Disney's 'Zootopia 2' a Likely Catalyst for Miniso Sales — Market Talk

Deutsche Bank resumes coverage on Miniso with a buy rating and $23 target price as it thinks the company is on track to deliver improving same-store sales across regions and improving profitability in 2026. Miniso's 3Q results confirm it is entering a recovery phase, says analyst Sammi Xu in a note. Management is guiding for low-teens percentage same-store sales growth and 25%-30% revenue growth in 4Q, highlighting sequential improvement amid a challenging spending environment. However, a meaningful improvement in margins has yet to be observed amid efforts to ramp up its direct-operated U.S. business and re-emphasize its value-for-money positioning in China. Xu sees Miniso's current valuation as highly attractive and a unique investment opportunity within China's discretionary space. (monica.gupta@wsj.com)

Record revenue growth of 28.2% in the September quarter and 23.7% for nine months was driven by strong same-store sales and rapid overseas expansion, with adjusted net profit up 11.7% and TOP TOY revenue more than doubling year-over-year.

Original document: MINISO Group Holding Ltd. [9896] SEC 6-K Current Report — Nov. 21 2025

Q3 2025 saw 28.2% revenue growth and double-digit profit gains, with global store count reaching 8,000. Overseas and Mainland China segments both delivered strong sales, and full-year guidance projects ~25% revenue growth and double-digit profit expansion.

Original document: MINISO Group Holding Ltd. [9896] Slides Release — Nov. 21 2025

MINISO Group Momentum Further Accelerated: Same-Store GMV(1) Increased Mid-single Digit in September Quarter; Revenue Increased 28.2%; Adjusted Operating Profit Increased 14.8%;

MINISO Brand Added 102 Net New Stores in Mainland China with Strong Same-Store GMV(1) Growth ("SSSG") of High-single Digit for September Quarter;

TOP TOY Brand Revenue(2) Increased 111.4%, another New Quarterly Growth Record

MINISO Group Achieved the Milestone of 8,000 Stores Globally with Quarterly Revenue Surpassed RMB5 Billion for the First Time

GUANGZHOU, China, Nov. 20, 2025 /PRNewswire/ — MINISO Group Holding Limited (; ) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced its unaudited financial results for the three months and the nine months ended September 30, 2025 (the "September Quarter" and the "First Nine Months", respectively).

Financial Highlights for the September Quarter

• Revenue increased 28.2% year over year to RMB5,796.6 million (US$814.3 million), above the high end of the Company's previous guidance range of 25%-28%.
• All three of the Company's operating segments delivered an upward momentum in SSSG during the September Quarter, lifting group-level SSSG to a mid-single digit level.
  -- MINISO Brand's SSSG was mid-single digit year over year,
  underpinned by (i) an exceptional high-single-digit growth in mainland China, and (ii) a low-single-digit growth in overseas markets.
  -- TOP TOY Brand's SSSG advanced at a mid-single digit rate year over
  year.
• Gross profit increased 27.6% year over year to RMB2,590.1 million (US$363.8 million).
• Gross margin was 44.7%, compared to 44.9% in the same period last year.
• Operating profit was RMB846.6 million (US$118.9 million), compared to RMB852.6 million in the same period last year.
• Adjusted operating profit(3) increased 14.8% year over year to RMB1,022.3 million (US$143.6 million), with adjusted operating margin of 17.6%.
• Profit for the period was RMB443.2 million (US$62.3 million), compared to RMB648.3 million in the same period last year.
• Adjusted net profit(3) increased 11.7% year over year to RMB766.8 million (US$107.7 million).
• Adjusted net margin(3) was 13.2%, compared to 15.2% in the same period last year.
• Adjusted EBITDA(3) increased 18.8% year over year to RMB1,353.8 million (US$190.2 million).
• Adjusted EBITDA margin(3) was 23.4%, compared to 25.2% in the same period last year.
• Adjusted basic and diluted earnings per ADS(3) were both RMB2.48 (US$0.35), increased by 12.7% year over year.
• Net cash from operating activities was RMB1,299.6 million (USD182.6 million) in the September Quarter, with an operating cash flow to adjusted net profit ratio of 1.7. Capital expenditure was RMB330.3 million (US$46.4 million) and free cash flow was RMB969.3 million (US$136.2 million) for the September Quarter.

