Yesterday, Miniso Group (NYSE: MNSO, HKEX: 9896) released its Q3 2024 financial report. Data shows that the group's revenue in the third quarter increased by 19.3% year-on-year to 4.52 billion yuan, with overseas revenue growing by 39.8% year-on-year to 1.81 billion yuan. The gross profit margin for this quarter was 44.9%, an increase of 3.1 percentage points from the same period last year, reaching a new historical high. In terms of profitability, the adjusted net profit (non IFRS) for the quarter was RMB 690 million, with an adjusted net profit margin of 15.2%.
Mingchuang Youpin Group's Q3 2024 Financial Results Highlights
In the first three quarters of this year, the total revenue of Miniso increased by 22.8% year-on-year to 12.28 billion yuan, and the gross profit margin increased by 3.7 percentage points compared to the same period last year to 44.1%. The adjusted net profit was 1.93 billion yuan, and the adjusted net profit margin was 15.7%.
In terms of store growth, as of September 30th, Miniso has opened 7420 stores in 112 countries and regions worldwide. Among them, the net increase of domestic stores in the first three quarters was 324 to 4250, maintaining a steady pace of opening stores and moving towards the goal of 350-450 net increases for the whole year; The net increase of overseas stores in the first three quarters was 449 to 2936, and it is expected that the net increase for the whole year will reach 650-700. The company believes that the global store map continues to steadily expand, which is in line with the five-year plan of adding 900-1100 stores globally annually.
While expanding its global market layout, Miniso also focuses on innovative store formats, starting from two dimensions of IP scenario and category scenario, to build a seven layer store matrix. The global expansion of such super stores has also made overseas markets an important growth point for Miniso. According to the financial report, in the first three quarters of this year, Miniso's overseas business revenue exceeded 4.5 billion yuan, achieving a year-on-year growth of 41%. Among them, the comparable caliber revenue in the direct market increased by 64% year-on-year. From the perspective of revenue structure, overseas revenue accounts for nearly 40% of the group's total revenue, and the global business strategy has been effective. Thanks to this, the gross profit margin for the first three quarters increased by 3.7 percentage points compared to the same period last year, reaching 44.1%.
In addition, TOP TOY, a subsidiary of the group, has effectively driven performance growth beyond expectations through continuous efforts in product innovation and store expansion. Data shows that TOP TOY's revenue in the third quarter reached 270 million yuan, a year-on-year increase of over 50%, and has been profitable for four consecutive quarters. As of the end of the reporting period, TOP TOY has opened 234 stores, including 29 direct operated stores and 205 partner stores.
Moreover, TOP TOY has embarked on a new journey of "going global". In August of this year, TOP TOY made its debut in the flagship store of Miniso in Jakarta Central Park, Indonesia, in the form of a store within a store. In October, TOP TOY opened its first overseas store in Bangkok, Thailand, and the Sanrio plush series was highly favored by overseas consumers. Miniso has revealed that in the future, TOP TOY will further expand its overseas market territory.
When it comes to performance, Ye Guofu, founder, chairman of the board, and CEO of Miniso Group, stated that the group focuses on a long-term spirit and the performance development in the first three quarters of this year is in line with the expected five-year plan for 2024-2028. According to him, Miniso will grasp two major trends in the future retail industry: adhering to quality retail and interest consumption. To return to the essence of retail, to return to consumers, to return to the original intention of serving consumers and pursuing a better life
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