Core Insights - MINISO Group reported a strong financial performance for the full year 2024, with revenue reaching RMB 16,994.0 million (US$ 2,328.2 million), representing a year-over-year increase of 22.8% [5][16] - The company achieved a record gross margin of 44.9%, up from 41.2% in 2023, driven by consistent growth over eight consecutive quarters [5][20] - MINISO's overseas store count reached a milestone of 3,000, contributing significantly to the company's growth strategy [5][9] Financial Highlights - Revenue increased by 22.8% year over year to RMB 16,994.0 million (US$ 2,328.2 million) [5][16] - Gross profit rose by 34.0% year over year to RMB 7,637.1 million (US$ 1,046.3 million) [5][19] - Operating profit increased by 17.6% year over year to RMB 3,315.8 million (US$ 454.3 million) [5][23] - Profit for the period grew by 15.9% year over year to RMB 2,635.4 million (US$ 361.1 million) [5][25] - Adjusted net profit increased by 15.4% year over year to RMB 2,720.6 million (US$ 372.7 million) [5][25] - Cash position was RMB 6,698.1 million (US$ 917.6 million) as of December 31, 2024 [5][27] Operational Highlights - The total number of stores increased by 1,219 to 7,780 as of December 31, 2024, with over 90% of new stores located in overseas markets [5][6] - The number of MINISO stores reached 7,504, with a net increase of 1,091 stores in the full year [5][6] - The number of TOP TOY stores grew to 276, with a record opening of 128 new stores [5][6] Strategic Developments - The company emphasized its globalization strategy, which has led to a compound annual growth rate of over 40% in revenue from overseas markets from 2021 to 2024 [8][9] - MINISO's revenue from overseas markets grew by 41.9% year over year, contributing 39.4% to the total revenue from the MINISO brand [8][17] - The company plans to continue optimizing store layouts and refining product assortments to enhance same-store sales growth [11] Shareholder Returns - MINISO returned RMB 1,574.5 million to shareholders in 2024 through cash dividends and share repurchases [5][10] - A final cash dividend of approximately RMB 739.4 million (US$ 101.3 million) was declared, representing about 50% of the adjusted net profit for the second half of 2024 [13][10] Future Outlook - The company is optimistic about top-line acceleration in 2025, focusing on same-store sales growth and improving sales per square meter [11] - MINISO aims to maintain a reasonable and healthy profit margin while continuing to expand its global footprint [11]

Core Viewpoint - MINISO Group plans to release its financial results for the December quarter and the full year of 2024 on March 21, 2025, before the U.S. market opens [1] Financial Results Announcement - The earnings conference call will take place at 5:00 A.M. Eastern Time on March 21, 2025, with simultaneous interpretation in English [2] - Access to the conference call can be made via a Zoom link or by dialing specific phone numbers provided for various regions [2][3] Company Overview - MINISO Group is a global value retailer known for trendy lifestyle products featuring IP design, with a focus on quality, affordability, and aesthetically pleasing design [5] - The company has established a significant store network worldwide since its first store opening in China in 2013, building the MINISO brand as a globally recognized retail name [5]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][8][15] Core Insights - The company is expected to face domestic challenges in Q4, but the growth path for 2025 is clear, with projected revenue growth of 24% for 2025 [3][6][15] - The company is projected to achieve a revenue of RMB 17.1 billion in 2024, with a year-on-year growth of 23.6% [8][12] - The adjusted net profit for 2024 is expected to be RMB 2.75 billion, reflecting a 17% increase [8][12][15] Financial Performance Summary - Q4 2024 revenue is projected at RMB 4.83 billion, with domestic revenue at RMB 2.63 billion and overseas revenue at RMB 2.19 billion [3][14] - The adjusted net profit for Q4 2024 is expected to be RMB 827 million, with an adjusted net profit margin of 17.1% [3][14] - For 2025, revenue is forecasted to reach RMB 21.24 billion, with a net profit of RMB 3.32 billion, indicating a 20% growth [8][12] Revenue and Profitability Forecast - The company anticipates a revenue increase of 24% in 2025, with a gross profit margin projected to be 45.1% [8][12] - The adjusted net profit margin for 2025 is expected to be 15.6% [8][12] - The company plans to open approximately 669 new stores in 2024, contributing to its revenue growth [5][6] Market Position and Strategy - The company is focusing on expanding its overseas market, with a projected revenue growth of 72% in direct markets [5][6] - The report highlights the successful collaboration with popular IPs, which is expected to enhance product offerings and drive sales [4][6] - The company is also optimizing its store expansion strategy, particularly in North America and Southeast Asia [6][8]

