Financial Overview - The total revenue for FY24 is 17 billion RMB, representing a year-on-year growth of 23%, with an average store count increase of 18% and same-store sales showing a slight decline in low single digits [1][2] - The gross profit margin for 2024 increased by 3.7 percentage points to 44.9%, marking eight consecutive quarters of growth, primarily driven by the IP strategy [2][3] - The adjusted net profit for FY24 was 6.2 billion RMB, with a year-on-year increase of 1.41% [1] Revenue Breakdown - MINISO brand revenue reached 16 billion RMB, up 22% year-on-year, with domestic revenue at 9.3 billion RMB (up 11%) and international revenue at 6.7 billion RMB (up 42%) [1][2] - The overseas revenue accounted for 39% of total revenue, an increase from 34% the previous year [1] Store Expansion - As of December 2024, the total number of stores reached 7,780, with a net increase of 1,290 stores, exceeding the opening targets for 2024 [3][4] - The number of MINISO stores in China reached 4,386, with a net increase of 460 stores [4] Membership and Customer Engagement - Global registered members exceeded 100 million, with member purchases accounting for over 60% of total sales, and average member spending being 2.2 times that of non-members [4] Future Outlook - The company maintains an optimistic revenue growth outlook for 2025, anticipating lower growth rates in the first half due to base effects, with higher growth expected in the second half [2] - The store expansion strategy aims to double the number of stores by the end of 2028 compared to the end of 2023 [2]

Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and future projections. Core Insights - Miniso achieved a revenue of 16.994 billion RMB in 2024, representing a year-on-year increase of 22.8%, with an adjusted net profit of 2.721 billion RMB, up 15.4% year-on-year, and an adjusted net profit margin of 16.0% [1][3] - The company has completed the acquisition of 29.4% of Yonghui Supermarket, which is expected to impact financial results starting from Q2 2025 [4][5] - The report highlights strong growth in both domestic and international markets, with a significant increase in overseas revenue, which accounted for 41.7% of brand revenue in 2024, up from 35.9% in 2023 [2][3] Financial Performance Summary - In 2024, Miniso's gross margin reached 44.9%, an increase of 3.7 percentage points year-on-year, attributed to a higher proportion of overseas direct sales and increased contributions from high-margin products [3] - The total expenses for 2024 were 4.366 billion RMB, a 52% increase year-on-year, driven by a 100% increase in revenue from direct stores [3][6] - The company plans to distribute a final dividend of 740 million RMB, approximately 50% of the adjusted net profit for the second half of 2024 [1] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 21.174 billion RMB, 26.040 billion RMB, and 31.583 billion RMB, respectively, with year-on-year growth rates of 25%, 23%, and 21% [5][6] - The expected net profit for 2025 is 3.020 billion RMB, reflecting a 15% increase, with further growth anticipated in subsequent years [5][6] - The report anticipates that the acquisition of Yonghui will lead to synergies in brand development, supply chain upgrades, and product enhancement [5]

以下文章来源于字母榜 ，作者张琳 字母榜 . 让未来不止于大 来源|字母榜 作者|张琳 编辑|谭宵寒 斥资62.7亿元，成为永辉超市第一大股东半年后，叶国富曲线接手永辉。 3月17日，永辉超市换届选举董事会非独立董事，叶国富被提名进入董事会。永辉超市原董事、CEO李松峰却从永辉这轮斗争中出局。 有趣的是，叶国富并未直接接任或任命新的CEO，而是另起炉灶——永辉超市新成立了改革领导小组，叶国富担任组长，领导永辉改革的叶国富，成了正 在全球招募CEO的永辉的"事实CEO"。 对于叶国富的这一系列操作，永辉超市董事张轩宁投出了反对票，"当前高级管理议案中未涉及CEO安排，这令人深感忧虑。" 如果分析下永辉超市的股权结构，便可以理解叶国富为何要曲线接手永辉了。 "永辉超市目前是一家没有实际控制人的公司，未来会不会有，现在还没有办法准确回答"。永辉超市创始人张轩松在会上的回应，多少透露出永辉内部正 在进行的管理权争夺战。 叶国富虽是永辉超市最大股东，持股比例为 29.4%，但并非实际控制人。创始人张轩松和张轩宁两兄弟股份之和不及叶国富，另外两人也并非一致行动 人。 这种分散的股权结构使得公司在决策权力上缺乏单一主导力量 ...

