Q4 2024 MINISO Group Holding Ltd Earnings Call
Hello everyone, thank you for waiting and welcome to the 2024 annual financial report conference call of Mingchuang Youpin. All participants are currently in listening mode. After the management's speech, we will have a Q&A session. Before participating in the Q&A session, please state your name and institution, and note that this event will be recorded. This conference call will provide English simultaneous interpretation, and you can click on interpretation during the meeting to select your language.
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Speaker Change: E <unk> Zhang from Guizhou, <unk>, Hi, E I shouldn't say yet.
Speaker Change: We have released our fourth quarter and full-year financial results earlier today, which can now be accessed on our investor relations website. Joining today's meeting are our Founder and CEO , Mr. Ye Guofu, and CFO , Mr. Zhang Jinjing. Before we proceed, I would like to refer everyone to the safe harbor statement in our earnings press release, which also applies to this conference call as we will be making forward-looking statements. Please note that we will discuss non-IFRS financial measures today. We have explained these measures in our financial report and in the documents submitted to the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange, and have reconciled these measures to the IFRS-reported metrics. Unless otherwise stated, the currency unit is RMB.
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Speaker Change: In addition, we have prepared a PowerPoint presentation containing financial and business operation information for today's conference call. If you are using Zoom, you can view it now, and you can also preview it later on our investor relations website. Now, let's invite Mr. Ye Guofu to begin his speech.
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Speaker Change: Hello everyone, welcome to the Galaxy English Group 2024 Annual Earnings Call
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Speaker Change: In June we held.
Speaker Change: I guess I'll ask a roomful of finishing human collagen Regina.
Speaker Change: Kidney problems.
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Speaker Change: Yeah, you bet shouldn't even be downloaded.
Speaker Change: So it will be off of the ball.
Speaker Change: Awesome.
Speaker Change: We entered it.
Speaker Change: One issue.
Speaker Change: Okay.
Speaker Change: Below, I will divide into three major business segments: MINISO Domestic, MINISO Overseas, and TOPTOP to provide a detailed introduction of the Group for 2024.
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Speaker Change: But we don't know yet.
Speaker Change: So a couple of months.
Speaker Change: We find ourselves in general.
Speaker Change: Good afternoon.
Speaker Change: Business development situation and the best growth strategy for 2025
Speaker Change: You'll find out what you owe Linda.
Speaker Change: No.
Speaker Change: In 2020, MINISO's domestic business achieved a high growth rate of 36% in 2023, continuing to achieve at least double-digit growth. Overall revenue increased by 11%, with new offline revenue growing by 10%, and e-commerce assets rising by 25%. As of December 31, MINISO China document.
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Speaker Change: Goldman Sachs.
Speaker Change: Volume for the low dose.
Speaker Change: Sure.
Speaker Change: Yes.
Speaker Change: Jim.
Speaker Change: As a result.
Speaker Change: We have identified some stores that have been open for a long time but lack site selection, and there is great room for improvement in store networking. Therefore, we are optimizing the channel and franchisee structure. On one hand, we are providing more product and operational support to partners with rich market experience and strong resource capabilities. On the other hand, we have found that some regular franchisees cannot meet the current management requirements. As the franchisee structure and channel network are further systematically optimized, the number and quality of stores in China will improve simultaneously.
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Speaker Change: Jonathan.
Speaker Change: Yeah.
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Speaker Change: So that leaves you don't watch a logical G Johan you've owned it.
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Speaker Change: Walmart, who Shenzhen Guangzhou to apologize I'll see that jumbo jiggle, such as oncology women's shoes.
Speaker Change: Yes.
Speaker Change: <unk> publishes.
Speaker Change: Secondly, we need to make more precise adjustments to the restaurant areas based on the characteristics of different channels and consumer trends, which will also become a favorable factor in increasing annual income. For example, different themed IP limited edition products and strategic planning of IP stores and flagship stores have become destinations for park experiences, attracting customer traffic. Meanwhile, on regular documents and communication platforms, we will continue to ensure innovative IP.
Speaker Change: She isn't important to liquidate Michelle with a larger group.
Speaker Change: Exchange rate due to the tightened to read it.
Joel: I'll tell you Joel.
Joel: It will be volatile with resolve and commitment.
Speaker Change: The set of our funding sources.
Joel: So a lot of diesel.
Joel: So that will get put together.
Joel: Hello engine.
Yeah.
Joel: Okay.
Joel: Giovanni.
Joel: Well no.
Joel: You bought a putney.
Joel: On the basis of not only meeting the market demand for the richness of daily necessities, thirdly, leveraging platform advantages to expand IP cooperation decisions from Guangzhou and Shenzhen. In the past year, we launched the first Kaba China co-branded debut. It is in the global development of Potter, the first trial of martial arts, exclusive co-branded phenomenon, main chain and other iconic IPs before. Among them are both experienced IPs and newly emerging top IPs, both domestic representatives and globally popular cultural services. This year, we have already planned for more than 90% of IPs to go upstream, covering categories from long-term potential to strong product stock levels. This is our strong IP platform advantage. Through IP initiation, Pinghua.
Joel: One <unk> optical for one.
Joel: Languished a bit soft in June.
Joel: Okay.
Joel: Thank you.
Joel: Yes.
Joel: Jihad somewhat invisible otherwise.
Joel: The one final question please.
Joel: Could you give us TV interested Jen <unk>.
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Joel: Sure.
Joel: You don't change with renewable power.
Joel: Okay.
Joel: Joe.
Joel: What kind of propulsion chassis Gulf regime.
Joel: That's awesome.
Joel: Okay.
Joel: For additional remarks.
Joel: Consider reducing reliance on a single image in cycles and create a baton for growth.
Joel: Hollywood in general.
Joel: Total digital.
Joel: Further enhance consumer satisfaction and peace of mind. Next, I will introduce our overseas business.
Joel: Do you see that we are engaging a frugal.
Joel: Ill, let schedules as of yesterday.
Joel: Hum.
Joel: All of them loosen.
Joel: She has a lot.
Joel: Duke.
Joel: We are appropriately.
Joel: So it really isn't an elegant.
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Joel: Tissue.
Joel: The division could you put in a lot of having to deal with it.
Joel: Jim Jim What's your initial plan level humbling.
Joel: I wanted to have a high level.
Joel: Okay.
Joel: Okay.
Joel: Global overseas business revenue reached 6.68 billion, with a year-on-year growth of 42%.
Joel: Got it.
Joel: You'll see that.
Joel: And most of that.
Joel: The GMOV of overseas business for the whole year reached 14.16 billion, a year-on-year increase of 27%. In 2020, overseas stores competed with 630 stores. This interaction was between the United States and Indonesia. The growth of overseas stores in 2020 increased by triple digits, with occupation and experience growing at the same rate, basically consistent. The U.S. market is expected to grow at a high speed with triple-digit growth from 2021 to 2024, becoming the high point of our overseas business. We hope to enhance the market of our stores through more precise store opening strategies while achieving rapid growth. In 2020, 154 new stores were added in the United States, bringing our market to 275 stores. These 275 stores are distributed across 47 states. This year, we must cover 24 states, which account for 76% of the U.S. population, to leverage the scale effect of cluster store openings, enabling rapid inventory adjustment.
Joel: China.
Joel: Hello, gentlemen.
Joel: You can't do it.
Joel: Allegedly.
Joel: But all that change of heart.
Thanks, Jeremy.
Turning to the web.
Joel: So that certainly would be it.
Joel: We'll move along.
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Joel: Rafi Moshe.
Joel: We will continue to look at that time, the general misnomer.
Joel: Lake Washington.
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Joel: How much is longer.
Joel: General and therefore could estimate you guys are launching.
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Joel: I'll answer at all.
Joel: Probably a good question.
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Joel: Don.
John: Reduce logistics costs, improve inventory efficiency. Additionally, we need to strengthen the economic destruction of hardware. After the establishment of the product center, a special product development team was formed. Targeting the U.S. warehousing industry group, we will conduct competitive product cleaning based on city level and store status, with a focus on developing regular artillery vehicles. Overseas development opportunities are not only in the U.S.; Europe also holds great potential. The UK market in 2020.
Joel: John.
John: Well I'm going to touch on <unk> global a bump in.
John: So we are funding a lot, but I also believe me whatsoever.
John: Fulfillment of vehicle, we graduate to a bullish important region.
John: Only model.
John: Julian.
Speaker Change: Although we are not incurring other vessels roll off at all.
Speaker Change: By driving channel upgrades through the IT platform, while Mondia's numbers increased by 60% year-on-year, Mondia also improved by 30%, jointly helping CMOV achieve triple-digit growth. More importantly, through the UK, we have summarized a growth model that can be replicated in other European regions in the future. First, deeply interact with processors to strengthen coordination with headquarters in all aspects such as ordering, distribution, display, and marketing. Additionally, by collaborating with processors, we have conquered top-tier dual-day resources. Over the past year, cultural premium products have opened flagship stores in four core UK stores, including Oxford Street in London, achieving multiple single-month sales exceeding 2 million. The recently upgraded documents can enhance brand production momentum and greatly boost the confidence of processors, helping the public further expand overseas retail real estate resources. In our globalization efforts, we are not only opening stores and selling products overseas but also actively exploring the globalization of local products. The first specialized product design entity has been established, and in 2024, our design center in Korea has already been established. In the future, we will achieve regional product development through design centers in East America, Japan, and Korea, better meeting the localized needs of different overseas markets. Secondly, talent operation localization has become one of the key factors for success in our overseas markets as the public's global operation strategy deepens. In 2024, store managers in new markets such as the United States, Indonesia, and Vietnam have achieved 100% localization, and the localization rate of operational talent is close to 70%. In 2025, we will continue to deepen the talent localization strategy by increasing the compensation for overseas localized talent, further enhancing our competitive edge in global market operational efficiency.
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Speaker Change: All of us in the longer haul.
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Speaker Change: One in NPV.
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Speaker Change: Vision fund.
Speaker Change: And Jeff one nuance you didn't put.
Speaker Change: Oh, they won't just uses a lot vivek.
Speaker Change: Who wasn't justified by the auditors.
Speaker Change: Okay.
Speaker Change: Isn't it.
Speaker Change: The uncertainty in the global economic environment is increasing, especially with the policy changes of the United States imposing additional tariffs. As a globally operating company, Minzu People must respond to this challenge with extraordinary resilience and vitality. The world is inherently ever-changing; with change comes new opportunities, and with significant change comes great opportunities.
Speaker Change: These are kind of watching you wind up with it yet because I don't know what that will present itself.
Speaker Change: That said the one next year.
Speaker Change: So as you can go into that.
Speaker Change: Financials are put out there.
Speaker Change: Your bill.
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Speaker Change: Your line is open.
Speaker Change: AP co-branded products, such as Mao and Mao's toys, have unique emotional value. Consumer value sensitivity alternates. We will continue to collaborate with globally renowned APs, launching more limited edition and exclusive products through continuous product innovation and design optimization to enhance product appreciation value and emotional supply. At the same time, we are also considering integrating overseas local AP resources for localized AP production and development. Next, we will update everyone on the progress of our business on Taobao.
Speaker Change: So again, while we'd achieve was alone scheduled aqua yet.
Speaker Change: Google gender equity.
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Speaker Change: And with that level, we will move on.
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Speaker Change: In 2020, the annual decoupling figures increased by 45% year-on-year. The Montaigne deputy competition had 128 companies, reaching 276 companies, with single-digit growth in adulthood, and achieved advantages and disadvantages throughout the year. This achievement also benefited from product development equipment, which effectively implemented and sustained the growth of product operations. This drove the biotech gross margin up by 7.3 percentage points, and the core internal gross margins of products like Jenga and Maohuo improved. The proportion of resource products increased by 3.5 percentage points.
Speaker Change: And they also had challenges.
Speaker Change: Let me ask you about the.
Speaker Change: Gotcha.
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Speaker Change: Okay.
Speaker Change: Because we felt this was the destocking.
Speaker Change: Thank you Martin.
