MINISO revenue up 22%, but Q2 hit by AI investment loss

Q: How did MINISO (MNSO) perform financially in 26H1 2026?

MINISO reported 26H1 2026 revenue of RMB11,498.9 million, up 22.4% year over year. Profit for the period was RMB956.6 million, up 5.6%, while adjusted net profit was RMB1,079.1 million, down from RMB1,279.5 million due to higher expenses and financial items.

Q: Why did MINISO (MNSO) report a loss in 26Q2 2026 despite revenue growth?

In 26Q2 2026 MINISO recorded a RMB291.5 million loss despite 17.0% revenue growth, mainly because of a RMB597.2 million unrealized mark-to-market loss on an AI-focused investment, higher selling and distribution expenses, and a net foreign exchange loss of RMB59.9 million.

Q: How fast is MINISO (MNSO) growing in Chinese mainland and overseas markets?

For 26H1 2026, MINISO brand revenue in Chinese mainland grew 26.2% year over year to RMB6,453.9 million, while overseas markets grew 14.9% to RMB4,059.3 million. TOP TOY revenue increased 32.7% to RMB984.6 million.

Q: What is MINISO’s (MNSO) current store footprint?

As of June 30, 2026, MINISO operated 8,674 stores globally, a net increase of 769 year over year. This includes 4,665 MINISO stores in Chinese mainland, 3,644 MINISO stores in overseas markets, and 365 TOP TOY stores.

Q: How strong is MINISO’s (MNSO) cash flow and cash position?

In 26H1 2026, MINISO generated RMB1,475.4 million net cash from operating activities, a 45.5% increase year over year, with a cash conversion ratio of 1.4. Cash position was RMB7,394.2 million including cash, restricted cash, term deposits and current other investments.

Q: How much capital did MINISO (MNSO) return to shareholders in 26H1 2026?

MINISO returned a total of RMB1.31 billion to shareholders in 26H1 2026 through cash dividends and share repurchases, equal to 121% of adjusted net profit for the period. The board also approved a new share repurchase program of up to HK$2.0 billion.

Q: What happened to MINISO’s (MNSO) profit margins in 26H1 2026?

In 26H1 2026, operating margin declined from 16.5% to 14.3%, and adjusted net margin from 13.6% to 9.4% (10.6% excluding FX). The main driver was higher selling and distribution expenses, which rose to 25.8% of revenue from 23.1%.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

MINISO Group Holding Ltd (MNSO) reported strong top-line growth but weaker profitability for the six months ended June 30, 2026. 26H1 revenue rose 22.4% year over year to RMB11,498.9 million, with MINISO Chinese mainland up 26.2% and overseas markets up 14.9%. TOP TOY revenue grew 32.7%. Group gross margin held at 44.3%, and profit for the period increased 5.6% to RMB956.6 million, while adjusted net profit excluding FX edged down slightly to RMB1,221.6 million. Net cash from operating activities grew 45.5% to RMB1,475.4 million and cash position reached RMB7,394.2 million.

Expenses rose faster than sales: selling and distribution costs excluding SBC increased 36.7%, lifting their share of revenue by 2.7 percentage points in 26H1 and compressing adjusted margins. In 26Q2, revenue grew 17.0% to RMB5,810.5 million, but the company recorded a RMB291.5 million loss, versus a prior-year profit of RMB489.5 million, mainly due to a RMB597.2 million unrealized mark-to-market loss on an AI-focused limited partnership investment, higher S&D expenses, and FX losses. Adjusted 26Q2 net profit was RMB528.6 million, down from RMB692.3 million.

The store network continued to expand, reaching 8,674 stores worldwide, a net increase of 769 year over year, with 3,644 in overseas markets and 365 under the TOP TOY brand. Capital return was significant: MINISO returned RMB1.31 billion to shareholders via dividends and buybacks in 26H1, equal to 121% of adjusted net profit for the period, and the board approved a new share repurchase program of up to HK$2.0 billion.

Positive

Revenue up 22.4% in 26H1 to RMB11,498.9 million, with MINISO Chinese mainland up 26.2%, overseas up 14.9% and TOP TOY up 32.7%, showing broad-based growth.
Operating cash flow strengthened: 26H1 net cash from operating activities increased 45.5% to RMB1,475.4 million, supporting a higher cash position of RMB7,394.2 million.
Extensive store expansion: total stores reached 8,674, up 769 year over year, including 3,644 overseas stores and 365 TOP TOY stores, expanding global reach.
Large capital return: RMB1.31 billion returned to shareholders in 26H1 via dividends and buybacks, equal to 121% of adjusted net profit, plus approval of a new share repurchase program up to HK$2.0 billion.
Profit growth on a full-half basis: profit for 26H1 rose 5.6% to RMB956.6 million, and diluted EPS per ADS increased 8.2% to RMB3.16.

Negative

26Q2 swung to a loss: loss for the period was RMB291.5 million versus a RMB489.5 million profit a year earlier, with net margin at -5.0%.
Margin compression: 26H1 operating margin fell from 16.5% to 14.3%, and adjusted net margin dropped from 13.6% to 9.4% (10.6% excluding FX).
Selling and distribution expenses grew faster than sales: S&D excluding SBC rose 36.7% in 26H1, increasing as a share of revenue from 23.1% to 25.8%, pressuring profitability.
Large mark-to-market loss on AI investment: 26Q2 other net loss included an unrealized loss of RMB597.2 million on a limited partnership investment, versus a gain in the prior year.
Higher financing costs: net finance costs rose to RMB212.0 million in 26H1 from RMB128.4 million, reflecting increased interest on lease liabilities, equity-linked securities and borrowing for the Yonghui investment.
Adjusted earnings declined: 26H1 adjusted net profit fell to RMB1,079.1 million from RMB1,279.5 million, and 26Q2 adjusted net profit decreased to RMB528.6 million from RMB692.3 million.

Filing Explained

By June 30, 2026, MINISO reported higher obligations and lower equity attributable to company shareholders than at year-end.

Form 6-K furnishes material interim information from a foreign private issuer; this filing reports MINISO’s unaudited results for the six months and three months ended June 30, 2026, with the balance sheet showing higher reported obligations and lower equity attributable to company shareholders by that date.

At December 31, 2025, total liabilities were RMB 17,914,251 thousand and equity attributable to company shareholders was RMB 10,618,763 thousand; at June 30, 2026, those amounts were RMB 19,921,117 thousand and RMB 10,311,383 thousand, respectively.

The specific balance-sheet items to track are non-current loans and borrowings of RMB 6,287,885 thousand and current loans and borrowings of RMB 2,352,982 thousand at June 30, 2026, compared with RMB 5,415,416 thousand and RMB 1,751,018 thousand at year-end.

