Mingchuang Youpin's gross profit margin reached a new high in the fourth quarter of last year, continuously increasing its focus on overseas markets
阿豆学长长ov
发表于 2024-3-13 19:38:26
206
0
0
On March 12th, Miniso released its performance for the fourth quarter and full year of 2023.
In 2023, the total revenue of Miniso reached 13.8 billion yuan, a year-on-year increase of nearly 40%; After adjustment, the net profit was approximately 2.36 billion yuan, achieving a year-on-year growth of 110%; The gross profit margin reached 41.2%, a year-on-year increase of 6.3 percentage points.
In the fourth quarter of 2023, Miniso's total revenue was 3.84 billion yuan, a year-on-year increase of 54%; The adjusted net profit was 660 million yuan, a year-on-year increase of 77%; The gross profit margin was 43.1%, an increase of 3.1 percentage points year-on-year. The above performance indicators are all at historic highs.
The rapid expansion of the store network has contributed to the revenue growth of Miniso.
As of the end of 2023, the number of global stores of Miniso has reached 6413, including 3926 domestic stores, with a net increase of 601 in 2023; There are 2487 overseas stores, with a net increase of 372 in 2023.
"In 2023, our global store network net increased by over 1000, which is the fastest opening speed in our history," said Ye Guofu, Chairman of the Board and CEO of Miniso Group, at the performance meeting. In 2023, Miniso added 973 new stores, and in addition, the top trendy brand TOP TOY also added 31 new stores year-on-year.
Compared to the past, Miniso has significantly accelerated the pace of expanding its stores. At the end of 2021-2023, the global number of stores of MINISO was 5045, 5440, and 6413, respectively. Among them, there was a net increase of 973 stores in 2023, which is 2.5 times more than the net increase of 395 stores in 2022.
The domestic market is still the focus of expansion for Miniso's stores, and it is constantly trying to sink.
Due to Mingchuang Youpin changing the company's financial year settlement date from June 30th to December 31st in January 2024, the disclosed annual report period is six months from July 1st, 2023 to December 31st, 2023.
In the second half of 2023, Miniso opened 322 stores in China, most of which were located in second tier, third tier, and below cities, with 121 and 153 new stores respectively. Only 48 new stores were opened in first tier cities. The financial report states that it will seize opportunities in lower tier cities and further penetrate major cities already covered.
In addition, the super large store strategy also helps Miniso to gain more potential in the domestic market. In 2023, Miniso will open city flagship stores and city image stores in Shanghai, Hangzhou, and other cities. These store types usually have specific themes, such as the Hangzhou flagship store built around the "Zanmang Loopy" beaver, and the Shanghai flagship store centered around the "Strawberry Bear".
Ye Guofu stated at the performance meeting that with the promotion of the big store strategy, the average area of newly opened stores in 2023 is about 14% higher than the overall store area, and the average sales are about 33% higher than the overall store area. The closure rate of domestic stores in 2023 was around 4%, setting a new historical low.
In 2023, 60% of Miniso's revenue came from China, with overseas revenue accounting for 34%.
Miniso's "going global" can be divided into three models: direct sales, agency, and partnership. As of the end of 2023, Miniso has 238 direct operated stores, 2249 partner stores, and agent stores in overseas markets. Among them, direct operated stores performed particularly well in the fourth quarter. The revenue from the direct market increased by about 90% year-on-year, accounting for over 50% of overseas revenue for the first time.
This is also reflected in the diverse growth trends of different overseas markets.
At the performance meeting, it was revealed that overseas GMV (total commodity trading volume) increased by 38% year-on-year in the fourth quarter, with the North American region mainly operating in a direct sales model increasing by about 1.1 times year-on-year. In addition, the European market increased by nearly 70% year-on-year, the Latin American market increased by nearly 40% year-on-year, and the Asian (excluding the Chinese market) market increased by 21% year-on-year.
Ye Guofu stated that after North America, the European market will be another key market to focus on in the next five years.
Miniso is brewing a grand expansion plan.
On January 18th of this year, Ye Guofu revealed his strategy for the next five years during his first investor day event, aiming to achieve a net increase of 900-1100 stores per year for the group from 2024 to 2028. By the end of 2028, the number of global stores was close to doubling compared to the end of 2023. That is to say, in the next five years, the number of stores should exceed ten thousand.
