Relying on the consumption downgrade of foreign nationals, MNSO achieved multiple performance records in the Q4 of the 2023 fiscal year | Earnings Report

In addition to Pinduoduo Temu and Shein, the "10 yuan store", which is backed by China's strong supply chain, has also won the favor of a large number of inflation-plagued foreign friends in the process of going out to sea, ravaged record revenue and profits. On the evening of Tuesday, August 22, after the Hong Kong stock market, before the U.S. stock market, Mingchuang Youpin released FY23 fourth-quarter and full-year financial results as of June 30. The financial report shows that Mingchuang Youpin's revenue this quarter was 3.25 billion yuan, a year-on-year increase of 40%, higher than market expectations of 3.172 billion yuan, and for the first time since its listing, its revenue exceeded 3 billion yuan; this quarter's adjusted net profit also reached 0.57 billion yuan, achieving a year-on-year growth of 156%, a record high, and the net profit margin after the whole also made a historic breakthrough, reaching 17.6%; gross profit reached nearly 1.3 billion yuan for the first time, 0.5pct higher than the previous quarter. For the full year, the adjusted net profit of Mingchuang Youpin increased by 155 to 1.845 billion yuan in this fiscal year. In addition, the company said it would pay not less than 50% of the adjusted net profit for the whole year as a dividend. For fiscal year 2023, the board of directors approved a final cash dividend of $0.412 per American depositary share, which is approximately 50% of the adjusted earnings of $0.81 per American depositary share. The total cash payment is expected to be approximately $0.1285 billion or RMB 0.9317 billion.! As of press time, Mingchuang Premium U.S. stocks surged nearly 7% before trading.! As the post-epidemic economic recovery recovers, the number of stores with famous premium products is expanding at the same time. As of June 30, 2023, the number of famous stores was 5791, up 592 year-on-year and 277 month-on-month. Among them, * * the number of stores in China was 3604, up 378 year on year. The number of stores located overseas was 2187, up 214 * *.! By region, China's revenue in the fourth quarter was 2.137 billion yuan, up 39.4 percent from the same period last year. Mingchuang Youpin said that this growth was mainly due to the increase in the number of stores, and the average single-store revenue increased by about 30.8 percent year-on-year. In the entire Chinese market, the revenue of Mingchuang Youpin's offline stores increased by about 42.3 percent year-on-year. Overseas market revenue was 1.115 billion yuan, up 42% year on year. The company said the average number of overseas stores increased 11.0 percent year-on-year in the fourth quarter, average single-store revenue increased 27.9 percent year-on-year, and revenue from overseas markets contributed 34.3 percent of total revenue in the fourth quarter, compared with 33.9 percent in the same period in 2022 and 27.1 percent in the previous quarter. Regarding the reasons for the higher-than-expected growth in this quarter's performance, Zhang Jingjing, chief financial officer and vice president of Mingchuangyoupin, said:> "This is mainly due to the 85% year-on-year increase in overseas direct market revenue. The overall revenue of the company's overseas business in this quarter was high in the same period last year. Above the base, it increased by 42% year-on-year, reaching RMB 1.11 billion, exceeding our previous most optimistic expectations, it also set a new record for the 6.30 quarter of overseas business.>> with the release of operating leverage in the direct market, the profitability of overseas business has improved significantly. The overseas market contributed more than 40% of the company's operating profit in this quarter, which is a great improvement from about 25% in the previous quarter. The gross profit margin of the direct market has increased significantly, especially in the direct market represented by the United States. With the rapid growth of revenue and the continuous optimization of store models, the proportion of profitable stores in the United States in June was nearly 90%, which led to a substantial increase in the operating profit margin of overseas direct markets."