报告引述2025年中期业绩，2025H1实现营收93.9亿元/同比+21.1%，经调整净利润为12.79亿元/同比 +3.0%，其中2025Q2实现营收49.7亿元/同比+23.1%，经调整净利润6.9亿元/同比+10.6%。MINISO国 内：门店重回净增，同店单季度转正。2025Q2国内MINISO门店数量净增30家/增量环比+141家，至期 末门店数量4305家/同比+190家，门店数量重回净增;2025Q2国内GMV同店实现低个位数增长，同店表 现边际向好，该行据此估算2025Q2表观单店收入61.1万元/同比+7.87%，2025H1名创国内同店同比下滑 低个位数，根据公司预计名创国内业务全年同店将实现正增长，同店表现将进一步优化;以上两点带动 国内MINISO2025Q2实现营业收入26.2亿元/同比+13.6%，环比持续提升。 国盛证券发布研报称，维持名创优品(09896)"买入"评级，参考公司上半年业绩表现及当下消费环境， 预计2025-2027年营业收入为213.2/254.5/300.0亿元，归母净利润分别为25.9/34.0/41.2亿元。另预计经调 整净利润分别为29.1/35.3/4 ...

报告引述2025年中期业绩，2025H1实现营收93.9亿元/同比+21.1%，经调整净利润为12.79亿元/同比 +3.0%，其中2025Q2实现营收49.7亿元/同比+23.1%，经调整净利润6.9亿元/同比+10.6%。MINISO国 内：门店重回净增，同店单季度转正。2025Q2国内MINISO门店数量净增30家/增量环比+141家，至期 末门店数量4305家/同比+190家，门店数量重回净增;2025Q2国内GMV同店实现低个位数增长，同店表 现边际向好，该行据此估算2025Q2表观单店收入61.1万元/同比+7.87%，2025H1名创国内同店同比下滑 低个位数，根据公司预计名创国内业务全年同店将实现正增长，同店表现将进一步优化;以上两点带动 国内MINISO2025Q2实现营业收入26.2亿元/同比+13.6%，环比持续提升。 智通财经APP获悉，国盛证券发布研报称，维持名创优品(09896)"买入"评级，参考公司上半年业绩表现 及当下消费环境，预计2025-2027年营业收入为213.2/254.5/300.0亿元，归母净利润分别为25.9/34.0/41.2 亿元。另预计经调整净利润分别为2 ...

Core Viewpoint - The company reported its Q1 2025 earnings, showing a mixed performance with revenue growth but a decline in net profit, indicating challenges in profitability despite revenue increases in both domestic and international markets [1][2][3]. Domestic Performance - In Q1 2025, the company achieved domestic revenue of 24.94 billion yuan, a year-on-year increase of 9.1%, despite a net reduction of 111 stores, resulting in a total of 4,275 stores, which is an increase of 241 stores year-on-year [1]. - Same-store sales showed improvement, with a decline in the low single digits for Q1 2025, and the year-to-date same-store performance also indicated a narrowing decline [1]. International Performance - The company opened 95 new overseas stores in Q1 2025, bringing the total to 3,213 stores, which is a year-on-year increase of 617 stores, reflecting a 24.6% growth in average store count [2]. - Overseas revenue reached 15.92 billion yuan, a year-on-year increase of 30.3%, with single-store revenue showing a 4.6% increase [2]. TOP TOY Brand Expansion - The TOP TOY brand expanded rapidly, with a total of 280 stores as of Q1 2025, an increase of 120 stores year-on-year [2]. - Revenue for TOP TOY in Q1 2025 was 340 million yuan, reflecting a year-on-year growth of 58.9%, although average single-store revenue decreased by 11.95% [3]. Profitability and Cost Structure - The gross margin for Q1 2025 was 44.2%, an increase of 0.8 percentage points year-on-year, driven by a higher proportion of overseas revenue and a shift towards higher-margin products [3]. - Operating expenses increased significantly, with sales, management, and financial expense ratios rising, primarily due to investments in direct stores and increased costs related to personnel and logistics [3]. Future Outlook - The company is positioned as a global leader in the retail sector, leveraging its supply chain and channel advantages for rapid expansion, with expectations for continued revenue growth in the coming years [4]. - Projected revenues for 2025-2027 are estimated at 210.1 billion yuan, 246.1 billion yuan, and 280.4 billion yuan, with net profits expected to reach 29.5 billion yuan, 36.5 billion yuan, and 43.3 billion yuan respectively [4].