MINISO Group Announces March Quarter 2026 Unaudited Financial Results
Rhea-AI Summary
MINISO Group (NYSE:MNSO) reported unaudited March quarter 2026 results with revenue up 28.5% YoY to RMB5,688.4 million and gross profit up 25.8%. Operating profit rose 114.3% with a 26.7% margin, while profit for the period increased 199.7% with a 21.9% margin.
Adjusted operating profit excluding FX grew 14.3% and adjusted net profit excluding FX grew 8.1%. The total store base reached 8,565, including 8,210 MINISO and 355 TOP TOY stores. In April and May 2026, cash dividends of US$115.8 million were distributed.
Positive
- Revenue up 28.5% YoY to RMB5,688.4 million
- Operating profit up 114.3% YoY; 26.7% operating margin
- Profit for period up 199.7% YoY; 21.9% margin
- Adjusted operating profit ex-FX up 14.3% YoY to RMB838.1 million
- TOP TOY revenue up 51.4% YoY to RMB514.5 million
- Store count reached 8,565, net increase of 797 YoY
- Adjusted EBITDA up 6.6% YoY to RMB1,105.7 million
- US$115.8 million cash dividends paid in April and May 2026
Negative
- Gross margin declined from 44.2% to 43.3% YoY
- Adjusted operating margin fell from 16.6% to 13.3%
- Adjusted net profit declined to RMB550.6 million from RMB587.2 million
- Adjusted EBITDA margin decreased from 23.4% to 19.4%
- Selling and distribution expenses up 44.0% YoY
- Net finance cost more than doubled to RMB104.0 million
- Net foreign exchange moved to RMB82.5 million loss from gain
News Market Reaction – MNSO
In the May 26 session, MNSO declined 4.21%, reflecting a moderate negative market reaction. Our momentum scanner triggered 2 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 |
|---|---|---|---|---|
| Mar 31 | Quarter & FY results | Positive | +5.5% | Record December quarter and FY2025 revenue with strong profitability metrics. |
| Nov 20 | Quarterly results | Neutral | -0.1% | Solid revenue and store growth but weaker profit and margin compression. |
| Aug 21 | Quarterly results | Positive | +6.4% | Q2 2025 revenue up 23.1% with strong operating profit and store expansion. |
| May 23 | Quarterly results | Neutral | -17.6% | Healthy revenue growth but YoY profit decline despite higher adjusted EBITDA. |
| Mar 21 | FY results | Positive | -8.9% | FY2024 revenue and profit growth with record gross margin and buybacks. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings have often been strong fundamentally, yet share reactions skew modestly negative on average, with notable selloffs after otherwise solid reports.
Over the past year, MINISO has reported a series of strong earnings, with FY2024 revenue up and gross margin at a record 44.9%, followed by robust 2025 quarters showing >20% revenue growth and expanding store counts above 8,000. Despite this, several earnings releases saw share price declines, including moves of -17.58% and -8.9% after largely positive updates. The latest March 2026 quarter continues the theme of rapid growth and network expansion against a backdrop of a depressed share price near 52-week lows.
