MINISO Group Announces December Quarter and Full Year of 2025 Unaudited Financial Results
Rhea-AI Summary
MINISO Group (NYSE: MNSO) reported record December quarter and full-year 2025 results with revenue of RMB6,254.1m (Q) and RMB21,443.8m (FY), driven by brand momentum, store upgrades and strong same-store GMV. Adjusted EBITDA and adjusted operating profit rose double digits; cash position stood at RMB7,087.9m.
The company returned RMB1,907.0m to shareholders in 2025 and announced a final dividend of ~US$0.3764 per ADS.
Positive
- Revenue +32.7% Q/QoQ to RMB6,254.1 million in December quarter
- Revenue +26.2% YoY to RMB21,443.8 million for full year 2025
- Adjusted EBITDA +14.4% YoY to RMB4,959.9 million for full year
- Strong cash position of RMB7,087.9 million as of Dec 31, 2025
- RMB1,907.0m returned to shareholders in 2025 (buybacks + dividends)
Negative
- Reported loss of RMB139.4 million in December quarter
- Share of loss from Yonghui of RMB812.7 million for full year
- Adjusted net margin down to 13.5% in 2025 from 16.0% last year
- Selling & distribution expenses +65.3% year over year in December quarter
News Market Reaction – MNSO
In the Mar 31 session, MNSO gained 5.54%, reflecting a notable positive market reaction. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 20 | Quarterly earnings | Positive | -0.1% | September quarter revenue and profit metrics with strong TOP TOY growth. |
| Aug 21 | Quarterly earnings | Positive | +6.4% | June quarter revenue and operating profit growth plus interim dividend. |
| May 23 | Quarterly earnings | Positive | -17.6% | March quarter revenue growth and higher gross margin despite profit decline. |
| Mar 21 | Annual earnings | Positive | -8.9% | FY2024 revenue, gross margin record, and large shareholder returns. |
| Nov 29 | Nine‑month earnings | Positive | +8.2% | First nine months 2024 revenue growth and overseas expansion progress. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases often showed strong growth but share-price reactions were mixed, with several instances of negative moves despite positive operating trends.
Over the past year, MINISO has repeatedly reported solid revenue growth and expanding store count. Events on Mar 21, 2025, May 23, 2025, Aug 21, 2025, and Nov 20, 2025 all highlighted double‑digit top‑line expansion, rising adjusted profits, and continued overseas penetration, yet price reactions ranged from -17.58% to +8.22%. Today’s full‑year 2025 report, with record revenue and dividends, fits this pattern of strong fundamentals but inconsistent market responses.
Key Terms
same-store GMV financial
SSSG financial
adjusted EBITDA financial
Equity Linked Securities financial
CAPEX financial
free cash flow financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Record Revenue Driven by Strong Brand Momentum and Successful Store Matrix Upgrade
Quarterly and Annual Revenue both Hit Record Highs, Exceeding Expectations
Adjusted Operating Profit and EBITDA Delivered Robust Double-Digit Growth in December Quarter
MINISO Brand Posted Its Highest Year-over-year Revenue Growth in 8 Quarters
Chinese Mainland and the U.S. Market Delivered Exceptional Mid-Teens and Low-Twenties SSSG in December Quarter, Respectively
TOP TOY Brand Saw Successive Triple-Digit Revenue(2) Growth
Net New Stores Exceeded 700 in 2025
Financial Highlights for the December Quarter
- Revenue increased
32.7% year over year toRMB6,254.1 million (US ), above the high end of the Company's previous guidance range of$894.3 million 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 toRMB2,901.1 million (US ).$414.9 million - Gross margin was
46.4% , compared to47.0% in the same period last year. - Operating profit was
RMB910.6 million (US ), compared to$130.2 million 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 toRMB1,062.2 million (US ),with adjusted operating margin of$151.9 million 17.0% . - Loss for the period was
RMB139.4 million (US ), compared to a profit for the period of$19.9 million 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*(永輝超市股份有限公司) ("Yonghui") ofRMB547.5 million (US ), (ii) equity-settled share-based payment expenses of$78.3 million RMB151.6 million (US ), (iii) changes in fair value of redemption liabilities of$21.7 million RMB158.5 million (US ) 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$22.7 million RMB75.3 million (US ), and (v) other expenses of$10.8 million RMB59.1 million (US ) 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).$8.5 million - Adjusted net profit(3) increased
7.6% year over year toRMB852.7 million (US ).$121.9 million - Adjusted net margin(3) was
13.6% , compared to16.8% in the same period last year. - Adjusted EBITDA(3) increased
15.7% year over year toRMB1,419.3 million (US ).$203.0 million - Adjusted EBITDA margin(3) was
22.7% , compared to26.0% in the same period last year. - Adjusted basic and diluted earnings per American Depositary Share (the "ADS")(3) were both
RMB2.80 (US ), representing a year-over-year growth of$0.40 9.4% , higher than the year-over-year growth of7.6% of adjusted net profit, thanks to the share repurchase of the Company. - Net cash from operating activities was
RMB264.1 million (US ) in December Quarter. Capital expenditure (the "CAPEX") was$37.8 million RMB232.6 million (US ) and free cash flow was$33.3 million RMB31.5 million (US ) for the December Quarter.$4.5 million
Financial Highlights for the Full Year
- Revenue increased
26.2% year over year toRMB21,443.8 million (US ).$3,066.4 million - MINISO Group overall SSSG recorded a low-single-digit level.
