Financial Performance - Revenue for the fiscal year ended June 30, 2023, was RMB 11,473,208 thousand, representing a year-over-year increase of 13.8% compared to RMB 10,085,649 thousand in 2022[15]. - Gross profit for the same period increased by 44.7% to RMB 4,443,052 thousand from RMB 3,069,761 thousand in 2022[15]. - Operating profit surged by 152.0% to RMB 2,223,011 thousand, up from RMB 882,027 thousand in the previous year[15]. - Profit before taxation rose by 157.3% to RMB 2,333,614 thousand, compared to RMB 906,813 thousand in 2022[15]. - Profit for the year attributable to equity shareholders increased by 177.2% to RMB 1,768,926 thousand from RMB 638,170 thousand in 2022[15]. - Basic earnings per share increased by 167.9% to RMB 1.42, up from RMB 0.53 in the previous year[15]. - Adjusted net profit, a non-IFRS measure, rose by 155.3% to RMB 1,844,711 thousand from RMB 722,578 thousand in 2022[15]. - Adjusted basic earnings per share increased by 145.0% to RMB 1.47 from RMB 0.60 in the previous year[15]. - The company reported a significant increase in profit for non-controlling interests, which rose by 720.3% to RMB 12,903 thousand from RMB 1,573 thousand in 2022[15]. - For the fiscal year ended June 30, 2023, the profit for the year increased to RMB 1,781,829 thousand, up from RMB 639,743 thousand in 2022, representing a growth of approximately 178%[25]. - Adjusted net profit for the fiscal year ended June 30, 2023, was RMB 1,844,711 thousand, compared to RMB 722,578 thousand in 2022, indicating an increase of about 155%[25]. Store Expansion and Operations - The total number of MINISO stores increased from 5,199 as of June 30, 2022, to 5,791 as of June 30, 2023, reflecting a growth of approximately 11.4%[27]. - The number of TOP TOY stores increased from 97 as of June 30, 2022, to 118 as of June 30, 2023, marking a growth of approximately 21.6%[27]. - As of June 30, 2023, there were over 3,600 MINISO stores in China and approximately 2,200 MINISO stores overseas[32]. - The number of directly operated MINISO stores in China increased from 14 in 2022 to 15 in 2023, while the number of stores operated under the MINISO Retail Partner model rose from 3,195 to 3,569[33]. - The total number of TOP TOY stores operated under the MINISO Retail Partner model increased from 90 in 2022 to 109 in 2023[35]. - The number of MINISO Retail Partners increased from 921 in 2022 to 1,040 in 2023, with a net increase of 119 partners[46]. - The company plans to focus on expanding the TOP TOY brand in first- and second-tier cities while penetrating lower-tier cities for MINISO stores[44]. - The number of new MINISO Retail Partners added in 2023 was 230, up from 186 in 2022, driven by expansion into lower-tier cities[52]. - The company has established a strong presence in lower-tier cities, with 1,634 stores in third- or lower-tier cities as of June 30, 2023[43]. Financial Ratios and Cash Management - Current ratio increased from 2.1 as of June 30, 2022, to 2.5 as of June 30, 2023, due to an increase in total current assets of RMB1,831.4 million[116]. - As of June 30, 2023, the company's cash and cash equivalents increased by 25.3% from RMB5,828.3 million to RMB7,303.3 million, primarily due to net cash generated from operating activities and proceeds from the Hong Kong Public Offering[121][126]. - The company's gearing ratio as of June 30, 2023, was 0.1%, calculated as loans and borrowings divided by total equity[133][135]. Dividends and Share Repurchase - The company declared a final cash dividend of US$0.412 per ADS or US$0.103 per Share, totaling approximately US$128.8 million, which is about 50% of the company's adjusted net profit for fiscal year 2023[81]. - The company adopted a dividend policy targeting an annual dividend of no less than 50% of its annual adjusted net profit, aiming to provide foreseeable returns to shareholders[80]. - A new share repurchase program was authorized, allowing the company to repurchase up to USD200 million in value of its outstanding Shares and/or ADSs over a 12-month period starting from September 15, 2023[82]. Market Performance and Consumer Behavior - The average annual revenue per MINISO store in overseas markets rose from RMB 1.4 million in 2022 to RMB 1.8 million in 2023[67]. - Total GMV for MINISO stores in China rose from RMB 10,400 million in 2022 to RMB 10,671 million in 2023, an increase of 2.6%[65]. - Total GMV for MINISO stores in overseas markets increased significantly from RMB 6,414 million in 2022 to RMB 9,072 million in 2023, a growth of 41.1%[67]. - The average spending per transaction in MINISO stores in China increased from RMB 36.5 in 2022 to RMB 37.6 in 2023[65]. - The average selling price of products in MINISO stores in China increased from RMB 12.1 in 2022 to RMB 13.1 in 2023[65]. - The number of transactions in MINISO stores in China decreased slightly from 285.1 million in 2022 to 283.8 million in 2023[65]. Legal and Compliance Matters - The company is currently involved in a federal securities class action, with a decision on the motion to dismiss pending as of September 2023[145][149]. - The company has not made any provisions for the securities class action lawsuit as the outcome is uncertain[145][149]. - The company has committed to pay an aggregate amount of tax levies of no less than RMB965.0 million to the local government in Guangzhou over a five-year period starting from January 1, 2021[138][141]. - A performance guarantee of RMB175.0 million was provided by Miniso (Guangzhou) Co., Ltd. for the tax payment commitment for the calendar year of 2022, which has been met[139]. - The auditor expressed a disclaimer of conclusion regarding the Group's continuing connected transactions due to the lack of disclosed annual cap for the fiscal year ended June 30, 2023[193]. Risks and Challenges - The company's business growth and profitability are highly dependent on consumer demand and discretionary spending, with potential adverse effects from economic downturns in China or globally[168]. - Maintaining and enhancing brand strength is crucial; failure to do so may negatively impact business and operating results[168]. - The company faces risks related to the inability to offer competitive pricing, which could materially affect business performance[169]. - International operations are subject to various costs and regulatory risks, which may impact financial performance[169]. Intellectual Property and Licensing - The actual transaction amount under the IP Licensing, Sales and Distribution Framework Agreement for the fiscal year ended June 30, 2023 was approximately RMB 18.0 million[186]. - The license fee for the IP Licensing agreement is a one-off fixed fee of up to RMB 6.0 million, determined by various factors including store location and local economic conditions[185]. - The IP Licensing, Sales and Distribution Framework Agreement has a term of three years, commencing from the Listing Date and ending on June 30, 2025[180]. - MINISO Nigeria is granted exclusive rights to use certain intellectual property rights and establish MINISO stores in Nigeria under the agreement[178].
名创优品(09896) - 2023 - 年度财报