MINISO Group Holding Limited (MNSO)

Miniso posts stronger-than-expected quarterly revenue despite earnings miss (MNSO)May 26, 2026 6:39 AM
IH Market News Miniso Group (NYSE:MNSO) reported first-quarter revenue of 5.69 billion yuan on Tuesday, exceeding analyst expectations of 5.56 billion yuan. Core Miniso brand outperforms while TOP TOY sales miss forecasts Revenue generated by the company’s Miniso brand reached 5.17 billion yuan, ahead of analyst estimates of 4.89 billion yuan. However, revenue from TOP TOY totaled 514.5 million yuan, below the market forecast of 564.1 million yuan. Profitability falls short of consensus estimates Adjusted operating profit for the quarter came in at 755.5 million yuan, missing analyst expectations of 911 million yuan. Adjusted net income totaled 550.6 million yuan, compared with consensus forecasts of 567 million yuan. Adjusted earnings per American depositary receipt were 1.80 yuan, below analyst estimates of 2.69 yuan. Store count trails market projections At the end of the quarter, Miniso operated 8,210 stores globally under its flagship brand, falling short of analyst expectations for 8,398 locations. MINISO Group Holding Original: Miniso posts stronger-than-expected quarterly revenue despite earnings miss (MNSO)

MINISO Group Announces March Quarter 2026 Unaudited Financial ResultsMay 26, 2026 4:35 AM
PR Newswire (US) Group Revenue Grew by 28.5% to RMB 5,688.4 million and Surpassed Expectation Powered by Mid-single Digit SSSG(1)
MINISO Chinese Mainland Delivered its Fifth Consecutive Quarter of Accelerating Growth
Operating Profit Grew by 114.3% YoY, with Margin of 26.7%
Adjusted Operating Profit(2) Excluding FX(3) grew by 14.3% YoY, with Margin of 14.7%
Profit for the Period Grew by 199.7% YoY, with Margin of 21.9%
Adjusted Net Profit(2) Excluding FX(3) grew by 8.1% YoY, with Margin of 11.1%GUANGZHOU, China, May 26, 2026 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs, today announced its unaudited financial results for the quarter ended March 31, 2026 ( "26Q1").Selected Financial InformationItem
For the quarter ended March 31,
Year-over-year ("YoY") change
2025
2026

(Unaudited)
(Unaudited)


RMB million
RMB million
US$ million
Revenue
4,427.0
5,688.4
824.6
28.5 %Gross profit
1,958.0
2,464.0
357.2
25.8 %Operating profit
709.8
1,521.4
220.6
114.3 %Adjusted operating profit(2) excluding FX(3)
733.1
838.1
121.5
14.3 %Profit for the period
416.5
1,248.1
180.9
199.7 %Adjusted net profit(2) excluding FX(3)
585.6
633.1
91.8
8.1 %Store Network ExpansionAs of March 31, 2026, the Company's total store count reached 8,565, representing a net increase of 797 YoY and 80 YTD(4).MINISO Brand: totaled 8,210 stores (up 722 YoY and 59 YTD(4)), driven by:Chinese Mainland: 4,593 stores (up 318 YoY and 25 YTD(4)).Overseas Markets: 3,617 stores (up 404 YoY and 34 YTD(4)).TOP TOY Brand: totaled 355 stores (up 75 YoY and 21 YTD(4)).The following table provides a breakdown of the Company's store network and its changes on a YoY and YTD(4) basis. About 56% of new MINISO stores in the past twelve months were located in overseas markets.
As of


March 31,2025December 31, 2025March 31,2026YoYYTD(4)Number of stores on group level7,7688,4858,56579780Number of MINISO stores7,4888,1518,21072259Chinese mainland4,2754,5684,59331825      — Directly operated stores201815(5)(3)      — Stores operated under Retail           Partner model4,2294,5224,55232330      — Stores operated under           distributor model262826-(2)Overseas markets3,2133,5833,61740434      — Directly operated stores54870074519745      — Stores operated under Retail           Partner model43243243644      — Stores operated under           distributor model2,2332,4512,436203(15)





