MINISO Group Holding Limited(NYSE:MNSO) 
MINISO Group Holding Limited, an investment holding company, engages in the retail and wholesale of lifestyle products in China, Asia, the Americas, and Europe. The company offers products in various categories, including home decor products, small electronics, textiles, accessories, beauty tools, t...
Website: https://www.miniso.com/
Founded: 2013
Full Time Employees: 3,011
CEO: Guo Fu Ye
Sector: Consumer Cyclical
Industry: Specialty Retail
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At a glance:
- Value-Focused Retail Model with Broad Appeal: MINISO operates a low-to-mid price, high-turnover retail format centered on trendy lifestyle goods, leveraging rapid product refresh cycles to drive frequent customer visits.
- International Expansion as a Key Growth Driver: A major part of MINISO’s growth thesis is continued store expansion and brand scaling outside China, supported by partnerships and localized merchandising strategies.
- Product Mix Emphasizes Licensed/IP and Higher-Margin Categories: The company increasingly uses popular IP collaborations and curated categories (e.g., toys/collectibles, home, beauty accessories) to improve differentiation and support margins.
- Omnichannel and Operational Efficiency Remain Important Levers: Digital channels, membership/CRM, and supply chain execution are key to maintaining fast inventory turns and supporting profitability across diverse geographies.
- Exposure to Consumer Demand and Execution Risks: Performance is sensitive to discretionary spending trends, competitive intensity in value retail, FX and cross-border operating complexity, and the ability to sustain store productivity while scaling.
Bull Thesis:
- Robust Global Expansion and Diversification: MINISO continues to demonstrate strong international growth, expanding its store network rapidly across various regions outside of China. This global footprint diversifies revenue streams, reduces reliance on any single market, and enhances brand recognition worldwide, particularly in emerging and developed markets.
- Strong IP Collaborations and Product Innovation: The company's strategy of partnering with popular intellectual properties (IPs) like Disney, Marvel, Sanrio, and others drives significant consumer interest and traffic. Coupled with its agile product development cycle, MINISO consistently introduces trendy, affordable, and high-quality products, keeping its offerings fresh and appealing to a broad demographic, especially younger consumers.
- Asset-Light Franchise Model Driving Efficient Growth: MINISO primarily operates through a franchise model, which is capital-efficient and allows for rapid store expansion without significant capital expenditure from the parent company. This model shifts operational costs and risks to franchisees, enabling the company to scale quickly and maintain healthy margins.
- Growth of TOP TOY Brand: The success and expansion of MINISO's TOP TOY brand, focusing on collectible toys, blind boxes, and art toys, taps into a high-growth niche market. This segment typically boasts strong margins, high customer loyalty, and significant potential for further expansion, contributing positively to the overall group's revenue and profitability.
Bear Thesis:
- Intense Competition and Potential Margin Pressure: The affordable lifestyle retail sector is highly competitive, with numerous local and international players vying for market share. This intense competition could lead to price wars, increased marketing expenses, and pressure on MINISO's profit margins, especially as it expands into new markets.
- Sensitivity to Consumer Spending and Economic Downturns: As a discretionary retail brand, MINISO's performance is highly sensitive to consumer spending habits and overall economic conditions. A global economic slowdown, rising inflation, or decreased consumer confidence could significantly impact sales volumes and profitability across its markets.
- Supply Chain Risks and Quality Control Challenges: Operating a vast global supply chain, particularly with a focus on affordability, exposes MINISO to various risks including disruptions (e.g., geopolitical events, natural disasters), rising raw material costs, and challenges in maintaining consistent product quality across its diverse range of offerings and suppliers. Any quality control issues could damage brand reputation.
- Reliance on IP Licensing and Associated Costs: While IP collaborations are a key strength, they come with significant licensing fees and the risk of non-renewal or increased costs for popular IPs. A failure to secure or renew key licenses, or a substantial increase in licensing expenses, could impact product appeal, innovation, and ultimately, profitability.
Main Competitors:
- Daiso Industries Co., Ltd. (100-yen/dollar store products (home goods, stationery, beauty, snacks)), A direct global competitor offering a vast array of affordable household goods, stationery, beauty products, and snacks, often at a single low price point. Daiso competes with MINISO on price, variety, and extensive retail footprint, appealing to budget-conscious consumers worldwide who seek functional and novelty items.
- Mumuso (Lifestyle products, home goods, beauty, stationery, digital accessories), Mumuso is one of several 'fast fashion' lifestyle retailers (like YOYOSO, XIMIVOGUE) that closely mimic MINISO's business model. They offer very similar product categories, store aesthetics, and price points, creating intense direct competition, particularly in Asian and emerging markets, by targeting the same demographic with trendy, affordable goods.
- Five Below, Inc. ($FIVE) (Trendy merchandise, tech gadgets, candy, party supplies, home decor, beauty), Primarily competing in the U.S. market, Five Below targets teens and pre-teens with trendy, affordable products (mostly $5 and below). It shares MINISO's focus on fun, novelty, and value, though with a slightly different product mix and a more 'youth-centric' aesthetic, often emphasizing impulse buys and seasonal items.
- Ryohin Keikaku Co., Ltd. (MUJI) ($7453 (TYO)) (Minimalist home goods, apparel, stationery, food, health & beauty), While operating at a higher price point, MUJI competes on the strength of its minimalist design philosophy, functional products, and lifestyle brand appeal. MINISO often draws inspiration from MUJI's aesthetic, competing for customers who value clean design and practical items, but at a significantly more accessible price, thus democratizing the minimalist lifestyle trend.
