名创优品(MNSO)今日盘中大跌5%，主要受公司最新发布的一季度业绩不及预期以及多家机构下调评级的影响。
根据公司财报显示，名创优品2025年第一季度经调整净利润为5.872亿元人民币，同比下降5%，低于市场预期的6.613亿元。经调整EBITDA利润率从去年同期的25.9%下降至23.4%。这一业绩表现引发了投资者对公司盈利能力的担忧。
多家投资银行在业绩公布后下调了对名创优品的盈利预测。高盛将2025至2027年经调整纯利预测平均下调约10%，美股目标价从25.7美元下调至23.4美元。中金也下调了2025和2026年的盈利预测。此外，德意志银行更是将名创优品的评级下调至"持有"。
分析人士指出，名创优品利润率下滑主要受直营门店扩张带来的费用增加影响，特别是在海外市场。同时，中国市场增长放缓也引发了市场对公司未来增长前景的担忧。尽管公司一季度收入同比增长18.9%至44.27亿元，但利润率的下滑抵消了部分收入增长带来的积极影响。
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