- Gross profit increased
26.3% year over year toRMB9,648.1 million (US ).$1,379.7 million - Gross margin was
45.0% , compared to44.9% last year. - Operating profit was
RMB3,303.1 million (US ), compared to$472.3 million 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 toRMB3,671.0 million (US ), with adjusted operating margin of$524.9 million 17.1% . - Profit for the period was
RMB1,209.8 million (US ), compared with$173.0 million RMB2,635.4 million last year. The year-over-year change was mainly due to (i) share of loss of Yonghui ofRMB812.7 million (US ), (ii) equity-settled share-based payment expenses of$116.2 million RMB367.9 million (US ), (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$52.6 million RMB279.0 million (US ), (iv) changes in fair value of redemption liabilities of$39.9 million RMB158.5 million (US ) arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025, and (v) other expenses of$22.7 million RMB70.3 million (US ) 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).$10.1 million - Adjusted net profit(3) increased
6.5% toRMB2,898.2 million (US ).$414.4 million - Adjusted net margin(3) was
13.5% , compared to16.0% last year. - Adjusted EBITDA(3) increased
14.4% year over year toRMB4,959.9 million (US ).$709.3 million - Adjusted EBITDA margin(3) was
23.1% , compared to25.5% last year. - Adjusted basic earnings per ADS(3) increased
8.3% year over year toRMB9.44 (US ).$1.35 - Adjusted diluted earnings per ADS(3) increased
7.8% year over year toRMB9.36 (US ). The year-over-year growth of adjusted basic and diluted earnings per ADS was higher than the year-over-year growth of$1.34 6.5% of adjusted net profit, thanks to the share repurchase of the Company. - Cash position(4) was
RMB7,087.9 million (US ) as of December 31, 2025, compared to$1,013.6 million RMB6,698.1 million as of December 31, 2024. - Net cash from operating activities was
RMB2,577.9 million (US ), with an operating cash flow to adjusted net profit ratio of$368.6 million 88.9% . CAPEX wasRMB997.7 million (US ) and free cash flow was$142.7 million RMB1,580.2 million (US ) for the Full Year.$225.9 million
Store Network Expansion
As 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.
