Financial Reporting Changes - The company announced a change in its financial year end date from June 30 to December 31, effective immediately, resulting in a six-month audited financial statement covering July 1, 2023, to December 31, 2023[13]. - The annual report for the current financial period covers a full year from January 1, 2024, to December 31, 2024[13]. - To enhance comparability, the company included unaudited financial results for the twelve months ended December 31, 2023, derived from combining previous financial results[14]. - The financial performance highlights and detailed results for the six-month period will be available in the annual report, which includes key metrics and performance indicators[4]. - The company is expected to provide guidance on performance metrics and targets for the upcoming fiscal year in the annual report[4]. - The report will also cover any potential mergers and acquisitions or strategic initiatives that may impact future growth[4]. - The company aims to maintain transparency and accuracy in its financial reporting, as emphasized by the involvement of KPMG as its auditor[9]. Financial Performance Metrics - Revenue for the six months ended December 31, 2023, was RMB 7,632,467 thousand, representing a significant increase compared to RMB 13,838,797 thousand for the twelve months ended December 31, 2023[16]. - Gross profit for the fiscal year ended December 31, 2024, reached RMB 7,637,060 thousand, up from RMB 5,698,431 thousand for the twelve months ended December 31, 2023, indicating a growth of approximately 34.1%[16]. - Operating profit for the six months ended December 31, 2023, was RMB 1,553,707 thousand, which is a substantial increase from RMB 2,819,648 thousand for the twelve months ended December 31, 2023[16]. - Profit for the period attributable to equity shareholders of the Company for the fiscal year ended December 31, 2024, was RMB 2,617,560 thousand, compared to RMB 2,253,241 thousand for the twelve months ended December 31, 2023, reflecting an increase of approximately 16.2%[16]. - Basic earnings per share for the fiscal year ended December 31, 2024, was RMB 2.11, up from RMB 1.81 for the twelve months ended December 31, 2023, representing a growth of 16.6%[16]. - Adjusted net profit for the six months ended December 31, 2023, was RMB 1,302,509 thousand, compared to RMB 2,356,729 thousand for the twelve months ended December 31, 2023[16]. - Adjusted net profit for the fiscal year ended December 31, 2024, was RMB 2,720,612 thousand[28]. - Adjusted EBITDA for the fiscal year ended December 31, 2024, was RMB 4,334,325 thousand[28]. Store Expansion and Market Presence - For the fiscal year ended December 31, 2024, MINISO's total number of stores increased from 6,413 to 7,504, representing a growth of approximately 17%[30]. - As of December 31, 2024, MINISO operated nearly 4,400 stores in mainland China and over 3,100 stores in overseas markets[35]. - The number of TOP TOY stores increased from 148 to 276, marking an increase of approximately 86%[30]. - The number of directly operated TOP TOY stores grew from 14 in 2023 to 40 in 2024, indicating a strong expansion strategy[37]. - The total number of MINISO stores in overseas markets increased from 2,487 in 2023 to 3,118 in 2024, representing a growth of approximately 25.3%[58]. - The number of stores operated under the MINISO Retail Partner model in mainland China increased from 3,878 in 2023 to 4,335 in 2024, a net increase of 457 stores[40]. - The company has begun expanding the TOP TOY store network to overseas markets starting in 2024, aligning with its global expansion strategy[36]. Financial Position and Assets - Total assets as of December 31, 2024, were RMB 18,120,128 thousand, an increase from RMB 14,485,309 thousand as of December 31, 2023, indicating a growth of approximately 25.5%[18]. - Non-current assets as of December 31, 2024, reached RMB 6,464,627 thousand, up from RMB 4,157,675 thousand as of December 31, 2023, reflecting an increase of about 55.4%[18]. - Total liabilities as of December 31, 2024, were RMB 7,764,606 thousand, compared to RMB 5,294,092 thousand as of December 31, 2023, indicating an increase of approximately 46.8%[18]. - The company’s cash and cash equivalents totaled RMB 6,698.1 million, down from RMB 6,887.0 million as of December 31, 2023[139]. - The company has a capital commitment of RMB 633.5 million as of December 31, 2024, down from RMB 837.2 million as of December 31, 2023, primarily due to the construction of the headquarters building[163]. Strategic Initiatives and Future Outlook - The company plans to use the net proceeds for overseas store network expansion, supply chain optimization, brand building, and share repurchase programs[87]. - The share repurchase program allows for the repurchase of up to HK$2 billion in value of Shares and/or ADSs over a 12-month period starting from August 30, 2024[90]. - The company aims to strengthen its product offerings and optimize its store network as part of its long-term strategic goals for 2025[100]. - The company will adopt a flexible operating model for each overseas market to expand its store network in strategic markets such as North America, Asia, and Europe[99]. - The company plans to implement the "Super Store" strategy to enhance brand image and target "Big Beauty," "Big Toys," and "Big IPs" as super categories[102]. Risks and Challenges - The company faces risks related to consumer demand and discretionary spending, particularly in the context of economic downturns[186]. - The company faces significant risks related to maintaining competitive pricing and high-quality products, which could materially affect its business and financial condition[188]. - A substantial portion of the company's operations are conducted in China, exposing it to various legal, regulatory, and economic risks that could impact its operations and securities value[189]. - The trading price of the ADSs and shares has been volatile, potentially resulting in substantial losses for investors[196]. - The concentration of share ownership among executives and principal shareholders may limit investors' influence on corporate matters[196]. Legal and Compliance Matters - The company is involved in a federal securities class action lawsuit, with a court decision on a motion to dismiss expected in February 2024[164]. - Compliance with relevant laws and regulations has been maintained during the reporting period, impacting the group's operations[192]. - The company has not established any detailed future plans for material investments or capital assets as of December 31, 2024[151].
名创优品(09896) - 2024 - 年度财报