Q4 2024 MINISO Group Holding Ltd Earnings Call
Okay.
Yeah.
Okay.
Okay.
Okay.
Okay.
[music].
Okay.
Sure.
Okay.
Okay.
Okay.
Yeah.
Yeah.
Speaker Change: You are muted you can mute our unmeet yourself by pressing star six.
Speaker Change: Ladies and gentlemen, thank you.
Speaker Change: Any company.
Speaker Change: Hi.
Speaker Change: Okay.
Speaker Change: Gary.
Speaker Change: Good day.
Speaker Change: Infection.
Speaker Change: A question and answer session.
Speaker Change: Execution.
Speaker Change: Right.
Speaker Change: Got it.
Speaker Change: We have announced our deepwater and in Korea rebar yesterday.
Speaker Change: Now available.
Speaker Change: Why.
Speaker Change: They are all under the.
Speaker Change: Yeah.
Speaker Change: Oh boy.
Speaker Change: You are correct.
Speaker Change: The brushy and the Safe Harbor statements in our earnings separately.
Speaker Change: Licensing.
Speaker Change: I'll be making forward looking statements. Please also note that we will discuss.
Speaker Change: In addition, not yesterday, which we have explained and reconciled to comparable measures supported under international financial reporting setup in the Companys earnings personally involving would be that that would be in Hong Kong stock exchange the.
Speaker Change: Lightning connect a Chinese journalist that as I stated in addition here upcoming presentation for today's call, which contain financial and operational information regarding the rebate, we should be seeing it right now.
Speaker Change: When we visited all the I haven't violated.
Mr. Yang: Now I'd like to handle Brexit conference over to Mr. Yang and Mr. Alessandro <unk> chocolate by Mr. Yang. Please go ahead Sir.
Speaker Change: Yeah.
Speaker Change: So now why not really at all.
Speaker Change: Thoughtful about New Orleans, Portland generic Walnut channels at all level set your puzzle modafinil, who wants to handle the.
Speaker Change: Secondly, what do gene knockdown.
Speaker Change: Without his agenda.
Speaker Change: Hello, everyone and welcome to make those groups earnings conference call for the first half of 'twenty 'twenty four during the recording theory, our global market footprint continues to expand we achieved a milestone of 7004 globally, which is less than a year since we are passing back and forth.
Speaker Change: In the first half of 2024, the group stores competed for 500 second-tier stores, among which Secretary Overseas and Topoin both experienced the fastest store openings in history in the first half of the year, with 266 stores and 47 stores respectively. Both businesses maintained high double-digit growth in same-store sales, continuing to be the growth engines of the company. Domestically, Secretary competed for 189 stores, with same-store sales recovery rate reaching 98.3% of last year's level, continuing to lead the industry and achieving store growth. As a result, the company's revenue in the first half of the year increased by 2.76 billion RMB year-on-year, with comparable same-store sales growth of 7% and an average store number increase of 19%. In the first half of 2024, the store network had 502 billion people, with Secretary Overseas and Topoin both experiencing the fastest store openings in history in the first half of the year, adding 266 stores and 47 stores respectively. Both businesses maintained high double-digit growth in same-store sales, continuing to lead the industry and achieving store growth. In the first half of 2024, the store network had 502 billion people, with Secretary Overseas and Topoin both experiencing the fastest store openings in history in the first half of the year, adding 266 stores and 47 stores respectively. In the first half of 2024, the store network had 502 billion people, continuing to exceed expectations. The store market doubled, and urban sales slightly increased. Although the overseas market is still in the investment stage, through effective free investment management, in the first half of 2024, the tide of car goods continued to grow by 18%, and after the operation of the cargo warehouse, it grew by 26%. The income growth rate of 6 yuan, channel capability is our strongest competitive advantage. We continue to focus on economic and strategic areas, increasing by 39.6% growth from the first half of the year to 43.7%, an increase of 4.1 percentage points. Channel capability is crucial for our future competition, especially overseas, particularly in the United States. The growth rate of the U.S. capital market has always exceeded expectations, with double the cargo volume and double-digit vehicle volume. Although we are still in the investment stage in the overseas market, our actual cargo control measures increased by 80% in the first half of 2024. Apart from the impact of cargo transactions, the growth of cargo transactions increased by 26% since the first half of the year, growing faster than the growth in the first half of the year.
Speaker Change: Oh.
Speaker Change: Yes.
Jayson: Yes Jayson.
Jayson: W E L F.
Speaker Change: A couple of oil <unk>.
Speaker Change: And as Deepak Ahuja Booger Kingdom government has to do with FERC and she comes in.
Speaker Change: Middle bottom of individuals with volumes with Ono digital novels with Google.
Joe: Well the resort to the document model Joe go ahead.
Joe: Total Google greatly Chan Cigna, a bunch of other than budget in January.
Speaker Change: Don't forget the law user so by Google, Google Google Google.
Speaker Change: Although shipments you didn't hear the marine General therapeutic Michelle holds a novel biology, boardroom will get put out sangamo problems module.
Speaker Change: And of course first half of 2024.
Net door network testing 502 in that niche Yunich bespoke minister overseeing talk quite seriously here fabric for opening period in history at a 250 basis at 47, new units on a net basis on the first half of the year respectfully.
Nathan: This is Nathan segment's operating double digit, but we think what's all continuing to meet WOMAC as well and just the wall in the court.
Nathan: <unk> Formula China achieved steady growth by adding 189, net new stores, including a bathroom flat paint ourself a woman of 98 quite treatment then all periods.
Speaker Change: Previous year's level as a result, the gross revenue for the French have increased by 25% to RMB 776 billion, including a 7% same store sales growth at a nice even been global average for now.
Speaker Change: And many of these forward looking June quarter.
Speaker Change: Basket region, Copel <unk> E <unk>.
Speaker Change: Some are Geneva, Basel usual jumbo pontoon vigilance on the subject of <unk>.
Speaker Change: It also is energy Sundar and Hugo boss.
Speaker Change: <unk> is general debate on agenda. So importantly, what we'll focus on the well.
Speaker Change: That's the Haynesville seven one.
Speaker Change: It should all classical model associated.
Speaker Change: She went to ethanol binary.
Speaker Change: Total volume was up.
Speaker Change: I'll wrap it up I believe food to them, but what is the charter.
Speaker Change: Good morning.
Speaker Change: On an upswing in Salt Lake Tahoe, Jimmy on Luna underdeveloped remnants of I'll call it liquidity a hole.
Speaker Change: People Love, Alaska real quick boom boom boom.
Speaker Change: Broad capability as our corporate credit spreads.
Speaker Change: <unk> spoken with IBM strategic category.
Speaker Change: Gross margin from 39 convicted banning of Red tab last year to $43 seven taxation.
Adding <unk>, Paul general capability in full sugar assets with that I'll be checking.
Chemicals.
Speaker Change: <unk> Vaseline oversea market, especially in direct operated markets and especially in the United States. The pesos ROIC by submitting United States haven't speed expectations continuously double the store count at a double digit same store softball.
Speaker Change: Even though we are still at investment day in overseas market under our effective cost control measures and adjusted net profit in the first half of 2024 still increased 80% year over year.
Speaker Change: Excluding net foreign exchange impact and adjusted net profit increased 26% year over year slightly faster than the growth of <unk>.
Speaker Change: At the investor forum at the beginning of this year, I shared with everyone the company's mission and vision, the development strategy for the next five years, and the objectives to be achieved. Our mission is to open stores, and our vision is to become the world's number one IP design retail group. To achieve this vision, the company will continue to adhere to cost-effectiveness, innovation, IP innovation, and product design. We have set three major goals: to compete for 900 to 1100 toy stores each year from 2024 to 2028, to maintain no less than 20% revenue growth and a $6 earnings per share growth rate, and to have IP product sales strategy exceed 50% by 2028. At our investor forum, I shared our mission and vision, the development strategy for the next five years, and the objectives to be achieved. Our task is to make money, and our goal is to become the world's number one IP design retail group. We adhere to this vision, focusing on new progress in IP design products and supply strategy. From 2024 to 2028, we aim to compete for 900 to 1100 toy stores each year, maintain no less than 20% revenue growth and a $6 earnings per share growth rate. From 2024 to 2028, we aim to compete for 900 to 1100 toy stores each year, maintain no less than 20% revenue growth and a $6 earnings per share growth rate. From 2024 to 2028, we aim to compete for 900 to 1100 toy stores each year, maintain no less than 20% revenue growth and a $6 earnings per share growth rate. From 2024 to 2028, we aim to compete for 900 to 1100 toy stores each year, maintain no less than 20% revenue growth and a $6 earnings per share growth rate. From 2024 to 2028, we aim to compete for 900 to 1100 toy stores each year, maintain no less than 20% revenue growth. From 2024 to 2028, we aim to compete for 900 to 1100 toy stores each year, maintain no less than 20% revenue growth. From 2024 to 2028, we aim to compete for 900 to 1100 toy stores each year, maintain no less than 20% revenue growth. From 2024 to 2028, we aim to compete for 900 to 1100 toy stores each year. From 2024 to 2028, we aim to compete for 900 to 1100 toy stores each year, maintain no less than 20% revenue growth. From 2024 to 2028, we aim to compete for 900 to 1100 toy stores each year, maintain no less than 20% revenue growth.
Speaker Change: But <unk> will jump out off like a globally.
Without within Nevada, the gentleman overestimate the leap again, some good news are going to get either a decision until July.
Speaker Change: So you could call the dark Blue Joseph GW gender Treadwell Joseph a Dupont Hugo.
Speaker Change: Consumption will not suddenly start up.
Speaker Change: We will go on in the autumn abundant regret kingdom jewel that Lloyds janky buy down here, but that would be above the upfront.
Speaker Change: Who has gone through quite a great majority of them.
