MINISO Group Holding Ltd (MNSO) 2023 Q3 法說會逐字稿

Ladies and gentlemen, gentlemen. Thank you for standing by, and welcome to MINISO's Earnings Conference Call for the Third Quarter of Fiscal Year 2023 that ended March 31, 2023. At this time, all participants are in a listen-only mode. After the management's prepared remarks, we will conduct a question-and-answer session. Please note this event is being recorded. We have announced our quarterly filing results early today. An earnings release is now available on our Investor Relationship website at ir.miniso.com. Joining us today are our Founder and CEO, Mr. Jack Ye; and our CFO, Mr. Eason Zhang. Before I continue, I would like to refer you to the safe harbor statement in our earnings press release, which also applies to this call as we will be making forward-looking statements.

女士們，先生們，先生們。感謝大家的耐心等待，歡迎來到2023年3月31日結束的名創優品2023財年第三季度財報電話會議。此時，所有參會人員都處於旁聽模式。在管理層準備好的發言後，我們將進行問答環節。請注意正在記錄此事件。我們今天早些時候公佈了季度申報結果。現在可以在我們的投資者關係網站 ir.miniso.com 上獲取收益發布。今天加入我們的是我們的創始人兼首席執行官 Jack Ye 先生；以及我們的首席財務官張奕迅先生。在我繼續之前，我想請您參考我們收益新聞稿中的安全港聲明，該聲明也適用於本次電話會議，因為我們將做出前瞻性聲明。

Please also note that we will discuss non-IFRS financial measures today, which we have explained and reconciled to the most comparable measures reported under the International Financial Reporting Standards in the company's earnings release and filings with U.S., SEC and Hong Kong Stock Exchange.

另請注意，我們今天將討論非 IFRS 財務指標，我們已經在公司的收益發布和向美國、美國證券交易委員會和香港證券交易所提交的文件中解釋並與國際財務報告準則下報告的最具可比性的指標進行了協調。

In addition, we have prepared a powerpoint presentation for today's call, which contains financial and operational information for this quarter. If you're using Zoom meetings, you should be seeing it right now. You can also revisit it on our IR website later. Now I'd like to hand the conference over to Mr. Ye and Mr. Zhang will translate for Mr. Ye. Please go ahead, sir.

此外，我們為今天的電話會議準備了一份 powerpoint 演示文稿，其中包含本季度的財務和運營信息。如果您正在使用 Zoom 會議，您現在應該就能看到它。您也可以稍後在我們的 IR 網站上重新訪問它。現在我想把會議交給葉總，張總為葉總翻譯。請繼續，先生。

(foreign language)

（外語）

[Interpreted]

[解讀]

Hello, everyone, and welcome to our earnings conference call. We delivered a strong start to calendar year 2023 with the best March quarter performance in our history, shaking off 3 years of uncertainty caused by the pandemic. Driven by the strong recovery of our offline operations in China and the continued development of our overseas business, our revenue for the March quarter increased by 26% year-over-year and reached RMB 2.95 billion.

大家好，歡迎來到我們的收益電話會議。我們以歷史上最好的 3 月季度業績為 2023 日曆年開局強勁，擺脫了 3 年由大流行造成的不確定性。受國內線下業務強勁復甦和海外業務持續發展的推動，三季度營收同比增長26%，達到29.5億元人民幣。

I'm also pleased to see that our margin profile continue to beat expectations. Gross profit margin of all business segments saw healthy year-over-year improvement, bringing the overall gross profit margin to 39.3%, which is 9 percentage points higher than the same period last year. Adjusted net profit exceeded RMB 418 million, an increase of 336% year-over-year. Adjusted net profit margin expanded 16.4%, a 12 percentage point increase compared to same period last year. Both figures set new records for MINISO.

我也很高興看到我們的利潤率繼續超出預期。各業務板塊毛利率同比均有良性提升，整體毛利率達到39.3%，較去年同期上升9個百分點。調整後淨利潤超過人民幣4.18億元，同比增長336%。調整後淨利率擴大 16.4%，較去年同期上升 12 個百分點。這兩個數字都刷新了名創優品的記錄。

(foreign language)

（外語）

[Interpreted] I now walk you through business updates for our three major segments it's China, is overseas and TOP TOY.

【解讀】我現在帶大家了解一下我們三大板塊的業務更新，即中國、海外和TOP TOY。

(foreign language)

（外語）

[Interpreted] I will start with MINISO brand China business. which recorded RMB 2 billion in revenue for the March quarter, a year-over-year increase of 19%. Within MINISO China business, revenue from offline stores totaled RMB 1.83 billion, a year-year increase of 12% -- of 25%.

【解讀】我將從名創優品品牌中國業務入手。 3 月當季實現收入 20 億元人民幣，同比增長 19%。名創優品中國業務線下門店收入18.3億元，同比增長12%——25%。

(foreign language)

（外語）

[Interpreted] As we shared during the last earnings conference call, January was the best month in terms of domestic offline sales in MINISO's history. In February and March, as the pent-up demand from the pandemic gradually dissipated and the Chinese New Year holiday ended, the pace of recovery in retail industry moderated to a certain extent. That said, our performance continued to outperform the industry according to data from the National Bureau of Statistics. Retail sales consumer goods in China increased by 4.9% year-over-year in the March quarter, while MINISO China's offline business recorded over 25% year-over-year. Our per store GMV in March quarter has essentially returned to the same level of the period in 2021, reaching around 85% of the pre-COVID level in 2019.

【解讀】正如我們在上次財報電話會議上分享的那樣，1月份是名創優品歷史上國內線下銷量最好的月份。 2、3月份，隨著疫情積壓的需求逐漸消散，春節假期結束，零售業復甦步伐有所放緩。儘管如此，根據國家統計局的數據，我們的業績繼續跑贏行業。三季度中國消費品零售額同比增長4.9%，名創優品中國線下業務同比增長超過25%。我們在 3 月季度的每家門店 GMV 已基本恢復到 2021 年同期水平，達到 2019 年 COVID 前水平的 85% 左右。

(foreign language)

（外語）

[Interpreted] Entering April, we have seen sustained strong performance and even marginal improvement in store level performance. Total offline GMV increased by 80% year-over-year, higher than the 16% of sales growth in retail sales of consumer goods reported by the National Bureau of Statistics just today while per store sales increased by 50% year-over-year, reaching 85% of pre-COVID level in 2019, representing a substantial sequential improvement from the previous 2 months February and March. During the Labor Day holiday, total offline GMV increased by 75% year-over-year, per store GMV increased by 45% year-over-year and to a comparable level of 2019.

