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MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) is a global value retailer known for its wide array of trendy lifestyle products. Founded in 2013 and headquartered in Guangzhou, China, MINISO has quickly become a prominent name in the retail sector due to its vast network of stores and commitment to high-quality, aesthetically pleasing, and affordable products.
As a retailer, MINISO offers a broad range of items including home decor, small electronics, textiles, accessories, beauty tools, toys, cosmetics, personal care products, snacks, fragrances, perfumes, and stationery. The company operates primarily through its flagship MINISO brand, which focuses on design-led lifestyle products. It also operates the TOP TOY brand, which specializes in pop toys. MINISO generates the majority of its revenue from the MINISO brand, and a significant portion of this revenue comes from its extensive operations in China.
MINISO's unique business model emphasizes creating a treasure-hunting shopping experience that appeals to a broad demographic. This approach has allowed the company to build a massive global store network, which includes over 6,400 stores worldwide. The company's growth is fueled by frequent product rollouts that maintain a balance between trendy design, quality, and affordability.
Recent Achievements and Developments
- Financial Performance: For the December quarter of 2023, MINISO reported a revenue increase of 54% year-over-year to RMB3.84 billion. This growth was driven by a 32% increase in same-store sales in China and a 19% increase in overseas markets. The company's gross margin for the quarter reached 43.1%, and adjusted net profit rose by 77% year-over-year.
- Store Expansion: In 2023, MINISO added over 1,000 new stores globally, marking its fastest pace of store openings. The company plans to continue this growth trajectory with the aim of adding 900-1,100 net new stores annually from 2024 to 2028.
- IP Collaborations: MINISO has leveraged IP collaborations to enhance its product offerings and customer experience. Notable partnerships include collaborations with Sanrio, Barbie, Disney, Minions, and Care Bears. These collaborations have significantly contributed to the company's revenue, particularly in the North American market where IP products have driven a 128% annual revenue growth.
- Strategic Initiatives: The company is committed to becoming the world's leading IP design retail group. This strategy involves focusing on production innovation, affordability, and globalization. MINISO hosted an Investor Day in January 2024 to outline its five-year development plan, which includes maintaining a revenue compound annual growth rate of at least 20%.
- Dividend Declarations: In March 2024, the company declared a special cash dividend amounting to RMB651.5 million, approximately 50% of its adjusted net profit for the second half of 2023. Since its IPO, MINISO has returned RMB2.8 billion to shareholders.
- Operational Excellence: MINISO's robust supply chain, innovative product development, and strategic global expansion have positioned it well to optimize its expense structure and sustain a healthy margin profile.
MINISO's commitment to delivering happiness through its innovative and affordable products has resonated well with consumers worldwide. The company's strategic focus on IP product development, supply chain integration, and steady global expansion continues to drive its growth and profitability.
MINISO Group Holding (NYSE: MNSO; HKEX: 9896) has announced the adoption of a new dividend policy effective July 27, 2023. The policy aims to provide foreseeable returns to shareholders, targeting an annual dividend no less than 50% of its annual adjusted net profit. This decision marks a significant milestone in MINISO's capital allocation strategy, balancing long-term growth investments with shareholder value returns.
The company has previously declared cash dividends in 2021 and 2022, with aggregate amounts of approximately RMB304.7 million and RMB360.8 million respectively. The Board retains discretion over dividend declarations, considering factors such as profitability, capital requirements, financial position, and contractual restrictions. However, the policy does not constitute a legally binding commitment for future dividends.
MINISO Group Holding Limited (NYSE: MNSO) announced a positive profit alert for the quarter ending March 31, 2023. The company projects an adjusted net profit of at least RMB400 million, a significant increase of over 260% from RMB110.7 million in the same quarter of 2022. The growth is attributed to higher gross margins from new products and successful cost-saving measures. Additionally, operating expenses as a percentage of revenue decreased, reflecting a strong sales recovery in China and international markets. However, the data is preliminary and subject to change, emphasizing caution for investors.
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