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 Insights - MINISO Group reported a strong financial performance for the full year 2024, with revenue reaching RMB 16,994.0 million (US$ 2,328.2 million), representing a year-over-year increase of 22.8% [5][16] - The company achieved a record gross margin of 44.9%, up from 41.2% in 2023, driven by consistent growth over eight consecutive quarters [5][20] - MINISO's overseas store count reached a milestone of 3,000, contributing significantly to the company's growth strategy [5][9] Financial Highlights - Revenue increased by 22.8% year over year to RMB 16,994.0 million (US$ 2,328.2 million) [5][16] - Gross profit rose by 34.0% year over year to RMB 7,637.1 million (US$ 1,046.3 million) [5][19] - Operating profit increased by 17.6% year over year to RMB 3,315.8 million (US$ 454.3 million) [5][23] - Profit for the period grew by 15.9% year over year to RMB 2,635.4 million (US$ 361.1 million) [5][25] - Adjusted net profit increased by 15.4% year over year to RMB 2,720.6 million (US$ 372.7 million) [5][25] - Cash position was RMB 6,698.1 million (US$ 917.6 million) as of December 31, 2024 [5][27] Operational Highlights - The total number of stores increased by 1,219 to 7,780 as of December 31, 2024, with over 90% of new stores located in overseas markets [5][6] - The number of MINISO stores reached 7,504, with a net increase of 1,091 stores in the full year [5][6] - The number of TOP TOY stores grew to 276, with a record opening of 128 new stores [5][6] Strategic Developments - The company emphasized its globalization strategy, which has led to a compound annual growth rate of over 40% in revenue from overseas markets from 2021 to 2024 [8][9] - MINISO's revenue from overseas markets grew by 41.9% year over year, contributing 39.4% to the total revenue from the MINISO brand [8][17] - The company plans to continue optimizing store layouts and refining product assortments to enhance same-store sales growth [11] Shareholder Returns - MINISO returned RMB 1,574.5 million to shareholders in 2024 through cash dividends and share repurchases [5][10] - A final cash dividend of approximately RMB 739.4 million (US$ 101.3 million) was declared, representing about 50% of the adjusted net profit for the second half of 2024 [13][10] Future Outlook - The company is optimistic about top-line acceleration in 2025, focusing on same-store sales growth and improving sales per square meter [11] - MINISO aims to maintain a reasonable and healthy profit margin while continuing to expand its global footprint [11]

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].

名创优品 20250319 摘要 Q&A 名创优品集团的业务结构是怎样的？ 名创优品集团主要分为两个品牌板块：MINISO 和 Top Toy。MINISO 是自有品牌 生活家居零售商，定位为与 IP 联名集合店，是公司业绩的主要贡献者。2023 年，MINISO 贡献了公司约 95%的营收。Top Toy 是新锐品牌，起步较晚，2023 年收入占比约为 5%。 • 名创优品营收主要来自 NISO 品牌（约 95%），Top Toy 占比约 5%，但 Top Toy 作为新锐品牌增长迅速，未来潜力可期。 • 名创优品全球化布局显著，中国市场贡献约 64%营收，海外市场占 36%，海 外市场中代理和直营各占一半。公司采用轻资产模式，国内以合伙人/加盟 为主，海外以代理为主，单店经营利润率约 30%。 • 2019-2023 年，中国市场收入增速平稳（约 7%），北美、拉美、欧洲市场 高速增长。中国市场是毛利和净利主要贡献者，海外代理市场净利润贡献 较大，北美直营市场处于快速增长阶段。 • 公司战略升级于 2022 年 Q4 见效，海外市场率先复苏，推动股价上涨。 2024 年营收增速放缓，从 25%降至 20% ...

聚集源头工厂的 1688 因低价吸引消费者。2023 年 11 月，阿里将 1688 列为四大 "战略级创新业务" 之一，并称其将以 3 - 5 年为周期持续投入。2024 年，1688 活跃买家数同比增长 55%。截至 2025 年 2 月，1688 年度活跃买家数（AAC）超过 1 亿。 巴菲特增持 5 家日本商社股票，4 家持股比例超过 9%。 巴菲特的公司伯克希尔·哈撒韦 3 月 17 日的财务文件显示，公司已增持 5 家日本商社（三井物产、 三菱商事、住友商事、伊藤忠商事和丸红）股票，在其中四家持股比例超过 9%。公司曾说，自己 持有的日本股票总价值 "远超伯克希尔持有的美国以外任何其他国家的股票总价值"，并计划 "长 期" 持有，比例可能高达 9.9%，但需要董事会特别批准。巴菲特今年 2 月在致股东信中说到，五 大商社同意对伯克希尔 "适度放宽" 持股比例 10% 以下的限制。 松绑 "仅退款" 的平台又多一家。阿里旗下 B2B 电商平台 1688 将于 3 月下旬取消仅退款政策。 此前，买家因质量问题发起仅退款申请后，平台会介入，进行退款，无需商家同意。仅退款政策取 消后，再发生类似情况，平台 ...

