来源：Gangtise投研

　　名创优品（09896.HK，MNSO.US）2024年度业绩电话会：2024 年，Minnesota Group 调整后EBITDA增长21%，利润率为25.5%。公司每股ADF收益增长16%，超过调整后净利润增长，主要得益于股票回购计划，2024 年注销超 1100 万股普通股，占总股份约 9%。2024 年底，市政品牌库存海外占比 33%，较上年提升 9 个百分点，库存周转天数为 91 天，中国为 75 天，海外直营市场为 187 天。公司全球有近 450 家直营门店，库存年龄超 180 天占比 11%。全年净经营现金流21.7亿美元，自由现金流14亿美元，现金储备近67亿美元。公司发行 5.5 亿美元可转债，票面利率 0.5%。YH 收购完成，预计 2025 年 Q2 开始影响财务报表。

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责任编辑：王若云

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