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]
名创优品(09896) - 2024 Q1 - 季度业绩