Key Figures

26H1 Revenue: RMB11,498.9 million 26H1 Profit for the period: RMB956.6 million 26Q2 Loss for the period: RMB291.5 million +5 more

8 metrics

26H1 Revenue RMB11,498.9 million For the six months ended June 30, 2026, up 22.4% YoY

26H1 Profit for the period RMB956.6 million For the six months ended June 30, 2026, up 5.6% YoY

26Q2 Loss for the period RMB291.5 million Three months ended June 30, 2026, versus RMB489.5 million profit prior year

26H1 Adjusted net profit RMB1,079.1 million Six months ended June 30, 2026, down from RMB1,279.5 million

Net cash from operating activities 26H1 RMB1,475.4 million Six months ended June 30, 2026, up 45.5% YoY

Cash position RMB7,394.2 million As of June 30, 2026, combined cash, restricted cash, term deposits and other investments

Total stores 8,674 Global store count as of June 30, 2026, net increase of 769 YoY

Capital returned to shareholders 26H1 RMB1.31 billion Cash dividends and share repurchases, equal to 121% of adjusted net profit

Key Terms

Adjusted EBITDA, mark-to-market loss, Equity Linked Securities, redemption liabilities, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA(2) increased by 3.1% YoY to RMB2,255.5 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

mark-to-market loss financial

"an unrealized mark-to-market loss of RMB597.2 million arising from fair value changes"

A mark-to-market loss is the drop in value a company records when it adjusts an asset’s book value to the current market price, like re-pricing items on a shelf to today’s sale value. It matters to investors because these losses change reported profits and balance-sheet strength immediately—affecting earnings, regulatory capital and investor confidence—even if the asset hasn’t been sold and no cash loss has been realized.

Equity Linked Securities financial

"interest expenses in relation to the equity linked securities issued by the Company in 2025"

Equity linked securities are financial instruments whose payoff depends on the performance of a stock or stock index, combining features of a loan or bond with a built‑in option tied to equity prices. Think of them like a savings note that can pay extra if a linked share does well, or convert into shares if conditions hit; they matter to investors because they can offer higher income or equity exposure but also carry additional risk and complexity compared with plain bonds or stocks.

redemption liabilities financial

"Changes in fair value of redemption liabilities were RMB47.4 million"

effective tax rate financial

"Effective tax rate was 26.2%, compared to 24.1% in the same period last year"

The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.

FAQ

How did MINISO (MNSO) perform financially in 26H1 2026?

MINISO reported 26H1 2026 revenue of RMB11,498.9 million, up 22.4% year over year. Profit for the period was RMB956.6 million, up 5.6%, while adjusted net profit was RMB1,079.1 million, down from RMB1,279.5 million due to higher expenses and financial items.

Why did MINISO (MNSO) report a loss in 26Q2 2026 despite revenue growth?

In 26Q2 2026 MINISO recorded a RMB291.5 million loss despite 17.0% revenue growth, mainly because of a RMB597.2 million unrealized mark-to-market loss on an AI-focused investment, higher selling and distribution expenses, and a net foreign exchange loss of RMB59.9 million.

How fast is MINISO (MNSO) growing in Chinese mainland and overseas markets?

For 26H1 2026, MINISO brand revenue in Chinese mainland grew 26.2% year over year to RMB6,453.9 million, while overseas markets grew 14.9% to RMB4,059.3 million. TOP TOY revenue increased 32.7% to RMB984.6 million.

What is MINISO’s (MNSO) current store footprint?

As of June 30, 2026, MINISO operated 8,674 stores globally, a net increase of 769 year over year. This includes 4,665 MINISO stores in Chinese mainland, 3,644 MINISO stores in overseas markets, and 365 TOP TOY stores.

How strong is MINISO’s (MNSO) cash flow and cash position?

In 26H1 2026, MINISO generated RMB1,475.4 million net cash from operating activities, a 45.5% increase year over year, with a cash conversion ratio of 1.4. Cash position was RMB7,394.2 million including cash, restricted cash, term deposits and current other investments.

How much capital did MINISO (MNSO) return to shareholders in 26H1 2026?

MINISO returned a total of RMB1.31 billion to shareholders in 26H1 2026 through cash dividends and share repurchases, equal to 121% of adjusted net profit for the period. The board also approved a new share repurchase program of up to HK$2.0 billion.

What happened to MINISO’s (MNSO) profit margins in 26H1 2026?

In 26H1 2026, operating margin declined from 16.5% to 14.3%, and adjusted net margin from 13.6% to 9.4% (10.6% excluding FX). The main driver was higher selling and distribution expenses, which rose to 25.8% of revenue from 23.1%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/31/2026 - 08:44 AM Accepted by SEC EDGAR 08/31/2026 - 08:43 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission File Number: 001-39601

MINISO Group Holding Limited

8F, M Plaza, No. 109, Pazhou Avenue

Haizhu District, Guangzhou 510000, Guangdong Province

The People’s Republic of China
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x  Form 40-F ¨

Exhibit Index

Exhibit 99.1 —	Press Release — MINISO Group Announces 2026 June Quarter and Interim Unaudited Financial Results
Exhibit 99.2 —	Announcement with the Stock Exchange of Hong Kong Limited — Inside Information — Unaudited Financial Results for the Three Months and Six Months Ended June 30, 2026
Exhibit 99.3 —	Announcement with the Stock Exchange of Hong Kong Limited — Interim Results Announcement for the Six Months Ended June 30, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MINISO Group Holding Limited

By	:	/s/Jingjing Zhang
Name	:	Jingjing Zhang
Title	:	Chief Financial Officer

Date: August 31, 2026

Exhibit 99.1

MINISO Group Announces 2026 June Quarter and Interim Unaudited Financial Results

Group Revenue Grew by 22.4% YoY in 26H1

MINISO Chinese Mainland Delivered 26.2% YoY Growth, the Highest First-half Growth Rate in Three Years, Powered by Mid-single Digit SSSG⁽¹⁾

MINISO North America Delivered 37.0% YoY Revenue Growth, with Mid-single Digit SSSG⁽¹⁾

Diluted Earnings Per ADS Grew by 8.2% YoY

Net Cash from Operating Activities Grew by 45.5% YoY

26H1 Returned RMB1,309.8 Million to Shareholders, Surpassing Adjusted Net Profit⁽²⁾ Excluding FX⁽³⁾

GUANGZHOU, China, August 28, 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 six months ended June 30, 2026 (“26Q2” and “26H1”, respectively).

26H1 Selected Financial Information

	For the six months ended June 30,				Year-over-
	2025	2026			year
	(Unaudited)	(Unaudited)			(“YoY”)
Item	RMB million		RMB million	US$ million	change
Revenue	9,393.1		11,498.9	1,694.7	22.4	%
Gross profit	4,156.9		5,093.7	750.7	22.5	%
Operating profit	1,545.9		1,639.9	241.7	6.1	%
Adjusted operating profit⁽²⁾excluding FX⁽³⁾	1,550.8		1,628.6	240.0	5.0	%
Profit for the period	906.0		956.6	141.0	5.6	%
Earnings per American Depositary Share (“ADS”)
-Basic earnings per ADS (RMB and US$)	2.96		3.16	0.47	6.8	%
-Diluted earnings per ADS (RMB and US$)	2.92		3.16	0.47	8.2	%
Adjusted net profit⁽²⁾ excluding FX⁽³⁾	1,242.9		1,221.6	180.0	(1.7	)%
Adjusted EBITDA⁽²⁾	2,187.6		2,255.5	332.4	3.1	%
Net cash from operating activities	1,014.2		1,475.4	217.4	45.5	%

Store Network Expansion

As of June 30, 2026, the Company’s total store count reached 8,674, representing a net increase of 769 YoY and 189 YTD⁽⁴⁾.