Financial Highlights for the First Nine Months

• Revenue increased 23.7% year over year to RMB15,189.8 million (US$2,133.7 million).
• Gross profit increased 24.5% year over year to RMB6,747.0 million (US$947.7 million).
• Gross margin was 44.4%, compared to 44.1% in the same period last year.
• Operating profit was RMB2,392.5 million (US$336.1 million), compared to RMB2,347.4 million in the same period last year.
• Adjusted operating profit(3) increased 6.5% year over year to RMB2,608.8 million (US$366.5 million), with adjusted operating margin of 17.2%.
• Profit for the period was RMB1,349.2 million (US$189.5 million), compared with RMB1,825.7 million in the same period last year.
• Adjusted net profit(3) increased 6.1% year over year to RMB2,045.5 million (US$287.3 million), compared with RMB1,928.1 million in the same period last year.
• Adjusted net margin(3) was 13.5%, compared to 15.7% in the same period last year.
• Adjusted EBITDA(3) increased 14.0% year over year to RMB3,540.6 million (US$497.3 million).
• Adjusted EBITDA margin(3) was 23.3%, compared to 25.3% in the same period last year.
• Adjusted basic earnings per ADS(3) increased 7.8% year over year to RMB6.64 (US$0.93).
• Adjusted diluted earnings per ADS(3) increased 8.5% year over year to RMB6.64 (US$0.93).
• Cash Position(4) was RMB7,766.2 million (US$1,090.9 million) as of September 30, 2025, compared to RMB6,698.1 million as of December 31, 2024.
• Net cash from operating activities was RMB2,313.8 million (US$325.0 million). Capital expenditure was RMB765.0 million (US$107.5 million) and free cash flow was RMB1,548.8 million (US$217.6 million) for the First Nine Months.

Operational Highlights

• Total number of stores on group level was 8,138 as of September 30, 2025, achieving the milestone of 8,000 stores, with a year-over-year increase of 718 net new stores.
• Number of MINISO stores was 7,831 as of September 30, 2025, representing a year-over-year increase of 645 net new stores.
  -- Number of MINISO stores in mainland China was 4,407 as of
  September 30, 2025, representing a year-over-year increase of 157 net new stores.
  -- Number of MINISO stores in overseas markets reached 3,424 as of
  September 30, 2025, representing a year-over-year increase of 488 net new stores.
• Number of TOP TOY stores was 307 as of September 30, 2025, representing a year-over-year increase of 73 net new stores.

Notes: 
(1)    "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 and closed for less than 30 days during 
both comparative periods. "SSSG" refers to the year-over-year growth of 
same-store GMV. 
(2)    Represents only revenue generated from external parties. 
(3)    See the sections titled "Non-IFRS Financial Measures" and 
"Reconciliation of Non-IFRS Financial Measures" in this press release for more 
information. 
(4)    "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. 
The following table provides a breakdown of the Company's store network and 
its changes on a year-over-year basis. The number of directly operated stores 
reached 700 on group level. 75.7% of new MINISO stores in the past twelve 
months were located in overseas markets. 
 
 
 
                                                    As of                YoY 
                                         ----------------------------  ----- 
                                         September 30,  September 30, 
                                              2024           2025 
                                         -------------  -------------  ----- 
Number of stores on group level                  7,420          8,138    718 
 Number of MINISO stores                         7,186          7,831    645 
 Mainland China                                  4,250          4,407    157 
 --Directly operated stores                         29             21    (8) 
 --Stores operated under MINISO Retail 
  Partner model                                  4,196          4,358    162 
 --Stores operated under distributor 
  model                                             25             28      3 
 Overseas                                        2,936          3,424    488 
 --Directly operated stores                        422            637    215 
 --Stores operated under MINISO Retail 
  Partner model                                    372            429     57 
 --Stores operated under distributor 
  model                                          2,142          2,358    216 
 Number of TOP TOY stores                          234            307     73 
 --Directly operated stores                         29             42     13 
 --Stores operated under TOP TOY Retail 
  Partner model(1)                                 205            258     53 
 --Stores operated under distributor 
  model                                              -              7      7 
 
 Note: 
 (1)  TOP TOY Retail Partner model is a hybrid store operation model similar 
 to MINISO Retail Partner model, taking advantageous elements from the 
 franchise store model and the directly operated chain store model, both of 
 which are industry norms. 
 

