Financial Data and Key Metrics - Total revenue for Q2 2024 reached RMB 3.84 billion, a 54% YoY increase, setting a new record [3] - Gross margin improved to 43.1%, up 3.1 percentage points compared to the same period in 2022 [3] - Adjusted net profit exceeded RMB 660 million, with an adjusted net profit margin of 17.2% (17.4% excluding FX impacts) [3] - For the full year 2023, total revenue was RMB 13.8 billion, a 40% YoY increase, with a gross margin of 41.2% and adjusted net profit of RMB 2.36 billion, up 110% YoY [4] Business Line Performance - MINISO China offline sales increased by 66% YoY, with same-store sales up 32% YoY [6] - TOP TOY revenue grew 90% YoY, driven by a 19% increase in store count and nearly 60% growth in per-store revenue [19] - Overseas revenue reached RMB 1.49 billion, a 51% YoY increase, with directly operated markets contributing over 50% of overseas revenue for the first time [9][20] Market Performance - Overseas GMV increased 38% YoY, with North America leading at a 110% increase, followed by Europe (70%), Latin America (14%), and Asia excluding China (21%) [10] - Same-store sales in overseas markets increased by 90% YoY in Q2 2024, with North America up 49%, Latin America up 23%, and Asia excluding China up 12% [11] - In China, GMV for offline stores increased by 40% YoY in 2023, with same-store sales up 25% [7] Strategic Direction and Industry Competition - The company aims to become the world's number one IP design retail group, focusing on product innovation, affordability, and globalization [12] - MINISO plans to open 350-450 new stores in China and 550-650 new stores overseas in 2024, focusing on high-quality growth and lean operations [8][12] - The company is strengthening its global supply chain, with 24% of suppliers located overseas, including Korea, Vietnam, India, Europe, and North America [14] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain competitive advantages through IP product development, supply chain integration, and globalization [23] - The company is optimistic about the growth potential in key markets like Europe and North America, with plans to expand store networks and improve per-store performance [33][34] - MINISO is committed to improving same-store sales in China through product innovation, channel upgrades, and brand awareness initiatives [27][28] Other Important Information - The company has a strong cash position of RMB 6.9 billion as of December 31, 2023, with free cash flow of RMB 1.97 billion, up 115% YoY [23] - MINISO returned RMB 650 million in cash dividends to shareholders in Q2 2024, representing 50% of adjusted net profit for the second half of 2023 [23] Q&A Session Summary Question: Domestic GMV and same-store sales trends for 2024 - GMV in China increased by 30% in the first two months of 2024, with same-store sales recovering to 95% of last year's levels [26] - The company aims to improve same-store sales through product innovation, channel upgrades, and brand awareness [27][28] Question: Global supply chain diversification - MINISO has 24% of its suppliers located overseas, with plans to increase local sourcing in the US market to 30% in 2024 [31] Question: Strategies to improve per-store performance in lagging markets like Asia - The company plans to focus on key markets like Europe and North America while diversifying operations in Asia and Latin America [34][35] Question: European market strategy and profitability - MINISO is exploring flexible cooperation models with distributors in Europe, including JVs and same-store operations [37] - The company aims to open thousands of stores in Europe over the next five years [52] Question: SG&A ratio and store expansion in China - The SG&A ratio increased to 23% in Q2 2024 due to investments in direct stores, but the company expects margin improvements as DTC sales scale up [45] - MINISO plans to upgrade smaller stores in China to improve per-store sales, with a focus on stores between 100-200 square meters [46] Question: Margin breakdown between domestic and overseas markets - MINISO China has a higher OP margin (around 30%) due to its asset-light model, while overseas DTC markets are still in the early stages with fluctuating margins [50] Question: US market franchise strategy - The US market is currently dominated by directly operated stores, but the company remains open to exploring franchise models in the future [54]

GUANGZHOU, China, March 12, 2024 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced its unaudited financial results for the quarter ended December 31, 2023 (the "December Quarter"). Financial Highlights for the December Quarter Revenue was RMB3,841.3 million (US$541.0 million), representing an increase of 54.0% year over year and 1.3% ...

