MINISO Group Holding Ltd (MNSO) 2024 Q4 法說會逐字稿

Good day, everyone. Thank you for your patience and welcome to MINISO full-year 2024 earnings call. (Operator Instructions) We published our Q4 and full-year financial result earlier today. Those materials are now available on our Investor Relations website. Joining us here today is our founder and CEO, Mr. Ye Guofu, and then CFO, Eason Zhang.

大家好。感謝您的耐心等待，歡迎參加名創優品 2024 年全年收益電話會議。(操作員指示) 我們今天早些時候公佈了第四季度和全年財務業績。這些資料現在可以在我們的投資者關係網站上找到。今天與我們一起參加活動的有我們的創辦人兼執行長葉國富先生，以及當時的財務長張伊森先生。

Before we proceed, I'd like to direct your attention to the Safe Harbor statement in our earnings release, which also applied to this conference call as we were making forward-looking statements. Please note that we were discussing non-IFRS financial measures today, which we have already explained in our company's earnings release and filing with US Security and Exchange Commission and the Hong Kong Stock Exchange where we have already reconciled those measures with the most comparable metrics reported on the International Financial Reporting Standards.

在我們繼續之前，我想提請大家注意我們收益報告中的安全港聲明，該聲明也適用於本次電話會議，因為我們正在做出前瞻性陳述。請注意，我們今天討論的是非國際財務報告準則的財務指標，我們已經在公司的收益報告和向美國證券交易委員會和香港證券交易所提交的文件中進行了解釋，我們已經將這些指標與國際財務報告準則中報告的最具可比性的指標進行了協調。

Our monetary account will be in RMB unless otherwise specified. In addition, we have prepared a set of the presentation slides containing financial and operational information for this call. If you are using Zoom, you will see it now. The presentation will also be available for your review on our website.

除非另有說明，我們的貨幣帳戶將以人民幣計。此外，我們也為本次電話會議準備了一套包含財務和營運資訊的簡報投影片。如果您正在使用 Zoom，您現在就會看到它。您也可以在我們的網站上查看該簡報。

Coming next, let's welcome Mr. Ye Guofu to begin his remarks.

下面，我們請葉國富先生開始發言。

Hello, everyone. Welcome to join us for MINISO Group full-year 2024 earnings call.

大家好。歡迎參加名創優品集團 2024 年全年財報電話會議。

Look back to 2024, we are not only continue to make progress in store expansion or revenue growth but achieved a significant breakthrough in global market development and brand upgrading. By the end of December 2024, our global store account reached 7,780 with net increase of 1,219 stores of the year. MINISO China added 460 stores, MINISO Overseas expanded 631 stores, and the TOP TOY grew by 128 stores, or exceeding our opening target set by the beginning of 2024.

回顧2024年，我們不僅在門市擴張或營收成長方面持續取得進展，而且在全球市場拓展和品牌升級方面取得了重大突破。截至2024年12月底，我們的全球門市數量達到7,780家，全年淨增加1,219家。名創優品中國新增門市460家，名創優品海外新增門市631家，TOP TOY新增門市128家，均超額完成2024年初設定的開幕目標。

Our global expansion strategy began in 2015, where continue to serve as a key growth engine in 2024. We now upgrade 3,100 stores in Overseas market, contributing nearly 40% of the group's revenue, and helping drive overall revenue growth of 23% to approximately CNY17 billion. So looking ahead, our confidence and determination remain unwavering both for our accelerated growth in 2025 and our next five-year target from '24 to '28.

我們的全球擴張策略始於2015年，並將持續成為2024年的關鍵成長引擎。目前我們已在海外市場升級門市3,100家，貢獻集團近40%的收入，帶動整體營收成長23%至約170億元。展望未來，我們對2025年加速成長以及從2024年到2028年的下一個五年目標的信心和決心依然堅定不移。

I will give you a detailed brief of our business development in 2024 and the 2025 growth strategy, including MINISO China, MINISO Overseas, and the TOP TOY. In 2024, our domestic business achieved a double digit growth on top of the high growth rate of 36% in 2023, overall revenue growth will be 11%, top line growth by 10%, e-commerce grew by 25%.

我跟大家詳細介紹一下我們2024年的業務發展狀況和2025年的成長策略，包括名創優品中國、名創優品海外、以及TOP TOY。2024年，我們的國內業務在2023年36%的高成長率基礎上達到兩位數的成長，整體營收成長11%，營收成長10%，電子商務成長25%。

By the end of December, our stock currently in China reached 4,386 with a net increase of 460 stores. Throughout the year, we feel confident about accelerating our growth in 2025. Let me share with you a few growth driver. The first one is channel and the retail partner structure upgrading. Even the same store sales faced a slight pressure in 2024, but the average daily sales per store for newly opened store in 2024 were low-double digit higher than those opened in 2023, indicating high store quality and healthy retail partner profitability.

截至12月底，我們在華現有門市數達4,386家，淨增門市460家。經過這一年的努力，我們對2025年加速成長充滿信心。讓我與大家分享一些成長動力。第一是通路與零售夥伴結構升級。2024年即便同店銷售也面臨些許壓力，但2024年新開店的單店日均銷售額較2023年新開店高出低兩位數，顯示門市品質高，零售合作夥伴獲利能力健康。

We have identified improvement opportunity among those longer established stores with suboptimal location. In response, we optimize our channel and the retail partner structure. On one side, we provide more products and operational support to partners with substantial market experience and strong resources.

我們已經在那些位置不太理想但成立時間較長的商店中發現了改進的機會。作為回應，我們優化了我們的通路和零售合作夥伴結構。一方面，我們向擁有豐富市場經驗和強大資源的合作夥伴提供更多的產品和營運支援。

On the other side, we're also phasing out some longtime retail partners who can't meet our current management requirements. In the near future, we'll continue to improve our retail partner structure and quality.

另一方面，我們也正在逐步淘汰一些無法滿足當前管理要求的長期零售合作夥伴。未來一段時間，我們將繼續完善零售合作夥伴的結構和品質。

At the same time, we implement a more precise product matching based upon the characteristics of the differentiated channel and the consumer profile, which have become another powerful lever for improving same store revenue. For example, we have certain featured IP and the limited-edition product exclusively at MINISO IP LAND store and the flagship store, creating immersive playground experience and become a must visitor destination for standard stores and O2O platform by ensuring adequate stock of the bestselling IP product. We were also expanding our selection of everyday items to meet the customer daily needs.

同時，我們根據差異化通路特徵和消費者畫像進行更精準的產品搭配，成為提升同店收入的另一個強大槓桿。例如，我們在名創優品IP LAND店和旗艦店獨家推出特色IP和限量產品，創造沉浸式的遊樂場體驗，並透過確保暢銷IP產品的充足庫存，成為標準門市和O2O平台的必訪目的地。我們也擴大了日常用品的選擇範圍，以滿足顧客的日常需求。

Thirdly, we will leverage our platform advantage to extend our IP collaboration metrics both on depths and the deeps. Over the past few years, we created iconic IP events, some like to cover China co-branded in part, and we also have the global recognized cultural sample and the Chinese trend.

第三，我們將發揮平台優勢，在縱深兩方面拓展IP合作的維度。過去幾年我們創造了標誌性的IP活動，有的像涵蓋中國的聯名款，有的也有全球認可的文化樣本和中國潮流。

This year, we have planned more than 90 IP events covering the [evergreen] to potential to strongly characterized IP; our very strong platform advantage. We can smooth trend circles through an IP metrics, reducing dependence on single CapEx and creating a relay rate for growth opportunities.

今年，我們策劃了 90 多場 IP 活動，涵蓋從常青 IP 到潛在 IP 以及特色鮮明的 IP；我們的平台優勢非常強大。我們可以透過 IP 指標平滑趨勢圈，減少對單一資本支出的依賴，並為成長機會創造中繼率。

Finally, we enhance member loyalty and repurchase rate. In 2024, our global register membership has already surpassed 100 million. Member spending has accounted for more than 60% of the total sales, representing a low-single digit growth.

最後，我們提升會員忠誠度和回購率。2024年，我們的全球註冊會員數已突破1億人。會員消費已占到總銷售額的60%以上，呈現低個位數的成長。

Our average members spend 2.2 times more than non-members, and then shop with us approximately 4 times annually. We are going to use large language and the data analytics to deliver more personalized product recommendation and marketing initiatives, further driving cost and satisfaction, and the repeat purchase behavior.

我們的會員平均每年比非會員消費多 2.2 倍，並且每年在我們這裡購物約 4 次。我們將使用大語言和數據分析來提供更個人化的產品推薦和行銷計劃，進一步推動成本和滿意度以及重複購買行為。

On the next, let me discuss Overseas business performance. In 2024, our Overseas revenue reached CNY6.68 billion, representing 42% growth. Our GFV reached CNY40.16 billion, growth by 27%. We added a net total of 631 Overseas stores, the majority of expansion occurring in the United States and Indonesia. Same store of our Overseas operations are in a mid-single digit number.

接下來我來談談海外業務的表現。2024年，我們的海外收入達到66.8億元人民幣，成長42%。我們的毛利率達到401.6億元，成長27%。我們淨增了 631 家海外門市，其中大部分擴張發生在美國和印尼。我們的海外業務的同店銷售額處於中等個位數。

The US market has emerged as a strategic stronghold for our international operations delivering triple digit compound growth from '21 to '24. We are maintaining this rapid expansion. We implement more targeted site selections and enhance store quality.