Speaker Change: Yes.
Speaker Change: GMO logger goodness in the Montney to Genesis.
Speaker Change: That makes sense.
Speaker Change: Got it.
Speaker Change: The year 2024 is a year for Linchuang Operations to deepen its globalization strategy, and it is also an important foundation for us to move towards becoming a super brand. Linchuang Operations Group adheres to the nature of consumer battles, insists on the IP strategy, and adheres to the globalization strategy. In the future, our goal is very clear: to become the world's number one IP design retail group. Consumer demand is shifting towards nature consumption and quality consumption.
Speaker Change: Yes, yes.
Speaker Change: Jim will cover it again.
Speaker Change: Although you don't have a schedule of the rest of them.
Speaker Change: On behalf of all of these Yankee political local general quite Virginia by the holder you've done some of it.
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Operator Gen yesterday.
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Speaker Change: Quite vocal in India, while until he can add a new wording dealing with SMA.
Speaker Change: Adam did you fall behind that is positive, but we are going down.
Speaker Change: Okay.
Sheila: Good morning, Sheila.
Sheila: Even without the nobility them globally with us.
Sheila: As a component.
Sheila: They went with yoga.
Sheila: <unk> had no reduces Malawi is bullish.
Sheila: Even if it doesn't.
Sheila: The legal industry.
Sheila: So.
Sheila: That just isn't isn't working jointly.
With that machine is only promotional.
Sheila: All of the agenda.
Sheila: Agenda.
Sheila: Greetings and funding.
Sheila: The jet engine authentically above Hickman.
Sheila: I didn't hear much at all.
Sheila: In Hollywood.
Sheila: We have a new call center.
Sheila: It's I believe June 11, G suite of Japan.
Sheila: Nobody makes no sense whatsoever.
Sheila: Lighthouse projects with <unk>.
Sheila: Now turning to the agenda changeovers at.
Sheila: Joseph.
Sheila: That.
Sheila: Alicia Yap.
Sheila: So the ETA.
Sheila: Lucas that joined us.
Sheila: Hello, and resolving children suffering from it.
Sheila: The advantages of China's power supply and consumer market are obvious. We need to seize these opportunities and continue with our IT strategy.
Sheila: 12 million of Tysabri southern.
Sheila: We had one meal bundle.
Sheila: G E.
Sheila: Products rely on heart, consumer experience, and effort to occupy a more important position in the global retail market. Mingzhaolunbi has achieved an improvement in ESG ratings for three consecutive years, with the latest MAP rating this year upgraded to A level.
Sheila: So I think that settles down.
Sheila: We've conducted.
Sheila: Linda.
Sheila: Yes, you bet.
Sheila: You've got good engineers.
Sheila: Thank you Matthew.
Sheila: H.
Sheila: It comprehensively reflects the recognition of international authoritative organizations for the long-term combat investment and sustainable field competition in civil aviation operations. Looking to the future, we will continue to implement the concept of sustainable development in our daily operations, achieve a comprehensive and feudal control system, adhere to long-termism, and create more value for shareholders. In the coming period, the group will continue to adhere to this concept, with 50% of adjusted managerial tasks, thus comprehensively continuing normal business buybacks to bring predictable returns to the company. That concludes my speech. Now, please allow the doctor to introduce the company's financial situation for the entire year of 2020.
Sheila: So in general when storage within Takeda.
Sheila: Thank you John.
Speaker Change: Got it.
Speaker Change: Namely that James.
Speaker Change: Valerie.
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Speaker Change: What are the.
Speaker Change: Similar changes that we'd leverage at all.
Speaker Change: Nextgen index eligible.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Thank you, President Ye, and welcome everyone to today's meeting. Next, let me lead everyone in reviewing the financial development of China Youpin Group for the entire year of 2024.
Speaker Change: CFO Brian <unk>.
Speaker Change: We did guide off back in back half way Voyager.
Speaker Change: Okay.
Speaker Change: Please note that unless otherwise stated, all figures are denominated in RMB. I will also mention some non-IFRS measures excluding stock-based compensation expenses.
Speaker Change: Joey.
Speaker Change: Neil strong July.
Speaker Change: The dosing.
Speaker Change: Well I don't see it.
Speaker Change: G tube triangle just for that bank.
Speaker Change: No problem.
Speaker Change: Show income
Speaker Change: Joel.
Speaker Change: The plan for the entire year of 2024 is to achieve a total revenue of 17 billion, with a year-on-year growth of 23%.
Speaker Change: Already obsolete entering new geographic density there. So we've got all of your batch distributed.
Speaker Change: Okay.
Speaker Change: Akshay.
Speaker Change: Overall growth is 23%, progressing according to our expectations at the beginning of the year. Among this, the average number of stores increased by 18%. From the perspective of the entire group, our Kobe copper ingot sales will see a single-digit decline in the second and third years.
Speaker Change: Let me spell out.
Speaker Change: Yes.
Speaker Change: And all of India.
Speaker Change: We're tweaking.
Speaker Change: You don't consume about quota share.
Speaker Change: Sure Bob Hi.
Speaker Change: That's helpful.
Speaker Change: Can you go into the center.
Speaker Change: Looking at each brand, after this 17 billion revenue, MINISO's annual revenue is 16 billion.
Speaker Change: Im not going to piggyback on that comment.
Speaker Change: <unk> enjoyed.
Speaker Change: Financials.
Speaker Change: Ming Dynasty's allure product brand revenue grew year-on-year in the twelfth period of the competition
Speaker Change: We can drive a huge international when we bid on.
Speaker Change: She is wrong.
Speaker Change: Cotton oil products in mainland China contributed 1.3 billion in revenue, an increase of 1 billion year-on-year.
Speaker Change: Global imaging and are often called <unk>.
Speaker Change: Sure.
Speaker Change: Michigan.
Speaker Change: Overseas Miniso contributed 6.7 billion in revenue, a year-on-year increase of 42%. Looking at the overseas market, the revenue from directly operated overseas markets is 3.8 billion, a year-on-year high growth of 66%. The agency market revenue is 2.9 billion, also showing high year-on-year growth.
Speaker Change: Alright, Let me example, Sydney.
Speaker Change: The initial build out.
Speaker Change: Sure.
Speaker Change: Right.
Speaker Change: Alright, James and I'm sure some of that property.
Speaker Change: Sure. Thanks.
Speaker Change: That is a structural cost Jeremy thanks Gordon.
Speaker Change: Sure.
Speaker Change: From the perspective of income structure, in 2024, overseas income accounts for 7.9% of the total, with an income of 39%, whereas in 2023, this figure was 33.5%.
Speaker Change: Zero.
Speaker Change: And he asked me in Shanghai, our external general and Chicago.
Speaker Change: So.
Speaker Change: <unk> already.
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Yes.
Speaker Change: The revenue share from overseas direct-operated markets increased from 6% in 2023 to 22% in 2014. Due to this revenue structure, our gross profit margin reached a new high, while also causing the operating profit to further decline.
Speaker Change: Hi, James.
Speaker Change: Josh I'll address part of Europe.
Speaker Change: Bill.
Speaker Change: Alright.
Speaker Change: Gotcha.
Speaker Change: So that's your goal.
Speaker Change: That's my Cingal hopefully ish.
Speaker Change: Hello, Sharon answer Joel.
Speaker Change: In terms of gross profit margin, the full year of 2024 saw an increase of 3.7 percentage points compared to last year, reaching a result of 44%. In addition to the aforementioned adjustments in the group's revenue structure, the effective implementation of the IP strategy has improved the gross profit margin across all our business segments.
Speaker Change: Joe Mara yard are yes, yes, and yes.
Speaker Change: Yes, Jonathan.
Sundar: Sundar Fabienne sugar back back in.
Speaker Change: Jerry.
Speaker Change: Go ahead Jim.
Sure sure Jen.
Speaker Change: You should have all been good.
Speaker Change: Okay.
Speaker Change: Especially the gross profit margin of overseas business and TOPTOY business has seen a significant increase. It is worth mentioning that our gross profit margin has risen for eight consecutive quarters and has continuously reached new highs. Looking ahead, the gross profit margin between quarters may be subject to seasonal fluctuations.
Speaker Change: Thank you Sir.
Speaker Change: Our top partners that you are in good shape.
Speaker Change: Jerome golf bullish with infusion today.
Martin: Martin with UBS Your biography show.
Martin: GBM trial Cingal to override seaborgium tomorrow, we could always show Dol just guessing about Guyana.
Martin: Fluctuations with the increase in overseas income and IP sales prices, there is still room for movement in the rise of the gross profit margin.
Martin: All right.
Martin: So all of Ice's chocolate job execution quality beta assumption.
Speaker Change: Tom and Jim.
Speaker Change: Regarding the recent tariff policies that everyone is concerned about, we currently have the following information to provide.
Speaker Change: So there isn't anything that guy for Brunswick pathogen.
Speaker Change: Sure.
Speaker Change: These jobs and therefore should be.
Speaker Change: First, accelerate unified continuity
Speaker Change: <unk> 20th treatable.
Speaker Change: Currently, our overseas direct sales markets, excluding Chinese, have already reached 25% to 30%, and as mentioned earlier, the U.S. is even closer.
Speaker Change: With you all vaccination Pedro.
Speaker Change: Great.
Speaker Change: Dash permit more rapid and aggressive bidding.
Speaker Change: Second, considering the regression in profit margins, we will consider maintaining transparency capabilities, and then build on that to create production capacity value.
Speaker Change: Yes.
Speaker Change: Great.
Speaker Change: Coffee bars.
Speaker Change: Just with the shock she's alternative Jackson in children.
Speaker Change: Third, as one of the largest Mingchuang merchants, we have relatively strong confidence in our suppliers.
Speaker Change: So it may drop waiting to see more of that.
Speaker Change: Sure Jim.
Shah: One day <unk> Shah.
Speaker Change: Got it.
Speaker Change: When the entire industry is hit by tariffs and the overall costs are rising, our products still have a significantly lower cost-performance ratio by half. This can help us continuously improve our market position amidst the challenges.
Speaker Change: Second our emo show of our grocery between Dr. Benjamin that charter Hall was.
Speaker Change: Interesting.
Speaker Change: Gender more powerful that shop general topics within Chicago.
Speaker Change: Facing the complex and ever-changing international economic and political landscape, we are the pioneers as a leading enterprise.
Speaker Change: Yeah without ballgame.
Speaker Change: Jeanne Johns approaching almost orange warheads.
Speaker Change: Regarding the constantly changing tariff policies, the Democratic Party has accumulated rich experience and power.
Speaker Change: Without getting into the grocery store.
Speaker Change: Meanwhile, in bankruptcy he answered.
Speaker Change: Below are the expenses. Before 2014, our sales and administrative expenses increased by 52%.
Speaker Change: Generally speaking.
Speaker Change: Yes.
Speaker Change: On the social.
Speaker Change: So as it turned out.
Jim Brown: Among them, the sales expenses increased by 5%.
Speaker Change: So you don't have telco.
Jim Brown: Jim Brown.
Jim Brown: Manage spouse growth by twenty percent
Jim Brown: To be able to send out a backyard.
Jim Brown: The selling and administrative expenses account for 26% of the total revenue, which is five percentage points higher than the late 230s.
Jim Brown: Joseph a bank deal John Schoen strongly back Josh.
Jim Brown: Our value.
Jim Brown: Goodbye.
Jim Brown: Most of the cost increase is due to newly opened direct fish stores, especially overseas direct fish stores.
Jim Brown: She don't Bob will come back.
Jim Brown: Sure.
Jim Brown: Is it <unk>.
Jim Brown: As per our previous communication, at the current stage, Mingchuang's investment in the Shiying store
Jo Walton technical hearing Dunkin, Deirdre redraw, the gene but difficult.
Jim Brown: It is to have more sales opportunities to ensure the success of our future business, especially as an important strategy in the United States.
Jim Brown: Sorry.
Jim Brown: Starting with <unk>.
Jim Brown: Well.
Jim Brown: George you said that maybe Joel Jeffrey's question.
