记者丨吴抒颖 编辑丨包芳鸣 时隔四年，名创优品再度录得利润下滑，但名创优品管理层在业绩会上表现从容，投行机构也态度积极。 8月21日晚间，名创优品发布2025年中报。 今年上半年，名创优品实现收入93.93亿元，同比增长21.1%；经营利润为15.46亿元，同 比增长3.4%；期内利润则下降至9.06亿元，同比减少23.1%。 名创优品期内利润下滑的 主要原因指向其投资的永辉超市报告期内出现亏损，由此带来的拖累。 虽然对财务报表带来明显的影响， 但名创优品管理层不认为这是问题，因为名创优品的营运指标表现要好于预期。 管理层引导投资者从营运数据中挖掘利好，而投行机构从名创优品的经营数据中看到的积极方向，是同店销售额正增长、国内业务 表现好于预期，海外业务稳步扩张等。在中报发布后的次日，投资者用脚投票，名创优品股价飙涨。 截至8月22日收盘，名创优品报47.1港元/股，大涨20.58%，总市值为585.28亿港元，创下新高。 尽管名创优品一切看起来都在改 善，它也被认为是继泡泡玛特之后潮玩界的又一"潜力股"。但名创优品的基因，与泡泡玛特存在路径不同。 泡泡玛特有意控制门店数量，名创优品依靠合伙人迅猛增长；泡泡玛特 ...

Core Viewpoint - The company reported strong financial performance for Q4 2024, with significant year-on-year growth in revenue and profit, indicating robust operational momentum and effective brand strategies [3][4]. Financial Performance - In 2024, the company achieved a total revenue of 16.99 billion yuan, representing a year-on-year increase of 22.8%, and a net profit attributable to shareholders of 2.62 billion yuan, up 16.2% [3]. - For Q4 2024, the company recorded revenue of 4.71 billion yuan, a 22.7% increase year-on-year, and a profit of 810 million yuan, reflecting a 26.7% growth [3]. Profitability Metrics - The overall gross margin for 2024 was 44.9%, an increase of 3.7 percentage points year-on-year, with Q4 2024 gross margin reaching 47.0%, up 3.9 percentage points [4]. - The MINISO brand revenue for 2024 was 16 billion yuan, growing by 22.0%, driven by a 10.9% increase in domestic revenue and a 41.9% increase in overseas revenue [4]. Brand and Market Expansion - The company expanded its store network significantly, adding over 600 stores internationally, bringing the total to 7,504 MINISO stores and 276 TOP TOY stores by the end of 2024 [5]. - The opening of the MINISO LAND store in Beijing introduced an immersive IP experience, enhancing brand engagement and customer attraction [5].

Financial Overview - The total revenue for FY24 is 17 billion RMB, representing a year-on-year growth of 23%, with an average store count increase of 18% and same-store sales showing a slight decline in low single digits [1][2] - The gross profit margin for 2024 increased by 3.7 percentage points to 44.9%, marking eight consecutive quarters of growth, primarily driven by the IP strategy [2][3] - The adjusted net profit for FY24 was 6.2 billion RMB, with a year-on-year increase of 1.41% [1] Revenue Breakdown - MINISO brand revenue reached 16 billion RMB, up 22% year-on-year, with domestic revenue at 9.3 billion RMB (up 11%) and international revenue at 6.7 billion RMB (up 42%) [1][2] - The overseas revenue accounted for 39% of total revenue, an increase from 34% the previous year [1] Store Expansion - As of December 2024, the total number of stores reached 7,780, with a net increase of 1,290 stores, exceeding the opening targets for 2024 [3][4] - The number of MINISO stores in China reached 4,386, with a net increase of 460 stores [4] Membership and Customer Engagement - Global registered members exceeded 100 million, with member purchases accounting for over 60% of total sales, and average member spending being 2.2 times that of non-members [4] Future Outlook - The company maintains an optimistic revenue growth outlook for 2025, anticipating lower growth rates in the first half due to base effects, with higher growth expected in the second half [2] - The store expansion strategy aims to double the number of stores by the end of 2028 compared to the end of 2023 [2]