【国金可选消费|轻工】名创优品25Q1点评:国内店铺调整同店回暖,海外直营前置投入短期影响盈利能力

国金可选消费赵...
May 25, 2025

业绩简评5月23日公司披露1Q25季报,1Q25营收44.3亿元,同比+18.9%,调整后归母净利润为5.9亿元(同比-4.8%),调整后归母净利率13.3%(同/环比 -3/-3.5 pct),盈利能力波动主要归因于盈利季节性波动更高的直营业务占比的提升。经营分析1Q25国内/海外分别实现营收28.4/15.9亿元(同比(+13.3%/+30.3%)。国内:同店缺口收窄、店铺数量边际调整。1)...

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