Jim Brown: By the end of 2024, the number of directly operated stores we use overseas has exceeded 500, which is twice the number of directly operated stores compared to the same period last year.
Jim Brown: Are they asking it more on the second.
Jim Brown: Drilling them yet.
Trauma backdrop trading than they are shorter so julien and cheetah.
Jim Brown: The income for the entire year of 2020, please make it visible, and it is also welcome.
Jim Brown: Are they asking answering in June but yet Sean.
Jim Brown: However, related sales and marketing expenses, such as rent, depreciation and amortization, and personnel salaries, increased by 72%. Entering the fourth quarter, we have seen the effectiveness of our cost control and operational efficiency improvement measures. In the first nine months of 2014, the growth rate of expenses related to direct-operated energy stores was 75%. By the fourth quarter, this expense growth rate had decreased to 66%. We believe that with the ongoing implementation of new plans and strict expense management, the operating expense ratio will continue to improve. In the medium to long term, these newly opened direct-operated energy stores will release significant sales and profits.
Jim Brown: John Gwenda sell a whole bunch of video view towards in Georgia. It is Joe.
Jim Brown: Neutral.
Jim Brown: And in Chicago.
Jim Brown: Albeit physical wont Cabo metzenbaum queenship infusion Charlotte Unfortunately jackups.
Jim Brown: Are they also be unchanged in the near term around big pushes back pendants usual.
Jim Brown: Obviously, they've been able to go home.
Jim Brown: No we're still.
Speaker Change: <unk> issued a change of heart or younger.
Jim Brown: Okay.
Jim Brown: Java, while the Guy Sean.
Jim Brown: <unk> drove tungsten so this encouraging them Josh.
Jim Brown: Sure.
Jim Brown: So awful adherence.
Jim Brown: Additionally, the advertising and promotion expenses for the entire year of 2024 increased by 38%. The proportion of advertising and promotion expenses to revenue remained stable at around 3%. Licensing fees increased by approximately 29%, which is roughly in line with revenue growth.
Jim Brown: Ali Al.
Jim Brown: Sure Bill.
Jim Brown: And just ask about raw material John Jordan.
Jim Brown: Joel with being back to back them.
Jim Brown: Okay.
Jim Brown: Bend over backwards to oxygen.
Jim Brown: Joel.
Jim Brown: Sure Sharon.
Jim Brown: The growth rate in the second half of the year is slightly faster than the first half, mainly because the second half is still about sales, especially in overseas markets.
Jim Brown: As jobs are still here.
Jim Brown: Josh Derrek Derrek.
Jim Brown: Got you.
Jim Brown: Yes.
Jim Brown: The logistics-related costs have increased by 51%, which is mainly related to the growth rate of logistics costs in the first half of 2024 and the first nine months. The increase in logistics costs is mainly driven by the growth of coastal electricity and the rise in international freight costs.
Jim Brown: Good morning, Jonathan.
Jim Brown: Turns out that the Wuxi.
Speaker Change: We are already asking your sandbox, the changeover year oilfield Zanesville Doug.
Jim Brown: But then that Joshua.
Speaker Change: And Jon Bortz, I'd point to convert shop in shops.
Jim Brown: Below is the profit effort regarding profitability. The adjusted operating profit of Public Media in 2024 increased by 17% year-on-year, and the adjusted operating profit margin remained stable at 20%.
Speaker Change: Jimmy I should.
Jim Brown: Great.
Speaker Change: He joined the Army RFP in June June when he left.
Speaker Change: And you should see Jean Charles Latino zero.
Speaker Change: Josh.
Speaker Change: The adjusted net profit is 2.72 billion.
Speaker Change: Jean Charles Simonyi sedan.
Speaker Change: Sure.
Speaker Change: The total increased by 15%. The newly adjusted new profit margin is 16%. Despite the rapid resurgence of overseas production, we have still maintained a relatively healthy profit margin.
Speaker Change: Thank you Brenda.
Speaker Change: Sure Jason.
Speaker Change: Part of that journey revenues.
Speaker Change: That's the glass recall practically product okay.
Speaker Change: Sure you got that property.
Speaker Change: Adjusted EBITDA increased by 20% year-on-year.
Speaker Change: Jim Chart asbestos Richard Hill, Jeff has already written Vidal can be learned out of that geography.
Speaker Change: Adjusted EBITDA margin of twenty percent, this margin in 2023
Speaker Change: I think <unk> pension that lever.
Speaker Change: <unk> lung disease.
Speaker Change: Art venue distribution.
Speaker Change: The adjusted US stock ADF base and insured earnings increased by 16%, which is higher than the growth of our adjusted net profit. This is mainly because we repurchased and canceled over 11 million shares in total in 2024.
Speaker Change: Chart, and then make sure you bet.
Speaker Change: Then dialed back Mr. Sergio Galindo walnuts, each holder junior in the graph.
Speaker Change: So the world that are the euro.
Speaker Change: You're going to sell off where you're going to follow up on your backlog.
Speaker Change: Approximately 0.9% of our common stock, which increased the common stock
Speaker Change: Uhm.
Speaker Change: With all through the backend fabricated against you guys.
Speaker Change: In terms of working capital
Speaker Change: They have the luck on yet.
Doug Wilson: The turnover of inventory in the distribution channels remains stable and efficient. By the end of 2024, 33% of Yuncheng Youpin's inventory is located overseas, compared to 24% a year ago. The group's inventory turnover days are 91 days, with the mainland China market at 75 days. Compared to last year, which was 70 days, the increase in days is mainly due to the earlier Chinese New Year this year, requiring us to prepare in advance. The turnover days for the Windows brand's overseas direct sales market are 187 days, compared to 131 days last year. This is mainly because our direct sales market has expanded, with nearly 450 more stores year-on-year. Structurally speaking...
Doug Wilson: Sure Doug Wilson disorder box here with Jeremy Gotcha.
Doug Wilson: And they're more mutually opening team I look back and just ask about <unk>.
Doug Wilson: R&D engine.
Doug Wilson: Way back.
Doug Wilson: Jihad within a product potential breakthrough machine kitten, she don't draw.
Doug Wilson: It's useful to show the semi chip which is C.
Doug Wilson: Gateways and data driven.
Speaker Change: Lindsey had jumped off to Phil sharp change a big ball mill.
Doug Wilson: Gotcha.
Doug Wilson: Two of them carefully.
Doug Wilson: <unk> suggests she had wound shuart Rebecca passion Kim.
Doug Wilson: Anyway would that change at all.
Doug Wilson: It can be challenging.
Doug Wilson: Yet from vehicles Entre 12, what you got back to the real job Chicago.
Doug Wilson: Inventory over 180 days accounts for about 11% of the group's inventory, approximately 1 percentage point more than the first 9 months of 2024.
Doug Wilson: Interesting the RDR field changeover period.
David Joe: <unk> David Joe.
David Joe: In the future, we will continuously integrate management strategies for ocean expansion layers while flexibly responding to tariff risks.
Sure.
Speaker Change: Saturday important big branches, and what you got on that Sean.
John Walker: Reduce inventory risk by improving the efficiency of energy or inventory turnover.
John Walker: John Walker from Jordan Sherman.
Speaker Change: Including bullshit.
Speaker Change: In terms of capital allocation, we announce today the distribution of the 2024 final dividend.
Speaker Change: That's about one day from year woman.
Speaker Change: Woman deviation golf had bottomed.
Speaker Change: Sure.
Speaker Change: The amount is approximately 740 million RMB. In the second half of 2024, we have already adjusted the amount by about 5%.
Speaker Change: Zynga.
Speaker Change: Yes.
Speaker Change: Sure well the Arctic seven joint project team.
Speaker Change: Sure.
Speaker Change: We expect to pay the people in April this year.
Speaker Change: <unk> done that yet.
Speaker Change: In 2024, the company distributed approximately 1.24 billion RMB in dividends.
Speaker Change: Ali Australia go through comp.
Speaker Change: Charlotte.
Speaker Change: Can be there soon.
Speaker Change: In this way, the corresponding economic adjustment is constrained by the economic profit method.
Speaker Change: John two isn't that same charges, it's easier to get back.
Speaker Change: Combined with the voting buyback, we have distributed a total of 1.57 billion to shareholders in 2024.
Speaker Change: <unk> Calgary ball <unk> shopper graph by having less sodium siggi.
Speaker Change: In the foreseeable future, we will continue to maintain our payout rate. Our capital allocation strategy will also continue to balance the rapid growth of our business with our commitment to providing stable and predictable returns for shareholders. So after the end of the wealth period in April 2025, since 2020.
What I said, yes.
Speaker Change: <unk> sure.
Speaker Change: Okay.
Speaker Change: You guys issued pinnacle yield impressive just burned out.
Speaker Change: A week ago that.
Speaker Change: I wouldn't think about retail we want.
Speaker Change: No.
Speaker Change: Yes.
Speaker Change: Couple more tangible.
Speaker Change: Our R&D, yes, Walnut region Guangzhou.
Speaker Change: We expect the synergy to consistently emit, approaching approximately 4.4 billion.
Speaker Change: Sure.
Speaker Change: Yes.
Speaker Change: In the entire year of 2024, the company generated a financial cash flow amount of 2.2 billion, with free cash flow approximately 1.4 billion. As of the end of 2014, we still maintained a stable cash reserve of 6.7 billion, which includes 6.3 billion in cash to meet additional needs. 100 million in financial products is recorded under the items of the balance sheet, other investments, and authorized funds, with 270 million recorded.
Speaker Change: Are they all can trend here going forward.
Speaker Change: Jean <unk>.
Speaker Change: Sharp.
Speaker Change: We worked at Ingalls parishes.
Speaker Change: These aren't linear hall.
Speaker Change: Woman year thoughts, Sheila Broughton CEO with being attending.
Speaker Change: She don't Buffalo viewers bashing is anything about the bill.
Speaker Change: You can either.
Speaker Change: Zero.
Speaker Change: Sure.
Speaker Change: Special sits within that culture.
Speaker Change: Since your bookings.
Speaker Change: The company's interest-bearing debt ratio is 3.15%, and our debt-to-asset ratio is still very low.
Speaker Change: <unk>.
Speaker Change: Okay.
Speaker Change: This is <expletive>.
Speaker Change: On January 6th of this year, we issued a $550 million, 7-year convertible bond. The coupon rate for this convertible bond transaction is only 1.5%, with interest compounded semi-annually.
Speaker Change: What was that again at year ago.
Speaker Change: Asking the team.
Speaker Change: She has held senior project that Dave you could have had you already have the parks inkjet way back then.
Speaker Change: They battled pushing.
Speaker Change: The financing cost has been reduced, and the conversion period is after the 6th year of the halt. Moreover, through the design of a call option spread contract, we have increased the conversion price to HKD 102.1, minimizing the dilution of equity to the greatest extent.
Speaker Change: Longer term the DRP struggled sheet, we're passing that.
Speaker Change: Paul will.
Speaker Change: Can you walk kind of syndrome that yard charcoal yesterday, when the downtown Chicago Hong Kong.
Speaker Change: Tape.
Speaker Change: <unk> for that job.
Speaker Change: Ctrip bullshit.
Speaker Change: This issuance is the company's first course plus financing, utilizing the foundation to broaden fundraising, increasing the coverage of long-term funds, and at the same time further enhancing our cash reserves and financial strength.
Speaker Change: The partnership owns versus obese.
Speaker Change: The only rule for consoles.
Speaker Change: Gaslog said believe it will get most of it any water heater along with the same playbook.
Speaker Change: The company plans to use 50% of this financing for the expansion of overseas markets and 50% for continuous and stable contract returns. We hope to handle overseas business through this financing.
Speaker Change: <unk> J D.
Jonathan: Sure Jonathan.
Speaker Change: Youre welcome.
Speaker Change: With Chuck we watch a vehicle maturity.
Speaker Change: Concord stock buyback further returns after the president
Speaker Change: <unk> got legal team from home.
Speaker Change: Bob.
