Financial Performance - Revenue for the quarter ended March 31, 2024, was RMB 3,723.5 million (USD 515.7 million), representing a year-over-year increase of 26.0%[10] - Gross profit for the same period was RMB 1,616.5 million (USD 223.9 million), with a year-over-year growth of 39.1%[10] - The gross margin improved to 43.4%, up from 39.3% in the same quarter of 2023[10] - Operating profit reached RMB 743.3 million (USD 102.9 million), reflecting a year-over-year increase of 29.1%[10] - Adjusted net profit for the quarter was RMB 616.9 million (USD 85.4 million), a year-over-year increase of 27.7%[10] - Adjusted EBITDA for the quarter was RMB 965.3 million (USD 133.7 million), reflecting a year-over-year growth of 36.7%[10] - The adjusted EBITDA margin improved to 25.9%, compared to 23.9% in the same quarter of 2023[10] - Revenue for the three months ended March 31, 2024, increased by 26.0% to RMB 3,723,531, compared to RMB 2,954,148 in the same period of 2023[42] - Gross profit for the same period rose to RMB 1,616,458, reflecting a gross margin of 43.4%, up from RMB 1,161,745 and a margin of 39.3% in 2023[42] - Operating profit increased to RMB 743,285, representing a growth of 29.1% from RMB 575,921 in the previous year[42] - Adjusted net profit for the three months ended March 31, 2024, was RMB 616,891, up 28.0% from RMB 483,016 in 2023[44] - The company reported a net profit of RMB 585,954 for the three months ended March 31, 2024, compared to RMB 470,927 in the same period of 2023, representing a year-over-year increase of 24.4%[43] Store Expansion - The number of MINISO stores reached 6,630 as of March 31, 2024, with a net addition of 217 stores in the quarter, nearly tripling the net additions from the same period last year[13] - The number of stores in mainland China surpassed 4,000, reaching 4,034, with a net addition of 108 stores in the quarter, close to double the net additions from the previous year[13] - The overseas store count increased to 2,596, with a net addition of 109 stores in the quarter, significantly up from 16 stores added in the same period last year[13] - The number of MINISO stores in mainland China reached 4,034 as of March 31, 2024, an increase of 651 stores year-over-year[48] - The number of overseas MINISO stores grew to 2,596, marking an increase of 465 stores compared to the previous year[50] - The company plans to open 900 to 1,100 new stores in 2024, building on the fastest store opening pace in its history during the March quarter[15] Revenue Sources - Revenue from overseas markets grew by 52.6% to RMB 1,221.9 million (USD 169.2 million), accounting for 32.8% of total revenue, up from 27.1% in the same period last year[16] - Total revenue reached RMB 3,723.5 million (USD 515.7 million), a year-on-year increase of 26%, driven by a 19.3% increase in average store count and approximately 9% same-store sales growth[16] - The average store count in mainland China increased by 18.7%, contributing to a 15.6% revenue growth from offline stores[16] - The company’s overseas revenue surged by 52.6% to RMB 1,221,866, compared to RMB 800,916 in the same period of 2023[46] Expenses and Costs - Sales and distribution expenses grew by 58.5% to RMB 696.0 million (USD 96.4 million), primarily due to increased personnel-related costs and logistics expenses[19] - Sales and distribution expenses increased to RMB 696,027, up from RMB 439,018 in the previous year, reflecting a growth of 58.7%[42] Strategic Goals - The company remains committed to a long-term growth strategy, targeting a compound annual revenue growth rate of no less than 20%[15] - The company plans to continue expanding its market presence and enhancing product offerings in the future[36] - The company has outlined its strategic goals and operational plans, which include addressing market demand and improving relationships with consumers and suppliers[36] Asset Management - As of March 31, 2024, total assets amounted to RMB 14,905,726 thousand, an increase from RMB 14,485,309 thousand as of December 31, 2023, representing a growth of approximately 2.9%[39] - Non-current assets increased from RMB 4,157,675 thousand to RMB 4,326,624 thousand, reflecting a rise of about 4.1%[39] - Cash and cash equivalents rose from RMB 6,415,441 thousand to RMB 6,737,918 thousand, indicating an increase of approximately 5%[39] - Inventory decreased from RMB 1,922,241 thousand to RMB 1,873,861 thousand, showing a decline of around 2.5%[39] - Trade and other receivables decreased from RMB 1,518,357 thousand to RMB 1,440,199 thousand, a reduction of about 5.1%[39] Financial Metrics - The adjusted net profit margin is calculated based on adjusted net profit divided by revenue, providing a clearer view of operational performance[32] - The company reported a significant increase in adjusted EBITDA, which is defined as adjusted net profit plus depreciation, amortization, finance costs, and income tax expenses[32] - The company emphasizes the importance of non-IFRS financial metrics for evaluating operational performance and business planning[33]