Mr. Guofu Ye, Founder, Chairman, and CEO of MINISO, commented, "We are thrilled to see two significant milestones achieved by MINISO Group in the September Quarter: quarterly revenue surpassed RMB 5 billion for the first time, and MINISO Group's global store counts exceeded 8,000. In the September Quarter, MINISO mainland China delivered an exceptional performance, with over 100 net new stores on a quarterly basis and a high-single-digit level SSSG in this quarter. Both net store expansion and SSSG demonstrated sequential acceleration. Against the backdrop of a highly competitive physical retail environment in domestic market, MINISO mainland China's outstanding results further underscored our ability to respond agilely, execute effectively, and leverage the resilience of our business model. SSSG in MINISO mainland China from year to date reached low-single digit. We are steadily progressing toward our goal of achieving full-year positive SSSG for MINISO mainland China in 2025." "MINISO overseas had also shown sequential improvement in its same-store GMV, with growth accelerating to low-single digit in the September Quarter. Our strategic markets, such as North America and Europe, continued to deliver outstanding SSSG. We expected to see more momentum from SSSG in the growth of overseas markets, signaling a higher-quality growth that is more sustainable and carries lower operational risk. Meanwhile, we were thrilled to see that the operating margin of MINISO overseas directly operated business has year-over-year improvement, which demonstrated continuous and steady improvement in MINISO's fundamental operational strengths. Notably, TOP TOY achieved a remarkable 111.4% year-over-year revenue increase in the September Quarter, significantly exceeding our expectations and demonstrating its strong market leadership and growth potential in the pop toy industry." Mr. Ye continued.

Mr. Eason Zhang, CFO of MINISO, commented, "The year-over-year revenue growth on group level reached 28.2%, above our previous guidance. Adjusted operating profit increased 14.8% year over year. Adjusted operating margin was 17.6%, with year-over-year margin contraction sequentially narrowing from previous quarters, both in line with our previous guidance. Adjusted EBITDA increased 18.8% year over year, with a trend of sequential quarterly acceleration in year-over-year growth. Adjusted EBITDA margin reached 23.4%."

" Net cash from operating cash flow was RMB1,299.6 million in this quarter, with an operating cash flow to adjusted net profit ratio of 1.7. As of September 30, our cash position reached RMB7.77 billion. Net cash from operating cash flow for the First Nine Months reached 2,313.8 million, surpassing adjusted net profit in the same period. It demonstrated our solid financial position, high-quality profitability and efficient management ability in working capital, and further underscored the resilience and robust operational cash flow generation of our business that will fuel our future high-quality growth." Mr. Zhang concluded.

Operational Updates

October 2025: According to the Company's preliminary estimates, the SSSG for MINISO mainland China reached a low-teens level for the whole month of October.

Financial Results for the September Quarter

Revenue was RMB5,796.6 million (US$814.3 million), representing an increase of 28.2% year over year.

Revenue from MINISO brand increased by 22.9% year over year to RMB5,221.5 million (US$733.5 million), including (i) an increase of 19.3% in revenue from MINISO brand in mainland China, accelerating sequentially by quarters in 2025, and (ii) an increase of 27.7% in revenue from MINISO brand in overseas markets. Overseas revenue contributed to 44.3% of revenue from MINISO brand.

Revenue from TOP TOY brand(1) increased by 111.4% to RMB574.5 million (US$80.7 million).

For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release.

Cost of sales was RMB3,206.6 million (US$450.4 million), representing an increase of 28.6% year over year.

Gross profit was RMB2,590.1 million (US$363.8 million), representing an increase of 27.6% year over year.

Gross margin was 44.7%, compared to 44.9% in the same period last year.

Selling and distribution expenses were RMB1,429.9 million (US$200.9 million), representing an increase of 43.5% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,333.9 million (US$187.4 million), representing an increase of 36.5% year over year. The year-over-year increase was mainly attributable to the Company's investments into directly operated stores to pursue the future success of the Company's business, especially in strategic overseas markets such as the U.S. market. As of September 30, 2025, total number of directly operated stores on the group level was 700, compared to 480 as of September 30, 2024. In the September Quarter, revenue from directly operated stores increased 69.9%, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 40.7%, decelerating from the year-over-year increase of 71.4% and 56.3% in March and June quarter of 2025, respectively. Promotion and advertising expenses increased 43.3%, as a percentage of revenue stabilizing at around 3% in both comparative periods. Licensing expenses increased 20.8%, as a percentage of revenue stabilizing at around 3% in both comparative periods as well. Logistics expenses increased 23.3% year over year.

