POP MART(09992) 36氪·2025-03-26 11:46Core Insights - The article discusses the strategic moves of Miniso, particularly its focus on the independent listing of its toy brand TOPTOY and its significant stake in Yonghui Supermarket, amidst a backdrop of impressive financial performance and challenges in same-store sales growth [3][4][11]. Financial Performance - Miniso reported a total revenue of 17 billion yuan for 2024, marking a year-on-year increase of 22.8% [3]. - The company opened 1,219 new stores in 2024, bringing the total to 7,780 stores, with a daily average of 3.3 new stores [4]. - Overseas business revenue reached 6.68 billion yuan, contributing 40% to the overall revenue [3]. Same-Store Sales Challenges - Despite revenue growth, same-store GMV (Gross Merchandise Value) declined across both domestic and overseas markets in 2024 [3][5]. - The average GMV per store in China saw a high single-digit decline, contrasting with a growth rate of 30%-35% in the previous year [5]. - TOPTOY's same-store GMV growth also slowed to mid-single digits, down from 45%-50% the previous year [5][9]. Expansion Strategy - Miniso plans to focus on larger store formats, with stores over 300 square meters showing nearly 5% growth in GMV, while smaller stores face pressure [4][5]. - The company aims to open 250 to 300 new stores in 2025, maintaining a focus on quality over quantity [5]. TOPTOY's Growth and Market Position - TOPTOY has expanded rapidly, with 11,100 SKUs and a significant increase in store count, although its revenue contribution remains under 1 billion yuan [7][9]. - The average selling price for TOPTOY products is significantly higher than Miniso's core products, indicating potential for higher profit margins [8]. - The competitive landscape includes major players like Pop Mart, which reported a revenue of over 13 billion yuan in 2024, highlighting the intense competition in the toy market [9][10]. Yonghui Supermarket's Restructuring - Miniso acquired a 29.4% stake in Yonghui Supermarket for 6.27 billion yuan, becoming its largest shareholder [11]. - The restructuring plan for Yonghui includes closing 250-350 underperforming stores and focusing on improving operational efficiency [12][14]. - The strategy involves learning from successful models like "Fat Donglai," aiming to enhance store performance significantly [13][14].