Speaker Change: Finally, in the transaction with Yonghui, I would like to share one more thing. This acquisition by Yonghui did not proceed as smoothly as the current conditions suggest, and the deal has been completed. In this transaction, our foreign exchange loans account for about 55% of the total investment amount, which is approximately 3.46 billion RMB. Our average financing interest rate is less than 13%. We will use the full settlement method for this transaction. According to the 129.4 shareholding ratio, we will obtain Yonghui's new total forecast. It is expected that Yonghui will start reflecting on our financial statements from the second quarter of 2025.
Speaker Change: Therefore, there won't be the jarden.
Speaker Change: Right.
Speaker Change: That's a great example, which I'll send you participate.
Speaker Change: Sure.
Speaker Change: Outgrew unless that majority of angle.
Speaker Change: What would define jumbo compositing backend.
Speaker Change: Back in July shortly.
Speaker Change: Daniel.
Speaker Change: Canadian or don't believe without that.
Speaker Change: So John's Josh Civil training market.
Speaker Change: Although the golf third incidents sugar producer.
Speaker Change: Rita Jain button.
Speaker Change: Gentle.
Speaker Change: Okay.
Speaker Change: Hello Roger.
Speaker Change: Sure.
Speaker Change: Reflecting on 2024, the annual performance of Minchuang Yachts demonstrates the strength and resilience of our business model, as well as the effective execution and development of our IP strategy and globalization strategy.
Speaker Change: Regarding Australia, neither one of them.
Speaker Change: And then.
Speaker Change: Sure sure.
Speaker Change: Yes, I think central vitality charges product shelf.
Speaker Change: Our steady development strategy has enriched our cash reserves, allowing us to maintain good flexibility to quickly seize market opportunities and respond to uncertainties in the macro environment.
Speaker Change: Although a desktop a childhood.
Joe Holliday: Oh sure Joe Holliday watching you got no exchange, where regardless of size.
Speaker Change: In the overall LNG liquid trades.
Joe Holliday: Finally, let's talk about the prospects of the two-dimensional network. We will continue to focus on two main areas. On one hand, we will enhance our same-store sales by continuously increasing our investment in IP, R&D, upgrading channel structures, and improving member return rates to support the growth of high-expectation individuals domestically. On the other hand, we will continue to focus on the development of overseas markets, maintaining rapid performance growth while implementing more disciplined cost control. In terms of store expansion, we are advancing according to our five-year strategic plan.
Joe Holliday: Several other all the jackpot.
Speaker Change: Q3 also dropped.
Joe Holliday: Engwall showed good data.
Joe Holliday: Yes.
Joe Holliday: Sure.
Joe Holliday: As usual, we are already as you show up but it won't be a shortfall Julie Julie Vornado Cogs Gaza burned out.
Joe Holliday: Josh This is Jean Jacques question project that Bob's require corrugated burned out pension seem too good a job you see youre seeing that chunghwa.
Joe Holliday: Yes.
Joe Holliday: Yes.
Joe Holliday: As all travel freezing.
Joe Holliday: The changes in variables by the end of 2028 compared to the developments at the end of 2023 are unprecedented. The expected growth in 2025 is anticipated to be slightly less than in 2025.
Joe Holliday: RDR Ophthalmia mall, yes sure John.
Joe Holliday: Thing in your mall.
Joe Holliday: Hello.
Joe Holliday: Pardon.
Joe Holliday: Oh, yes.
Joe Holliday: Sure.
Joe Holliday: Sure.
Joe Holliday: This is mainly because of our own business structure. We believe that stores should not only focus on quantity but also on quality and structure. We hope that more growth in the coming year will come from our store sales.
Joe Holliday: So if you are seeing world.
Joe Holliday: Well Middle England Goldman Sachs shorter.
Speaker Change: Julien, Let's say April was.
Joe Holliday: Zero.
Joe Holliday: Right.
Joe Holliday: Central.
Joe Holliday: Based on our assessment of the current market environment and the execution of our growth strategy, we are optimistic about the accelerated revenue growth of the company in 2025.
Joe Holliday: The adoption restaurant branding you do over that Linda who are introducing the capex what would they already own once the vessel with dosing down with those that got bought worldwide.
Joe Holliday: Considering the basic situation of the first and second halves of each quarter in 2024
Joe Holliday: Good good.
Joe Holliday: So I'll get back in the crop.
Joe Holliday: We currently expect the growth rate of revenue to be lower in the first half and higher in the second half, with faster growth in the latter half of the year.
Joe Holliday: Well homogeneous shorted, those CLO zero effect, which in this program separately.
Joe Holliday: We expect the company's operating profit to grow healthily in 2025 because we are paying more attention to this relationship.
Joe Holliday: Yes.
Joe Holliday: But in Europe, with Jack up and John you may want to convey field about corn.
Speaker Change: However, the improvement in financial profit margins still depends on the profits from our holdings in energy.
Speaker Change: Jean Leroy T cells that are distributed in Valencia and vehicle dealerships.
Speaker Change: Our directly-operated stores are still in a phase of rapid growth. The revenue related to directly-operated stores is expected to remain in the triple digits in 2025.
Speaker Change: The Dream and Diablo Canyon National Golf CAGR on Euro Jim in the external that show.
Speaker Change: Krish, it's balance syndrome.
Speaker Change: The profit margin of directly operated energy is currently the lowest, but there is significant room for optimization in the medium to long term. In the long run, the company's reasonable competitive profit margin should return to 20%.
Speaker Change: That's just.
Speaker Change: The data that don't have youre walking down about <unk>.
Speaker Change: Got it.
Speaker Change: Josh.
Speaker Change: Our financial strategy will continue to maintain rigor in budgeting, contract control, and asset allocation. We are committed to achieving stable and sustainable profit growth and a healthy outlook.
Speaker Change: One of the Alexandria General issued <unk>.
Speaker Change: <unk> barcode.
Speaker Change: Based on the losses.
Speaker Change: A reduction in the shipyard will be changed.
Speaker Change: Jack condensate window.
Speaker Change: Thank you, my speech ends here, we can start providing.
Speaker Change: Did you look back Bob almost getting cash in Q1 last year.
Speaker Change: The first question comes from Michelle Chen at Goldman Sachs. Your line is open. Please ask your question.
So you got to you at the Goldman Sachs Michele chime in is generally keitel.
Speaker Change: Hello, Dr. E, and thank you for the opportunity to ask questions. Congratulations to the company for maintaining a stable performance in a rather volatile environment. I have two questions. The first one is about the domestic power supply sector. We noticed that the pressure was indeed greater in the second half of last year. However, there were still significant contributions from major IPs in the first half to the third and fourth quarters of last year. So, how do we view the trend of domestic power supply this year? Are there any clear strategies that can lead to significant improvements in this area? Additionally, we mentioned various strategies for different types of power last year. Do we have any targets for the development of these power types this year? This is regarding the domestic part. The second question is about the U.S. Last year, we also saw some pressure on power supply in the later quarters in the U.S. Could you share how the profit model for single power in the U.S. is currently? Similarly, how should we view the power supply in the U.S. this year? Also, regarding the overseas market, as you mentioned, the pressure on the direct market's expense ratio might still be significant. How do we see the potential for improving the profit margin in the entire overseas market? Thank you.
Speaker Change: Yes, <unk> Mohan. Thanks, Joanne how are you confident that there will be helpful. Don if I could just ask ill go with G&A.
Speaker Change: Nowadays anti dos <unk>.
Speaker Change: Got you opine on a call yesterday.
Speaker Change: Connection with Sabine yard at Baobab, not that Shanghai, and Shenzhen, Shanghai Dolby, Thank Judy for Gucci at Ohio State that E com.
Speaker Change: Lee senior women counted up one eight instead of <unk> young woman sides of Colombian Paypal can you go back to that.
Speaker Change: Meanwhile, woman disconnect Piedmont Board, they don't put all the Colombia and Chile.
Speaker Change: And data <unk> attacks.
Speaker Change: So as Brian pointed out my.
Speaker Change: I think what you're asking John.
Speaker Change: Sure.
Speaker Change: Can you think what do you say all ITW Doyle cutoff point Danielle.
Speaker Change: And then Josh Wilson, and Mike will take a bandanna morphine <unk> yeah yeah.
Speaker Change: Yes, I think what's at the end of opinion.
Speaker Change: Okay.
Speaker Change: Why is it beyond just the Guy you said you had $2 towards a badge Zheng should help with Yodlee halfway.
Speaker Change: Okay gang with Ics backup Macarthur with Joe the last.
Speaker Change: Washington REIT.
Speaker Change: You said Asia, Vietnam, just yet.
Speaker Change: Calculate the total number of people who have increased from January to February .
Speaker Change: You bet.
Speaker Change: Absolutely.
Speaker Change: The pace of disappearance is accelerating, and the environment of Chengdian is improving. Regarding the domestic Chengdian experience data, here are a few data points to share with everyone.
Speaker Change: It's also due to the castle.
Speaker Change: Okay.
Speaker Change: Yes, yes.
Speaker Change: Please go ahead.
Speaker Change: Got you got you.
Speaker Change: Thanks, John.
Speaker Change: Within a day, we observed that larger stores are recovering better. Stores with an area of over 310,000 are almost back to normal. Some smaller stores are experiencing pressure. In the afternoon, stores are being instructed to convert small stores into larger ones. At the same time, we need to consider that although these small stores are under pressure, their performance is not bad. The company will take all factors into consideration.
Speaker Change: You said the leader among cutoff excuses.
Speaker Change: I believe we all set.
Speaker Change: So what are your thoughts.
Speaker Change: Netherlands is getting.
Speaker Change: You guys saw again please.
Speaker Change: Sample Monday, it didn't get to all of Baidu.
Speaker Change: It will be the outcome.
Speaker Change: Got it.
Speaker Change: Please go ahead speakers.
Speaker Change: This somewhat old store's red store will also make changes to our commemorative plan.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: The charging situation within the country has improved compared to last year, especially in terms of charging. The gap is no longer there, no longer there, and we need to continue observing in the future.
Speaker Change: You can't believe what is Korea dosing in Europe previously.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: So that puts the RTC.
Speaker Change: Who else is my friend?
Speaker Change: Well, Mike Yes.
Speaker Change: No.
Speaker Change: The AP Paradise Store will debut in August 2024, created for global fans. It was once AP Paradise. By the end of the year, there will be three stores. In terms of operational performance, the currently operating Paradise Store has exceeded expectations. Compared to the product 'Meng Dian', the Paradise Store is a completely different frontline. In store design, it collaborated with an internationally renowned architectural design company. Through experimental layouts, it was once a scene with rich interactions, constructing a theme park that is a collection of AP.
Speaker Change: Yes.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: So I guess.
Speaker Change: Just maybe you can send out.
Speaker Change: Gotcha.
Speaker Change: Jack.
Speaker Change: Yes, correct.
Speaker Change: Other issue.
Speaker Change: Yes.
Speaker Change: Like us to do it.
Speaker Change: Yes.
Speaker Change: The ethanol working similar channels.
Speaker Change: Sure.
Speaker Change: Thank you Sir.
Speaker Change: Ill get approval now.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Yes, Ken do you want me to.
Speaker Change: Yes.
Speaker Change: Entrance, rural areas, thatched boxes and other characteristic mountainous areas are not afraid of limited quantities. The global version of various special businesses is launched according to store opening, city, business district, and area. We classify the green spoiled milk store into three levels: global, national, and city.
Speaker Change: Michael John charging market will build a sort of a budget Obama.
Speaker Change: Sure.
Speaker Change: So Bob <unk> and our covenant.
Speaker Change: Sanjay.
Speaker Change: <unk> Central review conducted with <unk> yet.
Speaker Change: So the positioning of the global accounting secret strategy bomb, the instrumental cities and parks that have been opened, such as the open-air one we just opened in Nanjing, Shanghai, China.
Speaker Change: Thank you Rajeev relentless Dewey President <unk>.
Speaker Change: Gotcha.
Speaker Change: I'll kind of towards holiday.