As of | YoY | |||
December 31, 2024 | December 31, 2025 | |||
Number of stores on group level | 7,780 | 8,485 | 705 | |
Number of MINISO stores | 7,504 | 8,151 | 647 | |
Chinese mainland | 4,386 | 4,568 | 182 | |
—Directly operated stores | 25 | 18 | (7) | |
—Stores operated under Retail | 4,335 | 4,522 | 187 | |
—Stores operated under | 26 | 28 | 2 | |
Overseas markets | 3,118 | 3,583 | 465 | |
—Directly operated stores | 503 | 700 | 197 | |
—Stores operated under Retail | 404 | 432 | 28 | |
—Stores operated under | 2,211 | 2,451 | 240 | |
Number of TOP TOY stores | 276 | 334 | 58 | |
Chinese mainland | 272 | 304 | 32 | |
—Directly operated stores | 38 | 35 | (3) | |
—Stores operated under Retail | 234 | 269 | 35 | |
Overseas markets | 4 | 30 | 26 | |
—Directly operated stores | 2 | 15 | 13 | |
—Stores operated under Retail | 2 | 4 | 2 | |
—Stores operated under | - | 11 | 11 | |
Mr. 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
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
In addition, we are pleased to announce a final dividend in the amount of around
"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 Declaration
On March 31, 2026, the Board approved the distribution of a final cash dividend in the amount of
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
Financial Results for the December Quarter
Revenue was
Revenue from MINISO brand increased by
Revenue(1) from TOP TOY brand increased by
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
Gross profit was
Gross margin was
Selling and distribution expenses were
General and administrative expenses were
Other net income was
Operating profit was
Adjusted operating profit(2) was
Net finance cost was
Share of loss of equity-accounted investees, net of tax was
Changes in fair value of redemption liabilities were
Other expenses were
Effective tax rate was
Adjusted effective tax rate(2) was
Loss for the period was
Adjusted net profit(2) was
Adjusted net margin(2) was
Adjusted EBITDA(2) was
Adjusted EBITDA margin(2) was
Basic and diluted loss per ADS were both
Adjusted basic and diluted earnings per ADS(2) were both
Net cash from operating activities as
Financial Results for the Full Year
Revenue was
Revenue from MINISO brand increased by
Revenue(1) from TOP TOY brand increased by
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
Gross profit was
Gross margin was
Selling and distribution expenses were
General and administrative expenses were
Other net income was
Operating profit was
Adjusted operating profit(2) was
Net finance cost was
Share of loss of equity-accounted investees, net of tax was
Changes in fair value of redemption liabilities were
Other expenses were
Effective tax rate was
Adjusted effective tax rate(2) was
Profit for the period was
Adjusted net profit(2) increased
Adjusted net margin(2) was
Adjusted EBITDA(2) increased
Adjusted EBITDA margin(2) was
Basic earnings per ADS was
Diluted earnings per ADS was
Adjusted basic earnings per ADS(2) increased
Adjusted diluted earnings per ADS(2) increased
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
Net cash from operating activities was
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 1
Join Zoom meeting.
Zoom link: https://zoom.us/j/96682426410?pwd=oaoHL89u0ocUW6ysi327wsp64m2PYv.1
Meeting Number: 966 8242 6410
Meeting Passcode: 9896
Access 2
Listeners of the meeting may access the call by dialing the following numbers and using the same meeting number and passcode as access 1.
+1 689 278 1000 (or +1 719 359 4580) | |
+852 5803 3730 (or +852 5803 3731) | |
+44 203 481 5237 (or +44 131 460 1196) | |
+33 1 7037 9729 (or +33 1 7037 2246) | |
+65 3158 7288 (or +65 3165 1065) | |
+1 438 809 7799 (or +1 204 272 7920) |
Access 3
Listeners 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 Rate
The
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 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
Investor Relations Contact:
MINISO Group Holding Limited
Email: ir@miniso.com
Phone: +86 (20) 36228788 Ext.8039
MINISO GROUP HOLDING LIMITED | ||||||
UNAUDITED 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$'000 | ||||
ASSETS | ||||||
Non-current assets | ||||||
