MNSO (MNSO.US, 09896.HK) 2024 Annual Report: Overseas stores exceed 3000, overseas total revenue grows by 42% year-on-year.

On March 21, MNSO Group (MNSO.US, 09896.HK) released its 2024 financial report. In 2024, MNSO Group showed steady growth in overall performance, with operating indicators such as gross profit margin and number of overseas stores exceeding expectations. By continuously leading the "IP economy" towards development, MNSO effectively supported cultural innovation, led Chinese IP overseas, vividly demonstrating the responsibility of Chinese brands under the leadership of cultural confidence. The financial report shows that in 2024, MNSO Group's total revenue for the year reached 17 billion RMB, an increase of 22.8% year-on-year, with overseas revenue increasing by 42.0% year-on-year to 6.68 billion RMB. The gross profit margin was 44.9%, up 3.7 percentage points from the same period last year, reaching a historical high once again. Adjusted net profit (Non-IFRS) was 2.72 billion RMB, a year-on-year increase of 15.4%, with an adjusted net profit margin of 16.0%. Adjusted diluted earnings per share increased by 16.0% to 8.68 RMB, demonstrating strong business resilience and stable profitability. In terms of store growth, as of December 31, 2024, the group had a total of 7,780 global stores, a net increase of 1,219, with overseas stores exceeding 3,000, achieving another milestone. At the same time, MNSO announced a year-end dividend of 740 million RMB for 2024, continuing to bring rich returns to shareholders. Highlights of MNSO Group's 2024 Financial Report Brand upgrades releasing new growth momentum, opening a new era of expansion in overseas markets Through store upgrades and channel innovations to achieve counter-cyclical growth, MNSO continued to expand its global footprint and upgrade its stores. As of December 31, 2024, MNSO Group had a total of 7,780 global stores, with a net increase of 1,219 during the year. Among them, there were 4,386 domestic stores, a net increase of 460, and 3,118 overseas stores, a net increase of 631, all exceeding the 2024 opening target. Through brand strategy upgrades and channel renewal, MNSO continued to deepen its global presence, building a diverse store matrix and increasing its focus on "first release economy" to drive performance growth. Among them, MINISO LAND is the highest-level store layout launched by MNSO after the brand upgrade, and it is also a representative store with IP scenes. Starting from the second half of 2024, MINISO LAND flagship stores were opened in Tianjin, Chengdu, Beijing, and Shanghai, creating a paradise-like consumption scene for consumers and sparking waves of IP enthusiasm nationwide, achieving a series of outstanding performance. MNSO MINISO LAND flagship store In the past year, MNSO has continued to accumulate momentum for globalization, accelerating its entry into high-end business districts around the world, with multiple super stores opening overseas, further consolidating its competitiveness in the global retail market. From becoming the first Chinese brand to enter Avenue des Champs-lyses in Paris, to opening the world's largest store with 3,000 square meters in Central Park, Jakarta, Indonesia, MNSO has expanded its super stores globally, becoming another benchmark for Chinese brands to go global. In addition, in the European and American markets, MNSO has made strategic breakthroughs. The U.S. market has become a strategic high ground for its overseas business with triple-digit high-speed compound growth from 2021 to 2024. In 2024, 154 new stores were added in the U.S., with a total of 275 stores covering 47 states. At the same time, in 2024, the total number of MNSO stores in the UK increased by 60%, and same-store sales also increased significantly by 30%. By opening flagship stores in core commercial areas such as Oxford Street in London, MNSO has created multiple high-energy stores with monthly sales exceeding 2 million. Thanks to this, in 2024, MNSO Group's overseas revenue reached 6.68 billion RMB, achieving a remarkable 42% year-on-year growth and contributing nearly 40% of the group's revenue. Continuously leading global interest consumption, assisting in the development of Chinese cultural innovation Throughout 2024, MNSO has created landmark IP events such as the chiikawa collaboration debut, Harry Potter global flash mobs, and exclusive offline releases of official merchandising products for Black Myth: Wukong, continuously leading the global trend of interest consumption and moving towards the goal of becoming the "world's number one IP design retail group." In promoting the globalization of Chinese cultural IPs, MNSO officially announced that it would be the exclusive offline sales