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    Samuel Wang

    Vice President and Equity Research Analyst at UBS Group AG

    Samuel Wang is a Vice President and Equity Research Analyst at UBS Group AG, specializing in coverage of the technology and internet sectors, with a focus on companies such as Alphabet, Amazon, Meta Platforms, and Microsoft. He has established himself as a high-performing analyst, posting investment calls with a success rate above 65% on leading platforms, and has generated strong average annualized returns for clients. Wang began his career in equity research in the late 2010s, previously serving in analyst roles at firms including Morgan Stanley before joining UBS in 2021. He holds the FINRA Series 7 and Series 63 licenses and has been recognized for his insightful research and industry expertise.

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

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

    Question

    Samuel Wang of UBS asked about new IP plans for 2025, progress on collaborations with major partners like Sanrio and Disney, and the status of the company's retail partner integration and reform program.

    Answer

    Executive Guofu Ye announced plans for over 90 IP events in 2025, including major projects for key holidays. He confirmed strong progress with partners, citing a successful Winnie-The-Pooh launch in the U.S. Regarding retail partners, he described an ongoing optimization strategy to support high-performers and phase out others, clarifying it's a continuous process to improve brand presence rather than a project with a fixed end date.

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    Samuel Wang's questions to MINISO Group Holding (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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