金吾财讯 | 名创优品(09896)股价走高，截至发稿，涨4.66%，报34.62港元，成交额8352万港元。消息面上，华泰研究发布研报指，名创优品2025年业绩预告符合预期，2026年同店增长开局强劲。报告核心投资论点为公司通过精细化运营及店型升级驱动收入增长，伴随美国关税扰动边际趋缓，盈利能力有望企稳向好。该机构表示，店型结构持续优化，国内Land型门店及旗舰店单店店效高于传统门店，美国Plaza店型跑通并采用集群式开店策略。IP战略上，疯狂动物城、星球大战等热门IP上新契合海外旺季销售。 2026年开年表现亮眼，初步统计1-2月名创优品国内GMV同比增长25%以上，同店增长高单位数；美国GMV同比增长50%以上，同店增长20%以上。公司已有海南三亚CDF Miniso Space等多家旗舰大店开业，并承办多个爆款IP发售活动。大店策略在国内和美国验证后，有望向东南亚等代理市场复制。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.