美國市場已成為我們國際業務的戰略堡壘，從21年到24年實現了三位數的複合成長。我們正在保持這種快速擴張的勢頭。我們實施更有針對性的選址，提升店家品質。

In 2024, we added 154 stores in the US, bringing our total to 275 locations across 47 states. We have already concentrated our expansion efforts on 24 states that represent 76% of the US population.

2024 年，我們在美國新增 154 家門市，門市總數達到 47 個州的 275 家。我們已經將擴張的重點放在了占美國人口 76% 的 24 個州。

This will help us to further improve the warehouse efficiency, reducing logistic cost. We have also strengthened our merchandise operations through greater recession. Our headquarters established a dedicated product development team that tailor-made merchandise assortment based upon the US store formats, CDTS.

這將有助於我們進一步提高倉庫效率，並降低物流成本。我們也在經濟衰退加劇期間加強了商品業務。我們的總部設立了專門的產品開發團隊，根據美國商店模式CDTS定製商品分類。

We see that the Overseas growth opportunity extends well beyond the US, with European showing tremendous potential. In 2024, UK market leveraged our IP strategy to drive the channel upgrade, and our G&A has registered a triple digit growth.

我們看到海外成長機會遠遠超出美國，歐洲也展現出巨大的潛力。2024年，英國市場借助IP策略推動通路升級，G&A實現三位數成長。

More significantly, our UK experience has yield replicable growth formulas for other European markets. First of all, we provide a comprehensive support to our retail partners strengthening coordination with headquarter cross ordering, distribution, merchandizing, and marketing functions.

更重要的是，我們在英國的經驗為其他歐洲市場提供了可複製的成長模式。首先，我們為零售合作夥伴提供全面支持，加強與總部交叉訂購、分銷、銷售和行銷職能的協調。

We collaborated with retail partners to secure premier commercial locations. Over the past year, we have our flagship store in key retail locations, for example, Oxford Street of London, creating high-performing locations generating monthly exceeding CNY2 million. The upgraded store enhance our visibility and also help MINISO to secure additional premier retail real estate overseas.

我們與零售合作夥伴合作以確保獲得優越的商業位置。在過去的一年裡，我們在倫敦牛津街等主要零售地點開設了旗艦店，創造了每月收入超過200萬元人民幣的高效表現。升級後的門市提升了我們的知名度，同時也幫助名創優品在海外獲得更多優質零售房地產。

Our globalized strategy go beyond to simply open stores and the selling product. We have a global strategy and in 2024, we have our localized product design center in South Korea.

我們的全球化策略不只是簡單地開設商店和銷售產品。我們有一個全球策略，2024年，我們將在韓國建立在地化的產品設計中心。

Moving forward, our network design hub across China, US, Japan, and South Korea were established, recognized the product development to address the local needs. And then, we also focused on localizing Thailand and operation, as our global strategy continues to advance.

展望未來，我們在中國、美國、日本和韓國建立了網路設計中心，並認識到產品開發能夠滿足當地需求。然後，隨著我們的全球策略不斷推進，我們也專注於泰國的在地化和營運。

Highland localization has become a critical success factor in our Overseas market. In 2024, we achieved 100% localization of the store managers in directly operated markets. In 2025, we will continue to further deepen our global localization strategy for Thailand to improve our operational efficiency.

高原在地化已經成為我們海外市場成功的關鍵因素。2024年，實現直營市場店長100%在地化。2025年，我們將持續進一步深化泰國全球在地化策略，提升營運效率。

As global economy uncertainty increases, particularly the policy changes from the US tariff, MINISO, as a globally operated enterprises, we must respond with extraordinary resilience and agility. The world is constantly evolving. When there is a change, there are opportunities. Significant change always brings significant opportunities.

隨著全球經濟不確定性增加，特別是美國關稅政策變化，名創優品作為全球化經營的企業，必須以非凡的韌性和敏捷性做出應對。世界在不斷發展。有變化，就有機遇。重大變革總會帶來重大機會。

First of all, we will further diversify our global supply chain. We reduce our dependence on Mainland China as a single sourcing market strategic global procurement initiative. To date, our US team has achieved nearly 40% of the local direct sourcing, rapidly increasing procurement from Southeast Asia, Japan, South Korea. This can help to stable the supply chain and reduce the cost.

首先，我們將進一步多元化我們的全球供應鏈。我們減少對中國大陸作為單一採購市場的策略性全球採購措施的依賴。到目前為止，我們美國團隊已經實現了近40%的本地直接採購，並迅速增加來自東南亞、日本、韓國的採購。這有助於穩定供應鏈並降低成本。

Secondly, we remain committed to our interest-based consumption strategy. IP co-branded products such as blind box and the patch toys carry unique emotional value where consumer demonstrate a low-price sensitivity. We will continue to work with IP partners to introduce more limited-edition exclusive products to enhance aesthetic value and emotional resonance. We explore opportunities for local IP resource in Overseas market and developing localized IP production and the development of capacities.

第二，我們堅持興趣消費策略。盲盒、布偶等IP聯名產品具有獨特的情感價值，消費者對低價敏感。我們將持續攜手IP合作方推出更多限量專屬產品，提升美感價值與情感共鳴。探索本土IP資源在海外市場的發展機會，並進行在地化的IP製作和產能開發。

Let's then go for TOP TOY. In 2024, TOP TOY delivered 45% of our gross net increase of 128 stores and we have already made a good profitability of the year. The result stands from effective implementation of our product differentiation strategy. The gross margin improvement was 7.3%. Key categories including building blocks and blind box saw significant margin improvement, self-divided the product increased the share by 3.5 percentage points.

那我們就去選擇TOP TOY吧。2024年，TOP TOY實現了45%的毛淨成長，新增門市128家，全年已經取得了良好的獲利成績。這項結果源自於我們產品差異化策略的有效實施。毛利率改善7.3%。積木、盲盒等重點品類的利潤率提昇明顯，自營分品類份額提升3.5個百分點。

Regarding store expansion, following the successful pilot of the TOP TOY shopping shop IP land store in Indonesia. Because of the very young democratic profile's rapid development, we will be able to continue to grow ourselves.

在門市擴張方面，繼TOP TOY購物商店IP落地印尼門市成功試辦後。由於這個非常年輕的民主形象的快速發展，我們將能夠繼續成長。

2024 marks TOP TOY's first year of full year profitability. We reached an inflection point through enhanced product competitiveness, optimized operational efficiency. We believe in the near future TOP TOY will secure a more important position in the trended way segment, bring more excitement and joy to the consumer worldwide.

2024年是TOP TOY首次全年獲利的一年。我們透過增強產品競爭力、優化營運效率達到了轉捩點。我們相信在不久的將來TOP TOY將在潮流時尚領域佔據更重要的地位，為全球消費者帶來更多的驚喜和歡樂。

Finally, I'd like to touch on the progress of YH. Acquisition of a 29.4% equity stake of the YH has already been completed, and at this week, YH Extraordinary Shareholder Meeting, a resolution was passed approving MINISO nomination of the three directors to YH Board.

最後，我想談談YH的進展。對YH 29.4％股權的收購已經完成，本週，YH臨時股東大會通過決議，批准名創優品提名三名董事加入YH董事會。

Looking ahead, we'd like to take YH to allow us to capitalize on the quality retail opportunity. The essence of the quality retail is product accidents. Good product is a foundation for the business. Only superior product can build very strong boards and import brands. Moving forward, YH and MINISO will pursue deep synergies to continue to have the product competitiveness improvement.

展望未來，我們希望藉助YH，讓我們充分利用優質的零售機會。品質零售的本質是產品事故。好的產品是生意的基礎。只有優質的產品才能打造出非常強大的板材和進口品牌。未來，永輝與名創優品將深度協同，持續提升產品競爭力。

2024 represents a typical chapter for MINISO's global strategy and a very important milestone in our journey towards becoming a super brand. We were committed for interest-based consumption, IP-driven product innovation, and the global extension strategy.

2024年是名創優品全球化策略的典型篇章，也是名創優品邁向超級品牌旅程中非常重要的里程碑。我們致力於興趣消費、IP驅動產品創新和全球化延伸策略。

We have a very clear target to become the world leading IP design retail group. As consumer demand shifted towards interest-based and quality consumption, China's supply chain and the consumer market venture position continued to favor us. We were capitalized on those opportunities by continue to strengthen our IP collaboration, product innovation, and taking prominent positions in global retail landscape.

我們的目標很明確，成為全球領先的IP設計零售集團。隨著消費者需求向興趣消費、品質消費轉變，中國的供應鏈和消費市場風險地位持續對我們有利。我們利用這些機會，持續加強智慧財產權合作、產品創新，並在全球零售領域佔有突出地位。

MMINISO achieved ESG rating upgrades for three consecutive years. With our MSCI rating elevated to AA. This advancement truly recognize the international authoritative institution regarding MINISO's long-term development value and the competitive strengths. In looking to the future, we'll continue to strengthen sustainable development, stick to long-term development, create more value to the shareholders.

