Miniso submitted the prospectus in Hong Kong: the global stores have exceeded 5000, 2021 GMV about 18 billion

2022-07-14 0 By

“The world’s largest private label lifestyle general retailer.”Miniso officially submitted its prospectus to the Hong Kong Stock Exchange on March 31 for a dual primary listing in Hong Kong, with Bank of America, Haitong International and UBS as co-sponsors.Miniso, founded in 2013, now owns two brands: minISO and TOP TOY.The first MISO store was opened in Guangzhou in 2013, and as of December 31, 2021, MISO has more than 5,000 mISO stores worldwide, including 3,100 stores in 330 cities in China and 1,900 stores in 100 countries and regions overseas.According to the Frost Sullivan Report, as of December 31, 2021, the store network was the largest retail network for lifestyle products by country and region;In 2021, GMV products sold through Miniso store network totaled about 18 billion yuan ($2.8 billion), making miniso the world’s largest private brand lifestyle integrated retailer.It is worth noting that in terms of domestic store distribution, as of December 31, 2021, about 41% of Miniso stores in China were located in third-tier or lower tier cities, and 70% of new miniso stores opened in China in 2021 were located in third-tier or lower tier cities.Then, in order to capture the potential of the trendy TOY market, Miniso launched the “TOP TOY” brand in December 2020.As of December 31, 2021, Miniso has a total of 89 TOP TOY stores, ranking third among the participants in China’s trendy TOY market with branded offline stores as the main source of GMV.MINISO stated in its prospectus that it firmly believes that the TOP TOY brand and MINISO brand are highly complementary, catering to a wider range of consumers with a wider product price range and higher average customer unit prices to build the world’s largest and most comprehensive platform for trendy toys.In terms of product mix, the product launches under the “Minicuopin” brand are dominated by the “711 concept”, which introduces about 100 new SKUs every seven days, carefully selected from 10,000 large product ideas.Miniso launched an average of about 550 SKUs per month for the fiscal year ended June 30, 2021;Compared to Miniso products, TOP TOY’s products use IP incubated in-house or co-developed with independent design artists.As of December 31, 2021, the TOP TOY brand offers approximately 4,600 SKUs in eight major categories including blind boxes, building blocks, hand-made models, collectible dolls, appreciation, sculpture and other trendy toys.It should be noted here that the supply chain is also one of Miniso’s core strengths — miniso’s inventory turnover days were 78 and 79 days in the fiscal years ended June 30, 2020 and 2021, respectively, and further reduced to 68 days in the six months ended December 31, 2021.As for user data.Miniso launched its membership program in China for the first time in August 2018.Miniso has more than 34 million annual active members (12 have spent at least once in the past) as of December 31, 2021, while TOP TOY has more than 1.5 million members.Miniso’s wechat mini program had more than 7 million monthly active users in the quarter ended December 31, 2021.Financial data.Miniso’s revenue for the six months ended December 31, 2021 increased by 24.2% to RMB5.427 billion from RMB4.370 billion in the same period in 2020;Gross profit increased 36.6% to RMB 1.591 billion from RMB 1.165 billion in the same period of 2020;Gross margin rose to 29.3% from 26.7%.Miniso reported net profit of RMB339 million for the six months ended December 31, 2021, while adjusted net profit rose to RMB399 million from RMB186 million for the same period in 2020.Miniso said in its prospectus that the net proceeds from the Hong Kong listing will be mainly used to expand and upgrade its store network;Supply chain improvement and product development;Enhancing technical capabilities;Continue to invest in brand promotion and nurturing;Or to acquire or invest in businesses or assets that complement its business;As well as for working capital and general corporate purposes.