Speaker Change: National-level secret sales outlet stores will be established in core high-level cities of first-tier and new first-tier cities, such as Beijing, Guangzhou, Chengdu, Hangzhou, etc. City-level secret sales outlet stores will be set up in provincial capital cities like Jinan, Kunming, Guiyang, Shijiazhuang, Harbin, etc. This year, more than 10 new stores will be added. Additionally, we will focus on creating flagship stores with twice the regular electricity consumption. In terms of development strategy, we will open in geographic locations that meet city standards, with all cities fully focusing on core commercial systems and standard traffic CV points, optimizing and upgrading existing properties. It is expected that 100 to 200 new flagship stores will be added.
Speaker Change: Well that could result in enhanced recovery takes shape.
Speaker Change: She until the closing project consultant call Michele Guillermo preview bundle total although the.
Speaker Change: We know that.
Speaker Change: <unk> recovered.
Speaker Change: <unk> <unk>.
Speaker Change: She knows the data.
Speaker Change: Yes, I'll be covering in Alberta.
Joe Holliday: Hi, Joe.
Speaker Change: Please proceed Doug.
Speaker Change: Jeff is a challenge to you all thank you so.
Speaker Change: Jude.
Speaker Change: No.
Speaker Change: Yes.
Speaker Change: Can you offer thank you.
Speaker Change: Kimball you better done by that.
Speaker Change: As for the utilization rate of overseas direct stores, these stores are still in a high-growth phase. By 2025, they are expected to continue growing at a triple-digit rate. The utilization rate of direct stores is currently the lowest, but there is significant room for optimization in the medium to long term. In the medium to long term, the company's operating rate is reasonably around 20%, although the utilization rate of direct business may fluctuate due to the pace of store openings and closures.
Speaker Change: Mohamed Lena <unk>.
Speaker Change: So if I make one comment theme within those vehicles was elected that Alibaba yet.
Speaker Change: So sorry for the holdup.
Speaker Change: Yeah, Let me start with the data to answer you want when you have that.
Speaker Change: So we'll.
Speaker Change: Those are genuine <unk>.
Speaker Change: <unk>.
Speaker Change: I did want to digital.
Speaker Change: There are many fluctuations between systems, but on an annual basis, it shows a continuous upward trend.
Speaker Change: Jim.
Speaker Change: So you got securities that children.
Speaker Change: Globalization is extremely important for the long-term growth of enterprises. We must adopt a long-term mindset to succeed. There are nearly eight billion people in the world now, and China has only one billion people. The overseas market is very large. When we make any investment, we must see the return on profit. As entrepreneurs, we should look at our unfortunate short-term clean projects from a longer-term perspective. Doing business often requires initial fluctuations before reaping rewards. Early investments in resource markets gradually manifest as brand recognition, building a comprehensive sales network and operational system. This is the solid foundation for stable profit growth in the future.
Speaker Change: <unk> content agenda will be for.
Speaker Change: For the project are you sure that tenants all 10% of your JV partner, who will attest.
Speaker Change: Felipe.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Hello.
Speaker Change: Well most of it Sheila.
Speaker Change: Thank you guys.
Speaker Change: <unk> hired to help with you.
Speaker Change: No longer on the shelf.
Speaker Change: Hi.
Speaker Change: Thank you Doug.
Speaker Change: Yes.
Speaker Change: So yes to that.
Speaker Change: Go ahead, she was on the shuttle buggy.
Speaker Change: When do you think deals in the agenda.
Speaker Change: The U.S. market has always been an important part of leading global strategy. From 2021 to 2024, the U.S. market is experiencing triple-digit ultra-high-speed growth, making it one of the highest-performing markets in our global strategy, as well as a strategic stronghold for our overseas business. In 2025, we hope to maintain rapid growth in store numbers in key cities by using more precise store-opening strategies to enhance market presence. In 2020, 154 new stores were added in the U.S., enriching 54 states. This year, we will focus even more.
Speaker Change: May was the ease of the resort tangible tender.
Speaker Change: <unk> is also.
Speaker Change: And on the <unk> segment, we established with the telcos will put us on the potential.
Speaker Change: Potential Sundance, obviously quarters lumpy.
Speaker Change: Got it.
Speaker Change: What was your step awesome.
Speaker Change: We will continue to look at Geismar that kidney.
Speaker Change: On the US again, maybe what syndrome, India you boundless.
Speaker Change: One of the adult Gena when we have conducted the change of lagging.
Speaker Change: The store opening is canceled, we will continue the battle of opening stores this year.
Speaker Change: And then.
Speaker Change: <unk>.
Speaker Change: Please go ahead.
Speaker Change: In the United States, 76% of the population is in 24 states. By opening stores with basic training, we can leverage economies of scale. Through these key initiatives, by providing concentrated resources, we can leverage scale advantages to achieve ideal advantages. Economies of scale can achieve ideal advantages, quickly sell goods over the long term, reduce stockouts, enhance customer purchases, optimize logistics delivery routes, reduce usage costs, and improve logistics efficiency. Thirdly, through centralized management, we can better meet green demands, reduce inventory backlog, and improve product productivity.
Speaker Change: That may well help us to do that.
Speaker Change: Honestly in adult tissues, because it probably too much.
Speaker Change: To answer your question.
Speaker Change: Okay.
Speaker Change: So again.
Speaker Change: Good morning.
Speaker Change: Yeah.
Speaker Change: Oh, yes, yes, yes.
Speaker Change: Yes sure.
Speaker Change: Goodbye.
Speaker Change: Jeff.
Speaker Change: You've all what I'm, saying is that through a digital one.
Speaker Change: But more critical audit fees.
Speaker Change: Jeff.
Speaker Change: <unk> <unk> also representing <unk>.
Speaker Change: In terms of strengthening brand management, we have several steps. First, the headquarters' merchandise center has established a special group. The headquarters' merchandise center has set up a special product development group specifically for the U.S. market to develop products that can be commercialized. These special groups need to position the stores based on the business format of the U.S. stores.
Speaker Change: Okay.
Speaker Change: Richard.
Speaker Change: So it was on mute please.
Speaker Change: Total assembly.
Speaker Change: Thank you Johan.
Linda Wilson: Linda Wilson, our CEO, Jean autonomy come up or you want to hit.
Speaker Change: <unk>.
Speaker Change: For Monday.
Speaker Change: Globally, we will flexibly optimize our cooperation model based on the treatment and strengthening situation of each country. We are well aware that the Chinese market has different needs and strategies. Therefore, we have developed specialized strategies to ensure smooth and long-term business development.
Speaker Change: Doug Schenkel body, Huawei, maybe because of weather patterns.
Speaker Change: Like how much is.
Speaker Change: Neil.
Speaker Change: <unk> got almost almost as a complement to biopharma.
Speaker Change: It wasn't a user launch I, just don't want our children that triple you'll listen we bought them.
Speaker Change: Hudson.
Speaker Change: Another key focus is to develop regular reporting products. We will further improve the market-oriented system in the United States, especially the membership system. On one hand, we will identify products with high demand and low supply rates and develop them into regular reporting products. By optimizing these reporting products, we can further stabilize the offerings. On the other hand, through targeted cross-item analysis of users, we aim to improve consumer services.
Speaker Change: Okay. That's.
Speaker Change: Help me model one that you can look at when we went through the Washington Uhm.
Speaker Change: If I may actually be a summer hit costume.
Speaker Change: <unk> concluded that the.
Speaker Change: Just about level, probably wanting to buy.
Speaker Change: You want the appointment.
Speaker Change: So, let's see what you mean.
Speaker Change: Global attendees renewable part of Hugo.
Speaker Change: Chuck is apple.
Speaker Change: That's all I have to say.
Speaker Change: What is the hurdle.
Speaker Change: Thank you, Mr. Ye, very clear, thank you.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: The next question comes from Wei Xiaobo from City. Your line is open, please go ahead. Thank you for the opportunity to ask a question. Hello, Mr. Ye and Ethan. I have two questions. The first one is regarding the outlook on the profit margin for 2025 mentioned in the prepared remarks by Ethan. It seems like the group's performance in terms of profit margin relies more on our guided stores, which are the overseas stores. Can we be certain about the profit? It seems like Ethan was quite confident that revenue will definitely accelerate in 2025. So, does this uncertainty about the profit margin mean that the certainty of accelerated profit growth is not as assured as it was stated in November ?
Speaker Change: Alright got she was actually.
Speaker Change: Very helpful. I mean, that's generally title teams.
Speaker Change: She said you got two in a deal.
Speaker Change: How high are you can haul William Lindy eager to connect and do you need to see.
Speaker Change: I prepared remark Nagel Ethan to why do you even need to do any darwinian account walnuts.
Speaker Change: Crucial agile resolved I'm sure Lehman Davita it could be all Shan Shan I assure you can go to Eli you on the dream of games, usually will have I mean <unk> not.
Speaker Change: Woman named <unk> Me go they're hungry sure Ethan should keep scratching. This ratio can you bridge us within them.
Speaker Change: No.
Speaker Change: Appreciating the Nemo unusually reforming the RIN digests with them down the trading scene Jewel mail should you essentially.
Speaker Change: And we are treating them.
Speaker Change: This is the first question regarding financial matters. The second question is a big one for Mr. Ye. Congratulations on completing the transaction with Yonghui. We also saw the news that you have joined the Yonghui Reform Leadership Group and have become the leader. Could you share any operational indicators discussed in your internal meetings? Of course, I understand that the other party is also a company listed on the A-share market, so if you can't disclose specific numbers, could you share some direction or any insights with us? Thank you.
Speaker Change: Figure deal with teams how long do you Garland usually years of legal documents with Truecar and unique went home to that Joey with Joey Wat made Carlos you any general lending that we are building those holds the way Donaldson Doug that you win enabled <unk> Yoshi months June would you be I'll kick them within our fin shallow downwards beyond the issue it was I'm going to slip.
Speaker Change: No potential she was little high in the Muslim challenge on negotiated a month peak Goldman finish on that.
Speaker Change: Yeah, Carlos just yet.
Okay.
Speaker Change: The above statements do not represent the position of this station.
Okay great.
Speaker Change: Okay, thank you Xiaou. Yes, let me repeat my answer just now.
Speaker Change: Oh Dear.
Speaker Change: All right.
Speaker Change: <unk> now got ahead of guidance.
Speaker Change: We are very confident in the increase in revenue and profit by 2025.
Speaker Change: This is a bit higher.
Speaker Change: No.
Speaker Change: Let's see.
Speaker Change: They tend to be healthier, and their income is certainly relatively high.
Speaker Change: Bulk waiting out there so you don't control superiority.
Speaker Change: Great job.
Speaker Change: The source of this confidence comes from what we can see
Speaker Change: Hey, good Giga Giga <unk>.
Speaker Change: Okay.
Speaker Change: Go ahead.
Speaker Change: Almost every BU, every one of our businesses
Speaker Change: Thank you Paul May be you may use.
Speaker Change: Do you still want to be our own person?
Speaker Change: Q1 would be our.
Speaker Change: Sure sure.
Speaker Change: Especially in China, in the China region, we can see a significant online business in China.
Speaker Change: Well from what you could call it.
Speaker Change: Given that you already have.
Speaker Change: Cooperation
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Because it will also be relatively fast
Speaker Change: Go ahead Jim.
Speaker Change: Good morning, Jonathan Johnson, it wouldn't be aircrafts.
Speaker Change: Now the shake out of the year.
Speaker Change: We are still relatively optimistic.
Sugar.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Got it.
Speaker Change: The balance of the bedroom.
Speaker Change: Our overseas business has maintained a growth and expansion of 43% over the past 21-24 years, which is a very rapid expansion. However, considering that our business is maintained overseas, we still have the experience to stabilize it.
Speaker Change: Here, we're back towards Hugo.
Speaker Change: Austin and Boston.
Speaker Change: Okay.
Speaker Change: Please go ahead.
Speaker Change: Got you.
Speaker Change: Yeah.
Speaker Change: <unk>.
Speaker Change: This is thirty-five to forty
Speaker Change: Okay.
