Financial Performance - For the six months ended June 30, 2024, the company's revenue increased by 25.0% to RMB 7,758,743,000 compared to RMB 6,206,330,000 in the same period of 2023[3]. - Gross profit for the same period rose by 37.9% to RMB 3,389,786,000, up from RMB 2,457,392,000 year-on-year[3]. - Adjusted net profit for the six months ended June 30, 2024, was RMB 1,241,886,000, reflecting a 17.8% increase from RMB 1,054,220,000 in the prior year[3]. - Adjusted EBITDA for the same period rose by 26.0% to RMB 1,967,354,000, compared to RMB 1,561,788,000 in 2023[3]. - The operating profit for the six months ended June 30, 2024, was RMB 1,494.8 million, compared to RMB 1,265.9 million for the same period in 2023[33]. - Net profit for the period grew by 15.7% from RMB 1,017.9 million to RMB 1,177.4 million[47]. - Basic earnings per share increased to RMB 0.94 for the six months ended June 30, 2024, compared to RMB 0.81 in the previous year[94]. - The company’s net profit for the six months ended June 30, 2024, was RMB 1,177,379 thousand, up 15.7% from RMB 1,017,918 thousand in 2023[95]. Revenue Breakdown - Revenue from mainland China rose by 17.2% to RMB 5,026.7 million, driven by a 16.5% increase in revenue from offline stores and a 37.9% increase from the TOP TOY brand[35]. - Revenue from overseas markets surged by 42.6% to RMB 2,732.0 million, accounting for 35.2% of total revenue, up from 30.9% in the same period last year[35]. - Total revenue for the period reached 7,809,027 thousand RMB, reflecting a significant increase compared to previous periods[100]. - For the six months ended June 30, 2024, total external revenue reached RMB 7,758,743 thousand, an increase from RMB 6,206,330 thousand for the same period in 2023, representing a growth of approximately 25.0%[110]. Store Expansion - The number of MINISO stores increased from 6,413 as of December 31, 2023, to 6,868 as of June 30, 2024, while TOP TOY stores grew from 148 to 195[11]. - As of June 30, 2024, the total number of Miniso stores reached 6,868, an increase from 5,791 stores in 2023, representing a growth of approximately 18.6%[13]. - In mainland China, the number of Miniso stores increased from 3,604 in 2023 to 4,115 in 2024, marking a growth of about 14.2%[17]. - The number of TOP TOY stores in mainland China grew from 118 in 2023 to 195 in 2024, reflecting a significant increase of approximately 65.3%[15]. - In overseas markets, the total number of stores increased from 2,187 in 2023 to 2,753 in 2024, a growth of about 25.9%[13]. Operational Efficiency - The company launched over 940 new SKUs on average each month, providing a wide product range of approximately 10,100 core SKUs[12]. - The overall closure rate of Miniso stores in mainland China for the six months ending June 30, 2024, was 3.6%, consistent with the previous year[16]. - Sales and distribution expenses rose by 65.8% from RMB 918.0 million to RMB 1,522.1 million, driven by investments in direct-operated stores, particularly in strategic overseas markets like the United States[40]. Cash Flow and Investments - Operating cash flow increased by 4.9% to RMB 1,293.8 million, with free cash flow at RMB 991.0 million[50]. - The company reported a significant cash inflow from the disposal of other investments, amounting to RMB 4,077,046 thousand in 2024, compared to RMB 3,753,449 thousand in 2023[104]. - The company’s investment in property, plant, and equipment, and intangible assets amounted to RMB 96,115 thousand in 2023, increasing to RMB 302,784 thousand in 2024[104]. Shareholder Returns - The company declared a special cash dividend of $0.2900 per American Depositary Share, totaling approximately $90.5 million, paid on April 9, 2024[92]. - The board has proposed an interim cash dividend of $0.0686 per ordinary share, totaling approximately $85.5 million[143]. - The company repurchased a total of 1,230,200 shares at a total cost of HKD 40.3 million and 254,600 American Depositary Shares at a total cost of USD 4.8 million during the six months ended June 30, 2024[86]. Market Strategy - The company plans to continue expanding its store network and product offerings to meet diverse consumer needs[11]. - The company plans to focus on expanding its TOP TOY brand presence in first and second-tier cities while also penetrating lower-tier cities in mainland China[17]. - The company plans to expand its store network in lower-tier cities in mainland China while optimizing its overseas operations in strategic markets like North America, Asia, and Europe[31]. Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code for the six months ended June 30, 2024, except for the recommendation regarding the separation of the roles of Chairman and CEO[79]. - The company believes that having the same individual serve as both Chairman and CEO ensures consistent leadership and effective strategic planning[81].
名创优品(09896) - 2024 - 中期业绩