Miniso, 2024 Annual Report: Overseas stores exceed 3,000, with total overseas revenue increasing by 42% year-on-year

According to Zhitong Finance APP, on March 21, Miniso Group (MNSO.US, 09896.HK) announced its financial report for 2024. In 2024, Miniso Group achieved steady growth in overall performance, with gross margin, number of overseas stores, and several other operational indicators exceeding expectations. By continuously leading the upward development of the "IP economy," Miniso effectively supports cultural innovation and leads Chinese IP to go global, vividly interpreting the responsibility of Chinese brands under the guidance of cultural confidence.

The financial report shows that in 2024, Miniso Group's total revenue reached 17 billion yuan, a year-on-year increase of 22.8%, with overseas revenue growing by 42.0% year-on-year to 6.68 billion yuan. The gross margin was 44.9%, an increase of 3.7 percentage points compared to the same period last year, setting a new historical high. Adjusted net profit (Non-IFRS) was 2.72 billion yuan, a year-on-year increase of 15.4%, with an adjusted net profit margin of 16.0% and adjusted diluted earnings per share increasing by 16.0% year-on-year to 8.68 yuan, demonstrating strong business resilience and robust profitability. In terms of store growth, as of December 31, 2024, the group had a total of 7,780 stores worldwide, a net increase of 1,219 stores, with the number of overseas stores exceeding 3,000, achieving another milestone. At the same time, Miniso announced a distribution of a year-end dividend of 740 million yuan for 2024, continuously providing substantial returns to shareholders.

Highlights of Miniso Group's 2024 financial report

Brand upgrade releases new growth momentum, overseas market opens a new era of expansion

Achieving counter-cyclical growth through store format upgrades and channel innovation, Miniso continues to promote the expansion of its global footprint and store upgrades. As of December 31, 2024, Miniso Group had a total of 7,780 stores worldwide, with a net increase of 1,219 stores. Among them, there were 4,386 domestic stores, with a net increase of 460 stores, and 3,118 overseas stores, with a net increase of 631 stores, all exceeding the store opening targets set at the beginning of 2024.

Through brand strategy upgrades and channel revitalization, Miniso continues to deepen its global layout, building a diverse store format matrix and enhancing the "first launch economy," driving performance growth through innovation. Among them, MINISO LAND is the highest-level store format launched after the brand upgrade, representing the IP scenario-based store type. Starting in the second half of 2024, the Tianjin MINISO LAND No. 1 store, Chengdu MINISO LAND No. 1 store, Beijing MINISO LAND No. 1 store, and the first global MINISO LAND No. 1 store located in Shanghai opened, creating a paradise-like consumption scene for consumers and sparking waves of IP enthusiasm across the country, achieving a series of impressive results.

![image.png](https://img.zhitongcaijing.com/image/20250321/1742547767303069.png? MINISO LAND Global Flagship Store

In the past year, Miniso has continued to accumulate global momentum by accelerating its entry into high-end commercial districts around the world, with overseas superstores blooming in multiple locations, further consolidating its competitiveness in the global retail market through channel breakthroughs. From becoming the first Chinese brand to settle on the Champs-Élysées in Paris to opening the world's largest store of 3,000 square meters in Central Park, Jakarta, Miniso has achieved global expansion of superstores, becoming another benchmark for Chinese brand globalization.

Additionally, in the European and American markets, Miniso has made strategic breakthroughs. The U.S. market has seen hyper-speed compound growth in triple digits from 2021 to 2024, becoming a strategic high ground for its overseas business. In 2024, 154 new stores will be added in the U.S., bringing the total number of stores to 275, covering 47 states. Meanwhile, in the UK market, the total number of Miniso stores is expected to grow by 60% year-on-year in 2024, with same-store sales also significantly increasing by 30%. Flagship stores have been opened in key commercial areas in the UK, such as Oxford Street in London, creating several high-potential stores with monthly sales exceeding 2 million. As a result, in 2024, Miniso Group's overseas business revenue reached 6.68 billion yuan, achieving a remarkable year-on-year growth of 42%, contributing nearly 40% of the group's revenue.