·	MINISO Brand: totaled 8,309 stores (up 697 YoY and 158 YTD⁽⁴⁾), driven by:

Chinese Mainland: 4,665 stores (up 360 YoY and 97 YTD⁽⁴⁾).

	·	Overseas Markets: 3,644 stores (up 337 YoY and 61 YTD⁽⁴⁾).
	·	TOP TOY Brand: totaled 365 stores (up 72 YoY and 31 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 48.4% of new MINISO stores in the past twelve months were located in overseas markets.

	As of
	June 30, 2025		December 31, 2025		June 30, 2026		YoY			YTD⁽⁴⁾
Number of stores on group level		7,905		8,485		8,674		769			189
Number of MINISO stores		7,612		8,151		8,309		697			158
Chinese mainland		4,305		4,568		4,665		360			97
— Directly operated stores		20		18		15		(5	)		(3	)
— Stores operated under Retail Partner model		4,258		4,522		4,624		366			102
— Stores operated under distributor model		27		28		26		(1	)		(2	)
Overseas markets		3,307		3,583		3,644		337			61
— Directly operated stores		579		700		795		216			95
— Stores operated under Retail Partner model		425		432		439		14			7
— Stores operated under distributor model		2,303		2,451		2,410		107			(41	)

Number of TOP TOY stores		293		334		365		72			31
Chinese mainland		283		304		317		34			13
— Directly operated stores		33		35		33		-			(2	)
— Stores operated under Retail Partner model		250		269		284		34			15
Overseas markets		10		30		48		38			18
— Directly operated stores		5		15		30		25			15
— Stores operated under Retail Partner model		-		4		4		4			-
— Stores operated under distributor model		5		11		14		9			3

Mr. Guofu Ye, Founder, Chairman and CEO of MINISO, commented, “Despite a challenging consumer environment in the domestic market during 26H1, we are pleased to see that MINISO Chinese mainland delivered a standout performance, with revenue growing 26.2% YoY, our fastest first-half growth rate in the past three years, driven by mid-single-digit SSSG. MINISO overseas markets grew 14.9% YoY, while TOP TOY grew 32.7% YoY."

"Beyond the financial performance, we would also like to share our progress on proprietary IP and membership operations. YOYO, launched just one year ago, achieved monthly sales exceeding RMB100 million in both June and July 2026 and completed its first crossover collaboration with a world-class IP, evolving into an IP asset capable of engaging and co-creating with international IPs on equal footing. Members of MINISO Chinese mainland grew 31.0% YoY to about 130 million, contributing 77.4% of local sales; in the United States, our members grew 107.1% YoY to about 5.8 million, contributing 60.1% of local sales. Our membership program highlighted strong user retention, cementing the foundation for sustainable commercialization and long-term brand equity. On the global front, we celebrated our market entry into Switzerland in 26Q2, extending our global footprint to accumulative 113 countries and regions, while TOP TOY officially entered the United States and Taiwan, China, further elevating its global presence.”

“Moving forward, MINISO will keep focusing on its dual drivers: IP and large-format stores. We aim to unlock deep brand equity via our IP ecosystem and reshape retail experiences through large-format stores. Guided by long-termism, we balance global expansion with high-quality localization. Powered by operational resilience, MINISO will create enduring, cycle-defying value for global stakeholders.” Mr. Ye continued.

Mr. Eason Zhang, CFO of MINISO, commented, "During 26H1, revenue on group level grew by 22.4%. Adjusted operating profit excluding FX grew 5.0% YoY to RMB1,628.6 million. Net cash generated from operating activities reached RMB1,475.4 million, while adjusted net profit excluding FX was RMB1,221.6 million in the same period, demonstrating strong resilience and robust operational cash flow generation of our business."

"Our capital allocation initiatives were highlighted by share repurchase of RMB517.6 million deployed by the Company in 26H1, accounting for more than 90% of full-year repurchase amount of 2025. Furthermore, in June 2026, the Board approved 2026 share repurchase program of up to HK$2.0 billion, alongside an automatic share repurchase plan, enabling continued buyback execution even during blackout periods across both Hong Kong and the U.S. markets, underscoring our disciplined capital deployment, and reaffirmed our unwavering confidence in MINISO Group’s intrinsic value.

We have returned a total of RMB1.31 billion to shareholders by cash dividends and share repurchases, accounting for 121% of the adjusted net profit for 26H1, which far exceeded the 50% payout ratio per our current dividend policy. Looking ahead, our capital allocation strategy will continue to balance our high-growth trajectory with our commitment to delivering stable, predictable returns to our shareholders." Mr. Zhang concluded.

Financial Results for 26H1

Revenue was RMB11,498.9 million (US$1,694.7 million), representing an increase of 22.4% YoY.

Revenue from MINISO brand increased by 21.6% YoY to RMB10,513.2 million (US$1,549.5 million), mainly driven by (i) an increase of 26.2% in revenue from Chinese mainland, powered by its mid-single digit SSSG⁽¹⁾, and (ii) an increase of 14.9% in revenue from overseas markets, with low-single-digit decline in same-store GMV. Overseas markets revenue contributed 38.6% of revenue from MINISO brand, compared to 40.9% in the same period last year.

Revenue from TOP TOY brand⁽⁵⁾ increased by 32.7% YoY to RMB984.6 million (US$145.1 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 RMB6,405.2 million (US$944.0 million), representing an increase of 22.3% YoY.

Gross profit was RMB5,093.7 million (US$750.7 million), representing an increase of 22.5% YoY.

Gross margin was 44.3%, flat year over year. The current-period margin included a benefit of about 0.6% from tariff refunds. The Company estimated more benefit in the coming quarters of about US$4.1 million.

Selling and distribution (“S&D”) expenses were RMB3,045.0 million (US$448.8 million), representing an increase of 39.6% YoY. Excluding share-based compensation (“SBC”) expenses, S&D expenses were RMB2,961.5 million (US$436.5 million), representing an increase of 36.7% YoY.

As a percentage of revenue, S&D expenses excluding SBC stood at 25.8% in 26H1, compared with 23.1% in the same period last year. This 2.7-percentage-point YoY increase was the main driver for the corresponding YoY decline in adjusted net profit margin excluding FX⁽³⁾.

The YoY expenses increase as percentages of revenue were broken down as follows: a 1.0-percentage-point rise in depreciation and amortization and rental expenses for directly-operated stores; a 0.5-percentage-point uptick in promotion and advertising expenses; a 0.5-percentage-point increase in licensing expenses, reflecting the Company’s strategic investments in IP development to build foundations for future growth; and an approximate 0.4-percentage-point increase in payroll expenses excluding SBC, largely attributable to overseas operations. Logistics expenses as a percentage of revenue remained stable at around 1.7%, flat YoY.