Moat:
MINISO operates in a highly competitive 'fast retail' lifestyle product market with relatively low barriers to entry. Its primary competitive advantages lie in its strong brand recognition, efficient supply chain, rapid product development cycles, strategic use of licensed intellectual property (IP), and an engaging in-store experience. However, its moat is challenged by numerous direct imitators (e.g., Mumuso, YOYOSO) that replicate its model, intense price competition from dollar stores (Daiso, Five Below), and the broader threat from online fast-fashion and general merchandise retailers (e.g., Shein, Temu, Amazon) that offer vast selections at competitive prices. MINISO must continuously innovate on product design, maintain strong IP partnerships, and enhance its retail experience to differentiate itself and sustain growth amidst fierce competition and the ease with which its business model can be replicated.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-11-24 | 2025-09-22 | 2025-08-22 | 2025-05-23 | 2025-03-24 | 2024-12-31 | 2024-12-02 | 2024-03-12 | 2023-12-31 | 2023-11-22 | 2023-08-23 | 2023-06-30 | 2023-05-16 | 2023-03-21 | 2023-02-28 | 2022-11-15 | 2022-09-29 | 2022-08-25 | 2022-06-30 | 2022-06-27 | 2022-05-26 | 2022-03-31 | 2022-03-04 | 2021-11-19 | 2021-08-19 | 2021-06-30 | 2021-05-20 | 2021-02-28 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 5,796,645,000 | 4,966,068,000 | 4,427,044,000 | 4,712,705,000 | 4,712,705,000 | 4,522,577,000 | 11,473,208,000 | 3,791,154,000 | 3,252,182,000 | 3,252,182,000 | 2,954,148,000 | 2,494,434,000 | 2,772,444,000 | 10,085,649,000 | 2,317,706,000 | 2,317,706,000 | 7,767,943,000 | 2,341,035,000 | 5,426,908,000 | 2,772,793,000 | 2,654,115,000 | 2,472,355,000 | 2,472,355,000 | 2,229,444,000 | 2,297,721,000 | 2,072,139,000 | |||
yoy | 23.00% | 9.81% | -61.41% | 24.31% | 39.06% | 252.78% | 30.38% | 17.30% | -70.71% | 7.63% | -64.31% | 330.82% | -57.29% | -16.41% | 192.68% | -5.31% | 119.50% | 24.37% | 15.51% | 19.31% | |||||||||
qoq | 12.18% | -6.06% | 0.00% | 4.20% | -60.58% | 16.57% | 0.00% | 10.09% | -10.03% | -72.51% | 335.16% | 0.00% | -70.16% | 231.82% | -56.86% | 95.72% | 4.47% | 7.35% | 0.00% | 10.90% | -2.97% | 10.89% | |||||||
cost of sales | -3,206,573,000 | -2,767,187,000 | -2,469,007,000 | -2,495,407,000 | -2,495,407,000 | -2,492,601,000 | -2,207,456,000 | -1,956,535,000 | -1,956,535,000 | -1,792,403,000 | -1,497,353,000 | -1,783,865,000 | -7,015,888,000 | -1,545,803,000 | -1,545,803,000 | -5,470,085,000 | -1,634,519,000 | -3,835,566,000 | -1,909,893,000 | -1,925,672,000 | -1,833,282,000 | -1,833,282,000 | -1,602,975,000 | -1,654,953,000 | |||||
gross profit | 2,590,072,000 | 2,198,881,000 | 1,958,037,000 | 2,217,298,000 | 2,217,298,000 | 2,029,976,000 | 4,443,052,000 | 1,583,698,000 | 1,295,647,000 | 1,295,647,000 | 1,161,745,000 | 997,081,000 | 988,579,000 | 3,069,761,000 | 771,903,000 | 771,903,000 | 2,297,858,000 | 706,516,000 | 1,591,342,000 | 862,900,000 | 728,443,000 | 639,073,000 | 639,073,000 | 626,469,000 | 642,768,000 | 522,376,000 | |||
yoy | 16.81% | 8.32% | -55.93% | 40.01% | 56.68% | 242.92% | 29.94% | 31.06% | -62.16% | 29.17% | -56.98% | 334.49% | -51.49% | -10.55% | 215.45% | 10.55% | 149.01% | 37.74% | 13.33% | 22.34% | |||||||||
qoq | 12.30% | -11.69% | 0.00% | 9.23% | -54.31% | 22.23% | 0.00% | 11.53% | 0.86% | -67.80% | 297.69% | 0.00% | -66.41% | 225.24% | -55.60% | 84.42% | 18.46% | 13.98% | 0.00% | 2.01% | -2.54% | 23.05% | |||||||
gross margin % | 44.68% | NaN% | 44.28% | 44.23% | 47.05% | 47.05% | 44.89% | 38.73% | NaN% | 41.77% | 39.84% | 39.84% | 39.33% | NaN% | 39.97% | 35.66% | 30.44% | 33.30% | 33.30% | 29.58% | 30.18% | 29.32% | 31.12% | 27.45% | 25.85% | 25.85% | 28.10% | 27.97% | 25.21% |
other income | 3,549,000 | 2,350,000 | 3,020,000 | 3,570,000 | 3,570,000 | 5,327,000 | 17,935,000 | 13,437,000 | 2,842,000 | 2,842,000 | 782,000 | 7,892,000 | 6,419,000 | 25,931,000 | 5,049,000 | 5,049,000 | 20,882,000 | 2,296,000 | 18,586,000 | 2,510,000 | 16,076,000 | 4,052,000 | 4,052,000 | 4,284,000 | 7,811,000 | 35,993,000 | |||