Continuously Leading Global Interest Consumption, Supporting the Innovative Development of Chinese Culture

Throughout 2024, Miniso has launched iconic IP events such as the debut of the chiikawa collaboration, the global pop-up of Harry Potter, and the exclusive offline launch of Black Myth official derivatives, continuously leading the global wave of interest consumption and making strides toward becoming "the world's number one IP design retail group."

In promoting the globalization of Chinese cultural IP, Miniso has officially announced its role as the exclusive global offline sales channel for Black Myth official derivatives. The debut products will first land in stores in five cities: Beijing, Shanghai, Guangzhou, Hangzhou, and Chengdu, while a joint themed store of Miniso and "Black Myth: Wukong" will be opened in Beijing MINISO LAND. This collaboration not only represents a win-win in commercial value but also vividly reflects the confidence in Chinese culture. As a key project in Miniso's "Plan to Take 100 Chinese IPs Overseas," the Black Myth official derivatives will eventually land in Miniso's overseas stores, further supporting the global presence of Chinese cultural IP.

Miniso × "Black Myth: Wukong" Joint Themed Store

Furthermore, seizing the opportunity of the global box office and critical acclaim explosion of "Ne Zha," Miniso has simultaneously launched IP derivatives and supported Chinese films by organizing global employee screenings and distributing tens of thousands of movie tickets for free. From "Black Myth: Wukong" to "Ne Zha," Miniso continues to empower the overseas expansion of Chinese cultural IP, leveraging its global channel network and strong product innovation capabilities Promoting the innovation of Chinese culture to new heights.

TOP TOY accelerates overseas expansion, frequently launching popular products to create a strong product capability

Through precise insights into the trendy toy consumption trends and refined operations, relying on continuous breakthroughs in product competitiveness, operational efficiency, and store expansion capabilities, TOP TOY delivered an impressive performance in 2024: annual total revenue of 980 million yuan, a year-on-year increase of 45%, and achieved profitability for the entire year. The number of stores increased by 128 to reach 276, becoming a benchmark for innovation and growth in the domestic trendy toy industry.

In 2024, TOP TOY focused on connecting consumers with popular IPs, launching a series of exclusive products, among which the most representative is the PVC plush category. Since its launch in August 2024, TOP TOY's PVC plush category has accumulated sales of approximately 1.3 million units, with sales revenue of about 100 million yuan. The Sanrio family PVC plush blind box series has achieved high sales and reputation, truly becoming a hit product. Thanks to the effective implementation of product differentiation strategies and the continuous enhancement of product competitiveness, the gross profit margins of core categories such as building blocks and blind boxes have significantly improved, driving an overall gross profit margin increase of 7.3 percentage points.

In 2024, TOP TOY also embarked on a new journey in overseas markets. To deepen trendy toy culture and enhance brand global influence, TOP TOY leveraged its profound insights into overseas markets, using Southeast Asia as a strategic breakthrough point to quickly enter 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 locally. With enthusiastic support from overseas consumers, sales performance in various stores far exceeded expectations, further consolidating TOP TOY's leading position in the global trendy toy market.

TOP TOY will continue to focus on product innovation and channel breakthroughs, writing a new chapter for Chinese trendy toys going global.

Pavilion Bukit Jalil, Malaysia

In 2024, Miniso achieved remarkable results in the field of sustainable development, with its MSCI ESG rating rising for three consecutive years, reaching an AA rating in the latest assessment, fully reflecting the recognition of Miniso's long-term investment value and competitiveness in sustainable development by international authoritative institutions. It is reported that Miniso's 2024 ESG report will be released soon, which will comprehensively showcase the company's long-term strategy and achievements in sustainable development.

Miniso's impressive performance in 2024 is not only a breakthrough in business but also a vivid practice of the globalization of Chinese brands and cultural confidence. Using IP as a link, Miniso deeply integrates Chinese cultural innovation with global trends, tapping into interest-based consumption and building emotional resonance across borders. Ye Guofu, Chairman and CEO of Miniso Group, stated that in the future, Miniso's goal is to become the world's number one IP design retail group. Consumer demand is shifting towards interest-based and quality consumption, with clear advantages in China's supply chain and consumer market Miniso will seize opportunities and continue to focus on IP collaborations, product innovation, and consumer experience, aiming to occupy a more important position in the global retail market