General and administrative expenses were RMB590.9 million (US$87.1 million), representing an increase of 17.3% YoY. Excluding SBC expenses, general and administrative expenses were RMB550.8 million (US$81.2 million), representing an increase of 15.5% 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 RMB196.7 million (US$29.0 million), compared to RMB98.2 million in the same period last year. The YoY increase was mainly due to an unrealized mark-to-market gain of RMB277.4 million (US$40.9 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 RMB142.4 million (US$21.0 million), compared to a net foreign exchange gain of RMB36.6 million in the same period last year.

Operating profit increased by 6.1% YoY to RMB1,639.9 million (US$241.7 million), compared with RMB1,545.9 million in the same period last year.

Operating margin was 14.3%, compared with 16.5% in the same period last year.

Adjusted operating profit⁽²⁾was RMB1,486.2 million (US$219.0 million), compared with RMB1,587.4 million in the same period last year. If excluding FX⁽³⁾, it would have been RMB1,628.6 million (US$240.0 million), representing an increase of 5.0% YoY.

Adjusted operating margin⁽²⁾was 12.9%, compared with 16.9% in the same period last year. If excluding FX⁽³⁾, it would have been 14.2%.

Net finance costs were RMB212.0 million (US$31.2 million), compared to RMB128.4 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 costs. The increase in finance costs 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 by the Company in 2025 (the “Equity Linked Securities”), and (iii) increased interest expenses mainly attributable to a borrowing in connection with the acquisition of the equity interest in Yonghui Superstores Co., Ltd * (永輝超市股份有限公司) (“Yonghui”). Both (ii) and (iii) are excluded in non-IFRS financial measures⁽²⁾ and the increases were driven by the full-period recognition of interest in 26H1 versus a pro-rated portion in the prior-year period.

Share of profit of equity-accounted investees, net of tax was RMB57.8 million (US$8.5 million), compared to a share of loss of RMB138.9 million in the same period last year. The YoY improvement was primarily attributable to the Company's share of profit in Yonghui of RMB60.3 million (US$8.9 million), compared to a share of loss in the prior-year period. This reflected Yonghui's return to profitability in 26H1, driven by its ongoing store-remodeling program, strengthened private-label merchandise portfolio, and improved gross margin and operating expense discipline, as disclosed in Yonghui's 2026 interim report. The share of profit in Yonghui has been excluded in the Company's non-IFRS financial measures⁽²⁾, as it relates to the operating results of an associated company rather than the underlying performance of MINISO’s own business.

Changes in fair value of redemption liabilities were RMB47.4 million (US$7.0 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 RMB141.3 million (US$20.8 million), representing a non-cash loss from fair value change of certain derivative 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 26.2%, compared to 24.1% in the same period last year.

Adjusted effective tax rate⁽²⁾ was 24.8%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 18.4% in the same period last year. The YoY increase mainly reflected the tax effect of net foreign exchange loss and loss from certain subsidiaries of the Company.

Profit for the period increased 5.6% YoY to RMB956.6 million (US$141.0 million), compared to RMB906.0 million in the same period last year. The YoY increase was primarily attributable to the following factors: (i) the unrealized mark-to-market gain of RMB277.4 million (US$40.9 million) from fair value changes of an investment in a limited partnership investing in the AI industry, and (ii) RMB60.3 million (US$8.9 million) share of profit from its investment in Yonghui. Such positive contributions were partially offset by the following factors: (i) higher S&D expenses compared with the prior-year period, (ii) net foreign exchange loss of RMB142.4 million (US$21.0 million), reversing the net foreign exchange gain of RMB36.6 million recorded in the same period last year, (iii) increased net finance costs explained above, and (iv) 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.

Net profit margin was 8.3%, compared to 9.6% in the same period last year.

Adjusted net profit⁽²⁾ was RMB1,079.1 million (US$159.0 million), compared to RMB1,279.5 million in the same period last year. If excluding FX⁽³⁾, it would have been RMB1,221.6 million (US$180.0 million), compared to RMB1,242.9 million in the same period last year.

Adjusted net margin⁽²⁾ was 9.4%, compared to 13.6% in the same period last year. If excluding FX⁽³⁾, it would have been 10.6%, compared to 13.2% in the same period last year.

Adjusted EBITDA⁽²⁾ increased by 3.1% YoY to RMB2,255.5 million (US$332.4 million).

Adjusted EBITDA margin⁽²⁾ was 19.6%, compared to 23.3% in the same period last year.

Basic earnings per ADS was RMB3.16 (US$0.47), compared to RMB2.96 in the same period last year, representing an increase of 6.8% YoY.

Diluted earnings per ADS was RMB3.16 (US$0.47), compared to RMB2.92 in the same period last year, representing an increase of 8.2% YoY.

Adjusted basic and diluted earnings per ADS⁽²⁾ were both RMB3.56 (US$0.52), compared to both RMB4.16 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 RMB7,394.2 million (US$1,089.8 million) as of June 30, 2026, compared to RMB7,087.9 million as of December 31, 2025.

Net cash from operating activities was RMB1,475.4 million (US$217.4 million) for 26H1, with a cash conversion ratio⁽⁷⁾ of 1.4. Capital expenditure was RMB724.6 million (US$106.8 million) and free cash flow was RMB750.8 million (US$110.6 million).

Financial Results for 26Q2

Revenue was RMB5,810.5 million (US$856.4 million), representing an increase of 17.0% YoY.

Revenue from MINISO brand increased by 17.0% to RMB5,339.8 million (US$787.0 million), driven by (i) an increase of 22.9% in Chinese mainland, and (ii) an increase of 9.1% in overseas markets.

Revenue from TOP TOY brand⁽⁵⁾ increased by 16.9% to RMB470.1 million (US$69.3 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 RMB3,180.9 million (US$468.8 million), representing an increase of 14.9% YoY.

Gross profit was RMB2,629.6 million (US$387.6 million), representing an increase of 19.6% YoY.

Gross margin was 45.3%, compared to 44.3% in the same period last year. The current-period margin included a benefit of about 1.2% from tariff refunds in 26Q2.

S&D expenses were RMB1,574.1 million (US$232.0 million), representing an increase of 35.7% YoY. Excluding SBC expenses, S&D expenses were RMB1,566.8 million (US$230.9 million), representing an increase of 35.7% YoY.

As a percentage of revenue, S&D expenses excluding SBC stood at 27.0% in 26Q2, compared with 23.2% in the same period last year. This 3.8-percentage-point YoY increase was the main driver for the corresponding YoY decline in adjusted net profit margin excluding FX⁽³⁾.

General and administrative expenses were RMB293.7 million (US$43.3 million), representing an increase of 12.3% YoY. Excluding SBC expenses, general and administrative expenses were RMB286.0 million (US$42.2 million), representing an increase of 13.7% YoY.

Other net loss was RMB625.2 million (US$92.1 million), compared to an income of RMB77.4 million in the same period last year. The YoY change was mainly due to (i) an unrealized mark-to-market loss of RMB597.2 million (US$88.0 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, and (ii) a net foreign exchange loss of RMB59.9 million (US$8.8 million), compared with a net exchange gain of RMB35.0 million in the same period last year.