selling and distribution expenses | -1,429,853,000 | -1,159,836,000 | -1,021,186,000 | -1,000,985,000 | -1,000,985,000 | -996,461,000 | -640,889,000 | -478,948,000 | -478,948,000 | -439,018,000 | -416,782,000 | -381,345,000 | -1,442,339,000 | -354,717,000 | -354,717,000 | -1,087,622,000 | -362,000,000 | -725,622,000 | -384,813,000 | -340,809,000 | -282,824,000 | -282,824,000 | -296,466,000 | -340,751,000 | |||||
general and administrative expenses | -343,802,000 | -261,512,000 | -242,144,000 | -276,870,000 | -276,870,000 | -236,208,000 | -170,552,000 | -164,499,000 | -164,499,000 | -155,206,000 | -146,282,000 | -167,626,000 | -816,225,000 | -184,807,000 | -184,807,000 | -631,418,000 | -198,722,000 | -432,696,000 | -221,421,000 | -211,275,000 | -200,135,000 | -200,135,000 | -169,531,000 | -189,032,000 | |||||
other net income | 34,280,000 | 77,404,000 | 20,835,000 | 36,242,000 | 19,613,500 | 36,758,000 | 114,106,000 | 953,000 | 37,966,000 | 37,966,000 | 3,290,000 | 8,815,000 | 64,035,000 | 87,308,000 | 11,615,750 | 46,463,000 | 45,964,000 | ||||||||||||
reversal of credit loss/(credit loss) on trade and other receivables | -7,678,000 | ||||||||||||||||||||||||||||
impairment loss on non-current assets | -16,450,000 | -3,742,000 | -3,742,000 | -3,448,000 | -13,485,000 | -2,018,000 | -2,018,000 | -11,467,000 | -1,931,000 | -9,536,000 | -9,536,000 | -2,941,000 | |||||||||||||||||
operating profit | 846,568,000 | 836,162,000 | 709,787,000 | 968,418,000 | 968,418,000 | 852,562,000 | 2,223,011,000 | 788,313,000 | 690,020,000 | 690,020,000 | 575,921,000 | 447,562,000 | 509,508,000 | 882,027,000 | 272,093,000 | 272,093,000 | 609,934,000 | 140,987,000 | 468,947,000 | 255,433,000 | 187,825,000 | 161,059,000 | 54,293,000 | ||||||
yoy | -12.58% | -1.92% | -68.07% | 22.85% | 23.56% | 222.17% | 54.17% | 35.43% | -34.70% | 64.49% | -16.47% | 525.61% | -41.98% | 6.52% | 149.67% | 58.60% | |||||||||||||
qoq | 17.80% | -26.71% | 0.00% | 13.59% | -61.65% | 14.24% | 0.00% | 19.81% | -12.16% | -42.23% | 224.16% | 0.00% | -55.39% | 332.62% | -69.94% | 83.59% | 16.62% | 196.65% | |||||||||||
operating margin % | 14.60% | NaN% | 16.84% | 16.03% | 20.55% | 20.55% | 18.85% | 19.38% | NaN% | 20.79% | 21.22% | 21.22% | 19.50% | NaN% | 17.94% | 18.38% | 8.75% | 11.74% | 11.74% | 7.85% | 6.02% | 8.64% | 9.21% | 0% | 0% | 7.60% | 7.22% | 2.36% | 0% |
finance income | 20,276,000 | 28,921,000 | 36,915,000 | 18,999,000 | 18,999,000 | 25,067,000 | 145,225,000 | 69,366,000 | 46,814,000 | 46,814,000 | 33,727,000 | 32,429,000 | 32,255,000 | 66,344,000 | 27,163,000 | 27,163,000 | 39,181,000 | 12,744,000 | 26,437,000 | 13,380,000 | 13,057,000 | 8,743,000 | 8,743,000 | 8,646,000 | 13,874,000 | 9,170,000 | |||
finance costs | -124,805,000 | -108,291,000 | -85,945,000 | -35,093,000 | -35,093,000 | -17,227,000 | -11,481,000 | -9,631,000 | -9,631,000 | -8,646,000 | -9,161,000 | -7,184,000 | -33,396,000 | -7,989,000 | -7,989,000 | -25,407,000 | -8,141,000 | -17,266,000 | -8,457,000 | -8,809,000 | -8,095,000 | -8,095,000 | -6,407,000 | -6,760,000 | |||||
net finance income/ | -104,529,000 | -79,370,000 | -49,030,000 | -16,094,000 | |||||||||||||||||||||||||
share of profit/(loss) of equity-accounted investees, net of tax | -145,105,000 | -136,941,000 | |||||||||||||||||||||||||||
other gain/ | 73,214,000 | 6,659,000 | |||||||||||||||||||||||||||
profit before taxation | 670,148,000 | 626,510,000 | 567,681,000 | 956,000,000 | 597,883,000 | 862,411,000 | 2,333,614,000 | 846,198,000 | 727,203,000 | 727,203,000 | 601,002,000 | 470,830,000 | 534,579,000 | 906,813,000 | 153,886,500 | 615,546,000 | 469,956,000 | ||||||||||||
income tax expense | -226,950,000 | -136,979,000 | -151,222,000 | -146,272,000 | -146,272,000 | -214,090,000 | -227,923,000 | -180,212,000 | -180,212,000 | -130,075,000 | -111,063,000 | -130,435,000 | -267,070,000 | -82,814,000 | -82,814,000 | -184,256,000 | -52,918,000 | -131,338,000 | -75,996,000 | -55,343,000 | -74,137,000 | -74,137,000 | -47,503,000 | -40,639,000 | |||||
