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MINISO Group Holding Ltd

MINISO Group Announces March Quarter 2026 Unaudited Financial Results

Group Revenue Grew by 28.5% to RMB 5,688.4 million and Surpassed Expectation Powered by Mid-single Digit SSSG (1)
 MINISO Chinese Mainland Delivered its Fifth Consecutive Quarter of Accelerating Growth
 Operating Profit Grew by 114.3% YoY, with Margin of 26.7%
 Adjusted Operating Profit (2) Excluding FX (3) grew by 14.3% YoY, with Margin of 14.7%
 Profit for the Period Grew by 199.7% YoY, with Margin of 21.9%
 Adjusted Net Profit (2) Excluding FX (3) grew by 8.1% YoY, with Margin of 11.1%

GUANGZHOU, China , May 26, 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 quarter ended March 31, 2026 ( "26Q1").

Selected Financial Information

Item


For the quarter ended March 31,


Year-over-

year

 ("YoY")

change


2025


2026



(Unaudited)


(Unaudited)




RMB million


RMB million


US$ million


Revenue


4,427.0


5,688.4


824.6


28.5 %

Gross profit


1,958.0


2,464.0


357.2


25.8 %

Operating profit


709.8


1,521.4


220.6


114.3 %

Adjusted operating

profit(2) excluding FX(3)


733.1


838.1


121.5


14.3 %

Profit for the period


416.5


1,248.1


180.9


199.7 %

Adjusted net profit(2)

excluding FX(3)


585.6


633.1


91.8


8.1 %

Store Network Expansion

As of March 31, 2026, the Company's total store count reached 8,565, representing a net increase of 797 YoY and 80 YTD(4).

  • MINISO Brand: totaled 8,210 stores (up 722 YoY and 59 YTD(4)), driven by:
    • Chinese Mainland: 4,593 stores (up 318 YoY and 25 YTD(4)).
    • Overseas Markets: 3,617 stores (up 404 YoY and 34 YTD(4)).
  • TOP TOY Brand: totaled 355 stores (up 75 YoY and 21 YTD(4)).

The following table provides a breakdown of the Company's store network and its changes on a YoY and YTD(4) basis. About 56% of new MINISO stores in the past twelve months were located in overseas markets.

As of




March 31,

2025

December

31, 2025

March 31,

2026

YoY

YTD (4)

Number of stores on group level

7,768

8,485

8,565

797

80

Number of MINISO stores

7,488

8,151

8,210

722

59

Chinese mainland

4,275

4,568

4,593

318

25

     — Directly operated stores

20

18

15

(5)

(3)

     — Stores operated under Retail

          Partner model

4,229

4,522

4,552

323

30

     — Stores operated under

          distributor model

26

28

26

-

(2)

Overseas markets

3,213

3,583

3,617

404

34

     — Directly operated stores

548

700

745

197

45

     — Stores operated under Retail

          Partner model

432

432

436

4

4

     — Stores operated under

          distributor model

2,233

2,451

2,436

203

(15)







Number of TOP TOY stores

280

334

355

75

21

Chinese mainland

276

304

316

40

12

     — Directly operated stores

38

35

35

(3)

-

     — Stores operated under Retail

          Partner model

238

269

281

43

12

Overseas markets

4

30

39

35

9

     — Directly operated stores

2

15

21

19

6

     — Stores operated under Retail

          Partner model

2

4

4

2

-

     — Stores operated under

          distributor model

-

11

14

14

3

Mr. Guofu Ye, Founder, Chairman and CEO of MINISO, commented, "Revenue on group level grew by 28.5% YoY, kicking off 2026 by outperforming our previous expectation. MINISO Chinese mainland achieved a 29.6% YoY revenue growth in 26Q1, delivering a fifth consecutive quarter of acceleration since March quarter of 2025, powered by its another solid high-single digit SSSG. Revenue from MINISO overseas grew by 21.9%, powered by low-single digit SSSG. By deepening our glocalization moat in integrating local talent, tailoring product offerings and optimizing regional execution, as well as maintaining rigorous operational discipline, we are unleashing growth momentum from our overseas markets. TOP TOY recorded a 51.4% YoY revenue growth in 26Q1, sustaining its robust growth momentum in pop toy industry.