MMINISO 連續三年實現 ESG 評等升級。我們的 MSCI 評級提升至 AA。此舉是國際權威機構對名創優品長期發展價值與競爭實力的真正認可。展望未來，我們將持續加強永續發展，堅持長遠發展，為股東創造更多價值。

For the foreseeable future, we will remain committed to distributing 50% of the adjusted annual net profit as dividends. We'll continue to implement a dynamic share repurchase, delivering predictable returns to our shareholders.

在可預見的未來，我們仍將致力於將調整後的年度淨利潤的50%作為股利分配。我們將繼續實施動態股票回購，為股東提供可預測的回報。

Coming next, I will welcome Eason to work you through the financials of 2024, please.

接下來，請 Eason 為您說明 2024 年的財務狀況。

Thank you. Thanks for Mr. Ye, welcome to join us for the call. Coming next, please allow me to help you to work you through our financials of 2024. Please note all figures are in RMB unless otherwise stated, and I will also refer to certain non-IFRS financial measures that exclude share-based compensation expenses.

謝謝。感謝葉先生，歡迎您參加電話會議。接下來，請容許我幫助您了解 2024 年的財務狀況。請注意，除非另有說明，所有數字均以人民幣計算，我還將參考某些不包括股權激勵費用的非國際財務報告準則財務指標。

Let's first go for revenue. In 2024, for the full year, our total revenue reached CNY17 billion, grow by 23%, in line with our expectations set by the beginning of the year. The growth was driven by 80% growth average store account, where our comparable same store sales declined by a low-single digit number compared with the previous year.

我們首先來討論收入。2024年全年我們的總收入達到170億元人民幣，成長23%，符合我們年初設定的預期。這一成長主要得益於平均門市帳戶成長 80%，而我們的同店銷售額與前一年相比下降了個位數。

And you can also see that for that CNY17 billion, MINISO brand revenue totaled CNY16 billion up by 22% within which, MINISO Mainland China revenue was CNY9.3 billion, grow by 11%. Where MINISO Overseas revenue reached CNY6.7 billion, increased by 42%. Among our Overseas markets, directly operated revenue was CNY3.8 billion grow by 66%. [The other] market contributed CNY2.9 billion grow by 90%.

並且可以看到，在這170億當中，名創優品品牌總營收為160億，年增22%。其中名創優品海外營收67億元，年增42%。海外市場方面，直營收入38億元，成長66%。其他市場貢獻29億元，成長90%。

From our revenue composition, Overseas revenue accounted for 39% of our total revenue. This number used to be 34% in the previous year. Specifically, directly operated Overseas market increased their contribution from 60% in 2023, to 22% in 2024.

從我們的收入組成來看，海外收入占我們總收入的39%。去年這一數字為 34%。具體而言，直營海外市場的貢獻將從 2023 年的 60% 增加到 2024 年的 22%。

The evolution of our revenue structure represents a key driver behind our record-high gross margin, where also result in a great concentration of the operating profit in H2 of last year. Regarding GP margin, we achieved a 3.7 percentage improvement in 2024, reaching 44.9%.

我們收入結構的轉變是我們毛利率創歷史新高的關鍵驅動因素，這也導致去年下半年的營業利潤大幅集中。至於毛利率，我們在 2024 年實現了 3.7 個百分點的提升，達到 44.9%。

Besides revenue structure adjustment, I mentioned earlier, our effective IP strategy also contribute to margin improvement across all business segments, particularly strong mid- to high-single digit increase in our Overseas and the TOP TOY business. Notably speaking, our GP margin has been climbed for eight consecutive quarters, repeatedly setting new records.

除了我之前提到的收入結構調整之外，我們有效的智慧財產權策略也有助於提高所有業務部門的利潤率，尤其是海外業務和TOP TOY業務的強勁中高個位數成長。值得一提的是，我們的毛利率已連續八個季度攀升，屢創歷史新高。

Look into the future, the quarterly margin may fluctuate due to seasonality reasons. As our Overseas revenue and IP product continue to go up, we still have huge room to continue to grow our GP margin.

展望未來，季度利潤率可能會因季節性原因而波動。隨著我們的海外收入和IP產品的不斷上升，我們仍然有巨大的空間來繼續提高毛利率。

Recently, you may notice the tariff policy. We have the following countermeasures. First of all, we will accelerate the supply chain globalization. The proportion of the Chinese sourcing of our Overseas directly operated market has already increased from 25% to 30%. This figure approaching 40% in the US.

最近大家可能會注意到關稅政策。我們有以下對策。首先，加速供應鏈全球化。我們的海外直營市場中國採購的比重已經由25%提升至30%。在美國，這一數字接近40%。

Secondly, working backward from our property target, we were considering price adjustment while maintaining certain GP margin objective. Thirdly, one of our largest retailer in our segment, we maintain strong negotiation leverage with the suppliers.

其次，從我們的房地產目標出發，我們在維持一定毛利率目標的同時，考慮進行價格調整。第三，作為我們所在領域最大的零售商之一，我們與供應商保持強大的談判優勢。

Even if the entire industry facing tariff impacts and raising costs, our product remains highly competitive in terms of the value and the differentiation, helping us continue to gain market share amid challenges as we are facing very complicated geopolitical landscape. We've accumulated substantial experience navigating involving tariff policies.

即使整個產業面臨關稅影響和成本上漲，我們的產品在價值和差異化方面仍然具有很強的競爭力，幫助我們在面臨非常複雜的地緣政治格局的挑戰中繼續獲得市場份額。我們在涉及關稅政策的製定方面積累了豐富的經驗。

Okay, let's also talk about the fees. In 2024, our general sales and administrative expenses increased by 52%. With sales expenses grow by 59%, administrative expenses raised by 29%. Sales and administrative expenses accounted for 26% of the revenue, 5 percentage higher than the same period of last year. Majority of those expense growth are related to the newly opened, directed operated stores, especially in Overseas market.

好的，我們也來談談費用。2024年，我們的一般銷售和管理費用增加了52%。其中銷售費用增加59%，管理費用增加29%。銷售及行政費用佔營收的26%，較去年同期增加5個百分點。大部分費用成長與新開設的直營店有關，尤其是在海外市場。

As been discussed before, our existing investment in directed operated stores are aimed at capturing more sales opportunities to ensure our future business success, particularly the strategically important Overseas market like US. By the end of fiscal year 2024, we operated more than 500 directly operated stores in US market, representing a double the amount from the previous year.

如同先前所討論的，我們對直營店的現有投資旨在抓住更多的銷售機會，以確保我們未來的業務成功，特別是像美國這樣具有戰略重要性的海外市場。截至2024財年末，我們在美國市場經營的直營店超過500家，比前一年增加了一倍。

2024, the revenue from the directly operated store also doubled, where the related sales and the distribution expenses, for example, the rent, depreciation, amortization, personnel cost increased by 72%. When we entered into Q4, our cost control measures, and operational efficiency improvement began to show good result.

2024年，直營店的收入也增加了一倍，其中相關的銷售和分銷費用，例如租金、折舊、攤提、人員成本等增加了72％。進入第四季度，我們的成本控制措施和營運效率的提升開始顯現良好的效果。

The growth rate of the directly operated related expenses was 75% in the first nine months but moderated to 66% in the fourth quarter. We believe through continued refined operation and a strict expense management, our operating expenses ratio will continue to improve.

前九個月直接經營相關費用的成長率為75％，但第四季成長率放緩至66％。我們相信透過持續精細化營運和嚴格的費用管理，我們的營業費用率將持續改善。

In the mid- and long-term, those newly opened and directed open store will unlock significant sales and profit potential. Additionally, marketing and promotion expenses grow by 38% but remain stable at around 3% of the revenue.

從中長期來看，這些新開和定向開的店鋪將釋放巨大的銷售和利潤潛力。此外，行銷和促銷費用增加了38％，但仍穩定在收入的3％左右。

Licensing fee increased by 29%, slightly faster than the first half growth rate, primarily due to significant higher proportion of IP product sales in H2, especially in Overseas market. Logistics expenses rose by 51%, similar to the gross rate sent in H1 and first nine months of 2024, mainly driven by the increase in Overseas stores and the rising international freight cost.

授權費用成長29%，成長率略高於上半年，主要由於下半年IP產品銷售佔比明顯提升，尤其在海外市場。物流費用上漲51%，與2024年上半年和前9個月的毛利率相似，主要由於海外門市增加和國際運費上漲。

Let's also talk about profitability. Our adjusted operating profit increased by 17% in 2024, with an adjusted operating profit margin stabilized around 20%. Adjusted net profit reached CNY2.72 billion, grow by 15%. The adjusted net profit margin was 16%, maintaining healthy profitability level despite rapid overseas extension.

我們還來談談獲利能力。2024年我們的調整後營業利潤成長了17%，調整後的營業利益率穩定在20%左右。經調整淨利達27.2億元，成長15%。調整後淨利率為16%，儘管海外擴張迅速，但仍保持健康的獲利水準。

Our adjusted EBITDA grow by 21% with an adjusted EBITDA margin of 25.5%, which is essentially flat compared with 2023. They both are adjusted basic and diluted earnings per ADS increased by 16%, outpacing the growth of adjusted net profit. This was primarily due to our share repurchase program through which we canceled more than 11 million ordinary shares in 2024, accounted for around 9% of our total shares, further enhancing shareholder value.

