【名创优品（9896.HK）】全年海外门店净增超600家，运营效率持续优化——2024年年报点评（姜浩/梁丹辉）

Core Viewpoint - The company reported strong financial performance for Q4 2024, with significant year-on-year growth in revenue and profit, indicating robust operational momentum and effective brand strategies [3][4]. Financial Performance - In 2024, the company achieved a total revenue of 16.99 billion yuan, representing a year-on-year increase of 22.8%, and a net profit attributable to shareholders of 2.62 billion yuan, up 16.2% [3]. - For Q4 2024, the company recorded revenue of 4.71 billion yuan, a 22.7% increase year-on-year, and a profit of 810 million yuan, reflecting a 26.7% growth [3]. Profitability Metrics - The overall gross margin for 2024 was 44.9%, an increase of 3.7 percentage points year-on-year, with Q4 2024 gross margin reaching 47.0%, up 3.9 percentage points [4]. - The MINISO brand revenue for 2024 was 16 billion yuan, growing by 22.0%, driven by a 10.9% increase in domestic revenue and a 41.9% increase in overseas revenue [4]. Brand and Market Expansion - The company expanded its store network significantly, adding over 600 stores internationally, bringing the total to 7,504 MINISO stores and 276 TOP TOY stores by the end of 2024 [5]. - The opening of the MINISO LAND store in Beijing introduced an immersive IP experience, enhancing brand engagement and customer attraction [5].