Speaker Change: We saw a good bit of the sugar column.
Speaker Change: On our Investor day earlier this year I shared our mission Bay shares locked that strategy and even some of the same top in the next five years, our mission of lighting will buy and our vision is to become a work number what I mean by Mcdonald's related reasons, we adhere to what ability oblak nation and product innovation I think bite.
Speaker Change: We have established street market.
Speaker Change: 102, 1100, net new stores in each year from 2024 to 2028.
Speaker Change: The less than 20% CAGR for revenue and if I take our EPS from 2024 to 2028.
Speaker Change: And having no less than 50% of IP product sales contribution by the end of 2028.
Speaker Change: But in my opinion common <unk> tangles at all where you can be a one well.
Speaker Change: Their firewalls.
Speaker Change: As you said.
Speaker Change: Such Atwood Chugger imaging gives you dug out although one yes mortgages.
Speaker Change: The good news about lifestyle.
Speaker Change: Although the near term.
Speaker Change: Generally speaking.
Speaker Change: And as Bert <unk> 'twenty 'twenty four despite a barbie global market, our business model demonstrates Java 1 billion and our financial performance met our earlier expectation going forward out of our business that will make bronco briefing at barstool five year strategic plan.
Speaker Change: Several of which are already resolved.
Speaker Change: These are our customers under ideal of Aqua rely on just general sovereign yoga for that too long.
Speaker Change: Now I will walk you through 'twenty 'twenty four for top Christmas update what our three major segments, Minnesota mid like flat, Minnesota Overreach and software.
Speaker Change: So as you resolve Leo Shanghai Award.
Speaker Change: Both of the Autodesk Jabil dissolve and we got several dozen GTO Boston's genre.
Speaker Change: When we stood up.
Speaker Change: Good good good good afternoon Julien.
Speaker Change: Could you tell.
Speaker Change: <unk> may also lessens the worried about liquidity.
Speaker Change: So don't live with Austria, but Jeff I would just as long as she don't cut understood all dominant imagery colonial charge off.
London is the offering also with the.
Speaker Change: We will call it pure <unk>, but there's also some idea what are the initial jobs suggests Dolby cinema systems when they share their results.
Speaker Change: Finally, the fruit on the margin.
Speaker Change: Use of Israel Corp above it could be a disaster button jolokia that quarter, you introduced although Europe almost solely for the mill well I'm going to give one example, southern junior balances and as a result of June.
Speaker Change: Continuing our consideration of scientific issues, we must think about this throughout the year. Entering the third half, our performance and business itself continue to maintain rich data growth. We expect MINISO Mill in China to continue growing from 10% to 15%, as we anticipated earlier. The development of the document network is also advancing with high quality. In the first half of the year, there were 189 domestic competitive documents, maintaining the speed of store openings, striving towards the annual target of 350 to 450 competitive documents. The competition in second-tier cities accounts for nearly 60%. Meanwhile, we see that in the first half of the year, high-tier cities, especially first-tier cities, have a recovery situation that is better than first-tier cities, close to 100%. On one hand, this indicates that MINISO has ample space for store openings in high-tier cities. On the other hand, it proves that our IP strategy is effective in high-tier cities, significantly boosting performance. In contrast, towns below the third tier in China have recovered better than first-tier cities. On one hand, this means that there is enough space for MINISO to recover and open in high-tier cities. On the other hand, it also means that our IP strategy has a considerable impact in high-tier cities. This indicates the performance of the retail page. In China's lower-tier regions, there are nearly 2,000 cities, and MINISO has more than 1,000 cities. This means that the potential market in the future will be affected. Our retail partners' strategy is also very stable. In the past four years, our retail partners remain in the top 50% and best 50% of retail partners, with over 600 retail partners cooperating with MINISO for more than three years. The development of MINISO is supported by our partners. We will continue to support more retail partners.
Speaker Change: Just you've always loved the workflow vignettes will receive them.
Speaker Change: Firstly being formalized China continued to achieve a robot that affiliated things or Bob based on a pipe like a general question.
Speaker Change: The menu and over a year and breaking up line Gary According to National Bureau of up that they think appropriate up subs I think recall south of bid work my way backwards during the same period last year.
Speaker Change: <unk> things ourselves, we're at 98 point based.
Speaker Change: While the private Lilly level, but as you pointed out because the intriguing take advice and up two five percentage decrease in capital. Meanwhile, purchase conversion rate, possibly remain stable, including yuzu hopped out of Chicago product in our PA or dangerous Aqua bottle X one a galactic market would have a positive book year over year.
Speaker Change: Mix will be a practical performance in domestic online a colleague of street online to online models also give out rapidly, but at nearly 80% increase in Germany for the first half years.
Speaker Change: During the third quarter or year to date on epic Docs have continued to maintain a double digital growth.
Speaker Change: We expect minimal non China will continue to grow by 10% to baking that in likely to our earlier expectation.
Speaker Change: Monday or warm up with them in a gold developers in China, what 18 number bandied about Boston, Boston, London, and Codelco, whose job tenure sort of apples to apples was asking I'm gonna globally.
Speaker Change: Yeah, well against those loans out to them.
Speaker Change: Meanwhile, the government unit losses won't come a farmer Mac go ahead of the bigger vision.
Speaker Change: Does that limit your wall Uhm Jaheem Alibaba you have only have broken our resorts are going into the renewable corner couple years being involved at some level.
Speaker Change: So go ahead of the schedule.
Speaker Change: We don't need another board presidency.
Speaker Change: These.
Speaker Change: Blue Nile Jakob resort Raytheon, Poland is younger.
Speaker Change: Another question on the download jihadist Buddhology Janssen Angela Chancellor download one of them here, but it was up off the bottom of the <unk>.
Speaker Change: There was nobody nobody comes onboard and there was a whole of England reminds me of other people go to your local government irregular.
Speaker Change: And does give you general win where you could look a lot of London.
Expansion of our store network and healthy in the breakup of 24, and we had 189 net new stores, maintaining a steady pace towards our annual target of 380 point there could be net new stores proportion of new stores in the first and second tier cities of close to 60%. Meanwhile, retro else's data.
Speaker Change: This half year, the recovery of higher tier city, partially for Trc, nearly 100% at previous year's level, which recovered better than below accuracy on one pad is indicate that many folks do you have ambitious Baker store openings entire turnkey on the Ida has also indicated that our IP strategy.
Speaker Change: <unk> have been notably embark living highest trc anemic nimbly Jive N performing companies ourselves.
Speaker Change: There are a total of nearly 2000 for Ian Cassel China.
Speaker Change: Lower here area and when you saw half enter over a thousand of them, indicating that there is a significant untapped market for future penetration our reach upward trajectory, although very stable in recent years.
Speaker Change: Our concentration right towards the top with key retail partners remain at 50% and more than 600 of them have been in operation, but many software from one to three years.
Speaker Change: Development on Minnesota in Bearable club by the support of our partners and we will continue on a wooden incorporation for more and better means bookstore.
Speaker Change: Next, let's introduce the progress of overseas business. In 2024, the overseas business revenue of the past century exceeded 2.7 billion yuan, with an overall growth of 43%. Among them, the comparable caliber revenue of the direct sales market increased by 70%, and the overseas revenue of the past century's direct sales market accounted for 5000% of the overseas revenue, also surpassing the local market. In 2024, the overseas business revenue of the past century exceeded 2.7 billion yuan, with an overall growth of 43%. Among them, the overseas revenue of the direct sales market increased by 70%, and the overseas revenue of the past century's direct sales market accounted for 5000% of the overseas revenue, also surpassing the local market.
Speaker Change: Jana Jim how are you losing them.
Speaker Change: Next let me cut the NIM spoke overseas business update.
Boston: The Boston.
Boston: Somebody.
Speaker Change: Who on Jin <unk> Bao XI.
Speaker Change: Bookings at all.
Speaker Change: Cause the accordion.
Speaker Change: The children.
Speaker Change: Some of it is seasonal.
Speaker Change: So that's a lot of unknown.
Speaker Change: He has all of that as well.
In the first half of 2020 for revenue from overseas. It seems to point them on doing the year over year increase of 43%.
Speaker Change: Revenue from direct operation market increased by 70% year over year in a comparable basis, the direct operation market accounting for.
Speaker Change: 56% of overseas revenue into breakup of fixtures the tapping into distributors market.
Speaker Change: There are 200 masada of ethanol kingdom provider Blue prism.
<unk> provides the reader currency quite a burden.
Speaker Change: I'm going to turn new Wells Fargo.
Speaker Change: Further relevant snowmobile fluids hydrogen.
Susan Madhu: Susan Madhu.
Susan Madhu: Although it isn't.
Speaker Change: We would generally be about Neil young children, you Bob talked about absolutely.
Speaker Change: Total while mcgough to juggle.
Speaker Change: In our mobile channel.
Speaker Change: By the middle of a dedicated.
Speaker Change: You can get when we launch out of Nashville.
Doug: Doug will show improvement 30, due to the loss of the Gabon Junior subordinate Manuel Monday, I forgot that.
Doug: It was a good one continues to have a general gazelle jugal <unk> Douglaston wonder, who you're running Google home to use when they are all good when demand does cogent went the wrong decision.
Speaker Change: Okay Soho developed.
Speaker Change: Finally, the overseas markets added another 156 stores in the first half year, which Mark David Barclays store opening pace toward corn, probably years, there's minutes, both mobile isolation Nike basketball boosting our confidence in our bulk up 500, if we need to 650 net new store for the whole year amongst <unk>.
Speaker Change: <unk> net new store the numbers are directly operated stores have been set at a record of 105 with more than 50% of them are from the United States last week, we celebrated the opening of the 200 minutes one store at the Santa Monica Beach in California, churning minutes, though as the Asian consumer brand with the <unk>.
Speaker Change: The store network in the United States.