Number of TOP TOY stores2803343557521Chinese mainland2763043164012      — Directly operated stores383535(3)-      — Stores operated under Retail           Partner model2382692814312Overseas markets43039359      — Directly operated stores21521196      — Stores operated under Retail           Partner model2442-      — Stores operated under           distributor model-1114143Mr. Guofu Ye, Founder, Chairman and CEO of MINISO, commented, "Revenue on group level grew by 28.5% YoY, kicking off 2026 by outperforming our previous expectation. MINISO Chinese mainland achieved a 29.6% YoY revenue growth in 26Q1, delivering a fifth consecutive quarter of acceleration since March quarter of 2025, powered by its another solid high-single digit SSSG. Revenue from MINISO overseas grew by 21.9%, powered by low-single digit SSSG. By deepening our glocalization moat in integrating local talent, tailoring product offerings and optimizing regional execution, as well as maintaining rigorous operational discipline, we are unleashing growth momentum from our overseas markets. TOP TOY recorded a 51.4% YoY revenue growth in 26Q1, sustaining its robust growth momentum in pop toy industry.MINISO Group's outstanding performance this quarter serves as a powerful validation of the momentum we are building. My personal intension to increase my holdings as announced in April 2026 is a direct reflection of my conviction in the Company's development prospects. I believe MINISO Group's current valuation has yet to reflect its true intrinsic potential.""Entering the second half of 2026, we will continue to deepen our globalization and IP strategies, driving high-quality growth through continuous product mix optimization, upgrade and expansion of our store network and leveraging a multi-dimensional IP matrix. We are firmly advancing with purpose toward our long-term objectives." Mr. Ye continued.Mr. Eason Zhang, CFO of MINISO, commented, "Our sustained top-line excellence underscore our competitive edge in capturing market share and our unwavering brand influence, powered by another strong SSSG on group level. Excluding FX(3), adjusted operating profit(2) would have increased 14.3% with a margin of 14.7%, underscoring the healthy growth of our core business.""In April and May 2026, we distributed cash dividends of US$115.8 million, bringing our shareholders returns totaling RMB6.2 billion since our U.S. IPO in 2020. We believe that our share price has been trading below its intrinsic value and the Company is also planning to conduct share repurchases depending on market conditions. Moving forward, we will continue to exercise disciplined cost control and prudent budgeting, balancing both growth and our commitment to bringing stable and foreseeable returns to shareholders." Mr. Zhang concluded.Financial Results for 26Q1Revenue was RMB5,688.4 million (US$824.6 million), representing an increase of 28.5% YoY, powered by a mid-single digit SSSG on group level.Revenue from MINISO brand increased by 26.6% YoY to RMB5,173.4 million (US$750.0 million), mainly driven by (i) an increase of 29.6% in revenue from Chinese mainland, powered by its high-single digit SSSG, and (ii) an increase of 21.9% in revenue from overseas markets, powered by its low-single digit SSSG. Overseas revenue contributed 37.5% of revenue from MINISO brand, compared to 39.0% in the same period last year.Revenue from TOP TOY brand(5) increased by 51.4% YoY to RMB514.5 million (US$74.6 million).For more information on the composition and YoY change of revenue, please refer to the "Unaudited Additional Information" in this press release.Cost of sales was RMB3,224.4 million (US$467.4 million), representing an increase of 30.6% YoY.Gross profit was RMB2,464.0 million (US$357.2 million), representing an increase of 25.8% YoY.Gross margin was 43.3%, compared to 44.2% in the same period last year. The contraction of gross margin was due to lower revenue contribution from our higher-margin overseas business of MINISO brand, among other factors.Selling and distribution expenses were RMB1,470.9 million (US$213.2 million), representing an increase of 44.0% YoY. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,394.7 million (US$202.2 million), representing an increase of 37.7% YoY. The increase was mainly attributable to a 34.6% increase in the directly operated stores related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses, slowing down from the YoY increase of 50.2% in the full year of 2025. Promotion and advertising expenses increased 73.7%, as a percentage of revenue at around 3%. Logistic expenses increased 43.5%, as a percentage of revenue stabilizing at around 2% in both comparative periods. Licensing expenses increased 42.0%, which was in relation to the Company's strategic commitment to IP development to pave the way for future growth, as a percentage of around 2.6% of revenue, compared to 2.4% in the same period last year.General and administrative expenses were RMB297.3 million (US$43.1 million), representing an increase of 22.8% YoY. Excluding share-based compensation expenses, general and administrative expenses were RMB264.8 million (US$38.4 million), representing an increase of 17.4% YoY. The YoY increase was primarily due to the increase in personnel-related expenses in relation to the growth of the Company's business.Other net income was RMB821.8 million (US$119.1 million), compared to RMB20.8 million in the same period  last year. The increase was mainly due to an unrealized mark-to-market gain of RMB874.6 million (US$126.8 million) arising from fair value changes of an investment in a limited partnership, reflecting its early stage strategic pre-IPO investment in the AI industry. This was partially offset by a net foreign exchange loss of RMB82.5 million (US$ 12.0million), compared to a net foreign exchange gain of RMB1.6 million in the same period last year.Operating profit increased 114.3% to RMB1,521.4 million (US$220.6 million), compared with RMB709.8 million in the same period last year, mainly driven by an increase in other net income mentioned above, partially offset by higher equity-settled share-based payment expenses related to TOP TOY compared with the prior-year period.Operating margin was 26.7%, compared with 16.0% in the same period last year.Adjusted operating profit(2) was RMB755.5 million (US$109.5 million), compared with RMB734.7 million in the same period last year. If excluding FX(3), it would have been RMB838.1 million (US$121.5 million), representing an increase of 14.3% YoY.Adjusted operating margin(2) was 13.3%, compared 16.6% in the same period last year. If excluding FX(3), it would have been 14.7%.Net finance cost was RMB104.0 million (US$15.1 million), compared to RMB49.0 million in the same period last year. The YoY change was mainly attributable to the decrease in interest income as a result of decreased principal in bank deposit, and increased finance cost. The increase in finance cost was mainly due to (i) increased interest expenses on lease liabilities in line with the Company's investment in directly operated stores; (ii) increased interest expenses in relation to the equity linked securities issued in 2025 (the "Equity Linked Securities"), which is excluded in non-IFRS financial measures(2), and (iii) increased interest expenses in relation to a borrowing in connection with the acquisition of the equity interest in Yonghui Superstores Co., Ltd * (??????????) ("Yonghui" ), which is also excluded in non-IFRS financial measures(2), driven by the full-quarter recognition of interest on such borrowing in 26Q1 versus a pro-rated portion in the prior-year period.Share of profit of equity-accounted investees, net of tax was RMB78.2 million (US$11.3 million), compared to share of loss of RMB2.0 million in the same period last year. The YoY increase was mainly attributable to share of profit in Yonghui of RMB77.5 million (US$11.2 million), which has been excluded in non-IFRS financial measures(2).Changes in fair value of redemption liabilities were RMB21.4 million (US$3.1 million), which was a non-cash loss arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025 and has been excluded in non-IFRS financial measures(2).Other expenses were RMB50.8 million (US$7.4 million), including loss from fair value change of certain derivative under mark-to-market impact, which is in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures(2).Effective tax rate was 12.3%, compared to 26.6% in the same period last year. The decrease in effective tax rate was primarily driven by non-taxable gain at the consolidation level.Adjusted effective tax rate(2) was 24.9%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 20.5% in the same period last year.Profit for the period increased 199.7% YoY to RMB1,248.1 million (US$180.9 million), compared to RMB416.5 million in the same period last year. The increase was primarily attributable to the following factors: (i) the unrealized mark-to-market gain of RMB874.6 million (US$126.8 million) from fair value changes of an investment in a limited partnership investing in the AI industry, (ii) RMB77.5 million (US$11.2 million) share of profit from its investment in Yonghui, and (iii) lapping the one-off derivative issuance cost of RMB44.7 million on the Equity Linked Securities recorded in the prior-year period. Such positive contributions were partially offset by the following factors: (i) higher equity-settled share-based payment expenses related to TOP TOY compared with the prior-year period, (ii) net foreign exchange loss of RMB82.5 million (US$12.0 million), reversing the net foreign exchange gain of RMB1.6 million recorded in the same period last year, (iii) a loss arising from changes in fair value of redemption liabilities arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025; and (iv) an increase in interest expenses related to the Equity Linked Securities and bank loans used for acquisition of the equity interest of Yonghui.Net profit margin was 21.9%, compared to 9.4% in the same period last year.Adjusted net profit(2) was RMB550.6 million (US$79.8 million), compared to RMB587.2 million in the same period last year. If excluding FX(3), it would have been RMB633.1 million (US$91.8 million), representing an increase of 8.1% YoY.Adjusted net margin(2) was 9.7%, compared to 13.3% in the same period  last year. If excluding FX(3), it would have been 11.1%, compared to 13.2% in the same period last year.Adjusted EBITDA(2) increased 6.6% YoY to RMB1,105.7 million (US$160.3  million).Adjusted EBITDA margin(2) was 19.4%, compared to 23.4% in the same period last year.Basic earnings per ADS was RMB4.12 (US$0.60), compared to RMB1.36 in the same period last year, representing an increase of 202.9% YoY.Diluted earnings per ADS was RMB4.08 (US$0.59), compared to RMB1.36 in the same period last year, representing an increase of 200.0% YoY.Adjusted basic and diluted earnings per ADS(2) were both RMB1.80 (US$0.26), compared to RMB1.92 and RMB1.88 respectively in the same period last year.Cash position(6), which was the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits, and other investments recorded as current assets was RMB7,049.1 million (US$1,021.9 million) as of March 31, 2026, compared to RMB7,087.9 million as of December 31, 2025.Net cash from operating activities was RMB365.2 million (US$52.9 million) for 26Q1, capital expenditure was RMB270.6 million (US$39.2 million) and free cash flow was RMB94.6 million (US$13.7 million).Notes:(1) "SSSG" refers to the year-over-year growth of same-store GMV. "Same-store GMV" refers to the GMV generated by those stores that opened prior to the beginning of the comparative periods and remained open as of the end of the comparative periods, closed for less than 30 days during both comparative periods, and, for MINISO stores outside of China, operated for at least 15 full months at the end of the reporting period.
(2) See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information.
(3) "FX" refers to net foreign exchange gain or loss for the periods.
(4) "YTD" refers to the three months ended March 31, 2026.
(5) Revenue from TOP TOY brand only represents revenue generated from external parties.
(6) "Cash position" refers to the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits with original maturity over three months, and other investments recorded as current assets.Conference Call The Company's management will hold an earnings conference call at 5:00 A.M. Eastern Time on Tuesday, May 26, 2026 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. Simultaneous interpretation in English will be provided during the conference call. The conference call can be accessed by the following Zoom link or dialing the following numbers:Access 1Join Zoom meeting.Zoom link: https://zoom.us/j/95725759937?pwd=eaZoICKP3u9Oc6bDEr7aBtpGzzvJ8K.1
Meeting Number: 957 2575 9937
Meeting Passcode: 9896Access 2Listeners may access the call by dialing the following numbers and using the same meeting number and passcode as access 1.United States:+1 689 278 1000 (or +1 719 359 4580)Hong Kong, China: +852 5803 3730 (or +852 5803 3731)United Kingdom: +44 203 481 5237 (or +44 131 460 1196)France: +33 1 7037 9729 (or +33 1 7037 2246)Singapore: +65 3158 7288 (or +65 3165 1065)Canada: +1 438 809 7799 (or +1 204 272 7920)Access 3Listeners can also access the meeting through the Company's investor relations website at https://ir.miniso.com/.The replay will be available approximately two hours after the conclusion of the live event at the Company's investor relations website at https://ir.miniso.com/.About MINISO GroupMINISO Group is a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs. Since opening our first store in Chinese mainland in 2013, the Company has successfully built two brands – "MINISO" and "TOP TOY". The Company's flagship brand "MINISO" has grown into a globally recognized retail brand that offers a frequently-refreshed assortment of lifestyle products through an extensive store network worldwide. The Company's products cover diverse consumer needs and consumers are drawn to MINISO for our products' trendiness, creativeness, high quality and affordability. For more information, please visit https://ir.miniso.com/.Exchange RateThe U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2026, which was RMB6.8980 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts.Non-IFRS Financial Measures In evaluating the business, MINISO considers and uses adjusted operating profit, adjusted operating margin, adjusted effective tax rate, adjusted net profit, adjusted net margin, adjusted EBITDA, adjusted EBITDA margin, adjusted basic and diluted net earnings per share and adjusted basic and diluted net earnings per ADS as supplemental measures to review and assess its core business performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. MINISO defines adjusted operating profit as operating profit for the period excluding (i) equity-settled share-based payment expenses and (ii) gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry. MINISO calculates adjusted operating margin by dividing adjusted operating profit by revenue for the same period. MINISO defines adjusted effective tax rate as the effective tax rate excluding the tax impact of adjusted items, under non-IFRS financial measures. MINISO defines adjusted net profit as profit for the period excluding (i) equity-settled share-based payment expenses, (ii) gain or loss from fair value change of derivatives, (iii) issuance cost of derivatives, (iv) interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui, (v) share of profit or loss of Yonghui, net of tax, (vi) changes in fair value of redemption liabilities arising from preferred shares, and (vii) gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry. MINISO calculates adjusted net margin by dividing adjusted net profit by revenue for the same period. MINISO defines adjusted EBITDA as adjusted net profit plus (i) depreciation and amortization, (ii) finance costs excluding interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui, and (iii) income tax expense. Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenue for the period. MINISO computes adjusted basic and diluted net earnings per ADS by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ADSs represented by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. MINISO computes adjusted basic and diluted net earnings per share in the same way as it calculates adjusted basic and diluted net earnings per ADS, except that it uses the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis as the denominator instead of the number of ADSs represented by these ordinary shares. Starting from 26Q1, to more accurately reflect the Company's core business performance, the Company has adopted revised definitions of adjusted operating profit and adjusted net profit by excluding gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry from the calculation of these items. The Company recorded loss of nil and RMB829.0 thousand, and gain of RMB25.4 million and RMB53.8 million from fair value changes of an investment in a limited partnership investing in the AI industry for the three months ended March 31, June 30, September 30, and December 31, 2025, respectively. To ensure comparability, the Company has retrospectively adjusted its non-IFRS financial measures for prior periods.MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its core business performance and formulate business plans. These non-IFRS financial measures enable the management to assess its core business results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its core business performance in the future. Accordingly, MINISO believes that the use of these non-IFRS financial measures provides useful information to investors and others in understanding and evaluating its core business results in the same manner as the management and board of directors.These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using these non-IFRS financial measures is that they do not reflect all items of income and expense that affect MINISO's core business. Further, these non-IFRS financial measures may differ from the non-IFRS information used by other companies, including peer companies, and therefore their comparability may be limited.These non-IFRS financial measures should not be considered in isolation or construed as alternatives to operating profit, operating margin, effective tax rate, profit, net profit margin, basic and diluted earnings per share and basic and diluted earnings per ADS, as applicable, or any other measures of performance or as indicators of MINISO's core business performance. Investors are encouraged to review MINISO's historical non-IFRS financial measures in light of the most directly comparable IFRS financial measures, as shown below. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing MINISO's data comparatively. MINISO encourages you to review its financial information in its entirety and not rely on a single financial measure.For more information on the non-IFRS financial measures, please see the table captioned "Reconciliation of Non-IFRS Financial Measures" set forth at the end of this press release.Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "aim", "estimate", "intend", "plan", "believe", "is/are likely to", "potential", "continue" or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO's strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO's mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO's products; expectations regarding MINISO's relationships with consumers, suppliers, Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO's business and the industry. Further information regarding these and other risks is included in MINISO's filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.Investor Relations Contact:MINISO Group Holding Limited
Email: ir@miniso.com
Phone: +86 (20) 36228788 Ext.8039 MINISO GROUP HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Expressed in thousands)


As at
As at

December 31, 2025
March 31, 2026

(Audited)
(Unaudited)

