Revenue Growth - Revenue increased by 18.9% year-on-year to RMB 4,427.0 million (USD 610.1 million) for the quarter ended March 31, 2025[9]. - Revenue for the quarter reached RMB 4,427.0 million (USD 610.1 million), marking an 18.9% year-over-year increase, primarily driven by a 16.5% increase in average store count[16]. - Revenue from the Miniso brand reached RMB 3,506,657 thousand in 2024, representing a year-on-year growth of 16.5%[49]. Profitability - Gross profit increased by 21.1% year-on-year to RMB 1,958.0 million (USD 269.8 million), with a gross margin of 44.2%, up from 43.4% in the same period last year[9]. - Adjusted EBITDA rose by 7.5% year-on-year to RMB 1,037.3 million (USD 142.9 million), with an adjusted EBITDA margin of 23.4%[11]. - Adjusted net profit was RMB 587.2 million (USD 80.9 million), compared to RMB 616.9 million in the same period last year, with an adjusted net profit margin of 13.3%[9]. - Operating profit was RMB 709.8 million (USD 97.8 million), slightly down from RMB 743.3 million in the previous year[20]. - Adjusted net profit margin decreased to 13.3% from 16.6% year-over-year[22]. Store Expansion - Total number of stores reached 7,768 as of March 31, 2025, with a net addition of 978 stores year-on-year[11]. - The number of MINISO stores in mainland China was 4,275, with a net addition of 241 stores year-on-year[11]. - The number of overseas MINISO stores reached 3,213, with a net addition of 617 stores year-on-year[11]. - TOP TOY store count reached 280, with a net addition of 120 stores year-on-year, and began expanding into overseas markets starting from the December 2024 quarter[11]. - The total number of stores increased to 6,790 as of March 31, 2024, from 5,812 a year earlier, representing a growth of 16.5%[13]. Cash Position - Cash position as of March 31, 2025, was RMB 7,255.3 million (USD 999.8 million), up from RMB 6,698.1 million as of December 31, 2024[11]. - Cash and cash equivalents stood at RMB 7,255.3 million (USD 999.8 million) as of March 31, 2025, compared to RMB 6,698.1 million at the end of 2024[24]. - Cash and cash equivalents are expected to rise from RMB 6,328,121 in 2024 to RMB 6,839,406 in 2025, showing a growth of about 8%[37]. Future Projections - Revenue for 2024 is projected to be RMB 3,723,531, increasing to RMB 4,427,044 in 2025, representing a growth of approximately 19%[42]. - Gross profit for 2024 is RMB 1,616,458, with an increase to RMB 1,958,037 in 2025, indicating a gross margin improvement[42]. - Operating profit for 2024 is RMB 743,285, expected to decrease to RMB 709,787 in 2025, reflecting a decline of about 4.5%[42]. - The company anticipates a decrease in net profit from RMB 585,954 in 2024 to RMB 416,459 in 2025, a decline of approximately 29%[42]. - Basic earnings per share are expected to decrease from 0.47 in 2024 to 0.34 in 2025, a decline of approximately 28%[43]. Inventory and Liabilities - The company reported a significant increase in inventory from RMB 2,750,389 in 2024 to RMB 2,833,354 in 2025, reflecting a growth of about 3%[37]. - The total liabilities are projected to increase from RMB 7,764,606 in 2024 to RMB 15,507,801 in 2025, indicating a growth of about 99%[41]. Company Strategy and Operations - The company has established a significant global retail presence since opening its first store in China in 2013, now operating a vast network of stores worldwide[29]. - The company emphasizes high-quality, aesthetically pleasing, and cost-effective products as core attributes of its offerings[29]. - The company plans to continue expanding its product offerings and enhancing its IP design capabilities to attract a broader consumer base[29]. - The company aims to provide a pleasant shopping experience that appeals to all demographics through its diverse product range[29]. - The management team will discuss financial performance during the earnings call scheduled for May 23, 2025[26]. Financial Metrics and Definitions - The adjusted net profit is defined as excluding certain non-cash and other adjustments, providing a clearer view of operational performance[31]. - The adjusted EBITDA is calculated by adding back depreciation, amortization, and financial costs to the adjusted net profit, allowing for a more comprehensive assessment of profitability[31]. - The adjusted net profit margin is calculated based on the adjusted net profit divided by revenue, providing insight into profitability relative to sales[31]. - The company encourages investors to review its financial data comprehensively rather than relying solely on individual financial metrics[33].
名创优品(09896) - 2025 Q1 - 季度业绩