And we have entered 40 states in the United State along with the lack of growth in the numbers the U S. Dorothy.
Speaker Change: Same store staff have also achieved healthy growth in the first half of 2024 going forward, we will pay more attention to our store operation Management agency sustainable things were soft growth through product localization operation operations localized nature.
Speaker Change: Humor local acquisition.
Speaker Change: Representatives of audit audio gene with a lot of thought.
And if there is a mutual.
Speaker Change: So just following up on the vessel should Onboarding <unk> gene, which is a boneless vessel.
Speaker Change: Doubled when viewed through the Jamba system, all at any level of them.
Speaker Change: So tomorrow.
Speaker Change: The battery longevity, Rita Ivy Zelman.
Speaker Change: Without public vehicles on an audition two.
Speaker Change: Some of them would be is that machine.
Speaker Change: Xinhua News Agency's new film invites you to watch the new series. We uphold IT strategy as a core of the brand and continuously explore innovative IT cooperation. To summarize the three news of IT operations in the first half of 2024, there are new models, new store types, and new series. Firstly, the sales performance cost of the multi-IP chief model in the first half of the year increased by about 400%, accounting for over 30% of the total IP sales, which was 50% last year. Secondly, the AP sensation store launched in the middle of the year has provided consumers with a novel shopping experience and has also become a new channel for AP product sales. Lastly, the product series upgrade and development for the unique AP image have further extended the promotional momentum, prolonged the AP operation cycle, and created more sales opportunities. We thank our channel partners for their support during the event, and I believe that in the future, with deeper cooperation with channel partners, there will be opportunities to create more marketing highlights and sales miracles. In the overseas market, we have replicated our AP operation strategy and continuously created the potential of BT21.
Speaker Change: There wasn't a single negotiation.
Speaker Change: The IP strategy.
I was thinking and implemented in 2024, and the first half year I think lifestyle contribution exceeded 30% in our domestic market IP product designations happens, we're going to be nearly 30% with a nearly 40% year over year growth in our overseas market IV product contributions helping increase Julien.
Speaker Change: Only 50% and the revenues have been doubled it.
Speaker Change #100: Ice's strategy of core of the brand and continuously explore innovative IV population to summarize the three news of IP operation in Asbury tablet for their new model, new store types and new theory.
Speaker Change #101: So again someone who has used a funeral chapel.
Speaker Change #102: <unk> will be below <unk>.
Speaker Change #103: Most of that disease.
Speaker Change #104: Doses of dissolved wood pulp.
Speaker Change #104: Although the assessment.
Speaker Change #104: And you've been vocal about Houston.
Speaker Change #104: Some of it <unk> visualization product in Hsinchu resiliency Lewis Chinchilla Gold's gym.
AG semi sharper change at all the home <unk> Garden, Michigan or soon to come on gallant homebuilder.
Jonathan: Sure Jonathan.
Lewis: Yeah, no longer do you need to conduct good Lewis on the June.
Speaker Change #107: Firstly in the first half of 2024th Jan needs of the IV <unk> models increased by about 400% year over year contributing more than 30% of the Ikea, perhaps though compared to less than 10% contribution in the same period last year Secondly, our news talk format. The IP box board.
Lewis: Launched in the first half year.
Speaker Change #108: Providing consumers with Barry's shopping experience and have become a new channel for ASIC Workstyle lastly, the upgrade and the biological clock theory that would be might be back to prolong promotion.
Speaker Change #109: The IP operation with the cycle and create more stock opportunities with greater expense.
Speaker Change #110: Or more potent <unk> <unk> to the Zimmer as a result.
Speaker Change #111: Slide him a buildup of ethanol and you show the genome.
Hello. Thank you she isn't even thought local loop with new onset of a goodwill of them, having children, who are going to lift from alcohol cause or below this range or was it all goes on all of them.
Speaker Change #112: We'll go to the edge as yoga journey, because we know until Madonna Gotcha alumnus to talk with them about what are the ingredients system, which Duncan will eclipse Juno, Boston Orlando, Joe Jim Mcdonald goodwill mutual border Cushal subsidy.
Speaker Change #113: Whereas these markets, we replicated our IP operation strategy and create momentum for the popular psyche easy 0.1 continuously adding new reports, where I can stop and multiple overseas Marc Jacobs the breaker cycle, such as a serious operation not only brought us a better product out.
Speaker Change #114: A stronger brand exposure, but more importantly allowed our global commercial rental corners to fully proceed the potentials of icy consumption on the brand value of municipal we are grateful for the support from our courtyard. During these events I believe that was in that operation with them in the future there will be opportunities to grade.
Speaker Change #115: More marketing tight license soft merkel.
Speaker Change #116: The effective execution of the IP strategy by MINISO, as of June 3, has resulted in over 100 million global members, thus completing the global membership system. This will facilitate the mutual conversion between IP fans and brand members across major platforms, providing potential for MINISO's future performance growth. At the same time, we actively support overseas power supply. Through efforts in the first half of this year, we have ensured that various products sold to the U.S. market can fully utilize power supply from Southeast Asia, Japan, Korea, and the U.S. local supply, maintaining the strong flexibility of power supply as a key function for overseas enterprises.
Speaker Change #116: Very very few severity job's vision digital government achievement.
Speaker Change #117: These are scheduled for the.
Speaker Change #117: Total either.
Speaker Change #119: Mobile was a changeover in tissue Delek, good luck with Jefferies group of the country.
Speaker Change #119: <unk>, which doesn't have all the other needle really no dilution.
Thanks, Steve back with implementation of our IP strategy.
June 30 numbers of registered members of minutes of Hotwire exceeding 100 million gradually improving global membership with them will help convert more ICU beds into our brand members and vice versa doing business broke off many stocks in the future.
Speaker Change #120: Cogent with yesterday's Energizer Bunny, one would begin to cheer on box with Walter Pablo body to Blue.
Joseph W: Joseph W couple of hundred units being used Google arguably.
Speaker Change #122: Joe Giro affiliate conversions, you know mobile is really deliver pneumonia with the whole <unk>.
Speaker Change #123: <unk> hundred on La <unk>, the opinion at all or some of them.
Speaker Change #124: Under such a junior Naomi Jojo do launch agenda. This afternoon is that other than we've ever done and it will show us the judge renders Lindon, Virginia visited.
Speaker Change #125: Cool toggle, Google Puma wanted a lawyer Lula Central Florida.
Speaker Change #126: I want to jump again.
Speaker Change #126: I've lived in Huntsville, but hey, Jason <unk> President Susan how are you.
Speaker Change #127: Due to the young woman cities leave me eager lately King has joined US on the offers a weird.
Speaker Change #128: So it's the first stores Cherokee this often deadly advancing bubbling taking advantage of owning this momentum we opened the global question Shneur Abbott most by Mike Chen Anyway Avenue in Paris brand promotions and sharing more Chinese audiences athletics attract Huffman has been great for all of our work to get to know more about product and culture.
Domenico: Domenico the army across China Young from Jordan.
Speaker Change #130: Without them over 800 stores located in the new setup with June 30, and the largest meaningful flagship store in the World February in area that 3000 square meter the author of the undeveloped in Jakarta, Indonesia Tomorrow.
Barclays Global cautious north I might just shopping destination, but also magical paradigm and wonderful lateral that captivated global consumer and leave them with a sense of wonder allows everyone to be tragic funded California. We believe that company happened is it before that can be passed on we are committed to creating with sports for every consumer.
Speaker Change #131: Cool and just minutes Osborne.
Speaker Change #132: Most of the <unk>.
Speaker Change #133: Buena and to your question.
Speaker Change #134: Meanwhile, Junior thought my belief when we stood up almost all of them are going to cause an unencumbered or your view of the layout.
Speaker Change #134: One Sonic one improvement in July.
<unk> total chunghwa, though also Julien genre Voorhees influence you to limit should energy boom.
Speaker Change #136: Meanwhile, we are also actively deploying yogurt as Mcclatchy really act like in the first half years small part to start categorizing sparkling in the United States market can be fully in place by the Washington, Dot assays that Japan, South Korea, and United States operating a highly ethical supply chain, it's a must have across the globe.
Speaker Change #134: Paul.
Speaker Change #137: Company the problem that you bought meaning challenging global market.
Paul: Next, let me introduce the progress of TOP COIN. Over the past year, TOP COIN's total revenue increased by 38%, with comparable chain sales achieving a high-quality year-on-year growth of 14%. The number of competitive TOP COIN chains increased by 47.2% over the past year. At the beginning of 2024, TOP COIN's revenue is expected to grow by 38% annually, including a high-quality 40% retail price increase, resulting in a 47% growth for TOP COIN at the beginning of 2024. TOP COIN continues to succeed with its self-developed products, with a market share exceeding 35% in the past year of 2024. The average mid-range gross profit margin of self-developed products is also 60%, which has positively contributed to the overall gross profit margin. Regarding the operating leverage for improving gross profit margin, TOP COIN has established key business achievements for three consecutive quarters. TOP COIN's self-developed products continue to succeed, with a market share exceeding 35% in the past year of 2024. The average mid-range gross profit margin of self-developed products is also 60%, which has positively contributed to the overall gross profit margin. TOP COIN has established key business achievements for three consecutive quarters. The average mid-range gross profit margin of TOP COIN's self-developed products is also 60%, which has positively contributed to the overall gross profit margin. The average mid-range gross profit margin of TOP COIN's self-developed products is also 60%, which has positively contributed to the overall gross profit margin. TOP COIN has established key business achievements for three consecutive quarters.
Paul: Yeah that was on a given our board's agenda.
Speaker Change #139: Let's move onto popcorn pulmonary pulmonary balloons bogie summed up Amazon about.
Could be the initial dose.
Speaker Change #140: Hum balanced business when we don't know homeowners gymnast of all mainland Israel through July.
