period last year [33] - Adjusted net profit for Q1 was RMB 590 million, with an adjusted net profit margin of 30.3% [41] Business Line Data and Key Metrics Changes - The Miniso brand generated RMB 3.84 billion in revenue, growing by 16.5% [27] - The Top Toy brand achieved revenue of RMB 1.01 billion, up by 59% [28] - Same store sales in Mainland China showed a mid-single-digit decline, significantly improved from previous quarters [30][49] Market Data and Key Metrics Changes - Overseas revenue contribution increased by three percentage points year-over-year, now accounting for 36% of total revenue [29] - In Q1, 95 new overseas locations were added, expanding the international network [32] - The U.S. market is a key focus, with strategies to optimize store operations and improve inventory efficiency [17][20] Company Strategy and Development Direction - The company is focusing on enhancing same store performance as a core strategy, aiming for a 10% growth in domestic same store sales for the year [8] - Miniso is transitioning from rapid store openings to a strategy focused on larger, better-performing stores [13][15] - The company plans to deepen its IT strategy and enhance product development precision to maintain a competitive edge [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive same store growth despite current challenges in the Chinese market [49] - The company is committed to long-term growth, focusing on refined operations and strict expense management [45] - Management highlighted the importance of innovation and high-quality products to meet evolving consumer needs [12][24] Other Important Information - The company paid out RMB 740 million in dividends and completed nearly RMB 260 million in share repurchases since the beginning of the year [24][44] - Miniso is exploring new business models and enhancing partnerships with agents to improve market dynamics [20][25] Q&A Session Summary Question: Regarding same store improvement in China - Management noted a significant improvement in same store performance, with a decline narrowing to mid-single digits, and expressed confidence in achieving positive growth [49][50] Question: U.S. market strategies amid tariff fluctuations - Management discussed preparations for tariffs, including building inventory in the U.S. and optimizing the supply chain to reduce dependency on Mainland China [56][58] Question: Impact of YH on profit and loss - Management confirmed that YH will be consolidated into overall performance starting Q2, with a focus on reducing financial losses and improving efficiency [60][61] Question: Same store performance trends in overseas markets - Management indicated that overseas same store performance is improving, particularly in the U.S. and Mexico, and emphasized the importance of channel optimization and merchandise improvement [63][65] Question: IP partnership strategies - Management highlighted the importance of exclusive licensing and in-house IP development to enhance market presence and consumer engagement [76][79]

证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 21 日 [Table_Title] 降本增效盘活资源，小程序游戏发展良好 [Table_Title2] 名臣健康(002919) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 002919 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 20.65/10.17 | | 目标价格： | | 总市值(亿) | 42.48 | | 最新收盘价： | 15.83 | 自由流通市值(亿) | 42.14 | | | | 自由流通股数(百万) | 264.39 | [Table_Summary] ►事件概述 根据名臣健康披露的年报及 2025 年一季报，公司 2024 年实现营收 13.80 亿元，同比下降 15.71%，实现归 母净利润 4671.96 万元，同比下降 33.60%，拟每 10 股派发现金红利 0.5 元（含税）；2025 年第一季度实现营收 3.61 亿元，同比下降 0.10%，2025 年第一季度实现归母净利润 1271.3 ...

新消费重估值？核心推荐观点 20250520 摘要 • 黄金珠宝行业正经历渠道向产品转型的大周期，受信息透明化和消费者成 熟度提升驱动。部分品牌通过设计和工艺创新应对金价上涨压力，而估值 方面，克重类商品估值较低，一口价商品估值较高，在新消费情绪下或被 重新评估。 • 茶饮行业格局正向变化，从价格竞争转向产品创新，新品对收入贡献提升， 客单价和毛利率改善。头部品牌集中度高，供应链崛起，新进入者生存空 间受限。茶百道和古茗在产品创新和异地扩张方面表现突出。 • 美妆行业从渠道驱动向综合能力驱动转型，海外大牌回暖，国货品牌不再 主动价格战。重组胶原蛋白、功效护肤品等赛道受关注。港股美妆品牌估 值在 25-35 倍之间，预计三年复合增长率约为 30%。 • 上美股份通过抖音数据改善和产品线扩展寻求补涨，韩束品牌向大众领域 珀莱雅发展，并计划推出 IP 合作产品。毛戈平调整护肤业务结构，推出香 水系列，并拓展香薰业务和身体护理产品，满足都市女性需求。 • 可复美在胶原蛋白化妆品领域地位稳固，预计未来三年维持约 30%的增长。 公司已做好医美商业化准备，景波生物获得凝胶证书，支持其持续增长预 期。尚美和毛戈平在美妆行业 ...

本报记者 李静 5月12日，呷哺集团旗下高端火锅品牌湊湊宣布与国际知名IP米菲MIFFY展开为期三个月的联名合作。此次合作是湊湊首 次尝试国际IP全维度合作，旨在通过打造沉浸式的"米菲王国"主题体验，强化消费者对品牌特色与价值的感知。 据了解，本次活动湊湊将在全国门店推出联名套餐、周边产品，并设置主题门店。消费者可品尝到包含米菲造型产品的主 题套餐，如双人、四人及儿童套餐，随餐将获赠米菲主题餐盘。湊湊会员体系同步升级，畅吃卡用户新办卡或续卡即赠限量米 菲钥匙扣公仔，会员日到店消费更可免费领取文具周边。 湊湊品牌负责人表示，此次联名活动的核心目标并非单纯追求销售增长，而是希望通过与米菲IP的融合，进一步强化品牌 特色。在业绩层面，公司期望活动期间营收较平日实现倍数级增长，假日翻台率目标为6次以上，同时带动门店客流提升 25%。 呷哺集团副总裁张艳梅对《证券日报》记者表示，本次合作是湊湊IP联名战略的起点，目前已有2-3个储备IP正在评估中。 未来计划定期推出联名活动，给不同圈层的消费者提供他们喜欢的IP形象。同时，集团将加大数字化营销投入，通过组织架构 升级与专业团队引入，强化线上渠道的精准触达能力。此外，我们 ...

Kura Sushi USA, Inc. (KRUS) Q2 2025 Earnings Conference Call April 08, 2025 05:00 PM ET Company Participants Moderator - Conference Call ModeratorHajime "Jimmy" Uba - President and Chief Executive OfficerOperator - Conference Call OperatorJeff Utes - Chief Financial Officer Conference Call Participants Jeremy Hamblin - Analyst, Craig HallamJP Whelm - Analyst, Wealth Capital PartnersAndrew Charles - Analyst, TD CowanJeffrey Bernstein - Analyst, BarclaysJim Sanderson - Analyst, North Coast ResearchTodd Brooks ...