經修訂及重述之 名創優品集團控股有限公司 董事會轄下提名及 企業管治委員會章程 （名創優品集團控股有限公司（「本公司」）董事會於2022年6月24日採納， 於本公司於香港聯合交易所有限公司（「香港聯交所」）上市後生效， 並於2025年3月21日修訂） I. 委員會成立目的 委員會須由董事會不時確定的兩名或以上董事及大多數獨立非執行董事組 成。委員會各成員須符合紐約證券交易所及香港聯交所的委員會任職規定， 以及董事會認為適當的任何其他要求。 委員會主席可為董事會主席或獨立非執行董事，應由董事會指定；惟倘董事 會未作出指定，則委員會成員可通過多數票指定一名主席。委員會任何職位 空缺應由董事會填補。委員會成員僅可由董事會免職。 本公司董事會（「董事會」）轄下提名及企業管治委員會（「委員會」）的成立旨 在物色及向董事會推薦其認為具備良好資質、願意並可以擔任本公司董事及 董事委員會成員的人士；就董事會成員組成、程序及委員會向董事會提供建 議；定期審查董事會規模並向董事會建議任何適當變動；以及制定及向董事 會建議適用於本公司的企業管治原則。 II. 委員會組成 1 IV. 委員會的職責及責任 除下文所載的權限及職責外，委 ...

經修訂及重述之 名創優品集團控股有限公司 董事會轄下提名及 企業管治委員會章程 （名創優品集團控股有限公司（「本公司」）董事會於2022年6月24日採納， 於本公司於香港聯合交易所有限公司（「香港聯交所」）上市後生效， 並於2025年3月21日修訂） I. 委員會成立目的 本公司董事會（「董事會」）轄下提名及企業管治委員會（「委員會」）的成立旨 在物色及向董事會推薦其認為具備良好資質、願意並可以擔任本公司董事及 董事委員會成員的人士；就董事會成員組成、程序及委員會向董事會提供建 議；定期審查董事會規模並向董事會建議任何適當變動；以及制定及向董事 會建議適用於本公司的企業管治原則。 II. 委員會組成 委員會須由董事會不時確定的兩名或以上董事及大多數獨立非執行董事組 成。委員會各成員須符合紐約證券交易所及香港聯交所的委員會任職規定， 以及董事會認為適當的任何其他要求。 委員會主席可為董事會主席或獨立非執行董事，應由董事會指定；惟倘董事 會未作出指定，則委員會成員可通過多數票指定一名主席。委員會任何職位 空缺應由董事會填補。委員會成員僅可由董事會免職。 III. 委員會會議及程序 委員會應在其認為就履行其職責及責 ...

EF001 免責聲明 第 1 頁 共 2 頁 v 1.1.1 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 截至本公告日期，董事會包括執行董事葉國富先生，及獨立非執行董事徐黎黎女士 、朱擁華先生及王永平先生。 第 2 頁 共 2 頁 v 1.1.1 EF001 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 名創優品集團控股有限公司 | | 股份代號 | 09896 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二四年十二月三十一日止年度的末期股息 | | 公告日期 | 2025年3月21日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年 ...