MINISO Group's outstanding performance this quarter serves as a powerful validation of the momentum we are building. My personal intension to increase my holdings as announced in April 2026 is a direct reflection of my conviction in the Company's development prospects. I believe MINISO Group's current valuation has yet to reflect its true intrinsic potential."

"Entering the second half of 2026, we will continue to deepen our globalization and IP strategies, driving high-quality growth through continuous product mix optimization, upgrade and expansion of our store network and leveraging a multi-dimensional IP matrix. We are firmly advancing with purpose toward our long-term objectives." Mr. Ye continued.

Mr. Eason Zhang, CFO of MINISO, commented, "Our sustained top-line excellence underscore our competitive edge in capturing market share and our unwavering brand influence, powered by another strong SSSG on group level. Excluding FX(3), adjusted operating profit(2) would have increased 14.3% with a margin of 14.7%, underscoring the healthy growth of our core business."

"In April and May 2026, we distributed cash dividends of US$115.8 million, bringing our shareholders returns totaling RMB6.2 billion since our U.S. IPO in 2020. We believe that our share price has been trading below its intrinsic value and the Company is also planning to conduct share repurchases depending on market conditions. Moving forward, we will continue to exercise disciplined cost control and prudent budgeting, balancing both growth and our commitment to bringing stable and foreseeable returns to shareholders." Mr. Zhang concluded.

Financial Results for 26Q1

Revenue was RMB5,688.4 million (US$824.6 million), representing an increase of 28.5% YoY, powered by a mid-single digit SSSG on group level.

Revenue from MINISO brand increased by 26.6% YoY to RMB5,173.4 million (US$750.0 million), mainly driven by (i) an increase of 29.6% in revenue from Chinese mainland, powered by its high-single digit SSSG, and (ii) an increase of 21.9% in revenue from overseas markets, powered by its low-single digit SSSG. Overseas revenue contributed 37.5% of revenue from MINISO brand, compared to 39.0% in the same period last year.

Revenue from TOP TOY brand(5) increased by 51.4% YoY to RMB514.5 million (US$74.6 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 RMB3,224.4 million (US$467.4 million), representing an increase of 30.6% YoY.

Gross profit was RMB2,464.0 million (US$357.2 million), representing an increase of 25.8% YoY.

Gross margin was 43.3%, compared to 44.2% in the same period last year. The contraction of gross margin was due to lower revenue contribution from our higher-margin overseas business of MINISO brand, among other factors.

Selling and distribution expenses were RMB1,470.9 million (US$213.2 million), representing an increase of 44.0% YoY. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,394.7 million (US$202.2 million), representing an increase of 37.7% YoY. The increase was mainly attributable to a 34.6% increase in the directly operated stores related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses, slowing down from the YoY increase of 50.2% in the full year of 2025. Promotion and advertising expenses increased 73.7%, as a percentage of revenue at around 3%. Logistic expenses increased 43.5%, as a percentage of revenue stabilizing at around 2% in both comparative periods. Licensing expenses increased 42.0%, which was in relation to the Company's strategic commitment to IP development to pave the way for future growth, as a percentage of around 2.6% of revenue, compared to 2.4% in the same period last year.

General and administrative expenses were RMB297.3 million (US$43.1 million), representing an increase of 22.8% YoY. Excluding share-based compensation expenses, general and administrative expenses were RMB264.8 million (US$38.4 million), representing an increase of 17.4% 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 RMB821.8 million (US$119.1 million), compared to RMB20.8 million in the same period  last year. The increase was mainly due to an unrealized mark-to-market gain of RMB874.6 million (US$126.8 million) arising from fair value changes of an investment in a limited partnership, reflecting its early stage strategic pre-IPO investment in the AI industry. This was partially offset by a net foreign exchange loss of RMB82.5 million (US$ 12.0million), compared to a net foreign exchange gain of RMB1.6 million in the same period last year.

Operating profit increased 114.3% to RMB1,521.4 million (US$220.6 million), compared with RMB709.8 million in the same period last year, mainly driven by an increase in other net income mentioned above, partially offset by higher equity-settled share-based payment expenses related to TOP TOY compared with the prior-year period.

Operating margin was 26.7%, compared with 16.0% in the same period last year.

Adjusted operating profit (2) was RMB755.5 million (US$109.5 million), compared with RMB734.7 million in the same period last year. If excluding FX(3), it would have been RMB838.1 million (US$121.5 million), representing an increase of 14.3% YoY.