Key Terms
sssg financial
gmv financial
ads financial
fx financial
equity linked securities financial
mark-to-market financial
ipo regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Group Revenue Grew by
MINISO Chinese Mainland Delivered its Fifth Consecutive Quarter of Accelerating Growth
Operating Profit Grew by
Adjusted Operating Profit(2) Excluding FX(3) grew by
Profit for the Period Grew by
Adjusted Net Profit(2) Excluding FX(3) grew by
Selected Financial Information
Item | 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 Expansion
As 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
As of | |||||
March 31, 2025 | December 31, 2025 | March 31, 2026 | YoY | YTD(4) | |
Number of stores on group level | 7,768 | 8,485 | 8,565 | 797 | 80 |
Number of MINISO stores | 7,488 | 8,151 | 8,210 | 722 | 59 |
Chinese mainland | 4,275 | 4,568 | 4,593 | 318 | 25 |
— Directly operated stores | 20 | 18 | 15 | (5) | (3) |
— Stores operated under Retail Partner model | 4,229 | 4,522 | 4,552 | 323 | 30 |
— Stores operated under distributor model | 26 | 28 | 26 | - | (2) |
Overseas markets | 3,213 | 3,583 | 3,617 | 404 | 34 |
— Directly operated stores | 548 | 700 | 745 | 197 | 45 |
— Stores operated under Retail Partner model | 432 | 432 | 436 | 4 | 4 |
— Stores operated under distributor model | 2,233 | 2,451 | 2,436 | 203 | (15) |
Number of TOP TOY stores | 280 | 334 | 355 | 75 | 21 |
Chinese mainland | 276 | 304 | 316 | 40 | 12 |
— Directly operated stores | 38 | 35 | 35 | (3) | - |
— Stores operated under Retail Partner model | 238 | 269 | 281 | 43 | 12 |
Overseas markets | 4 | 30 | 39 | 35 | 9 |
— Directly operated stores | 2 | 15 | 21 | 19 | 6 |
— Stores operated under Retail Partner model | 2 | 4 | 4 | 2 | - |
— Stores operated under distributor model | - | 11 | 14 | 14 | 3 |
Mr. Guofu Ye, Founder, Chairman and CEO of MINISO, commented, "Revenue on group level grew by
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
"In April and May 2026, we distributed cash dividends of
Financial Results for 26Q1
Revenue was
Revenue from MINISO brand increased by
Revenue from TOP TOY brand(5) increased by
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
Gross profit was
Gross margin was 43.3%, compared to
Selling and distribution expenses were RMB1,470.9 million (US
General and administrative expenses were
Other net income was
Operating profit increased
Operating margin was
Adjusted operating profit(2) was
Adjusted operating margin(2) was
Net finance cost was
Share of profit 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 increased
Net profit margin was
Adjusted net profit(2) was
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 and diluted earnings per ADS(2) were both
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
Net cash from operating activities was
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
(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 1
Join Zoom meeting.
Zoom link: https://zoom.us/j/95725759937?pwd=eaZoICKP3u9Oc6bDEr7aBtpGzzvJ8K.1
Meeting Number: 957 2575 9937
Meeting Passcode: 9896
Access 2
Listeners 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 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 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 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
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
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, 2025 | March 31, 2026 | |||||
(Audited) | (Unaudited) | |||||
RMB'000 | RMB'000 | US$'000 | ||||
ASSETS | ||||||
Non-current assets | ||||||
Property, plant and equipment | 2,109,385 | 2,295,108 | 332,721 | |||
Right-of-use assets | 5,121,039 | 5,426,807 | 786,722 | |||
Intangible assets | 94,951 | 99,209 | 14,382 | |||
Goodwill | 223,187 | 215,321 | 31,215 | |||
Deferred tax assets | 288,679 | 289,006 | 41,897 | |||
Other investments | 201,727 | 1,076,320 | 156,034 | |||