我們的調整後 EBITDA 成長 21%，調整後 EBITDA 利潤率為 25.5%，與 2023 年相比基本持平。它們調整後的每股美國存託憑證基本及攤薄收益均成長了16%，快於調整後淨利的增幅。這主要歸功於我們的股票回購計劃，透過該計劃，我們在 2024 年註銷了超過 1,100 萬股普通股，約占我們總股份的 9%，進一步提高了股東價值。

Regarding the working capital, our channel inventory tender will remain robust and efficient. At the end of 2024, 33% of the MINISO brand inventories are located Overseas compared to 24% a year ago. Our inventory turnover days was 91 days. Specifically, in Mainland China, this was 75 days, up from 70 days in the same period last year, with increase primarily due to the early stalking for the Lunar Chinese Spring Festival.

在營運資金方面，我們的通路庫存招標將保持強勁和高效。截至 2024 年底，MINISO 品牌庫存中有 33% 位於海外，而一年前這一比例為 24%。我們的庫存週轉天數為91天。具體而言，在中國大陸，這一天數為 75 天，高於去年同期的 70 天，主要由於中國農曆春節提前到來。

MINISO Overseas directly operated market recorded 187 days, up by 131 days in the previous year. It's because we have a nearly a net days of 450 directly operated stores worldwide. From the structural perspective, inventory age over 180 days accounted for approximately 11% of our total inventory, around 1% lower than the first nine months of 2024. Looking ahead, we will continue to optimize our Overseas inventory management strategy, flexibly responding to tariff risks, and reducing inventory risks by improving our store operational efficiency.

名創優品海外直營市場營業天數187天，較上年同期增加131天。因為我們在全球有近450家直營店。從結構上看，庫存年齡超過 180 天的庫存約占我們總庫存的 11%，比 2024 年前 9 個月低 1% 左右。展望未來，我們將繼續優化海外庫存管理策略，靈活應對關稅風險，並透過提高門市營運效率來降低庫存風險。

Regarding the capital allocation, today, we announced a final dividend of the fiscal year 2024 for approximately CNY740 million, representing 50% of our adjusted net profit for the H2 of 2024. The dividend is expected to be paid in our shareholder in April this year.

關於資本配置，今天我們宣布2024財年的末期股利約為人民幣7.4億元，佔2024年下半年調整後淨利的50%。預計股息將於今年四月支付給股東。

For the full year of 2024, the company has distributed approximately [CNY1.24 billion] in cash dividends, representing 50% of the corresponding adjusted net profit. Combined with the share purchase, we retained a total of CNY1.57 billion to shareholders. Looking ahead, we will remain a dividend payout ratio of 50%.

2024年全年，公司已派發現金股利約12.4億元，佔相應調整後淨利的50%。加上這筆股份回購，我們給股東總共保留了15.7億元。展望未來，我們將維持50%的股利支付率。

In the near future, our capital allocation strategy will also balance rapid business growth and our commitment to deliver stable and predictable returns to our shareholders. For the full year of 2024, our company generated a net operating cash flow of CNY2.17 billion. Free cash flow was around CNY1.4 billion.

在不久的將來，我們的資本配置策略還將平衡快速的業務成長與向股東提供穩定和可預測的回報的承諾。2024年全年，本公司實現營運淨現金流21.7億元。自由現金流約為人民幣14億元。

At the end of the fiscal year 2024, we still maintained a very healthy cash reserve of nearly CNY6.7 billion, including CNY6.3 billion cash and cash equivalents, approximately CNY100 million financial products recorded on the other investment and the restricted cash on the balance sheet. And approximately [CNY270 million] in terms of the deposit. Our interest and reliability ratio was 3.15%, indicating our balance sheet remained very healthy.

截至2024財年末，我們仍然保持了近67億元人民幣的非常健康的現金儲備，其中包括63億元人民幣的現金和現金等價物、其他投資上記錄的約1億元人民幣的金融產品以及資產負債表上的受限現金。約[人民幣2.7億元]作為押金。我們的利息和可靠性比率為3.15％，顯示我們的資產負債表仍然非常健康。

In January 6, ACN, we issued a seven-year convertible bonds with a value of $550 million. The convertible bonds carry a coupon rate of just 0.5% payable semi-annually, representing a relatively low financing cost. The conversion period began after the sixth year from the insurance.

1月6日，ACN發行了價值5.5億美元的七年期可轉換債券。該可轉債票面利率僅0.5%，每半年支付一次，融資成本相對較低。轉換期從保險生效後的第六年開始。

And through a core spread nearly structure, the conversion price has been set at HKD102.1, which significantly minimalize the risks of the equity dilution. The insurance makes the company's first convertible bonds financing, helping our -- broaden our investor base, increase coverage from the long-term capital, and further enhance our capital cash reserve and financial flexibility.

並透過核心利差結構，將轉股價定為102.1港元，大幅降低股權稀釋的風險。此次保險為公司首次可轉債融資，有助於我們拓寬投資者基礎，增加長期資本覆蓋率，進一步增強我們的資本現金儲備和財務彈性。

50% of that will be used for Overseas market expansion. 50% will be used for shareholder return. By so doing, we aim to support rapid development of Overseas business while enhancing shareholder returns through share repurchasement.

其中50%將用於海外市場擴張。 50%將用於股東回報。透過此舉，我們旨在支持海外業務的快速發展，同時透過股票回購提高股東回報。

Finally, I'd like to share the latest progress of YH transaction. The five requisite of the YH acquisition has been fully met. The deal has been successfully completed. In YH transaction, our external borrowing accounted for approximately 55% of the investment amount with average interest rate less than 3%.

最後，我想分享一下YH交易的最新進展。收購YH的五個條件已經全部滿足。該交易已順利完成。在YH交易中，我們的外部借款約佔投資金額的55%，平均利率低於3%。

We will use equity method of the accounting for this transaction. Calculating our share of YH net profit based on our 29.4% ownership state, we expect YH will begin to impact our financial statement from Q2 of 2025.

我們將採用權益法來核算此項交易。根據我們 29.4% 的所有權狀態計算我們在 YH 淨利潤中的份額，我們預計 YH 將從 2025 年第二季開始影響我們的財務報表。

Look into 2024, our full year performance reflect on the strength and resilience of our business model and the effective execution and development potential of our IP strategy and the global initiative. Our steady development strategy and ample cash reserve have maintained our flexibility and quickly seize market opportunities to respond to the macroeconomic uncertainties.

展望2024年，我們的全年業績將反映我們商業模式的實力和韌性，以及我們的智慧財產權策略和全球計畫的有效執行和發展潛力。穩健的發展策略及充裕的現金儲備使我們保持彈性，能迅速抓住市場機遇，應對宏觀經濟的不確定性。

Look into 2025, we will continue our two prolonged approach. On one side, we have high quality growth in China by enhancing same store sales, and we also continue to improve the member repurchase rate, channel structural upgrades. On the other side, we will maintain our focus on Overseas market development, implementing a more disciplined cost control, where sustaining rapid performance grows.

展望2025年，我們將繼續「兩個長期」的方針。一方面，我們在中國透過提升同店銷售實現高品質成長，同時我們也持續提高會員復購率，通路結構升級。另一方面，我們將持續注重海外市場的開拓，實施更嚴格的成本控制，維持業績的快速成長。

Regarding the store expansion, we are progressing according to our five-year strategy with plans to double our store account by the end of 2028 compared to the end of 2023. The number of the new stores in 2025 is expected to be slightly less than what we have achieved in 2024 due to our own operational pacing.

關於門市擴張，我們正在按照五年策略推進，計劃到 2028 年底使門市帳戶數量比 2023 年底翻一番。由於我們自身的營運節奏，預計 2025 年的新店數量將略少於 2024 年的數量。

We believe it's important to focus on the store quality rather than just the quantity. We hope in the near future, more growth will come from our same store sales.

我們認為專注於商店品質而不是數量非常重要。我們希望在不久的將來我們的同店銷售額能夠實現更多的成長。

Based upon the assessment of the current market environment and execution of our growth strategy, we are optimistic about the accelerated revenue growth in 2025. However, considering the base effect from the 2024, the pace of the revenue growth will likely be lower in H1 and higher in H2.

根據對當前市場環境的評估和我們成長策略的執行，我們對 2025 年收入加速成長持樂觀態度。然而，考慮到 2024 年的基數效應，上半年的營收成長速度可能會較低，下半年的營收成長速度可能會較高。

We expect healthy growth in operating profit in 2025 as we focus more on expenses control, but improvement in operating profit margin still depends on the profitability of our directly operated stores. The directly operated stores are still in high growth period related to revenue is going to have a triple digit growth in 2025.

由於我們更加重視費用控制，我們預計 2025 年營業利潤將健康成長，但營業利潤率的提高仍然取決於我們直營店的獲利能力。直營店仍處於高速成長期，2025年營收將達到三位數的成長。

The store currently have the lowest GP margin, but significantly optimization potential in the mid and longer run. Look ahead, we believe our reasonable operating profit should return to be around 20%. Our financing strategy will continue to maintain discipline in budgeting, cost control, and capital allocation, committed to achieve stable and sustainable profit growth and healthy cash flow.

該門市目前毛利率最低，但中長期優化潛力大。展望未來，我們相信我們的合理營業利潤應該會回到20%左右。我們的融資策略將繼續保持預算、成本控制和資本配置的紀律，致力於實現穩定、可持續的利潤成長和健康的現金流。

Thank you very much. Here conclude our presentation. We can now start the Q&A.

