MINISO Group (MNSO) Q4 2024 earnings summary

Executive summary

• Revenue reached RMB 7,759 million in H1 2024, up 25% year-over-year, with gross profit up 37.9% to RMB 3,390 million and gross margin rising to 43.7% from 39.6% last year.

• Adjusted net profit was RMB 1,242 million, up 17.8% year-over-year; excluding FX impact, adjusted net profit rose 25.5% to RMB 1,254 million.

• Store network surpassed 7,000 globally, with 502 net new stores in H1 2024, including rapid overseas and TOP TOY expansion.

• Overseas operations delivered 43% revenue growth, with directly operated markets up 70% and distributor markets up 19% year-over-year.

• Business model demonstrated resilience amid global market changes, meeting financial expectations.

Financial highlights

• Revenue increased 25% year-over-year to RMB 7,759 million in H1 2024.

• Same-store sales grew 7% at group level; overseas same-store sales up 16%; TOP TOY same-store sales up 14%.

• Gross margin rose by 4.1 percentage points to 43.7% in H1 2024.

• Adjusted net profit reached RMB 1,242 million, up 17.8% year-over-year; adjusted net margin at 16%.

• Adjusted EBITDA margin was 25.4%, up from 25.2% last year.

Outlook and guidance

• Targets 900–1,100 net new stores annually from 2024–2028, aiming to double store base by 2028.

• Revenue CAGR of at least 20% expected through 2028; 2024 revenue expected to grow 20–30% year-over-year.

• Adjusted net profit target of RMB 2.8 billion or higher for 2024.

• Domestic sales growth target remains 10–15% for the year.

• Overseas store expansion, especially in the U.S. and Europe, to accelerate.