Group 1: Miniso's Global Expansion - Miniso has surpassed 3,000 overseas stores, marking a significant milestone in its global expansion strategy [2] - The company reported a total revenue of 17 billion RMB for 2024, a year-on-year increase of 23%, with a gross margin of 44.9% [2] - Overseas revenue grew by 42% to 6.7 billion RMB, contributing nearly 40% to the total revenue [2] Group 2: Anta's Financial Performance - Anta Sports achieved a record revenue of 70.8 billion RMB in 2024, a 13.6% increase year-on-year, with a net profit of 15.6 billion RMB, up 52% [4] - The company has over 10,000 stores operating under the Direct-to-Consumer (DTC) model, with DTC accounting for over 80% of its operations [5] - Anta's overseas expansion focuses on Southeast Asia, with partnerships in Singapore and Malaysia [5] Group 3: Nike's Declining Performance - Nike reported a revenue decline of 9% to 11.3 billion USD in Q3 of FY2025, with net profit down 32% to 800 million USD [6] - The Greater China market saw a significant revenue drop of 17% to 1.7 billion USD, indicating a slowdown compared to competitors like Adidas [7] - Nike's new CEO is implementing a revitalization strategy focused on sports rather than fashion, aiming to improve inventory management and customer engagement [6][7] Group 4: Pop Mart's Artist IP Revenue Growth - Pop Mart's artist IP revenue increased by 70.4% from 2.16 billion RMB in H1 2023 to 3.69 billion RMB in H1 2024, with artist IP accounting for 81% of total revenue [9] - The Labubu series, a popular IP, was featured in a pop-up store at Harrods, highlighting the brand's international marketing efforts [9] Group 5: Starbucks' Collaboration with Snoopy - Starbucks China launched its first collaboration with Snoopy, introducing limited edition drinks and merchandise [12] - The collaboration includes exclusive products like plush toys and themed merchandise, enhancing customer engagement [12] Group 6: Three Squirrels' Entry into Beverage Market - Three Squirrels announced its entry into the beverage sector, launching 60 products with a focus on low pricing to disrupt traditional pricing models [20] Group 7: Shanghai Jahwa's Financial Struggles - Shanghai Jahwa reported a net loss of 800 million RMB for 2024, with total revenue declining by 13.93% to 5.68 billion RMB [21] - The significant loss was attributed to goodwill impairment and increased competition in the baby and child care segment [21] Group 8: Xtep's Leadership Change - Xtep International appointed a new CFO, Ding Lizhi, who is the daughter of the company's founder, indicating a potential shift in leadership strategy [22]

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]

Core Viewpoint - Miniso's Q4 2024 performance shows mixed results, with overseas business growth driving profitability to a historical high despite slight revenue miss [1][4]. Group 1: Revenue Performance - In Q4 2024, Miniso achieved revenue of 4.71 billion yuan, a year-on-year increase of 22.7%, slightly missing Bloomberg's consensus estimate of 4.81 billion yuan [1][9]. - Overseas revenue grew by 42.7%, with direct and agency markets increasing by 65.5% and 17.4% respectively, leading to overseas revenue accounting for 45% of total revenue, up from 39% in the same period last year [1][9]. - Domestic revenue reached 2.58 billion yuan, showing a recovery in growth compared to Q3, with Miniso brand growing by 10% and TOPTOY maintaining a high growth rate of 42.7% [1][9]. Group 2: Store Expansion - In Q4 2024, Miniso added a net total of 360 stores, reaching 7,780 stores, with overseas and domestic net additions of 182 and 178 stores respectively [2][10]. - The overseas direct store count increased significantly, with the proportion rising to 16.1%, marking a continuous increase since Q1 2023 [2][11]. - The company focused on expanding in third-tier and lower cities, aligning with its strategy of "opening large stores, closing small stores, and optimizing store quality" [2][11]. Group 3: Profitability and Margins - Miniso's gross margin reached a historical high of 47% in Q4 2024, driven by the ongoing IP retail strategy and an increase in high-margin IP products [3][12]. - Despite increased marketing expenses during the overseas Christmas season, the overall expense ratio remained stable, with a slight decrease in sales expense ratio by 0.8 percentage points [3][12]. - Adjusted net profit margin improved by 1.6 percentage points to 16.8% [3][12]. Group 4: Future Outlook and Concerns - The company aims for overseas revenue to quadruple over the next five years, targeting a compound annual growth rate (CAGR) of 30%-40% [9]. - Concerns exist regarding the cash flow impact of Miniso's acquisition of Yonghui Supermarket, which involved a cash outlay of 6.27 billion yuan, potentially affecting Miniso's expansion plans [4][5]. - The acquisition may dilute Miniso's return on equity (ROE) due to Yonghui's ongoing losses, with estimates suggesting a potential impact of around 400 million yuan on Miniso's net profit [5][6].