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue reached RMB 16,994,025 thousand, representing an increase compared to the previous year's revenue of RMB 13,838,797 thousand[2]. - The gross profit for the fiscal year was RMB 7,637,060 thousand, which is a growth from RMB 5,698,431 thousand in the previous year, indicating a gross margin improvement[2]. - Operating profit for the fiscal year was RMB 3,315,789 thousand, up from RMB 2,819,648 thousand year-over-year, reflecting a growth of approximately 17.6%[2]. - The adjusted net profit for the fiscal year was RMB 2,720,612 thousand, compared to RMB 2,356,729 thousand in the previous year, marking an increase of about 15.4%[5]. - The adjusted EBITDA for the fiscal year was RMB 4,334,325 thousand, which is an increase from RMB 3,571,405 thousand in the previous year, showing a growth of approximately 21.4%[6]. - Basic earnings per share for the fiscal year was RMB 2.11, up from RMB 1.81 in the previous year, reflecting a year-over-year increase of about 16.6%[2]. - The company reported a net profit attributable to equity shareholders of RMB 2,617,560 thousand for the fiscal year, compared to RMB 2,253,241 thousand in the previous year, indicating a growth of approximately 16.2%[2]. - The company reported a pre-tax profit of RMB 3,347.5 million for the fiscal year ending December 31, 2024[36]. - Net profit for the fiscal year ending December 31, 2024, reached RMB 2,635.4 million, representing an increase of 15.9% compared to RMB 2,274.0 million for the fiscal year ending December 31, 2023[48]. Store Expansion and Market Presence - As of December 31, 2024, the total number of Miniso stores increased from 6,413 to 7,504, representing a growth of approximately 17%[8]. - The number of TOP TOY stores increased from 148 to 276, marking an increase of approximately 86%[11]. - The number of Miniso stores in first-tier cities rose from 522 to 587, while in second-tier cities, it increased from 1,617 to 1,822[14]. - The net increase in Miniso partner stores in mainland China for the fiscal year was 457, bringing the total to 4,335[13]. - As of December 31, 2024, there were 503 direct-operated stores and 2,615 partner and agent stores in overseas markets[17]. - The number of Miniso partners in mainland China increased to 1,071, with 161 new partners added during the fiscal year[15]. - The net increase in TOP TOY stores in mainland China was significant, with 40 direct-operated stores and 236 partner stores as of December 31, 2024[11]. - Approximately 59% of the net increase in Miniso stores in mainland China came from first and second-tier cities[12]. - As of December 31, 2023, the total number of Miniso stores in overseas markets reached 2,487, with a projected increase to 3,118 by December 31, 2024, representing a growth of approximately 25.3%[19]. Revenue and Sales Growth - The total GMV generated by the group for the fiscal year ending December 31, 2024, was approximately RMB 30.4 billion[8]. - The total GMV for Miniso in overseas markets was RMB 10,989 million for the twelve months ending December 31, 2023, with an expected increase to RMB 14,001 million for the fiscal year 2024, indicating a growth of about 27.4%[23]. - The total GMV for Miniso in mainland China was RMB 13,035 million for the twelve months ending December 31, 2023, with a forecasted increase to RMB 14,008 million for the fiscal year 2024, showing a growth of approximately 7.5%[22]. - The same-store GMV growth rate in overseas markets was projected to be between 25% and 30% for the twelve months ending December 31, 2023[23]. - Revenue for the year ended December 31, 2024, was RMB 16,994,025 thousand, a significant increase from RMB 7,632,467 thousand for the six months ended December 31, 2023, indicating a growth of approximately 123%[87]. - The gross profit for the year ended December 31, 2024, was RMB 7,637,060 thousand, compared to RMB 3,241,039 thousand for the six months ended December 31, 2023, reflecting a gross margin improvement[87]. - Operating profit for the year ended December 31, 2024, reached RMB 3,315,789 thousand, up from RMB 1,553,707 thousand for the six months ended December 31, 2023, marking an increase of approximately 113%[87]. - The net profit attributable to equity shareholders for the year ended December 31, 2024, was RMB 2,617,560 thousand, compared to RMB 1,248,405 thousand for the six months ended December 31, 2023, representing a growth of about 110%[87]. Expenses and Financial Management - The cost of sales for the fiscal year ending December 31, 2024, was RMB 9,357.0 million, up from RMB 8,140.4 million for the previous year[38]. - Sales and distribution expenses for the fiscal year ending December 31, 2024, amounted to RMB 3,519.5 million, a 54.3% increase from RMB 2,281.1 million for the fiscal year ending December 31, 2023[41]. - General and administrative expenses for the fiscal year ending December 31, 2024, were RMB 931.7 million, a 37.5% increase from RMB 677.4 million for the fiscal year ending December 31, 2023[42]. - The total expenses for the year ended December 31, 2024, were RMB 13,808,150 thousand, compared to RMB 6,112,231 thousand for the six months ended December 31, 2023, indicating an increase of approximately 126%[119]. - The company's financial costs, including interest on loans and lease liabilities, totaled RMB 92,915,000 for the year ended December 31, 2024[122]. Shareholder Returns and Dividends - The company has authorized a share repurchase plan with a potential value of up to HKD 2 billion, extending the plan's duration until June 30, 2026[32]. - A special cash dividend of USD 0.2900 per American Depositary Share or USD 0.0725 per share was approved, totaling approximately USD 90.5 million, paid on April 9, 2024[84]. - A mid-term cash dividend of USD 0.2744 per American Depositary Share or USD 0.0686 per share was approved, totaling approximately USD 85.5 million, paid on September 23, 2024[84]. - The company repurchased a total of 5,997,000 shares for a total consideration of HKD 186.5 million on the Hong Kong Stock Exchange and 1,415,586 American Depositary Shares for USD 22.7 million on the New York Stock Exchange during the fiscal year ending December 31, 2024[77]. - The total number of shares repurchased and canceled accounted for approximately 1% of the company's total share capital as of December 31, 2024[77]. Strategic Initiatives and Future Outlook - The company plans to acquire a 29.4% stake in Yonghui Superstores for RMB 6,270 million, which is expected to enhance its market presence in the retail sector[27]. - The company aims to enhance its product strength and optimize its store network as part of its long-term strategic goals for 2025[33]. - The company plans to continue expanding its market presence, with a focus on increasing the number of stores and enhancing product offerings in the Miniso and TOP TOY brands[106]. - The company has outlined a future outlook with a revenue growth target of 10% for the upcoming fiscal year[94]. - New product launches are expected to drive additional revenue, with projections estimating an increase of 5% from these initiatives[94]. - Market expansion strategies include entering three new international markets, projected to contribute an additional 1,000,000 million RMB in revenue[94]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget allocation of 1,045.090 million RMB for potential mergers[96]. Governance and Compliance - The company has established three board committees, including the Audit Committee, Compensation Committee, and Nomination and Corporate Governance Committee, to oversee specific areas of its affairs[70]. - The company has adopted a securities trading policy to regulate all securities transactions conducted by its directors and relevant employees[68]. - The company has complied with all applicable provisions of the Corporate Governance Code during the fiscal year ending December 31, 2024, except for the separation of the roles of Chairman and CEO[67].