非常感謝。我們的演講到此結束。現在我們可以開始問答了。

Michelle Cheng, Goldman Sachs.

高盛的 Michelle Cheng。

Congratulate on the company for your robust performance in such a volatile market environment. I have two questions. The first question is the same store performance in China. I do see huge pressure in H2 of 2024, but I do see that in Q3 and Q4, there are some great contribution from the famous IP.

祝賀公司在如此動盪的市場環境中取得強勁表現。我有兩個問題。第一個問題是中國的同店表現。我確實看到 2024 年下半年面臨巨大壓力，但我確實看到在第三和第四季度，著名 IP 做出了巨大貢獻。

How you're going to comment on the same store performance in China? Is there any clear growth driver to improve your performance for the same store sales? Another question, that you also mentioned a different format at the stores. Do you have any specific target? That is regarding the domestic business.

您如何評價中國的同店表現？是否有明顯的成長動力來提高你們的同店銷售業績？還有一個問題，您也提到了商店的不同格式。有什麼具體目標嗎？這是關於國內業務。

I have a second question regarding your business in the US. I noticed that there are some pressure for the same store sales last year in a few quarters. What about the profit per store in the US and how you're going to comment on the same store sales in US in 2025?

我還有第二個問題，關於您在美國的業務。我注意到去年有幾季的同店銷售額確實存在一些壓力。美國每家店的利潤如何？

You also mentioned in the Overseas market, Eason, the directly operated market is still going to face huge pressure on the expenses. How we're going to comment on the GP margin improvement in Overseas market? Thank you.

Eason，您也提到了在海外市場，直營市場仍會面臨巨大的費用壓力。我們如何評估海外市場的毛利率改善？謝謝。

From January to February, the revenue growth of the offline store was high and also we see some good improvement. There are few data for your reference in improving our same store performance.

從1月到2月，線下門市的營收成長比較高，也看到了一些不錯的改善。以下是一些可供大家參考的數據，有助於我們提升同店業績。

First of all, we can see the larger GFA the store is, the better the recovery the business would be, especially for store covers 300 square meters. The recovery was pretty nice. For small stores, they do have some pressure.

首先我們可以看到門市面積越大，生意復甦的越好，尤其是300平米的門市。恢復情況相當好。對於小店來說，他們確實有一些壓力。

So in the near future, we may consider rectify those small stores into larger stores. For some small stores, even they are under pressure, but they have some good performance, we are going to make a comprehensive adjustment.

所以在不久的將來，我們可能會考慮把那些小店整頓成大店。對於一些小店，即使它們承受著壓力，但是它們也有一些好的業績，我們會進行全面的調整。

We're, starting from this year, you can see that our same store performance will be improved compared with Q4 last year. And especially, with the stores continue to be narrowed down, we will keep an eye on the same store performance in the near future.

從今年開始，你可以看到我們的同店業績與去年第四季相比有所提升。尤其是隨著門市數量不斷縮小，我們將密切關注近期的同店表現。

Then at the same time, you can see that in 2024, in August, we already have the IP LAND. We now have three in operation and until now the performance of the IP LAND is exceeding our expectation compared with traditional stores.

然後同時你可以看到在2024年8月我們已經有了IP LAND。現在我們有三家門市在經營，到目前為止，與傳統商店相比，IP LAND 的表現已經超出了我們的預期。

The IP LAND to actually have very nice designs while working with internationally renowned architecture design companies. It actually building a very immersive environment with a wide portfolio of IP.

IP LAND與國際知名的建築設計公司合作，確實有非常優秀的設計。它實際上正在建立一個具有廣泛 IP 組合的沉浸式環境。

With a space of more than 1,000 square meters, we do have different zoomings regarding the atmospheric piece and the blind box and also the global limited edition. And we also continue to improve its presence. We have already take the IP LAND as our key strategy in the near future.

在超過1000平米的空間裡，我們對大氣的作品和盲盒以及全球限量版進行了不同的放大。我們還在不斷提升它的存在感。我們已經把IP LAND當作我們近期的重點策略。

And we're also going to launch the signature stores along with the IP LAND in the premier cities and best locations. We have already have it in Shanghai, Nanjing, and those stores will be located in the primary locations in the top tier cities, for example, in Beijing, Guangzhou, Chengdu, and Hangzhou. And then we will also consider of having those stores in Jinan Kunming, Guiyang, Shijiazhuang, Harbin with more than (technical difficulty).

我們還將與IP LAND一起在主要城市和最佳地段推出標誌性商店。我們在上海、南京已經開設了門市，這些門市將會分佈在一線城市的主要地段，例如北京、廣州、成都、杭州等。然後我們也會考慮在濟南昆明、貴陽、石家莊、哈爾濱開設超過（技術難度）。

But at the same time, we're also going to divide with the flagship stores with efficacy double the normal stores, and continue to focus on the well performed cities for site selection. And we're also going to continue to improve the existing stores. We can see that we're going to have foreseeable 100 to 200 flagship stores.

但同時，我們也會以功效倍於普通店的旗艦店進行劃分，並繼續專注於功效好的城市進行選址。我們也將繼續改善現有的商店。我們可以看到我們將擁有100到200家旗艦店。

Well, regarding the margin of the Overseas directly operated stores, they are now in rapid growth stage. In 2025, we foresee a triple digit growth. The GP margin of the directly operated stores has the lowest margin, but it has huge room for further progress in the near future.

那麼關於海外直營店的利潤率，現在正處於快速成長階段。到 2025 年，我們預計將實現三位數的成長。直營店的毛利率是最低的，但近期仍有龐大的提升空間。

In mid and longer run, operating profit would be around 20%. There are some fluctuations due to seasonalities and utilization rate, but still it's going to continue to be improved.

中長期來看，營業利潤將在20%左右。由於季節性和利用率的原因，會出現一些波動，但仍將繼續改善。

Globalization means a lot for the company. We have to be patient with long-term and sustainable growth strategies. Globally speaking, we have 8 billion people, and in China, the number was just more than 1 billion. The global market is a huge market.

全球化對公司來說意義重大。我們必須對長期可持續的成長策略保持耐心。從全球來看，我們有80億人口，而中國只有10多億。全球市場是一個巨大的市場。

I know that for investors, we pay much attention on the returns, but for me as an entrepreneur, I don't want to see the short-term immediate effect. We have to be forward-looking. If you do any business, you have to invest. And then you're going to do harvest.

我知道對投資人來說，我們看重的是回報，但對我這個創業者來說，我不想看到短期的立竿見影的效果。我們必須具有前瞻性。如果你做任何生意，你就必須投資。然後你就可以收穫了。

In the early days, we make investment in the market, continue to improve our brand awareness. We build our ourselves network and operating mechanism, lay a solid foundation for the future profit growth.

早期我們大力投入市場，不斷提升品牌知名度。我們建立自己的網路和營運機制，為未來的利潤成長奠定堅實的基礎。

US market has always been a very important part of the global strategy. From '21 to '24, the US market was growing with a triple digit compound rate, one of the highest output countries.

美國市場一直是全球策略中非常重要的一部分。從21年到24年，美國市場以三位數的複合成長率成長，是產出最高的國家之一。

In our Overseas market, in 2025, we hope that we can have a more precise and targeted data store opening strategies to improve the quality of the stores. In 2024, we have a netted store of 154 in the US and the state covered around 54 states in the US.

在我們的海外市場，2025年，我們希望可以有更精準、更有針對性的數據開店策略，提升門市的品質。2024年，我們在美國擁有淨門市154家，涵蓋美國約54個州。

Starting from this year, we're going to have the refined strategy. And we're going to focus our new stores in the key stage covering 76% of the population. Leveraging the stores we're going to play the scale effect, making sure we best utilize the resources to continue to take care of the product shortage, improve the customer satisfaction, optimize logistics and distribution routes, reducing transportation costs, improve the logistics efficiency. Through the concentrated management, we can foresee the demand, reducing the backlog, improve the turnover, and we also have the following measures to improve the efficiency.

從今年開始，我們將制定完善的策略。我們將重點放在新店的開設，涵蓋76％的人口。我們將藉助門市發揮規模效應，確保充分利用資源，持續解決產品短缺問題，提高客戶滿意度，優化物流配送路線，降低運輸成本，提高物流效率。透過集中管理，我們可以預見需求，減少積壓，提高週轉率，同時我們還有以下措施來提高效率。

We're going to have a special product R&D task force developing the product according to the market preference of the US. All those products were targeted in the US market where globally speaking, we're going to leverage the data and the retail partner cooperation model to continue to optimize our cooperation model.

我們將成立專門的產品研發小組，根據美國市場偏好開發產品。所有這些產品都針對美國市場，從全球來看，我們將利用數據和零售合作夥伴合作模式來持續優化我們的合作模式。

We know market may have diversified needs. We take a diversified strategy to guarantee the successful execution of our strategy and business growth for long-term growth. We will continue with four major initiatives in the US, especially our membership system.

我們知道市場可能有不同的需求。我們採取多元化策略，保證策略成功執行和業務長期成長。我們將繼續在美國推行四大舉措，特別是我們的會員制度。

Especially we identify those products with a high purchase rate built into the bestselling product. We're going to have the targeted customer profile analysis, improving our service to the customer. That's all for my answer. Thank you.

我們特別識別那些暢銷產品中具有高購買率的產品。我們將進行針對性的客戶資料分析，以改善我們為客戶提供的服務。我的回答就到這裡。謝謝。

Thank you.

