The performance of Dolphin Research's domestic and international operations has been impressive, and Miniso successfully &#34;closes&#34; the 2023 fiscal year.
After the Hong Kong stock market closed on September 15th, Miniso Group released its 2023 fiscal year report, which covers the period ending on June 30th, 2023.
The report shows that in the 2023 fiscal year, Miniso achieved sales revenue of 11.473 billion yuan, a year-on-year increase of 13.8%, reaching a new high. Among them, overseas market sales revenue reached 3.822 billion yuan, accounting for 44.7%. The net profit attributable to the parent company was 1.769 billion yuan, a significant year-on-year increase of 177.2%. The adjusted net profit was 1.845 billion yuan, a year-on-year increase of 155.3%. The basic earnings per share (EPS) was 1.47 yuan, a year-on-year increase of 145%.
While achieving sales revenue growth, Miniso's gross profit level has also improved. In the 2023 fiscal year, the gross profit was 4.443 billion yuan, a year-on-year increase of 44.7%, with a gross profit margin of 38.7%, an increase of 2.5 percentage points compared to the previous year.
Miniso stated that the increase in gross profit margin is mainly attributed to the company's implementation of brand upgrade strategies, cost reduction measures, and a shift in product mix towards more profitable products.
In addition, Miniso announced that it will pay a cash dividend of approximately $1.29 per ADS or $0.103 per ordinary share on September 19, 2023, representing 50% of the adjusted net profit of the company. The ex-dividend date is September 6th.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b1f227e2-1257-49e0-aeb4-41dc99308776.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Miniso Report" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b1f227e2-1257-49e0-aeb4-41dc99308776.png"/>
Specifically, Miniso's performance in overseas and Chinese markets in the 2023 fiscal year is remarkable.
During the reporting period, the total number of Miniso stores in China and overseas markets increased from 5,199 to 5,791, with a net increase of 592 stores. The total GMV generated was approximately 21.4 billion yuan.
Among them, as of June 30, 2023, there were a total of 2,187 Miniso stores in overseas markets, a year-on-year increase of 10.8%. The number of directly operated stores increased by 33% to 176, and the number of franchised stores increased by 7.8% to 1,759. The overall GMV of overseas stores reached 9.072 billion yuan, a year-on-year increase of 40%.
During the reporting period, there were a total of 3,604 Miniso stores in the Chinese market, a year-on-year increase of 11.7%. The number of directly operated stores was 15, and the number of partner stores was 3,569, both showing an 11.7% increase. The total GMV of Miniso stores in the Chinese market was 10.671 billion yuan, a year-on-year increase of 2.6%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/903265d8-5c1b-42e5-8403-778e8142cff5.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Miniso China Market" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/903265d8-5c1b-42e5-8403-778e8142cff5.png"/>
TOP TOY, another brand incubated by MINISO, has shown good development. During the reporting period, the number of stores reached 118, a YoY growth of 21.6%, with a total GMV of 606 million yuan, a YoY growth of 16.8%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b2f9a398-b5c1-44ae-b545-6b78c54534ca.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b2f9a398-b5c1-44ae-b545-6b78c54534ca.png"/>
In terms of products, as of June 30, 2023, MINISO's products cover 11 major categories, with an average of about 530 SKUs launched per month. The core SKU is about 9,700, most of which belong to the &#34;MINISO&#34; brand. TOP TOY brand offers about 7,000 SKUs, covering 8 major categories, including blind boxes, building blocks, figurines, assembly models, dolls, and other trendy toys.
MINISO stated that it will continue to increase trendy IP authorizations, enrich product categories, and meet the demand of young consumers for innovative products. During the reporting period, it has established brand collaborations with 80 IP licensors.
Looking ahead to the fiscal year 2024, in the face of uncertainties brought by the macro environment, MINISO stated that it will focus on the group's long-term strategic goals, firmly promote globalization, strengthen product strength, and further optimize the store network.
<blockquote>
In the future, we hope to achieve business growth through the following strategies:
We will participate in global competition from the perspectives of cost leadership and product differentiation. While always adhering to the cost-effective basic market, we will continuously produce high-quality IP works with IP design as a feature, making daily necessities more fashionable and trendy.
At the same time, we will actively explore the &#34;super store&#34; strategy to establish a strong brand image in the minds of consumers through &#34;super stores&#34;, and focus on &#34;beauty and cosmetics&#34;, &#34;toys&#34;, and &#34;IP&#34; to create super categories, further exploring the potential for increasing average store sales.
In China, we will seize the opportunities in lower-tier cities, attract more new MINISO partners, expand and upgrade our store network, and further penetrate major cities in China that we have already covered.
As for overseas markets, we will adapt to local conditions and adopt different operating models in each market, further expand the store network, and continue to deepen strategic markets such as North America, Asia, and Europe.
</blockquote>
In addition, MINISO made the following disclosures regarding recent operating conditions outside the reporting period:
<blockquote>
July 2023: The average store GMV of MINISO increased by about 14%, driving a YoY growth of over 25% in offline store GMV in China. The overseas business GMV of MINISO grew by about 50% YoY.
August 2023: The offline store GMV of MINISO in China increased by about 45% YoY, attributed to an average store GMV growth of about 25% and an average store count growth of about 15%. The overseas business GMV of MINISO grew by over 45% YoY.
The stock of Miniso, a popular brand, opened with a plunge in the US market, currently down 2.5%.
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<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fc366ca4-fdea-4b89-9f82-42df4df0b0c6.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Miniso Stock Plunge" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fc366ca4-fdea-4b89-9f82-42df4df0b0c6.png"/>

MNSO

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Gross profit continued to improve, with a YoY growth of 44.7%. The gross profit margin was 38.7%, an increase of 2.5 percentage points compared to the previous year.

Overseas business continues to grow, MINISO's net profit for the fiscal year 2023 increased by 177.2% | Earnings Report