Core Viewpoint - Miniso's stock price plummeted over 18% on May 26, primarily due to concerns raised by its Q1 2025 financial report, which showed revenue growth but a significant decline in net profit [2] Financial Performance - For Q1 2025, Miniso reported revenue of 4.43 billion RMB, an 18.9% year-on-year increase, while net profit fell by 28.92% to 417 million RMB [2][3] - The increase in revenue was overshadowed by a sharp rise in sales and distribution expenses, which reached 1.02 billion RMB, a 46.7% increase year-on-year [3][4] - General and administrative expenses also rose by 26.6% to 242 million RMB, further squeezing profit margins [3][4] Cost Structure - The rise in sales and distribution expenses was attributed to direct investments in new stores and interest expenses from loans related to the acquisition of Yonghui Superstores [4] - High operational costs associated with overseas expansion, including rent, depreciation, and wages, increased by 71.4%, leading to low profit contributions from new stores [5] Market Expansion and Competition - As of March 31, 2025, Miniso had expanded its overseas store count to 3,213, a net increase of 617 stores year-on-year [5][6] - The company faces challenges in the domestic market due to increased competition and changing consumer preferences, which have diminished the effectiveness of its low-price strategy [6] - Same-store sales have shown a mid-single-digit decline, indicating reduced operational efficiency and growth potential in the domestic market [6] Debt and Financial Health - Miniso's total liabilities nearly doubled from 7.77 billion RMB to 15.51 billion RMB, with the debt-to-asset ratio rising from 42.85% to 59.22% [7][8] - Despite revenue growth, the significant drop in net profit, risks from overseas expansion, and intense market competition raise concerns about the company's future profitability and ability to manage costs effectively [8]
股价单日暴跌超18% 一季度增收不增利！名创优品背后隐忧重重