RMB'000
RMB'000
US$'000ASSETS





Non-current assets





Property, plant and equipment
2,109,385
2,295,108
332,721Right-of-use assets
5,121,039
5,426,807
786,722Intangible assets
94,951
99,209
14,382Goodwill
223,187
215,321
31,215Deferred tax assets
288,679
289,006
41,897Other investments
201,727
1,076,320
156,034Trade and other receivables
247,511
280,059
40,600Financial derivative assets
774,103
543,018
78,721Interests in equity-accounted investees
5,486,648
5,567,263
807,084








14,547,230
15,792,111
2,289,376






Current assets





Other investments
-
1,589,132
230,376Inventories
3,691,238
3,568,677
517,350Trade and other receivables
3,307,129
3,335,325
483,520Cash and cash equivalents
6,817,129
5,221,920
757,019Restricted cash
54,229
67,519
9,788Term deposits
216,567
170,518
24,720








14,086,292
13,953,091
2,022,773






Total assets
28,633,522
29,745,202
4,312,149 MINISO GROUP HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)(Expressed in thousands)


As at
As at

December 31, 2025
March 31, 2026

(Audited)
(Unaudited)

RMB'000
RMB'000
US$'000EQUITY





Share capital
94
94
14Additional paid-in capital
2,887,905
2,083,400
302,030Other reserves
2,232,854
2,139,183
310,116Retained earnings
5,497,910
6,748,647
978,348






Equity attributable to equity shareholders of the Company
10,618,763
10,971,324
1,590,508Non-controlling interests
100,508
104,235
15,111






Total equity
10,719,271
11,075,559
1,605,619






LIABILITIES





Non-current liabilities





Contract liabilities
22,418
21,804
3,161Loans and borrowings
5,415,416
5,421,999
786,025Other payables
72,586
74,626
10,818Lease liabilities
2,713,798
3,017,729
437,479Financial derivative liabilities
1,184,050
997,166
144,559Deferred income
33,053
32,812
4,757








9,441,321
9,566,136
1,386,799






Current liabilities





Contract liabilities
388,746
385,298
55,856Loans and borrowings
1,751,018
2,058,501
298,420Trade and other payables
4,516,491
4,026,051
583,655Lease liabilities
950,784
1,020,318
147,915Deferred income
965
965
140Current taxation
291,245
224,861
32,598Dividend payables
-
801,431
116,183Redemption liabilities arising from preferred shares
573,681
586,082
84,964








8,472,930
9,103,507
1,319,731






Total liabilities
17,914,251
18,669,643
2,706,530






Total equity and liabilities
28,633,522
29,745,202
4,312,149 MINISO GROUP HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME(Expressed in thousands, except for per ordinary share and per ADS data)




Three months ended March 31,

2025
2026(Unaudited)(Unaudited)

RMB'000
RMB'000
US$ '000Revenue
4,427,044
5,688,388
824,643Cost of sales
(2,469,007)
(3,224,357)
(467,434)






Gross profit
1,958,037
2,464,031
357,209Other income
3,020
5,916
858Selling and distribution expenses
(1,021,186)
(1,470,912)
(213,237)General and administrative expenses
(242,144)
(297,293)
(43,098)Other net income
20,835
821,841
119,142Credit loss on trade and other receivables
(8,775)
(2,174)
(315)






Operating profit
709,787
1,521,409
220,559Finance income
36,915
16,474
2,388Finance costs
(85,945)
(120,496)
(17,468)






Net finance costs
(49,030)
(104,022)
(15,080)Share of (loss)/profit of equity-accounted investees, net of tax
(2,005)
78,192
11,335Other expenses
(91,071)
(50,838)
(7,370)Changes in fair value of redemption liabilities
-
(21,438)
(3,108)






Profit before taxation
567,681
1,423,303
206,336Income tax expense
(151,222)
(175,201)
(25,399)






Profit for the period
416,459
1,248,102
180,937






Attributable to:





Equity shareholders of the Company
416,342
1,250,737
181,319Non-controlling interests
117
(2,635)
(382)






Earnings per share for ordinary shares





-Basic
0.34
1.03
0.15-Diluted
0.34
1.02
0.15






Earnings per ADS





(Each ADS represents 4 ordinary shares)-Basic
1.36
4.12
0.60-Diluted
1.36
4.08
0.59  MINISO GROUP HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED)(Expressed in thousands)








Three months ended March 31,

2025
2026(Unaudited)(Unaudited)

RMB'000
RMB'000
US$ '000






Profit for the period
416,459
1,248,102
180,937






Items that may be reclassified subsequently to profit or loss:





Exchange differences on translation of financial statements of foreign operations
(1,291)
(49,380)
(7,159)Share of other comprehensive income of equity-accounted investees
-
813
118






Other comprehensive loss for the period
(1,291)
(48,567)
(7,041)






Total comprehensive income for the period
415,168
1,199,535
173,896






Attributable to:





Equity shareholders of the Company
416,306
1,203,917
174,531Non-controlling interests
(1,138)
(4,382)
(635) MINISO GROUP HOLDING LIMITEDRECONCILIATION OF NON-IFRS FINANCIAL MEASURES(Expressed in thousands, except for percentages)








Three months ended March 31,

2025
2026

(Unaudited)
(Unaudited)

RMB'000
RMB'000
US$'000






Reconciliation of operating profit for the period to adjusted operating profit





Operating profit
709,787
1,521,409
220,559Add back:





Equity-settled share-based payment expenses
24,930
108,715
15,760Gain from fair value changes of an investment in a limited partnership investing in the AI industry
-
(874,593)
(126,789)






Adjusted operating profit
734,717
755,531
109,530Adjusted operating margin
16.6 %
13.3 %
13.3 %






Reconciliation of operating profit for the period to adjusted operating profit excluding FX(1)





Adjusted operating profit
734,717
755,531
109,530Add back:





Net foreign exchange (gain) or loss
(1,577)
82,548
11,967






Adjusted operating profit excluding FX(1)
733,140
838,079
121,497Adjusted operating margin excluding FX(1)
16.6 %
14.7 %
14.7 %
Note:(1)  "FX" refers to net foreign exchange gain or loss for the period. MINISO GROUP HOLDING LIMITEDRECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)(Expressed in percentages)






Three months ended March 31,

2025
2026

(Unaudited)
(Unaudited)




Reconciliation of effective tax rate to adjusted effective tax rate:



Effective tax rate
26.6 %
12.3 %




Impact on effective tax rate as a result of adjusted items
(6.1) %
12.6 %Adjusted effective tax rate
20.5 %
24.9 % MINISO GROUP HOLDING LIMITEDRECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)(Expressed in thousands, except for per share, per ADS data and percentages)








Three months ended March 31,

2025
2026(Unaudited)(Unaudited)

RMB'000
RMB'000
US$'000






Reconciliation of profit for the period to adjusted net profit:





Profit for the period
416,459
1,248,102
180,937Add back:





Equity-settled share-based payment expenses
24,930
108,715
15,760Loss from fair value change of derivatives(1)(2)
46,407
50,838
7,370Issuance cost of derivatives(1)(3)
44,664
-
-Interest expenses related to the Equity Linked Securities and the bank loans used for acquisition of the equity interest in Yonghui(1)
54,745
73,515
10,657-Interest expenses related to the Equity Linked Securities(4)
40,527
50,380
7,303-Interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui
14,218
23,135
3,354Share of profit of Yonghui, net of tax(1)
-
(77,458)
(11,229)Changes in fair value of redemption liabilities(1)
-
21,438
3,108Gain from fair value changes of an investment in a limited partnership investing in the AI industry(5)
-
(874,593)
(126,789)






Adjusted net profit
587,205
550,557
79,814Adjusted net margin
13.3 %
9.7 %
9.7 %






Attributable to:





Equity shareholders of the Company
586,999
552,340
80,072Non-controlling interests
206
(1,783)
(258)






Adjusted net earnings per share(6)





-Basic
0.48
0.45
0.07-Diluted
0.47
0.45
0.07






Adjusted net earnings per ADS (Each ADS represents 4 ordinary shares)





-Basic
1.92
1.80
0.26-Diluted
1.88
1.80
0.26 MINISO GROUP HOLDING LIMITEDRECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)(Expressed in thousands, except for percentages)


Three months ended March 31,

2025
2026

(Unaudited)
(Unaudited)

RMB'000
RMB'000
US$'000






Reconciliation of adjusted net profit for the period to adjust net profit excluding FX(7):





Adjusted net profit
587,205
550,557
79,814Add back:





Net foreign exchange (gain) or loss
(1,577)
82,548
11,967






Adjusted net profit excluding FX(7)
585,628
633,105
91,781Adjusted net margin excluding FX(7)
13.2 %
11.1 %
11.1 %






Reconciliation of adjusted net profit for the period to adjusted EBITDA:





Adjusted net profit
587,205
550,557
79,814Add back:





Depreciation and amortization
267,672
332,990
48,273Finance costs excluding interest expenses related to the Equity Linked Securities
31,200
46,981
6,811Income tax expense
151,222
175,201
25,399






Adjusted EBITDA
1,037,299
1,105,729
160,297Adjusted EBITDA margin
23.4 %
19.4 %
19.4 %
Notes:(1)  These adjustment items have been excluded from the calculation of adjusted net profit as the Company does not consider such items to be indicative of its performance of core business in the future. (2)  The gain or loss from fair value change of derivatives was a non-cash gain or expense that was related to the fair value of the Equity Linked Securities and call spread. It was determined primarily by movements in the underlying share price. (3)  The issuance cost of derivatives was a one-off expense that was related to the Equity Linked Securities. (4)  For 26Q1, the RMB50.4 million interest expenses related to the Equity Linked Securities included RMB45.7 million non-cash portion and RMB4.7 million cash expense. (5)  Gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry was included in other net income or expense, which was an unrealized gains or loss arising from fair value changes of an investment in a limited partnership investing in the AI industry. (6)  Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. (7)  "FX" refers to net foreign exchange gain or loss for the period. MINISO GROUP HOLDING LIMITEDUNAUDITED ADDITIONAL INFORMATION(Expressed in thousands, except for percentages)