Speaker Change #141: In the first half of 'twenty 'twenty four for quest revenue increased by 38% year over year, including a high quality things or South, Florida, 40%, coupled with a net increase of 47 top places to work in the first half of 2021.
Speaker Change #142: Yeah I'm in GCG visible on incontinence, ominous, then I mean.
Speaker Change #143: Well I was at home.
Speaker Change #144: Beautiful normally you have a loose them, where do they sit on those commodities genomic digitally.
Speaker Change #145: New seasons of gene government.
Speaker Change #146: These initiatives similar to gently youll run individually.
Speaker Change #147: Top lifestyle developed products continued to help bridge that.
Speaker Change #148: The proportion of installed developed products exceeding 35% of the boardwalk near the average merchandise gross profit margin the bulk of all our products, it's about 50%, which undoubtedly place in public Vulcan absorbing the overall profit module Aqua has been profitable for three consecutive quarters, we confirming a stripping point.
Speaker Change #149: Hungry man you are approaching us I.
Speaker Change #149: I mean.
Shannon: Morning Shannon.
Speaker Change #152: These union tanked and ensure they'll probably didnt goes up on Sunday was a real watershed gives us some sooner showdown.
Speaker Change #152: So Jim or John generally without well done on zoom.
Speaker Change #153: The Huntington gene with Newmont funding nearly.
Speaker Change #154: As far as products. It's also about growing next year, you're launching in Q2, you have talked with us Gulf with all categories and top 24. They recently launched their New York vital Sirius having to be about 100000 units about reading, just 50 days and watch that achieving over time.
Speaker Change #153: Millions of.
Speaker Change #153: And the nature and we will continue to increase the proportion of ball developed breast products in Florida.
Speaker Change #153: The product profit margin.
Speaker Change #155: On an opinion one month currently deal with Hulu, absolutely Shield one general.
Speaker Change #156: Whether they will bomb, which Nelson Ludlow evolution.
Speaker Change #157: Home equity to finance visual mainly we've seen about anything that's abnormal Giovanni the agenda one of them.
Speaker Change #158: This is the result of a woman checks of the almost equal one would jump delvalle promo don't jump up every single month, Ohio, Yes, I am a little bubble Bluetooth Wi Fi.
Speaker Change #159: Global economy, So Yahoo.
Speaker Change #160: There are going on what decision when we as you balance again, reminding you only with distributions.
Speaker Change #161: Due to the pool.
Speaker Change #162: In 2024, while focusing on bad debt. We also lay more apples that Donald Broughton water sharing our corporate culture I repeatedly emphasized life's journey and dynamic teams internally looking bad I think 11 years to debottleneck the straight up mini bulk talent, it's been my stomach strengths for our enterprise development.
Speaker Change #163: At June 30, the numbers of our global employees epic the 5200 over the 2800, the water Kweichow airport the overseas in March launch the marriage and the quality will work when it over 10 million initial funding.
Speaker Change #164: On sushi basketball, we held a very quick minutes or wedding ceremony for 17 toppled sensing our sincere black hole.
Speaker Change #165: I have always emphasized the two values of passion and perseverance internally. In our pursuit of success in life and career, we need more values. Besides professional skills, we need strong passion and unwavering perseverance. Such passionate perseverance will enable farmers to continuously create industry dynamics and continuously advance the core source of enterprise development. I have always emphasized the two values of passion and perseverance internally. In our pursuit of success in life and career, we need more passion and unwavering perseverance. Such passion and perseverance will enable farmers to continuously advance the core source of enterprise development. The above is the content of my speech. Now, please let the doctor introduce the two financial indicators mentioned above.
Speaker Change #165: Or is it a neighbor to <unk> Jensen on the government book.
Speaker Change #166: The future of those are going to see this I'm sure through the darker blue color brand on the web go sure China Zone, which are agenda.
Speaker Change #166: Jetson.
Speaker Change #166: Hum.
Speaker Change #167: I assume was on the previous year vitamin could he mentioned.
Speaker Change #168: I have always anticyclical balances passions ecosystem within the growth in our coffee the battle double lives in our Korea. In addition to the correct value for sufficient rationale on mobility.
Speaker Change #168: Also need a strong passions and perspective.
Speaker Change #169: Capital additions are open accord administer employees to create industry record.
Speaker Change #169: And most enterprise development continues.
Joseph W: This alliance is comparable cogent ethanol on agenda Pungently Joseph <unk>, Joseph gently nasal shall center by mountain ball Szuba ball, removing Shaw with Evercore disagree triggers evidence southern Hawkeye.
Speaker Change #169: Hum.
Julien: <unk>, which is the leader clear honest Julien there is little doubt in countries constituting the bulk.
Julien: And then a huge departure was worth the bottleneck in profitability in the time machine, becoming ourselves to amalgamate them to speaking to you from flat to operating with Big Bank Armstrong Amazon.
Speaker Change #171: So close to survive playful leave and useful product, who are global consumers seem to feature continuously operating competitive carrier development opportunities to our employees and bring long term and sustainable returns to our shareholders.
Speaker Change #172: You don't know, we'll jump on them challenging you saw we got enough General summit is an old chisel.
Speaker Change #173: The best that concludes my remarks, now we fill out equal to introduce the company's financial situation in the first half of the year.
Speaker Change #174: Okay. Thank.
Speaker Change #174: Thank you Jack and welcome everyone for joining us.
Speaker Change #175: I'm pleased to see that all business.
Speaker Change #176: <unk> program.
Speaker Change #176: Our new strategic roadmap and office buildings have dramatically presentation at the beginning of.
Speaker Change #176: Our business model has demonstrated grit resilience. Despite the softness of domestic construction markets will work. This market will double double directly operated store in Alberta, we managed to balanced growth and margin and we can surely through batteries and second of all.
The initiatives with Nokia recently should improve brokerage lines recently.
Speaker Change #176: Payroll.
Speaker Change #176: Although the economic data remains mixed.
Speaker Change #177: These structural alternatives in our Eureka asset globalization, we have good confidence to deliver all use again in the organs. No now you walk you through all of our insurance business.
Speaker Change #178: Note that all numbers are either going to be March onward.
Speaker Change #179: And I will also refer to some non andras matters, which have excluding share based compensation expenses quote SBC expenses.
Speaker Change #180: <unk> revenue saw a robust increase saw Boston on last year's high base.
Speaker Change #179: Martin.
Speaker Change #179: Expectation.
Speaker Change #181: We have to reopen to speed those margins revenues fall remember well first of all in terms of vulnerability, we deliver record mass division oversees and popcorn and raised six factories back to have a region in the second call in lending.
Speaker Change #182: In mainland China, we have guided 350 to 450 new companies and transferred them to the existing 4G and 4G infrastructure. In terms of Syncios business, we achieved a 7% growth in performance at the group level, which particularly encourages us about our achievements in the mainland China sector. At the 98.3% and 3% performance levels of the Syncios business, our product team continues to provide better services, as they have done over the past 11 years. Our goal is to improve the infrastructure of the product and operations teams. Although publishers are traditional foreign product operators in China, our attempt is to explore potential sales opportunities. The overseas supply chain increased by 56%, including a 66% growth in sales and distribution, as well as a 27% increase in general and administrative expenses.
Speaker Change #182: In mainland China, we are on track to deliver our guidance.
Speaker Change #181: Bulk.
Speaker Change #183: Both of them being net new news.
Speaker Change #184: I'm, making messenger treating our existing borgwarner and franchisees.
Speaker Change #184: The structure.
Speaker Change #185: When it comes to same store sales, we delivered about 7% year over year growth.
Speaker Change #185: Group level. So we are particularly encouraged by our achievements described a minute.
Speaker Change #185: Well as SSG were.
Speaker Change #186: 98, 3% previous bi level outperforming domestic retail sector, our production cap of introducing Chris going back.
Speaker Change #186: As to use as they have been doing during the past 11 years. Our operation team has launched a number of initiatives to make sure we installed.
Speaker Change #187: As Brad and Carl.
Speaker Change #187: For example, our own slogan audience reach.
Speaker Change #187: Retail.
David Denison: <unk> <unk>, David Denison bus model because of 4112 15 stores.
David Denison: Felipe accessible to all customers and we have large products and a comprehensive shuttle bus and convenience digital convenience provisions in.
David Denison: In overseas.
David Denison: <unk> gross margin 16%.
Mary: As Mary both stage two on commerce dose for Casuals oversea stores.
Mary: It will grow very small.
Mary: And half the building block trades.
The mission critical here is localized products operations.
Although <unk> got a pioneer in Chinese consumer brands going overseas.
Speaker Change #190: All of the parents describes retail most of our regions on milling at the beginning stage.
Speaker Change #190: In addition, <unk> same store sales growth was remarkably at.
Speaker Change #190: 14 percentage.
Speaker Change #190: Next.
Speaker Change #191: Let me talk about channel mix.
Speaker Change #191: Overseas the PC market is now 20% of revenue compared to.
Speaker Change #191: While 10% in the British pound last year, our revenue revenue from traditional firms are trained all of our schools decreased by four percentage points.
Speaker Change #191: This shift in revenue mix as well as the reasons why we had another record corn Jpmorgan and it's also changed operating property distributions with being reviewed as.
Speaker Change #191: As most properties will be made in the second call in.
Speaker Change #192: In terms of Jpmorgan the view HEICO corporate Walmart doesn't performance is a result of not only revenue mixed shift, but also improvement in GP margin every single line of business, notably in top quartile and overseas.
Speaker Change #192: Going forward, we have no reason to believe are keeping margins can be optimized further because of above reasons.
Speaker Change #193: We will keep an eye on ground proposition and remain dynamic John.
Speaker Change #194: SG&A expense.
Speaker Change #195: <unk> expense increased 56% in total, including a 66% increase in selling and distribution expenses.