GUANGZHOU, China, Feb. 29, 2024 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced that it plans to release its December quarter 2023 financial results before the U.S. market opens on Tuesday, March 12, 2024.The Company's management will hold an earnings conference call at 5:00 A.M. Eastern Time on Tuesday, March 12, 2024 (5:00 P.M. Beij ...

研究报告Research Report 22 Feb 2024 名创优品 MINISO Group (MNSO US) 名创优品季报前瞻：旧岁收官圆满，新年增长可期 Q2FY24 Preview: Old Year Concludes Successfully, New Year Promises Growth Ahead [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：名创优品预计在3月中公布2024财年2Q（23年10-12月）财 评级 优于大市OUTPERFORM 报。受益国内低基数，海外代理市场新店备货和直营市场强劲表现， 现价 US$18.59 我们预计公司2Q收入37.9亿元，同比增长52%；经调归母净利润6.3 目标价 US$27.00 亿元，同比增长73%，经调归母净利率16.7%。 市值 US$5.95bn 点评：我们（1）预计国内收入 23.4亿元，同比增长55%。①名创国 日交易额 (3个月均 ...

Editor's note: Seeking Alpha is proud to welcome Asian Equity Analyst as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Premium. Click here to find out more » Miniso's stock surged on the ground of its growth story Peter Dazeley/Getty Images News Miniso (NYSE:MNSO) presents a compelling investment opportunity underpinned by its robust growth and leading position in the branded variety retail mar ...

The efficient market hypothesis states that “share price reflects all available information and consistent alpha generation is impossible.” However, an important part of the market is irrational investor behavior and it creates opportunities to make big money.A good example is that investors generally take low interest in good stocks that are trending lower due to near term headwinds. On the other hand, there is euphoria around stocks that have skyrocketed and the “fear of missing out” results in investors ...

更新报告 买入 五年规划雄心勃勃，向全球化 IP 设计零售集团进化 名创优品（MNSO.N） 2024-2-8 星期四 投资要点 ➢ 向全球第一的IP设计零售集团进化，以差异化定位参与全球竞争： 目标价： 22.30 美元 于投资者日，公司公布了 2024-2028 年发展目标：(1) 拓店指引上调，预计 现 价： 16.16美元 2024-2028 每年净增 900-1100 家门店，其中国内/海外分别年净增350~450/ 预计升幅: 38.0% 550~650 个。(2) 财务目标：2024-2028 年收入 CAGR 目标不低于 20%，海 外业务及 IP 相关产品销售占比提升驱动毛利率提升，经营杠杆释放驱动利 润好于收入增长；派息比例不低于50%。(3) 强化IP战略和全球本地直采： 重要数据 到2028 年，IP产品目标占比超50%，本地直采比例不低于30%。 日期 2024/2/7 ➢ 海外以本地化、产品及门店升级驱动增长，海外直营静待飞轮转动： 收盘价（美元） 16.16 海外代理：单店日均销超19 年同期，Top20代理商100%盈利。至2028年 总股本（亿股） 12.64 欧洲和拉美均为 ...

Pretty in pink: Miniso opened a flagship store in December at 100 Oxford Street, London, havign ... [+] already established 20 U.K. stores.getty While Chinese fast fashion retailer Shein has taken the global apparel industry by storm, and increasingly dominated the headlines, another Chinese lifestyle brand has been expanding at breakneck speed from seemingly nowhere.It launched its latest flagship in Hong Kong this week but visitors to Times Square in New York and Oxford Street in London might already be f ...

GUANGZHOU, China, Jan. 16, 2024 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced that the Company's board of directors approved a change of the Company's fiscal year end from June 30 to December 31 each year. The primary purpose of changing the Company's fiscal year end is to improve the consistency between financial reporting and our ...

GUANGZHOU, China, Dec. 20, 2023 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEx: 9896) ("MINISO," "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced that its annual general meeting (the "AGM") was held in Guangzhou today and that all the proposed resolutions submitted for shareholder approval set out in the notice of the AGM were duly adopted at the AGM. About MINISO Group MINISO Group is a global valu ...