Three months ended March 31,



2025
2026
YoY

RMB'000
RMB'000
US$'000
Revenue







MINISO Brand
4,085,778
5,173,402
749,985
26.6 %-Chinese mainland
2,493,775
3,232,254
468,578
29.6 %-Overseas markets
1,592,003
1,941,148
281,407
21.9 %TOP TOY Brand(1)
339,850
514,485
74,585
51.4 %Others
1,416
501
73
(64.6) %

4,427,044
5,688,388
824,643
28.5 %
Note:(1) Revenue from TOP TOY brand only represents revenue generated from external parties.  MINISO GROUP HOLDING LIMITEDUNAUDITED ADDITIONAL INFORMATIONNUMBER OF MINISO STORES IN CHINESE MAINLAND






As of





March 31, 2025
December 31, 2025
March 31,2026
YoY
YTD(1)By City Tiers








First-tier cities
569
609
605
36
(4)Second-tier cities
1,773
1,881
1,894
121
13Third- and lower-tier cities
1,933
2,078
2,094
161
16Total
4,275
4,5684,593
31825
Note:(1) "YTD" refers to the three months ended March 31, 2026. MINISO GROUP HOLDING LIMITEDUNAUDITED ADDITIONAL INFORMATIONNUMBER OF MINISO STORES IN OVERSEAS MARKETS










As of



By Regions
March 31,
2025
December 31, 2025
March 31,
2026
YoY
YTD(1)








Asia excluding China
1,663
1,793
1,801
138
8North America
375
461
499
124
38Latin America
646
722
722
76
-Europe
301
361
355
54
(6)Others
228
246
240
12
(6)Total3,213
3,583
3,617
40434












Note:(1) "YTD" refers to the three months ended March 31, 2026. *For identification purpose only View original content:https://www.prnewswire.com/news-releases/miniso-group-announces-march-quarter-2026-unaudited-financial-results-302781586.htmlSOURCE MINISO Group Holding Limited Original: MINISO Group Announces March Quarter 2026 Unaudited Financial Results

MINISO Announces Annual General Meeting on June 18, 2026 and Filing of Annual Report on Form 20-FApril 24, 2026 5:00 AM
PR Newswire (US)

GUANGZHOU, China, April 24, 2026 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs, today announced that it will hold an annual general meeting of the Company's shareholders (the "AGM") at 11:00 a.m. Beijing time on June 18, 2026 at Flats B-D, 35/F, Plaza 88, 88 Yeung Uk Road, Tsuen Wan, the New Territories, Hong Kong, for the purposes of considering and, if thought fit, passing each of the proposed resolutions set forth in the notice of the AGM (the "AGM Notice"). The AGM Notice, the ballot, the form of proxy and other documents for the AGM are available on the Company's website at https://ir.miniso.com.Holders of record of ordinary shares of the Company at the close of business on May 13, 2026, Hong Kong time, are entitled to notice of and to attend and vote at the AGM or any adjournment or postponement thereof. Holders of record of ADSs as of the close of business on May 13, 2026, New York time, who wish to exercise their voting rights for the underlying ordinary shares must give voting instructions directly to The Bank of New York Mellon, the depositary of the ADSs, if ADSs are held on the books and records of The Bank of New York Mellon, or indirectly through a bank, brokerage or other securities intermediary if the ADSs are held by any of them on behalf of holders, as the case may be.The Company also announced today that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the United States Securities and Exchange Commission (the "SEC"). The annual report on Form 20-F, which contains the Company's audited consolidated financial statements for the fiscal year ended December 31, 2025, can be accessed on the SEC's website at https://www.sec.gov as well as through the Company's investor relations website at https://ir.miniso.com/.The Company has also published its Hong Kong annual report today for the fiscal year ended December 31, 2025 pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKEX"), which can be accessed on the Company's investor relations website at https://ir.miniso.com/ as well as the HKEX's website at https://www.hkexnews.hk.About MINISO GroupMINISO Group is a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs. Since opening our first store in Chinese mainland in 2013, the Company has successfully built two brands – "MINISO" and "TOP TOY". The Company's flagship brand "MINISO" has grown into a globally recognized retail brand that offers a frequently-refreshed assortment of lifestyle products through an extensive store network worldwide. The Company's products cover diverse consumer needs and consumers are drawn to MINISO for our products' trendiness, creativeness, high quality and affordability. For more information, please visit https://ir.miniso.com/.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. MINISO may also make written or oral forward-looking statements in its periodic reports to the SEC and the HKEx, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO's mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO's products; expectations regarding MINISO's relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO's business and the industry. Further information regarding these and other risks is included in MINISO's filings with the SEC and the HKEx. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.Investor Relations Contact:MINISO Group Holding Limited
Email: ir@miniso.com
Phone: +86 (20) 36228788 Ext.8039



View original content:https://www.prnewswire.com/news-releases/miniso-announces-annual-general-meeting-on-june-18-2026-and-filing-of-annual-report-on-form-20-f-302752741.htmlSOURCE MINISO Group Holding Limited

Original: MINISO Announces Annual General Meeting on June 18, 2026 and Filing of Annual Report on Form 20-F

MINISO Group Chairman Proposes to Increase ShareholdingApril 23, 2026 9:09 AM
PR Newswire (US)

GUANGZHOU, China, April 23, 2026 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs, today announced that the Company has been informed by Mr. Guofu Ye, the Chairman of the board of directors and Chief Executive Officer of the Company, that based on his confidence in the Company's value and long-term business prospects, he intends to increase his shareholding in the Company within 12 months commencing from the date of this press release by purchasing shares of the Company (including American Depositary Shares ("ADSs") and/or ordinary shares listed on The Stock Exchange of Hong Kong Limited (the "HKEX")) in the open market or through private transactions, directly or through entities controlled by him, using his own funds, for an aggregate amount of not less than HK$50.0 million (or approximately US$6.4 million)."MINISO's journey and performance over the past several years have fully validated the soundness of the Company's strategic direction and the outstanding execution capability of our team. I am highly confident in the Company's continued growth and am demonstrating that commitment through concrete action," said Mr. Ye.Given that the Company has not yet announced its financial results for the first quarter ended March 31, 2026, Mr. Ye is subject to trading blackout restrictions under the Company's insider trading policy and the restrictions on securities transactions by directors under the Model Code for Securities Transactions by Directors of Listed Issuers appended to the Rules Governing the Listing of Securities on the HKEX. Accordingly, Mr. Ye will commence execution of the share increase plan during the first permissible open trading window following the expiration of the applicable blackout period after the announcement of the Company's first quarter 2026 financial results while not in possession of any material non-public information.Mr. Ye will implement the share increase plan through the purchase of ADSs and/or ordinary shares through open market or private transactions, depending on market conditions. The specific timing, price and volume of each purchase will be determined in accordance with prevailing market conditions and applicable laws and regulations.As of the date of this press release, Mr. Ye beneficially owns an aggregate of 789,541,061 ordinary shares of the Company, representing approximately 63.7% of the issued shares of the Company (excluding treasury shares).About MINISO GroupMINISO Group is a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs. Since opening our first store in Chinese mainland in 2013, the Company has successfully built two brands – "MINISO" and "TOP TOY". The Company's flagship brand "MINISO" has grown into a globally recognized retail brand that offers a frequently-refreshed assortment of lifestyle products through an extensive store network worldwide. The Company's products cover diverse consumer needs and consumers are drawn to MINISO for our products' trendiness, creativeness, high quality and affordability. For more information, please visit https://ir.miniso.com/.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "aim", "estimate", "intend", "plan", "believe", "is/are likely to", "potential", "continue" or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO's strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO's mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO's products; expectations regarding MINISO's relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO's business and the industry. Further information regarding these and other risks is included in MINISO's filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.Investor Relations Contact: MINISO Group Holding Limited
Email: ir@miniso.com
Phone: +86 (20) 36228788 Ext.8039



View original content:https://www.prnewswire.com/news-releases/miniso-group-chairman-proposes-to-increase-shareholding-302751832.htmlSOURCE MINISO Group Holding Limited

Original: MINISO Group Chairman Proposes to Increase Shareholding

MINISO Group Announces December Quarter and Full Year of 2025 Unaudited Financial ResultsMarch 31, 2026 4:35 AM
PR Newswire (US)