Speaker Change: Overall, income might be the issue, and profit growth might be the issue.
Speaker Change: Oh sure.
Speaker Change: Goodbye.
Speaker Change: We are confirming the details of the profit with our dealer on PreparingMarket.
Speaker Change: What was that.
Speaker Change: Our prepared remarks.
Speaker Change: And in Europe, some of the channel.
Jamie: The series has a profit margin of twenty percent. We are still very confident, excluding the impact of transportation, minimum of the core business.
Jamie: Sure Jamie.
Jamie: Harsh competitive season.
Jamie: Okay.
Jamie: Sure meaningful across businesses.
Jamie: The growth rate of our business operations personnel this year is much earlier than the earliest period last year.
Jamie: In Europe.
Jamie: Peter.
Jamie: Sure.
Jamie: Policy.
Jamie: However, our operating profit margin depends on the profit margin of directly operated stores, as we mentioned earlier. Over the past year, the number of directly operated stores has been as mentioned earlier. The profit margin of existing directly operated stores will see a significant improvement in 2025. According to our target, the profit margin of existing directly operated stores will increase by a single-digit to mid-single-digit percentage, which will greatly help the overall company's profit margin. For example, in 2024, our directly operated stores opened domestically, such as ITLAND in Shanghai, although the costs are high, this store has still maintained a high double-digit profit margin over the past four to five months and continues to optimize. In 2025, as part of our rapid development investment, we will continue to invest in opening some new directly operated stores. In the first year of these new stores, due to upfront investments, their profit margins will be low. This is what we discussed this morning, that directly operated stores are in a phase of rapid growth.
Jamie: Got it.
Jamie: And we've seen that yet.
Jamie: Go ahead Jeremy.
Jamie: <unk>.
Jamie: So let me zoom in India.
Jamie: One <unk> engines in a moment.
Jamie: Seeing them for me on Chamberlain.
Jamie: The outlook with Golar central the Keystone schedule now.
Jamie: So we aren't seeing that.
Jamie: The coverage without <unk>.
Jamie: These days are equivalent.
Jamie: Based on Bob It really is the idea.
Jamie: Aging that transpired Isolette SaaS number.
Jamie: SaaS is that core to the ongoing SEC again, 90, Bosch a golfer hours shortage.
Jamie: We believe that should hit or Youll, while we're already all over again.
Jamie: Gulf of bottom both lead the human.
Jamie: <unk> done it before.
Speaker Change: Julio in Shenzhen.
Jamie: It would be.
Jamie: Just wanted to get help with NGL genomics with alcohol with enterprise that drove that.
Jamie: However, when everyone sees this point, the Shiyin store has the lowest profit margin among our three radio station models: Shiyin, Jianeng, and Daimu.
Jamie: Okay.
Jim: Jim the habit.
Jim: Yes, Alex shading job, but that bundle.
Jim: Zero.
Jim: No.
Jim: The profit margin is the lowest, but in the medium to strong term, our direct and chain business profit model is designed with a 20% added profit model. Therefore, after optimization in the medium to strong term, I believe our company's overall open margin will reasonably be at 20%.
Jim: New York Houston either.
Jim: That's a contrast between the sharp drop in geography job altogether B malls in sure.
Jim: One more thing constitute a neurological assassin, which I'm going to go off the market.
Jim: The balance sheet.
Jim: So the second question about Yonghui, the planning for Yonghui is as follows: three topics, two aspects. The first is to improve personnel efficiency. We are currently optimizing personnel to enhance efficiency. The second is to increase performance. Through adjustments, the average performance is two to three times that of the past, with stability after opening being seven to eight times or five to six times, and now it is two to three times. The third aspect is, for the second point, we believe that any adjustment below three times is unreasonable. The third is to increase gross profit. Because Minsheng College now has a lot of experience in increasing gross profit, Yonghui...
Jim: Goodbye.
Jim: Well, we don't move up when does that John.
Jeff Vidal: Yes, Jeff.
Jim: Okay.
Speaker Change: Hello, Budd, which ought to Jan <unk>, who will probably let al in your opinion and your question about doing something with <unk>.
Jim: While chiller.
Speaker Change: One Good example, Shannon.
Jim: You sounded a little bit but again.
Jim: Sunday to total DSW.
Speaker Change: Yes, 70 Timothy.
Speaker Change: Tim on the same Jan nobody already.
Speaker Change: In the past two years, his income has been eight to nine hundred billion. Among this amount, a quarter of the sales come from household products, and most of their household products are low-margin home brands. We have a lot of experience in this area and can assist them in raising the margin to a very high level, a significant step up. Increasing the margin, the second major development is private label brands. Private label brands are also a key feature for increasing margins and also enhance the core competitive advantage of the company.
Yes.
Speaker Change: Net anecdotally of body weight.
Speaker Change: Dividends as Julio civil details of any filling.
Speaker Change: Affiliated with a bunch of document multifamily housing.
Speaker Change: Taking a walgreen chevron level.
Jim: Good morning, Jim.
Speaker Change: Yeah.
Speaker Change: You got it.
Speaker Change: Thank you Bob.
Speaker Change: Good morning.
Speaker Change: And a coffee with Ya man to Gilenya to monitor.
Speaker Change: Yes.
Speaker Change: With a single Julien.
Speaker Change: 2.2, I must be at 2.26 years, 3.31 o'clock
Speaker Change: Yes, John.
Speaker Change: Yeah.
Speaker Change: Yes.
Speaker Change: So Chuck Michelle tackled sometime.
John: Yeah that sounds choppy, John that will be launching in the background.
Speaker Change: And then maybe a robot.
John: They budget centered on Jeff.
John: Net that yet.
John: Now lets equivalent I think youll jacquie, but other than that Yankee, whereby the reshape again somewhat yellow standby that bucket. So yes, Hello again.
John: Ludwig even with that deal.
John: And again setting aside the young.
John: Everything needs to be changed, everything should be updated to new, then increase the gross profit by a few points, expand the scale, improve the amateur level, and increase the gross profit again. I believe 2026 should be a good result.
John: China Cabinet to Tomcat machine at del Monte that Tim mentioned earlier, we want their kidney.
John: Monitor tell them, one way or another.
John: Cigar portfolio.
John: Jim.
John: Mhm.
John: Okay.
Speaker Change: The next question comes from Jeffries N. Lin, your line is now open, please proceed with your question.
Speaker Change: Got you got you and I think Jeffrey Emily Mcevilly HEICO. Thank you and thank you Sir.
Speaker Change: - Thank you, Ray, and hello to the administrators. I would like to ask, first, I don't know if we have discussed our store opening goals for this year. I just heard that there might be fewer opportunities to open stores domestically compared to last year, but I don't know if there are any quantitative data on this. How many stores will be opened domestically, and how many of our directly-operated stores will we open? The same goes for overseas, I would like to know, for example, about our store openings in the United States and in the other market that Mr. Ye just mentioned, such as the European market. How many stores will we open there? Could you give us a rough idea about this? This is my first question.
John: Like I said in my heart.
Speaker Change: How shall we found that <unk> I missed that and that will be helpful.
Speaker Change: Well many old male John Nick Woodman.
Speaker Change: And then they go and they can walk out with Wisconsin team, Dr. Joshua Gordon Aoty weight target White male ciena and it's a muscle we're telling them that what you said.
Speaker Change: What it Lisa so J J, Nick According <unk>, Oh, sorry, I'll hold a woman kingdom.
Speaker Change: Well the only caveat dorsal.
Speaker Change: Awesome, all right, Yes, Joe Joseph L J.
Speaker Change: So what we're highlighting.
Speaker Change: Well the in depth you saw Nick got like what Arcadia that Hell, then dialing micah.
Speaker Change: I'm, sorry, you don't negotiate Humphreys for Nick Nick.
Speaker Change: Nick This is how we'll move with titles out there great.
Speaker Change: Joey you sounded that don't exist.
Speaker Change: Did it what T.
Speaker Change: Then my second question is, when we look at domestic stores, we notice that there are more products that are neither directly operated nor self-operated. For example, blind boxes or grass balls, and these things related to ancient culture. We see that there are other brands, and even in the beauty section, there are other brands as well. This is a bit different from what we used to say, that our MINISO products are our own brand. So, I would like to understand whether this will help our store operations or not, and how we should view our gross margin or profitability. These are my two questions. Thank you.
Speaker Change: Uh huh.
Speaker Change: Dr. Tina just a woman.
Speaker Change: Well then fashion at all or do you feel what Mike just wrong.
Speaker Change: <unk> assay.
Speaker Change: Chunky peso and they've got a lung.
Speaker Change: So that's how I know, which one whether.
Speaker Change: Well, then Sasha Josephson.
Speaker Change: Yeah, Hello, Nicole John maybe and you said you thought the peak so given what may cancel eight women don't like.
Speaker Change: I mean does it go to Anthony just wanted to get.
Speaker Change: Joseph Whatsapp Alicia.
Speaker Change: Our total debt balance.
Speaker Change: <unk> Oh.
Speaker Change: So Nick Woodman.
Speaker Change: Mitchell figured out one piece just yet.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Comment Analysis Team
Speaker Change: In Europe quite out of the year.
Speaker Change: Yes.
Speaker Change: I don't know the number of stores opened. You said the number of stores opened throughout the year in South China is about the same as in 2020. China Power, or the actual market, opens in the US, India, and India.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: Michelle.
Speaker Change: Jenny.
Speaker Change: Hum.
Speaker Change: Okay lingua eagle.
Speaker Change: Yeah.
Speaker Change: Therefore, solely pursuing quantitative growth cannot fulfill the long-term development needs of this brand. Consumer demand is becoming increasingly diverse and autonomous in terms of quality experience. In this context, we are concentrating our advantageous resources on every aspect, from store location selection, renovation design, energy training, to product selection and service customization, meticulously crafting to fully create a more competitive brand. Ensuring that every new store can become a benchmark in the region for the future.
Speaker Change: Doug will vigilant Pseudomonas Sundar will have I'm sure.
Speaker Change: Sorry about that.
Speaker Change: Yes.
Speaker Change: Typical tenants yet.
Speaker Change: That's a big job one is what you also see at <unk>.
Speaker Change: Sure.
Speaker Change: They are bringing the foundation working fully welcome goodbye yet.
Speaker Change: CECO, China give us a good view again this is a payback for them yet.
Speaker Change: Chevron made actually get deliberately choosing that yoga, we would've really won't be linear but of course it above it.
Speaker Change: Older and newer, this is our store opening strategy. To understand, understand, but for example, how many directly-operated stores will we open this year?
Speaker Change: Hello, Rob could you sort of on the tenure.
Speaker Change: Okay that was it does show a woman themed ethylene demand well then danielle with titles out Jack.
Speaker Change: And this is Yifan. Oh, hello, hello Yifan.
Speaker Change:
Speaker Change: Hmm.
Speaker Change: Is that right.
Speaker Change: Hum.
Speaker Change: Okay Michael.
Speaker Change: We may refer to an analysis in 2024. The number of stores in our laboratory from 2023 to 2024 nearly doubled, with approximately 250 opened.
Nick.
Speaker Change: Alrighty.
Speaker Change: And one kind of wait time car Jonathan.
Speaker Change: Alrighty, Atlanta, RDR assumption that sugar.
Speaker Change: Okay.
Speaker Change: Oh, yes.
Speaker Change: But these water cooling stores are mainly concentrated in these few urban areas.
Speaker Change: Mhm.
Speaker Change: That's encouraging.
Speaker Change: Philosophies on that to confuse yourself.
Speaker Change: There will be some direct operations events in the Chinese market, but the Chinese market mainly focuses on the youth asset industry sector. There will be some large direct-operated stores, such as IP LAN. We believe there are currently about three IP LANs, and the model testing has been very successful. This year, we will relatively accelerate the deployment. IP LAN may open more than 10 stores in China this year, with a conservative estimate of more than 10. As for the U.S., the store expansion plan for next year is still very positive and optimistic. We now expect that in the U.S., we should be able to achieve it next year.
