MINISO Group Holding Limited (NYSE:MNSO) CYQ2 2024 Earnings Conference Call August 30, 2024 5:00 AM ET

Company Participants

Jack Ye - Founder & Chief Executive Officer
Eason Zhang - Chief Financial Officer

Conference Call Participants

Lucy Yu - Bank of America Merrill Lynch
Michelle Cheng - Goldman Sachs

Operator

Ladies and gentlemen, thank you for standing by, and welcome to MINISO's Earnings Conference Call for the First Half of 2024. At this time, all participants are in a listen-only mode. After the management's prepared remarks, we will conduct a question-and-answer section. [Operator Instructions] And be kindly noted that this event is being recorded.

We have announced our June quarter and interim financial results earlier today. An earnings release is now available on our Investor Relations website at ir.miniso.com.

Joining us today are our Founder and CEO, Mr. Jack Ye, and our CFO, Mr. Eason Zhang.

Before we continue, I would like to refer you to the safe harbor statement in our earnings press release, which also applies to this call as we will be making forward-looking statements.

Please also note that we will discuss non-IFRS financial measures today, which we have explained and reconciled to the most comparable measures reported under the International Financial Reporting Standard in the company's earnings press release and filings with the US SEC and Hong Kong Stock Exchange.

The currency unit is Chinese yuan, unlike that advice stated.

In addition, we have prepared a PowerPoint presentation for today's call, which contains financial and operational information. If you are using Zoom meetings, you should be seeing it right now. You can also revisit it on our IR website later.

Now, I'd like to hand over the conference over to Mr. Ye. And Ms. Allis Chen from MINISO IR team will translate for Mr. Ye. Please go ahead, sir.

Jack Ye

[Foreign Language]

[Interpreted] Hello, everyone. Welcome to MINISO Group's earnings conference call for the first half of 2024. During the reporting period, our global market footprints continued to expand. We achieved a milestone of 7,000 stores globally, which is less than a year since we surpassed 6,000 stores.

[Foreign Language]

[Interpreted] In the first half of 2024, the group's net -- store network have seen 502 net new units with both MINISO overseas and TOP TOY experiencing their fastest store openings period in history, adding 266 and 47 new units on a net basis on the first half of the year, respectively. These two business segments also making double-digit growth in same-store sales, continuing to [be robust boost] (ph) and act as growth engines in the world -- in the group. MINISO mainland China achieved steady growth by adding 189 net new stores, including a best-in-class same-store sales performance of 98.3% of previous year's level. As a result, the group's revenue for the first half increased by 25% to RMB7.76 billion, including a 7% same-store sales growth and a 90% growth in average store count.