Core Viewpoint - MINISO Group reported strong financial results for the quarter ended March 31, 2024, with significant year-over-year growth in revenue, gross profit, and store expansion, driven by effective IP and globalization strategies [1][7]. Financial Highlights - Revenue reached RMB3,723.5 million (US$515.7 million), a 26.0% increase year over year [2][8]. - Gross profit was RMB1,616.5 million (US$223.9 million), reflecting a 39.1% year-over-year increase [2][10]. - Gross margin improved to 43.4%, up from 39.3% in the same period of 2023 [2][11]. - Operating profit increased by 29.1% to RMB743.3 million (US$102.9 million) [2][14]. - Profit for the period was RMB586.0 million (US$81.2 million), a 24.4% increase year over year [2][14]. - Adjusted net profit rose by 27.7% to RMB616.9 million (US$85.4 million) [2][14]. - Adjusted EBITDA was RMB965.3 million (US$133.7 million), marking a 36.7% increase year over year [2][14]. Operational Highlights - As of March 31, 2024, MINISO operated 6,630 stores globally, with a net addition of 217 stores in the March Quarter, nearly tripling the previous year's figure [3][5]. - The number of MINISO stores in mainland China reached 4,034, with a net addition of 108 stores in the March Quarter [3][5]. - Overseas stores totaled 2,596, with a net opening of 109 stores, significantly up from 16 in the same period last year [3][5]. - TOP TOY stores increased to 160, with a year-over-year growth of 44 stores [3][5]. Revenue Breakdown - Revenue from mainland China increased by 16.2% to RMB2,501.7 million (US$346.5 million), driven by a 15.6% increase in offline store revenue [8][9]. - Revenue from overseas markets surged by 52.6% to RMB1,221.9 million (US$169.2 million), attributed to a 19.7% expansion in average store count and a robust same-store sales growth of around 21% [9][10]. - Revenue from directly operated overseas markets contributed approximately 58% to total overseas revenue, indicating strong performance in these regions [10][11]. Management Commentary - The CEO highlighted the fastest pace of store openings in the first quarter ever and expressed confidence in achieving a net addition of 900 to 1,100 stores in 2024 [7]. - The CFO noted that gross margin reached 43.4%, higher than the previous peak season, and emphasized the company's focus on improving gross margin through core capabilities [7][12].

Summary of Conference Call Company and Industry - The discussion revolves around the new consumption sector, specifically focusing on Ming Chuang You Pin and Pop Mart as leading companies in this industry [1] Core Points and Arguments - The current market sentiment is positive, with a recovery in the Hong Kong stock market, prompting investors to seek recommended stocks [1] - Ming Chuang You Pin is highlighted as a top recommendation for investors, indicating strong growth potential [1] - The overseas market is identified as the primary growth driver for Ming Chuang You Pin, suggesting that international expansion is a key strategy for the company [1] Other Important Content - The mention of Pop Mart alongside Ming Chuang You Pin suggests a competitive landscape in the new consumption sector, indicating that both companies are recognized leaders [1] - The call emphasizes the importance of understanding market trends and consumer behavior in driving investment decisions in this sector [1]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to capitalize on established price movements for profitable trades [1] Company Overview: MINISO Group Holding Limited (MNSO) - MNSO currently holds a Momentum Style Score of A and a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance [2] - The stock has shown significant price increases, with a 1.65% rise over the past week and a 14.16% increase over the past month, outperforming its industry [3] Price Performance - Over the past quarter, MNSO shares have risen by 45.84%, and by 43.57% over the last year, significantly outperforming the S&P 500, which increased by 3.78% and 27.1% respectively [3] Trading Volume - MNSO's average 20-day trading volume is 1,411,682 shares, which serves as a bullish indicator when combined with rising stock prices [4] Earnings Outlook - In the last two months, 2 earnings estimates for MNSO have been revised upwards, increasing the consensus estimate from $1.17 to $1.24 [5] - For the next fiscal year, 2 estimates have also moved upwards with no downward revisions, indicating positive earnings momentum [5] Conclusion - Given the strong performance metrics and positive earnings outlook, MNSO is positioned as a strong buy candidate with a Momentum Score of A [6]

股 票 研 究 [Table_industryInfo] 批零贸易业 [ Table_Main[名I Tnaf 创bol]e 优_Ti品tle]（ 9896） [评Tab级le_：Inv est] 增持 当前价格（港元）： 45.15 海外驱动 IP 提振，2024Q1 业绩或超预期 2024.05.02 海 ——名创优品FY2024Q1 业绩前瞻 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 苏颖(分析师) 52周内股价区间（港元） 29.15-58.45 当前股本（百万股） 1,264 公 021-38677706 021-38038344 当前市值（百万港元） 57,056 司 liuyuenan@gtjas.com suying@gtjas.com 证书编号 S0880516030003 S0880522110001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2024Q1业绩或好于前期指引，Chiikawa上新引爆同店拉动可期；海外拓店提速、直 名创优品 恒生指数 香 营业务持续高增，IP销售占比提升仍有较大空间，IP设计零售集团值得期待。 7 ...

MINISO Group Holding Limited Unsponsored ADR (MNSO) closed the last trading session at $23.14, gaining 9.4% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $29.59 indicates a 27.9% upside potential.The average comprises three short-term price targets ranging from a low of $27.90 to a high of $31.86, with a standard deviation of $2.04. While the lowest estimate indicates an increase ...

GUANGZHOU, China, April 30, 2024 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced that it plans to release its March quarter 2024 financial results before the U.S. market opens on Tuesday, May 14, 2024. The Company's management will hold an earnings conference call at 5:00 A.M. Eastern Time on Tuesday, May 14, 2024 (5:00 P.M. Beijing T ...

证券研究报告 专业连锁Ⅱ 2024年04月24日 名创优品(09896.HK)公司深度Ⅱ： “兴趣”出海，择高而立 评级：买入(维持) ...

研究报告Research Report 24 Apr 2024 名创优品 MINISO Group (MNSO US) 名创优品季报前瞻： 开店势头延续，海外强劲增长 1Q24 Preview: Store Expansion Momentum Continued, Oversea Business Witnessed Strong Growth [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：名创优品预计在5月中旬公布1Q24业绩。我们预计公司1Q收 评级 优于大市OUTPERFORM 入37亿元，同比增长25%；经调净利润6亿元，同比增长25%，经调 现价 US$21.21 经调净利率16.3%。 目标价 US$26.60 点评：国内业务预计收入 25.2 亿元，同比增长 17%。①名创国内 1Q 市值 US$6.57bn 概况：收入预计 22.9 亿元，同比增长 14.4%，基本符合此前公司同比 日交易额 ( ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12 (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...