【解讀】進入4月，我們看到業績持續強勁，門店層面業績甚至出現邊際改善。總線下GMV同比增長80%，高於國家統計局今天公佈的社會消費品零售額16%的銷售額增長，單店銷售額同比增長50%， 2019 年達到 COVID 前水平的 85%，與前兩個月的 2 月和 3 月相比有了實質性的連續改善。五一假期期間，總線下GMV同比增長75%，單店GMV同比增長45%，與2019年持平。

(foreign language)

（外語）

[Interpreted] We opened 58 new stores on a net basis during the March quarter, double the figure from the same period last year. More than 53% of new stores were in Tier 1 and Tier 2 cities. In addition, store closure reach was 0.6%, a record low. The strong performance further bolstered the confidence of our regional partners, and we are quite confident now that we will meet and exceed our strong -- our store opening target of 250 to 350 in calendar year 2023.

【解讀】三季度我們淨開了58家新店，是去年同期的兩倍。超過 53% 的新店位於一線和二線城市。此外，門店關閉覆蓋率為 0.6%，創歷史新低。強勁的表現進一步增強了我們區域合作夥伴的信心，我們現在非常有信心，我們將達到並超過我們在 2023 日曆年開設 250 至 350 家門店的強勁目標。

(foreign language)

（外語）

[Interpreted] We are firmly committed to pursuing high-quality growth as we stressed in our previous quarters in addition to maintaining steady pace of store openings. We continue to improve store performance with better merchandise and operations in 2023.

[解讀]除了保持穩定的開店速度外，我們堅定地致力於追求高質量的增長，正如我們在前幾個季度所強調的那樣。我們將在 2023 年通過更好的商品和運營來繼續提高門店業績。

(foreign language)

（外語）

[Interpreted] From a merchandise perspective, we adhere to our IP strategy as a core and focus our efforts in strategic categories. This (inaudible) in the past quarter and our merchandise gross margin increased by nearly 7 percentage points from a year ago. Let me first address our IP strategy. As scheduled, we launched a highly anticipated series [Pokemon] IP products in March quarter. We collaborated with Pokemon to design multiple high-quality products featuring classic characters. This product generated a great response from consumers and sold out soon after their release. As we emphasized last quarter, we are going to surprise and delight our consumers with an exciting series of IP collaborations in 2023. In upcoming quarters, we will be unveiling collaborations with blockbuster IPs.

【解讀】在商品層面，我們堅持以IP戰略為核心，發力戰略品類。這（聽不清）在過去的一個季度，我們的商品毛利率比一年前增長了近 7 個百分點。讓我首先談談我們的知識產權戰略。如期，我們在 3 月季度推出了備受期待的系列 [Pokemon] IP 產品。我們與口袋妖怪合作設計了多款以經典角色為特色的優質產品。該產品在消費者中引起了極大的反響，一經推出便銷售一空。正如我們上個季度所強調的那樣，我們將在 2023 年通過一系列激動人心的 IP 合作為我們的消費者帶來驚喜和愉悅。在接下來的幾個季度，我們將公佈與重磅 IP 的合作。

(foreign language)

（外語）

[Interpreted] Second, we remain focused on strategic categories, which we define as categories with marginal revenues, global peer and high growth potential. Take perfumes as an example, we believe this category exemplifies MINISO value proposition of Betterlife and has strong emotional resonance with consumers. In China, we have identified perfumes as our most important strategic category in the March quarter. Sales of perfume products increased by 60% year-over-year. Sales contribution increased by 1 percentage point. Furthermore, sales of 70% of perfume related SKUs met our internal standards of best sellers, indicating a significant increase in the success rate of product development.

[解讀]其次，我們仍然專注於戰略類別，我們將其定義為具有邊際收入、全球同行和高增長潛力的類別。以香水為例，我們認為該品類體現了步步高的名創優品價值主張，與消費者產生了強烈的情感共鳴。在中國，我們已將香水確定為三月份季度最重要的戰略品類。香水產品的銷售額同比增長 60%。銷售貢獻增加1個百分點。此外，70% 的香水相關 SKU 的銷售額達到了我們內部的暢銷標準，表明產品開發的成功率顯著提高。

(foreign language)

（外語）

[Interpreted] Accessories and another strategic category, we devoted a lot of resources to this year and we believe it has strong global peer. We had a solid foundation in this sector, and we continue to strengthen it by setting up a new warehouse in (inaudible) and strengthen our designer team, and we hope to forge this category into a signature category in overseas markets by high-frequency product launch and more efficient logistics. The preliminary results have been very promising with its sales increasing by over 80% year-over-year, and sales contribution increased by 2 percentage points.

[解讀]配飾作為另一個戰略品類，我們今年投入了很多資源，我們相信它有強大的全球同行。我們在這個領域有堅實的基礎，我們通過在（聽不清）建立新倉庫和加強我們的設計師團隊來繼續加強它，我們希望通過高頻產品將這個類別打造成海外市場的標誌性類別啟動和更高效的物流。初步結果非常可觀，銷售額同比增長超過80%，銷售額貢獻提高了2個百分點。

(foreign language)

（外語）

[Interpreted] Let's move on to our overseas business, which continued to maintain strong momentum in March quarter in the following aspects.

【解讀】接下來我們的海外業務在三季度繼續保持強勁勢頭，表現在以下幾個方面。

(foreign language)

（外語）

[Interpreted] Firstly, revenue from overseas market was RMB 800 million, an increase of 55% year-over-year, another record for the March quarter.

[解讀]首先，海外市場收入8億元人民幣，同比增長55%，再創3月季度新高。

(foreign language)

（外語）

[Interpreted] Secondly, GMV in overseas markets increased by 45% year-over-year with both the direct operated and distributed models achieving a similar GMV growth rate of around 45%, primarily driven by a 30% growth in personal GMV and an increase of 12% in our store number. All of our major overseas markets continue to experience rapid year-over-year growth in GMV including 100% in North America, over 60% in Latin America and about 30% in both Europe and Asian countries, excluding China.

[解讀]其次，海外市場GMV同比增長45%，直營和分銷模式均實現了45%左右的相似GMV增速，主要受個人GMV增長30%和增長帶動我們商店數量的 12%。我們所有主要海外市場的 GMV 繼續實現同比快速增長，其中北美增長 100%，拉丁美洲增長超過 60%，歐洲和亞洲國家（不包括中國）增長約 30%。

(foreign language)

（外語）

[Interpreted] I want to stress that per store GMV increased by about 30% year-over-year in March quarter, recurring to around 80% of where it was in the same period of 2019. North America increased by 9% year-over-year and was 50% higher than in the same period of 2019 as we continue to see impressive growth in this region, the U.S. market has been our largest overseas market in terms of revenue contribution for two consecutive quarters, while Canada is also among our top 10 markets.

