08 Jan 2025
Miniso’s 9MFY24 revenue reported at Rmb12.3bn, up 22.8%, driven by i) an 18.5% YoY increase in avg. store count; and ii) LSD SSSG growth. GPM was at 44.1%, up 3.7ppt YoY, mainly due to i) higher revenue contribution from higher GPM overseas market (9M24: 19.9% of total revenue; 9M23: 14.9%), and ii) improved GPM of TOP TOY brand amid product mix change towards higher margin products. S&D expenses (9M24 S&D ratio: 20.5%) were up by 61.6% YoY as more directly operated stores (“DOS”) was setup in both mainland China (+18 stores YoY) and overseas (+184 stores YoY) during the period, with revenue from DOS up 104% YoY in 9M24 and DOS related expenses up 75% YoY. G&A expenses were up by 33.6% YoY, yet excluding share-based compensation costs, adj. G&A up by 28.1% YoY. As a result, excluding equity-settled share-based payment, adj NP was up by 13.7% YoY to Rmb1.93bn, with adj. NPM down 1.3ppt YoY to 15.7%.