profit for the period | 443,198,000 | 489,531,000 | 416,459,000 | 809,728,000 | 456,425,000 | 648,321,000 | 618,275,000 | 546,991,000 | 308,709,500 | 470,927,000 | 359,767,000 | 404,144,000 | 107,822,500 | 431,290,000 | 338,618,000 | ||||||||||||||
attributable to: | |||||||||||||||||||||||||||||
equity shareholders of the company | 440,539,000 | 489,688,000 | 416,342,000 | 805,693,000 | 805,693,000 | 641,765,000 | 1,768,926,000 | 612,591,000 | 539,331,000 | 539,331,000 | 465,505,000 | 352,456,000 | 411,634,000 | 638,170,000 | 204,837,000 | 96,554,000 | 336,779,000 | 184,741,000 | 152,039,000 | 114,987,000 | 114,987,000 | 121,860,000 | 20,762,000 | ||||||
non-controlling interests | 2,659,000 | -157,000 | 117,000 | 4,035,000 | 4,035,000 | 6,556,000 | 12,903,000 | 5,684,000 | 7,660,000 | 7,660,000 | 5,422,000 | 7,311,000 | -7,490,000 | 1,573,000 | 3,616,000 | -3,882,000 | 1,839,000 | -651,000 | 2,490,000 | -3,837,000 | -3,837,000 | -6,890,000 | 6,000 | ||||||
earnings per share for ordinary shares | |||||||||||||||||||||||||||||
-basic | 0.36 | 0.4 | 0.34 | 0.65 | 0.365 | 0.52 | 0.49 | 0.43 | 0.248 | 0.37 | 0.33 | 0.17 | 0.08 | 0.15 | 0.13 | 0.095 | -0.33 | 0.1 | 0.02 | ||||||||||
-diluted | 0.36 | 0.4 | 0.34 | 0.65 | 0.363 | 0.52 | 0.49 | 0.43 | 0.245 | 0.37 | 0.33 | 0.17 | 0.08 | 0.15 | 0.12 | 0.094 | -0.33 | 0.1 | 0.02 | ||||||||||
earnings per ads | |||||||||||||||||||||||||||||
credit loss on trade and other receivables | -4,675,000 | -8,775,000 | -3,162,000 | -554,000 | -28,924,000 | -4,162,000 | -4,162,000 | -24,762,000 | -5,671,000 | -19,091,000 | -6,544,000 | -12,547,000 | 8,678,000 | -12,123,000 | -11,419,000 | ||||||||||||||
share of profit of equity-accounted investees, net of tax | -2,005,000 | 3,676,000 | |||||||||||||||||||||||||||
other incomes | -91,071,000 | ||||||||||||||||||||||||||||
(credit loss)/reversal of credit loss on trade and other receivables | -7,095,000 | 1,666,000 | 460,000 | 460,000 | 4,328,000 | ||||||||||||||||||||||||
reversal of credit loss on trade and other receivables | 2,391,000 | 13,170,000 | |||||||||||||||||||||||||||
net finance income | 10,462,750 | 7,840,000 | 110,603,000 | 57,885,000 | 37,183,000 | 18,355,000 | 25,081,000 | 23,268,000 | 25,071,000 | 32,948,000 | 19,174,000 | 3,443,500 | 13,774,000 | 4,603,000 | 9,171,000 | 4,923,000 | 4,248,000 | ||||||||||||
share of profit of an equity-accounted investees, net of tax | 577,500 | 2,009,000 | |||||||||||||||||||||||||||
reversal of credit loss/(credit loss) on trade and other receivables | 1,072,000 | ||||||||||||||||||||||||||||
profit for the year/period | 1,781,829,000 | ||||||||||||||||||||||||||||
earnings per share | |||||||||||||||||||||||||||||
basic earnings per share | 1.42 | 0.53 | 0.28 | ||||||||||||||||||||||||||
diluted earnings per share | 1.41 | 0.52 | 0.28 | ||||||||||||||||||||||||||
share of loss of an equity-accounted investee, net of tax | -8,162,000 | -2,040,500 | -8,162,000 | -8,162,000 | -7,891,000 | ||||||||||||||||||||||||
– basic | 0.28 | ||||||||||||||||||||||||||||
– diluted | 0.28 | ||||||||||||||||||||||||||||
fair value changes of redeemable shares with other preferential rights | |||||||||||||||||||||||||||||
profit for the year | 639,743,000 | ||||||||||||||||||||||||||||
other net income / | 40,845,000 | 499,000 | |||||||||||||||||||||||||||
profit/(loss) before taxation | 291,267,000 | 145,590,000 | 260,086,000 | -350,369,750 | 162,473,000 | ||||||||||||||||||||||||
profit/(loss) for the period | 208,453,000 | 92,672,000 | 184,090,000 | -385,149,250 | 114,970,000 | ||||||||||||||||||||||||
earnings/(loss) per share for ordinary shares | |||||||||||||||||||||||||||||
earnings/(loss) per ads | |||||||||||||||||||||||||||||
selected unaudited consolidated statements of operations data: | |||||||||||||||||||||||||||||
continuing operations | |||||||||||||||||||||||||||||
share of loss of equity-accounted investee, net of tax | |||||||||||||||||||||||||||||
profit for period | 338,618,000 | ||||||||||||||||||||||||||||
