MINISO Group (MNSO) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenue of RMB 16,994 million, up 22.8% year-over-year, with global store count reaching 7,780 and a net increase of over 1,200 stores, surpassing targets in China, overseas, and TOP TOY segments.

• Overseas revenue surged 41.9% to RMB 6,675 million, now accounting for nearly 40% of total revenue, with U.S. and Indonesia as key growth drivers.

• Gross profit rose 34% to RMB 7,637 million, with gross margin at a record 44.9%, up 3.7 percentage points year-over-year.

• Adjusted net profit reached RMB 2,721 million, up 15.4%, with a margin of 16%.

• Continued focus on brand/IP-driven product innovation, interest-based consumption, and a five-year strategy targeting a revenue CAGR of at least 20% through 2028.

Financial highlights

• Total revenue for 2024 reached RMB 16,994 million, up 22.8% year-over-year; gross profit was RMB 7,637 million (+34% YoY).

• Adjusted operating profit increased by 70%, with a margin around 20%.

• Adjusted net profit was RMB 2,721 million, up 15.4%, with a margin of 16%.

• Adjusted EBITDA grew 21% to RMB 4,334 million, with a margin of 25.5%.

• Gross margin reached 44.9%, marking eight consecutive quarters of improvement.

Outlook and guidance

• Plans to double global store count by 2028 compared to 2023, with 2025 new store additions expected to be slightly less than 2024.

• Focus on quality over quantity in new store openings, especially in key overseas markets.

• Anticipates accelerated revenue growth in 2025, with higher growth in H2 due to base effects.

• Expects triple-digit revenue growth from directly operated stores in 2025, with long-term operating margin target of 20%.

• Targeting over 50% of sales from IP products by 2028.