[解讀]我想強調的是，3 月季度每家商店的 GMV 同比增長約 30%，再次達到 2019 年同期的 80% 左右。北美同比增長 9% -年，比 2019 年同期高出 50%，因為我們繼續看到該地區令人印象深刻的增長，美國市場連續兩個季度成為我們收入貢獻最大的海外市場，而加拿大也是我們的海外市場之一前 10 大市場。

(foreign language)

（外語）

[Interpreted] In North America, we continue to enjoy tailwinds from merchandise, brand and operations. That said, as a company which operates globally will inevitably face geopolitical challenges. However, I'm pleased to see that our business in North America is increasingly integrated into or communities, providing value for money products to local consumers in such a high inflation environment and contributing to local employment and the tax revenue.

[解讀] 在北美，我們繼續享受商品、品牌和運營帶來的順風。儘管如此，作為一家在全球開展業務的公司，將不可避免地面臨地緣政治挑戰。但是，我很高興看到我們在北美的業務越來越融入或社區，在如此高通脹的環境下為當地消費者提供物有所值的產品，並為當地就業和稅收做出貢獻。

(foreign language)

（外語）

[Interpreted] I believe that only through sufficient globalization can complete in our position exactly mitigate country-specific rest. I'm pleased to see that in March quarter, per-store GMV recovery was also quite positive in the range of our overseas markets. For example, Latin America market saw year-over-year growth of over 40%, including a 60% growth in Mexico, and Asian market recorded a year-over-year growth of 15%, including a 90% growth in Singapore and 50% of both the Philippines and Thailand.

[解讀] 我相信只有通過充分的全球化才能完全在我們的立場上完全緩解特定國家的休息。我很高興地看到，在 3 月季度，我們海外市場的單店 GMV 恢復也相當積極。例如，拉美市場同比增長超過40%，其中墨西哥增長60%，亞洲市場同比增長15%，其中新加坡增長90%，50%。菲律賓和泰國的百分比。

(foreign language)

（外語）

[Interpreted] Finally, let me provide an update on TOP TOY. revenue was RMB 114 million, a 24% year-on-year increase. As of quarter end, there were 116 TOP TOY offline stores, up 24 from a year ago.

[解讀] 最後，讓我提供有關TOP TOY的最新消息。收入為人民幣1.14億元，同比增長24%。截至季度末，TOP TOY線下門店116家，同比增加24家。

(foreign language)

（外語）

[Interpreted] In the March quarter, our exclusive products made greater sales contribution and helped increase TOP TOY's gross profit margin by more than 2 percentage points year-on-year. China Bricks, the most important strategic category for TOP TOY, continued to play a key role in driving sales and accounted for more than 25% of TOP TOY's total sales during the period. The strong performance of China Bricks was the key driver of the increase in TOP TOY's gross profit margin during the quarter.

【解讀】三季度，我們的獨家產品貢獻了更大的銷售貢獻，幫助TOP TOY的毛利率同比提高了2個百分點以上。中國積木作為TOP TOY最重要的戰略品類，繼續在推動銷售方面發揮關鍵作用，佔TOP TOY期內總銷售額的25%以上。 China Bricks 的強勁表現是本季度 TOP TOY 毛利率上升的主要推動力。

(foreign language)

（外語）

[Interpreted] Our design and talent pool continue to enlarge and mature, turning out a string of highly popular products in toy bricks category, including co-branding products with Sanrio's Kuromi. Rapid Bricking the future, Dawn Astronauts, (inaudible) and others, we are particularly excited about on Dawn Astronauts, the latest IP product of TOP TOY's core operation with China aerospace. This self-developed series is designed to educate young consumers about space and cultivate pride in China's strong national aerospace industry. We are as firm as 2 years ago in long-term prospects of toy market, especially in China Bricks, which is TOP TOY's #1 strategic category. We are long-termists on TOP TOY business and will work very hard in product innovation as its key focus. We aim to grow this business further and establish it into an influential brand in this industry.

【解讀】我們的設計和人才庫不斷擴大和成熟，在玩具積木類中推出了一系列非常受歡迎的產品，包括與三麗鷗的Kuromi的聯名產品。 Rapid Bricking the future、Dawn Astronauts、（聽不清）等，我們對TOP TOY與中國航天核心運營的最新IP產品Dawn Astronauts感到特別興奮。這個自主研發的系列旨在教育年輕消費者了解太空，培養對中國強大的民族航天事業的自豪感。我們對玩具市場的長期前景和2年前一樣堅定，尤其是TOP TOY的#1戰略品類中國積木。我們是TOP TOY業務的長期支持者，並將以產品創新為重點努力工作。我們的目標是進一步發展這項業務，並將其打造成該行業中具有影響力的品牌。

(foreign language)

（外語）

[Interpreted] 2023 marks MINISO's tenth anniversary as well as the first deal of our journey to become a super brand. On May 20, we will celebrate the grand opening of MINISO's global flagship store in New York City marking another milestone in our history as MINISO will become the first Chinese consumer brand to open a flagship store in Times Square global crossroads. We remain committed to executing our roadmap to transfer MINISO into a great Chinese brand -- a consumer brand. We will firmly anchor our focus on the transformation and continue to serve every consumer with the happiness philosophy. Thank you all very much. That concludes my prepared remarks. And now I turn the call to Eason for a review of our financial performance in March quarter.

【解讀】2023年是名創優品十週年，也是名創優品超級品牌征程的第一筆交易。 5月20日，我們將慶祝名創優品全球旗艦店在紐約盛大開業，這標誌著名創優品歷史上的又一個里程碑，名創優品將成為首個在時代廣場全球十字路口開設旗艦店的中國消費品牌。我們仍然致力於執行我們的路線圖，將 MINISO 轉變為一個偉大的中國品牌——一個消費品牌。我們將牢牢把握轉型重心，繼續以幸福理念服務每一位消費者。非常感謝大家。我準備好的發言到此結束。現在我打電話給 Eason，請他審查我們在 3 月季度的財務業績。

Thank you, Mr. Ye. Hello, everyone. Thank you again for joining us today. I will walk you through our financial results for the March quarter. Please note that all numbers are in RMB unless otherwise stated, and I will also refer to some non-IFRS measures, which have excluded share-based compensation expenses. Revenue in the March quarter was RMB 2.95 billion, an increase of 26% year-over-year, driven primarily by an 80% year-over-year increase in revenue from China and a 55% year-over-year increase in revenue from overseas markets. Revenue from China was RMB 2.15 billion, including RMB 2 billion from MINISO Brands and RMB 152 million from our business, including TOP TOY. Revenue from MINISO brand increased by about 19% year-over-year, driven by a year-over-year increase of 25% in revenue from offline store, but a year-over -year decrease of 23% in other smart channels.