channel for official merchandise of Black Myth: Wukong. The first release products were launched in five cities including Beijing, Shanghai, Guangzhou, Hangzhou, and Chengdu, and a joint theme store for MNSO and "Black Myth: Wukong" was opened at MINISO LAND in Beijing. This collaboration is not only a win-win in terms of commercial value, but also a vivid embodiment of Chinese cultural confidence. As a key project of MNSO's "leading 100 Chinese IPs to go global" plan, Black Myth: Wukong's official merchandise will be available in MNSO overseas stores in the future, further promoting Chinese cultural IPs on the world stage. In addition, seizing the opportunity presented by the global box office and critical success of "Ne Zha: Birth of the Demon Child," MNSO simultaneously launched IP derivative products and supported China Film Co., Ltd. through initiatives such as organizing global employee screenings and distributing tens of thousands of movie tickets for free, helping to promote the development of original Chinese IPs. From "Black Myth: Wukong" to "Ne Zha: Birth of the Demon Child," MNSO, relying on its global channel network and strong product innovation capabilities, continues to empower Chinese cultural IPs to go global, pushing Chinese cultural innovation to new heights. TOP TOY accelerates overseas expansion, creating a product powerhouse with frequent hits Through accurate insights into the trend of toy consumption and refined operations, and continuous breakthroughs in product competitiveness, operational efficiency, and store expansion capabilities, TOP TOY delivered an outstanding performance in 2024: total annual revenue of 980 million RMB, a year-on-year increase of 45%, and achieved profitability for the year. The number of stores increased by 128 to reach 276, making it a leader in innovation and development in the domestic toy industry.Benchmarking growth.In 2024, TOP TOY focuses on connecting consumers with popular IPs and has launched a series of exclusive products, with the most representative being the plush toy category. Since its launch in August 2024, TOP TOY's plush toy category has sold approximately 1.3 million units, generating sales of around 100 million yuan. The Sanrio family plush blind box series has seen both high sales and word-of-mouth praise, becoming a true bestseller. Thanks to the effective implementation of product differentiation strategies and continual enhancement of product competitiveness, the gross profit margins of core categories such as building blocks and blind boxes have significantly improved, leading to a 7.3 percentage point increase in overall gross profit margins. In 2024, TOP TOY also embarked on a new journey in the overseas market. To deepen the culture of trendy toys and enhance the brand's global influence, TOP TOY, with profound insights into the overseas market, seized Southeast Asia as a strategic breakthrough and swiftly entered high-potential markets. Currently, TOP TOY has successfully entered high-end shopping malls in countries such as Thailand, Indonesia, and Malaysia, sparking a trendy toy craze in these regions. With enthusiastic acclaim from overseas consumers, store sales performance far exceeded expectations, further cementing TOP TOY's leading position in the global trendy toy market. TOP TOY will continue to focus on product innovation and channel breakthroughs, and will write a new chapter in the globalization of trendy toys in China. Malaysia Pavilion Bukit Jalil In 2024, MNSO achieved outstanding results in the field of sustainable development, with its MSCI ESG rating rising for the third consecutive year to reach an AA rating, reflecting international recognition of MNSO's long-term investment value and competitiveness in sustainable development. It is reported that MNSO's 2024 ESG report is set to be released, showcasing the company's long-term strategic development and achievements in sustainable development comprehensively. MNSO's impressive performance in 2024 is not only a commercial breakthrough but also a vivid practice of Chinese brand globalization and cultural confidence. Using IPs as the link, MNSO combines Chinese cultural innovation with global trends, leveraging interest-driven consumption and building emotional resonance across borders. Ye Guofu, Chairman and CEO of MNSO Group, stated that MNSO's goal is to become the world's leading IP design retail group. Consumer demands are shifting towards interest-based and quality-based consumption, with China's supply chain and consumer market advantages being evident. MNSO will seize opportunities and continue to focus on IP collaborations, product innovation, and consumer experience to secure a more prominent position in the global retail market.