机构：中金公司 研究员：宋文慧/徐卓楠/杨润渤/陈婕 1Q25 业绩低于我们预期 公司公布1Q25 业绩：收入同比+19%至44 亿元，经调整归母净利润同比-5%至5.87 亿元，业绩低于我们 的预期，主要因直营门店投入前置带来的销售费用率提升及财务费用增加。 高基数下，国内、海外同店销售同比下滑约中单位数。1Q25 名创优品国内业务收入同增9%至25 亿 元，同店同比跌幅环比收窄至中单位数，国内门店数量环比净减少111 家，在优化老店、小店的同时， IP Land、旗舰店等新店大店仍保持快速扩张；海外业务收入同增30%至16 亿元，总门店数季内增加95 家至3,213 家，同店同比有约中单位数的下滑，与上年同期高基数有关；TOPTOY 业务收入同增59%至 3.4 亿元，保持高速增长。 直营业务前期投入增加销售费用，发行股票挂钩证券相关费用和利息增加财务费用压力。1Q25 公司毛 利率同比提升0.8ppt 至44.2%，主要受益于高毛利率的海外业务和TOPTOY 收入占比提升；由于直营门 店数量同比大幅增加（海外直营门店608 家、上年同期327 家），直营业务前期投入较大，公司销售费 用率同比大幅提升4. ...

Financial Performance - The company reported Q1 2025 revenue of 4.43 billion RMB, a year-on-year increase of 18.9%, exceeding the market estimate of 4.41 billion RMB [1][3] - Net profit for the quarter was 416.5 million RMB, down 28.8% from 586 million RMB in the same period last year [1][3] - Adjusted net profit was 587.2 million RMB, below the expected 661.3 million RMB [1][3] - Adjusted EBITDA margin was 23.4%, down from 25.9% in Q1 2024 [1] Revenue Breakdown - Revenue from the MINISO brand reached 4.09 billion RMB, a 16.5% increase, with mainland China contributing 2.49 billion RMB (up 9.1%) and overseas markets contributing 1.59 billion RMB (up 30.3%) [4][5] - TOP TOY brand revenue was 340 million RMB, a significant increase of 58.9%, driven by rapid growth in average store count [4][5] Store Expansion - As of March 31, 2025, the total number of stores for the group was 7,768, with a net increase of 978 stores year-on-year [5][6] - The number of MINISO stores reached 7,488, with 4,275 located in mainland China and 3,213 overseas, marking a net increase of 241 and 617 stores respectively [6][7] Management Commentary - The CEO expressed confidence in achieving sustainable high-quality growth, attributing revenue growth to a strong recovery in same-store sales and strategic store network development [8] - The company plans to enhance collaboration with overseas partners, upgrade store formats, and improve operational efficiency to unlock expansion potential [8]