Operating profit was RMB118.5 million (US$17.5 million), compared with RMB836.2 million in the same period last year. The decrease in operating profit was mainly due to (i) an unrealized mark-to-market loss of RMB597.2 million (US$88.0 million) from fair value changes of an investment in a limited partnership investing in the AI industry, (ii) increased S&D expenses, and (iii) net foreign exchange loss of RMB59.9 million (US$8.8 million), compared to the net foreign exchange gain of RMB35.0 million in the same period last year.

Operating margin was 2.0%, compared with 16.8% in the same period last year.

Adjusted operating profit⁽²⁾was RMB730.7 million (US$107.7 million), compared with RMB852.6 million in the same period last year. If excluding FX, it would have been RMB790.6 million (US$116.5 million), representing a decrease of 3.3% YoY.

Adjusted operating margin⁽²⁾was 12.6%, compared with 17.2% in the same period last year. If excluding FX, it would have been 13.6%, compared to 16.5% in the same period last year.

Net finance costs were RMB108.0 million (US$15.9 million), compared to RMB79.4 million in the same period last year.

Share of loss of equity-accounted investees, net of tax was RMB20.4 million (US$3.0 million), compared to RMB136.9 million in the same period last year.

Changes in fair value of redemption liabilities were RMB25.9 million (US$3.8 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 RMB90.5 million (US$13.3 million), including a non-cash loss from fair value changes of certain derivative 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 negative 130.8%, compared to 21.9% in the same period last year. The negative effective tax rate for 26Q2 was driven by the consolidated pre-tax loss, which was primarily impacted by share of loss in Yonghui and an unrealized mark-to-market loss from fair value changes of an investment in a limited partnership investing in the AI industry, while income tax expense was recognized on profitable taxable entities within MINISO Group.

Adjusted effective tax rate⁽²⁾ was 24.7%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 16.5% in the same period last year. The YoY increase mainly reflected the tax effect of net foreign exchange loss and loss from certain subsidiaries of the Company.

Loss for the period was RMB291.5 million (US$43.0 million), compared to a profit for the period of RMB489.5 million in the same period last year. The loss for the period was mainly attributable to (i) the change in operating profit explained above, and (ii) other expenses of RMB90.5 million (US$13.3 million), compared to other gain of RMB6.7 million in the same period last year, partially offset by the decrease in share of loss in Yonghui.

Net loss margin was 5.0%, compared with a net profit margin of 9.9% in the same period last year.

Adjusted net profit⁽²⁾ was RMB528.6 million (US$77.9 million), compared to RMB692.3 million in the same period last year. If excluding FX⁽³⁾, it would have been RMB588.4 million (US$86.7 million), compared to RMB657.3 million in the same period last year.

Adjusted net margin⁽²⁾ was 9.1%, compared to 13.9% in the same period last year. If excluding FX⁽³⁾, it would have been 10.1%, compared to 13.2% in the same period last year.

Adjusted EBITDA⁽²⁾ was RMB1,149.8 million (US$169.5 million), flat YoY.

Adjusted EBITDA margin⁽²⁾ was 19.8%, compared to 23.2% in the same period last year.

Basic and diluted loss per ADS were both RMB0.96 (US$0.14), compared to both basic and diluted earnings per ADS of RMB1.60 in the same period last year.

Adjusted basic and diluted earnings per ADS⁽²⁾ were both RMB1.76 (US$0.26), compared to RMB2.24 in the same period last year.

Net cash from operating activities was RMB1,110.2 million (US$163.6 million) for 26Q2, with a cash conversion ratio⁽⁷⁾ of 2.1. Capital expenditure was RMB454.0 million (US$66.9 million) and free cash flow was RMB656.2 million (US$96.7 million).

Notes:

(1)

“SSSG” refers to the YoY growth of same-store GMV. For overseas markets, to exclude impact from foreign currency fluctuation, such growth is calculated by translating current period same-store GMV in foreign currencies using the prior year's monthly average exchange rates. Same-store GMV represents GMV generated by those MINISO stores that had been open for at least 15 months prior to the beginning of the relevant comparative period and were in normal operating status as of the end of each such 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 six months ended June 30, 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.

(7)

“Cash conversion ratio” refers to the ratio of net cash from operating activities divided by adjusted net profit for the period.

Conference Call

The Company’s management will hold an earnings conference call at 5:00 A.M. Eastern Time on Friday, August 28, 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/92213968231?pwd=6BiFT3ctp5uUiNjunNOPuKtKIadH7g.1

Meeting Number: 922 1396 8231

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.

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 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 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 June 30, 2026, which was RMB6.7851 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 March quarter 2026, 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 LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in thousands)

	As at	As at
	December 31, 2025	June 30, 2026
	(Audited)	(Unaudited)
	*RMB’000*	*RMB’000*	*US$’000*
ASSETS
Non-current assets
Property, plant and equipment	2,109,385	2,583,756	380,799
Right-of-use assets	5,121,039	5,959,936	878,386
Intangible assets	94,951	225,543	33,241
Goodwill	223,187	210,946	31,090
Deferred tax assets	288,679	320,700	47,265
Other investments	201,727	479,160	70,619
Trade and other receivables	247,511	292,140	43,056
Financial derivative assets	774,103	321,925	47,446
Interests in equity-accounted investees	5,486,648	5,555,912	818,840

	14,547,230	15,950,018	2,350,742

Current assets
Other investments	-	100,351	14,790
Inventories	3,691,238	3,544,387	522,378
Trade and other receivables	3,307,129	3,453,949	509,050
Cash and cash equivalents	6,817,129	7,046,857	1,038,578
Restricted cash	54,229	5,931	874
Term deposits	216,567	241,074	35,530

	14,086,292	14,392,549	2,121,200

Total assets	28,633,522	30,342,567	4,471,942

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(CONTINUED)

(Expressed in thousands)

	As at		As at
	December 31, 2025		June 30, 2026
	(Audited)		(Unaudited)
		*RMB’000*		*RMB’000*	*US$’000*
EQUITY
Share capital		94		94	14
Additional paid-in capital		2,887,905		2,080,167	306,579
Other reserves		2,232,854		1,771,661	261,111
Retained earnings		5,497,910		6,459,461	952,007

Equity attributable to equity shareholders of the Company		10,618,763		10,311,383	1,519,711
Non-controlling interests		100,508		110,067	16,222

Total equity		10,719,271		10,421,450	1,535,933

LIABILITIES
Non-current liabilities
Contract liabilities		22,418		24,362	3,591
Loans and borrowings		5,415,416		6,287,885	926,720
Other payables		72,586		79,802	11,761
Lease liabilities		2,713,798		3,463,573	510,467
Financial derivative liabilities		1,184,050		858,687	126,555
Deferred income		33,053		32,570	4,800

		9,441,321		10,746,879	1,583,894

Current liabilities
Contract liabilities		388,746		427,640	63,026
Loans and borrowings		1,751,018		2,352,982	346,787
Trade and other payables		4,516,491		4,428,106	652,622
Lease liabilities		950,784		1,114,196	164,212
Deferred income		965		965	142
Current taxation		291,245		247,692	36,505
Redemption liabilities arising from preferred shares		573,681		602,657	88,821