Adjusted operating margin (2) was 13.3%, compared 16.6% in the same period last year. If excluding FX(3), it would have been 14.7%.

Net finance cost was RMB104.0 million (US$15.1 million), compared to RMB49.0 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 cost. The increase in finance cost 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 in 2025 (the "Equity Linked Securities"), which is excluded in non-IFRS financial measures(2), and (iii) increased interest expenses in relation 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" ), which is also excluded in non-IFRS financial measures(2), driven by the full-quarter recognition of interest on such borrowing in 26Q1 versus a pro-rated portion in the prior-year period.

Share of profit of equity-accounted investees, net of tax was RMB78.2 million (US$11.3 million), compared to share of loss of RMB2.0 million in the same period last year. The YoY increase was mainly attributable to share of profit in Yonghui of RMB77.5 million (US$11.2 million), which has been excluded in non-IFRS financial measures(2).

Changes in fair value of redemption liabilities were RMB21.4 million (US$3.1 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 RMB50.8 million (US$7.4 million), including loss from fair value change of certain derivative under mark-to-market impact, which is in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures(2).

Effective tax rate was 12.3%, compared to 26.6% in the same period last year. The decrease in effective tax rate was primarily driven by non-taxable gain at the consolidation level.

Adjusted effective tax rate (2) was 24.9%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 20.5% in the same period last year.

Profit for the period increased 199.7% YoY to RMB1,248.1 million (US$180.9 million), compared to RMB416.5 million in the same period last year. The increase was primarily attributable to the following factors: (i) the unrealized mark-to-market gain of RMB874.6 million (US$126.8 million) from fair value changes of an investment in a limited partnership investing in the AI industry, (ii) RMB77.5 million (US$11.2 million) share of profit from its investment in Yonghui, and (iii) lapping the one-off derivative issuance cost of RMB44.7 million on the Equity Linked Securities recorded in the prior-year period. Such positive contributions were partially offset by the following factors: (i) higher equity-settled share-based payment expenses related to TOP TOY compared with the prior-year period, (ii) net foreign exchange loss of RMB82.5 million (US$12.0 million), reversing the net foreign exchange gain of RMB1.6 million recorded in the same period last year, (iii) 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; and (iv) an increase in interest expenses related to the Equity Linked Securities and bank loans used for acquisition of the equity interest of Yonghui.

Net profit margin was 21.9%, compared to 9.4% in the same period last year.

Adjusted net profit (2) was RMB550.6 million (US$79.8 million), compared to RMB587.2 million in the same period last year. If excluding FX(3), it would have been RMB633.1 million (US$91.8 million), representing an increase of 8.1% YoY.

Adjusted net margin (2) was 9.7%, compared to 13.3% in the same period  last year. If excluding FX(3), it would have been 11.1%, compared to 13.2% in the same period last year.

Adjusted EBITDA (2) increased 6.6% YoY to RMB1,105.7 million (US$160.3  million).

Adjusted EBITDA margin (2) was 19.4%, compared to 23.4% in the same period last year.

Basic earnings per ADS was RMB4.12 (US$0.60), compared to RMB1.36 in the same period last year, representing an increase of 202.9% YoY.

Diluted earnings per ADS was RMB4.08 (US$0.59), compared to RMB1.36 in the same period last year, representing an increase of 200.0% YoY.

Adjusted basic and diluted earnings per ADS (2) were both RMB1.80 (US$0.26), compared to RMB1.92 and RMB1.88 respectively 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 RMB7,049.1 million (US$1,021.9 million) as of March 31, 2026, compared to RMB7,087.9 million as of December 31, 2025.

Net cash from operating activities was RMB365.2 million (US$52.9 million) for 26Q1, capital expenditure was RMB270.6 million (US$39.2 million) and free cash flow was RMB94.6 million (US$13.7 million).

Notes:

(1) "SSSG" refers to the year-over-year growth of same-store GMV. "Same-store GMV" refers to the GMV generated by those stores that opened prior to the beginning of the comparative periods and remained open as of the end of the comparative periods, closed for less than 30 days during both comparative periods, and, for MINISO stores outside of China, operated for at least 15 full months at the end of the reporting 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 three months ended March 31, 2026.
(5) Revenue from TOP TOY brand only represents revenue generated from external parties.
(6) "Cash position" refers to the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits with original maturity over three months, and other investments recorded as current assets.