Property, plant and equipment | 1,436,939 | 2,109,385 | 301,638 | |||
Right-of-use assets | 4,172,083 | 5,121,039 | 732,299 | |||
Intangible assets | 8,802 | 94,951 | 13,578 | |||
Goodwill | 21,418 | 223,187 | 31,915 | |||
Deferred tax assets | 181,948 | 288,679 | 41,281 | |||
Other investments | 123,399 | 201,727 | 28,847 | |||
Trade and other receivables | 341,288 | 247,511 | 35,394 | |||
Term deposits | 140,183 | - | - | |||
Financial derivative assets | - | 774,103 | 110,695 | |||
Interests in equity-accounted | 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 | 527,840 | |||
Trade and other receivables | 2,207,013 | 3,307,129 | 472,913 | |||
Cash and cash equivalents | 6,328,121 | 6,817,129 | 974,836 | |||
Restricted cash | 1,026 | 54,229 | 7,755 | |||
Term 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 LIMITED | ||||||
UNAUDITED 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$'000 | ||||
EQUITY | ||||||
Share capital | 94 | 94 | 13 | |||
Additional paid-in capital | 4,683,577 | 2,887,905 | 412,965 | |||
Other reserves | 1,329,126 | 2,232,854 | 319,294 | |||
Retained earnings | 4,302,177 | 5,497,910 | 786,191 | |||
Equity attributable to equity | 10,314,974 | 10,618,763 | 1,518,463 | |||
Non-controlling interests | 40,548 | 100,508 | 14,372 | |||
Total equity | 10,355,522 | 10,719,271 | 1,532,835 | |||
LIABILITIES | ||||||
Non-current liabilities | ||||||
Contract liabilities | 35,145 | 22,418 | 3,206 | |||
Loans and borrowings | 4,310 | 5,415,416 | 774,394 | |||
Other payables | 59,842 | 72,586 | 10,380 | |||
Lease liabilities | 1,903,137 | 2,713,798 | 388,068 | |||
Financial derivative liabilities | - | 1,184,050 | 169,317 | |||
Deferred income | 34,983 | 33,053 | 4,727 | |||
2,037,417 | 9,441,321 | 1,350,092 | ||||
MINISO GROUP HOLDING LIMITED | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED) | ||||||
(Expressed in thousands) | ||||||
As at | As at | |||||
December 31, 2024 | December 31, 2025 | |||||
(Audited) | (Unaudited) | |||||
RMB'000 | RMB'000 | US$'000 | ||||
Current liabilities | ||||||
Contract liabilities | 323,292 | 388,746 | 55,590 | |||
Loans and borrowings | 566,955 | 1,751,018 | 250,392 | |||
Trade and other payables | 3,943,988 | 4,516,491 | 645,851 | |||
Lease liabilities | 635,357 | 950,784 | 135,960 | |||
Deferred income | 5,376 | 965 | 138 | |||
Current taxation | 252,221 | 291,245 | 41,647 | |||
Redemption liabilities arising from | - | 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 LIMITED | ||||||||||||
UNAUDITED 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$'000 | RMB'000 | RMB'000 | US$'000 | |||||||
Revenue | 4,712,705 | 6,254,070 | 894,320 | 16,994,025 | 21,443,827 | 3,066,426 | ||||||
Cost 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 | 1,379,662 | ||||||
Other income | 3,570 | 10,458 | 1,495 | 21,595 | 19,377 | 2,771 | ||||||
Selling 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 | (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 | 472,341 | ||||||
Finance income | 18,999 | 18,309 | 2,618 | 118,672 | 104,421 | 14,932 | ||||||
Finance 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- | 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 | - | (158,491) | (22,664) | - | (158,491) | (22,664) | ||||||
Profit before taxation | 956,000 | 48,999 | 7,007 | 3,347,532 | 1,913,338 | 273,605 | ||||||
Income 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 | 172,320 | ||||||
Non-controlling interests | 4,035 | 2,150 | 307 | 17,868 | 4,769 | 682 | ||||||
Earnings/(Loss) per share for ordinary | ||||||||||||
-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 | ||||||||||||
-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 | |||||||||||||
Exchange differences on translation of | 3,420 | 8,690 | 1,243 | 19,128 | 2,914 | 417 | |||||||
Share of other comprehensive loss of | - | (1,046) | (150) | - | (1,046) | (150) | |||||||
Other comprehensive income for | 3,420 | 7,644 | 1,093 | 19,128 | 1,868 | 267 | |||||||
Total comprehensive income/(loss) for | 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 | 173,104 | |||||||
Non-controlling interests | 454 | 1,115 | 159 | 18,723 | 1,154 | 165 | |||||||
MINISO GROUP HOLDING LIMITED | ||||||||||||