Company Performance - MINISO Group Holding Limited Unsponsored ADR (MNSO) closed at $22.62, reflecting a +0.49% change from the previous day's closing price, which is lower than the S&P 500's gain of 1.04% on the same day [1] - Over the past month, MNSO shares experienced a loss of 1.01%, underperforming the Retail-Wholesale sector's gain of 8.48% and the S&P 500's gain of 3.92% [1] Earnings and Analyst Estimates - Investors are anticipating the upcoming earnings disclosure for MINISO Group Holding Limited Unsponsored ADR, with a focus on any recent changes to analyst estimates, as these revisions often indicate short-term business trends [2] - Positive estimate revisions are interpreted as a favorable sign for the company's business outlook [2] Zacks Rank and Valuation - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks MINISO Group Holding Limited Unsponsored ADR at 3 (Hold), with no change in the Zacks Consensus EPS estimate over the past month [4] - MINISO is trading at a Forward P/E ratio of 15.21, which aligns with the industry average Forward P/E of 15.21, indicating no significant deviation in valuation [5] Growth Metrics - The company has a PEG ratio of 0.79, which is lower than the average PEG ratio of 1.15 for the Retail - Apparel and Shoes industry, suggesting a more favorable valuation relative to expected earnings growth [6] Industry Context - The Retail - Apparel and Shoes industry, part of the Retail-Wholesale sector, holds a Zacks Industry Rank of 56, placing it in the top 23% of over 250 industries, indicating strong performance potential [7]

Group 1 - MINISO Group Holding Limited Unsponsored ADR (MNSO) ended the recent trading session at $23.15, showing a +1.14% change from the previous day's closing price, outperforming the S&P 500's daily loss of 0.95% [1] - Over the past month, shares of MINISO have decreased by 7.96%, underperforming the Retail-Wholesale sector's gain of 7.69% and the S&P 500's gain of 1.86% [1] Group 2 - The upcoming earnings release of MINISO Group Holding Limited Unsponsored ADR is highly anticipated by investors, and monitoring recent shifts in analyst projections is recommended [2] - Positive revisions in estimates indicate analysts' confidence in the company's business performance and profit potential [2] Group 3 - The Zacks Rank system, which includes estimate changes, has shown a strong track record of outperformance, with 1 ranked stocks yielding an average annual return of +25% since 1988 [4] - Currently, MINISO Group Holding Limited Unsponsored ADR holds a Zacks Rank of 3 (Hold) [4] Group 4 - MINISO Group Holding Limited Unsponsored ADR has a Forward P/E ratio of 15.47, which is a premium compared to its industry's average Forward P/E of 15.26 [5] - The company has a PEG ratio of 0.8, while the Retail - Apparel and Shoes industry has an average PEG ratio of 1.23 [6] Group 5 - The Retail - Apparel and Shoes industry, part of the Retail-Wholesale sector, has a Zacks Industry Rank of 74, placing it in the top 30% of all industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Insights - MINISO's growth in the U.S. is driven by successful localized operations and brand enhancements, achieving a 250% membership growth in 2024, totaling around 2 million members [1][2] - Member spending has nearly quadrupled compared to the previous year, indicating the effectiveness of the membership program [2] - Localized strategies have significantly boosted blind box sales, contributing approximately one-quarter of 2024 performance [3] Membership and Spending - Membership growth in 2024 was accompanied by a significant increase in member spending, which grew at a faster pace than membership [2] - The proportion of overall sales driven by member purchases has notably increased, showcasing the success of the membership initiative [2] Localization Strategies - MINISO's localization strategy includes tailoring product offerings to local consumer preferences and collaborating with popular local IPs like Harry Potter and One Piece [5] - The company has diversified its store formats in the U.S. by opening IP-themed pop-up stores and expanding into dynamic business districts [6] - Since 2019, MINISO's product unit price and average transaction value have nearly doubled, reflecting growing consumer recognition [7] Global Expansion - In 2024, MINISO added 449 new stores globally in the first three quarters, with the U.S. leading in growth, reaching its 200th store [8] - MINISO's global footprint has expanded to 112 countries and regions, with global membership surpassing 100 million [9]