謝謝葉先生。大家好。再次感謝您今天加入我們。我將向您介紹我們 3 月季度的財務業績。請注意，除非另有說明，否則所有數字均以人民幣為單位，我還將參考一些非 IFRS 指標，其中不包括基於股份的補償費用。 3 月當季收入為 29.5 億元人民幣，同比增長 26%，主要受來自中國的收入同比增長 80% 以及來自中國的收入同比增長 55% 的推動。海外市場。來自中國的收入為 21.5 億元人民幣，其中 20 億元來自 MINISO 品牌，1.52 億元來自我們的業務，包括 TOP TOY。名創優品品牌收入同比增長約19%，線下門店收入同比增長25%，但其他智能渠道收入同比下降23%。

The 25% year-over-year increase in offline revenue was primarily due to a 19% year-over-year increase in per store revenue and 5% increase in store number. On a single-store basis, the number -- average number of orders and the average order value both increased by 8% year-over-year. So we were seeing quite healthy performance improvement across all of our operating metrics, including traffic, ASP and the numbers in March quarter. Revenue from overseas markets was RMB 800 million, increasing by 55% year-over-year. This growth was primarily driven by a 38% year-over-year growth in average revenue per MINISO store in overseas markets and 12% year-over-year increase in average store count.

線下收入同比增長25%，主要是由於單店收入同比增長19%，門店數量增長5%。在單店基礎上，平均訂單數量和平均訂單價值均同比增長 8%。因此，我們看到我們所有運營指標（包括流量、ASP 和 3 月季度的數字）的性能都得到了相當健康的改善。海外市場收入8億元，同比增長55%。這一增長主要得益於名創優品在海外市場的平均單店收入同比增長 38% 以及平均門店數量同比增長 12%。

Revenue from distributed model was RMB 430 million, an increase of 47% year-over-year. Revenue from directly operated model was RMB 370 million, an increase of 64% year-over-year and accounted for more than 46% of total overseas revenue as compared to 44% last year. Gross profit was RMB 1,162 million, representing a 64% year-over-year increase. Gross margin was 39.3% compared to 30.2% in the same period of last year. The year-on-year increase was primarily due to three reasons, as we have explained in earnings release I want to make some supplementary note here.

分佈式模型收入為人民幣4.3億元，同比增長47%。直營模式收入為人民幣3.7億元，同比增長64%，佔海外總收入的比重高於去年的44%，達到46%以上。毛利為人民幣11.62億元，同比增長64%。毛利率為 39.3%，去年同期為 30.2%。同比增長主要是由於三個原因，正如我們在收益發布中解釋的那樣我想在這裡做一些補充說明。

First, we have seen positive growth in GP margin in all of our business segments. As Mr. Ye shared earlier, merchandise gross margin in China increased by nearly 7 percentage points from a year ago. That translates into a higher increase in our accounting gross GP margin, say, 10% considering our revenue share percentage with retail partner is fixed. For e-commerce, its GP margin improved significantly, thanks to its operational optimization. Meanwhile, we took a series of measures to optimize TOP TOY's product mix and store operations, which helped increase its accounting gross profit margin by nearly 9 percentage points year-over-year.

首先，我們看到所有業務部門的 GP 利潤率都出現了正增長。正如葉先生早些時候分享的那樣，中國的商品毛利率比一年前增長了近7個百分點。考慮到我們與零售合作夥伴的收入份額是固定的，這意味著我們的會計毛利率增加了 10%。電子商務方面，得益於運營優化，毛利率大幅提升。同時，我們採取了一系列措施優化TOP TOY的產品結構和門店運營，幫助其會計毛利率同比提升近9個百分點。

Let me remind you here TOP TOY's business model is now progressing towards the profit model we have planned 2 years ago. Second, when we look at the shift in our revenue mix, I think there are two major shifts here, notable: The first one is the increased contribution from overseas market as a whole. The second is the increased revenue contribution from our directly operating model from 44% to 46%, which has the highest GP margin among all business segments.

在此提醒大家，TOP TOY的商業模式正在朝著兩年前規劃的盈利模式邁進。其次，當我們審視收入結構的轉變時，我認為這裡有兩個值得注意的重大轉變：第一個是整個海外市場的貢獻增加。其次是我們直營模式的收入貢獻從 44% 增加到 46%，毛利率在所有業務板塊中最高。

Selling and distribution expense were RMB 432 million, representing a year-over-year increase of 23%. This increase was mainly attributable to increased license expense in relation to our IP products, increased personnel-related expense and logistics expense in relation to the growth of our business and to a net lesser extend, increased promotion and advertising spends primarily in collection with our strategic brand upgrade of MINISO brand in China.

銷售及分銷費用為人民幣4.32億元，同比增長23%。這一增長主要是由於與我們的 IP 產品相關的許可費用增加，與我們的業務增長相關的人員相關費用和物流費用增加，以及淨額較小的擴展，增加的促銷和廣告支出主要用於收集我們的戰略MINISO品牌在中國的品牌升級。

G&A expense were RMB 151 million, representing a decrease of up to 12% year-over-year. The decrease was primarily due to decreased personnel-related expense in relating to our cost control measures among our corporate crew and decreased depreciation and amortization expense due to the capitalization of our depreciation of land use rights in construction cost of headquarters building. Other net income was RMB 3 million compared to RMB 0.5 million in the same period of 2022.

G&A 費用為人民幣 1.51 億元，同比下降高達 12%。減少的主要原因是與公司人員成本控制措施相關的人事相關費用減少，以及由於總部大樓建設成本中的土地使用權折舊資本化導致折舊和攤銷費用減少。其他淨收入為人民幣 300 萬元，而 2022 年同期為人民幣 50 萬元。

Other net income mainly consists of net foreign exchange loss investment income from wealth management products and others. The year-over-year increase was mainly attributable to an increased investment income and a decrease in other losses. Turning to profitability. Operating profit was RMB 576 million, a yearly increase of more than 300%. Net finance income was RMB 25 million, representing a year-over-year increase of 445%, mainly due to an increase in interest income from bank deposits. Adjusted net profit was RMB 483 million, a year-over-year increase of 336%.

其他淨收益主要包括理財產品的匯兌損失投資收益淨額及其他。同比增長主要是由於投資收益增加和其他損失減少所致。轉向盈利能力。營業利潤5.76億元，同比增長超過300%。財務淨收入0.25億元，同比增長445%，主要是銀行存款利息收入增加所致。調整後淨利潤為人民幣4.83億元，同比增長336%。

Adjusted net margin was 16.4%, compared 4.7% in the same period last year. Adjusted basic and diluted earnings per ADS was RMB 1.52 per quarter, increasing by 322% year-over-year. Turning to cash position. As of quarter end, our combined balance cash position was approximately RMB 7 billion compared to RMB 6.2 billion and RMB 5.8 billion as of December 31, 2022 and June 30, 2022, respectively.