Speaker Change: Wassa is helpful for you.
Speaker Change: Appreciate that.
Speaker Change: Sure John.
Speaker Change: During the past year piece of IP that I can answer.
John: Thanks Shannon.
Speaker Change: Good morning.
John: Based on this from a whole genome.
John: Sounds great aircraft, we should get back to work.
John: Crinone query caches shop, Oh awesome, when you should actually make 110 million as you can get.
Speaker Change: Sure Bob I assume.
John: Based on <unk> at.
Speaker Change: The mobile then sends a quick one you didnt make walking dead.
John: It's all about yourself.
John: From 350 to 445 stores, all of them will be able to generate electricity, which means that in the coming year, I will still open up to 100 marble stores. These are all directly operated stores. At the same time, we are also expanding other directly operated stores globally.
John: Sure.
John: Jonathan desktop monetization.
John: I think where that you're reporting now.
John: Hi, Bob This is Jeff.
John: Okay.
John: That shows how the kitchen, whether it's your problem.
John: Included in Canada
John: Bob.
John: What drove that.
John: Then some regions in Southeast Asia, such as Malaysia, Australia, etc., these are all emerging industries.
John: Oh no.
John: Yeah.
John: Volatile.
John: It seems like this before.
John: Consent of the Only Democratic Unions
John: <unk> with.
John: Okay.
John: The latest movie
John: Okay.
John: Hmm, got it, got it. Okay, thank you.
Hum.
John: Sure.
John: Regarding the question you asked about this third-party product, I would like to answer. Actually, starting from late 2024, you will see some makeup counters at the entrance of our stores that will sell this highly stocked third-party product. Our consideration is mainly based on two points. First, it highly matches our customer base, which is primarily young women. Therefore, the products we offer are what they need.
John: 1000 <unk>.
John: Okay.
John: She has borrowed he asked me to address.
John: And all that.
John: Yes.
John: The group, which will greatly appreciate it.
John: Great.
John: We finally got.
John: If you get accretion from the coffee shop, So you got.
John: On the Cushing Goldman zone from the Cushing.
Speaker Change: Sean region memo policy issued the first time Sean.
John: The second point is that from the perspective of enhancing synergy, it can increase the richness of products that our electronics stock can obtain. We have actually proven that these products, whether in terms of profit margin, process performance, or synergy rate, have an extremely leading impact on the growth of our electronics stock's pure electric segment. Thank you, thank you.
Speaker Change: Dr Shaw.
John: Yeah in that geography.
No definitely.
John: Mr. Jim continue talking to all of them.
Speaker Change: When do you work with them to be honest.
Speaker Change: Okay Gotcha.
John: Gotcha.
John: And that was your visibility.
John: Oh sure.
Speaker Change: The next question comes from UBS Samy Wang. Your line is open. Please ask your question.
Speaker Change: Thank you and let's say UBS Formula Michel movie title.
John: Right.
Speaker Change: Thank you very much, Mr. Ye and Mr. Ethan, for the opportunity to ask questions. My first question is whether we will share some plans for new IPs this year. Because, as we saw in the second quarter of last year, we had Chicago, which had a relatively high base. So, I wonder if we have any new plans regarding new IPs. Secondly, I would like to ask about the deep cooperation we previously mentioned with 301 and Disney, especially in the syrup plush category. What is our plan in terms of progress in this area? Our company has always emphasized high turnover, so if we want to do more diverse designs now, how do we balance high turnover with design, or depth and breadth? That's the second question. The third question is a follow-up on the integration of distributors that we talked about. What is the current progress of the transformation and integration of distributors? Will we complete this integration progress this year? Thank you, those are the three questions.
Speaker Change: Hi, guys.
Speaker Change: Oh I'm, sorry, you said something that you think oh.
Speaker Change: At the end of it the Eagle Lynch and actually it was at all time on how quickly we should see Indian person IP there.
Speaker Change: Five <unk>.
Speaker Change: I could go Shinya in Ohio.
Speaker Change: She called out amongst I'm that icon tissue with alcohol.
Speaker Change: So I'd say cloud much at all.
Speaker Change: I would say similar to <unk>.
Speaker Change: Hi, Thiago not too sure.
Speaker Change: He found that much Italia Chi quarter Santiago, how do you see that you've got central that's Y O T shirt that you got from them all of them.
Speaker Change: Quite apart.
John Walker: Cause that seem to like John.
Speaker Change: Got you got to you why should it should the yeah.
Speaker Change: Chemicals second home Chico Aegean social jargon, a goal to drive merchandise your question with that shortly shop shop. That's why you see as you talk with less sugar cocoa track. So I sure did you get for the hotel Schendel voted yeah sure you've got you're picking up steam.
Speaker Change: Jason Thiago Lindsay the holiday song of NTT tissue. They found I feel that I don't think I can you tell Shandong and Shanxi Datong Lubbock.
Speaker Change: Saturday lays out the shape of myriad genetics.
Speaker Change: Does it go to Sean that you've got you've got beyond cool J house on that you've got your all flash it out a gusher material for sure.
Speaker Change: Vignette and Ohio, whereby interim Tommy got you got you on <unk>.
Speaker Change: Figure out what is the foundation.
Speaker Change: OK, thank you
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Thank you for your question. I understood the first two questions as being related to our IT issues. Let me answer them. This year, we have identified over 90 major IT business opportunities throughout the year, covering different styles and directions in IT.
Okay.
Speaker Change: Okay.
Speaker Change: The 30 day rates Shaw <unk> bet.
Speaker Change: Lindsay elaborate on is that one thing earthquake.
Speaker Change: Jean <unk> cool power.
Speaker Change: Somewhat.
Speaker Change: I think the proxy.
Data from our <unk>.
Speaker Change: Starting from the May Golden Week to the summer vacation and National Day, we have S-level business equipment. Therefore, we believe that the IT style is also worth looking forward to. For example, last November , we talked to everyone about the direction of secondary resources. This year, every month, we will launch investment industries for the reform of civil innovation resources.
Speaker Change: Yes, Scott bilingual cash so.
Speaker Change: Bob Watson walnuts Doyle you'd be able to sell the bank.
Speaker Change: I think the Volcker rule.
Speaker Change: So that's you guys at all as you know yeah sure yeah, Okay Gotcha.
Speaker Change: Lastly on the project.
Speaker Change: Oh, great I presume meaningfully.
Speaker Change: Got it.
Speaker Change: So we have a key collaboration with important partners like Bandai. Bandai is launching more official merchandise and trial products related to Naruto.
Speaker Change: And what will be a bit longer.
Speaker Change: Okay I'll go back I wonder what that peripheral can go to jump about droga.
Speaker Change: <unk> a question around <unk>.
Speaker Change: Regarding the category you asked about, this telephoto plush product, we do believe it is quite compatible with IT. Therefore, in terms of category, we have established a deep cooperative relationship with IT. For example, the telephoto plush product co-created with Disney, which I believe you can see now, was launched on March 15th as a blind box of Minnesot's Little Winnie telephoto plush product across New York. It also set a new sales record in marketing in New York, especially in Times Square, over the past year. Through similar activities, we have laid a solid foundation for the recognition and mental construction of Minnesot's telephoto plush products among consumers, further promoting the penetration and brand influence of our blind boxes and related categories in the market.
Speaker Change: Definitely they talk up anymore.
Speaker Change: And golf and country tissue I Wonder if I could actually should go up.
Speaker Change: Sure.
Speaker Change: So you will know that he Mr. <unk> will be the labor pool visualization controlling.
Speaker Change: Turning to accurately cutoff that shortfall really thought it starts when we go on to keeping mindful that Jennie O.
Speaker Change: Shocked neutral Bob Let me just talk with you in a bad omen year over year, but as you know we understood that one totally dead Sarcomas you can go home.
Speaker Change: Therefore, they shop at June.
Speaker Change: Question, Yes, sure Shaun weigh Minnesota.
Speaker Change: Good.
Speaker Change: Yes.
Speaker Change: You're seeing but it's great to hear.
Speaker Change: <unk> grew up with your own about the tonnage shortfall.
Speaker Change: Looking at it carefully.
Speaker Change: We have been working on IP for many years, and every year we continuously iterate our understanding of the methods for IP products. We also want to share our in-depth understanding of IP.
Speaker Change: One or <unk> one of them.
Speaker Change: Forget about the <unk>.
Speaker Change: I hope she chunky bidding.
Speaker Change: Thank you Sharon.
Speaker Change: This year, we are just like this.
Speaker Change: Yeah ill.
Speaker Change: We believe there are strong IPs and light IPs. With the support of strong IPs, the product lifecycle of IP products can be longer than that of CIF products. This is a question.
Speaker Change: I'm wondering what you're seeing or something that you've seen bags is that something I would get adjusted.
Speaker Change: So you'll see core EPS is driving good strong fixed.
Speaker Change: Thank you for purchasing the product. Thank you for bookmarking. Thank you for your support.
Maybe talking about Hey, Sean.
Speaker Change: I'll.
Speaker Change: Product Design Style Area
Speaker Change: So that's how he should.
Speaker Change: Yes.
Speaker Change: However, the carrier of product categories is consumption. Therefore, in a medium to long-term lifecycle, the contribution and sales of IP products and VIP products will not fundamentally differ due to the presence or absence of IP. We believe the core lies in matching the design of the IP. So, in response to your question about how to balance high conversion and design, we believe it should be done this way.
Speaker Change: Uh huh.
Speaker Change: Sure go ahead.
Speaker Change: There you go drone transformation torpedo anti turnkey package.
Speaker Change: Sure. Thank you.
Speaker Change: No really looking attractive.
Speaker Change: Sure.
Speaker Change: Do you want me to go after she was on Volvo Group I should say really guide down capital freed up.
Speaker Change: So can it effectively meet the consumers' functional needs and emotional value for the product?
Speaker Change: The festival enroll Youll, Charlotte Nashville geographies from Goldman Sachs.
Scott Shaw: Sure Jeff This is Scott Shaw.
Speaker Change: Hope to pay more attention
Speaker Change: Brian do you have it.
Speaker Change: Yes.
Speaker Change: Sure.
Speaker Change: Regarding the progress of franchisee integration, we discussed it in the meeting. We are optimizing the franchisee structure domestically. In 2024, we have good news to report: 18 business systems have exceeded our expected annual sales, showing significant growth compared to 2023. Moreover, within the national treasury's business systems, most of them have maintained a 45% year-on-year performance.
Speaker Change: For example, a sharper downturn that took a jump by the team to work on the declaration on capital exactly reported solid growth in Europe.
Speaker Change: Yeah.
Speaker Change: Charles Youre Xibalba Science, you can see that net horizontal wells W are the outstanding share within Canada.
Speaker Change: Is that all of those items.
Speaker Change: Darwin tree Pops and assignments.
Speaker Change: Especially the growth in sales on Wall Street, especially new stocks. Our specific measures in the future will continue to be implemented in the following way. On one hand, we will provide more product and operational support to franchise partners who have rich market experience, strong resources, and a deeper foundation of cooperation. This will help enhance the community group.
Speaker Change: Uhm sure Barney Yahoo.
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Speaker Change: Yeah, Hi partnership.
Speaker Change: Yep.
Speaker Change: You should have meaningful.
Speaker Change: Sure Gotcha Gotcha Gotcha.
Speaker Change: John talked about that goodwill.
Speaker Change: Well the Chinese that were in good shape.
Speaker Change: Okay.
Speaker Change: Especially the overall performance and consistency of high-end facilities and premium business districts. These processors are better able to understand and execute our brand's special tasks, enhancing the ability to converge.
Speaker Change: In Chicago for your disruption Thank you Gary.
Speaker Change: City downtown Limbo.
Speaker Change: We're just what.
Speaker Change: What we're looking at a true he's going to talk with them.
Speaker Change: Therefore, we can focus our product and operational resources on more affluent and cooperative household businesses, optimizing these resources. This is the idea of household businesses that we have been discussing all along.
Speaker Change: Payroll number guys.
