2023-11-22 01:54Financial Data and Key Metrics Changes - Revenue increased by 26% year-over-year to RMB 3.72 billion, driven by a 19% increase in average store count and a 9% same-store sales growth [4][25] - Gross margin reached 43.4%, up 4.1 percentage points year-over-year, attributed to increased overseas revenue and optimization of TOP TOY's gross margin [7][27] - Adjusted net profit for the quarter was RMB 620 million, a 28% increase year-over-year, with an adjusted net margin of 60.6% [7][25] Business Line Data and Key Metrics Changes - MINISO Mainland China saw offline GMV increase by 60% year-over-year, with same-store sales recovering to over 98% of last year's high [8][25] - Overseas revenue reached RMB 1.2 billion, up 53% year-over-year, with directly operated markets growing by 92% [14][25] - TOP TOY's revenue increased by 55% year-over-year, with a same-store sales growth of 26% [22][25] Market Data and Key Metrics Changes - North America GMV increased by nearly 110%, Europe by over 80%, Latin America by 40%, and Asia by 34% [15] - Same-store sales growth in overseas markets was 21%, with directly operated markets achieving 32% growth [16][25] Company Strategy and Development Direction - MINISO aims to add 900 to 1,100 stores in 2024, focusing on high-quality store openings in first- and second-tier cities [3][12] - The company is committed to achieving 50% IP product sales by 2028, leveraging trends in interest-driven consumption [5][20] - TOP TOY plans to increase its store opening target from 50 to 100 stores in 2024, indicating confidence in its growth trajectory [22] Management's Comments on Operating Environment and Future Outlook - Management noted that despite global economic uncertainties, interest-driven consumption is on the rise, presenting opportunities for growth [5][6] - The company is optimistic about its ability to meet full-year targets and deliver value to consumers worldwide [32] Other Important Information - The company maintained a strong cash position of RMB 7.3 billion and committed to a dividend payout ratio of at least 50% [31][32] - Inventory turnover days were 83 days on a brand level, indicating efficient inventory management [31] Q&A Session Summary Question: Recent same-store sales performance and store optimization progress - Management highlighted that same-store sales in Tier 1 and Tier 2 cities are near 98% recovery, while lower-tier cities lag behind [38] Question: U.S. expansion and store economics - U.S. same-store sales growth remains strong at 30% to 40%, with plans to open 80 to 100 new stores [37] Question: Drivers behind overseas same-store sales growth - Key drivers include improved brand awareness and product optimization, with IP products now accounting for 40% of overseas shipments [44] Question: TOP TOY's business turnaround and same-store sales growth - Management noted a more rational competitive landscape and improved supply chain dynamics as key factors for TOP TOY's growth [51]