MNSO Q3 FY25

1. Operating Income Growth: Miniso (MNSO) achieved an operating income of US$4.523 billion in September 2024, a 19.62% increase from US$3.791 billion in the same period of 2023. This growth reflects the company's positive performance in sales and market expansion.

2. Demand and Product Expansion: The growth is mainly attributed to the rise in market demand, the launch of new products, the expansion of stores, and effective marketing strategies, which collectively drive the company's operating income growth.

3. Store Expansion: As of Q3 2024, Miniso's store count reached 7,186, an increase of 773 from the beginning of the year, with 4,250 stores in China, an increase of 324 from the beginning of the year.

## Industry Comparison

1. Overall Industry Analysis: In the current retail industry, particularly in the fast-moving consumer goods sector, overall market demand is gradually recovering, and consumer confidence is rising, driving sales growth for multiple brands. Miniso's operating income growth rate is higher than the industry average, demonstrating its competitive advantage.

2. Peer Comparison Analysis: Miniso's operating income growth is significant, indicating its market performance is better than some competitors. The company has successfully attracted more customers through optimizing product mix and enhancing customer experience, increasing its market share.

## Conclusion

Miniso's operating income growth is remarkable, reflecting its positive strategies in market demand, product innovation, and store expansion. Compared to peers, Miniso not only maintains a good growth rate but also occupies a strong advantage in brand influence and market share. Overall, Miniso's performance in the retail industry is noteworthy.

## Opportunities

1. New Product Development: Miniso plans to launch its self-developed millet products and related products, focusing on the two-dimensional culture, which is expected to attract young consumers and further drive sales growth.

2. Store Expansion Strategy: Continuing to expand store numbers, especially in first-tier and super-tier cities, can further enhance market coverage and brand awareness.

3. Marketing Strategy Innovation: New IP strategies and cultural innovation plans can help enhance brand power, especially in overseas markets, which may bring higher gross margins.

## Risks

1. Intensified Competition: Retail industry competition is becoming increasingly fierce, and other brands may compete for market share through price cuts or service upgrades. Miniso needs to maintain price competitiveness.

2. Changing Consumer Preferences: Consumer preferences for experiential consumption are rising. If Miniso fails to adjust its market strategy in time, it may lose some customers.

3. Global Economic Uncertainty: Fluctuations in the global economic environment may affect consumer purchasing power, especially in overseas markets. Miniso needs to closely monitor economic dynamics to respond to potential risks.

Through the above analysis, Miniso still faces multiple opportunities in its future market performance, but it also needs to be vigilant about potential industry risks to ensure sustainable development.