other net (loss)/income | 12,337,000 | 33,627,000 | -15,582,250 | 8,426,000 | |||||||||||||||||||||||||
fair value changes redeemable shares with other preferential rights | |||||||||||||||||||||||||||||
share of (loss)/profit of equity-accounted investee, net of tax | -270,000 | -3,186,000 | |||||||||||||||||||||||||||
earnings/ | |||||||||||||||||||||||||||||
operating (loss)/profit | 213,515,000 | 187,825,000 | |||||||||||||||||||||||||||
(loss)/profit before taxation | 209,872,000 | 185,287,000 | |||||||||||||||||||||||||||
(loss)/profit for the period | 154,529,000 | 111,150,000 | |||||||||||||||||||||||||||
(loss)/earnings per share for ordinary shares | |||||||||||||||||||||||||||||
(loss)/earnings per ads | |||||||||||||||||||||||||||||
other net income/ | 21,922,000 | -55,084,000 | |||||||||||||||||||||||||||
reversals of credit loss/(credit loss) on trade and other receivables | 8,678,000 | ||||||||||||||||||||||||||||
net finance (costs)/income | 648,000 | 2,855,750 | 2,239,000 | 2,070,000 | |||||||||||||||||||||||||
fair value changes of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights | -406,321,750 | ||||||||||||||||||||||||||||
(loss)/profit for the period from continuing operations | 111,150,000 | ||||||||||||||||||||||||||||
discontinued operations | |||||||||||||||||||||||||||||
loss for the period from discontinued operations, net of tax | |||||||||||||||||||||||||||||
(loss)/earnings per share—continuing operations | |||||||||||||||||||||||||||||
(loss)/earnings per ads—continuing operations | |||||||||||||||||||||||||||||
rmb’000 | |||||||||||||||||||||||||||||
share of profit of equity-accounted investee, net of tax | -206,250 | -825,000 | |||||||||||||||||||||||||||
profit/(loss) for the period from continuing operations | -385,149,250 | 114,970,000 | |||||||||||||||||||||||||||
earnings/(loss) per share—continuing operations | |||||||||||||||||||||||||||||
net finance income / | 7,114,000 | ||||||||||||||||||||||||||||
(loss) / profit before taxation | 61,407,000 | ||||||||||||||||||||||||||||
(loss) / profit for the period from continuing operations | 20,768,000 | ||||||||||||||||||||||||||||
(loss) / profit for the period | 20,768,000 | ||||||||||||||||||||||||||||
(loss) / earnings per share for ordinary shares | |||||||||||||||||||||||||||||
(loss) / earnings per share—continuing operations | |||||||||||||||||||||||||||||
operating profit/ | |||||||||||||||||||||||||||||
fair value changes of paid-in capital subject to redemption and other preferential rights/redeemable shares with other preferential rights | |||||||||||||||||||||||||||||
loss for the period from continuing operations | |||||||||||||||||||||||||||||
loss for the period | |||||||||||||||||||||||||||||
loss per share | |||||||||||||||||||||||||||||
basic loss per share | |||||||||||||||||||||||||||||
diluted loss per share | |||||||||||||||||||||||||||||
loss per share—continuing operations | |||||||||||||||||||||||||||||
loss per ads | |||||||||||||||||||||||||||||
basic loss per ads | |||||||||||||||||||||||||||||
diluted loss per ads | |||||||||||||||||||||||||||||
loss per ads—continuing operations |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-11-24 | 2025-08-22 | 2025-05-23 | 2025-03-24 | 2024-12-02 | 2024-08-30 | 2024-05-14 | 2024-03-12 | 2023-12-31 | 2023-11-22 | 2023-08-23 | 2023-06-30 | 2023-05-16 | 2023-02-28 | 2022-11-15 | 2022-09-29 | 2022-08-25 | 2022-06-30 | 2022-03-31 | 2021-08-19 | 2021-06-30 | 2020-12-31 | 2020-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||
non-current assets | |||||||||||||||||||||||
property, plant and equipment | 1,919,666,000 | 1,702,062,000 | 1,535,840,000 | 1,436,939,000 | 1,277,392,000 | 1,047,687,000 | 855,894,000 | 534,634,000 | 534,634,000 | 534,634,000 | 534,634,000 | 534,634,000 | 481,857,000 | 419,894,000 | 419,894,000 | 419,894,000 | 419,894,000 | 419,894,000 | 76,316,000 | 76,316,000 | 76,316,000 | 88,062,000 | 88,062,000 |