Speaker Change: Florida.
Speaker Change: Although we haven't jumped tranches.
Speaker Change: Typically on yogurt pitch that is all the questions that Thomas H shipments.
Speaker Change: This not only increased the impact of resources but also enhanced it.
Speaker Change: The Virginia and Chicago.
Speaker Change: Chelsea.
Speaker Change: On the other hand, we will indeed proactively phase out some projects and partners that cannot meet the company's future high market development demands. During the integration process, there may indeed be a short-term reduction in the number of small-scale stores and the exit of some regional small partners. However, in the long term, we believe we are doing the right thing.
Speaker Change: Sure sure well move with Xerox Industrial Bonita C Hi.
Speaker Change: By Congress yet.
Speaker Change: So with Goldstone shoot for that trial.
Speaker Change: Gotcha, that's up but we're going downhill shared your crop which was yet.
Speaker Change: I didn't see that this year.
Speaker Change: Fixed out were more of them and therefore devin.
Speaker Change: Sure It is choosing the Charlotte downtown preschool.
Speaker Change: Thanks to their account and reliable networks.
Speaker Change: This is to achieve a higher
Speaker Change: To shortages in regard to that project.
Speaker Change: We will mitigate this impact by optimizing our product portfolio and improving operational efficiency. After the integration, looking at the past year comprehensively, the integrated system appears to be more streamlined and efficient, allowing us to respond more flexibly to changes in the current Chinese market, quickly adjust product features and marketing activities, and also enhance our competitiveness. This integration is expected to continue. Thank you.
Speaker Change: With me are our Uruguay 72, you've already made.
Speaker Change: Sure.
Speaker Change: Don Coachable drove a lack of a financial question for Magellan tonnage to <unk>.
Speaker Change: Oh, sorry, sure nimble pins out in Nevada in the basket drove our shifts.
Speaker Change: While private with charter.
Speaker Change: So you can count model.
Speaker Change: So most of that CAGR going forward.
Jason: Sure Jason.
Speaker Change: Thank you.
Speaker Change: The next question comes from Neiying, Lucy Yu, your line is open, please ask your question.
Speaker Change: Got you got you weren't actually making ruthie San Louis title change you want.
Speaker Change: Thank you very much for the opportunity to ask questions. I would like to address two questions regarding the online sector in China. Just now, Mr. Ethan mentioned that by 2025, we hope the growth rate of the online sector in China will be relatively fast. Could you share how much the online sector accounted for in Miniso's revenue in China in 2024? What kind of growth plan do we have for 2025, and how do we achieve such a high growth rate? The second question is about the offline sector in China. You also mentioned that you hope for a double-digit positive growth in the offline sector in China. It was also mentioned that the number of new store openings might be less than in 2024, and the growth rate might also be lower than in 2024. However, I also heard about our plans to open IP LAN and flagship stores, which actually contribute more to revenue than a regular store. So, I'm wondering how to understand this: the growth rate of store openings will decrease, but the revenue per store will increase. Could you provide a breakdown of the double-digit growth rate? Thank you.
Speaker Change: Hey, guys. So two you wonder if you will.
Speaker Change: What do you think she shops.
Speaker Change: Wanted to first answer your question Alan Shaw <unk> Shah, our Schubach wanted us Sean Jay It sounds rupee calculation not nominal Sunshine shall I just <unk>.
Speaker Change: Yes, Shawn Hall sensor and all the trials that Tom Quachaun would that kind of a wash on the matter you are when you're a niche. That's also although that's like <unk>. So much <expletive> Uh Huh John you.
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Joe Kuykendall: Hey, Joe Kuykendall shortly all commercial saia are my.
Speaker Change: Coleman, Jay you got someone from Shanghai.
Speaker Change: So can I get you osten, yet session, which we all know how actually Daniel J God. She can you can do that.
Speaker Change #101: No matter, how much you should be looking out several.
Speaker Change: Total cost out with ice.
Speaker Change #102: It's worth a shot unusual Jacob.
Speaker Change: Shouldn't you get on the N G E.
Speaker Change #102: And that's also with <unk>.
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Speaker Change: Okay got it.
Speaker Change: So there you go.
Speaker Change: I see.
Speaker Change: The above statements do not represent the position of this station.
Speaker Change: Hum.
Speaker Change: Hey, Mark this is Bob.
Speaker Change: Yes.
Speaker Change: Our e-commerce in China is mainly divided into two parts: one is the traditional e-commerce business, and the other is our offload business. Both parts of the business have grown very rapidly in the past. Our overall e-commerce is growing at 25 to 30%, and our offload is growing at about 50 to 60%. Combined, these two businesses...
Speaker Change:
Speaker Change: Is that going to address.
Speaker Change: Sure.
Speaker Change: Yeah, and Sean Bohen voting here today.
Speaker Change: And that puts you in that.
Speaker Change: Based on the assumptions used in that awful lot faster than gulfport using with.
Speaker Change: With regard to shut down that you get those.
Speaker Change: Until a year without tobacco.
Speaker Change: The total accounts for about 15 percent of the entire China business.
Speaker Change: Jonathan.
Speaker Change: On the drawing board deal with.
Speaker Change: Good job, she dark darker surely ingredient.
Speaker Change: We will be more confident in the coming year that this business can continue.
Speaker Change: Oh wait.
Speaker Change: Ashwin.
Speaker Change: Just to recap.
Speaker Change: This direction lies in finding some opportunities in our continuous categories. For example, in 2024, we launched a product offline. For instance, like Chicago, it was purchased offline. We noticed that the plush products from Chicago are selling well both online and in our stores.
Speaker Change: Maybe with Banca <unk>.
Speaker Change: Sure.
Speaker Change: So all of our leases viewpoint.
Speaker Change: There are they are.
Speaker Change: The Santa Paula.
Speaker Change: Thank you for your attention.
Speaker Change: At the same time Adam.
Speaker Change #103: And then I'll come on to oral Jonathan.
Speaker Change: Essentially all of the data.
Speaker Change: So just the category of Mao Zedong alone accounted for last year
Speaker Change: The more bumps from R&D, you got to get back to a job all of it.
Speaker Change #104: The online business may capture around 20% to 21%, which will be more prominent than offline. Therefore, we do not have the operational rights online, but we will focus on those core brands that benefit people's livelihood. This year, we can see that.
Speaker Change: Sure.
Speaker Change #104: Julien passenger or Xibalba Gosh, you go John Kevin we've been to for them to get that share count from volume.
Speaker Change: <unk>.
Speaker Change: Subsequent which will be.
Speaker Change: Thank you Danielle.
Speaker Change: There will be a better team.
Speaker Change: Okay.
Speaker Change: You will go down overtime.
Speaker Change: Shepherd instead.
Speaker Change: From offline double digits first
Speaker Change: Instead, a phone issue.
Speaker Change: So as yet.
Speaker Change: Um, woman's dad, prepare a mark.
Speaker Change: The woman that had prepared remark that at all.
Speaker Change: Our domestic growth in Q1 of 2024 is very challenging because in 2023, the domestic growth was nearly 36%. In 2024, we still achieved double-digit growth, so the combined growth over the two years is still very high. Therefore, in 2025, we will continue to focus on offline growth, aiming for nearly double-digit growth.
Speaker Change: Men that carried up to tick a tick or two ago regarding health plan does is appointed as an aspirational goal you already have been inflated getting matches Nashville faster.
Speaker Change: Hum.
Speaker Change: Are they are.
Speaker Change: Without a.
Speaker Change: I mean that wasn't done.
Speaker Change: Traditional garden Marni, all I have.
Speaker Change: David Brooks Hancock sitting before he does get most of the time.
Speaker Change: John.
Speaker Change: At the same time, we need to ensure that it is in the competition of energy.
Speaker Change: Moshe will then share Boston and Denver.
Speaker Change: Then.
Speaker Change: In the situation where it will not be more than last year, we hope for more to come from electrification. The improvement in electrification will be the most important for us this year.
Speaker Change: Well, Greg Julian.
Speaker Change: But at the moment as you all been bullish.
Speaker Change: Dan.
Speaker Change: <unk> shown visual.
Speaker Change: This is quite a good thing. We have already seen some directions, a directional kind of conclusion. So we look back at the general situation in 2024.
Speaker Change: Hey, Jonathan.
Speaker Change: The only thing that.
Speaker Change #105: You can't Banca contextual backdrop, you guys didn't give waiver removal or auditing arm that are already out there.
Craig Dahl: can be seen
Craig Dahl: Sure Craig Dahl.
Craig Dahl: There are some opportunities.
Speaker Change #105: What we said.
Craig Dahl: Yes.
Craig Dahl: Sure.
Craig Dahl: For example, we see that by using data positioning and analysis, apart from changes in the overall environment, there are three reasons for our 2020 space. The first is the issue of document selection.
Craig Dahl: The usual kind of bell.
Craig Dahl: Neil for good where that's at all a RMR.
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Craig Dahl: Thank you.
Craig Dahl: Sure, let me get it straight develops.
Craig Dahl: Secondly, some agricultural merchants have entered farmers' stores, in terms of the quantity of display services in stores and museums, and this indeed has its purpose.
Craig Dahl: Sure.
Craig Dahl: Sure.
Craig Dahl: Did that give you a book of the Chinese cash it will come down.
Craig Dahl: At.
Craig Dahl: Krishna.
Craig Dahl: The third is that we need to make an economical return process across different channels, which will improve this aspect.
Craig Dahl: Okay.
Craig Dahl: Is that a pendulum that bookings at all.
Craig Dahl: Boy that seems department payroll secretive on contracts.
Craig Dahl: Okay.
Craig Dahl: So we have already found evidence of such issues within our own organization.
Craig Dahl: Amazing trial above Jonathan here when he did some deals like that.
Craig Dahl: February 2, 2020, we can meet.
Craig Dahl: Are they all different John.
Craig Dahl: This is the second economy, so we are going to do it to do it, you know.
Craig Dahl: But the bigger benefit.
Craig Dahl: Jordan Youre going to go.
Craig Dahl: You know.
Craig Dahl: Okay.
Craig Dahl: In structural inventions, indeed, a few lines have been observed.
Craig Dahl: Oh, My bad Theobromine Vogtle.
Craig Dahl: Because again, it's Hubert.
Speaker Change #107: Just now, General Manager Ye also shared
Craig Dahl: Yes.
Speaker Change #107: We see BHDate's performance in all our stores divided by different segments.
Speaker Change #107: Almost half of all year to bids doubled Ms Boyle and you perform in Q2.
Craig Dahl: Yes.
Craig Dahl: The batch with a larger energy area will have better energy. Our energy is above 300 units, which means this time the energy is normal.
Craig Dahl: And then b it means to be adopted may begin.
Craig Dahl: From here.
Craig Dahl: Yes sure.
Yes.
Craig Dahl: In areas below 300 square meters, between 200 to 300 square meters, or 100 to 200, and below 100, we see overlaps in these segments.
Craig Dahl: And then beyond that our balance sheet.
Craig Dahl: You bet, you bet and sell tickets agenda.
Craig Dahl: Sure.
Craig Dahl: So this actually aligns with what we have done in the past domestically, the so-called 'opening big doors and running good stores'.
Craig Dahl: And with this decision.
Craig Dahl: Good for you.
Craig Dahl: The easier way to book for the Applebee's.
Craig Dahl: Okay.
Craig Dahl: We believe in the adjustment, reform, and upgrade of the store.
Craig Dahl: That's a good idea.
Craig Dahl: Got it okay.
Craig Dahl: Sure.
Craig Dahl: Thank you.
Craig Dahl: Okay.
John: Thank you to all the guests for attending the 2024 annual financial report conference call of Minsheng Haoping. This meeting is now concluded. See you next quarter, thank you.
Craig Dahl: Not that sure.
John: Yeah, clearly lagging time, John you're talking on the IFC engineers have altium halfway up and simply your thoughts here shortly.
Craig Dahl: Quick fix it.
Craig Dahl: Thanks for watching
Craig Dahl: Goodbye.