調整後淨利潤率為 16.4%，去年同期為 4.7%。調整後的每份 ADS 基本和稀釋收益為每季度 1.52 元人民幣，同比增長 322%。轉向現金頭寸。截至季度末，我們的合併現金頭寸餘額約為人民幣 70 億元，而截至 2022 年 12 月 31 日和 2022 年 6 月 30 日分別為人民幣 62 億元和人民幣 58 億元。

Turning to working capital turnover of inventories and trade receivables remain stable. As Mr. Ye commented, we delivered a strong start to this year with the best March quarter performance in our history, shaking all 3 years of uncertainty. Looking forward into June quarter, we expect our sales will continue to grow strongly on a year-over-year basis, driven by better store level performance and store network expansion. Meanwhile, our margin profile will continue to improve on a year-over-year basis despite the various challenges with by external environment we'll continue to focus on those elements of the business that are in our control and remain focused on our long-term strategic goals, delivering our globalization strategy, bolstering the strength of our product offerings and optimizing our store network. Thank you. And this concludes our prepared remarks. Operator, we are now ready to take questions.

轉向存貨和貿易應收賬款的營運資金周轉率保持穩定。正如葉先生評論的那樣，我們以歷史上最好的 3 月季度業績為今年開局強勁，擺脫了所有 3 年的不確定性。展望 6 月季度，我們預計我們的銷售額將繼續同比強勁增長，這主要得益於更好的門店表現和門店網絡擴張。與此同時，儘管外部環境面臨各種挑戰，我們的利潤率仍將逐年改善，我們將繼續專注於我們控制的業務要素，並繼續專注於我們的長期發展戰略目標，實施我們的全球化戰略，增強我們的產品供應實力並優化我們的商店網絡。謝謝。我們準備好的發言到此結束。接線員，我們現在準備好接受提問了。

The first question comes from the line of Michelle Cheng from Goldman Sachs.

第一個問題來自高盛的Michelle Cheng。

(foreign language) So, I have two questions for management. Firstly is for gross margin. Given gross margin continues to be driven by brand upgrade strategy, so can management comment on the gross margin upside and also the product mix adjustment progress? And related to this question is for the IP products. Can management share the IP products contribution right now and also the future target? That's my first question. And second question is regarding the overseas operation. So can management comment a different market, the (inaudible) also the improvement progress. For some countries like North America. So what are the key drivers that we can do better? And also for certain regions, especially Asia, where is the pressure is coming from and also how we are going to adjust this?

（外語）所以，我有兩個問題要問管理層。首先是毛利率。鑑於毛利率繼續受到品牌升級戰略的推動，管理層能否評論毛利率上升以及產品結構調整的進展？與此問題相關的是針對 IP 產品。管理層能否分享現在和未來的IP產品貢獻？這是我的第一個問題。第二個問題是關於海外業務。因此，管理層可以評論不同的市場，（聽不清）還有改進進展。對於北美等一些國家。那麼我們可以做得更好的關鍵驅動因素是什麼？還有對於某些地區，尤其是亞洲，壓力來自哪裡，我們將如何調整？

(foreign language)

（外語）

[Interpreted] It's Jack here. Now maybe you still remember, we firstly introduced our MINISO brand strategic upgrade in last March. And then we give the market outlook that about 30% of MINISO's products will be interest based and the other 70% of our products will still be of high value proposition. In terms of the whole project progress and we estimate that by the end of June quarter this year, our merchandise gross margin were close to 60%. So if we look at the March quarter, I would say that we are a little bit ahead of this estimated timetable.

[翻譯]這裡是傑克。大家可能還記得，我們在去年三月率先推出了名創優品品牌戰略升級。然後我們給出的市場前景是，名創優品30%左右的產品是利益相關的，另外70%的產品仍然是高價值產品。就整個項目進度而言，我們估計到今年六月底的季度，我們的商品毛利率接近60%。因此，如果我們看一下三月份的季度，我會說我們比這個估計的時間表提前了一點。

(inaudible) our product is upgraded different from the past. Our margin -- growth -- our gross margin of different product categories now varies. That said, our future growth room of gross margin will come from the change of the product categories. For example, I just mentioned accessories. This product categories sales contribution increased by about 2 percentage points in the March quarter. But on the other side, for accessories, this category, its gross margin increased high single digits compared to the same period last year. So it contributed positive contribution to our increase of GP margin as a whole. So this is the first part.

（聽不清）我們的產品與以往不同，進行了升級。我們的利潤率——增長——我們不同產品類別的毛利率現在有所不同。也就是說，我們未來毛利率的增長空間將來自於產品品類的變化。比如剛才提到的配飾。該產品類別的銷售額貢獻在 3 月份季度增長了約 2 個百分點。但另一方面，對於配飾這一品類，其毛利率較去年同期增長了高個位數。因此，它對我們整體 GP 利潤率的增長做出了積極貢獻。所以這是第一部分。

And the second part, don't forget that we still have the efficiency improvement project from our [no ho] supply chain. So I currently estimate that we still have some reducing or optimizing our in-product cost structure going forward in this year. So this is the answer to your first question. And to your question about IP product contribution. Obviously, the March quarter, we still see about 20-ish IP-related product contribution. I would say it's flat quarter-over-quarter and a little bit higher than last year, and we do not have a specific sales target of IP-related products, but we will try to keep a very competitive product portfolio in terms of IP products.

第二部分，不要忘記我們還有 [no ho] 供應鏈的效率改進項目。所以我目前估計，今年我們仍然會減少或優化我們的產品成本結構。所以這是你第一個問題的答案。以及關於 IP 產品貢獻的問題。顯然，在 3 月這個季度，我們仍然看到大約 20 個與 IP 相關的產品貢獻。我會說它與上一季度持平，比去年略高，我們沒有具體的 IP 相關產品銷售目標，但我們會努力在 IP 產品方面保持非常有競爭力的產品組合.

And for your questions about the overseas market situation, so we have divided our overseas market into five major markets that is: North America. Latin America, Asian countries, excluding China, Europe, Middle East and North America. We will address them one by one. So for North American markets, its GMV increased -- total GM increased by more than 100% and the farthest among our overseas markets. Now we have around 120 stores in North America accounting for 6%, but its GMV contribution is nearly 10%. And in terms of GMV per store, this quarter, we saw 90% year-over-year growth and it has also recovered to 150% of the pre-COVID level. If you look at Latin America, total GMV increased by 62% year-over-year and the second fastest in overseas market.

