The following is a summary of the MINISO Group Holding Limited (MNSO) CYQ2 2024 Earnings Call Transcript:

Financial Performance:

• MINISO reported a robust revenue increase of 25% to RMB7.76 billion for the first half of 2024.

• Gross profit margin improved significantly from 39.6% in the previous year to 43.7%.

• Adjusted net profit for the first half of 2024 rose by 80% year-over-year, outpacing revenue growth, which stood at 25% year-over-year.

• Operating profit saw an 18% increase compared to the previous year.

Business Progress:

• Achieved a milestone of 7,000 stores globally, with 502 net new units added in the first half of 2024.

• Expanded direct operation market overseas, notably in the U.S., with store counts doubling and maintaining double-digit same-store sales growth.

• Focused on strategic IP categories and localizing operations to adapt to regional markets.

• Launched new IP pop-up stores providing unique shopping experiences and new formats for product delivery.

• Committed to the 'Superstore' strategy with global flagship stores, enhancing brand visibility and consumer engagement.

Opportunities:

• Steady expansion in overseas markets, especially with successful entry and development in the U.S. and European markets.

• Leveraging innovative IP strategies, which have significantly contributed to sales, particularly in overseas markets where IP products make up around 50% of sales.

Risks:

• Potential fluctuations in same-store sales growth, especially in overseas markets due to market volatility and the early stages of localization and adaptation strategies.

• Increasing operational costs linked to rapid overseas expansion, particularly related to distribution and logistics.

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