Jinwu Financial News | Mingchuang Premium (09896) announced unaudited financial results for the three and nine months ended September 30, 2024. In the third quarter, the profit attributable to equity shareholders of the company was 0.642 billion yuan (RMB, same below), an increase of 4.76% over the previous year; the basic profit per share was 0.52 yuan. The Group's revenue during the period was 4.523 billion yuan, up 19.29% year over year.
In the first three quarters, the profit attributable to equity shareholders of the company was 1.812 billion yuan, an increase of 12.02% over the previous year; the basic profit per share was 1.46 yuan. The Group's revenue during the period was 12.281 billion yuan, up 22.84% year on year, mainly due to an 18.5% year-on-year increase in the average number of stores at the group level and a low single-digit increase in same-store sales.
Specifically, revenue from mainland China increased by 14.0% to RMB 7.738 billion (1.103 billion US dollars) in the first three quarters, of which (i) revenue from Mingchuang Premium's offline stores in mainland China increased 11.8%, mainly due to a 14.7% year-on-year increase in the number of units sold at the same store, and (ii) revenue from TOPTOY increased by 42.5% due to the increase in the number of units in same-store sales and the rapid increase in the average number of stores.
Revenue from overseas markets increased by 41.5% in the first three quarters to RMB 4.543 billion (US$0.647 billion). The year-on-year increase was mainly due to a 22.5% increase in the average number of stores and a high number of units in same-store sales. In the first nine months of 2024, revenue from overseas markets accounted for 37.0% of the company's total revenue, compared to 32.1% for the same period in 2023.
Thanks to the increase in overseas revenue contributions and the MINISO brand upgrade, the company's gross margin reached 44.1% in the first nine months of 2024, an increase of 3.7 percentage points over the same period last year. Overseas revenue contribution increased from 32% last year to 37% this year. With the effective implementation of the IP strategy, gross margins of all business segments have improved. In particular, the gross margins of MINISO overseas and TOPTOY have increased by a medium to high single digit.