		8,472,930		9,174,238	1,352,115

Total liabilities		17,914,251		19,921,117	2,936,009

Total equity and liabilities		28,633,522		30,342,567	4,471,942

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 June 30,						Six months ended June 30,
	2025		2026				2025		2026
	(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
	*RMB’000*		*RMB’000*		*US$’000*		*RMB’000*		*RMB’000*		*US$’000*
Revenue	4,966,068		5,810,513		856,364		9,393,112		11,498,901		1,694,728
Cost of sales	(2,767,187	)	(3,180,868	)	(468,802	)	(5,236,194	)	(6,405,225	)	(944,013	)

Gross profit	2,198,881		2,629,645		387,562		4,156,918		5,093,676		750,715
Other income	2,350		763		112		5,370		6,679		984
Selling and distribution expenses	(1,159,836	)	(1,574,119	)	(231,996	)	(2,181,022	)	(3,045,031	)	(448,782	)
General and administrative expenses	(261,512	)	(293,650	)	(43,279	)	(503,656	)	(590,943	)	(87,094	)
Other net income/(loss)	77,404		(625,184	)	(92,141	)	98,239		196,657		28,984
Credit loss on trade and other receivables	(4,675	)	(12,489	)	(1,841	)	(13,450	)	(14,663	)	(2,161	)
Impairment loss on non-current assets	(16,450	)	(6,465	)	(953	)	(16,450	)	(6,465	)	(953	)

Operating profit	836,162		118,501		17,464		1,545,949		1,639,910		241,693
Finance income	28,921		16,275		2,399		65,836		32,749		4,827
Finance costs	(108,291	)	(124,226	)	(18,309	)	(194,236	)	(244,722	)	(36,068	)

Net finance costs	(79,370	)	(107,951	)	(15,910	)	(128,400	)	(211,973	)	(31,241	)
Share of (loss)/profit of equity-accounted investees, net of tax	(136,941	)	(20,435	)	(3,012	)	(138,946	)	57,757		8,512
Other gain/(expenses)	6,659		(90,498	)	(13,338	)	(84,412	)	(141,336	)	(20,830	)
Changes in fair value of redemption liabilities	-		(25,930	)	(3,822	)	-		(47,368	)	(6,981	)

Profit/(loss) before taxation	626,510		(126,313	)	(18,618	)	1,194,191		1,296,990		191,153
Income tax expense	(136,979	)	(165,198	)	(24,347	)	(288,201	)	(340,399	)	(50,169	)

Profit/(loss) for the period	489,531		(291,511	)	(42,965	)	905,990		956,591		140,984

Attributable to:
Equity shareholders of the Company	489,688		(289,186	)	(42,622	)	906,030		961,551		141,715
Non-controlling interests	(157	)	(2,325	)	(343	)	(40	)	(4,960	)	(731	)

Earnings/(loss) per share for ordinary shares
-Basic	0.40		(0.24	)	(0.04	)	0.74		0.79		0.12
-Diluted	0.40		(0.24	)	(0.04	)	0.73		0.79		0.12

Earnings/(loss) per ADS (Each ADS represents 4 ordinary shares)
-Basic	1.60		(0.96	)	(0.14	)	2.96		3.16		0.47
-Diluted	1.60		(0.96	)	(0.14	)	2.92		3.16		0.47

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (CONTINUED)

(Expressed in thousands)

	Three months ended June 30,					Six months ended June 30,
	2025	2026				2025	2026
	(Unaudited)	(Unaudited)				(Unaudited)	(Unaudited)
	*RMB’000*	*RMB’000*		*US$’000*		*RMB’000*	*RMB’000*		*US$’000*
Profit/(loss) for the period	489,531	(291,511	)	(42,965	)	905,990	956,591		140,984

Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of financial statements of foreign operations	12,966	(27,735	)	(4,088	)	11,675	(77,115	)	(11,365	)
Share of other comprehensive income of equity-accounted investees	-	1,907		281		-	2,720		401

Other comprehensive income/(loss) for the period	12,966	(25,828	)	(3,807	)	11,675	(74,395	)	(10,964	)

Total comprehensive income/(loss) for the period	502,497	(317,339	)	(46,772	)	917,665	882,196		130,020

Attributable to:
Equity shareholders of the Company	501,095	(309,689	)	(45,645	)	917,401	894,228		131,793
Non-controlling interests	1,402	(7,650	)	(1,127	)	264	(12,032	)	(1,773	)

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES

(Expressed in thousands, except for percentages)

	Three months ended June 30,						Six months ended June 30,
	2025		2026				2025		2026
	(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
	RMB’000		RMB’000		US$’000		RMB’000		RMB’000		US$’000
Reconciliation of operating profit for the period to adjusted operating profit
Operating profit	836,162		118,501		17,464		1,545,949		1,639,910		241,693

Add back:
Equity-settled share-based payment expenses	15,656		15,008		2,212		40,586		123,723		18,235
Loss/(gain) from fair value changes of an investment in a limited partnership investing in the AI industry	829		597,159		88,010		829		(277,434	)	(40,889	)

Adjusted operating profit	852,647		730,668		107,686		1,587,364		1,486,199		219,039
Adjusted operating margin	17.2	%	12.6	%	12.6	%	16.9	%	12.9	%	12.9	%

Reconciliation of operating profit for the period to adjusted operating profit excluding FX⁽¹⁾
Adjusted operating profit	852,647		730,668		107,686		1,587,364		1,486,199		219,039
Add back:
Net foreign exchange (gain)/loss	(34,993	)	59,890		8,827		(36,570	)	142,438		20,993

Adjusted operating profit excluding FX⁽¹⁾	817,654		790,558		116,513		1,550,794		1,628,637		240,032
Adjusted operating margin excluding FX⁽¹⁾	16.5	%	13.6	%	13.6	%	16.5	%	14.2	%	14.2	%

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 June 30,				Six months ended June 30,
	2025		2026		2025		2026
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Reconciliation of effective tax rate to adjusted effective tax rate:

Effective tax rate	21.9	%	(130.8	)%	24.1	%	26.2	%

Impact on effective tax rate as a result of adjusted items	(5.4	)%	155.5	%	(5.7	)%	(1.4	)%

Adjusted effective tax rate	16.5	%	24.7	%	18.4	%	24.8	%

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 June 30,						Six months ended June 30,
	2025		2026				2025		2026
	(Unaudited)		(Unaudited)				(Unaudited)		(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	489,531		(291,511	)	(42,965	)	905,990		956,591		140,984

Add back:

Equity-settled share-based payment expenses	15,656		15,008		2,212		40,586		123,723		18,235

(Gain)/loss from fair value change of derivatives⁽¹⁾⁽²⁾	(6,659	)	90,498		13,338		39,748		141,336		20,830

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⁾	73,606		74,305		10,951		128,351		147,820		21,786
-Interest expenses related to the Equity Linked Securities⁽⁴⁾	49,358		51,008		7,518		89,885		101,388		14,943
-Interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui	24,248		23,297		3,433		38,466		46,432		6,843
Share of loss/(profit) of Yonghui, net of tax⁽¹⁾	119,335		17,169		2,530		119,335		(60,289	)	(8,885	)
Changes in fair value of redemption liabilities⁽¹⁾	-		25,930		3,822		-		47,368		6,981
Loss/(gain) from fair value changes of an investment in a limited partnership investing in the AI industry⁽⁵⁾	829		597,159		88,010		829		(277,434	)	(40,889	)

