Financial Performance - Revenue for the quarter increased by 24.1% to RMB 4,035.2 million (USD 555.3 million), surpassing RMB 4 billion for the first time[11] - Gross profit rose by 36.9% to RMB 1,773.3 million (USD 244.0 million), with a gross margin of 43.9%, a historical high compared to 39.8% in the same period last year[11] - Operating profit increased by 8.9% to RMB 751.5 million (USD 103.4 million) and net profit grew by 8.1% to RMB 591.4 million (USD 81.4 million)[11] - Adjusted net profit rose by 9.4% to RMB 625.0 million (USD 86.0 million), with an adjusted net profit margin of 15.5%[11] - For the first half of 2024, revenue increased by 25.0% to RMB 7,758.7 million (USD 1,067.6 million) and gross profit grew by 37.9% to RMB 3,389.8 million (USD 466.5 million)[14] - Revenue for the first half of 2024 reached RMB 7,758.7 million (USD 1,067.6 million), a 25.0% year-on-year growth driven by an 18.8% increase in average store count and approximately 7% same-store sales growth[29] - Revenue from overseas markets grew by 42.6% to RMB 2,732.0 million (USD 375.9 million), accounting for 35.2% of total revenue, up from 30.9% in the same period of 2023[30] - The overseas market revenue grew by 35.5% to RMB 1.51 billion in the second quarter of 2024, breaking previous records[21] Store Expansion - The number of MINISO stores reached 6,868 as of June 30, 2024, with a net addition of 455 stores in the first half of the year[14] - The number of MINISO stores in mainland China was 4,115, with a net addition of 189 stores during the same period[14] - Overseas MINISO stores totaled 2,753, with a record net addition of 266 stores, compared to 72 stores in the same period last year[14] - The number of MINISO stores reached 6,868 as of June 30, 2024, representing a year-on-year increase of 1,077 stores, with 502 net new stores added in the first half of 2024[16][17] - The number of stores in mainland China increased to 4,115 as of June 30, 2024, up by 511 stores compared to the same date in 2023[62] - The number of stores in Asia (excluding China) reached 1,484 as of June 30, 2024, an increase of 278 stores year-over-year[65] - The company plans to continue expanding its store network, particularly in lower-tier cities in mainland China, to enhance market penetration[60] Profitability Metrics - Adjusted EBITDA for the first half of 2024 increased by 26.0% to RMB 1,967.4 million (USD 270.7 million), with an adjusted EBITDA margin of 25.4%[14] - Adjusted EBITDA was RMB 1,002.0 million (USD 137.9 million), reflecting a year-on-year increase of 17.1%[27] - The adjusted net profit margin for the three months ended June 30, 2024, was 15.5%, down from 17.6% in the same period of 2023[57] - Adjusted net profit for the first half of 2024 grew by 18% year-on-year, with an adjusted EBITDA increase of 26%[18] - Basic and diluted earnings per American Depositary Share (ADS) for the June quarter were RMB 1.88 (USD 0.26), a 9.3% increase year-on-year[28] - The adjusted earnings per share (diluted) for the six months ended June 30, 2024, was RMB 0.99, compared to RMB 0.83 in the same period of 2023[57] Expenses and Investments - Selling and distribution expenses increased by 72.5% year-on-year to RMB 826.1 million, primarily due to investments in direct-operated stores in strategic overseas markets[24] - General and administrative expenses rose by 38.1% year-on-year to RMB 227.2 million, driven by personnel-related costs associated with business growth[25] - Free cash flow for the first half of 2024 was RMB 991.0 million (USD 136.4 million) with capital expenditures of RMB 302.8 million (USD 41.7 million)[14] Future Outlook - The company plans to maintain its revenue growth target of 20% to 30% for 2024, with an adjusted net profit target of RMB 2.8 billion or higher[18] - The company aims to repurchase up to 10% of its total outstanding shares within the next 12 months, believing it aligns with the best interests of the company and its shareholders[18] - The company plans to continue expanding its direct-operated stores, particularly in strategic overseas markets like the United States, with a total of 343 overseas direct-operated stores as of June 30, 2024[33] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[53] Non-IFRS Metrics - The adjusted net profit is defined as profit excluding equity-settled share payment expenses, providing a clearer view of operational performance[44] - Adjusted EBITDA is calculated as adjusted net profit plus depreciation, amortization, finance costs, and income tax expenses, allowing for a comprehensive assessment of profitability[44] - The adjusted net profit margin is calculated by dividing adjusted net profit by revenue, offering insights into profitability relative to sales[45] - The company uses non-IFRS financial metrics to evaluate operational performance and inform business planning, which may differ from IFRS metrics[45] - Miniso's management believes that these non-IFRS metrics provide useful information for investors to understand and assess operational performance[45] - The company acknowledges the limitations of non-IFRS metrics, including their inability to reflect all income and expense items impacting operations[46] Risks and Forward-Looking Statements - Future business development and financial performance are subject to various risks and uncertainties, including market demand and competitive landscape[47] - The company does not undertake any obligation to update forward-looking statements unless required by applicable law[47]
名创优品(09896) - 2024 Q2 - 季度业绩