Record Revenue Driven by Strong Brand Momentum and Successful Store Matrix UpgradeQuarterly and Annual Revenue both Hit Record Highs, Exceeding ExpectationsAdjusted Operating Profit and EBITDA Delivered Robust Double-Digit Growth in December QuarterMINISO Brand Posted Its Highest Year-over-year Revenue Growth in 8 QuartersChinese Mainland and the U.S. Market Delivered Exceptional Mid-Teens and Low-Twenties SSSG in December Quarter, RespectivelyTOP TOY Brand Saw Successive Triple-Digit Revenue(2) GrowthNet New Stores Exceeded 700 in 2025RMB1,907.0 Million Returned to Shareholders in 2025, Representing 66% of Adjusted Net ProfitGUANGZHOU, China, March 31, 2026 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs, today announced its unaudited financial results for the three months and the full year ended December 31, 2025 (the "December Quarter" and the "Full Year", respectively).Financial Highlights for the December Quarter Revenue increased 32.7% year over year to RMB6,254.1 million (US$894.3 million), above the high end of the Company's previous guidance range of 25%-30%.MINISO Group delivered resilient performance with overall same-store GMV(1) growth (the "SSSG") recording a mid-single-digit level.Gross profit increased 30.8% year over year to RMB2,901.1 million (US$414.9 million).Gross margin was 46.4%, compared to 47.0% in the same period last year.Operating profit was RMB910.6 million (US$130.2 million), compared to RMB968.4 million in the same period last year, due to higher equity-settled share-based payment expenses in December Quarter.Adjusted operating profit(3) increased 11.7% year over year to RMB1,062.2 million (US$151.9 million),with adjusted operating margin of 17.0%.Loss for the period was RMB139.4 million (US$19.9 million), compared to a profit for the period of RMB809.7 million in the same period last year. The year-over-year change was mainly due to (i) share of loss of Yonghui Superstores Co., Ltd*(??????????) ("Yonghui") of RMB547.5 million (US$78.3 million), (ii) equity-settled share-based payment expenses of RMB151.6 million (US$21.7 million), (iii) changes in fair value of redemption liabilities of RMB158.5 million (US$22.7 million) arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025, (iv) interest expenses related to the equity linked securities issued by the Company in January 2025 ( the "Equity Linked Securities") and interest expenses related to the bank loans used for acquisition of the equity interest of Yonghui of RMB75.3 million (US$10.8 million), and (v) other expenses of RMB59.1 million (US$8.5 million) including loss from fair value change of derivatives in relation to the Equity Linked Securities under mark-to-market impact, which have been excluded in non-IFRS financial measurement(3).Adjusted net profit(3) increased 7.6% year over year to RMB852.7 million (US$121.9 million).Adjusted net margin(3) was 13.6%, compared to 16.8% in the same period last year.  Adjusted EBITDA(3) increased 15.7% year over year to RMB1,419.3 million (US$203.0 million).Adjusted EBITDA margin(3) was 22.7%, compared to 26.0% in the same period last year.Adjusted basic and diluted earnings per American Depositary Share (the "ADS")(3) were both RMB2.80 (US$0.40), representing a year-over-year growth of 9.4%, higher than the year-over-year growth of 7.6% of adjusted net profit, thanks to the share repurchase of the Company.Net cash from operating activities was RMB264.1 million (US$37.8 million) in December Quarter. Capital expenditure (the "CAPEX") was RMB232.6 million (US$33.3 million) and free cash flow was RMB31.5 million (US$4.5 million) for the December Quarter.Financial Highlights for the Full YearRevenue increased 26.2% year over year to RMB21,443.8 million (US$3,066.4 million).MINISO Group overall SSSG recorded a low-single-digit level.Gross profit increased 26.3% year over year to RMB9,648.1 million (US$1,379.7 million).Gross margin was 45.0%, compared to 44.9% last year.Operating profit was RMB3,303.1 million (US$472.3 million), compared to RMB3,315.8 million last year, due to higher equity-settled share-based payment expenses related to TOP TOY.Adjusted operating profit(3) increased 7.9% year over year to RMB3,671.0 million (US$524.9 million), with adjusted operating margin of 17.1%.Profit for the period was RMB1,209.8 million (US$173.0 million), compared with RMB2,635.4 million last year. The year-over-year change was mainly due to (i) share of loss of Yonghui of RMB812.7 million (US$116.2 million), (ii) equity-settled share-based payment expenses of RMB367.9 million (US$52.6 million), (iii) interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest of Yonghui of RMB279.0 million (US$39.9 million), (iv) changes in fair value of redemption liabilities of RMB158.5 million (US$22.7 million) arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025, and (v) other expenses of RMB70.3 million (US$10.1 million) including loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives related to the Equity Linked Securities, which have been excluded in non-IFRS financial measurement(3).Adjusted net profit(3) increased 6.5% to RMB2,898.2 million (US$414.4 million).Adjusted net margin(3) was 13.5%, compared to 16.0% last year.Adjusted EBITDA(3) increased 14.4% year over year to RMB4,959.9 million (US$709.3 million).Adjusted EBITDA margin(3) was 23.1%, compared to 25.5% last year.Adjusted basic earnings per ADS(3) increased 8.3% year over year to RMB9.44 (US$1.35).Adjusted diluted earnings per ADS(3) increased 7.8% year over year to RMB9.36 (US$1.34). The year-over-year growth of adjusted basic and diluted earnings per ADS was higher than the year-over-year growth of 6.5% of adjusted net profit, thanks to the share repurchase of the Company.Cash position(4) was RMB7,087.9 million (US$1,013.6 million) as of December 31, 2025, compared to RMB6,698.1 million as of December 31, 2024.Net cash from operating activities was RMB2,577.9 million (US$368.6 million), with an operating cash flow to adjusted net profit ratio of 88.9%. CAPEX was RMB997.7 million (US$142.7 million) and free cash flow was RMB1,580.2 million (US$225.9 million) for the Full Year.Store Network ExpansionAs of December 31, 2025, the Company's total store count reached 8,485, representing a net increase of 705 year over year.MINISO Brand: totaled 8,151 stores (647 net new openings in 2025), driven by:Chinese Mainland: 4,568 stores (up 182 year over year).Overseas Markets: 3,583 stores (up 465 year over year).TOP TOY Brand: totaled 334 stores, representing a net increase of 58 year over year.Notes:"Same-store GMV" refers to the GMV generated by those stores that opened prior to the beginning of the comparative periods and remained open as of the end of the comparative periods and closed for less than 30 days during both comparative periods. "SSSG" refers to the year-over-year growth of same-store GMV.Revenue from TOP TOY brand only represents revenue generated from external parties.See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information."Cash position" refers to the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits with original maturity over three months, and other investments recorded as current assets.The following table provides a breakdown of the Company's store network and its changes on a year-over-year basis. The number of directly operated stores reached 768 on group level. 71.9% of new MINISO stores in the past twelve months were located in overseas markets.
As of
YoY
December 31,2024December 31, 2025
Number of stores on group level7,7808,485
705Number of MINISO stores7,5048,151
647Chinese mainland4,3864,568
182—Directly operated stores2518
(7)—Stores operated under Retail
Partner model4,3354,522
187—Stores operated under
distributor model2628
2Overseas markets3,1183,583
465—Directly operated stores503700
197—Stores operated under Retail
Partner model404432
28—Stores operated under
distributor model2,2112,451
240Number of TOP TOY stores276334
58Chinese mainland272304
32—Directly operated stores3835
(3)—Stores operated under Retail
Partner model234269
35Overseas markets430
26—Directly operated stores215
13—Stores operated under Retail
Partner model24
2—Stores operated under
distributor model-11
11Mr. Guofu Ye, Founder, Chairman, and CEO of MINISO, commented, "December Quarter closed out a year of our solid execution in 2025. Both quarterly and annual revenue have achieved new heights and crossed the milestones of RMB6 billion and RMB20 billion, respectively. In December Quarter, our strategic markets such as Chinese Mainland and the U.S. market were strong outperformers. We were thrilled to see strong momentum in MINISO Chinese Mainland in December Quarter, with highest year-over-year revenue growth of 25.0% over the past 8 quarters, powered by its robust SSSG of mid-teens level. Despite tariff headwinds, MINISO brand in the U.S market reached a robust low-twenties SSSG this quarter. This success reflects our global expertise and strategic foresight, as well as the structural resilience built through an agile supply chain. At the same time, it strongly validates our strategic direction and execution, further bolstering our confidence in our growth.We remain steadfast in our commitment to high-quality development, propelling our brand momentum to new heights. This year, we achieved higher revenue growth with fewer net store openings, marking a more disciplined and efficient growth model. Leveraging new retail formats across channels, represented by MINISO SPACE, MINISO LAND and MINISO FRIENDS, we are converting global scale into sustainable brand influence. We are evolving our stores into resonant interactive spaces, fostering deeper and more lasting emotional bonds with our consumers.""Looking ahead, we are continuing to reinforce our creative-driven momentum. By staying curious and committed to continuous learning, we are strengthening a resilient brand ecosystem centered on interest-driven consumption, delivering joy and value that remains steadfast through global cycles." Mr. Ye continued.Mr. Eason Zhang, CFO of MINISO, commented, "Thanks to outstanding performance of all segments, year-over-year growth of both quarterly and annual revenue outperformed our previous guidance. In December Quarter, gross profit margin reached 46.4%. Adjusted operating profit increased 11.7% to RMB1,062.2 million, with adjusted operating margin of 17.0%. Adjusted EBITDA increased 15.7% to RMB1,419.3 million, with adjusted EBITDA margin of 22.7%. Adjusted earnings per ADS increased 9.4% to RMB2.80. For the year of 2025, net cash from operation activities reached RMB2,577.9 million, as a ratio of 88.9% of adjusted net profit. As of the end of 2025, we still maintained a strong cash position of RMB7,087.9 million. In 2025, the Board approved an automatic share repurchase program to repurchase shares up to HK$1.8 billion from the open markets, underscoring our unwavering confidence in MINISO's intrinsic value and ensuring that our buyback momentum remained uninterrupted even during restricted periods. We have returned shareholders RMB1,907.0 million in 2025, including record-high share buyback of RMB549.2 million and dividends of RMB1,357.8 million, accounting for 65.8% of adjusted net profit for 2025.In addition, we are pleased to announce a final dividend in the amount of around RMB809.7 million, which was approximately 50% of the adjusted net profit generated in the second half of 2025, payable in April 2026. Our capital allocation strategy in the future will continue to balance growth and our commitment to bringing stable and foreseeable returns to shareholders.""As we head into 2026, we uphold our commitment to capital discipline, driving operational leverage enterprise-wise. Our focus remains on delivering durable top-line growth and margin improvement by maintaining a flexible and agile posture to mitigate macroeconomic risks as well as sharpening our operational efficiency. By remaining highly responsive to market shifts and capitalizing on new growth drivers, we are well-positioned to navigate external volatility and deliver sustainable and long-term returns to our shareholders." Mr. Zhang concluded.Dividend DeclarationOn March 31, 2026, the Board approved the distribution of a final cash dividend in the amount of US$0.3764 per ADS, or US$0.0941 per ordinary share, to holders of ADSs and ordinary shares of record as of the close of business on April 20, 2026, New York Time and Beijing/Hong Kong Time, respectively. The ex-dividend date for holders of ordinary shares in Hong Kong will be April 17, 2026; and the ex-dividend date for holders of ADSs will be April 20, 2026. The payment date is expected to be on April 29, 2026 for holders of ordinary shares and around May 4, 2026 for holders of ADSs. The aggregate amount of cash dividend to be paid is approximately US$115.8 million (RMB809.7 million), at an exchange rate of RMB6.9931 to US$1.0000), which is approximately 50% of the Company's adjusted net profit for the six months ended December 31, 2025 and will be distributed from additional paid-in capital and settled by a cash distribution.For holders of ordinary shares, in order to qualify for the final dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 P.M on April 20, 2026 (Beijing/Hong Kong Time). The record date is April 20, 2026 (Beijing/Hong Kong Time).Financial Results for the December QuarterRevenue was RMB6,254.1 million (US$894.3 million), representing an increase of 32.7% year over year.Revenue from MINISO brand increased by 27.7% year over year to RMB5,654.4 million (US$808.6 million), including (i) an increase of 25.0% in revenue from MINISO brand in Chinese mainland, accelerating sequentially by quarters since 2025, and (ii) an increase of 30.5% in revenue from MINISO brand in overseas markets. Overseas revenue contributed to 49.2% of revenue from MINISO brand.Revenue(1) from TOP TOY brand increased by 111.8% to RMB599.0 million (US$85.7 million).For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release.Cost of sales was RMB3,352.9 million (US$479.5 million), representing an increase of 34.4% year over year.Gross profit was RMB2,901.1 million (US$414.9 million), representing an increase of 30.8% year over year.Gross margin was 46.4%, compared to 47.0% in the same period last year. The year-over-year change in gross profit margin resulted from strategic product mix optimization to drive top-line performance, partially offset by a structural benefit from higher revenue mix of directly operating business.Selling and distribution expenses were RMB1,654.9 million (US$236.6 million), representing an increase of 65.3% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,544.8 million (US$220.9 million), representing an increase of 47.4% year over year. The year-over-year increase was mainly attributable to the Company's investments into directly operated stores to pursue the future success of the Company's business, especially in strategic overseas markets such as the U.S. market. As of December 31, 2025, total number of directly operated stores on the group level was 768, compared to 568 as of December 31, 2024. In the December Quarter, revenue from directly operated stores increased 61.1%, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 41.1%, decelerating from the year-over-year increase of 54.5% for the first nine months of 2025. Licensing expenses increased 107.0%, which was in relation to the Company's strategic commitment to IP development to pave the way for future growth, as a percentage of around 3% of revenue, compared to 2% in the same period last year. Promotion and advertising expenses increased 30.2%, as a percentage of revenue stabilizing at around 4% in both comparative periods. Logistics expenses increased 19.2% year over year.General and administrative expenses were RMB377.9 million (US$54.0 million), representing an increase of 36.5% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB336.5 million (US$48.1 million), representing an increase of 36.3% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company's business.Other net income was RMB63.1 million (US$9.0 million), compared to RMB36.2 million in the same period last year. The year-over-year increase was mainly due to an increase in fair value of other investments, partially offset by a larger net foreign exchange loss compared with the same period last year.Operating profit was RMB910.6 million (US$130.2 million), compared with RMB968.4 million in the same period last year, due to higher equity-settled share-based payment expenses in December Quarter.Adjusted operating profit(2) was RMB1,062.2 million (US$151.9 million), representing an increase of 11.7% year over year, with adjusted operating margin of 17.0%.Net finance cost was RMB93.6 million (US$13.4 million), compared to RMB16.1 million in the same period last year. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for acquisition of the equity interest of Yonghui, both of which have been excluded in non-IFRS financial measures(2), and (ii) increased interest expenses on lease liabilities corresponding to the Company's investment in directly operated stores.Share of loss of equity-accounted investees, net of tax was RMB550.4 million (US$78.7 million), compared to share of profit of RMB3.7 million in the same period last year. The year-over-year change was mainly attributable to share of loss in Yonghui, which has been excluded in non-IFRS financial measures(2).Changes in fair value of redemption liabilities were RMB158.5 million (US$22.7 million), which was a loss arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025 and has been excluded in non-IFRS financial measures(2).Other expenses were RMB59.1 million (US$8.5 million), mainly attributable to loss from fair value change of derivatives under mark-to-market impact, which was in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures(2).Effective tax rate was 384.4%, compared to 15.3% in the same period last year. The elevated effective tax rate in December Quarter was primarily driven by non-deductible losses at the consolidation level.Adjusted effective tax rate(2) was 20.2%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 15.6% in the same period last year.Loss for the period was RMB139.4 million (US$19.9 million), compared to profit for the period of RMB809.7 million in the same period last year. The year-over-year change was mainly due to (i) share of loss of Yonghui of RMB547.5 million (US$78.3 million), (ii) equity-settled share-based payment expenses of RMB151.6 million (US$21.7 million), (iii) changes in fair value of redemption liabilities of RMB158.5 million (US$22.7 million) arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025, (iv) interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest of Yonghui of RMB75.3 million (US$10.8 million), and (v) other expenses of RMB59.1 million (US$8.5 million) including loss from fair value change of derivatives in relation to the Equity Linked Securities under mark-to-market impact, which have been excluded in non-IFRS financial measurement(2).Adjusted net profit(2) was RMB852.7 million (US$121.9 million), increased by 7.6% year over year.Adjusted net margin(2) was 13.6%, compared to 16.8% in the same period last year.Adjusted EBITDA(2) was RMB1,419.3 million (US$203.0 million), representing an increase of 15.7% year over year.Adjusted EBITDA margin(2) was 22.7%, compared to 26.0% in the same period last year.Basic and diluted loss per ADS were both RMB0.48 (US$0.07) in the December Quarter, compared with the basic and diluted earnings per ADS of RMB2.60 in the same period last year.  Adjusted basic and diluted earnings per ADS(2) were both RMB2.80 (US$0.40) in the December Quarter, representing a year-over-year growth of 9.4%, higher than the year-over-year growth of 7.6% of adjusted net profit, thanks to the share repurchase of the Company.Net cash from operating activities as RMB264.1 million (US$37.8 million) in December Quarter. CAPEX was RMB232.6 million (US$33.3 million) and free cash flow was RMB31.5 million (US$4.5 million) for the December Quarter.Financial Results for the Full YearRevenue was RMB21,443.8 million (US$3,066.4 million), representing an increase of 26.2% year over year.Revenue from MINISO brand increased by 22.0% to RMB19,524.9 million (US$2,792.0 million), including (i) an increase of 16.8% in revenue from MINISO brand in Chinese mainland, with its annual revenue exceeding RMB10 billion for the first time, and (ii) an increase of 29.3% in revenue from MINISO brand in overseas markets. The overseas revenue contributed to 44.2% of revenue from MINISO brand.Revenue(1) from TOP TOY brand increased by 94.8% to RMB1,915.6 million (US$273.9 million).For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release.Cost of sales was RMB11,795.7 million (US$1,686.8 million), representing an increase of 26.1% year over year.Gross profit was RMB9,648.1 million (US$1,379.7 million), representing an increase of 26.3% year over year.Gross margin was 45.0%, compared to 44.9% last year.Selling and distribution expenses were RMB5,265.8 million (US$753.0 million), increased by 49.6% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB5,045.7 million (US$721.5 million), increased by 43.9% year over year.General and administrative expenses were RMB1,225.4 million (US$175.2 million), increased by 31.5% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB1,077.5 million (US$154.1 million), increased by 25.3% year over year.Other net income was RMB195.6 million (US$28.0 million), compared to RMB114.7 million last year. The year-over-year increase was mainly due to (i) an increase in fair value of other investments and investment income in wealth management products, and (ii) a smaller net foreign exchange loss compared with last year.Operating profit was RMB3,303.1 million (US$472.3 million), compared to RMB3,315.8 million last year, due to higher equity-settled share-based payment expenses related to TOP TOY.Adjusted operating profit(2) was RMB3,671.0 million (US$524.9 million), representing an increase of 7.9% year over year, with adjusted operating margin of 17.1%.Net finance cost was RMB326.5 million (US$46.7 million), compared to net finance income of RMB25.8 million last year. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for acquisition of the equity interest of Yonghui, both of which have been excluded in non-IFRS financial measures(2), and (ii) increased interest expenses on lease liabilities corresponding to the Company's investment in directly operated stores.Share of loss of equity-accounted investees, net of tax was RMB834.5 million (US$119.3 million), compared with share of profit of RMB6.0 million last year. The year-over-year change was mainly attributable to share of loss in Yonghui, which has been excluded in non-IFRS financial measures(2).Changes in fair value of redemption liabilities were RMB158.5 million (US$22.7 million), which was a loss arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025 and has been excluded in non-IFRS financial measures(2).Other expenses were RMB70.3 million (US$10.1 million), mainly attributable to loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives, which were in relation to the Equity Linked Securities and have been excluded in non-IFRS financial measures(2).Effective tax rate was 36.8%, compared to 21.3% last year. The elevated effective tax rate was primarily driven by non-deductible losses at the consolidation level.Adjusted effective tax rate(2) was 20.1%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 20.7% last year.Profit for the period was RMB1,209.8 million (US$173.0 million), compared to RMB2,635.4 million last year. The year-over-year change was mainly due to (i) share of loss of Yonghui of RMB812.7 million (US$116.2 million), (ii) equity-settled share-based payment expenses of RMB367.9 million (US$52.6 million), (iii) interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest of Yonghui of RMB279.0 million (US$39.9 million), (iv) changes in fair value of redemption liabilities of RMB158.5 million (US$22.7 million) arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025, and (v) other expenses of RMB70.3 million (US$10.1 million) including loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives related to the Equity Linked Securities, which have been excluded in non-IFRS financial measurement(2).Adjusted net profit(2) increased 6.5% year over year to RMB2,898.2 million (US$414.4 million).Adjusted net margin(2) was 13.5%, compared to 16.0% last year.Adjusted EBITDA(2) increased 14.4% year over year to RMB4,959.9 million (US$709.3 million).Adjusted EBITDA margin(2) was 23.1%, compared to 25.5% last year.Basic earnings per ADS was RMB3.92 (US$0.56), compared to RMB8.44 last year.Diluted earnings per ADS was RMB3.92 (US$0.56), compared to RMB8.40 last year.Adjusted basic earnings per ADS(2) increased 8.3% year over year to RMB9.44 (US$1.35), compared to RMB8.72 last year.Adjusted diluted earnings per ADS(2) increased 7.8% year over year to RMB9.36 (US$1.34), compared to RMB8.68 last year. The year-over-year growth of adjusted basic and diluted earnings per ADS was higher than the year-over-year growth of 6.5% of adjusted net profit, thanks to the share repurchase of the Company.Cash position, which was the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits, and other investments recorded as current assets was RMB7,087.9 million (US$1,013.6 million) as of December 31, 2025, compared to RMB6,698.1 million as of December 31, 2024.Net cash from operating activities was RMB2,577.9 million (US$368.6 million), with an operating cash flow to adjusted net profit ratio of 88.9%. CAPEX was RMB997.7 million (US$142.7 million) and free cash flow was RMB1,580.2 million (US$225.9 million) for the Full Year.Notes:Revenue from TOP TOY brand only represents revenue generated from external parties.See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information.Conference Call The Company's management will hold an earnings conference call at 5:00 A.M. Eastern Time on Tuesday, March 31, 2026 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. Simultaneous interpretation in English will be provided during the conference call. The conference call can be accessed via the following methods:Access 1Join Zoom meeting.Zoom link: https://zoom.us/j/96682426410?pwd=oaoHL89u0ocUW6ysi327wsp64m2PYv.1
Meeting Number: 966 8242 6410
Meeting Passcode: 9896Access 2Listeners of the meeting may access the call by dialing the following numbers and using the same meeting number and passcode as access 1.United States:+1 689 278 1000 (or +1 719 359 4580)Hong Kong, China: +852 5803 3730 (or +852 5803 3731)United Kingdom: +44 203 481 5237 (or +44 131 460 1196)France: +33 1 7037 9729 (or +33 1 7037 2246)Singapore: +65 3158 7288 (or +65 3165 1065)Canada: +1 438 809 7799 (or +1 204 272 7920)Access 3Listeners of the meeting can also access the call through the Company's investor relations website at https://ir.miniso.com/.The replay will be available approximately two hours after the conclusion of the live event at the Company's investor relations website at https://ir.miniso.com/.About MINISO Group MINISO Group is a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs. Since opening our first store in Chinese mainland in 2013, the Company has successfully built two brands – "MINISO" and "TOP TOY". The Company's flagship brand "MINISO" has grown into a globally recognized retail brand that offers a frequently-refreshed assortment of lifestyle products through an extensive store network worldwide. The Company's products cover diverse consumer needs and consumers are drawn to MINISO for our products' trendiness, creativeness, high quality and affordability. For more information, please visit https://ir.miniso.com/.Exchange RateThe U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2025, which was RMB6.9931 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts.Non-IFRS Financial MeasuresIn evaluating the business, MINISO considers and uses adjusted operating profit, adjusted operating margin, adjusted effective tax rate, adjusted net profit, adjusted net margin, adjusted EBITDA, adjusted EBITDA margin, adjusted basic and diluted net earnings per share and adjusted basic and diluted net earnings per ADS as supplemental measures to review and assess its operating performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. MINISO defines adjusted operating profit as operating profit for the period excluding equity-settled share-based payment expenses. MINISO calculates adjusted operating margin by dividing adjusted operating profit by revenue for the same period. MINISO defines adjusted effective tax rate as the effective tax rate excluding the tax impact of adjusted items, under non-IFRS financial measures. MINISO defines adjusted net profit as profit for the period excluding equity-settled share-based payment expenses, gain or loss from fair value change of derivatives, issuance cost of derivatives and interest expenses related to the Equity Linked Securities, interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui, share of profit or loss of Yonghui, net of tax, and changes in fair value of redemption liabilities arising from preferred shares. MINISO calculates adjusted net margin by dividing adjusted net profit by revenue for the same period. MINISO defines adjusted EBITDA as adjusted net profit plus depreciation and amortization, finance costs excluding interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui and income tax expense. Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenue for the period. MINISO computes adjusted basic and diluted net earnings per ADS by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ADSs represented by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. MINISO computes adjusted basic and diluted net earnings per share in the same way as it calculates adjusted basic and diluted net earnings per ADS, except that it uses the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis as the denominator instead of the number of ADSs represented by these ordinary shares.MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its operating performance and formulate business plans. These non-IFRS financial measures enable the management to assess its operating results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its operating performance in the future. Accordingly, MINISO believes that the use of these non-IFRS financial measures provides useful information to investors and others in understanding and evaluating its operating results in the same manner as the management and board of directors.These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using these non-IFRS financial measures is that they do not reflect all items of income and expense that affect MINISO's operations. Further, these non-IFRS financial measures may differ from the non-IFRS information used by other companies, including peer companies, and therefore their comparability may be limited.These non-IFRS financial measures should not be considered in isolation or construed as alternatives to profit, net profit margin, basic and diluted earnings per share and basic and diluted earnings per ADS, as applicable, or any other measures of performance or as indicators of MINISO's operating performance. Investors are encouraged to review MINISO's historical non-IFRS financial measures in light of the most directly comparable IFRS financial measures, as shown below. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing MINISO's data comparatively. MINISO encourages you to review its financial information in its entirety and not rely on a single financial measure.For more information on the non-IFRS financial measures, please see the table captioned "Reconciliation of Non-IFRS Financial Measures" set forth at the end of this press release.Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "aim", "estimate", "intend", "plan", "believe", "is/are likely to", "potential", "continue" or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO's strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO's mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO's products; expectations regarding MINISO's relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO's business and the industry. Further information regarding these and other risks is included in MINISO's filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.Investor Relations Contact:
MINISO Group Holding Limited
Email: ir@miniso.com 
Phone: +86 (20) 36228788 Ext.8039  MINISO GROUP HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Expressed in thousands)