而對於大家關於海外市場情況的問題，所以我們把我們的海外市場分為五個主要市場即：北美。拉丁美洲、亞洲國家，不包括中國、歐洲、中東和北美。我們將一一解決。因此，對於北美市場，它的 GMV 增長了——總 GM 增長超過 100%，是我們海外市場中增長最快的。現在我們在北美有大約120家門店，佔6%，但其GMV貢獻接近10%。而就每家商店的 GMV 而言，本季度，我們看到了 90% 的同比增長，並且也恢復到 COVID 前水平的 150%。如果你看看拉丁美洲，總 GMV 同比增長 62%，在海外市場中增長第二快。

Now we have about 22% growth in this area, but its GMV contribution is close to 40%. In this quarter, we saw stores in Latin America. It's average sales per store increased by 42% and its sales per store is the highest among its peers. If you look at Asian countries, in this quarter, total sales -- total GMV increased by about 30%, right, and it accounted for about 45% of our total overseas stores, but its GMV contribution is relatively low at about 30%. So if you look at the pre-COVID same period, I would say that the GMV contribution from Asian market still have a lot of room to grow in this year or in next year.

現在我們在這個領域有22%左右的增長，但是它的GMV貢獻接近40%。本季度，我們在拉丁美洲看到了商店。平均單店銷售額增長42%，單店銷售額在同業中名列前茅。如果你看看亞洲國家，在這個季度，總銷售額——總 GMV 增長了大約 30%，對，它占我們海外商店總數的 45% 左右，但它的 GMV 貢獻相對較低，約為 30%。所以如果你看看 COVID 之前的同期，我會說亞洲市場的 GMV 貢獻在今年或明年仍有很大的增長空間。

And if you look at the per store GMV, this quarter, it's increased by about 15%. If you look at Asian markets, you will see that this is very different. It's a large market with different countries, with a lot of population. So the country-specific recovery rate varies. As I just mentioned, if you look at Singapore, it recovered to -- it increased by about 90% year-over-year. The philippines and Thailand also saw 50% year-over-year growth. But in Asia, we also have Indonesia, one of our largest overseas market. It increased by 21% in this quarter faster than the average.

如果你看一下每家商店的 GMV，本季度它增長了大約 15%。如果你看看亞洲市場，你會發現這是非常不同的。這是一個由不同國家組成的大市場，人口眾多。因此，特定國家/地區的回收率各不相同。正如我剛才提到的，如果你看看新加坡，它會恢復到——它同比增長了大約 90%。菲律賓和泰國也實現了 50% 的同比增長。但在亞洲，我們還有印度尼西亞，這是我們最大的海外市場之一。本季度增長 21%，高於平均水平。

But if you look at countries like India, it was slower than other peers primarily due to the short haul inventory in this quarter, and we are trying to solve this problem now, and we will solve it. If you look at Europe, GMV increased by 34% in this quarter, and European stores accounted for about 10%, but if GMV, it's also comparable to that level.

但是如果你看看像印度這樣的國家，它比其他國家慢，主要是由於本季度的短途庫存，我們現在正在努力解決這個問題，我們會解決的。如果你看歐洲，這個季度GMV增長了34%，歐洲門店佔比在10%左右，但如果GMV，也跟那個水平不相上下。

And the per store GMV in Europe recovered to about 85% of pre-COVID. Most -- Middle East and North America, GMV increased by 20% this quarter and this GMV per store increased by single digit in this quarter, and we have 7% of stores there and the GMV contribution about 4 -- 10%. In terms of our store opening target in calendar year '23, we, at this moment, do not want to adjust our target and we want to have some time to -- we want to observe more and then decide.

歐洲的單店 GMV 恢復到 COVID 前的 85% 左右。大多數——中東和北美，本季度 GMV 增長了 20%，本季度每家商店的 GMV 增長了個位數，我們在那裡有 7% 的商店，GMV 貢獻率約為 4 - 10%。就我們在 23 日曆年的開店目標而言，我們目前不想調整我們的目標，我們希望有一些時間——我們想觀察更多，然後再決定。

The next question is from the line of Lucy Yu from Merrill Lynch.

下一個問題來自美林證券的 Lucy Yu。

(foreign language) So domestically, we mentioned that store opening is going to exceed our previous expectations. So how many stores have we opened in the second quarter so far or year-to-date so far? Which part of China are we seeing accelerating expansion pace? Second question is on the domestic consumption pattern. Have we seen any change in terms of shopping frequency, track of consumer products, ASP as well as consumer -- normal shopping consumer in our stores? And lastly is on the overseas. Although we are not revising our full year guidance at the moment, but we have seen in the first quarter, store opening still lagging -- it's largely lagging behind our expectations. So could you please share the reason behind that as well as second quarter-to-date store opening in the overseas market.

（外語）所以在國內，我們提到開店要超出我們之前的預期。那麼到目前為止，我們在第二季度或年初至今開設了多少家商店？我們看到中國的哪個部分正在加速擴張步伐？第二個問題是關於國內消費格局。我們是否看到購物頻率、消費產品軌跡、ASP 以及消費者——我們商店中的普通購物消費者方面有任何變化？最後是在海外。雖然我們目前沒有修改我們的全年指引，但我們在第一季度看到，開店仍然落後——這在很大程度上落後於我們的預期。那麼，您能否分享一下這背後的原因以及第二季度至今在海外市場開設門店的情況。

This is Eason and I will answer your question. So for the first question, Yes, you are right, and we are highly confident that we will surpass our previous guidance of 250 to 350. Currently, we estimate that we can open 350 to 450 stores in China market on a net basis in calendar year 2023, and we will absolutely adjust dynamically according to the recovery of the home market in China. And if you look at the structure, I would say, Tier 1 and Tier 2 will have a lot of opportunities in this year. Maybe you have read from news report.

我是 Eason，我會回答你的問題。所以對於第一個問題，是的，你是對的，我們非常有信心我們將超過我們之前 250 到 350 家的指導。目前，我們估計我們可以在中國市場淨開 350 到 450 家商店。 2023年，我們絕對會根據國內市場的回暖情況動態調整。如果你看一下結構，我會說，第一層和第二層在今年會有很多機會。也許你已經從新聞報導中讀到。

We have opened a lot of flagship stores in China's top tier cities in recent months. So if you look at first quarter -- if you look at March quarter, about 53% of new stores come from Tier 1 and 2 cities. This is a new things that we have never seen during the past 3 years. And if you look at our retail partners, yes, we are highly confident we can tell from our strong pipeline in terms of new stores and both new and our old retail partners have open stores in this quarter. And especially in March quarter, we see a lot of our old partners.