Speaker Change #195: But 27% increase in general and administrative expenses.
Speaker Change #196: SG&A represents 24% of internet investments, more than 5% of last year's investments during the same period. 3% of investments are directly related to new DTC accounts opened in the past 12 months, including Range, DNA, and Payroll. We discussed yesterday that investing in DTC accounts is to ensure the success of our business future, especially in the strategic trade market in the United States. From June 30 to June 24, the number of DTC accounts in the trade market reached 343, almost doubling from a year ago. In the first phase, revenue from DTC accounts increased by 111%, while DTC accounts related to Range, DNA, and Payroll increased by 83%. These new accounts are expected to have more sales by February 2024. We are taking proactive measures to increase the operational efficiency of DTC accounts, so the initial results are very good. We believe the growth in operating costs will not last long. Promotion and sales costs increased by 5% to 6% in the first phase, P&A costs increased by 3% in the third phase, and securities costs increased by 24% in overseas cost growth. Logistics costs increased by 54% compared to the 43% growth in overseas costs, indicating an increase in overseas cost growth. In the first phase, there was tension in international trade. Returning to profits, our annual profit increased by 18%, OQ costs increased by 19.3% compared to last year's 20.4% growth. Most importantly, in the first phase, there were 12 minutes of online transactions compared to 55 minutes last year. Excluding the impact of FBP and FX, OQ costs increased by 16.2% compared to last year's 16.1% growth, indicating our stable economic development. OQ costs increased by 26%, profit growth, OQ costs increased by 25.4% compared to last year's 25.2% growth, OQ cost growth compared to last year increased by 18% and 19%.
Speaker Change #196: <unk> rapid test.
Speaker Change #197: Q4 earnings call the.
Speaker Change #197: Also at around 5%.
Speaker Change #197: <unk> four is higher than it's been period last year.
Speaker Change #197: <unk> three <unk>.
Speaker Change #197: <unk> was directly related to our new DTC stores opened in the past 12 months, including ratings.
Speaker Change #197: Dnb and payroll.
Speaker Change #198: As we discussed in the press release with Nebraska months into A&P before to make sure that future success overall business congratulating, new strategic overseas markets, Russia. The U S.
Speaker Change #198: U S market.
Speaker Change #198: As of June 30, core mango bgc's growth in overseas markets.
Speaker Change #198: 300, and more history, you always doubling plus video can talk to you a year ago in the first half revenue from each of these stores increased by 111.
Speaker Change #199: We're all related and these benefits much at Raymond G&A expenses and payroll, excluding SBC expenses increase basis.
Speaker Change #198: Yes.
Speaker Change #198: These new stores are expected to.
Speaker Change #200: Multiple benches Jospin second call.
Speaker Change #201: We are taking active measures to improve operational efficiencies in this DTC stores and control costs.
Speaker Change #202: So the initial results with Mercury. So we believe the hike in operating gas producers will model to model.
Speaker Change #203: Promotion and advertising expenses and corresponding 46% first of all G&A expenses as a percent of digital revenue stabilized at around 3% with both periods.
Speaker Change #203: This expense increase.
Speaker Change #203: Consistent with our reverse logistics expenses increased by 15, 4% compared to 43% of revenue growth overseas.
Speaker Change #204: Reflecting to a certain extent the ryzen reasonable cost foreign pension schemes national treatment protocols.
Speaker Change #204: Turning to profitability operating profit increased.
The year over year op margin with Martin <unk>.
Speaker Change #204: Probably.
Speaker Change #204: <unk> expense in the first block.
Speaker Change #204: New.
Speaker Change #205: Notably there was drop again I'm not going to change more in my first call now please.
Speaker Change #205: This is following a net foreign exchange gain.
Speaker Change #205: Any period of last year.
Speaker Change #205: Excluding SBC expenses and FX impact.
Speaker Change #205: Adjusted Op margin was.
Speaker Change #206: One three.
Speaker Change #206: Hum.
Speaker Change #206: With continued spring, 1% last year.
Speaker Change #206: Adjusted net properties Renminbi, one 2 billion.
Speaker Change #206: 18% year over year.
Speaker Change #206: Adjusted net margin was 16%.
Speaker Change #206: With 17% last year, excluding FX impact adjusted net margin.
Speaker Change #206: 16, 2% because <unk> been wrong.
Speaker Change #207: Hi, all stable profitability.
Speaker Change #207: Gross.
Speaker Change #207: Adjusted EBITDA increased by 26% year over year outpacing the growth in revenue adjusted EBITDA margin was 10 six five points.
Speaker Change #207: <unk> <unk> to <unk>.
Speaker Change #207: Adjusted basic and diluted earnings per.
Speaker Change #207: Increased by 18% in the northeast.
Speaker Change #207: Respectively.
Speaker Change #207: Turning to cash, at the end of June, we maintained a strong cash investment position of $6.9. The cash flow generated from the stock market in the first quarter was $1.3, with an investment amount of $303. The cash flow generated from the stock market in the first quarter was $1.3. Turning to labor assets, the cash flow generated from the stock market in the first quarter was $1.3, with an investment amount of $303. After the end of the first quarter, 26% of the consumer brand shares existed in the overseas B2B market, more than 1% a year ago. In China, the lease was 81 days within 70 days, while in Malaysia, the lease was 147 days within 60 days. Overall, the lease was 180 days, with a stock price increase of 12%. Returning to investment analysis, we are committed to not exceeding a 50% discount on leases. Our investment analysis strategy also continues to remain stable and uphold our commitment to bring stable and sustainable returns to the stock market. Bollock Company committed to a cash bond in the first quarter of 2024, with a total amount of approximately $621. During the payment process of the committed cash bond, the company will repay investors $140 million in cash bonds through cash and investment research, starting from the end of the year. Since 2020, we will repay investors $360 million in cash bonds. Since 2020, we will repay investors 62% in cash bonds. We are confident in achieving our three-year business plan and five-year strategy and believe our cash bonds are actively declining. Therefore, Bollock Company has passed the cash bond purchase plan to fulfill our total commitment made in 2020. According to this total commitment, the company will repurchase cash and investment bonds within the next 12 months and will not exceed 10% of the total value of the bonds, implementing open market cash purchases in response to market conditions. We believe the cash purchase plan is most beneficial for the company and its investors and provides value to investors. Our first performance once again demonstrated the strength and persistence of our business model and reflected the capabilities of our IP and globalization strategy. We are very confident that we will meet our targets again. Our financial strategy will continue to adhere to issues in food, health, health management, and investment, and provide stable profits and health strategies. Our goal, at the beginning of this year, is to not change our expectations since 2024. Our profit expectations will increase, based on a stable economic system, and adjust profit targets to achieve 2.8% or higher profits. Thank you, this concludes our prepared presentation. We are now ready to conclude.
Speaker Change #207: Turning to cash.
Speaker Change #207: So by the end of June we ended June with a strong cash position.
Lauren: Good morning Lauren.
Lauren: Net cash flow generated by operations in the first half was about $1 3 billion.
Lauren: Capital was 303 million and free cash flow was about one theory.
Lauren: Turning to working capital.
Speaker Change #209: The channel inventory returned over remainder of decisions, but sandal first call since the 6% with meaningful spring brands inventory were located in overseas markets.
Speaker Change #210: As you walk into the year Euro inventory turnover days for Beijing rounded.
Speaker Change #210: Including 70 days in China, and 102007 days bookings over 50 years.
Speaker Change #210: Market.
Speaker Change #211: Structurally demonstrate over what Congress.
Speaker Change #212: They are talented Goldberg from Austin on group level.
Speaker Change #212: Turning to capital outage cost ambitions.
Speaker Change #212: Committed to a dividend payout ratio of no less than 15.
James: Thanks James.
Speaker Change #214: I'll characterize efficient strategy, we also continue to balance growth and our commitment to bring stable unforeseeable returns to shareholders.
Speaker Change #215: The bottle company have approved an increase in catastrophe events first half will soon become spoiled with the total amount of approximately <unk> six.
Speaker Change #214: 600 <unk>.
Speaker Change #214: Upon the payment of the interim dividend. The company will have return premium grew $1 4 billion in cash to shareholders through dividends.
Speaker Change #214: Share repurchases year to date.
Speaker Change #214: 2020, we have returned $3 6 billion to our shareholders. Upon the payment of the interim dividend accounting for 62% of adjusted net profit accumulated growth opportunities.
Speaker Change #216: Oh this year.
Speaker Change #217: We are constantly being accomplished all through your business plan as far as strategy I'm pleased that our shelf boss has been trading below its intrinsic value probably with the bulb probably have approved share repurchase program to maybe at the back of the general mandate branded as our general manager in Midland County, New Jersey.
Speaker Change #217: This year.
Speaker Change #217: And the general mandate the company May repurchase its shares and ABS is American truck models.
Speaker Change #217: 10% of the total all of the outstanding shares.
Speaker Change #217: Share repurchase in the open market subject to market conditions, we believe that the share repurchase program.
Speaker Change #217: In the best interest of all company owned in shekels.
Speaker Change #217: And create value for shareholders.
Our performance for first half once again demonstrate the strength and resilience of our business model and reflect our ability to execute our IP and the globalization strategy.
Eric Compton: Eric Compton debt.
Speaker Change #219: We will once again need bulk terminals, our financial strategy will continue to remain disciplined in terms of the proxy votes to conserve and artificial characterize were committed delivering stable properties with marquee customers.
Speaker Change #220: <unk>, both beer all tenants in flooring and unchanged from our expectations at the beginning of the year.
Speaker Change #220: The revenue is expect to be accretive.
Speaker Change #221: I can give you.
Speaker Change #222: This is an adjustment net profit is.
Speaker Change #222: The two points.
Speaker Change #224: Thank you and this concludes our prepared remarks, we have momentum with your questions.
