Lucy Yu's questions to MINISO Group Holding Ltd (MNSO) leadership • FY 2024
Question
Lucy Yu from Bank of America inquired about the online business in China, including its 2024 revenue contribution and 2025 growth plans. She also asked how the company plans to achieve double-digit offline growth with fewer new store openings.
Answer
Executive Eason Zhang reported that online channels contributed about 15% of China's 2024 revenue and are expected to accelerate, driven by hit IP products. He explained that the key to offline growth is improving same-store sales, not just store count. The strategy involves focusing on larger store formats (>300 sqm), which are performing well, and optimizing site selection and product distribution to lift performance.