Financial Performance - For the year ended December 31, 2024, revenue increased by 22.8% to RMB 16,994.0 million (USD 2,328.2 million) [10] - Gross profit rose by 34.0% to RMB 7,637.1 million (USD 1,046.3 million), with a gross margin of 44.9%, up from 41.2% in 2023 [10] - Operating profit increased by 17.6% to RMB 3,315.8 million (USD 454.3 million) [10] - Net profit for the period grew by 15.9% to RMB 2,635.4 million (USD 361.1 million) [10] - Adjusted net profit increased by 15.4% to RMB 2,720.6 million (USD 372.7 million), with an adjusted net profit margin of 16.0% [10] - Adjusted EBITDA grew by 21.4% to RMB 4,334.3 million (USD 593.8 million), with an adjusted EBITDA margin of 25.5% [10] - Total revenue for the quarter was RMB 4,712.7 million (USD 645.6 million), representing a year-over-year increase of 22.7% [32] - Operating profit reached RMB 968.4 million (USD 132.7 million), a year-over-year growth of 26.5% [38] - Adjusted net profit was RMB 792.5 million (USD 108.6 million), reflecting a year-over-year increase of 20.0% [39] - Adjusted EBITDA grew by 23.3% to RMB 1,227.2 million (USD 168.1 million) [41] - Gross profit amounted to RMB 2,217.3 million (USD 303.8 million), with a year-over-year increase of 33.8% [35] - Gross margin reached a historical high of 47.0%, up 3.9 percentage points year-over-year [36] Store Expansion - The total number of stores reached 7,780, with a net increase of 1,219 stores during the year [13] - The number of MINISO stores reached 7,504, with a net increase of 1,091 stores [13] - The number of overseas MINISO stores achieved a milestone of 3,000, totaling 3,118 stores, with a net increase of 631 stores [13] - The total number of new stores opened globally in 2024 exceeded 1,200, surpassing initial expectations and setting a record for net new stores [16] - The number of Miniso stores in mainland China increased from 3,926 to 4,386, a net addition of 460 stores year-over-year [70] - The number of Miniso stores in overseas markets rose from 2,487 to 3,118, adding 631 stores year-over-year [73] Revenue Breakdown - Revenue from the Miniso brand in mainland China grew by 10.9%, while overseas revenue surged by 41.9%, contributing to 41.7% of total brand revenue [21] - Revenue from overseas markets grew by 42.7% year-over-year to RMB 2,131,716,000 for the three months ending December 31, 2024 [67] - The revenue for the Miniso brand increased by 21.3% year-over-year to RMB 4,428,593,000 for the three months ending December 31, 2024, and by 22.0% to RMB 16,002,565,000 for the twelve months [67] Shareholder Returns - The company returned RMB 1,574.5 million to shareholders, including RMB 1,244.3 million in cash dividends and RMB 330.2 million in share buybacks [13] - The company announced a final cash dividend of RMB 7.4 billion, approximately 50% of the adjusted net profit for the second half of 2024 [17] Assets and Liabilities - As of December 31, 2023, total assets amounted to RMB 14,485,309 thousand, while total assets for December 31, 2024, are projected to be RMB 18,120,128 thousand, indicating a growth of approximately 25% [57] - Non-current assets increased from RMB 4,157,675 thousand in 2023 to RMB 6,464,627 thousand in 2024, reflecting a growth of about 55.5% [57] - Total liabilities increased to RMB 7,764,606 thousand as of December 31, 2024, from RMB 5,294,092 thousand in 2023, marking a rise of 46.8% [60] - The company reported a total equity of RMB 10,355,522 thousand as of December 31, 2024, compared to RMB 9,191,217 thousand as of December 31, 2023, indicating a growth of 12.7% [60] Future Plans - The company plans to accelerate same-store sales growth and optimize store layout and product categories to enhance efficiency in 2025 [18] - The company plans to expand its market presence and invest in new product development to drive future growth [61] - The company plans to continue expanding its presence in both domestic and international markets, focusing on enhancing brand penetration in lower-tier cities in China [67] Financial Metrics - The adjusted net profit for the company is defined as profit excluding equity-settled share-based payment expenses [50] - The adjusted EBITDA for the company is calculated as adjusted net profit plus depreciation and amortization, finance costs, and income tax expenses [50] - The adjusted net profit margin is calculated by dividing adjusted net profit by revenue for the same period [50] - The company emphasizes the use of non-IFRS financial metrics to provide a clearer understanding of its operational performance [51] - The company acknowledges the limitations of non-IFRS financial metrics, which may not reflect all income and expense items affecting operations [51] Cash Flow and Earnings - Cash and cash equivalents totaled RMB 6,698.1 million (USD 917.6 million) as of December 31, 2024 [31] - Free cash flow for the year was RMB 1,405.8 million (USD 192.6 million) [31] - Basic earnings per American Depositary Share (ADS) increased by 16.6% year-over-year to RMB 8.44 (USD 1.16) [31] - Basic earnings per share for the twelve months ended December 31, 2024, were RMB 2.11, compared to RMB 1.81 in 2023, reflecting a growth of 16.6% [61] - The financial income for the three months ended December 31, 2024, decreased to RMB 18,999 thousand from RMB 54,603 thousand in the same period of 2023, indicating a decline of 65.2% [61] - The company reported a total comprehensive income of RMB 813,148 thousand for the three months ended December 31, 2024, compared to RMB 623,178 thousand in 2023, representing an increase of 30.5% [63]
名创优品(09896) - 2024 Q4 - 季度业绩