Trade and other receivables | 247,511 | 280,059 | 40,600 | |||
Financial derivative assets | 774,103 | 543,018 | 78,721 | |||
Interests in equity-accounted investees | 5,486,648 | 5,567,263 | 807,084 | |||
14,547,230 | 15,792,111 | 2,289,376 | ||||
Current assets | ||||||
Other investments | - | 1,589,132 | 230,376 | |||
Inventories | 3,691,238 | 3,568,677 | 517,350 | |||
Trade and other receivables | 3,307,129 | 3,335,325 | 483,520 | |||
Cash and cash equivalents | 6,817,129 | 5,221,920 | 757,019 | |||
Restricted cash | 54,229 | 67,519 | 9,788 | |||
Term deposits | 216,567 | 170,518 | 24,720 | |||
14,086,292 | 13,953,091 | 2,022,773 | ||||
Total assets | 28,633,522 | 29,745,202 | 4,312,149 | |||
MINISO GROUP HOLDING LIMITED | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED) | ||||||
(Expressed in thousands) | ||||||
As at | As at | |||||
December 31, 2025 | March 31, 2026 | |||||
(Audited) | (Unaudited) | |||||
RMB'000 | RMB'000 | US$'000 | ||||
EQUITY | ||||||
Share capital | 94 | 94 | 14 | |||
Additional paid-in capital | 2,887,905 | 2,083,400 | 302,030 | |||
Other reserves | 2,232,854 | 2,139,183 | 310,116 | |||
Retained earnings | 5,497,910 | 6,748,647 | 978,348 | |||
Equity attributable to equity shareholders of the Company | 10,618,763 | 10,971,324 | 1,590,508 | |||
Non-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 | 3,161 | |||
Loans and borrowings | 5,415,416 | 5,421,999 | 786,025 | |||
Other payables | 72,586 | 74,626 | 10,818 | |||
Lease liabilities | 2,713,798 | 3,017,729 | 437,479 | |||
Financial derivative liabilities | 1,184,050 | 997,166 | 144,559 | |||
Deferred income | 33,053 | 32,812 | 4,757 | |||
9,441,321 | 9,566,136 | 1,386,799 | ||||
Current liabilities | ||||||
Contract liabilities | 388,746 | 385,298 | 55,856 | |||
Loans and borrowings | 1,751,018 | 2,058,501 | 298,420 | |||
Trade and other payables | 4,516,491 | 4,026,051 | 583,655 | |||
Lease liabilities | 950,784 | 1,020,318 | 147,915 | |||
Deferred income | 965 | 965 | 140 | |||
Current taxation | 291,245 | 224,861 | 32,598 | |||
Dividend payables | - | 801,431 | 116,183 | |||
Redemption 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 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 March 31, | ||||||
2025 | 2026 | |||||
(Unaudited) | (Unaudited) | |||||
RMB'000 | RMB'000 | US$ '000 | ||||
Revenue | 4,427,044 | 5,688,388 | 824,643 | |||
Cost of sales | (2,469,007) | (3,224,357) | (467,434) | |||
Gross profit | 1,958,037 | 2,464,031 | 357,209 | |||
Other income | 3,020 | 5,916 | 858 | |||
Selling 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 | 119,142 | |||
Credit loss on trade and other receivables | (8,775) | (2,174) | (315) | |||
Operating profit | 709,787 | 1,521,409 | 220,559 | |||
Finance income | 36,915 | 16,474 | 2,388 | |||
Finance 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 | 11,335 | |||
Other 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 | 206,336 | |||
Income 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 | 181,319 | |||
Non-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 LIMITED | ||||||
UNAUDITED 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 | 174,531 | |||
Non-controlling interests | (1,138) | (4,382) | (635) | |||
MINISO GROUP HOLDING LIMITED | ||||||
RECONCILIATION 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$'000 | ||||
Reconciliation of operating profit for the period to adjusted operating profit | ||||||
Operating profit | 709,787 | 1,521,409 | 220,559 | |||
Add back: | ||||||
Equity-settled share-based payment expenses | 24,930 | 108,715 | 15,760 | |||
Gain from fair value changes of an investment in a limited partnership investing in the AI industry | - | (874,593) | (126,789) | |||
Adjusted operating profit | 734,717 | 755,531 | 109,530 | |||
Adjusted operating margin | 16.6 % | 13.3 % | 13.3 % | |||
Reconciliation of operating profit for the period to adjusted operating profit excluding FX(1) | ||||||
