名创优品(09896) - 2025 Q2 - 季度业绩

Financial and Operational Overview Quarterly Financial Highlights (For the Three Months Ended June 30, 2025) The company delivered strong performance in Q2 2025 (June quarter), with total revenue increasing by 23.1% to RMB 4.97 billion, exceeding the upper end of guidance. Gross margin slightly rose to 44.3%, and adjusted net profit grew by 10.6% year-over-year. Group-level same-store sales turned positive, indicating accelerating business growth Key Financial Metrics for the Quarter Ended June 30, 2025 | Metric | Q2 2025 (June Quarter) | YoY Change | | :--- | :--- | :--- | | Revenue (RMB billion) | 4.966 | +23.1% | | Gross Margin | 44.3% | +0.4 percentage points | | Operating Profit (RMB billion) | 0.836 | +11.3% | | Adjusted Operating Profit (RMB billion) | 0.852 | +8.5% | | Profit for the Period (RMB billion) | 0.490 | -17.2% | | Adjusted Net Profit (RMB billion) | 0.692 | +10.6% | | Adjusted EBITDA (RMB billion) | 1.150 | +14.7% | | Adjusted Diluted EPS per ADS (RMB) | 2.24 | +12.0% | - Group-level same-store sales growth turned positive this quarter, a significant improvement from the mid-single-digit decline in the previous quarter[8] - MINISO brand same-store sales growth was flat year-over-year, with low single-digit growth in the domestic market and low single-digit decline in overseas markets[8] - TOP TOY brand same-store sales growth improved to low single-digit growth[8] Half-Year Financial Highlights (For the Six Months Ended June 30, 2025) In H1 2025, total revenue increased by 21.1% to RMB 9.39 billion, with gross margin rising to 44.3%. Despite slower operating profit growth, adjusted net profit still saw a slight increase, maintaining overall business expansion Key Financial Metrics for the Six Months Ended June 30, 2025 | Metric | H1 2025 | YoY Change | | :--- | :--- | :--- | | Revenue (RMB billion) | 9.393 | +21.1% | | Gross Profit (RMB billion) | 4.157 | +22.6% | | Gross Margin | 44.3% | +0.6 percentage points | | Operating Profit (RMB billion) | 1.546 | +3.4% | | Adjusted Net Profit (RMB billion) | 1.279 | +3.0% | | Adjusted Diluted EPS per ADS (RMB) | 4.12 | +4.0% | Operating Highlights As of June 30, 2025, the Group's global store count reached 7,905, with a net increase of 842 stores year-over-year, demonstrating strong expansion. Overseas markets were the primary driver for MINISO brand store growth, with 74.5% of new stores in the past 12 months located abroad, and TOP TOY also achieved significant store growth Store Count Changes (As of June 30, 2025) | Brand/Region | Total Stores | Net Increase YoY | | :--- | :--- | :--- | | Group Total | 7,905 | 842 | | MINISO | 7,612 | 744 | | - China Mainland | 4,305 | 190 | | - Overseas Markets | 3,307 | 554 | | TOP TOY | 293 | 98 | - As of June 30, 2025, the company's cash position (including cash, restricted cash, and time deposits) was RMB 7.466 billion[12] - In H1 2025, net cash generated from operating activities was RMB 1.014 billion, and free cash flow was RMB 0.579 billion[12] Management Commentary Remarks from Founder, Chairman & CEO, and CFO Management expressed satisfaction with the quarter's results, highlighting the positive and accelerating trend in China mainland same-store sales, improved overseas markets, and optimism for H2 growth, while reaffirming commitment to shareholder value through dividends and buybacks, and emphasizing TOP TOY's strategic investment from Temasek - Mr. Guofu Ye, Founder, Chairman, and CEO, emphasized that MINISO China mainland same-store sales growth turned positive in the June quarter and is expected to achieve positive growth for the full year 2025, highlighting the company's strong execution and business model resilience[14] - Mr. Ye noted improved overseas business same-store sales, particularly in strategic markets like Europe and North America, with investments in direct-operated businesses expected to further unlock sales potential and optimize profit margins[14] - TOP TOY brand revenue grew by 87.0% and completed a strategic financing round led by Temasek, with a post-investment valuation of approximately HKD 10 billion[14] - Mr. Jingjing Zhang, CFO, stated that revenue growth is expected to continue accelerating in H2 2025, with approximately RMB 1.071 billion returned to shareholders through share repurchases and dividends in H1 2025, representing 84% of adjusted net profit[15][16] Recent Developments Interim Dividend and TOP TOY Update The company announced an interim cash dividend for 2025, totaling approximately 50% of H1 adjusted net profit. Additionally, its trendy toy brand TOP TOY recently completed a strategic financing round led by Temasek, with a post-investment valuation of approximately HKD 10 billion, demonstrating strong market recognition of its business model and growth potential - The Board approved an interim cash dividend of USD 0.2896 per ADS, totaling approximately USD 89.3 million (approximately RMB 0.640 billion), representing 50% of H1 2025 adjusted net profit[17] - TOP TOY completed a strategic financing round led by global investment company Temasek, with a post-transaction valuation of approximately HKD 10 billion[18] Financial Results Analysis Quarterly Financial Results (For the Three Months Ended June 30, 2025) This quarter's revenue grew by 23.1%, primarily driven by strong growth in MINISO's overseas business (+28.6%) and TOP TOY business (+87.0%). Gross margin increased by 0.4 