MINISO Group Announces September Quarter and First Nine Months of 2024 Unaudited Financial Results

Core Viewpoint - MINISO Group reported strong financial results for the nine months ended September 30, 2024, with significant year-over-year growth in revenue, gross profit, and store expansion, indicating a robust operational performance and strategic focus on international markets [1][2][11]. Financial Highlights - Revenue for the first nine months of 2024 was RMB12,281.3 million (US$1,750.1 million), an increase of 22.8% year over year [2][15]. - Gross profit rose 34.1% year over year to RMB5,419.8 million (US$772.3 million), with a gross margin of 44.1%, up from 40.4% in the same period of 2023 [2][21]. - Operating profit increased 14.3% year over year to RMB2,347.4 million (US$334.5 million) [2][25]. - Profit for the period was RMB1,825.7 million (US$260.2 million), reflecting an 11.6% increase year over year [2][27]. - Adjusted net profit grew 13.7% year over year to RMB1,928.1 million (US$274.8 million) [2][28]. - Adjusted EBITDA increased 20.6% year over year to RMB3,107.1 million (US$442.8 million) [2][30]. Quarterly Highlights - For the September quarter, revenue was RMB4,522.6 million (US$644.5 million), a 19.3% increase year over year [3][34]. - Gross profit for the quarter rose 28.2% year over year to RMB2,030.0 million (US$289.3 million), with a gross margin of 44.9% [3][37]. - Adjusted net profit for the quarter increased 6.9% year over year to RMB686.2 million (US$97.8 million) [3][43]. Operational Highlights - The total number of stores reached 7,420 as of September 30, 2024, with a net increase of 859 stores in the first nine months of 2024 [4][11]. - The number of MINISO stores was 7,186, with 4,250 located in mainland China and 2,936 in overseas markets [4][5]. - The number of TOP TOY stores increased to 234, with 86 new stores opened in the first nine months of 2024 [5][11]. Strategic Developments - The company entered into agreements to acquire a 29.4% stake in Yonghui Superstores Co., Ltd., indicating a strategic move to enhance its retail presence [11]. - MINISO's gross margin improvement was attributed to higher overseas revenue contributions, which increased from 32% to 37% year over year [12][21]. - The company plans to maintain a dividend policy of paying out no less than 50% of adjusted net profit each year and will continue share buybacks to provide returns to shareholders [11][14].