right-of-use assets | 5,008,473,000 | 4,635,139,000 | 4,319,605,000 | 4,172,083,000 | 3,843,144,000 | 3,684,817,000 | 2,946,327,000 | 2,552,600,000 | 2,552,600,000 | 2,552,600,000 | 2,552,600,000 | 2,552,600,000 | 2,337,032,000 | 2,342,589,000 | 2,342,589,000 | 2,342,589,000 | 2,342,589,000 | 2,342,589,000 | 689,887,000 | 689,887,000 | 689,887,000 | 502,867,000 | 502,867,000 |
intangible assets | 98,185,000 | 7,545,000 | 8,379,000 | 8,802,000 | 10,191,000 | 12,333,000 | 15,305,000 | 25,277,000 | 25,277,000 | 25,277,000 | 25,277,000 | 25,277,000 | 29,086,000 | 43,066,000 | 43,066,000 | 43,066,000 | 43,066,000 | 43,066,000 | 61,005,000 | 61,005,000 | 61,005,000 | 69,091,000 | 69,091,000 |
goodwill | 225,840,000 | 46,030,000 | 21,586,000 | 21,418,000 | 22,029,000 | 21,247,000 | 21,236,000 | 21,069,000 | 21,069,000 | 21,069,000 | 21,069,000 | 21,069,000 | 20,833,000 | 19,388,000 | 19,388,000 | 19,388,000 | 19,388,000 | 19,388,000 | 19,640,000 | 19,640,000 | 19,640,000 | ||
deferred tax assets | 216,410,000 | 217,963,000 | 202,417,000 | 181,948,000 | 115,147,000 | 116,577,000 | 100,079,000 | 161,617,000 | 161,617,000 | 161,617,000 | 161,617,000 | 161,617,000 | 178,795,000 | 154,333,000 | 154,333,000 | 154,333,000 | 154,333,000 | 154,333,000 | 168,552,000 | 168,552,000 | 168,552,000 | 183,520,000 | 183,520,000 |
other investments | 147,944,000 | 122,570,000 | 123,062,000 | 123,399,000 | 120,450,000 | 106,102,000 | 107,460,000 | 73,870,000 | 73,870,000 | 73,870,000 | 73,870,000 | 73,870,000 | 205,390,000 | 210,523,000 | 210,523,000 | 210,523,000 | 210,523,000 | 210,523,000 | 102,968,000 | 102,968,000 | 102,968,000 | ||
trade and other receivables | 149,312,000 | 212,750,000 | 288,455,000 | 341,288,000 | 195,405,000 | 173,136,000 | 164,536,000 | 74,641,000 | 74,641,000 | 1,150,156,000 | 1,150,156,000 | 1,150,156,000 | 1,002,213,000 | 1,056,198,000 | 1,056,198,000 | 1,056,198,000 | 1,056,198,000 | 1,056,198,000 | 824,725,000 | 824,725,000 | 824,725,000 | 729,889,000 | 729,889,000 |
term deposits | 263,182,000 | 345,353,000 | 105,592,000 | 140,183,000 | 104,075,000 | 103,308,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 479,206,000 | 236,878,000 | 236,878,000 | 236,878,000 | 236,878,000 | ||||||
financial derivative assets | 1,108,926,000 | 799,751,000 | 810,192,000 | ||||||||||||||||||||
interests in equity-accounted investees | 6,030,265,000 | 6,171,304,000 | 6,307,379,000 | 38,567,000 | 34,365,000 | 14,814,000 | 15,787,000 | ||||||||||||||||
current assets | |||||||||||||||||||||||
inventories | 3,287,721,000 | 2,836,348,000 | 2,833,354,000 | 2,750,389,000 | 2,297,067,000 | 1,949,849,000 | 1,873,861,000 | 1,450,519,000 | 1,450,519,000 | 1,450,519,000 | 1,450,519,000 | 1,450,519,000 | 1,392,376,000 | 1,188,095,000 | 1,188,095,000 | 1,188,095,000 | 1,188,095,000 | 1,188,095,000 | 1,496,061,000 | 1,496,061,000 | 1,496,061,000 | 1,395,674,000 | 1,395,674,000 |
cash and cash equivalents | 3,099,079,000 | 7,115,183,000 | 6,839,406,000 | 6,328,121,000 | 1,716,150,000 | 6,233,089,000 | 6,737,918,000 | 6,489,213,000 | 6,489,213,000 | 6,489,213,000 | 6,489,213,000 | 6,489,213,000 | 6,380,545,000 | 5,348,492,000 | 5,348,492,000 | 5,348,492,000 | 5,348,492,000 | 5,348,492,000 | 6,771,653,000 | 6,771,653,000 | 6,771,653,000 | 2,853,980,000 | 2,853,980,000 |
restricted cash | 7,138,000 | 5,527,000 | 1,959,000 | 1,026,000 | 618,931,000 | 1,965,000 | 2,587,000 | 27,073,000 | 27,073,000 | 27,073,000 | 27,073,000 | 27,073,000 | 23,976,000 | 32,376,000 | 32,376,000 | 32,376,000 | 32,376,000 | 32,376,000 | 3,680,000 | 3,680,000 | 3,680,000 | 7,056,000 | 7,056,000 |
total assets | 28,668,811,000 | 26,647,788,000 | 26,186,267,000 | 18,120,128,000 | 16,134,822,000 | 15,712,992,000 | 14,905,726,000 | 13,447,713,000 | 13,447,713,000 | 13,447,713,000 | 13,447,713,000 | 13,447,713,000 | 12,561,595,000 | 11,281,788,000 | 11,281,788,000 | 11,281,788,000 | 11,281,788,000 | 11,281,788,000 | 10,705,030,000 | 10,705,030,000 | 10,705,030,000 | 5,836,251,000 | 5,836,251,000 |
equity | |||||||||||||||||||||||
share capital | 94,000 | 94,000 | 94,000 | 94,000 | 95,000 | 95,000 | 95,000 | 95,000 | 95,000 | 95,000 | 95,000 | 95,000 | 95,000 | 92,000 | 92,000 | 92,000 | 92,000 | 92,000 | 92,000 | 92,000 | 92,000 | 69,000 | |
