The fourth quarter financial report of Mingchuang Youpin Group released on the 12th of 2023 showed that the company's total revenue in the fourth quarter reached 3.84 billion yuan, a year-on-year increase of 54%, setting a new historical high in revenue for a single quarter; The gross profit margin reached a historic high of 43.1%, an increase of 3.1 percentage points year-on-year; After adjustment, the net profit exceeded 660 million yuan for the first time, a year-on-year increase of 77%, reaching a historic high; The adjusted net profit margin is 17.2%, a year-on-year increase of 2.2 percentage points.
Looking at the entire year of 2023, Miniso's revenue exceeded 13.8 billion yuan, a year-on-year increase of nearly 40%; The gross profit margin reached 41.2%, a year-on-year increase of 6.3 percentage points; After adjustment, the net profit was approximately 2.36 billion yuan, achieving a year-on-year growth of 110%.
The board of directors of Miniso also announced the distribution of a special cash dividend of $0.0725 per ordinary share, equivalent to approximately RMB 650 million, accounting for approximately 50% of the adjusted net profit for the six months ended December 31, 2023.
As of December 31, 2023, the number of global stores of Miniso has reached 6413, including 3926 domestic stores, with a net increase of 601 domestic stores in 2023; There are 2487 overseas stores, with a net increase of 372 overseas stores in 2023. Miniso is expected to maintain a net increase of 350 to 450 stores in China by 2024, and a net increase of 550 to 650 stores in overseas markets.
In the domestic market, in the fourth quarter of 2023, Miniso's domestic revenue was 2.35 billion yuan, a year-on-year increase of 56%. The city flagship store and city image store have laid a solid foundation for the performance growth and brand upgrade of Miniso. Data shows that the total offline sales volume of Miniso's domestic business increased by about 66% year-on-year. On the first day of opening, the flagship store in Shanghai achieved a sales revenue of 225000 yuan, and the next day it achieved a sales revenue of 270000 yuan, setting a new high for single store opening in China.
On the path towards becoming a global "super brand", Miniso continues to explore new ways of empowering consumer growth through store experience, and upgrades new stores through IP strategy. The market performance of overseas large stores has also become the main growth engine of overseas revenue. In the fourth quarter of 2023, Mingchuang Youpin's overall overseas business revenue was nearly 1.5 billion yuan, a year-on-year increase of 51%, once again breaking the quarterly revenue record. Especially, the direct market revenue increased by about 90% year-on-year, accounting for the first time that the proportion of overseas revenue exceeded 50%.
Miniso has collaborated with nearly 100 well-known IPs worldwide, including Disney, Sanrio, Pok é mon, Jurassic, and Barbie. Through IP co branding and incubating its own IP hot selling products, Miniso has broken the ceiling of product innovation and market expansion. While ensuring cost-effectiveness, it also has enough premium space to continuously increase gross profit margins.
In 2023, the cumulative sales of Miniso blind box products exceeded 20 million units worldwide. Top TOY, a trendy toy brand under Miniso, continues to rapidly expand its stores and explore the incremental market of trendy toys. The total number of stores has reached 148, covering over 60 cities. In terms of performance, TOP TOY achieved a revenue of 190 million yuan in the fourth quarter, a year-on-year increase of 90%, setting a new quarterly high.
At the first Investor Day event held in January this year, Ye Guofu, Chairman and CEO of Miniso Group, stated that Miniso has a clear strategy of "adhering to cost-effectiveness, globalization, and product innovation". The goal is to achieve a net increase of 900 to 1100 stores per year for the group from 2024 to 2028, and the number of global stores by the end of 2028 is close to doubling compared to the end of 2023, The compound growth rate of the group's revenue from 2024 to 2028 shall not be less than 20%, and the sales of IP products shall account for more than 50% in 2028.