On November 21, 2023 Beijing time, MNSO. US announced its unaudited financial report for the first quarter of the 2024 fiscal year. The overall performance of Mingchuang Youpin Group reached a new high in the fiscal quarter, with global super stores strongly driving revenue, gross profit margin, net profit and other data achieving historic breakthroughs.
According to the financial report, as of the end of the first fiscal quarter, Mingchuang Youpin's total revenue once again broke a single quarter record of 3.79 billion yuan, a year-on-year increase of 37%. Meanwhile, based on refined operations and efficient supply chain operations, the overall operational efficiency of the enterprise has significantly improved, driving the gross profit margin of Mingchuang Youpin to reach a new high of 41.8%, an increase of 6.1 percentage points year-on-year. In terms of profit, the adjusted net profit (non International Financial Reporting Standards (Non IFRS)) was 640 million yuan, a significant increase of 54% year-on-year, reaching a new historical high, with an adjusted net profit margin of 16.9%.
The globalization strategy is steadily advancing, and "super stores" are taking new steps
As of September 30, 2023, the number of global stores of Mingchuang Youpin has reached 6115, including 3802 domestic stores, a net increase of 533 compared to the previous year and a net increase of 198 compared to the previous month; There are 2313 overseas stores, a net increase of 286 year-on-year and a net increase of 126 month on month. With the continuous acceleration of global business expansion, Mingchuang Youpin has achieved the goal of net growth of 350-450 stores in China for the whole year ahead of schedule, and has achieved an important milestone of exceeding 6000 global stores.
This quarter, the domestic revenue of Mingchuang Youpin exceeded 2.49 billion yuan, a year-on-year increase of 35%. With the support of the summer sales peak season, Mingchuang Youpin's domestic offline sales exceeded 3.6 billion GMV in a single quarter, breaking a historical record.
In July, the offline store sales of Mingchuang Youpin in China exceeded 1.25 billion yuan, a year-on-year increase of 29.3%, and the monthly sales of over 1000 stores reached a historic high. In August, the sales of offline stores in China exceeded 1.3 billion yuan, and the Guangzhou flagship store of Mingchuang Youpin, located in the Beijing Road business district, had sales exceeding 5 million yuan, setting a new monthly sales record for Mingchuang Youpin in China. Ye Guofu, Chairman and CEO of Mingchuang Youpin Group, said, "Only super flagship stores can establish a strong brand impression in the minds of consumers, and large stores can create great performance
From the Guangzhou flagship store on Beijing Road in Guangzhou to the establishment of image stores in cities such as Changsha, Tianjin, Wuhan, Taiyuan, etc., Mingchuang Youpin continues to promote the strategic layout of "super stores", continuously refreshing consumers' understanding of the brand through differentiated stores, and continuously promoting its global development strategy.
With the outstanding performance of "super stores" in domestic business, Mingchuang Youpin has accelerated its global layout, and the market performance of overseas large stores has become the main growth engine of overseas revenue. Data shows that Mingchuang Youpin's overall overseas business revenue for this fiscal quarter was nearly 1.3 billion yuan, an increase of nearly 41% year-on-year from a high base in the same period last year, and it also broke the highest historical record for single quarter sales of overseas business. Overall, the GMV of overseas single stores increased by 27% year-on-year, and the average number of stores increased by about 12%.
Recently, Mingchuang Youpin opened its first San Liou limited themed store at Margo City Mall, a popular shopping center in Indonesia, with sales reaching a historic high in Southeast Asia on its first day of operation. In addition, the world's first blind box store, Mingchuang Youpin, has opened vigorously on Shaftsbury Avenue in central London. With a brand new storefront image and trendy products that combine differentiation and cost-effectiveness, it further enhances local consumers' brand awareness and consumption perception. It is reported that on the day of its opening, the performance of the store exceeded the highest daily performance record in the UK, setting a new high in daily flat efficiency for overseas single stores.