Conference Call

The Company's management will hold an earnings conference call at 5:00 A.M. Eastern Time on Tuesday, May 26, 2026 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. Simultaneous interpretation in English will be provided during the conference call. The conference call can be accessed by the following Zoom link or dialing the following numbers:

Access 1

Join Zoom meeting.

Zoom link: https://zoom.us/j/95725759937?pwd=eaZoICKP3u9Oc6bDEr7aBtpGzzvJ8K.1
Meeting Number: 957 2575 9937
Meeting Passcode: 9896

Access 2

Listeners may access the call by dialing the following numbers and using the same meeting number and passcode as access 1.

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 March 31, 2026, which was RMB6.8980 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 26Q1, to more accurately reflect the Company's core business performance, the Company has adopted revised definitions of adjusted operating profit and adjusted net profit by excluding gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry from the calculation of these items. The Company recorded loss of nil and 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


March 31, 2026



(Audited)


(Unaudited)



RMB'000


RMB'000


US$'000

ASSETS







Non-current assets







Property, plant and equipment


2,109,385


2,295,108


332,721

Right-of-use assets


5,121,039


5,426,807


786,722

Intangible assets


94,951


99,209


14,382

Goodwill


223,187


215,321


31,215

Deferred tax assets


288,679


289,006


41,897

Other investments


201,727


1,076,320


156,034

Trade and other receivables


247,511


280,059


40,600

Financial derivative assets


774,103


543,018


78,721

Interests in equity-accounted

investees


5,486,648


5,567,263


807,084










14,547,230


15,792,111


2,289,376








Current assets







Other investments


-


1,589,132


230,376

Inventories


3,691,238


3,568,677


517,350

Trade and other receivables


3,307,129


3,335,325


483,520

Cash and cash equivalents


6,817,129


5,221,920


757,019

Restricted cash


54,229


67,519


9,788

Term deposits


216,567


170,518


24,720










14,086,292


13,953,091


2,022,773








Total assets


28,633,522


29,745,202


4,312,149

 

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

(Expressed in thousands)




As at


As at



December 31, 2025


March 31, 2026



(Audited)


(Unaudited)



RMB'000


RMB'000


US$'000

EQUITY







Share capital


94


94


14

Additional paid-in capital


2,887,905


2,083,400


302,030

Other reserves


2,232,854


2,139,183


310,116

Retained earnings


5,497,910


6,748,647


978,348








Equity attributable to equity

shareholders of the Company


10,618,763


10,971,324


1,590,508

Non-controlling interests


100,508


104,235


15,111








Total equity


10,719,271


11,075,559


1,605,619








LIABILITIES







Non-current liabilities







Contract liabilities


22,418


21,804


3,161

Loans and borrowings


5,415,416


5,421,999


786,025

Other payables


72,586


74,626


10,818

Lease liabilities


2,713,798


3,017,729


437,479

Financial derivative liabilities


1,184,050


997,166


144,559

Deferred income


33,053


32,812


4,757










9,441,321


9,566,136


1,386,799








Current liabilities







Contract liabilities


388,746


385,298


55,856

Loans and borrowings


1,751,018


2,058,501


298,420

Trade and other payables


4,516,491


4,026,051


583,655

Lease liabilities


950,784


1,020,318


147,915

Deferred income


965


965


140

Current taxation


291,245


224,861


32,598

Dividend payables


-


801,431


116,183

Redemption liabilities arising

from preferred shares


573,681


586,082


84,964










8,472,930


9,103,507


1,319,731








Total liabilities


17,914,251


18,669,643


2,706,530








Total equity and liabilities


28,633,522


29,745,202


4,312,149

 

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

(Expressed in thousands, except for per ordinary share and per ADS data)






Three months ended March 31,



2025


2026

(Unaudited)

(Unaudited)



RMB'000


RMB'000


US$ '000

Revenue


4,427,044


5,688,388


824,643

Cost of sales


(2,469,007)


(3,224,357)


(467,434)








Gross profit


1,958,037


2,464,031


357,209

Other income


3,020


5,916


858

Selling and distribution expenses


(1,021,186)


(1,470,912)


(213,237)

General and administrative expenses


(242,144)


(297,293)


(43,098)

Other net income


20,835


821,841


119,142

Credit loss on trade and other receivables


(8,775)


(2,174)