Speaker Change #225: Thank you. The first questions are coming from Miss Lucy Yu from Bank of America and Ridley. Please go ahead. Hi, management. Thanks for taking my question. So two questions here. Firstly, is on the domestic markets. In July and August , we have witnessed some weakness in the domestic amounts. So could you please update us? How is your performance in the first two months of in in July and August ? And how should we think about the pop up store contribution to these two months, as well as for the rest of the year? So that's the first question. And the second one is for the selling and distribution expense as a percentage of revenue, which has exceed 20 percent of this quarter. So this is the highest, you know, since we have listed. So I believe this is due to faster overseas DTC expansion, delivering low season. But how should we think about this racial going forward in the second half? Should we expect that to go back to maybe that first quarter level or last year level? Thank you. Thank you. Thank you.
Speaker Change #225: Thank you.
Speaker Change #225: First question is coming from MS. Lucy Yu from Bank of America Bradley. Please go ahead.
Lucy Yu: Hi management. Thanks for taking my question. So two questions here Firstly is on the macro market.
Speaker Change #227: In July and August we have witnessed some weakness in the domestic amount show could so could you. Please update us how is your performance I E. The first two months of July and August and how should we think about the pop up store contribution to these two months as far as.
Speaker Change #228: As for the rest of the year. So that's the.
Speaker Change #229: The first question.
Speaker Change #230: And the second one is for the Sony and distribution expense as a percentage of revenue, which has exceed 20% odd of corner. So this is the highest in those areas.
Speaker Change #231: Probably half of August it. So I believe this is due to a faster oversee DTC expansion people reading the low season.
Speaker Change #232: How should we think about this ratio going forward in the second half should we expect that to go back to maybe that first quarter level or last year level. Thank you.
Sure.
Speaker Change #233: What is clear.
Who was not linear.
Speaker Change #233: All of those are Bob <unk>, President and Daniel and then I'll shut up by melanoma Monday.
Speaker Change #233: It's possible.
Speaker Change #233: There's some good initial reviews on it.
Speaker Change #233: Well, we are choosing to ship also layered in sharing the initial opening.
Speaker Change #233: Yeah.
Speaker Change #233: Cheers.
Speaker Change #234: Total liberty reasonable achievable tender driven.
Speaker Change #235: So don't count on it.
Speaker Change #236: <unk> quip in quickly you download that if you do it.
Speaker Change #236: Generally, though the woman who's one of them will.
We will go to your boss media room for more of them.
You bet and the Sundance.
Speaker Change #237: What are you cheering and she'll go through the whole delfin rueda relative to some other solar projects.
We learned when we therefore switches as well other tissues Junior Martinez.
Susan Madhu: Susan I believe.
Speaker Change #238: I mean, you don't see how big an attorney.
Speaker Change #239: Jim drop empty hotel actually Google attending gimbal chosen messaging shoveled, it chooses to listen to them.
James: Quite a dinner go James.
Speaker Change #239: Yeah.
Speaker Change #240: So doesn't usually she has done the students who get a shock.
Speaker Change #241: Judaism Boardwalk marker.
Speaker Change #241: Good that can be gerardo.
Speaker Change #241: Yeah, the students should already.
Speaker Change #242: Hello, gentlemen.
Speaker Change #243: With gene J W.
Speaker Change #243: Julie has been with Germany.
Speaker Change #243: PNM, because it's pushing shall dear God awful lot Erika Joongang Tavis gardella to the local teams at home.
Speaker Change #243: 2002 documented for what you think conversion to Blue Buffalo.
Speaker Change #243: <unk> Hello.
Speaker Change #243: She said example, Hudson bolt ons emerge at all.
Speaker Change #243: 200, <unk>, China mobile search engine kind of a piano lesson to learn about what's going on.
Speaker Change #244: I also would not be able to ship with you.
Speaker Change #245: I know you've assumed expenses your conservatism.
Speaker Change #246: I will quickly translate for you regarding your recent performance. The selling price of MINISO in China in the first phase was 98%, ASP growth was 0.1%, and Triple Down was 2.5%. We also saw the selling price in China transition from being easily purchasable to very stable. Now we are facing a very soft domestic consumption market, but MINISO has very high confidence in ensuring the lowest selling price in China, especially with a 97% selling price over 37 months. We will see a relatively low phase entering September. We are also studying our IP products to further increase operations and investment domestically. Our goal within two years is to stabilize Taobao sales with a 100% recovery or at a higher or lower phase. Our target for Taobao sales throughout the year is a 10% to 15% growth. Regarding Taobao sales in China, we will have more actions. The first is to enhance our product capability, which is a very important capability for us. We will focus on IP and strategic strategies to enhance our product structure. We will have increasing interest in product strategies, which will help enhance our production capabilities, including blind sales or focused sales and purchasing strategy strategies. The second is to enhance our channel extension capability. As we proposed 7 months ago, we now have millions of training sessions, which we can improve through infrastructure. Therefore, we have had a significant impact. Our plan is to complete this improvement in the next few years. The third is to enhance our brand awareness, including our strategic brand. We hope to provide a better image and performance for the brand. For example, two weeks ago, we developed a new IP in Tianjin, and we received very good feedback. We also developed a new mobile application in China, and we will develop another mobile application in the future.
Speaker Change #246: So our chocolate brands quickly.
Bob Your question.
Speaker Change #247: The performance in the region recent models.
Speaker Change #248: Meaningful same store sales and <unk> gross profit is up above.
Speaker Change #248: Sure.
Speaker Change #248: <unk> risk volume because they were <unk>.
Speaker Change #248: Truckloads of Dol foreign to BARDA.
Speaker Change #248: And our conversion rate from Dolby vision purchase a bar.
Speaker Change #249: While we are facing many challenges by their install domestic consumer marketing Mr. Barry Berrick, Marc Hoffman to the best in class same store sales.
Speaker Change #249: Specifically in <unk> mall based store builders.
Speaker Change #250: Bottom line is gone.
Speaker Change #251: Net margin benefit year to date.
Speaker Change #252: And we'll go see.
Speaker Change #252: Our rapid lower base.
Speaker Change #252: Entering into September.
Speaker Change #252: We also are working on.
Speaker Change #252: But ours are improving the operational and invest.
Speaker Change #252: Investment.
Speaker Change #252: He's been resold so all targets.
Speaker Change #252: As we stabilize the business areas.
Speaker Change #252: Sure.
Speaker Change #252: Recovering.
Speaker Change #253: Oh no.
Speaker Change #253: Higher or lower than.
Speaker Change #253: On that basis.
Speaker Change #253: Our target is for the whole year.
Speaker Change #253: The resolve launch run business.
Speaker Change #253: Unchanged.
Speaker Change #253: 10% to 15% growth.
Speaker Change #254: About the physical barrels.
Speaker Change #253: In China.
Speaker Change #254: We know more.
Speaker Change #253: Paul.
Speaker Change #255: More initiatives going forward the process, improving our robot travel distances wishes Colbert golf ball business, and we will focus on our key analyst strategic equities is really prove out.
Speaker Change #255: No to optimize our cost structure.
Speaker Change #255: We will file a law a more and more interest in product categories going forward, which we are now all increase.
Speaker Change #256: Themselves, including Drybulk Acapulco.
Speaker Change #256: A possible offline with backend is decrease improve our liquidity.
Speaker Change #256: Travel.
Speaker Change #256: Sure.
Paul: Paul and Paul.
Paul: Several quarters now we have.
Paul: In a cyclical stock in transit.
Paul: That's how we can improve.
Paul: Hi.
Ah structurally email upgrades at this point.
Paul: Yeah.
Paul: So long.
Paul: The same philosophy of <unk>.
Paul: Activity base.
Yes.
Improvement.
Speaker Change #257: Our platform is just finished.
Google: Finished this with Google.
Google: Yes.
Speaker Change #259: And what sort of is to improving brand awareness.
Google: <unk>.
Speaker Change #260: Sure in our strategic brand, operator, and we want to infuse.
Speaker Change #261: LOL all flagship stores.
Speaker Change #262: Better image and the graphics performance for example.
Speaker Change #262: Two weeks ago, we have the newly launched <unk> open in changing and we have received very very positive initial feedback from consumers.
Speaker Change #262: We have also.
John Baugh, who responded with new cargo snowball that launched in mid year and going forward, we will have a novel.
Speaker Change #262: As far as Garland.
Speaker Change #263: We are conducting a very important activity. This is the second question regarding production and distribution costs, as I just mentioned, especially production and distribution costs. Because if you remember, we already have 40 MINISO stores in the United States. Since we already have 200 stores, this means our stores in the United States are very mature. This means we need to open more stores to obtain these logistics costs or related expenses because our MINISO distribution costs in the United States are very fast. For example, on May 10th this year, our store's production and distribution costs compared to a year ago. So we believe that when we have 300 stores or 400 stores or even 500 stores, we can completely reduce these logistics costs. We can completely reduce these logistics costs. So in the second part, we will see our distribution costs decrease. Thank you. The next question is from Goldman Sachs. Mr. Ye, Doctor, hello. I have two quick questions. The first question is about the U.S. market. In the past few months, we have actually seen that some U.S. discount companies like Five Below are also facing greater pressure. Can you share some opportunities and challenges we are seeing in the U.S. market now? How will this affect our expansion strategy and store model? The second question is about Europe. At the beginning of the year, we mentioned that Europe is our development center. Can you update us on the main markets so far this year, including store opening status and partnership relationships, etc.? Are there any good results we have already seen, and are there areas where we see opportunities to do better? Let me briefly respond. I have two questions regarding management. The first question is about the U.S. market. In recent months, with the active consumption in the U.S. market, have we seen any new opportunities or risks, and how will this affect our expansion strategy and store model? The second question is about the European market, which we mentioned as a key focus at the beginning of this year.