As at
As at

December 31, 2024
December 31, 2025

(Audited)
(Unaudited)

RMB'000
RMB'000
US$'000ASSETS





Non-current assets





Property, plant and equipment
1,436,939
2,109,385
301,638Right-of-use assets
4,172,083
5,121,039
732,299Intangible assets
8,802
94,951
13,578Goodwill
21,418
223,187
31,915Deferred tax assets
181,948
288,679
41,281Other investments
123,399
201,727
28,847Trade and other receivables
341,288
247,511
35,394Term deposits
140,183
-
-Financial derivative assets
-
774,103
110,695Interests in equity-accounted
investees
38,567
5,486,648
784,580








6,464,627
14,547,230
2,080,227






Current assets





Other investments
100,000
-
-Inventories
2,750,389
3,691,238
527,840Trade and other receivables
2,207,013
3,307,129
472,913Cash and cash equivalents
6,328,121
6,817,129
974,836Restricted cash
1,026
54,229
7,755Term deposits 
268,952
216,567
30,969








11,655,501
14,086,292
2,014,313






Total assets
18,120,128
28,633,522
4,094,540  MINISO GROUP HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(CONTINUED)(Expressed in thousands)


As at
As at

December 31, 2024
December 31, 2025

(Audited)
(Unaudited)

RMB'000
RMB'000
US$'000EQUITY





Share capital
94
94
13Additional paid-in capital
4,683,577
2,887,905
412,965Other reserves
1,329,126
2,232,854
319,294Retained earnings
4,302,177
5,497,910
786,191






Equity attributable to equity
shareholders of the Company
10,314,974
10,618,763
1,518,463Non-controlling interests
40,548
100,508
14,372






Total equity
10,355,522
10,719,271
1,532,835






LIABILITIES





Non-current liabilities





Contract liabilities
35,145
22,418
3,206Loans and borrowings
4,310
5,415,416
774,394Other payables
59,842
72,586
10,380Lease liabilities
1,903,137
2,713,798
388,068Financial derivative liabilities
-
1,184,050
169,317Deferred income
34,983
33,053
4,727








2,037,417
9,441,321
1,350,092  MINISO GROUP HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)(Expressed in thousands)








As at
As at

December 31, 2024
December 31, 2025

(Audited)
(Unaudited)

RMB'000
RMB'000
US$'000Current liabilities





Contract liabilities
323,292
388,746
55,590Loans and borrowings
566,955
1,751,018
250,392Trade and other payables
3,943,988
4,516,491
645,851Lease liabilities
635,357
950,784
135,960Deferred income
5,376
965
138Current taxation
252,221
291,245
41,647Redemption liabilities arising from
preferred shares
-
573,681
82,035








5,727,189
8,472,930
1,211,613






Total liabilities
7,764,606
17,914,251
2,561,705






Total equity and liabilities
18,120,128
28,633,522
4,094,540  MINISO GROUP HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME(Expressed in thousands, except for per ordinary share and per ADS data)


Three months ended December 31,
Twelve months ended December 31,

2024
2025
2024
2025(Unaudited)(Unaudited)(Audited)(Unaudited)

RMB'000
RMB'000
US$'000
RMB'000
RMB'000
US$'000Revenue
4,712,705
6,254,070
894,320
16,994,025
21,443,827
3,066,426Cost of sales
(2,495,407)
(3,352,941)
(479,464)
(9,356,965)
(11,795,708)
(1,686,764)












Gross profit
2,217,298
2,901,129
414,856
7,637,060
9,648,119
1,379,662Other income
3,570
10,458
1,495
21,595
19,377
2,771Selling and distribution expenses
(1,000,985)
(1,654,883)
(236,645)
(3,519,534)
(5,265,758)
(752,993)General and administrative expenses
(276,870)
(377,915)
(54,041)
(931,651)
(1,225,373)
(175,226)Other net income
36,242
63,091
9,022
114,696
195,610
27,972(Credit loss)/reversal of credit loss on
trade and other receivables
(7,095)
(12,113)
(1,732)
2,469
(33,241)
(4,753)Impairment loss on non-current assets
(3,742)
(19,161)
(2,740)
(8,846)
(35,611)
(5,092)












Operating profit
968,418
910,606
130,215
3,315,789
3,303,123
472,341Finance income
18,999
18,309
2,618
118,672
104,421
14,932Finance costs
(35,093)
(111,889)
(16,000)
(92,915)
(430,930)
(61,622)












Net finance (costs)/income
(16,094)
(93,580)
(13,382)
25,757
(326,509)
(46,690)Share of profit/(loss) of equity-
accounted investees, net of tax
3,676
(550,402)
(78,706)
5,986
(834,453)
(119,325)Other expenses
-
(59,134)
(8,456)
-
(70,332)
(10,057)Changes in fair value of redemption
liabilities
-
(158,491)
(22,664)
-
(158,491)
(22,664)












