Mingchuang Youpin has become the subject of execution, with an execution target exceeding 30 million yuan, involving a dispute with All Cotton Era. Regarding this, a reporter from Nandu Bay Finance Society contacted the responsible persons of Miniso and All Cotton Times, but as of the time of publication, no response has been received.
Disputes over product names related to the cotton era
Mingchuang Youpin and others were forcibly seized with 30 million yuan
According to the Tianyancha APP, recently, Miniso (Guangzhou) Co., Ltd., Miniso (Hengqin) Enterprise Management Co., Ltd., Miniso (Guangzhou) Co., Ltd., Miniso (Guangzhou) Co., Ltd., Anqing Jiaxin Medical Products Technology Co., Ltd., and Qi Wenjun added a new case of executed person information, with an execution target of 30.05 million yuan. The execution court is the Jinan Intermediate People's Court, The related case is a dispute between Shenzhen Quanmian Times Technology Co., Ltd. and the aforementioned company over the unauthorized use of product names, packaging, and decoration by others with certain influence.
The name Youpin's 2023 interim report once stated
The possibility of the subsidiary losing the case is very low
In its 2023 interim report released on March 21, Miniso mentioned its response to the aforementioned litigation case. Mingchuang Youpin stated in the announcement that Shenzhen Quanmian Times Technology Co., Ltd. has filed a legal lawsuit against several Chinese subsidiaries of the group, a supplier of the group, and a store operated by one of the group's franchisees regarding unfair competition disputes, with a total claim amount of approximately 30 million yuan. According to the assessment of the litigation lawyers of our group, the likelihood of the subsidiary losing in this case is very low. Even if the plaintiff wins, it is expected that the compensation amount awarded by the court will not be significant and far below the total claim amount.
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In December this year, Miniso's stock price has dropped three times in a row
Mingchuang Youpin (Guangzhou) Co., Ltd. was established in October 2017, with Ye Guofu as the legal representative and a registered capital of approximately RMB 147 million. It is fully owned by MINISO Development Hong Kong Limited. Miniso will be listed on the Hong Kong stock market in 2022 with a trading amount of HKD 567 million.
According to data, as of the end of the first fiscal quarter, Miniso's operating revenue was 3.791 billion yuan, a year-on-year increase of 36.7%. After adjustment, the net profit was 642 million yuan, a year-on-year increase of 53.8%. Among them, domestic revenue exceeded 2.49 billion yuan, a year-on-year increase of 35%, and overseas revenue reached 1.3 billion yuan, a year-on-year increase of 41%. The gross profit margin was 41.8%, a year-on-year increase of 6.1 percentage points.
As of the end of the reporting period, the number of MINISO stores exceeded 6000 for the first time, reaching 6115, a year-on-year increase of 819 and a month on month increase of 324. Miniso stated that the company has achieved its previously planned net growth target of 350-450 domestic stores one quarter ahead of schedule, and is expected to open another 100-200 new stores within the natural year of 2023. At the same time, the company will make every effort to achieve the annual net growth target of 350-450 overseas stores.
As of the close on December 25th, Miniso was trading at HKD 37.4 per share, down 0.664%, evaporating over 37% from the highest point of HKD 59.85 per share this year. It is worth mentioning that on December 1st, 4th, and 5th, the stock price of Miniso fell three times, dropping as low as HKD 34.1 per share during the trading session. Although the stock price rebounded in the following two trading days, it began to decline again from December 8th to 14th. Research institutions have pointed out that companies may face the following risks in the future: intensified market competition, less than expected overseas market development, less than expected sales of interest consumer categories, less than expected brand upgrade strategies, and deviation risks in cross market selection of comparable companies.