名创优品海外直营收入大增70%，市场还在用“十元店”逻辑给它定价吗？_老虎社区_美港股上老虎 - 老虎社区

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名创优品海外直营收入大增70%，市场还在用“十元店”逻辑给它定价吗？

SG Visual Research 图解研报
2025-12-16

$名创优品(MNSO)$ $名创优品(09896)$

2025Q3，名创优品海外直营门店收入同比激增 70%，国内同店销售重回高个位数增长。

这已不是靠开店数量驱动的增长，而是大店模型升级、自有IP变现、海外直营盈利模型跑通的综合结果。

更关键的是，经调整营业利润率环比改善，利润下滑趋势明显收窄。

当一家公司在国内优化效率、在欧美打造品牌直营店、还手握TOPTOY这样的第二曲线，我们是否还该用“低价杂货铺”的旧框架去估值？

（一图读懂详见下图👇）

# 尽管利润下降和股价下跌，名创优品第三季度收入仍增长28.2%

修改于 2025-12-16 09:44

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

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