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He Yin

Research Analyst at JPMorgan Chase & Co.

He Yin is an Executive Director and Equity Research Analyst at JPMorgan Chase & Co., focusing on China's internet and media sectors. He covers prominent companies including Alibaba, Tencent, and Meituan, and has built a notable track record for actionable sector insights and investment recommendations, earning recognition among buy-side investors. Since joining JPMorgan in 2014, He Yin has leveraged prior experience in financial analysis and consulting to contribute to industry-leading research on fast-evolving Chinese technology markets. He holds professional finance credentials and regulatory certifications relevant to equity research.

He Yin's questions to MINISO Group Holding (MNSO) leadership

Question · Q1 2024

He Yin of JPMorgan Chase & Co. requested a walkthrough of key assumptions for U.S. market profitability and margin drivers, an explanation for China's gross margin improvement despite flat IP mix and pricing, and the reason for the decline in licensing fees during the quarter.

Answer

Executive Eason Zhang explained that while detailed U.S. financials are not disclosed, the 30-40% SSSG was driven by both traffic and average order value, and there is significant room for logistics cost improvement. He attributed China's gross margin increase to product mix optimization, with high-margin categories like blind boxes growing over 100%. Zhang clarified that the Q1 decline in IP license fees was a result of accounting cut-off timing and is not indicative of a long-term trend.

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