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, Aug. 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,
------------------------------------- ----------
2025 2026
(Unaudited) (Unaudited)
----------- ------------------------
Year-over-
year
("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, December 31, June 30,
2025 2025 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 * ( ) ("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 Six months ended June
30, 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, December 31, June 30,
2025 2025 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, December June 30,
2025 31, 2025 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
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SOURCE MINISO Group Holding Limited