additional paid-in capital | 2,902,595,000 | 3,956,803,000 | 3,954,863,000 | 4,683,577,000 | 4,942,844,000 | 5,543,845,000 | 5,688,562,000 | 7,254,871,000 | 7,254,871,000 | 7,254,871,000 | 7,254,871,000 | 7,254,871,000 | 7,985,742,000 | 7,982,824,000 | 7,982,824,000 | 7,982,824,000 | 7,982,824,000 | 7,982,824,000 | 8,289,160,000 | 8,289,160,000 | 8,289,160,000 | 162,373,000 | |
other reserves | 2,204,724,000 | 1,687,003,000 | 1,959,579,000 | 1,329,126,000 | 1,047,906,000 | 1,260,576,000 | 1,078,352,000 | 1,106,718,000 | 1,106,718,000 | 1,106,718,000 | 1,106,718,000 | 1,106,718,000 | 1,020,636,000 | 993,307,000 | 993,307,000 | 993,307,000 | 993,307,000 | 993,307,000 | 928,005,000 | 928,005,000 | 928,005,000 | 625,984,000 | |
retained earnings | 5,636,230,000 | 5,208,207,000 | 4,718,519,000 | 4,302,177,000 | 3,534,024,000 | 2,892,259,000 | 2,304,629,000 | 539,331,000 | 539,331,000 | ||||||||||||||
equity attributable to equity shareholders of the company | 10,743,643,000 | 10,852,107,000 | 10,633,055,000 | 10,314,974,000 | 9,524,869,000 | 9,696,775,000 | 9,071,638,000 | 8,901,015,000 | 8,901,015,000 | 8,901,015,000 | 8,901,015,000 | 8,901,015,000 | 8,275,575,000 | 7,031,642,000 | 7,031,642,000 | 7,031,642,000 | 7,031,642,000 | 7,031,642,000 | 6,658,966,000 | ||||
non-controlling interests | 84,197,000 | 46,812,000 | 45,411,000 | 40,548,000 | 40,094,000 | 28,006,000 | 26,665,000 | 17,253,000 | 17,253,000 | 17,253,000 | 17,253,000 | 17,253,000 | 8,663,000 | -4,242,000 | -4,242,000 | -4,242,000 | -4,242,000 | -4,242,000 | -6,812,000 | -6,812,000 | -6,812,000 | 13,583,000 | 13,583,000 |
total equity | 10,827,840,000 | 10,898,919,000 | 10,678,466,000 | 10,355,522,000 | 9,564,963,000 | 9,724,781,000 | 9,098,303,000 | 8,918,268,000 | 8,918,268,000 | 8,918,268,000 | 8,918,268,000 | 8,918,268,000 | 8,284,238,000 | 7,027,400,000 | 7,027,400,000 | 7,027,400,000 | 7,027,400,000 | 7,027,400,000 | 6,652,154,000 | ||||
liabilities | |||||||||||||||||||||||
non-current liabilities | |||||||||||||||||||||||
contract liabilities | 23,271,000 | 27,758,000 | 33,381,000 | 35,145,000 | 35,736,000 | 39,299,000 | 39,980,000 | 46,754,000 | 46,754,000 | 46,754,000 | 46,754,000 | 46,754,000 | 49,074,000 | 51,658,000 | 51,658,000 | 51,658,000 | 51,658,000 | 51,658,000 | 59,947,000 | 59,947,000 | 59,947,000 | 74,226,000 | 74,226,000 |
loans and borrowings | 5,622,289,000 | 5,589,413,000 | 5,776,316,000 | 4,310,000 | 5,911,000 | 6,414,000 | 6,411,000 | 7,215,000 | 7,215,000 | 7,215,000 | 7,215,000 | 7,215,000 | 6,988,000 | 6,503,000 | 6,503,000 | 6,503,000 | 6,503,000 | 6,503,000 | 6,925,000 | 6,925,000 | 6,925,000 | 15,207,000 | 15,207,000 |
other payables | 71,585,000 | 73,586,000 | 74,844,000 | 59,842,000 | 45,518,000 | 32,786,000 | 18,292,000 | ||||||||||||||||
lease liabilities | 2,308,889,000 | 2,177,289,000 | 2,066,649,000 | 1,903,137,000 | 1,608,605,000 | 1,481,836,000 | 859,741,000 | 556,801,000 | 556,801,000 | 556,801,000 | 556,801,000 | 556,801,000 | 399,174,000 | 393,068,000 | 393,068,000 | 393,068,000 | 393,068,000 | 393,068,000 | 483,144,000 | 483,144,000 | 483,144,000 | 378,894,000 | 378,894,000 |
financial derivative liabilities | 1,464,479,000 | 1,230,927,000 | 1,249,266,000 | ||||||||||||||||||||
deferred income | 33,294,000 | 34,501,000 | 34,742,000 | 34,983,000 | 35,548,000 | 37,480,000 | 39,372,000 | 33,080,000 | 33,080,000 | 33,080,000 | 33,080,000 | 33,080,000 | 32,041,000 | 14,488,000 | 14,488,000 | 14,488,000 | 14,488,000 | 14,488,000 | 20,005,000 | 20,005,000 | 20,005,000 | ||
miniso group holding limited | |||||||||||||||||||||||
unaudited condensed consolidated statements of financial position | |||||||||||||||||||||||
current liabilities | |||||||||||||||||||||||
trade and other payables | 3,632,572,000 | 3,943,988,000 | 3,674,473,000 | 3,328,888,000 | 3,203,410,000 | 3,019,302,000 | 3,019,302,000 | 3,019,302,000 | 3,019,302,000 | 3,019,302,000 | 3,011,197,000 | 3,072,991,000 | 3,072,991,000 | 3,072,991,000 | 3,072,991,000 | 3,072,991,000 | 2,809,182,000 | 2,809,182,000 | 2,809,182,000 | 2,419,795,000 | 2,419,795,000 | ||