Adjusted net profit	692,298		528,558		77,898		1,279,503		1,079,115		159,042

Adjusted net margin	13.9	%	9.1	%	9.1	%	13.6	%	9.4	%	9.4	%

Attributable to:
Equity shareholders of the Company	692,459		530,827		78,232		1,279,458		1,083,167		159,639

Non-controlling interests	(161	)	(2,269	)	(334	)	45		(4,052	)	(597	)

Adjusted net earnings per share⁽⁶⁾

-Basic	0.56		0.44		0.06		1.04		0.89		0.13
-Diluted	0.56		0.44		0.06		1.04		0.89		0.13

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

-Basic	2.24		1.76		0.26		4.16		3.56		0.52
-Diluted	2.24		1.76		0.26		4.16		3.56		0.52

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)

(Expressed in thousands, except for percentages)

	Three months ended June 30,						Six months ended June 30,
	2025		2026				2025		2026
	(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
	RMB’000		RMB’000		US$’000		RMB’000		RMB’000		US$’000
Reconciliation of adjusted net profit for the period to adjusted net profit excluding FX⁽⁷⁾:

Adjusted net profit	692,298		528,558		77,898		1,279,503		1,079,115		159,042

Add back:
Net foreign exchange (gain)/loss	(34,993	)	59,890		8,827		(36,570	)	142,438		20,993

Adjusted net profit excluding FX⁽⁷⁾	657,305		588,448		86,725		1,242,933		1,221,553		180,035
Adjusted net margin excluding FX⁽⁷⁾	13.2	%	10.1	%	10.1	%	13.2	%	10.6	%	10.6	%

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

Adjusted net profit	692,298		528,558		77,898		1,279,503		1,079,115		159,042

Add back:

Depreciation and amortization	286,344		406,123		59,855		554,016		739,113		108,932
Finance costs excluding interest expenses related to the Equity Linked Securities	34,685		49,921		7,358		65,885		96,902		14,282

Income tax expense	136,979		165,198		24,347		288,201		340,399		50,169

Adjusted EBITDA	1,150,306		1,149,800		169,458		2,187,605		2,255,529		332,425
Adjusted EBITDA margin	23.2	%	19.8	%	19.8	%	23.3	%	19.6	%	19.6	%

Notes:

(1) These adjustment items have been excluded from the calculation of adjusted net profit as the management of the Company does not consider such items to be indicative of its performance of core business.

(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 26Q2, the RMB51.0 million interest expenses related to the Equity Linked Securities included RMB46.3 million non-cash portion and RMB4.7 million cash expense.

For 26H1, the RMB101.4 million interest expenses related to the Equity Linked Securities included RMB92.0 million non-cash portion and RMB9.4 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 loss, which was an unrealized gain 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 June 30,					Six months ended June 30,
	2025	2026		YoY		2025	2026		YoY
	RMB’000	RMB’000	US$’000			RMB’000	RMB’000	US$’000
Revenue
MINISO Brand	4,563,226	5,339,823	786,993	17.0	%	8,649,004	10,513,225	1,549,457	21.6	%
-Chinese mainland	2,621,212	3,221,701	474,820	22.9	%	5,114,987	6,453,955	951,195	26.2	%
-Overseas markets	1,942,014	2,118,122	312,173	9.1	%	3,534,017	4,059,270	598,262	14.9	%
TOP TOY Brand⁽¹⁾	402,208	470,133	69,289	16.9	%	742,058	984,618	145,115	32.7	%
Others	634	557	82	(12.1	)%	2,050	1,058	156	(48.4	)%
	4,966,068	5,810,513	856,364	17.0	%	9,393,112	11,498,901	1,694,728	22.4	%

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
	June 30, 2025	December 31, 2025	June 30, 2026	YoY	YTD⁽¹⁾
By City Tiers
First-tier cities	572	609	611	39	2
Second-tier cities	1,774	1,881	1,928	154	47
Third- and lower-tier cities	1,959	2,078	2,126	167	48
Total	4,305	4,568	4,665	360	97

Note:

(1)

“YTD” refers to the six months ended June 30, 2026.

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

NUMBER OF MINISO STORES IN OVERSEAS MARKETS

	As of
	June 30, 2025	December 31, 2025	June 30, 2026	YoY			YTD⁽¹⁾
By Regions
Asia excluding China	1,695	1,793	1,793		98		-
North America	394	461	536		142		75
Latin America	661	722	726		65		4
Europe	319	361	356		37		(5	)
Others	238	246	233		(5	)	(13	)
Total	3,307	3,583	3,644		337		61

Note:

(1) “YTD” refers to the six months ended June 30, 2026.

*For identification purpose only

Exhibit 99.2

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

MINISO Group Holding Limited

名創優品集團控股有限公司

(A company incorporated in the Cayman Islands with limited liability)

(Stock Code: 9896)

INSIDE INFORMATION

UNAUDITED QUARTER AND INTERIM FINANCIAL RESULTS

FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2026

This announcement is issued pursuant to Rule 13.09 of the Rules Governing the Listing of the Securities on The Stock Exchange of Hong Kong Limited and under Part XIVA of the Securities and Futures Ordinance (Cap. 571).

MINISO Group Holding Limited (“MINISO” or the “Company”) is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries for the three months and six months ended June 30, 2026.

The Company is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries for the three months and six months ended June 30, 2026 published in accordance with applicable rules of the U.S. Securities and Exchange Commission (the “SEC”).

Attached hereto as Schedule I is the full text of the press release issued by the Company on August 28, 2026 (Eastern Standard Time), in relation to the unaudited financial results for the three months and six months ended June 30, 2026, some of which may constitute material inside information of the Company.

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 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 announcement and in the attachments is as of the date of this announcement, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.

The Company’s shareholders and potential investors are advised not to place undue reliance on the unaudited financial results for the three months and six months ended June 30, 2026 and to exercise caution in dealing in securities in the Company.

	By Order of the Board
	MINISO Group Holding Limited
	Mr. YE Guofu
	Executive Director and Chairman

Hong Kong, August 28, 2026

As of the date of this announcement, the board of directors of the Company comprises Mr. YE Guofu as executive Director, Ms. XU Lili, Mr. ZHU Yonghua and Mr. WANG Yongping as independent non-executive Directors.

SCHEDULE I

MINISO Group Announces 2026 June Quarter and Interim Unaudited Financial Results

Group Revenue Grew by 22.4% YoY in 26H1

MINISO Chinese Mainland Delivered 26.2% YoY Growth,

the Highest First-half Growth Rate in Three Years, Powered by Mid-single Digit SSSG(1)

MINISO North America Delivered 37.0% YoY Revenue Growth, with Mid-single Digit SSSG(1)

Diluted Earnings Per ADS Grew by 8.2% YoY

Net Cash from Operating Activities Grew by 45.5% YoY 26H1 Returned RMB1,309.8 Million to Shareholders,

Surpassing Adjusted Net Profit(2) Excluding FX(3)

GUANGZHOU, China, August 28, 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 six months ended June 30, 2026 (“26Q2” and “26H1”, respectively).