值得注意的是，董事张轩宁在3月17日召开的董事会上对成立改革领导小组的议案投了反对票，理由是：当前高级管理议案中，未涉及CEO安排，这令人 深感忧虑。在董事兼CEO李松峰任职期间，他展现出了非凡的领导才能与卓越的战略眼光。他带领团队深入学习胖东来模式，并成功在全国推广永辉品质 零售店。当下，公司已成功走出转型期，正处于产出最大化的关键阶段，同时也是数字化转型战略落地的收获期。在这一重要历史节点，战略规划的稳步 推进对公司未来发展起着决定性作用。 3月17日晚间，永辉超市公告称，为加快公司改革转型步伐，公司拟正式成立改革领导小组，统领公司改革转型工作；改革领导小组组长为叶国富；成员 为王守诚、罗雯霞、林红东、曾凤荣、吴凯之、甘旺亨、张卫东、朱静、刘少强。 此外，永辉超市还公告称，2025年第一次临时股东大会中，关于换届选举第六届董事会非独立董事的议案，李松峰得票未达到出席会议有效表决权的比 例，未能当选。其他候选人均获通过。 从身份上看，叶国富为名创优品创始人兼CEO，张靖京为名创优品首席财务官。而王永平则是名创优品独立非执行董事、全联房地产商会商业地产工作 委员会会长，其也曾在南极电商等多家公司担任独立董事。 ...

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，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 MINISO Group Holding Limited 名創優品集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：9896） 董事會會議日期 名創優品集團控股有限公司（「本公司」）董事會（「董事會」）宣佈，將於2025年3月 21日（星期五）召開董事會會議，藉以考慮及批准（其中包括）(i)本公司截至2024 年12月31日止三個月的未經審計財務業績及其發佈，(ii)本公司截至2024年12月 31日止年度的年度財務業績及根據香港聯合交易所有限公司證券上市規則發佈該 年度業績，及(iii)宣佈和派發股息（如有）。 本公司的管理層將於美國東部時間2025年3月21日（星期五）上午五時（同日北京 時間下午五時）舉行業績電話會議以討論財務業績。英語同聲傳譯將於電話會議 中提供。電話會議可通過以下zoom鏈接或撥打以下號碼接入： 連接方式1 加入Zoom會議。 Zoom鏈接：https://z ...

Core Viewpoint - MINISO Group plans to release its financial results for the December quarter and the full year of 2024 on March 21, 2025, before the U.S. market opens [1] Financial Results Announcement - The earnings conference call will take place at 5:00 A.M. Eastern Time on March 21, 2025, with simultaneous interpretation in English [2] - Access to the conference call can be made via a Zoom link or by dialing specific phone numbers provided for various regions [2][3] Company Overview - MINISO Group is a global value retailer known for trendy lifestyle products featuring IP design, with a focus on quality, affordability, and aesthetically pleasing design [5] - The company has established a significant store network worldwide since its first store opening in China in 2013, building the MINISO brand as a globally recognized retail name [5]

已连续4个季度实现盈利。 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，名创优品或拆分旗下玩具品牌TOP TOY赴港上市。彭博报道称，其预计募集约3 亿美元。 成立于2020年12月的TOP TOY致力于打造全球最大最全的世界级潮玩品牌。 2 020 年 1 2 月， TOP TOY 首家门店 在广州正佳广场 开业。 截至2 024 年9月3 0 日， TOP TOY 门店数为2 34 家（涵盖 29家直营门店 以及 205家合伙人门店 ），2 024 年前三季度净增加8 6 家门店，这一数 字已超过了2 023 年全年的开店数 。 此外，TOP TOY于2024年8月以店中店的形式在名创优品印尼雅加达Central Park旗舰店亮相。 同年 10月，TOP TOY在泰国曼谷开出海外首店 。TOP TOY表示，未来还将进一步扩大海外市场 版图。 2024 年第三季度， TOP TOY 的营收为2 .72 亿元，较2 023 年同期的1 .81 亿元增加5 0.4% ；2 024 年前三季度， TOP TOY 的营收为7 .00 亿元，较2 023 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][8][15] Core Insights - The company is expected to face domestic challenges in Q4, but the growth path for 2025 is clear, with projected revenue growth of 24% for 2025 [3][6][15] - The company is projected to achieve a revenue of RMB 17.1 billion in 2024, with a year-on-year growth of 23.6% [8][12] - The adjusted net profit for 2024 is expected to be RMB 2.75 billion, reflecting a 17% increase [8][12][15] Financial Performance Summary - Q4 2024 revenue is projected at RMB 4.83 billion, with domestic revenue at RMB 2.63 billion and overseas revenue at RMB 2.19 billion [3][14] - The adjusted net profit for Q4 2024 is expected to be RMB 827 million, with an adjusted net profit margin of 17.1% [3][14] - For 2025, revenue is forecasted to reach RMB 21.24 billion, with a net profit of RMB 3.32 billion, indicating a 20% growth [8][12] Revenue and Profitability Forecast - The company anticipates a revenue increase of 24% in 2025, with a gross profit margin projected to be 45.1% [8][12] - The adjusted net profit margin for 2025 is expected to be 15.6% [8][12] - The company plans to open approximately 669 new stores in 2024, contributing to its revenue growth [5][6] Market Position and Strategy - The company is focusing on expanding its overseas market, with a projected revenue growth of 72% in direct markets [5][6] - The report highlights the successful collaboration with popular IPs, which is expected to enhance product offerings and drive sales [4][6] - The company is also optimizing its store expansion strategy, particularly in North America and Southeast Asia [6][8]