最近幾個月，我們在中國一線城市開設了很多旗艦店。所以如果你看第一季度——如果你看三月份的季度，大約 53% 的新店來自一線和二線城市。這是我們在過去三年中從未見過的新事物。如果你看看我們的零售合作夥伴，是的，我們非常有信心從我們強大的新店渠道中看出，新老零售合作夥伴都在本季度開設了門店。特別是在三月季度，我們看到了很多老夥伴。

They have opened a lot of new stores because of their store recovered quite well. But by the end of the quarter -- by quarter end, our average -- our retail partners have 3.4 MINISO stores in China, and that is comparable to historical average. But to your second question about the customer behavior, let me take April as an example, as Mr. Ye just shared. Total GMV increased by about 8%. Personal GMV increased by about 50%. I would see this 50% yearly increase come from high single-digit ASP hike and about another 40% or so increase in our orders.

他們開了很多新店，因為他們的店恢復得很好。但到本季度末——我們的平均季度末——我們的零售合作夥伴在中國擁有 3.4 家 MINISO 門店，這與歷史平均水平相當。但是關於你的第二個關於客戶行為的問題，讓我以4月份為例，就像葉先生剛才分享的那樣。總 GMV 增長了約 8%。個人GMV增長約50%。我認為這 50% 的年增長率來自高個位數的平均售價上漲以及我們訂單的另外 40% 左右的增長。

And this has been the trend year-to-date. In terms of product categories, I see increased base related products are among the best sellers as you can see in the PPT now. This is some examples of our best sellers in this quarter. Many of them are IP-related products, so we have seen that in this quarter, no matter in China or in overseas market, our co-branding IP-related buying bulks or plushed toys increased very fast, and maybe we can share more in next quarter about our overseas buying business. In terms of customer profile, I would say there's no change. We still focus on young people, and most of our customers are females.

這是今年迄今為止的趨勢。在產品類別方面，我看到增加的基礎相關產品是暢銷產品，就像你現在在PPT中看到的那樣。這是我們本季度最暢銷產品的一些示例。其中很多是IP相關的產品，所以我們看到這個季度無論是在中國還是在海外市場，我們的聯名IP相關的採購量或者毛絨玩具的增長非常快，也許我們可以分享更多下個季度我們的海外採購業務。就客戶資料而言，我會說沒有變化。我們仍然專注於年輕人，我們的大多數客戶都是女性。

And in terms of your third question about overseas store expansion plan, yes, we want to wait for a while to see if we have to adjust this plan. But if you look at historical numbers, the majority of our annual addition happens in the second half of calendar year. So I would say this will be the case in this year. And if you look at March quarter, originally, our plan was about 20 stores -- about 40 stores. And then we -- at quarter end, we added about 20. I would not say that this is a very bad case because considering that in April, we still add a lot of new stores in overseas markets. Obviously, we are still on track for new store openings in the overseas market.

還有關於你第三個關於海外門店擴張計劃的問題，是的，我們想等一段時間，看看我們是否需要調整這個計劃。但是，如果您查看歷史數據，我們每年增加的大部分發生在日曆年的下半年。所以我想說今年將是這種情況。如果你看看 3 月季度，最初我們的計劃是大約 20 家商店——大約 40 家商店。然後我們——在季度末，我們增加了大約 20 家。我不會說這是一個非常糟糕的情況，因為考慮到 4 月份，我們仍然在海外市場增加了很多新店。顯然，我們仍在海外市場開新店的軌道上。

The next question is from Anne Ling from Jefferies.

下一個問題來自 Jefferies 的 Anne Ling。

(foreign language) Now my question is first thing is on what is the mix of the best-selling items? What is the definition of the background item for MINISO and what is the mix for this quarter versus in the previous quarter? And then the second question is regarding the overseas as the domestic market. What is the operating margin mix for this quarter? What has been driving these improvement in terms of margins? And also this lead to another question is regarding the selling expense, the SG&A. Moving forward, are we going to increase our selling expense ratio so as to drive higher sales when the market is fully opened?

（外語）現在我的問題是，最暢銷的商品組合是什麼？名創優品背景項目的定義是什麼？本季度與上一季度的組合是什麼？然後第二個問題，把海外當做國內市場。本季度的營業利潤率組合是多少？是什麼推動了這些利潤率的提高？這也導致另一個問題是關於銷售費用，SG&A。展望未來，我們是否會提高我們的銷售費用率，以便在市場完全開放時推動更高的銷售額？

This is Eason. In terms of best-selling items, yes, we have internal definitions and standards that we have a certain threshold that when a certain SKU sales contribution in a certain time period surpassed that threshold, we call it best sellers. In March quarter, we still see that a lot of our best-selling SKUs comes from the strategic product categories, as Mr. Ye mentioned. Let me share some numbers. So in this quarter, about 40% of our total sales in China comes from these strategic categories. And in terms of year-over-year growth, these best-selling SKUs achieved about 120% year-over-year growth.

這是陳奕迅。在暢銷品方面，是的，我們內部有定義和標準，我們有一個閾值，當某個SKU在某個時間段的銷售貢獻超過這個閾值時，我們稱之為暢銷品。正如葉先生所說，在三月季度，我們仍然看到我們很多最暢銷的 SKU 來自戰略產品類別。讓我分享一些數字。所以在這個季度，我們在中國總銷售額的 40% 左右來自這些戰略類別。而在同比增長方面，這些暢銷SKU實現了約120%的同比增長。

These best-selling SKUs. So I say these results are quite promising. And in terms of your question about segment margin, I would say we now have different distinct business segment, including MINISO China and MINISO overseas. If you look at MINISO China, I would say, it's above the company level operational margin, as you can see in our P&L in this quarter. But for MINISO overseas market as a whole because we still have the directly operated (inaudible) in hand and it's ramping up. So we still see that overseas market as a whole. Its OP margin is lower than the corporate level.

這些最暢銷的 SKU。所以我說這些結果是很有希望的。至於你關於分部利潤率的問題，我想說我們現在有不同的不同業務分部，包括名創優品中國和名創優品海外。如果你看看名創優品中國，我會說，它高於公司層面的運營利潤率，正如你在本季度的損益表中看到的那樣。但對於整個 MINISO 海外市場，因為我們仍然有直營（聽不清）在手，而且它正在加速發展。所以我們還是把海外市場看成一個整體。其營業利潤率低於公司水平。

And hopefully, we have seen that TOP TOY's margin profile increased significantly as Mr. Ye just shared. Its gross margin increased by 9%, right? And it's bottom lin, Its loss ratio significantly narrowed compared to last year. So the third question is about the OpEx trend, right? Yes, if you look at the OpEx historical average, we are highly confident that we can still control OpEx ratio to about -- raising about -- raising all around 20%, as you can see in this page of PPT. If you look at the pre-COVID times, right, our SG&A ratio is below 20%. And during the 3 years in the COVID, we have some [flags]. But during the past 3 quarters, we still managed the whole OpEx ratio within or around 20%. In the future, we still target to control our OpEx ratio around 20% or so.