Profit before taxation
956,000
48,999
7,007
3,347,532
1,913,338
273,605Income tax expense
(146,272)
(188,373)
(26,937)
(712,104)
(703,524)
(100,603)












Profit/(loss) for the period
809,728
(139,374)
(19,930)
2,635,428
1,209,814
173,002












Attributable to:











Equity shareholders of the Company
805,693
(141,524)
(20,237)
2,617,560
1,205,045
172,320Non-controlling interests
4,035
2,150
307
17,868
4,769
682












Earnings/(Loss) per share for ordinary
shares











-Basic
0.65
(0.12)
(0.02)
2.11
0.98
0.14-Diluted
0.65
(0.12)
(0.02)
2.10
0.98
0.14












Earnings/(loss) per ADS











(Each ADS represents 4 ordinary
shares)-Basic
2.60
(0.48)
(0.07)
8.44
3.92
0.56-Diluted
2.60
(0.48)
(0.07)
8.40
3.92
0.56












  MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED)
(Expressed in thousands)















Three months ended December 31,
Twelve months ended December 31,

2024
2025
2024
2025(Unaudited)(Unaudited)(Audited)(Unaudited)

RMB'000
RMB'000
US$'000
RMB'000
RMB'000
US$'000












Profit/(loss) for the period
809,728
(139,374)
(19,930)
2,635,428
1,209,814
173,002












Items that may be reclassified
subsequently to profit or loss:











Exchange differences on translation of
financial statements of foreign
operations
3,420
8,690
1,243
19,128
2,914
417Share of other comprehensive loss of
equity-accounted investees
-
(1,046)
(150)
-
(1,046)
(150)












Other comprehensive income for
the period
3,420
7,644
1,093
19,128
1,868
267












Total comprehensive income/(loss) for
the period
813,148
(131,730)
(18,837)
2,654,556
1,211,682
173,269












Attributable to:











Equity shareholders of the Company
812,694
(132,845)
(18,996)
2,635,833
1,210,528
173,104Non-controlling interests
454
1,115
159
18,723
1,154
165  MINISO GROUP HOLDING LIMITEDRECONCILIATION OF NON-IFRS FINANCIAL MEASURES (Expressed in thousands, except for percentages)














Three months ended December 31,
Twelve months ended December 31,

2024
2025
2024
2025

(Unaudited)
(Unaudited)
(Audited)
(Unaudited)

RMB'000
RMB'000
US$'000RMB'000RMB'000
US$'000












Reconciliation of operating profit for the
period to adjusted operating profit











Operating profit
968,418
910,606
130,215
3,315,789
3,303,123
472,341Add back:











Equity-settled share-based payment
expenses
(17,206)
151,555
21,672
85,184
367,869
52,605Adjusted operating profit
951,212
1,062,161
151,887
3,400,973
3,670,992
524,946Adjusted operating margin
20.2 %
17.0 %
17.0 %
20.0 %
17.1 %
17.1 %  MINISO GROUP HOLDING LIMITEDRECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)(Expressed in percentages)











Three months ended December 31,
Twelve months ended December 31,


2024
2025
2024
2025


(Unaudited)
(Unaudited)
(Audited)
(Unaudited)










Reconciliation of effective tax rate to
adjusted effective tax rate:








Effective tax rate
15.3 %
384.4 %
21.3 %
36.8 %










Impact on effective tax rate as a result of
adjusted items
0.3 %
(364.2) %
(0.6) %
(16.7) %
Adjusted effective tax rate
15.6 %
20.2 %
20.7 %
20.1 %
  MINISO GROUP HOLDING LIMITEDRECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)(Expressed in thousands, except for per share, per ADS data and percentages)














Three months ended December 31,
Twelve months ended December 31,

2024
2025
2024
2025(Unaudited)(Unaudited)(Audited)(Unaudited)

RMB'000
RMB'000
US$'000
RMB'000
RMB'000
US$'000












Reconciliation of profit for the period to
adjusted net profit:











Profit/(loss) for the period
809,728
(139,374)
(19,930)
2,635,428
1,209,814
173,002Add back:











Equity-settled share-based payment
expenses
(17,206)
151,555
21,672
85,184
367,869
52,605Loss from fair value change of
derivatives(1)(2)
-
59,134
8,456
-
25,668
3,670Issuance cost of derivatives(1)(3)
-
-
-
-
44,664
6,387Interest expenses related to Equity
Linked Securities and the bank loans
used for acquisition of the equity
interest in Yonghui(1)
-
75,316
10,770
-
278,973
39,893-Interest expenses related to the
Equity Linked Securities(4)
-
51,365
7,345
-
192,342
27,505-Interest expenses related to the
bank loans used for acquisition of the
equity interest in Yonghui
-
23,951
3,425
-
86,631
12,388Share of loss of Yonghui, net of tax(1)
-
547,545
78,298
-
812,684
116,212Changes in fair value of redemption
liabilities(1)
-
158,491
22,664
-
158,491
22,664












Adjusted net profit
792,522
852,667
121,930
2,720,612
2,898,163
414,433Adjusted net margin
16.8 %
13.6 %
13.6 %
16.0 %
13.5 %
13.5 %












Attributable to:











Equity shareholders of the Company
788,300
849,492
121,476
2,702,191
2,891,345
413,458Non-controlling interests
4,222
3,175
454
18,421
6,818
975












Adjusted net earnings per share(5)











-Basic
0.64
0.70
0.10
2.18
2.36
0.34-Diluted
0.64
0.70
0.10
2.17
2.34
0.33












Adjusted net earnings per ADS
(Each ADS represents 4 ordinary
shares)











-Basic
2.56
2.80
0.40
8.72
9.44
1.35-Diluted
2.56
2.80
0.40
8.68
9.36
1.34  MINISO GROUP HOLDING LIMITEDRECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)(Expressed in thousands, except for percentages)














Three months ended December 31,
Twelve months ended December 31,

2024
2025
2024
2025

(Unaudited)
(Unaudited)
(Audited)
(Unaudited)

RMB'000
RMB'000
US$'000RMB'000RMB'000
US$'000












Reconciliation of adjusted net profit for
the period to adjusted EBITDA:











Adjusted net profit
792,522
852,667
121,930
2,720,612
2,898,163
414,433Add back:











Depreciation and amortization
253,304
341,735
48,867
808,694
1,206,305
172,499Finance costs excluding interest expenses  related to the Equity Linked Securities
and the bank loans used for acquisition  of the equity interest in Yonghui
35,093
36,573
5,230
92,915
151,957
21,729Income tax expense
146,272
188,373
26,937
712,104
703,524
100,603Adjusted EBITDA
1,227,191
1,419,348
202,964
4,334,325
4,959,949
709,264Adjusted EBITDA margin
26.0 %
22.7 %
22.7 %
25.5 %
23.1 %
23.1 %Notes:These adjustment items have been excluded from the calculation of adjusted net profit as the Company does not consider such items to be indicative of its operating performance of core business in the future.The gain or loss from fair value change of derivatives was a non-cash gain or expense that was related to the fair value of the Equity Linked Securities and call spread. It was determined primarily by movements in the underlying share price.The issuance cost of derivatives was a one-off expense that was related to the Equity Linked Securities. For the three months ended December 31, 2025, the RMB51.4 million interest expenses related to the Equity Linked Securities included RMB46.5 million non-cash portion and RMB4.9 million cash expense. For the twelve months ended December 31, 2025, the RMB192.3 million interest expenses related to the Equity Linked Securities included RMB173.4 million non-cash portion and RMB18.9 million cash expense.Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis.  MINISO GROUP HOLDING LIMITEDUNAUDITED ADDITIONAL INFORMATION(Expressed in thousands, except for percentages)


Three months ended December 31,


Twelve months ended December 31,



2024
2025
YoY2024
2025
YoY

RMB'000
RMB'000
US$'000

RMB'000
RMB'000
US$'000
Revenue















MINISO Brand
4,428,593
5,654,421
808,571
27.7 %
16,002,565
19,524,901
2,792,023
22.0 %-Chinese mainland
2,296,877
2,871,989
410,689
25.0 %
9,328,231
10,896,147
1,558,128
16.8 %-Overseas markets
2,131,716
2,782,432
397,882
30.5 %
6,674,334
8,628,754
1,233,895
29.3 %TOP TOY Brand(1)
282,808
599,037
85,661
111.8 %
983,525
1,915,618
273,930
94.8 %Others
1,304
612
88
(53.1) %
7,935
3,308
473
(58.3) %

4,712,705
6,254,070
894,320
32.7 %
16,994,025
21,443,827
3,066,426
26.2 %Note:(1) Revenue from TOP TOY brand only represents revenue generated from external parties.MINISO GROUP HOLDING LIMITEDUNAUDITED ADDITIONAL INFORMATIONNUMBER OF MINISO STORES IN CHINESE MAINLAND


As of




December 31, 2024
December 31,2025
YoY
By City Tiers






First-tier cities
587
609
22
Second-tier cities
1,822
1,881
59
Third- and lower-tier cities
1,977
2,078
101
Total
4,386
4,568
182
  MINISO GROUP HOLDING LIMITEDUNAUDITED ADDITIONAL INFORMATIONNUMBER OF MINISO STORES IN OVERSEAS MARKETS









As of



December 31, 2024
December 31,2025
YoY
By Regions


Asia excluding China
1,611
1,793
182
North America
350
461
111
Latin America
637
722
85
Europe
295
361
66
Others
225
246
21
Total3,118
3,583
465
*For identification purpose only



View original content:https://www.prnewswire.com/news-releases/miniso-group-announces-december-quarter-and-full-year-of-2025-unaudited-financial-results-302729720.htmlSOURCE MINISO Group Holding Limited

Original: MINISO Group Announces December Quarter and Full Year of 2025 Unaudited Financial Results

MNSO 10Q due March 12

MNSO new 52 week high

MNSO new 52 week high

MNSO new 52 week high