Core Insights - The company reported a revenue increase of 18.9% year-on-year to RMB 4.427 billion (USD 610.1 million) for the three months ending March 31, 2025 [1] - Same-store sales decline in mainland China significantly narrowed to a mid-single-digit percentage [1] - Gross margin reached 44.2%, an increase of 0.8 percentage points year-on-year [1] - Adjusted EBITDA grew by 7.5% year-on-year to RMB 1.037 billion (USD 142.9 million) [1] - Year-to-date shareholder returns amounted to approximately RMB 0.987 billion [1]

Core Insights - MUJI released its 2024 Sustainability Review on Earth Day, marking its second consecutive year of focusing on sustainability in China, showcasing its long-term commitment to a harmonious relationship between people, nature, and products [1] - The company has established a local product development team in China since 2019, leading to the introduction of innovative product lines that utilize local materials and production capabilities [1][2] Product Development - In the 2024 fiscal year, MUJI launched 16,367 new SKUs, with 3,936 SKUs developed and produced by local teams in China, including a hemp series made from locally sourced hemp from Heilongjiang Province [2] - The OBP series exemplifies MUJI's approach to product development, integrating practicality, aesthetics, and consumer values into the design process [5] Local Engagement and Cultural Impact - The OBP series has fostered cultural pride among local artisans, with traditional handicrafts gaining recognition and creating job opportunities within the community [5] - MUJI aims to create a sustainable cycle through continuous product development, enhancing local employment and cultural engagement [5] Sustainability Initiatives - MUJI CYCLE was officially launched in China in 2024, with 59 stores participating by February 2025, collecting 8,875 kg of plastic for recycling and repurposing [6] - The company emphasizes the use of recycled materials in its stores, reinforcing its sustainability message through various community engagement initiatives [8]

2024年7月，有消费者反映在南宁万泰隆家居建材市场内订购的偏白色大理石餐桌到货呈偏灰黑色，与 预定颜色不符，随即向商家提出退货退款。市场监管部门接到投诉后，迅速将投诉单通过全国12315平 台转入ODR企业渠道处理。万泰隆消费维权服务站接到投诉后，第一时间展开调查。在消费维权服务 站的积极介入、耐心调解下，商家向消费者详细解释了颜色偏差的原因，双方通过沟通，达成调解协 议。商家为消费者免除来回配送运费，并更换消费者认可的大理石餐桌，成功化解了此次纠纷。 转自：中国质量报 □ 黄小凤 本报记者 张晓航 2024年以来，广西壮族自治区市场监管局充分发挥全国12315平台在线消费纠纷 【下载黑猫投诉客户 端】解决机制（ODR）作用，大力引导本辖区内消费者权益保护意识强、售后机构健全的经营者加入 ODR体系，大量消费纠纷得以在源头化解，为消费纠纷提供了更加便捷、高效解决途径，进一步改善 消费环境、提振消费信心。 2024年7月，消费者黄先生通过全国12315平台向ODR企业柳州苏宁易购商贸有限公司反映，自2023年6 月起，在该公司购买的空调遥控器无法正常使用，售后人员先后上门为其更换遥控器，但均未能解决遥 控器无 ...