RECONCILIATION 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$'000 | RMB'000 | RMB'000 | US$'000 | |||||||
Reconciliation of operating profit for the | ||||||||||||
Operating profit | 968,418 | 910,606 | 130,215 | 3,315,789 | 3,303,123 | 472,341 | ||||||
Add back: | ||||||||||||
Equity-settled share-based payment | (17,206) | 151,555 | 21,672 | 85,184 | 367,869 | 52,605 | ||||||
Adjusted operating profit | 951,212 | 1,062,161 | 151,887 | 3,400,973 | 3,670,992 | 524,946 | ||||||
Adjusted operating margin | 20.2 % | 17.0 % | 17.0 % | 20.0 % | 17.1 % | 17.1 % | ||||||
MINISO GROUP HOLDING LIMITED | |||||||||
RECONCILIATION 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 | |||||||||
Effective tax rate | 15.3 % | 384.4 % | 21.3 % | 36.8 % | |||||
Impact on effective tax rate as a result of | 0.3 % | (364.2) % | (0.6) % | (16.7) % | |||||
Adjusted effective tax rate | 15.6 % | 20.2 % | 20.7 % | 20.1 % | |||||
MINISO GROUP HOLDING LIMITED | ||||||||||||
RECONCILIATION 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 | ||||||||||||
Profit/(loss) for the period | 809,728 | (139,374) | (19,930) | 2,635,428 | 1,209,814 | 173,002 | ||||||
Add back: | ||||||||||||
Equity-settled share-based payment | (17,206) | 151,555 | 21,672 | 85,184 | 367,869 | 52,605 | ||||||
Loss from fair value change of | - | 59,134 | 8,456 | - | 25,668 | 3,670 | ||||||
Issuance cost of derivatives(1)(3) | - | - | - | - | 44,664 | 6,387 | ||||||
Interest expenses related to Equity | - | 75,316 | 10,770 | - | 278,973 | 39,893 | ||||||
-Interest expenses related to the | - | 51,365 | 7,345 | - | 192,342 | 27,505 | ||||||
-Interest expenses related to the | - | 23,951 | 3,425 | - | 86,631 | 12,388 | ||||||
Share of loss of Yonghui, net of tax(1) | - | 547,545 | 78,298 | - | 812,684 | 116,212 | ||||||
Changes in fair value of redemption | - | 158,491 | 22,664 | - | 158,491 | 22,664 | ||||||
Adjusted net profit | 792,522 | 852,667 | 121,930 | 2,720,612 | 2,898,163 | 414,433 | ||||||
Adjusted 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 | 413,458 | ||||||
Non-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 | ||||||||||||
-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 LIMITED | ||||||||||||
RECONCILIATION 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$'000 | RMB'000 | RMB'000 | US$'000 | |||||||
Reconciliation of adjusted net profit for | ||||||||||||
Adjusted net profit | 792,522 | 852,667 | 121,930 | 2,720,612 | 2,898,163 | 414,433 | ||||||
Add back: | ||||||||||||
Depreciation and amortization | 253,304 | 341,735 | 48,867 | 808,694 | 1,206,305 | 172,499 | ||||||
Finance costs excluding interest expenses related to the Equity Linked Securities of the equity interest in Yonghui | 35,093 | 36,573 | 5,230 | 92,915 | 151,957 | 21,729 | ||||||
Income tax expense | 146,272 | 188,373 | 26,937 | 712,104 | 703,524 | 100,603 | ||||||
Adjusted EBITDA | 1,227,191 | 1,419,348 | 202,964 | 4,334,325 | 4,959,949 | 709,264 | ||||||
Adjusted 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 includedRMB46.5 million non-cash portion andRMB4.9 million cash expense.
For the twelve months ended December 31, 2025, theRMB192.3 million interest expenses related to the Equity Linked Securities includedRMB173.4 million non-cash portion andRMB18.9 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 LIMITED | ||||||||||||||||
UNAUDITED ADDITIONAL INFORMATION | ||||||||||||||||
(Expressed in thousands, except for percentages) | ||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
2024 | 2025 | YoY | 2024 | 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 LIMITED | |||||||
UNAUDITED ADDITIONAL INFORMATION | |||||||
NUMBER 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 LIMITED | |||||||
UNAUDITED ADDITIONAL INFORMATION | |||||||
NUMBER OF MINISO STORES IN OVERSEAS MARKETS | |||||||
As of | |||||||
December 31, 2024 | December 31, 2025 | YoY | |||||
By Regions | |||||||
1,611 | 1,793 | 182 | |||||
350 | 461 | 111 | |||||
637 | 722 | 85 | |||||
295 | 361 | 66 | |||||
Others | 225 | 246 | 21 | ||||
Total | 3,118 | 3,583 | 465 | ||||
*For identification purpose only
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SOURCE MINISO Group Holding Limited