(315)








Operating profit


709,787


1,521,409


220,559

Finance income


36,915


16,474


2,388

Finance costs


(85,945)


(120,496)


(17,468)








Net finance costs


(49,030)


(104,022)


(15,080)

Share of (loss)/profit of equity-accounted

investees, net of tax


(2,005)


78,192


11,335

Other expenses


(91,071)


(50,838)


(7,370)

Changes in fair value of redemption liabilities


-


(21,438)


(3,108)








Profit before taxation


567,681


1,423,303


206,336

Income tax expense


(151,222)


(175,201)


(25,399)








Profit for the period


416,459


1,248,102


180,937








Attributable to:







Equity shareholders of the Company


416,342


1,250,737


181,319

Non-controlling interests


117


(2,635)


(382)








Earnings per share for ordinary shares







-Basic


0.34


1.03


0.15

-Diluted


0.34


1.02


0.15








Earnings per ADS







(Each ADS represents 4 ordinary shares)

-Basic


1.36


4.12


0.60

-Diluted


1.36


4.08


0.59

 

 MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (CONTINUED)

(Expressed in thousands)










Three months ended March 31,



2025


2026

(Unaudited)

(Unaudited)



RMB'000


RMB'000


US$ '000








Profit for the period


416,459


1,248,102


180,937








Items that may be reclassified subsequently to

profit or loss:







Exchange differences on translation of financial

statements of foreign operations


(1,291)


(49,380)


(7,159)

Share of other comprehensive income of equity-

accounted investees


-


813


118








Other comprehensive loss for the period


(1,291)


(48,567)


(7,041)








Total comprehensive income for the period


415,168


1,199,535


173,896








Attributable to:







Equity shareholders of the Company


416,306


1,203,917


174,531

Non-controlling interests


(1,138)


(4,382)


(635)

 

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES

(Expressed in thousands, except for percentages)










Three months ended March 31,



2025


2026



(Unaudited)


(Unaudited)



RMB'000


RMB'000


US$'000








Reconciliation of operating profit for the period

to adjusted operating profit







Operating profit


709,787


1,521,409


220,559

Add back:







Equity-settled share-based payment expenses


24,930


108,715


15,760

Gain from fair value changes of an investment in

a limited partnership investing in the AI industry


-


(874,593)


(126,789)








Adjusted operating profit


734,717


755,531


109,530

Adjusted operating margin


16.6 %


13.3 %


13.3 %








Reconciliation of operating profit for the period

t o adjusted operating profit excluding FX (1)







Adjusted operating profit


734,717


755,531


109,530

Add back:







Net foreign exchange (gain) or loss


(1,577)


82,548


11,967








Adjusted operating profit excluding FX (1)


733,140


838,079


121,497

Adjusted operating margin excluding FX (1)


16.6 %


14.7 %


14.7 %


Note:

(1)  "FX" refers to net foreign exchange gain or loss for the period.

 

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)

(Expressed in percentages)








Three months ended March 31,



2025


2026



(Unaudited)


(Unaudited)






Reconciliation of effective tax rate to adjusted effective tax rate:





Effective tax rate


26.6 %


12.3 %






Impact on effective tax rate as a result of adjusted items


(6.1) %


12.6 %

Adjusted effective tax rate


20.5 %


24.9 %

 

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)

(Expressed in thousands, except for per share, per ADS data and percentages)










Three months ended March 31,



2025


2026

(Unaudited)

(Unaudited)



RMB'000


RMB'000


US$'000








Reconciliation of profit for the period to adjusted

net profit:







Profit for the period


416,459


1,248,102


180,937

Add back:







Equity-settled share-based payment expenses


24,930


108,715


15,760

Loss from fair value change of

derivatives(1)(2)


46,407


50,838


7,370

Issuance cost of derivatives(1)(3)


44,664


-


-

Interest expenses related to the Equity Linked

Securities and the bank loans used for

acquisition of the equity interest in Yonghui(1)


54,745


73,515


10,657

-Interest expenses related to the Equity

Linked Securities (4)


40,527


50,380


7,303

-Interest expenses related to the bank loans

used for acquisition of the equity interest in 

Yonghui


14,218


23,135


3,354

Share of profit of Yonghui, net of tax(1)


-


(77,458)


(11,229)

Changes in fair value of redemption liabilities(1)