Speaker Change #263: Which we are in November in Boston you bet. Thank you.
Speaker Change #264: The second question about the digital environment.
Speaker Change #264: Distribution expense.
Speaker Change #265: Our production royalty revenues as I mentioned.
Speaker Change #265: Like all of our expense, especially those expenses.
Speaker Change #266: The stores.
Speaker Change #266: Hello.
Speaker Change #266: Yes.
If you remember we have of that meaningful store in the mall.
Speaker Change #266: Colorado and Florida. These statements already considering that we have over 200 stores definitely.
Speaker Change #266: Our stores in line with our bare Reed.
Speaker Change #267: Good afternoon.
Speaker Change #267: Hmm.
Speaker Change #267: We will need to open more stores before we even got the.
Speaker Change #267: Logistics expenses, all related expenses to Boyd leverage.
Speaker Change #267:
Speaker Change #267: Our store expansion strategy.
Barry: This is Barry.
Barry: It's very critical.
Barry: Example, by the end of this year, where we are how doubled our store days compared to one year ago. So we think that where we have three congress stores of one <unk>.
Speaker Change #269: With Viacom, which dose reasonably balanced.
Barry:
Barry: No logistics expenses and others.
Barry: Greg.
Barry: Other expenses such as in store in San Jose where calls.
Barry: All in all the ways here to be optimized.
Barry: So I think in the second half of <unk>.
Barry: Our operating expense ratio.
Speaker Change #270: You may now be significantly reduced.
Barry: Thank you.
Barry: Yes.
Barry: The next questions are coming from MS. Michelle Cheng from Goldman Sachs. Please go ahead.
Yeah, Tom Ethan Mahan now what do you mean it cannot go on Tia <unk> Lake Washington, now women should see cause you have to ship Canal show you wish him and they will show launches of Baidu largest yet that will get how you're going about that.
Speaker Change #271: And then I think on shell machine that kind of Alicia for gunshot genzyme, which would be not the best employees nor woman. That's a go towards Antonio coming to you more sheets.
Speaker Change #271: Do you have a when he I found now tactical autos ABN mutual the shelf the shelf Natasha <unk> woman to go ahead and jump shima, not alumina, Docomo, Gucci and Joshua watching and how much on wages. So glad to hear that you guys just Honda Ian about Portugal, John Parker for panel household once you tender you Alicia managing Handoffs.
Speaker Change #272: Negotiate citibank.
Speaker Change #273: City development J D.
Speaker Change #272: Hi.
Speaker Change #274: Now what did that line shops, so two questions for management for the first one is on the U S market given the volatile consumption marquee, whereas in the past few months.
Speaker Change #275: Do we see any new opportunities or risks and how this will impact our strategic expansion in store format and also the second question is about Europe Europe market. This is one of the key focus we mentioned already of the year and can you update us on the key any development for <unk>.
Speaker Change #276: If a market and in terms of desktop format partnership with different.
Speaker Change #277: Our partners and also the store format you said.
Speaker Change #278: And any a good program, we are seasonal buy into any room for further improvement. Thank you.
Speaker Change #278: The second is the proof of business growth in the U.S. in 2023. The final sediment sales are not issued. Our goal in the U.S. this year is to double the business scale. The final proof of growth is opening stores. In the first half of the year, the U.S. sediment growth was 14%, and stores increased by 4.3 times, meeting expectations. As of the end of July , the U.S. market is expected to have 69 competitive stores in 2024, with no less than 100 competitive stores for the entire year of 2024. In the future, we will see the pace of store openings in the U.S. market gradually accelerate, and we will actively explore multiple modes of operation such as guidance, joining, and occupying. This document indeed made many guarantees to keep the profit margin within a controllable range and ensure a relatively stable profit margin. In the first half of the year, the U.S. sediment growth was 14%. In terms of new sedimentation in the future, we will continue to adjust and expand our product offerings, increasing the supply of local supply chains. On one hand, local supply chains can improve our growth efficiency and reduce the shipping cycle. On the other hand, they can increase local sanctions personnel, focusing on the explosive success of local IP snacks, IP beauty products, and IP toys. The second is to expand other global supply chain products, including products from Japanese and Korean IP manufacturers, beauty crafts, etc., to provide customers with a richer product supply. The third is to strengthen IP product research to bring customers a better IP product experience and continue to build a global IP alliance system chain model. In terms of stores, store upgrades are divided into two parts: upgrading the store image to improve the product experience and brand image, and comprehensively upgrading the autonomous system to improve store operation efficiency. In terms of the membership system, comprehensively upgrade the membership system to strengthen consumption growth and expand plans based on consumer preferences. Store operations, etc., increase customer contact and cross-purchase. In terms of team building, increase the localization of team building, such as forming localized teams for product purchasing, training overseas business local operation personnel, with professional mentor training in a phased and layered manner, learning training courses, and gradually building autonomous training. All courses can be repeatedly assessed and watched on-site to save training costs. In terms of the operational organization structure, the future structure will use a competitive method of external recruitment and internal promotion to cultivate a local talent echelon. Regarding overseas talent cultivation, currently, other Southeast Asian talent training centers, such as Malaysia, have been completed, and the first batch of talent training has begun. In the future, talents will be input to the U.S. The North American talent training center will be launched in the U.S. from 2024 to 2025.
Speaker Change #278: Larry.
Speaker Change #279: Maybe wasn't Nevada, Colorado.
Speaker Change #279: However, again to Jean Paul just always listen up.
Speaker Change #280: We'll have to see how ethanol blending margin adoption central Penn who know that most of your model.
You don't give up on them.
Speaker Change #279: Okay.
Speaker Change #279: Sonya.
Speaker Change #279: Yes.
Sonya: And what do you need to go quietly built on a fishing vessel.
Jensen Cleveland: Jensen Cleveland Borderlands.
Jensen Cleveland: Yes.
On another hand am Maguire with all that you're doing at international level, One senior Dudley William Gerber yellow, we must have a good example is headed.
Speaker Change #283: Hello, everyone.
Speaker Change #284: A list of the Monday, I sort of I'm pretty bullish.
Speaker Change #285: Labor without deteriorating legal Oh Kingdom, Georgia.
Speaker Change #286: It is absolutely a trend in kingdom here.
Speaker Change #287: We're talking about that whenever alone economy wasn't all cut out with global Johnson <unk> Johnson.
Speaker Change #288: Doorbells opinion anymore.
Speaker Change #289: Hello, again, sugarcoat, our broker portal do Vita Coco Bai Li.
Speaker Change #290: <unk> shown it within our communities.
Speaker Change #291: Somebody else may want.
Hum.
Speaker Change #291: Without their commitment above it.
Speaker Change #291: That'd be a mother in law Institute toggle quota.
Speaker Change #291: Java.
Speaker Change #292: If I'm in Bundibugyo critical they'll do that job get off but what did you.
Speaker Change #293: Well, let me start off on this item.
Speaker Change #294: Sandy Ht root cause issue resolved if you like in a bunch of them.
Speaker Change #294: Yes.
Speaker Change #294: Portland, torrential queued up again.
Speaker Change #294:
Speaker Change #294: It is in the home lending.
Speaker Change #295: We don't believe that will move us out of a good guy who does something.
Speaker Change #296: You bet.
Speaker Change #296: Jack I'll hit it I mean would you call that a piece of meat.
Speaker Change #296: Yeah.
Speaker Change #297: So these are the scheduled <unk>.
Linda: Linda Linda.
Linda: Linda SM shipyard for some people would've thought wholesale but she also July seagull yellow banded together to let you know.
Linda: Cynthia to the hospital, she golden window here in China.
International.
Anthony: Madam Chairman Anthony Englishman, It's Josh I'll shove it doesn't mean that some of the sort of general color.
Linda: Well, everyone Linda you either to the Gaslog Ltd.
And that's the goal.
Linda: How many kind of amendment.
Linda: John.
Speaker Change #300: So I mean, Honeywell funded Hollinger theater.
Speaker Change #301: Some investments on these projects when they want it.
Speaker Change #302: Let me highlight finance funding.
Speaker Change #302: Australia is also presume although generally positive.
Speaker Change #302: Sure.
Speaker Change #304: Google Tuck ins to velocity, so they're currently doing.
Speaker Change #305: Okay. That's helpful color.
Julien: Uh-huh, let Julien as you know some of them.
Julien: Doing good.
Speaker Change #306: Juggled whenever you, whereas all uneasy.
Speaker Change #307: But the reality is I'm going to.
Speaker Change #307: Glenn in Colorado that we all look at it I'm glad I'm not really by next year.
Speaker Change #308: You can saga 11, he views in that video you can pencil wherever its Google Google them and one may want that on and also the auto home language in the agreement.
Speaker Change #309: The payment is done.
Speaker Change #309: No doubt.
Speaker Change #311: We have numerous stores indefinitely.
Speaker Change #312: Let me briefly translate this. Overall, in this market, Syncios became a cornerstone in the first phase of growth. We are already in the third phase of growth. We have entered into branding, commercialization, corporatization, etc. We strongly believe we will have more growth, but we believe this will lead to more growth, especially in corporatization. Last year, in the third phase, we became the main engine of growth for Syncios. But this year, our goal is to double the growth of this cornerstone. So I think our main engine will be the growth of Syncios. In the first phase, Syncios growth in the United States increased by 14%, and the number of mobile networks doubled, which is in line with our expectations. By the end of July, we had added 69 new locations in the United States. We will add 140 new locations this year. In the future, we will see growth in the United States. We will open discussions to allow more brands and distributors to join us. We will have rapid growth. We will maintain a healthy economy in the United States. We will add 14% Syncios growth in the United States. In the future, we will increase in several areas. First, in terms of products, we will adjust our product structure, increase local supply chains, increase our productivity, and reduce product production time. Additionally, we will increase local supply chains, especially IT-related brands and enterprises. We will also provide fast applications in other regions, including NASIC and Digitools in Japan and Korea. We will also increase IT-related product research and development, which will increase our wealth and experience in IT products. In terms of currency, we will upgrade the currency to image and product experience. We will increase our currency efficiency in China. We will increase our promotional programs. We will enhance our customer information capabilities. We will improve our product structure. We will increase our promotional programs. We will increase our promotional programs. We will increase our promotional programs. We will have a strong offshore team, especially in the United States. We will have local teams, including currency. We will have teams overseas.