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]

Core Viewpoint - The article discusses the ongoing power struggle and management changes at Yonghui Supermarket, particularly focusing on Ye Guofu's acquisition and reform plans after becoming the largest shareholder, while highlighting the challenges faced by both Yonghui and Miniso in the retail sector [1][6][28]. Group 1: Management Changes and Power Struggle - Ye Guofu was nominated to the board of Yonghui Supermarket, while former CEO Li Songfeng was ousted, leading to concerns about the lack of a clear CEO arrangement [2][3][15]. - Yonghui's ownership structure lacks a single controlling entity, which has contributed to the internal power struggle [4][5][10]. - The board's composition has shifted, with Miniso's influence growing, as they now hold three out of six non-independent director seats [14][21]. Group 2: Financial Performance and Challenges - Yonghui Supermarket is facing significant financial difficulties, with an expected loss of 1.4 billion yuan for 2024 and a high debt ratio of 87.06% [6][24]. - Despite the implementation of the "Fat Donglai model" and store renovations, the financial results have not yet reflected the improvements, as the company continues to close underperforming stores [7][25][28]. - Miniso's acquisition of a 29.4% stake in Yonghui for 6.27 billion yuan was the largest single acquisition in China's retail sector in recent years, but it has led to cash flow concerns for Miniso [6][26][28]. Group 3: Reform Plans and Future Strategies - Ye Guofu has proposed a significant reform plan for Yonghui, including the renovation of approximately 200 stores and the closure of 250-350 stores by 2026 [7][23]. - The reform strategy aims to enhance efficiency and reduce costs through a "three increases and two decreases" approach, focusing on improving employee productivity, performance, and gross profit while lowering costs and expenses [23][25]. - Collaboration between Miniso and Yonghui is expected in areas such as private label development and supply chain design, although specific measures have yet to be disclosed [25][26].

Summary of MINISO Conference Call Company Overview - **Company**: MINISO Group - **Brands**: MINISO and Top Toy - **Revenue Contribution**: MINISO accounts for approximately 95% of total revenue, while Top Toy contributes about 5% [3][4] Key Points and Arguments - **Global Revenue Distribution**: In 2023, MINISO's revenue was approximately 64% from the Chinese market and 36% from overseas markets, with equal contributions from agency and direct sales in the overseas segment [4][5] - **Business Model**: MINISO employs a light asset model, primarily using partner/franchise stores domestically and agency stores overseas. The average store operating profit margin is around 30% [4][6] - **Market Growth**: From 2019 to 2023, revenue growth in the Chinese market was steady at about 7%, while North America, Latin America, and Europe experienced rapid growth. The Chinese market remains the main contributor to gross and net profits [4][7] - **Strategic Upgrades**: The strategic upgrade initiated in Q4 2022 has shown positive effects, with overseas markets recovering first, leading to a rise in stock prices. However, revenue growth is expected to slow from 25% to 20% in 2024, raising concerns about same-store sales growth, particularly in North America [4][12] - **Store Expansion Plans**: The company plans to open 350-450 new stores annually in China and aims for 500-1,000 stores in North America in the long term [4][13] - **Diversified Channel Strategy**: MINISO enhances competitiveness through a diversified channel strategy, including flagship stores and online instant retail, collaborating with major IP players like Disney and Warner [4][14] - **Challenges in North America**: The company faces tariff and supply chain challenges in North America but is adapting through supply chain adjustments. Same-store sales were weak in the first three quarters of 2024, with a focus on the fourth quarter for potential recovery [4][16] Additional Important Insights - **Top Toy Brand**: Launched in 2020, Top Toy focuses on trendy toys, with blind box sales accounting for 40% of its revenue. Despite its small revenue share, it is growing rapidly [4][8] - **Historical Milestones**: Key milestones include the founding of the first MINISO store in 2013, global expansion starting in 2015, and the brand upgrade strategy initiated in 2022 [4][9] - **Ownership Structure**: The company has a concentrated ownership structure, primarily held by co-founder Ye Guofu and his wife, contributing to stable management [4][10] - **Stock Performance**: Recent stock performance has lagged behind other new consumer brands due to concerns over revenue growth slowing and same-store sales performance [4][11] - **Future Growth Potential**: The company has significant growth potential, particularly in the IP sector, with low per capita IP consumption in China compared to Japan and the US. The expansion strategy in North America is also promising [4][13][17] - **Competitive Advantages**: MINISO's competitive advantages include strong channel capabilities and retail selection, which are expected to improve with experience and market insights [4][18]