Core Viewpoint - MINISO Group Holding Limited Unsponsored ADR (MNSO) has experienced a decline in stock price and is under scrutiny for its upcoming earnings performance, with analysts adjusting estimates reflecting confidence in the company's potential [1][2][3]. Company Performance - MNSO closed at $22.84, down by 1.51% from the previous day, underperforming the S&P 500's loss of 1.46% [1]. - The stock has decreased by 3.62% over the past month, contrasting with the Retail-Wholesale sector's gain of 2.27% and the S&P 500's gain of 1.08% [1]. Analyst Estimates - Recent modifications to analyst estimates for MNSO are crucial, as positive revisions indicate confidence in the company's business performance and profit potential [3]. - The Zacks Consensus EPS estimate for MNSO has remained steady over the past month, and the company currently holds a Zacks Rank of 4 (Sell) [5]. Valuation Metrics - MNSO is trading with a Forward P/E ratio of 15.67, which is below the industry average Forward P/E of 16.32 [6]. - The company has a PEG ratio of 0.81, compared to the Retail-Apparel and Shoes industry's average PEG ratio of 1.52 [7]. Industry Context - The Retail-Apparel and Shoes industry, part of the Retail-Wholesale sector, holds a Zacks Industry Rank of 47, placing it in the top 19% of over 250 industries [7]. - The Zacks Industry Rank indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8].

Group 1 - MINISO Group Holding Limited held an extraordinary general meeting (EGM) to seek shareholder approval for the proposed acquisition of shares of Yonghui Superstores Co., Ltd, and all proposed resolutions were adopted by shareholders [1][2] - The company expects to complete the acquisition after satisfying or waiving other closing conditions as per the relevant share purchase agreements [2] - MINISO is a global value retailer known for trendy lifestyle products featuring IP design, with a focus on quality, affordability, and aesthetically pleasing design [3]

Core Insights - The evolving consumption needs of young consumers are driving MINISO's strategy towards emotional satisfaction and self-expression through "interest-driven consumption" and the "super IP" strategy, collaborating with over 150 well-known IPs globally and achieving sales of more than 800 million IP products [1][3]. Group 1: Store Developments - MINISO Thailand's flagship store features over 20 IP collections, including Harry Potter and Disney, with immersive experience zones enhancing the shopping experience [2][3]. - The largest global store was opened in Jakarta, Indonesia, covering approximately 3,000 square meters with organized IP-themed experience zones [4]. - MINISO's largest store in Singapore at PLQ Mall offers over 5,000 SKUs, including popular IPs like Harry Potter and Pokémon, creating a unique shopping experience [4]. Group 2: Strategic Focus - MINISO's "super store" strategy has led to the establishment of high-impact locations and innovative retail formats across Southeast Asia, winning consumer approval [3][6]. - The brand is committed to expanding its presence in Southeast Asia through more high-impact stores and IP-themed pop-ups, enhancing consumer experiences [6]. Group 3: Unique Shopping Experiences - MINISO's IP-themed stores and pop-ups have attracted young consumers with distinctive themes, such as a Barbie-inspired store in Kuala Lumpur and a Harry Potter pop-up in Hong Kong [5]. - The opening of Vietnam's first Sanrio-themed store and Singapore's Loopy-themed store at Changi Airport has successfully integrated IP culture with retail environments [5]. Group 4: Company Overview - MINISO Group is a global value retailer known for trendy lifestyle products featuring IP design, focusing on a relaxing and engaging shopping experience [7]. - Since its first store opening in China in 2013, MINISO has built a globally recognized retail brand with a vast store network [7].

Disclosure - The analyst has no stock, option, or derivative positions in any mentioned companies and no plans to initiate such positions within the next 72 hours [1] - The article expresses the analyst's own opinions and is not receiving compensation other than from Seeking Alpha [1] - The analyst has no business relationship with any company whose stock is mentioned in the article [1] - Seeking Alpha's disclosure states that past performance is no guarantee of future results and no investment recommendations are being given [2] - Seeking Alpha is not a licensed securities dealer, broker, or US investment adviser or investment bank [2] - The analysts are third-party authors, including both professional and individual investors, who may not be licensed or certified by any institute or regulatory body [2]