Specifically, by 2024, Miniso plans to add a net increase of 350-450 stores in China and 550-650 stores overseas. Asia and Latin America will still contribute the majority of new stores, and the European and North American markets will also open quickly. "For the European market, in addition to deepening our existing agency market, we will also try various forms of cooperation such as direct flagship stores and equity agents to support local market development, and gradually enter the blank country market in Europe," said Ye Guofu.
In addition, MINISO's goals also include a compound revenue growth rate of no less than 20% for the group from 2024 to 2028, with IP product sales accounting for over 50% in 2028.
But Miniso still faces many uncertainties.
At the performance meeting, some investors raised doubts about the risks of global expansion. Ye Guofu stated that he has always been firmly optimistic about the European and American markets, especially the US market.
Firstly, we are a consumer enterprise and do not belong to a sensitive industry. Secondly, due to the strong dependence of US offline retail on the Chinese supply chain, we always believe that even if trade frictions have an impact, they are industry specific and not sustainable. Moreover, for the consumer sector in the United States, we are a bonus point. The scale of the next 10-20 years will not account for a significant share of the overall retail market in the United States, so the risk of being sanctioned separately is minimal Ye Guofu said.
In addition, the strategy of large stores and large IPs has also driven up the sales and distribution expenses of Miniso. In the second half of 2023, the sales and distribution expenses of Miniso were 1.363 billion yuan, compared to 798 million yuan in the same period last year, an increase of 70.80% year-on-year. In the financial report, it is also attributed to the increase in personnel related expenses, logistics and IP authorization fees caused by business development, brand upgrades, and promotion and advertising expenses related to the opening of new stores in overseas markets.
Ye Guofu once proposed a plan to achieve the goal of "billions of stores in 100 countries and regions" by 2022, which means that the group will expand to 100 countries and regions, achieve an annual revenue of 100 billion yuan, and have 10000 global stores. At present, Miniso is still on its way.
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
猜你喜欢
- Apple's stock price surged by 7%, marking a new high in market value! Institutions are optimistic about AI features driving users to upgrade their iPhones
- Amazon's stock price reaches a new high, and the total market value of the five major US stocks exceeds 100 trillion yuan
- Top 20 US stock trading volume: Amazon's record high market value breaks $2 trillion for the first time
- The new force's June "report card" is released! Ideal regains sales crown, NIO delivers new highs
- NIO reduces discount rate, Li Bin: Optimizing gross profit margin is an important task for the next stage
- Texas Instruments releases second quarter report: revenue declines year-on-year, gross profit margin increases month on month
- In the second quarter, profits hit a new high, and Yum! Brands China's stock price surged during trading. Digital orders accounted for 90% of restaurant revenue
- Xiaopeng Motors' gross profit margin for the second quarter has increased to 14%. He Xiaopeng: Business capability is one of the key focuses for the second half of this year
- Manbang Q2 revenue reached 2.76 billion yuan, with a net profit of 970 million yuan, both reaching new highs
- The strategy of not lowering prices has shown results, and Lotus' gross profit margin has increased significantly in the first half of the year
-
【ゆとりサイクルが始まった!歴史を鑑とする:FED金利調整と大統領選結果には“隠れた関連”があった】データによると、選挙日前に金利が引き上げられた5年間で、大統領やホワイトハウスを支配していた政党が4年連 ...
- 不正经的工程师
- 3 天前
- 支持
- 反对
- 回复
- 收藏
-
【トヨタが米国で約4万2000台のカローラCrossをリコール】トヨタ自動車は当時時間9月20日、2022年6月から2024年9月までに生産された一部のカローラCrossハイブリッド車を安全にリコールしていると発表した。リコー ...
- 伍六三
- 昨天 09:38
- 支持
- 反对
- 回复
- 收藏
-
アイルランドのライアン航空のオリーリ最高経営責任者は現地時間9月14日、最近のボーイング社員のストライキが、2025年夏までにライアン社に納入されるボーイング737 MAX機の数に影響を与える可能性があると述べた ...
- rlf2000
- 昨天 20:49
- 支持
- 反对
- 回复
- 收藏
-
インテルは9月19日、イスラエルの自動運転技術会社Mobileyeの大株主として、ビジネスの将来に自信を持っており、現在、同社の株式の多数を切り離す計画はないと発表した。 ...
- hecgdge4
- 3 天前
- 支持
- 反对
- 回复
- 收藏