謝謝。

Wei Xiaopo, Citi.

魏小坡，花旗。

I have two questions. My first question is targeting your prepared remark. Eason, you mentioned about the outlook of the margin in 2025. It seems that your margin performance is truly dependent on your directly operated stores. Eason, you have already mentioned, in 2025, revenue growth would be accelerated, but it means that the certainties of the profit growth is not as confirmed as what you stated in November last year.

我有兩個問題。我的第一個問題是針對您準備好的發言。Eason，您提到了 2025 年利潤率的前景。看來你們的利潤表現確實取決於你們的直營店。Eason，您剛才提到，2025年營收成長會加速，但這意味著利潤成長的確定性並不像您去年11月所說的那麼確定。

I have the second question. And Mr. Ye, congratulate on completing the transaction with YH. I see you were entering into the YH reform task force and be the team leader. Do you have any business indicator you can share with us? I know YH is an Asia listed company. If you can't share the statistics, is it possible for you to give us some color to see how the business progress of YH? Thank you.

我有第二個問題。葉先生，恭喜您與YH完成交易。我看到你加入了YH改革工作小組並擔任團隊負責人。您有什麼業務指標可以與我們分享嗎？我知道YH是一家亞洲上市公司。如果您無法分享統計數據，您能否提供我們一些資訊來讓我們了解YH的業務進展？謝謝。

I'm Ethan. Let me just repeat the guidance I provide to the market. We have every confidence that no matter for revenue or profit growth in 2025, we will still remain healthy and especially the revenue growth would be accelerated. The source of our confidence is because we see that almost every of our BU and every business will have the possibility of outperforming the performance in 2024, especially in China.

我是伊森。讓我重複一下我向市場提供的指導。我們有信心，2025年無論收入或利潤成長，我們仍然會保持健康，特別是收入成長會加速。我們信心的來源，是因為我們看到幾乎我們每一個BU、每一個業務，都有可能在2024年超越之前的業績，尤其是在中國市場。

In 2025, we see the online business in China is going to boom, so it's going to continue to drive the overall sales. And even if you see that our earth line business grow by limited number, but I do believe we're going to register a double digit growth for offline business in 2025.

2025年，我們預計中國的線上業務將會蓬勃發展，因此它將繼續推動整體銷售。儘管您看到我們的線下業務成長有限，但我相信到 2025 年我們的線下業務將實現兩位數的成長。

For Overseas business from '21 to '24, the compound growth rate was 43%, which is pretty significant. But considering our business model and the huge addressable market in Overseas market, we maintain our forecast of the growth in Overseas market at 35% to 40%.

21年至24年的海外業務複合成長率為43%，相當可觀。但考慮到我們的商業模式和海外市場龐大的潛在市場，我們維持海外市場成長35%至40%的預測。

We talk about the profit growth. In my prepared remarks, I have already mentioned our adjusted operating profit growth by [17%] compared with last year. Net profit rate was up 20%. So excluding YH business, at least for this MINISO core business, our operating profit will continue to grow.

我們談論利潤成長。我在準備好的發言中已經提到，與去年相比，我們的調整後營業利潤成長了[17%]。淨利潤率上升20%。所以除去YH業務，至少對於名創優品這個核心業務來說，我們的營業利潤還會持續成長。

But for sure, as I have already mentioned, net profit or the profit margin is truly dependent on the profit of the directly operated stores. The number of the directly operated stores being improved a lot. We have many newly added directly operated stores. The profit of the existing directly operated stores would be significantly improved in 2025, at least for me, they're going to have a low-single digit to the mid-single digit profit improvement for the existing stores.

但可以肯定的是，正如我已經提到的，淨利潤或利潤率確實取決於直營店的利潤。直營店數量大幅提升。我們新增了很多直營店。現有直營店的利潤將在2025年顯著改善，至少對我來說，現有門市的利潤將有一個低個位數到中個位數的成長。

Let me just give you an example. In 2024, we have the directly operated store, for example, IP LAND in Shanghai. Even if the cost is pretty high, but still, in the past four to five months, the store can still keep a high-double digit profit rate and continue to be optimized. In 2025, we will continue to invest in those new directly operated stores.

讓我給你舉一個例子。2024年我們有直營店，像是上海的IP LAND。即使成本很高，但在過去的四、五個月裡，店鋪仍能保持高兩位數的利潤率，並且不斷優化。2025年，我們將繼續投資這些新的直營店。

In the first year, because of the early-stage investment, their profit or margin might be low because they are in the high growth period. But let me just draw your attention. You see that for the three formats of the stores, the directly operated stores, even if it has a lower margin or probably lowest margin among the three categories, but in the mid and longer run, we hope that the margin of the directly operated stores can reach 20%. I do believe our long-term upgrading margin can reach 20% for the directly operated stores.

第一年，由於前期投入，處於高速增長期，利潤或利潤率可能較低。但請讓我提請你的注意。你看我們三種店業態，直營店，雖然它的利潤率是比較低的，或者是三種店中利潤率最低的，但是從中長期來看，我們希望直營店的利潤率能夠達到20%。我確實相信我們直營店的長期升級幅度可以達到20％。

The second question regarding YH, let me have Mr. Ye to respond to it.

第二個問題關於YH，請葉先生來回答。

Well for YH they have a three increase and the two reduction. The first increase is to improve manpower efficiency. We are optimizing the team in improving the productivity and efficiency, and the second increase is that performance and efficiency of the stores need to be doubled, even tripled. And the third increase is at four YH. We hope that the triple performance or efficiency would at least be the upper line of or the bottom line for any stores to achieve.

那麼對於 YH 來說，他們有三次增加和兩次減少。第一點是提高人力效率。我們在優化團隊，提高產能和效率，第二個提升就是門市的業績和效率要翻倍，甚至三倍。第三次增加是 4 YH。我們希望三倍的業績或效率至少是任何一家門市能夠達到的上限或底線。

Where at the same time, we are also initiating the reduction initiative for YH. YH for the past two years, its revenue was around CNY80 billion to CNY90 billion, but around [1/4] are the daily necessities, which enjoy a very low margin. So we're going to support YH, further improving the margin. Well at the same time, the YH will also continue to develop its self-owned brand product, which can also help to further improve the competitiveness of YH.

同時，我們也正在為YH發起減排行動。永輝集團過去兩年營收大概在800-900億元，其中四分之一左右是日用品，利潤率很低。因此，我們將支持YH，進一步提高利潤率。同時，YH也將持續發展自主品牌產品，這也有助於進一步提升YH的競爭力。

The second reduction initiative is cost reduction, for example, reducing all the possible sourcing cost. And the third reduction is regarding reducing the labor cost. YH is going to optimize its team in 2025. So we do have the initiative to continue to help YH to further reduce its financial losses.

第二個削減措施是削減成本，例如削減一切可能的採購成本。第三個減少是減少勞動成本。2025年，YH將進行團隊優化。因此我們確實有動機繼續幫助YH進一步減少財務損失。

By the end of 2026, for the existing store of YH, we even close those underperforming ones. Only reserve those well performed ones. So by the end of 2026, we're going to make sure that all YH stores would be retrofitted into the new ones, improving the GP margin, the business efficiency, the performance. Then in 2026, you see YH and then to register a good performance by then.

到2026年底，對於YH現有的門市，我們甚至會關閉那些業績不佳的門市。只保留那些表現良好的。因此，到 2026 年底，我們將確保所有 YH 商店都改造成新店，從而提高毛利率、業務效率和績效。然後在 2026 年，你會看到 YH，並在那時取得良好的表現。

Anne Ling, Jefferies.

安妮凌 (Anne Ling)，傑富瑞 (Jefferies)。

I have a few questions. I'm not sure I missed the information or not. Did you actually talk about your store opening target in 2025? I heard you may have less new store open compared with 2024. Do you have any data or quantitative ones you can share with us? How many new stores you are going to have in China? How much are for directly operated stores?

我有幾個問題。我不確定我是否錯過了這些資訊。您實際上談到 2025 年開店目標嗎？我聽說與 2024 年相比，你們開設的新店可能會減少。您有任何數據或定量數據可以與我們分享嗎？你們計劃在中國開設多少家新店？直營店多少錢？

The same as Overseas market. For example, the new store target in US, Mr. Ye, you also mentioned. In Europe, you're also going to open new stores. So how many are you going to open? This is my first question. Thank you.

與海外市場相同。比如說美國新店的目標，葉先生，您也提到了。在歐洲，你們還將開設新店。那你要開幾個？這是我的第一個問題。謝謝。

Let me also bring my second question up. If we take a look at the stores in China, I find out there are some non-self-upgraded products, for example, the blind box or the pop toys. I find out in your store, you also have a product from other brands, the same as a beauty product.

讓我也提出第二個問題。如果我們看看中國的商店，我發現有一些非自主升級的產品，例如盲盒或流行玩具。我發現在你的商店裡，你還有其他品牌的產品，同樣的美容產品。

So it seems that for MINISO, in the past, you have all the products produced by your own brand, but now it seems you also introduce brands and products from other brands. Will it help your same store sales whether it's going to have any impact on the GP margin or profitability? Thank you.