26H1 Selected Financial Information

	For the six months ended June 30,
Item	2025		2026				Year-over-
	(Unaudited)		(Unaudited)				year (“YoY”)
	RMB million		RMB million		US$ million		change
Revenue		9,393.1		11,498.9		1,694.7		22.4	%
Gross profit		4,156.9		5,093.7		750.7		22.5	%
Operating profit		1,545.9		1,639.9		241.7		6.1	%
Adjusted operating profit⁽²⁾ excluding FX⁽³⁾		1,550.8		1,628.6		240.0		5.0	%
Profit for the period		906.0		956.6		141.0		5.6	%
Earnings per American Depositary Share (“ADS”)
– Basic earnings per ADS (RMB and US$)		2.96		3.16		0.47		6.8	%
– Diluted earnings per ADS (RMB and US$)		2.92		3.16		0.47		8.2	%
Adjusted net profit⁽²⁾ excluding FX⁽³⁾		1,242.9		1,221.6		180.0		(1.7	)%
Adjusted EBITDA⁽²⁾		2,187.6		2,255.5		332.4		3.1	%
Net cash from operating activities		1,014.2		1,475.4		217.4		45.5	%

Store Network Expansion

As of June 30, 2026, the Company’s total store count reached 8,674, representing a net increase of 769 YoY and 189 YTD⁽⁴⁾.

·	MINISO Brand: totaled 8,309 stores (up 697 YoY and 158 YTD⁽⁴⁾), driven by:

·	Chinese Mainland: 4,665 stores (up 360 YoY and 97 YTD⁽⁴⁾).

·	Overseas Markets: 3,644 stores (up 337 YoY and 61 YTD⁽⁴⁾).

·	TOP TOY Brand: totaled 365 stores (up 72 YoY and 31 YTD⁽⁴⁾).

	As of
	June 30, 2025		December 31, 2025		June 30, 2026		YoY			YTD⁽⁴⁾
Number of stores on group level		7,905		8,485		8,674		769			189
Number of MINISO stores		7,612		8,151		8,309		697			158
Chinese mainland		4,305		4,568		4,665		360			97
– Directly operated stores		20		18		15		(5	)		(3	)
– Stores operated under Retail Partner model		4,258		4,522		4,624		366			102
– Stores operated under distributor model		27		28		26		(1	)		(2	)
Overseas markets		3,307		3,583		3,644		337			61
– Directly operated stores		579		700		795		216			95
– Stores operated under Retail Partner model		425		432		439		14			7
– Stores operated under distributor model		2,303		2,451		2,410		107			(41	)

Number of TOP TOY stores		293		334		365		72			31
Chinese mainland		283		304		317		34			13
– Directly operated stores		33		35		33		–			(2	)
– Stores operated under Retail Partner model		250		269		284		34			15
Overseas markets		10		30		48		38			18
– Directly operated stores		5		15		30		25			15
– Stores operated under Retail Partner model		–		4		4		4			–
– Stores operated under distributor model		5		11		14		9			3

“Beyond the financial performance, we would also like to share our progress on proprietary IP and membership operations. YOYO, launched just one year ago, achieved monthly sales exceeding RMB100 million in both June and July 2026 and completed its first crossover collaboration with a world-class IP, evolving into an IP asset capable of engaging and co-creating with international IPs on equal footing. Members of MINISO Chinese mainland grew 31.0% YoY to about 130 million, contributing 77.4% of local sales; in the United States, our members grew 107.1% YoY to about 5.8 million, contributing 60.1% of local sales. Our membership program highlighted strong user retention, cementing the foundation for sustainable commercialization and long-term brand equity. On the global front, we celebrated our market entry into Switzerland in 26Q2, extending our global footprint to accumulative 113 countries and regions, while TOP TOY officially entered the United States and Taiwan, China, further elevating its global presence.”

Mr. Eason Zhang, CFO of MINISO, commented, “During 26H1, revenue on group level grew by 22.4%. Adjusted operating profit excluding FX grew 5.0% YoY to RMB1,628.6 million. Net cash generated from operating activities reached RMB1,475.4 million, while adjusted net profit excluding FX was RMB1,221.6 million in the same period, demonstrating strong resilience and robust operational cash flow generation of our business.”

“Our capital allocation initiatives were highlighted by share repurchase of RMB517.6 million deployed by the Company in 26H1, accounting for more than 90% of full-year repurchase amount of 2025. Furthermore, in June 2026, the Board approved 2026 share repurchase program of up to HK$2.0 billion, alongside an automatic share repurchase plan, enabling continued buyback execution even during blackout periods across both Hong Kong and the U.S. markets, underscoring our disciplined capital deployment, and reaffirmed our unwavering confidence in MINISO Group’s intrinsic value.

Financial Results for 26H1

Revenue was RMB11,498.9 million (US$1,694.7 million), representing an increase of 22.4% YoY.

Revenue from TOP TOY brand⁽⁵⁾ increased by 32.7% YoY to RMB984.6 million (US$145.1 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 RMB6,405.2 million (US$944.0 million), representing an increase of 22.3% YoY.

Gross profit was RMB5,093.7 million (US$750.7 million), representing an increase of 22.5% YoY.

Operating profit increased by 6.1% YoY to RMB1,639.9 million (US$241.7 million), compared with RMB1,545.9 million in the same period last year.

Operating margin was 14.3%, compared with 16.5% in the same period last year.

Adjusted operating profit(2) was RMB1,486.2 million (US$219.0 million), compared with RMB1,587.4 million in the same period last year. If excluding FX(3), it would have been RMB1,628.6 million (US$240.0 million), representing an increase of 5.0% YoY.

Adjusted operating margin(2) was 12.9%, compared with 16.9% in the same period last year. If excluding FX(3), it would have been 14.2%.

Net finance costs were RMB212.0 million (US$31.2 million), compared to RMB128.4 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 costs. The increase in finance costs 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 by the Company in 2025 (the “Equity Linked Securities”), and (iii) increased interest expenses mainly attributable to a borrowing in connection with the acquisition of the equity interest in Yonghui Superstores Co., Ltd (永輝超市股份有限公司) (“Yonghui”). Both (ii) and (iii) are excluded in non-IFRS financial measures^{(2) and the increases} were driven by the full-period recognition of interest in 26H1 versus a pro-rated portion in the prior-year period.

Share of profit of equity-accounted investees, net of tax was RMB57.8 million (US$8.5 million), compared to a share of loss of RMB138.9 million in the same period last year. The YoY improvement was primarily attributable to the Company’s share of profit in Yonghui of RMB60.3 million (US$8.9 million), compared to a share of loss in the prior-year period. This reflected Yonghui’s return to profitability in 26H1, driven by its ongoing store-remodeling program, strengthened private-label merchandise portfolio, and improved gross margin and operating expense discipline, as disclosed in Yonghui’s 2026 interim report. The share of profit in Yonghui has been excluded in the Company’s non-IFRS financial measures⁽²⁾, as it relates to the operating results of an associated company rather than the underlying performance of MINISO’s own business.