Financial Data and Key Metrics - Revenue increased by 26% YoY to RMB 37.2 billion, driven by a 19% increase in average store count and a 9% YoY comparable same-store sales growth [9] - Adjusted net profit rose by 28% YoY to RMB 6.2 billion, with an adjusted net margin of 16.6%, up 0.2 percentage points YoY [16] - Gross margin reached a historical high of 43.4%, up 4.1 percentage points YoY, primarily due to increased overseas revenue contribution and TOP TOY's margin optimization [9][16] Business Line Performance - MINISO Mainland China: Revenue grew by 16% YoY to RMB 25.0 billion, with same-store sales recovering to 98% of 2023 levels [16][21] - MINISO Overseas: Revenue surged by 53% YoY to RMB 12.2 billion, with direct-operated markets contributing 58% of overseas revenue, up from 46% in 2023 [16][23] - TOP TOY: Revenue increased by 55% YoY to RMB 2.1 billion, with 160 stores operating across nearly 70 cities [12][18] Market Performance - North America: GMV grew by 108% YoY, contributing 13% to overseas GMV, up from 7% in 2021 [24] - Latin America: GMV increased by 40% YoY, remaining the largest contributor to overseas GMV at 38% [24] - Asia (excluding China): GMV rose by 34% YoY, contributing 36% to overseas GMV [24] Company Strategy and Industry Competition - The company aims to achieve 50% IP product sales by 2028, leveraging its strong IP conversion capabilities and partnerships with brands like Disney and Chiikawa [9][12] - TOP TOY's profitability improved significantly, with gross margin increasing by 8 percentage points YoY, driven by optimized product mix and higher bargaining power with suppliers [8][12] - The company plans to open 900-1,100 new stores globally in 2024, with a focus on high-quality locations and direct-operated markets [9][12] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong growth potential in overseas markets, particularly in North America and Europe, where the company has seen rapid GMV growth [24] - The company remains confident in achieving its full-year growth targets, supported by its strategic focus on IP products and high-quality store expansion [6][9] Other Important Information - The company's IP product sales accounted for 26% of total sales, with overseas IP shipments growing by over 100% YoY [12] - TOP TOY's store count increased by 44 YoY to 160, with plans to expand to over 250 stores by the end of 2024 [12][18] Q&A Session Q: Domestic same-store performance by city tier and the impact of large stores on average transaction value? - The company is refining its large-store strategy, with successful openings in key locations like Guangzhou, Shanghai, and Beijing, aiming to optimize the store model [2] Q: Single-store performance and location selection in the US? - The US market continues to show strong growth, with same-store sales increasing by 30-40% YoY in Q1 2024 The company plans to add 80-100 new stores in the US in 2024 [3] Q: Domestic gross profit margin (GPM) decline and future trends? - Domestic GPM is lower than the group average, with tier-1 cities recovering to 98% of pre-pandemic levels, while lower-tier cities saw a low single-digit decline Future GPM improvement will be driven by product mix optimization, including increased sales of blind boxes and travel-related products [4] Q: Drivers behind the 21% YoY increase in overseas same-store sales? - The increase was primarily driven by higher brand awareness, new customer acquisition, and product mix optimization, with IP products now accounting for 40% of sales [5] Q: Plans for Chiikawa pop-up stores? - The company plans to open over 10 pop-up stores in cities with high youth populations, such as Wuhan, Chengdu, and Xi'an [6] Q: US market unit economics (UE) model? - The company did not provide detailed UE metrics but noted significant cost-saving opportunities in logistics and distribution [7] Q: Reasons for TOP TOY's target adjustment and same-store sales growth drivers? - TOP TOY's improved profitability is attributed to a healthier competitive landscape, increased bargaining power with suppliers, and optimized product mix, leading to an 8 percentage point increase in gross margin [8]
名创优品24Q1业绩会交流纪要（含QA）