所以看起來對於名創優品來說，過去你們生產的所有產品都是自有品牌的，但現在你們似乎也引進了其他品牌的品牌和產品。它是否會對你的同店銷售產生幫助？謝謝。

Let me have a Mr. Ye to answer the first question regarding new store opening plan.

第一個問題，請葉先生來回答，關於新店開幕計畫。

Do you have any quantitative data? In 2025, the new store number would be flat compared with 2024. But for directly operated stores, we hope we can operate more in US and Indonesia.

你有任何定量數據嗎？2025年新店數量將與2024年持平。但對於直營店，我們希望可以在美國和印尼經營更多。

If we blindly seek for the store quantity growth, it won't help to serve our long-term growth of the brands because consumer needs being further diversified and we also need to improve the customer experience. So we are handpicking the right resources, having the right handpick of the locations, designers, to the right product selection and the service optimization.

如果一味追求門市數量的成長，那對我們品牌的長期發展是不利的，因為消費者的需求進一步多樣化，我們也需要提升顧客體驗。因此，我們精心挑選正確的資源，選擇正確的地點、設計師，選擇正確的產品並優化服務。

Hope that we will be able to make sure each new store would become a model in its own region. We continue to lay a solid cornerstone for its future development.

希望我們能讓每一家新店都成為所在地區的典範。我們繼續為其未來的發展奠定堅實的基石。

Thank you. So how many directly operated stores are going to open in 2025?

謝謝。那麼2025年會開多少家直營店呢？

I'm Eason. Let me help to answer this question. You can actually refer to the new store number in 2024 to see how we're going to have in 2025. From '23 to '24, the net age of the store is around 250 to 300. Majority of those netted stores are in the following markets, for example, some are in China market, not many in China.

我是 Eason。讓我來幫忙回答這個問題。您實際上可以參考 2024 年的新店數量來了解 2025 年的情況。從 23 年到 24 年，該商店的淨年齡約為 250 至 300 歲。這些網店大部分都在以下市場，例如有一些在中國市場，但在中國並不多。

We have some asset light model, for example, like IP LAND. Now we have three IP lands in operation. The model proved to be very successful by modic success. We're going to continue to roll out more IP LAND. We're going to have, conservatively speaking, 10 IP LANDS in China.

我們有一些輕資產模式，像是IP LAND。現在我們有三個 IP 土地投入運作。事實證明，該模型非常成功。我們將繼續推出更多的IP LAND。保守地說，我們將在中國擁有 10 個 IP Land。

Where for US, I think for our store expansion plan was still very positive and optimistic. We foresee in US, we will have around 350 to 400 stores in total. Then in US in the next one year, we're going to have a few dozen stores being newly added.

就美國而言，我認為我們的門市擴張計劃仍然非常積極和樂觀。我們預計在美國我們將總共擁有大約 350 到 400 家商店。那麼在未來一年裡，我們將會在美國新增數十家門市。

We're also going to have a new store expansion plan in other countries, including in Canada, in Southeast Asia countries, or in European countries, those are all the emerging markets with very significant growth for the past one year. That's our new store plan.

我們也將制定在其他國家的新店擴張計劃，包括加拿大、東南亞國家或歐洲國家，這些都是過去一年成長非常顯著的新興市場。這就是我們的新店計畫。

Okay, thank you. Well taken.

好的，謝謝。拍得好。

The question is regarding the third-party product. So starting from H2 of 2024, you'll probably notice in MINISO store, we do have some beauty product or cosmetic product at our store entrance, shelving the third-party product.

此問題涉及第三方產品。因此從 2024 年下半年開始，您可能會注意到在 MINISO 商店中，我們的商店入口處確實有一些美容產品或化妝品，擱置了第三方產品。

We have two reasons for that. Because their targeted consumer is highly aligned with ours. We are also targeting those young ladies. So that's the reason we play some third-party brand cosmetics products.

我們這樣做有兩個原因。因為他們的目標消費者與我們的目標消費者高度一致。我們的目標也是這些年輕女士。這就是我們播放一些第三方品牌化妝品的原因。

And it can also help to further improve the diversity of our portfolios and offerings. So for those products, no matter from profitability or from the attachment rate, can help to further improve the same store sales a lot. Thank you.

它還可以幫助進一步提高我們的產品組合和產品的多樣性。所以對於那些產品來說，無論從獲利能力還是從附加率來說，都能夠幫助進一步提高同店銷售很多。謝謝。

Samuel Wang, UBS.

瑞銀的 Samuel Wang。

My first question. Is it possible for you to share with me if you have any new IP plan in 2025? I see that last year in Q2 you have Chicago, which lay a very high baseline in Q2 last year. Do you have any new plan for new IP?

我的第一個問題。能跟我分享一下您在 2025 年有什麼新的 IP 方案嗎？我看到去年第二季芝加哥的基線非常高。對於新IP有什麼新的計畫嗎？

My second question, I also would like to ask you; you mentioned you have a deep bond with [Sangreal] as well as Disney, especially on the vinyl product and the [pledge] product. So how's the progress now Sangreal and the Disney? The company was kept emphasizing on the high turnover. If you really want to have a differentiated design, how you're going to do balance the high turnover and the differentiated design?

我的第二個問題，我也想問您；您提到您與 [Sangreal] 以及迪士尼有著深厚的淵源，尤其是在黑膠唱片產品和 [pledge] 產品上。那麼現在Sangreal和迪士尼的進展如何？該公司不斷強調高營業額。如果你真的想要一個差異化的設計，你將如何平衡高週轉率和差異化設計？

My third question. As you are talking about the theater integration, then I have a follow-up question on that. You do have the reform over your theaters, so how the reforms being progressed? Are you going to complete the data integration within 2025? Thank you.

我的第三個問題。既然您談到劇院整合，那麼我有一個後續問題。你們確實對劇場進行了改革，那麼改革進展如何？你們打算在2025年內完成資料整合嗎？謝謝。

The first two questions are all related to IP. Let me hope to respond to the first two questions.

前兩個問題都和IP有關。我希望能夠回答前兩個問題。

Yes, indeed, in 2025, we have already planned more than 90 IP-related events and products, covering IP of different styles and different journal. Starting from the Golden Week in May to the summer vacation or even to the national holidays, we're going to have the S-level project in our pipeline. The IP is truly worth of high expectations.

是的，確實如此，到2025年，我們已經策劃了90多個與IP相關的活動和產品，涵蓋了不同風格、不同期刊的IP。從五一黃金週開始，一直到暑假，甚至國慶節，我們都會陸續有S級的專案上線。這個 IP 確實值得寄予厚望。

So every year, we're going to roll out our product, for example, on ACG. And every month we're also going to develop MINISO product. We're also going to focus on the co-branding, for example, we're going to work with [Banday] of releasing more the mango-related product.

因此每年我們都會推出我們的產品，例如在ACG上。而且每個月我們還會開發MINISO產品。我們也將專注於聯名品牌，例如，我們將與 [Banday] 合作推出更多與芒果相關的產品。

You also mentioned about the vinyl product. It is indeed a very good feed to IP. So that's the reason on this category we have deep bond with IP. For example, we're working with Disney for that vinyl and flash products, for example. On March 30, that we need to pull the vinyl and lash blind box being approved in US for launch and which actually help to set a record high sales in our New York IP store.

您還提到了乙烯基產品。這對於IP來說確實是一個非常好的feed。這就是我們在這個類別上與 IP 有著深厚聯繫的原因。例如，我們正在與迪士尼合作生產黑膠唱片和閃光產品。3 月 30 日，我們需要推出在美國獲准上市的乙烯基和睫毛盲盒，這實際上有助於在我們紐約 IP 商店創下銷售記錄。

Through such events, we will help to build the customer awareness of our product, lay a solid foundation for the future vinyl product development, and continue to improve our brand influence and consumption and the penetration in the market. We upgraded IP for many years. Every year we continue to reiterate our IP product, improving the customer wellness.

透過這樣的活動，有助於建立客戶對我們產品的認知，為今後黑膠產品的發展打下堅實的基礎，繼續提高我們品牌的影響力和消費量以及在市場上的滲透率。我們多年來一直在升級IP。每年我們都會不斷重申我們的 IP 產品，改善客戶健康。

So let me just share with you what is our interpretation of the life cycle of IP. And we do believe there are different IPs. For example, for evergreen IP, the life cycle of the IP should be further extended much longer than other products. IP product from the essence perspective, it showcased different product design style, but indeed they have the same carriers.

那麼讓我來跟大家分享一下我們對 IP 生命週期的解讀。我們確實相信存在不同的 IP。例如，對於常青IP，其生命週期應該比其他產品延長得多。IP產品本質上來看，呈現出不同的產品設計風格，但其實它們有著相同的載體。

So in the mid and the longer run, especially in a product life cycle, I believe the IP or not IP product sales, won't be truly decisive by IP cells. I think the fundamentals still rest with IP design. So that's the reason you asked about the balance between the high turnover and the design.

因此從中期和長期來看，特別是在產品生命週期中，我認為IP與否，產品的銷量，不會真正由IP單元決定。我認為根本問題仍然在於 IP 設計。所以這就是您詢問高週轉率和設計之間的平衡的原因。

I think, let me just respond to you in this way. You have to consider your product that need to take the customer's functional needs and emotional needs at the same time. This is indeed something we would like to address.