希望，正如葉先生剛才分享的那樣，我們已經看到 TOP TOY 的利潤率顯著增加。它的毛利率增長了 9%，對嗎？而且它的底線，它的損失率與去年相比顯著收窄。那麼第三個問題是關於 OpEx 趨勢的，對吧？是的，如果你看看 OpEx 的歷史平均水平，我們非常有信心我們仍然可以將 OpEx 比率控制在大約 - 提高 - 提高大約 20%，正如你在 PPT 的這一頁中看到的那樣。如果你看看 COVID 之前的時代，對，我們的 SG&A 比率低於 20%。在 COVID 的 3 年裡，我們有一些[旗幟]。但在過去的三個季度中，我們仍然將整個 OpEx 比率控制在 20% 或左右。未來，我們的目標仍然是將我們的 OpEx 比率控制在 20% 左右。

Okay. Just a follow-up, Eason, if we have like overseas market growing a lot faster and then half of it is like a wholesale order. Does it mean that we have more operating leverage for the overseas market versus the domestic market? Or is that real matter?

好的。跟進一下，Eason，如果我們喜歡海外市場增長得更快，那麼其中一半就像是批發訂單。這是否意味著我們在海外市場比國內市場有更多的經營槓桿？或者那是真的嗎？

This is still no way to be safe because during the past 2 or 3 quarters, we have seen the more significant operational leverage in China business because we are running our business in a unified market, right? A lot of cost that you can share, right? But for overseas market, especially for distributor business because we have distributors in different markets, different countries, a lot of costs that we cannot share with, but I probably agree with you that in the long term that with the increase of the sales of this business overseas market as a whole, we still have some potential in terms of operational leverage.

這仍然不是安全的方法，因為在過去的 2 或 3 個季度中，我們已經看到中國業務的運營槓桿更為重要，因為我們在統一市場中開展業務，對嗎？您可以分擔很多費用，對嗎？但對於海外市場，尤其是經銷商業務，因為我們在不同的市場、不同的國家都有經銷商，很多成本我們無法分擔，但我可能同意你的看法，從長遠來看，隨著這個銷售額的增加業務整體海外市場，我們在經營槓桿方面還是有一定潛力的。

The next question is from the line of Veronica Song from Credit Suisse.

下一個問題來自瑞士信貸的 Veronica Song。

(foreign language) My first question is about MINISO's directly operated overseas markets, mainly Indonesia, India and U.S.A. So what's the current store [UEM] profitability? Is there anything you can share? And also what kind of profitability shall we expect in the coming quarters? And my second question is regarding TOP TOY. So the company has been adjusting its store model in the past quarters. You also mentioned that we've been [nearing] losses as well for TOP TOY. So in the coming year, what will be our key focus for this brand? And also what kind of profitability shall we expect in the coming quarters?

(外語) 第一個問題是名創優品直營的海外市場，主要是印尼、印度和美國，那麼目前門店[UEM]的盈利情況如何？有什麼可以分享的嗎？在接下來的幾個季度中，我們還會期待什麼樣的盈利能力？我的第二個問題是關於 TOP TOY。因此，該公司在過去幾個季度一直在調整其門店模式。您還提到我們已經 [接近] TOP TOY 的虧損。那麼在接下來的一年裡，我們對這個品牌的關注重點是什麼？在接下來的幾個季度中，我們還會期待什麼樣的盈利能力？

Yes -- no, we have some major countries in terms of -- in our direct operational model, including the U.S. market, including the Indonesia and India market, as we mentioned. Compared to the U.S. market, our business in India and Indonesia is more mature and has a longer history, right? So for these two markets, we now are running in a very ideal status. If you look at it operationally, if you look at its bottom line, I would say it's very solid even under such a circumstance in which its sales recovery rate is about 60% or even something like that.

是的 - 不，我們有一些主要國家 - 在我們的直接運營模式中，包括美國市場，包括印度尼西亞和印度市場，正如我們提到的那樣。相對於美國市場，我們在印度和印尼的業務更成熟，歷史也更悠久，對吧？所以對於這兩個市場，我們現在是在一個非常理想的狀態下運行。如果你從運營上看，如果你看它的底線，我會說它非常穩固，即使在這種情況下，它的銷售回收率約為 60% 甚至類似的水平。

For our U.S. market, if you look at its margin profile, I would say it's still too early to make judgments or to share with investors this kind of information. But as I mentioned, the U.S. market as a whole increased by more than 100% and its personal sales increased by nearly 6%. And we are very positive about our future growth in this market, and we still need some time to ramp up the store unit economics and see -- and make plans for next stage of growth. For TOP TOY I'll say we do not have a specific target in terms of store opening, in terms of topline or in terms of bottom line for it in this year because, as Mr. Ye just mentioned, China Bricks it's #1 priority in this year.

對於我們的美國市場，如果你看一下它的保證金情況，我會說現在做出判斷或與投資者分享這類信息還為時過早。但正如我所說，美國市場整體增長超過 100%，個人銷售額增長近 6%。我們對我們在這個市場的未來增長非常樂觀，我們仍然需要一些時間來提高商店單位經濟效益，看看——並為下一階段的增長制定計劃。對於 TOP TOY，我會說我們今年在開店、收入或利潤方面沒有具體目標，因為正如葉先生剛才提到的，中國磚是第一要務在這一年。

So we want TOP TOY to make as much as it can in terms of product innovation and the whole team building and so on, but that doesn't mean it will still making loss this year. That's not necessarily the case. If you look at the top 4 business, I would say it's topline growth as a new business will still be higher than the company's overall revenue growth in calendar year 2023. And because of its sales leverage and its exclusive product, getting more and more sales. We will reasonably estimate that TOP TOY will significantly narrow its loss status in the coming year.

所以我們希望TOP TOY在產品創新和整個團隊建設等方面盡可能多地做，但這並不意味著它今年仍然會虧損。不一定如此。如果你看前 4 名的業務，我會說它是收入增長，因為新業務在 2023 日曆年仍將高於公司的整體收入增長。而且由於其銷售槓桿和獨家產品，銷售額越來越多.我們合理估計TOP TOY在來年的虧損狀況將大幅收窄。

Thank you once again for joining us today. If you have any further questions, please contact MINISO's IR team. Our contact information can be found on today's press release. We will see you next quarter. Have a nice day. Thank you.

再次感謝您今天加入我們。如有任何疑問，請聯繫名創優品IR團隊。我們的聯繫信息可以在今天的新聞稿中找到。我們下個季度見。祝你今天過得愉快。謝謝。