Embrace Interest Consumption and Create an IP Paradise
This fiscal quarter, Mingchuang Youpin started with the Changsha city image store and successively promoted Barbie themed stores in multiple high potential stores across the country, leading the pink consumption trend. In addition, Mingchuang Youpin also announced its first collaboration with Peanuts to launch the Snoopy IP co branded series globally. IP products represented by "Snoopy" and "Barbie" have sparked an "IP frenzy" in overseas markets, awakening consumers' emotional resonance through classic IP, driving products through IP scenarios, and promoting consumption through content.
At the end of September, the "Laughing Velvet Special Train" jointly created by Mingchuang Youpin and Disney for its 100th anniversary created a themed carriage with the core elements of Disney's four major trends: IP Mickey, Strawberry Bear, Stitch, and Three Eyes. Through multi-dimensional innovation such as scene upgrade, experience upgrade, and IP content upgrade, Mingchuang Youpin has built an immersive "super destination" for consumers, effectively driving the sales of Mingchuang Youpin Disney's co branded plush toys.
Mingchuang Youpin is not only recognized as a "co branded giant" in the industry, but also has the ability to design and incubate its own IP, breaking the two ceilings of product innovation and market expansion, gaining more pricing and discourse power, and is a global inclusive super IP. During the financial season, Mingchuang Youpin's first original IP amusement park, Wuhan DUNDUN Chicken Theme Store, was launched in Wuhan. With DUNDUN Chicken as the core element, a unique and fun "IP amusement park" was constructed through rich IP products and scene design, fully showcasing Mingchuang Youpin's creative strength as a content driven company driven by interest consumption.
TOP TOY actively explores store innovation and continuously improves user experience with trendy gameplay
This fiscal quarter, Top TOY, a trendy dream factory under Mingchuang Youpin, continued to exert efforts in both product innovation and store upgrading, achieving strong performance growth. According to the financial report, TOP TOY's revenue exceeded 180 million yuan this quarter, a year-on-year increase of 46%. At the end of this quarter, there were 122 stores, 5 DreamWorks stores, and 117 collection stores.
In terms of product innovation and upgrading, in September this year, TOP TOY held a partner conference, laying a solid foundation for future brand business in product IP co branding and product structure optimization strategies. From October 17th to 19th, TOP TOY made its debut at CTE China Toy Exhibition with its newly upgraded 4.0 store image. At the same time, it brought exclusive new products from the exclusive blind box and trendy toy block series jointly created with many well-known IPs such as Sanrio, Disney, and King of Glory, bringing consumers a stronger sense of experience in trendy products, showcasing the brand's strong strength in product innovation and IP operation.
The trendy gaming brand emphasizes a sense of experience, and the offline experience of its stores is crucial for consumers. As early as the end of last year, TOP TOY launched a nationwide store renovation. On September 9th of this year, TOP TOY entered Shanghai Disneytown with a strong presence, and upgraded its store image with the design concept of "Chaotong Machinery Factory", creating an immersive Chaotong amusement park for consumers. The store has over 600 products and gathers over a hundred IPs, becoming a new milestone in the nationwide store layout of TOP TOY since its establishment over two years ago. It is revealed that TOP TOY is exploring various theme park store opening models and will increase the number of such stores in the future to continuously improve offline retail channels and stabilize the focus of trendy gaming brands.
Combining its own product development capabilities and efficient supply chain integration advantages, Mingchuang Youpin has gradually mastered the traffic password of young people's "interest consumption" on the road to becoming a "super brand". Ye Guofu said, "Mingchuang Youpin needs a more trendy IP design, to create more fashionable innovative products, and at the same time, it needs super stores with more brand recognition to create a super brand with global influence." In the future, Mingchuang Youpin will continue to deepen its global strategic layout, leading the trend with IP, reflecting innovation with products, creating big performance with big stores, and demonstrating the global strength of Chinese brands.