current taxation | 191,508,000 | 252,221,000 | 293,211,000 | 254,235,000 | 245,490,000 | 237,695,000 | 237,695,000 | 237,695,000 | 237,695,000 | 237,695,000 | 195,079,000 | 89,421,000 | 89,421,000 | 89,421,000 | 89,421,000 | 89,421,000 | 65,757,000 | 65,757,000 | 65,757,000 | 46,299,000 | 46,299,000 | ||
dividend payables | 728,142,000 | ||||||||||||||||||||||
total liabilities | 15,507,801,000 | 7,764,606,000 | 6,569,859,000 | 5,988,211,000 | 5,807,423,000 | 4,529,445,000 | 4,529,445,000 | 4,529,445,000 | 4,529,445,000 | 4,529,445,000 | 4,277,357,000 | 4,254,388,000 | 4,254,388,000 | 4,254,388,000 | 4,254,388,000 | 4,254,388,000 | 4,052,876,000 | 4,052,876,000 | 4,052,876,000 | 6,159,297,000 | 6,159,297,000 | ||
total equity and liabilities | 26,186,267,000 | 18,120,128,000 | 16,134,822,000 | 15,712,992,000 | 14,905,726,000 | 13,447,713,000 | 13,447,713,000 | 13,447,713,000 | 13,447,713,000 | 13,447,713,000 | 12,561,595,000 | 11,281,788,000 | 11,281,788,000 | 11,281,788,000 | 11,281,788,000 | 11,281,788,000 | 10,705,030,000 | 10,705,030,000 | 10,705,030,000 | 5,836,251,000 | |||
prepayments | 72,000,000 | 201,682,000 | 201,682,000 | 201,682,000 | 201,682,000 | 201,682,000 | 138,481,000 | 138,481,000 | 138,481,000 | 6,112,000 | 6,112,000 | ||||||||||||
dividends payable | 643,058,000 | ||||||||||||||||||||||
non-current assets - sum | 3,543,708,000 | 3,543,708,000 | 3,543,708,000 | 3,077,889,000 | 1,505,943,000 | ||||||||||||||||||
current assets - sum | 9,904,005,000 | 9,904,005,000 | 9,904,005,000 | 9,483,706,000 | 9,199,087,000 | ||||||||||||||||||
non-current liabilities - sum | 643,850,000 | 643,850,000 | 643,850,000 | 487,277,000 | 570,021,000 | 570,021,000 | |||||||||||||||||
current liabilities - sum | 3,885,595,000 | 3,885,595,000 | 3,885,595,000 | 3,790,080,000 | 3,482,855,000 | 3,482,855,000 | |||||||||||||||||
| 3,543,708,000 | 3,209,226,000 | 1,505,943,000 | 2,020,000 | |||||||||||||||||||
(accumulated losses)/retained earnings | 539,331,000 | 539,331,000 | 539,331,000 | ||||||||||||||||||||
other receivables | 74,641,000 | 74,641,000 | 74,641,000 | 30,286,000 | 28,274,000 | 28,274,000 | 28,274,000 | 28,274,000 | 28,274,000 | ||||||||||||||
accumulated losses | -730,898,000 | -1,944,581,000 | -1,944,581,000 | -1,944,581,000 | -1,944,581,000 | -1,944,581,000 | -2,558,291,000 | -2,558,291,000 | -2,558,291,000 | ||||||||||||||
interest in an equity-accounted investee | 352,062,000 | 352,062,000 | |||||||||||||||||||||
term deposits with original maturity over three months | 236,878,000 | ||||||||||||||||||||||
interest in an associate | 352,062,000 | ||||||||||||||||||||||
(deficit) / equity attributable to equity shareholders of the company | 6,658,966,000 | 6,658,966,000 | |||||||||||||||||||||
total (deficit) / equity | 6,652,154,000 | 6,652,154,000 | |||||||||||||||||||||
redeemable shares with other preferential rights | 2,381,327,000 | ||||||||||||||||||||||
total non-current assets | 849,652,000 | ||||||||||||||||||||||
assets held for sale | |||||||||||||||||||||||
total current assets | 4,986,599,000 | ||||||||||||||||||||||
(deficit)/equity attributable to equity shareholders of the company | -336,629,000 | ||||||||||||||||||||||
total (deficit)/equity | -323,046,000 | ||||||||||||||||||||||
paid-in capital subject to redemption and other preferential rights/redeemable shares with other preferential rights | 2,381,327,000 | ||||||||||||||||||||||
total non-current liabilities | 2,849,654,000 | ||||||||||||||||||||||
liabilities directly associated with the assets held for sale | |||||||||||||||||||||||
total current liabilities | 3,309,643,000 | ||||||||||||||||||||||
net current assets | 1,676,956,000 | ||||||||||||||||||||||
deficit attributable to equity shareholders of the company | |||||||||||||||||||||||
total deficit |
Cashflow Statements:
Quarterly
Annual
| Unit: USD |
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