Summary of the Conference Call for Miniso Company Overview - The conference call discusses Miniso, a retail company known for its affordable products and strong presence in both domestic and international markets, particularly in the United States and Europe. Key Points and Arguments Response to Tariffs - Miniso has implemented various strategies to mitigate the risks associated with increased tariffs in the U.S. as of early 2024. This includes enhancing its overseas supply chain, particularly increasing local sourcing in the U.S. to reduce reliance on Chinese suppliers. [3][4] - The company has managed to maintain a gross margin of approximately 70% in the U.S. market, even after two rounds of tariff adjustments from 10% to 20%. [3][4] Supply Chain and Procurement - As of early 2025, 30%-40% of Miniso's products are sourced through local supply chains in the U.S., although the company still relies on Chinese and other overseas suppliers to maintain cost advantages. [4][5] - The company plans to focus on 20 states in the U.S. to enhance operational efficiency and optimize resource allocation. [6] Sales Growth and Store Expansion - Miniso anticipates a same-store sales growth rate of 15%-18% in Q1 2025, with domestic growth expected to be in the mid-single digits and overseas growth projected at 20%-25%. The company plans to open 900 new stores globally, including 800 Miniso stores and 100 TT stores. [4][8] - The average payback period for domestic franchisees has extended from 12 months in 2023 to 15 months in 2024, yet over 90% of franchisees remain profitable, indicating a healthy investment return. [4][14] IP Strategy and Product Innovation - Miniso is actively pursuing a refined IP operation strategy, focusing on product design innovation and diversifying IP selection. The company is exploring collaborations with emerging artists and brands to enhance its product offerings. [4][15][16] - The company has extended the lifecycle of its IP products through iterative upgrades, significantly enhancing its product design capabilities. [19] Market Potential and Strategy in the U.S. - The U.S. market is viewed as highly promising, with Miniso's strategy focusing on refined operations and cost control. The company plans to adjust its strategy if tariffs increase significantly, potentially shifting focus to the European market. [7][24] - Miniso has nearly 300 stores in the U.S. and aims to optimize inventory turnover and operational efficiency in 2025. [24] Challenges and Adjustments - The company faces challenges in both domestic and overseas markets, necessitating adjustments in its operational strategies. In the U.S., the focus is on refining store operations and enhancing supply chain efficiency. [23][24] - Miniso's overseas operations are adapting to macroeconomic changes, including tariff impacts, by dynamically adjusting the ratio of franchise to direct stores. [21] Financial Performance and Stock Response - Recent tariff impacts have pressured Miniso's stock price, prompting the company to engage in share buybacks to protect shareholder interests and signal confidence in future growth. [30] Additional Important Insights - Miniso's franchisee profitability remains robust despite extended payback periods, indicating resilience in its business model. [14][28] - The company is committed to expanding its IP offerings internationally, with plans to introduce 100 Chinese IPs to global markets over the next decade. [27] - The overall IP product share in overseas markets exceeds 40%, with the U.S. market showing a higher proportion of around 60%. [29]

Core Viewpoint - Miniso's Q4 2024 performance shows mixed results, with overseas business growth driving profitability to a historical high despite slight revenue miss [1][4]. Group 1: Revenue Performance - In Q4 2024, Miniso achieved revenue of 4.71 billion yuan, a year-on-year increase of 22.7%, slightly missing Bloomberg's consensus estimate of 4.81 billion yuan [1][9]. - Overseas revenue grew by 42.7%, with direct and agency markets increasing by 65.5% and 17.4% respectively, leading to overseas revenue accounting for 45% of total revenue, up from 39% in the same period last year [1][9]. - Domestic revenue reached 2.58 billion yuan, showing a recovery in growth compared to Q3, with Miniso brand growing by 10% and TOPTOY maintaining a high growth rate of 42.7% [1][9]. Group 2: Store Expansion - In Q4 2024, Miniso added a net total of 360 stores, reaching 7,780 stores, with overseas and domestic net additions of 182 and 178 stores respectively [2][10]. - The overseas direct store count increased significantly, with the proportion rising to 16.1%, marking a continuous increase since Q1 2023 [2][11]. - The company focused on expanding in third-tier and lower cities, aligning with its strategy of "opening large stores, closing small stores, and optimizing store quality" [2][11]. Group 3: Profitability and Margins - Miniso's gross margin reached a historical high of 47% in Q4 2024, driven by the ongoing IP retail strategy and an increase in high-margin IP products [3][12]. - Despite increased marketing expenses during the overseas Christmas season, the overall expense ratio remained stable, with a slight decrease in sales expense ratio by 0.8 percentage points [3][12]. - Adjusted net profit margin improved by 1.6 percentage points to 16.8% [3][12]. Group 4: Future Outlook and Concerns - The company aims for overseas revenue to quadruple over the next five years, targeting a compound annual growth rate (CAGR) of 30%-40% [9]. - Concerns exist regarding the cash flow impact of Miniso's acquisition of Yonghui Supermarket, which involved a cash outlay of 6.27 billion yuan, potentially affecting Miniso's expansion plans [4][5]. - The acquisition may dilute Miniso's return on equity (ROE) due to Yonghui's ongoing losses, with estimates suggesting a potential impact of around 400 million yuan on Miniso's net profit [5][6].