加码“IP经济”，名创优品引领中国文化出海

Core Insights - MINISO aims to become the world's leading IP design retail group, showcasing strong performance driven by the "IP economy" [3][9] - The company reported a total revenue of 17 billion yuan in 2024, a year-on-year increase of 22.8%, with overseas revenue growing by 42% to 6.68 billion yuan [3][10] - MINISO's gross profit margin reached a historic high of 44.9%, up 3.7 percentage points from the previous year [3][5] Financial Performance - Operating profit for 2024 was 3.316 billion yuan, a 17.6% increase from 2.82 billion yuan in the previous year [5] - Net profit for the period was 2.635 billion yuan, reflecting a 15.9% growth compared to 2.274 billion yuan in the prior year [5] - Gross profit for the year was 7.637 billion yuan, a 34% increase year-on-year [5] Market Expansion and Strategy - As of December 31, 2024, MINISO had 7,780 stores globally, with a net increase of 1,219 stores, surpassing 3,000 overseas locations [5][10] - The company is focusing on enhancing store quality and operational efficiency through four key engines: channel structure upgrades, refined product operations, IP matrix expansion, and membership system innovation [6][9] - MINISO's TOP TOY brand recorded annual revenue of 980 million yuan, a 45% increase, and expanded its store count to 276 [8] Cultural IP Development - MINISO has launched significant IP collaborations, including partnerships with "chiikawa" and "Black Myth: Wukong," to promote Chinese culture globally [7][9] - The company is committed to its "100 Chinese IPs going global" initiative, enhancing the international presence of Chinese cultural products [7][10] - MINISO's strategic entry into high-end markets in Southeast Asia and the U.S. has solidified its position in the global retail landscape [10] Brand and Product Innovation - The introduction of MINISO LAND stores represents a strategic upgrade in brand positioning and IP scene representation [9] - The company is leveraging its global supply chain and innovative product offerings to meet the rising demand for personalized and high-quality cultural products [10] - MINISO's approach combines cultural export with commercial success, showcasing the potential of Chinese brands on the international stage [10]