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    Samuel Wang • UBS Group AG

    Samuel Wang's questions to MINISO Group Holding Ltd (MNSO) leadership

    Samuel Wang's questions to MINISO Group Holding Ltd (MNSO) leadership • Q1 2025

    Question

    Samuel Wang from UBS asked about the recent same-store performance trends in overseas markets, particularly the U.S., and inquired about MINISO's differentiated IP strategy in an increasingly competitive market, including plans for in-house IP development.

    Answer

    An executive explained that the Q1 overseas same-store sales were against a high base from the prior year (+21%) and that growth remains strong on a two-year compounded basis, with turnarounds seen in the U.S. and Mexico in April. The U.S. strategy focuses on channel optimization and localized merchandise. On IP, the executive highlighted a three-pronged approach: leveraging scale to secure scarce top-tier IPs, utilizing its strong IP-to-product conversion capability, and developing in-house IPs, noting a new one is projected to generate RMB 400-500 million in sales.

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    Samuel Wang's questions to MINISO Group Holding Ltd (MNSO) leadership • Q1 2024

    Question

    Samuel Wang from UBS Group AG asked about the TOP TOY business, seeking to understand the factors behind management's belief that it has reached a turning point and the key drivers for its Q1 same-store sales growth.

    Answer

    Executive Eason Zhang detailed that TOP TOY's turning point is due to a more rational competitive landscape and increased bargaining power with suppliers and landlords. He confirmed TOP TOY has been profitable for two consecutive quarters, driven by an 8-percentage-point improvement in gross margin and a lower OpEx ratio. Zhang added that profitability is improving across both proprietary and third-party products due to the brand's growing scale.

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