财报显示， 2024年名创优品集团全年总营收170亿元（人民币，下同），同比增长22.8%；毛利率 44.9%，再次创下历史新高；经调整净利润（非国际财务报告准则（Non-IFRS））27.2亿元，同 比增长15.4%，经调整净利率16.0%，经调整每股摊薄收益同比增长16.0%至8.68元 。 截至2024年12月31日，名创优品集团全球门店数为7780家，年净增1219家。其中， 名创优品国 内门店数4386家，净增460家，海外门店数3118家，净增631家，均超额完成2024年初开店目标 超额完成2024年初开店目标。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，名创优品集团（NYSE：MNSO，HKEX：9896）于3月21日公布了2024年业 绩报告。 在财报发布的同时，名创优品还宣布派发2024年末期股息7.4亿元，持续为股东带来丰厚回报。 。 值得注意的是，名创优品在欧美市场取得了战略性的突破——其中，美国市场从2021年到2024年以 三位数的超高速复合增长成为了其海外业务的战略高地，2024年美国新增门店154个，总门店数量 ...

Financial Data and Key Metrics Changes - In 2024, total revenue reached RMB 17 billion, growing by 23% year-over-year, driven by an 80% increase in average store count, despite a low single-digit decline in comparable same-store sales [39][40]. - Gross profit margin improved by 3.7 percentage points to 44.9%, marking eight consecutive quarters of margin growth [42]. - Adjusted net profit reached RMB 2.72 billion, growing by 15%, with an adjusted net profit margin of 16% [51]. Business Line Data and Key Metrics Changes - MINISO China revenue grew by 11% to RMB 9.3 billion, while MINISO Overseas revenue surged by 42% to RMB 6.68 billion [40]. - TOP TOY contributed 45% to overall growth, with a net increase of 128 stores and a gross margin improvement of 7.3% [29]. Market Data and Key Metrics Changes - Overseas operations accounted for 39% of total revenue, up from 34% the previous year, with direct-operated overseas revenue growing by 66% [41]. - The US market showed triple-digit compound growth from 2021 to 2024, with 154 new stores added in 2024, bringing the total to 275 locations across 47 states [19][40]. Company Strategy and Development Direction - The company aims to double its store count by the end of 2028 compared to the end of 2023, focusing on store quality over quantity [65]. - A global strategy emphasizes localization, with a dedicated product development team established in South Korea to tailor merchandise for local markets [24][26]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in accelerated growth for 2025, with expectations of double-digit growth in offline business and continued strong performance in overseas markets [64][95]. - The company plans to implement disciplined cost control while sustaining rapid performance growth, particularly in the US market [64][95]. Other Important Information - The company achieved an ESG rating upgrade for three consecutive years, with an MSCI rating of AA, reflecting its commitment to sustainable development [35]. - A final dividend of approximately RMB 740 million was announced, representing 50% of adjusted net profit for H2 2024 [56]. Q&A Session Summary Question: Same-store performance in China and growth drivers - Management noted that larger stores showed better recovery, and plans to convert smaller stores into larger formats are underway. The performance of IP Land stores exceeded expectations, and these will be a key strategy moving forward [75][76][78]. Question: Profit per store in the US and same-store sales outlook - The US market is expected to see triple-digit growth in 2025, with ongoing improvements in GP margin anticipated as new stores mature [80][95]. Question: Margin outlook and YH transaction details - Management confirmed confidence in revenue and profit growth for 2025, with a focus on improving the profitability of directly operated stores. The YH acquisition aims to enhance product competitiveness and operational efficiency [94][100]. Question: New store opening targets for 2025 - The company plans to maintain a flat number of new stores compared to 2024, focusing on quality and strategic locations rather than sheer quantity [111][115]. Question: Introduction of third-party products and impact on sales - The introduction of third-party beauty products aligns with target demographics and is expected to enhance same-store sales and profitability [118][119].

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].