我想，我只能這樣回覆你了。你必須考慮你的產品需要同時滿足客戶的功能需求和情感需求。這確實是我們想要解決的問題。

Where you also have a question regarding the integration of the retail partners. I have already mentioned, we continue to optimize the structure of our retail partner. In 2024 we have 80 commercial systems with a total sales of more than CNY50 million, where at the same time, in the top gear commercial shopping malls, and we continue to grow the sales with a significant number, especially the sales with the China resources shopping malls and the hypers.

您也對零售合作夥伴的整合有疑問。我已經提到了，我們繼續優化零售合作夥伴的結構。到2024年我們有80個商業系統，總銷售額超過5000萬人民幣，同時，在頂級的商業商場中，我們繼續以相當多的數量增長銷售，特別是與華潤商場和大賣場的銷售。

In the near future, we're just going to continue the following two ways. First of all, for those retail partners who have extensive experience, more resources, and a deep cooperation bonds, we're going to supply them with more product and operational support, continue to improve our brand awareness in the south.

在不久的將來，我們將繼續以下兩種方式。首先，針對經驗豐富、資源豐富、合作紐帶深厚的零售夥伴，我們將給予他們更多的產品和營運支持，持續提升我們在南方地區的品牌知名度。

In the higher tier cities and the key and primary locations, those retail partners can understand, execute our brand strategy, improve the appealing to the customer. Our products and resources would be invested to those highly potential retail partners who are willing to work with us. This is also an initiative of resources allocation optimization. This, not only improve the resources utilization rate, but also further improve our brand presence in the market.

在高線城市和重點主要地點，那些零售合作夥伴可以理解和執行我們的品牌策略，提高對客戶的吸引力。我們的產品和資源將會投入那些願意與我們合作、極具潛力的零售夥伴身上。這也是優化資源配置的一個措施。這不僅提高了資源的利用率，也進一步提升了我們品牌的市場影響力。

Second to mention, we are also going to have some periodically visit to the long-term retailers who won't catch up with our high quality development need in the near future. In our daily operation, there are indeed going to have some short-term, small store number reductions or regional retail partner withdraw. But look into the future, I think we're doing the right things to achieve the high-quality growth.

其次，我們也會定期拜訪那些在短期內無法滿足我們高品質發展需求的長期零售商。我們在日常營運中確實會有一些短期的、​​小規模的門市數量減少或區域零售合作夥伴的退出。但展望未來，我認為我們正在做正確的事情來實現高品質成長。

We're going to continue to optimize our product portfolio, improve operational efficiency to mitigate the negative impact from the integrated retail partners. After one year integration, our existing structure is more streamlined and efficient, be able to be more agilely respond to the changes in China market but adjusting our portfolios and offerings and the marketing events to continue to improve our competitive edge. We're still going to continue this integration strategy over the retail partner.

我們將繼續優化我們的產品組合，提高營運效率，以減輕綜合零售合作夥伴帶來的負面影響。經過一年的整合，我們現有的架構更加精簡和高效，能夠更加靈活地應對中國市場的變化，同時調整我們的產品組合和產品以及行銷活動，以繼續提高我們的競爭優勢。我們仍將持續針對零售合作夥伴推行這項整合策略。

Lucy Yu, Bank of America.

美國銀行的 Lucy Yu。

I have a question regarding the online business in China. Eason, just now in your prepared remarks you mentioned in 2025, you hope the online sales in China could be further accelerated. Can you briefly tell me, what is the online sales contribution to your total revenue in 2025 or 2024, how you're going to plan it in 2025 and how you're going to achieve it?

我有一個關於中國在線業務的問題。Eason，剛才您在準備好的發言中提到到2025年，希望中國的網路銷售能進一步加速。您能否簡單介紹一下，2025年或2024年，線上銷售對你們總收入的貢獻是多少，2025年你們打算如何規劃，如何實現？

The second question is regarding the China offline business. You hope you can register a double-digit positive growth, but you mentioned the total new store number would be lower than that of 2024. Then I believe the growth rate, naturally speaking, should be lower than 2024, but I do see you may have some plan of having more IP LAND is being available.

第二個問題是關於中國線下業務的。您希望實現兩位數的正成長，但您提到新店總數將低於2024年。那麼我相信，自然而言，成長率應該低於 2024 年，但我確實看到您可能有一些計劃提供更多的 IP LAND。

The revenue contribution from IP land would be higher than normal stores. So how should I make sure you will be able to continue to have a good gross?

IP土地的收入貢獻將高於一般商店。那麼我該如何確保你能持續獲得好的收入呢？

For our online business in China, it's been divided into two parts. The first one is the traditional e-commerce business. The second one is auto business. Both businesses developing very fast in 2024. E-commerce grow by 25% to 30%, close to 50% to 60% growth. Both businesses together accounted for around 15% of the total China business.

對於我們在中國的線上業務，它分為兩個部分。第一個是傳統的電子商務業務。第二個是汽車業務。2024年兩項業務都將發展非常快速。電子商務成長25%至30%，接近50%至60%的成長。這兩項業務合計佔中國業務總量的15%左右。

Where in 2025, we believe we will continue to accelerate the business growth. The reason is because we identify new opportunities in certain categories. For example, in 2024, in the offline channel we organized the CHIIKAWA branded product, and you can see that the CHIIKAWA, the plush product, also register very good sales on the online channel. On the [plush toys], just one single category accounted for 20% to 25% of the total sales for the online channel in 2024; a significant contribution even compared with the offline channel.

我們相信，到2025年，我們將繼續加速業務成長。原因是我們在某些​​類別中發現了新的機會。例如2024年我們在線下通路整理了CHIIKAWA品牌的產品，你可以看到CHIIKAWA這個毛絨產品在線上通路的銷售也非常好。就[毛絨玩具]而言，到2024年，僅單一品類就佔到了線上通路總銷售額的20%至25%；與線下通路相比，此貢獻十分顯著。

So I think for online channel, we will continue to make our product stand out, be a highlighted product with core brand to further expand ourselves for the online channel. Where for the offline channel, the double digit growth.

因此我認為對於線上通路，我們將繼續讓我們的產品脫穎而出，成為以核心品牌為特色的亮點產品，以進一步拓展線上通路。其中線下通路達到兩位數成長。

First of all, in my prepared remarks I have already mentioned in 2024, the China business growth is indeed not easy to be achieved because in 2023, the growth used to be 36%, but still in 2024 we made a double digit growth. So still, even against the high baseline from 2023, we still registered a very good growth.

首先，我在準備好的發言中已經提到，2024年，中國業務的成長確實不容易實現，因為2023年的成長率曾經是36%，但2024年我們仍然實現了兩位數的成長。因此，即使以 2023 年的高基線來看，我們仍然實現了非常好的成長。

And we also need to make sure the competition of the stores could continue to be improved, especially on the same store sales improvement. Same store sales improvement would be the key priority we are going to go for. We do see some opportunities.

同時我們也需要確保門市的競爭力能持續提升，特別是同店銷售額的提升。同店銷售額的提高將是我們追求的首要任務。我們確實看到了一些機會。

Now, let's review in 2024 for our same store sales, you see, there are some good opportunities there. For example, we can leverage the positioning data to see that in 2024. Besides the external environment changes, there are other factors, for example, site selection or some of the retail partners, they need to further improve themselves for the shelvings, for the product quality improvement and service. And thirdly, we need to have a more refined product distribution.

現在，讓我們回顧一下 2024 年的同店銷售額，你會發現那裡有一些很好的機會。例如，我們可以利用定位資料來了解 2024 年的情況。除了外部環境的變化，還有其他的因素，例如選址或一些零售合作夥伴，需要對貨架、產品品質的提升和服務進行進一步的完善。第三，我們需要更精細的產品分銷。

Those are all rooms for improvement. We have already identified those problems. So in 2025, we surely believe we're going to have the solution to those problems of continue to improving our same store sales.

這些都是有待改進的地方。我們已經發現了這些問題。因此，我們堅信在 2025 年能夠找到解決這些問題的方法，繼續提高我們的同店銷售額。

Structurally speaking, you see, we do some nice big opportunities. Mr. Ye has already elaborated on that. For all different store signs, especially the store at the different locations, we clearly notice the higher the GFA the store has, the better the performance it would be.

從結構上講，你看，我們確實有一些很好的大機會。葉先生已經詳細闡述了這一點。對於所有不同的店面招牌，尤其是不同位置的商店，我們清楚地註意到，商店的建築面積越高，其性能就越好。

If a store covers more than 300 square meters GFA, its profit would be positive. If the store GFA is 100, 200 or less than 100, its same store sales still a negative growth number, which is truly in line with what we have been noticed in China. Because people have a statement: if you're going to run the store well, you have to open large stores. So that's the reason we believe we still have further room to improve our performance.

如果店鋪建築面積超過300平方米，其利潤就是正的。如果店鋪建築面積為100平方米、200平方米或少於100平方米，其同店銷售額仍是負增長，這與我們在中國觀察到的情況非常一致。因為人們有這樣一句話：要想把店辦好，就得開大店。這就是我們相信我們仍有進一步提升表現的空間的原因。

Okay. Thank you very much.

好的。非常感謝。

Thanks for all the investors for joining us for 2024 full year earnings call. Here comes to the end of this meeting. See you next quarter. Thank you.

感謝所有投資者參加 2024 年全年收益電話會議。本次會議到此結束。下個季度見。謝謝。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯說出的。翻譯由贊助此活動的公司提供。