高岷表示，基于成熟模型，公司下半年将启动"区域核心城市+重点商圈"的双轨扩张策略，首批拟进驻 长沙等优质商业体。未来3年规划以每年3-5家的速度推进全国布局，同时通过数字化运营和限定商品策 略持续提升单店盈利能力。具体拓展计划将在后续报告中逐步披露。 对于高达基地门店的营收情况，爱婴室董事长、总裁施琼在活动中谈到，2024年12月开业的苏州店作为 江苏地区旗舰项目，运营5个月来表现超预期：1）单店坪效达到行业标杆水平；2）会员复购率高，显 示IP粘性优势；3）已实现首季度盈利。 更多业绩说明会详情，请点击： 6月6日，爱婴室（603214）2024年度暨2025年第一季度业绩说明会在全景路演举行。 在业绩说明会中，爱婴室董事会秘书、高级副总裁高岷谈到，公司与万代南梦宫建立了深度战略合作， 基于2024年4月长沙高达快闪店取得的超预期市场成功，公司于2024年12月获得万代南梦宫旗下高达基 地以及万代通贩商品的经销权。2024年12月，公司开设了江苏首家高达基地，2025年3月，公司开设了 中国首家万代拼装模型店，涵盖高达、宝可梦、哆啦A梦等国际知名IP。 据悉，2024年，爱婴室在IP跨界方面，实现新突破，携 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8] Core Views - The company reported a steady growth in Q1 2025, with revenue of 859 million and a year-on-year increase of 6.56%. The net profit attributable to the parent company was 6.69 million, also up by 6.13% year-on-year [1] - The company is actively optimizing its mother and baby store formats, anticipating that changes in birth policies will release market demand. The number of newborns in China is projected to reach 9.54 million in 2024, an increase of 520,000 from the previous year, indicating a potential growth in the mother and baby market [3] - The company has opened new stores and closed some, ending Q1 2025 with a total of 472 stores and 25 signed stores awaiting opening [2] - The company is entering the IP retail market with the launch of a Gundam base and Bandai model stores, targeting younger consumer groups [4] - A new store format has been launched in Shanghai, focusing on a blend of accessibility and aesthetics, which is planned for nationwide rollout [5] - The company maintains its revenue forecasts for 2025-2027, expecting revenues of 38.12 billion, 42.56 billion, and 47.98 billion respectively, with net profits of 1.34 billion, 1.58 billion, and 1.90 billion, corresponding to P/E ratios of 22, 19, and 15 [5] Financial Summary - In Q1 2025, the company's revenue from store sales was 623 million, up 5.6% year-on-year, while e-commerce revenue was 179 million, up 13.5% year-on-year [1] - The gross profit margin for Q1 2025 was 24%, a decrease of 1.1 percentage points year-on-year, while the net profit margin remained stable at 0.78% [1] - The company expects a revenue growth rate of 9.95% in 2025, with a projected net profit growth rate of 25.98% [6][12]