-


21,438


3,108

Gain from fair value changes of an investment in

a limited partnership investing in the AI

industry(5)


-


(874,593)


(126,789)








Adjusted net profit


587,205


550,557


79,814

Adjusted net margin


13.3 %


9.7 %


9.7 %








Attributable to:







Equity shareholders of the Company


586,999


552,340


80,072

Non-controlling interests


206


(1,783)


(258)








Adjusted net earnings per share (6)







-Basic


0.48


0.45


0.07

-Diluted


0.47


0.45


0.07








Adjusted net earnings per ADS (Each

ADS represents 4 ordinary shares)







-Basic


1.92


1.80


0.26

-Diluted


1.88


1.80


0.26

 

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)

(Expressed in thousands, except for percentages)




Three months ended March 31,



2025


2026



(Unaudited)


(Unaudited)



RMB'000


RMB'000


US$'000








Reconciliation of adjusted net profit for the

period to adjust net profit excluding FX (7) :







Adjusted net profit


587,205


550,557


79,814

Add back:







Net foreign exchange (gain) or loss


(1,577)


82,548


11,967








Adjusted net profit excluding FX (7)


585,628


633,105


91,781

Adjusted net margin excluding FX (7)


13.2 %


11.1 %


11.1 %








Reconciliation of adjusted net profit for

the period to adjusted EBITDA:







Adjusted net profit


587,205


550,557


79,814

Add back:







Depreciation and amortization


267,672


332,990


48,273

Finance costs excluding interest expenses related

to the Equity Linked Securities


31,200


46,981


6,811

Income tax expense


151,222


175,201


25,399








Adjusted EBITDA


1,037,299


1,105,729


160,297

Adjusted EBITDA margin


23.4 %


19.4 %


19.4 %


Notes:

(1)  These adjustment items have been excluded from the calculation of adjusted net profit as the Company does not

consider such items to be indicative of its performance of core business in the future.

 

(2)  The gain or loss from fair value change of derivatives was a non-cash gain or expense that was related to the fair

value of the Equity Linked Securities and call spread. It was determined primarily by movements in the underlying share

price.

 

(3)  The issuance cost of derivatives was a one-off expense that was related to the Equity Linked Securities.

 

(4)  For 26Q1, the RMB50.4 million interest expenses related to the Equity Linked Securities included RMB45.7 million

non-cash portion and RMB4.7 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 expense, which was an unrealized gains or loss arising from fair value changes of an

investment in a limited partnership investing in the AI industry.

 

(6)  Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the

equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share

calculation on an IFRS basis.

 

(7)  "FX" refers to net foreign exchange gain or loss for the period.

 

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

(Expressed in thousands, except for percentages)








Three months ended March 31,





2025


2026


YoY



RMB'000


RMB'000


US$'000


Revenue









MINISO Brand


4,085,778


5,173,402


749,985


26.6 %

-Chinese mainland


2,493,775


3,232,254


468,578


29.6 %

-Overseas markets


1,592,003


1,941,148


281,407


21.9 %

TOP TOY Brand (1)


339,850


514,485


74,585


51.4 %

Others


1,416


501


73


(64.6) %



4,427,044


5,688,388


824,643


28.5 %


Note:

(1) Revenue from TOP TOY brand only represents revenue generated from external parties.

 

 

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

NUMBER OF MINISO STORES IN CHINESE MAINLAND








As of







March 31,

2025


December 31,

2025


March 31,

2026


YoY


YTD (1)

By City Tiers










First-tier cities


569


609


605


36


(4)

Second-tier cities


1,773


1,881


1,894


121


13

Third- and lower-tier cities


1,933


2,078


2,094


161


16

Total


4,275


4,568

4,593


318

25


Note:

(1) "YTD" refers to the three months ended March 31, 2026.

 

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

NUMBER OF MINISO STORES IN OVERSEAS MARKETS












As of





By Regions


March 31,
2025


December 31,

2025


March 31,
2026


YoY


YTD (1)










Asia excluding China


1,663


1,793


1,801


138


8

North America


375


461


499


124


38

Latin America


646


722


722


76


-

Europe


301


361


355


54


(6)

Others


228


246


240


12


(6)

Total

3,213


3,583


3,617


404

34














Note:

(1) "YTD" refers to the three months ended March 31, 2026.

 

*For identification purpose only

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SOURCE MINISO Group Holding Limited