percentage points year-over-year to 44.3%. However, profit for the period decreased due to a significant 40.4% increase in selling and distribution expenses from strategic investments in overseas direct-operated stores, and losses from the investment in Yonghui Superstores Quarterly Revenue Breakdown | Brand/Region | Revenue (RMB billion) | YoY Growth | | :--- | :--- | :--- | | MINISO Brand | 4.563 | +19.5% | | - China Mainland | 2.621 | +13.6% | | - Overseas Markets | 1.942 | +28.6% | | TOP TOY Brand | 0.402 | +87.0% | | Total | 4.966 | +23.1% | - Gross margin increased year-over-year to 44.3%, primarily benefiting from increased revenue contribution from overseas markets and higher gross margin for TOP TOY[22] - Selling and distribution expenses increased by 40.4% year-over-year, mainly due to the company's investment in direct-operated stores to drive future growth, particularly in strategic overseas markets like the United States[22] - Profit for the period was RMB 0.490 billion, compared to RMB 0.591 billion in the prior year period. The decrease was primarily impacted by non-operating factors such as the share of loss from Yonghui and increased finance costs. Adjusted net profit increased by 10.6% year-over-year to RMB 0.692 billion[26][27] Half-Year Financial Results (For the Six Months Ended June 30, 2025) H1 2025 total revenue grew robustly by 21.1%, with MINISO's overseas business (+29.4%) and TOP TOY (+73.0%) as key growth engines. Gross margin reached a historical high for the first half at 44.3%. Similar to the quarterly performance, investments in direct-operated stores led to a significant increase in selling expenses, while losses from the Yonghui investment and costs related to equity-linked securities impacted net profit Half-Year Revenue Breakdown | Brand/Region | Revenue (RMB billion) | YoY Growth | | :--- | :--- | :--- | | MINISO Brand | 8.649 | +18.1% | | - China Mainland | 5.115 | +11.4% | | - Overseas Markets | 3.534 | +29.4% | | TOP TOY Brand | 0.742 | +73.0% | | Total | 9.393 | +21.1% | - Gross margin reached 44.3%, a historical high for the first half, increasing by 0.6 percentage points year-over-year[33] - Profit for the period was RMB 0.906 billion, compared to RMB 1.177 billion in the prior year period. Adjusted net profit was RMB 1.279 billion, compared to RMB 1.242 billion in the prior year period[37] Financial Statements and Reconciliations Unaudited Condensed Consolidated Financial Statements The report provides unaudited condensed consolidated statements of financial position and statements of profit or loss and other comprehensive income as of June 30, 2025. The statements of financial position show total assets significantly increased to RMB 26.65 billion due to items like the acquisition of Yonghui equity and derivative financial assets. The statements of profit or loss detail quarterly and half-year revenue, costs, expenses, and profit - As of June 30, 2025, the company's total assets were RMB 26.65 billion, a significant increase from RMB 18.12 billion at the end of 2024, primarily due to increases in non-current asset items such as 'interests in associates accounted for using the equity method' and 'derivative financial assets'[53] - Total liabilities increased from RMB 7.76 billion to RMB 15.75 billion, mainly due to new non-current loans and borrowings and derivative financial liabilities[55][57] Reconciliation of Non-IFRS Financial Measures This section provides a detailed reconciliation from profit for the period under IFRS to non-IFRS measures such as adjusted net profit and adjusted EBITDA. Key adjustments include excluding non-operating or non-cash items like share-based payment expenses, fair value changes of derivative instruments, and profit/loss and interest expenses related to specific investments (e.g., Yonghui) and financing activities, to better reflect core operating performance - Adjusted net profit primarily adds back equity-settled share-based payment expenses, fair value changes of derivative instruments, interest expenses related to equity-linked securities and loans for Yonghui equity acquisition, and share of loss from Yonghui[61] - Adjusted EBITDA further adds back depreciation and amortization, finance costs (excluding specific items), and income tax expense to adjusted net profit[63] Supplemental Information Revenue and Store Count Details This section provides detailed revenue breakdown by brand (MINISO, TOP TOY) and region (China Mainland, Overseas), along with MINISO brand store count details by city tier in China Mainland and by geographical region overseas, offering key data for in-depth analysis of the company's business structure and expansion strategy Quarterly and Half-Year Revenue Details (RMB thousand) | Brand/Region | Q2 2025 (RMB thousand) | YoY % | H1 2025 (RMB thousand) | YoY % | | :--- | :--- | :--- | :--- | :--- | | MINISO Brand | 4,563,226 | 19.5% | 8,649,004 | 18.1% | | - China Mainland | 2,621,212 | 13.6% | 5,114,987 | 11.4% | | - Overseas | 1,942,014 | 28.6% | 3,534,017 | 29.4% | | TOP TOY Brand | 402,208 | 87.0% | 742,058 | 73.0% | - As of June 30, 2025, among the 4,305 MINISO stores in China Mainland, third-tier and below cities had the highest number of stores, reaching 1,959[69] - In overseas markets, Asia (excluding China) had the most MINISO stores with 1,695 locations; North America saw the fastest store growth, with a net increase of 160 stores year-over-year to 394[71]