Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 7,758,743, representing a 25.0% increase year-over-year from RMB 6,206,330[14]. - Gross profit increased by 37.9% to RMB 3,389,786 for the same period, compared to RMB 2,457,392 in 2023[14]. - Operating profit rose by 18.1% to RMB 1,494,809, up from RMB 1,265,941 in the previous year[14]. - Profit for the period attributable to equity shareholders increased by 16.4% to RMB 1,170,102, compared to RMB 1,004,836 in 2023[14]. - Basic earnings per share grew by 16.0% to RMB 0.94, up from RMB 0.81 in the prior year[14]. - Adjusted net profit, a non-IFRS measure, was RMB 1,241,886, reflecting a 17.8% increase from RMB 1,054,220[14]. - Adjusted EBITDA also saw a significant rise of 26.0%, reaching RMB 1,967,354 compared to RMB 1,561,788 in the previous year[14]. - For the six months ended June 30, 2024, MINISO's profit for the period was RMB 1,177,379,000, an increase of 15.7% from RMB 1,017,918,000 in the same period of 2023[25]. - Adjusted net profit for the same period was RMB 1,241,886,000, reflecting a growth of 17.8% compared to RMB 1,054,220,000 in 2023[25]. - Adjusted EBITDA reached RMB 1,967,354,000, up 26% from RMB 1,561,788,000 in the previous year[25]. Store Expansion and Market Presence - The total number of MINISO stores increased from 6,413 as of December 31, 2023, to 6,868 as of June 30, 2024, representing an increase of 7.1%[28]. - The number of TOP TOY stores rose from 148 to 195 during the same period, marking a growth of 31.8%[28]. - As of June 30, 2024, there were over 4,100 MINISO stores in mainland China and over 2,700 stores in overseas markets[34]. - The number of directly operated MINISO stores in mainland China increased from 15 to 29, while overseas stores rose from 176 to 343[35]. - The total number of MINISO stores in mainland China increased from 3,604 as of June 30, 2023, to 4,115 as of June 30, 2024, marking a growth of 14.2%[45]. - The number of MINISO stores in third- or lower-tier cities increased from 1,634 to 1,869, reflecting the company's strategy to penetrate various tiers of cities[45][46]. - The number of directly operated TOP TOY stores increased from 9 to 21, while stores operated under the MINISO Retail Partner model rose from 109 to 174 during the same period[37]. - The company plans to focus on expanding the TOP TOY brand in first- and second-tier cities while also penetrating lower-tier cities[47]. Revenue Breakdown - Revenue from mainland China was RMB 5,026.7 million for the six months ended June 30, 2024, a 17.2% increase from RMB 4,290.7 million in the same period of 2023[91]. - Revenue from overseas markets rose by 42.6% to RMB 2,732.0 million for the six months ended June 30, 2024, compared to RMB 1,915.7 million in 2023[92]. - The total GMV for MINISO stores in overseas markets increased from RMB 4,538 million in the first half of 2023 to RMB 6,401 million in the first half of 2024, a growth of 41%[72]. - The total GMV for MINISO in mainland China reached RMB 7,097 million in the first half of 2024, up from RMB 6,140 million in the same period of 2023, marking a growth of 15.6%[67]. Expenses and Financial Ratios - Selling and distribution expenses increased by 65.8% from RMB918.0 million for the six months ended June 30, 2023, to RMB1,522.1 million for the same period in 2024[100]. - General and administrative expenses rose by 30.9% from RMB319.7 million to RMB418.6 million for the same periods[101]. - Net cash from operating activities increased by 4.9% year over year to RMB1,293.8 million for the six months ended June 30, 2024[121]. - Current ratio was 2.4 as of June 30, 2024, compared to 2.3 as of December 31, 2023[122]. - The company's gearing ratio was 0.1% as of June 30, 2024, calculated as loans and borrowings divided by total equity[136]. Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code during the six months ended June 30, 2024, except for the recommendation regarding the separation of the roles of chairman and chief executive officer[158]. - The company does not have a separate chairman and chief executive officer; Mr. Ye currently holds both positions, which the Board believes ensures consistent leadership and effective strategic planning[159]. - The company has established three committees: Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, to oversee specific aspects of its affairs[165]. - The Audit Committee has reviewed the unaudited interim financial report for the six months ended June 30, 2024, and discussed accounting policies and internal control matters with senior management[167]. - The independent auditor, KPMG, has reviewed the unaudited interim financial report in accordance with Hong Kong Standard on Review Engagements 2410[168]. Employee and Compensation - The total remuneration cost for the six months ended June 30, 2024, was RMB 685.5 million, compared to RMB 441.6 million for the same period in 2023[153]. - The company employed a total of 5,245 full-time employees as of June 30, 2024, with 2,400 in mainland China and 2,845 in overseas regions[151]. - The company regularly reviews its employee compensation policies and may grant discretionary bonuses and stock options based on individual performance evaluations[155]. Shareholding Structure - As of June 30, 2024, Mr. Ye holds a total of 789,541,061 shares, representing 62.7% of the company's shareholding[183]. - Mini Investment Limited has a beneficial interest in 328,290,482 shares, accounting for 26.1% of the company's shareholding, and also holds a short position of 14,000,000 shares (1.1%)[192]. - YGF MC Limited holds 203,401,382 shares, which is 16.2% of the company's shareholding[192]. - The total number of shares in issue as of June 30, 2024, is 1,259,282,577[189].
名创优品(09896) - 2024 - 中期财报