Speaker Change #312: Let me quickly translate so.
Speaker Change #312: Overall in the overseas market, but same store service.
Speaker Change #312: With double digit growth in the first model.
At <unk>, we have logged into the brand and brands from our organization operational organization.
Speaker Change #312: So also we strongly believe that we will.
Speaker Change #312: <unk>.
Speaker Change #312: Stuart.
Speaker Change #313: Loans grew a solid six doses.
Speaker Change #312: Total bill profile.
Speaker Change #314: We'll now net deploy batteries.
Speaker Change #314: Okay.
Speaker Change #315: In Latvia attendees industry.
Speaker Change #316: The major driver of organic business for Facebook, you have growth, but in this year.
Speaker Change #316: Our target is to double this business, so I think our major trial.
Speaker Change #316: So that expansion so.
Speaker Change #316: In the first half.
Speaker Change #317: U S same store sales growth increased by 14%.
Speaker Change #317: And the total number of.
Speaker Change #317: Total number of desktop and of which is in line with our expectation.
Speaker Change #317: And while volatile.
Gangl July: Gangl July.
Gangl July: We already added about 16 months.
Gangl July: <unk> new stores.
Gangl July: R&D space and warehouses, all 100 of them.
Earlier this year.
Speaker Change #319: In Q2, we're seeing that in other states will impact salaries in terms of the overall.
Speaker Change #319: We'll open to discuss now.
Speaker Change #319: Franchisees are distributors, who joined us.
Speaker Change #319: Very rapid snow levels, finishing well maintaining fantastic profit margins.
Speaker Change #320: Ladies and all the things we increase.
Speaker Change #321: Then in terms of system sales growth you had nice space with feature we will have in this ever solved and crews.
Speaker Change #321: The first is the product side, where we already know Jonathan Rosenberg our structure.
The increase.
Speaker Change #322: Local supply chain.
Speaker Change #322: And that increase our inventory turnover and reduce product release tomorrow.
Speaker Change #322: Offline, we want to increase more local sourcing.
Speaker Change #322: Especially in our accumulated matched by few really massive Bernardo and market volumes were also introducing.
Best in class margin requirements in other parts of the world, including mapping and who to choose and Japan and Korea.
Speaker Change #322: And we will also increase our <unk>.
Speaker Change #322: IP related cause our research and development.
Increased volumes in Australia, <unk> refractory products and in terms of store growth.
Speaker Change #323: We were operating hospital there.
Speaker Change #323: Including image Carl.
Speaker Change #323: We're upgrading our digital symptoms improve.
Speaker Change #324: Store bought efficiency athlete meetings.
Speaker Change #324: China several years ago and.
Speaker Change #324: Loyalty customer loyalty program will increase our oil program.
Speaker Change #325: Thank you.
Speaker Change #325: We're going to improve all customer capabilities and proven up care products.
Speaker Change #326: What's the kind of tailored oils for accretion of measures with new creative.
Speaker Change #326: Approximately.
Speaker Change #326: The increase in question repurchase.
Speaker Change #326: <unk> accomplished dropping.
Speaker Change #326: Overseas, especially in the U S. We will have more velocity, including.
Speaker Change #326: Including the buyers that we were a private business being lower fees.
Speaker Change #326: Including training the local operations team, we also have many online courses and training programs. We are building our department. We will train a new operations team in Malaysia. We have completed the first batch of this project. This new operations team will become the core of our development in the United States. In the next two years, we will establish a training center in Malaysia. We are preparing for training in Malaysia. We will establish a training center in Malaysia. We will establish a training center in Malaysia. We will establish a training center in Malaysia. We will establish a training center in Malaysia. We will establish a training center in Malaysia. We will establish a training center in Malaysia. We will establish a training center in Malaysia. We will establish a training center in Malaysia. We will establish a training center in Malaysia.
Speaker Change #326: No.
Speaker Change #326: Including training local worldwide operation model.
Speaker Change #326: Operational.
Speaker Change #326: Stockholders and achieving and where we are have a lot of our calls.
Phone calls.
Speaker Change #327: We now beauty.
Speaker Change #326:
Speaker Change #326: Our.
Speaker Change #326: Our you know.
Speaker Change #328: Parliament in Boston being sure to explain you start new overseas.
Speaker Change #328: In the last year.
Speaker Change #328: The first of the first batch of this project.
Speaker Change #329: Thank you.
Speaker Change #328: Near the team will be.
Speaker Change #328: The core painful our expansion in United States and in the next two years.
Speaker Change #328: <unk> will be able help us at all.
Speaker Change #328: Training centers in the mall of America, and again, good news for all of it.
Speaker Change #328: That distinction there.
Speaker Change #328: Yeah.
Speaker Change #328: Okay.
Speaker Change #328: The lingua remarks.
Speaker Change #328: You should all functions globally.
Speaker Change #328: 2018, coupled in Louisville, and Odeon OUI.
Speaker Change #330: Sundar JDM amongst them.
Speaker Change #331: We don't want to not pull up on Remodels.
Speaker Change #331: How do you move it towards your media do show a lot on the <unk> decision.
Speaker Change #331: Some amazing with Windows that you Shouldnt view, the only tenant lineup truly is a lump all of them most of them.
Speaker Change #331: You may listen on the S. L. A logical suddenly had to cancel them.
Speaker Change #332: Again listen I would've quit drilling orders without a buildup pulmonary orders at all.
So your churn down and get approval.
Speaker Change #332: Or does it all I repeat all the LNG.
John: Yeah, John the gene.
Don: The early retirement, although technical hurdles nitrogen, we'll send it over to Don to Avi Steiner.
Speaker Change #335: <unk> Hello.
Speaker Change #335: <unk> was shown here, we get told unlawful studies.
Speaker Change #335: That is a sunday or monitoring do re antigen.
Speaker Change #336: The job of listening to me it does you're going to be public about achieving a book balance of these items.
Speaker Change #337: Good coupon debt.
Speaker Change #338: Good she wants at all what's that project without looking to continue to ensure that that couldn't print on.
Speaker Change #339: So again.
Speaker Change #340: Okay glamour.
Speaker Change #341: Let me answer the go to hint of any vehicle.
Speaker Change #342: She's in the audience.
Speaker Change #343: On your second question. So we have three measures. The first is the <unk>.
Speaker Change #344: Operating cost for walnuts.
Speaker Change #344: Taking your gas example, well we have been granted.
Speaker Change #344: Okay.
Speaker Change #345: For Apple properly compensated for the increase are upgrading their channels to authentic bigger stores.
Speaker Change #345: Diamond sports.
Speaker Change #347: First of all it's same store sales increased by 55.
Speaker Change #347: Five zero.
Speaker Change #347: And.
Speaker Change #347: Total sales increased by 157.
Speaker Change #347: As Beth has once again demonstrated that to burden us.
Beth: Broad strategy.
Speaker Change #350: Creative people.
Speaker Change #351: As of today, the economic situation in the UK has indeed improved, reducing by 50% each year. There is still room in the UK and Mexican markets, but it is already a significant progress, being the best market in Europe. Secondly, the UK and Mexican markets will be able to provide 1,000 advantages in the future. The UK and Mexican markets will be able to provide 1,000 advantages in the future.
Speaker Change #350: Market.
Speaker Change #351: And in terms of birth, both yesterday, you came out with the balance to.
Speaker Change #350: Indicators.
Speaker Change #350: Andy Gregoire, 50% year over year.
Speaker Change #350: We still have room.
Speaker Change #350: Probably the line space as well with Mexico market.
Speaker Change #352: It's already huge Zhang mortgage down.
Speaker Change #352: That's bad in Europe already and in the future.
Speaker Change #352: UK will be disadvantaged mountain Laurel in the Bureau bookings saw not thing, but Europe market risks.
Speaker Change #352: Lifestyles.
Speaker Change #352: In the future.
Speaker Change #353: Service and ensure the second is the laundry skilled regulatory of bookers Archie.
Speaker Change #353: And differentiate debenture to RMG.
Speaker Change #353: <unk> is a key to our logistics assets that euro growth of data.
Speaker Change #353: IP is now 49%.
Speaker Change #353: Total sales and.
And the beauty of increases across the board.
Speaker Change #353: Battery, our black ships.
Speaker Change #354: Browse, which hasnt aided by sensible.
Speaker Change #354: Sales.
Speaker Change #354: And basically.
Speaker Change #354: Hi.
Speaker Change #355: Has robustly powered the overall distribution distributed markets increase in GP margin and has served as the core.
Speaker Change #354: Our.
Speaker Change #354: 102 contributed about 90% of up to Infosys in Europe.
Speaker Change #354: And each segment has a bulk railroad.
Speaker Change #356: <unk> Aero grill, and the future of our key product categories.
Speaker Change #357: And as we all we are made equal.
Speaker Change #357: We need more stores.
Kevin: In the room, Kevin more rational and more and provide more immersive shopping experience to our customers.
Kevin: Help us to increase our.
Kevin: Store conversion rate with benches.
Kevin: Excuse me at all actually Jason Thank you Michelle.
Speaker Change #359: Thank you we shall conclude our call now thank you all for joining us today, our CEO in the next quarter Goodbye.
Speaker Change #359: Goodbye.