Adjusted operating profit | 734,717 | 755,531 | 109,530 | |||
Add back: | ||||||
Net foreign exchange (gain) or loss | (1,577) | 82,548 | 11,967 | |||
Adjusted operating profit excluding FX(1) | 733,140 | 838,079 | 121,497 | |||
Adjusted operating margin excluding FX(1) | 16.6 % | 14.7 % | 14.7 % | |||
Note: | ||||||
(1) "FX" refers to net foreign exchange gain or loss for the period. | ||||||
MINISO GROUP HOLDING LIMITED | ||||
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED) | ||||
(Expressed in percentages) | ||||
Three months ended March 31, | ||||
2025 | 2026 | |||
(Unaudited) | (Unaudited) | |||
Reconciliation of effective tax rate to adjusted effective tax rate: | ||||
Effective tax rate | 26.6 % | 12.3 % | ||
Impact on effective tax rate as a result of adjusted items | (6.1) % | 12.6 % | ||
Adjusted effective tax rate | 20.5 % | 24.9 % | ||
MINISO GROUP HOLDING LIMITED | ||||||
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED) | ||||||
(Expressed in thousands, except for per share, per ADS data and percentages) | ||||||
Three months ended March 31, | ||||||
2025 | 2026 | |||||
(Unaudited) | (Unaudited) | |||||
RMB'000 | RMB'000 | US$'000 | ||||
Reconciliation of profit for the period to adjusted net profit: | ||||||
Profit for the period | 416,459 | 1,248,102 | 180,937 | |||
Add back: | ||||||
Equity-settled share-based payment expenses | 24,930 | 108,715 | 15,760 | |||
Loss from fair value change of derivatives(1)(2) | 46,407 | 50,838 | 7,370 | |||
Issuance 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 | 3,354 | |||
Share of profit of Yonghui, net of tax(1) | - | (77,458) | (11,229) | |||
Changes in fair value of redemption liabilities(1) | - | 21,438 | 3,108 | |||
Gain 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 | 79,814 | |||
Adjusted net margin | 13.3 % | 9.7 % | 9.7 % | |||
Attributable to: | ||||||
Equity shareholders of the Company | 586,999 | 552,340 | 80,072 | |||
Non-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 LIMITED | ||||||
RECONCILIATION 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 | 79,814 | |||
Add back: | ||||||
Net foreign exchange (gain) or loss | (1,577) | 82,548 | 11,967 | |||
Adjusted net profit excluding FX(7) | 585,628 | 633,105 | 91,781 | |||
Adjusted 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 | 79,814 | |||
Add back: | ||||||
Depreciation and amortization | 267,672 | 332,990 | 48,273 | |||
Finance costs excluding interest expenses related to the Equity Linked Securities | 31,200 | 46,981 | 6,811 | |||
Income tax expense | 151,222 | 175,201 | 25,399 | |||
Adjusted EBITDA | 1,037,299 | 1,105,729 | 160,297 | |||
Adjusted 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 non-cash portion and
(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 LIMITED | ||||||||
UNAUDITED 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 LIMITED | ||||||||||||
UNAUDITED ADDITIONAL INFORMATION | ||||||||||||
NUMBER 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 | 13 | |||||||
Third- and lower-tier cities | 1,933 | 2,078 | 2,094 | 161 | 16 | |||||||
Total | 4,275 | 4,568 | 4,593 | 318 | 25 | |||||||
Note: (1) "YTD" refers to the three months ended March 31, 2026. | ||||||||||||
MINISO GROUP HOLDING LIMITED | ||||||||||||
UNAUDITED ADDITIONAL INFORMATION | ||||||||||||
NUMBER OF MINISO STORES IN OVERSEAS MARKETS | ||||||||||||
As of | ||||||||||||
By Regions | March 31, | December 31, 2025 | March 31, | YoY | YTD(1) | |||||||
1,663 | 1,793 | 1,801 | 138 | 8 | ||||||||
375 | 461 | 499 | 124 | 38 | ||||||||
646 | 722 | 722 | 76 | - | ||||||||
301 | 361 | 355 | 54 | (6) | ||||||||
Others | 228 | 246 | 240 | 12 | (6) | |||||||
Total | 3,213 | 3,583 | 3,617 | 404 | 34 | |||||||
Note: (1) "YTD" refers to the three months ended March 31, 2026. | ||||||||||||
*For identification purpose only
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SOURCE MINISO Group Holding Limited