General and administrative expenses were RMB343.8 million (US$48.3 million), representing an increase of 45.6% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB264.0 million (US$37.1 million), representing an increase of 21.4% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company's business. The increase in equity-settled share-based payment expenses was mainly related to TOP TOY brand.

Other net income was RMB34.3 million (US$4.8 million), compared to RMB36.8 million in the same period last year. The year-over-year decrease was mainly due to a larger net foreign exchange loss compared with the same period last year, partially offset by an increase in investment income from wealth management products.

Operating profit was RMB846.6 million (US$118.9 million), compared with RMB852.6 million in the same period last year.

Adjusted operating profit((2) () was RMB1,022.3 million (US$143.6 million), representing an increase of 14.8% year over year, with adjusted operating margin of 17.6%. The year-over-year contraction in adjusted operating margin has narrowed sequentially from 4.2 percentage points in the March quarter, to 2.3 percentage points in the June quarter and further narrowed down to 2.1 percentage points in the September Quarter.

Net finance cost was RMB104.5 million (US$14.7 million), compared to net finance income of RMB7.8 million in the same period last year. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the equity linked securities issued by the Company in January 2025 ( the "Equity Linked Securities") and the bank loans used for the acquisition of the equity interest of Yonghui Superstores Co., Ltd*( ) ("Yonghui"), both of which have been excluded in non-IFRS financial measures(2) , and (ii) increased interest expenses on lease liabilities corresponding to the Company's investment in directly operated stores.

Share of loss of equity-accounted investees, net of tax was RMB145.1 million (US$20.4 million), compared to share of profit of RMB2.0 million in the same period last year. The year-over-year change was mainly attributable to share of loss in Yonghui, which has been excluded in non-IFRS financial measures(2) .

Other gain was RMB73.2 million (US$10.3 million), mainly attributable to gain from fair value change of derivatives 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 33.9%, compared to 24.8% in the same period last year.

Adjusted effective tax rate(2) was 22.8%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 23.8% in the same period last year.

Profit for the period was RMB443.2 million (US$62.3 million), compared to RMB648.3 million in the same period last year.

Adjusted net profit(2) was RMB766.8 million (US$107.7 million), increased by 11.7% year over year.

Adjusted net margin(2) was 13.2%, compared to 15.2% in the same period last year.

Adjusted EBITDA(2) was RMB1,353.8 million (US$190.2 million), representing an increase of 18.8% year over year.

Adjusted EBITDA margin(2) was 23.4%, compared to 25.2% in the same period last year.

Basic and diluted earnings per ADS were both RMB1.44 (US$0.20) in the September Quarter, compared with RMB2.08 in the same period last year.

Adjusted basic and diluted earnings per ADS(2) were both RMB2.48 (US$0.35) in the September Quarter, representing an increase of 12.7% year over year from RMB2.20 in the same period last year.

Net cash from operating activities was RMB1,299.6 million (USD182.6 million) in the September Quarter, with an operating cash flow to adjusted net profit ratio of 1.7. Capital expenditure was RMB330.3 million (US$46.4 million) and free cash flow was RMB969.3 million (US$136.2 million) for the September Quarter.

Financial Results for the First Nine Months

Revenue was RMB15,189.8 million (US$2,133.7 million), representing an increase of 23.7% year over year.

Revenue from MINISO brand increased by 19.8% to RMB13,870.5 million (US$1,948.4 million), including (i) an increase of 14.1% in revenue from MINISO brand in mainland China, and (ii) an increase of 28.7% in revenue from MINISO brand in overseas markets. The overseas revenue contributed to 42.1% of revenue from MINISO brand, compared to 39.2% in the same period last year.

Revenue from TOP TOY brand(1) increased by 87.9% to RMB1,316.6 million (US$184.9 million).

For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release.

Cost of sales was RMB8,442.8 million (US$1,185.9 million), representing an increase of 23.0% year over year.

Gross profit was RMB6,747.0 million (US$947.7 million), representing an increase of 24.5% year over year.

Gross margin reached 44.4%, representing a year-over-year increase of 0.3 percentage point.

Selling and distribution expenses were RMB3,610.9 million (US$507.2 million), increased by 43.4% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB3,501.0 million (US$491.8 million), increased by 42.4% year over year.

General and administrative expenses were RMB847.5 million (US$119.0 million), increased by 29.4% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB741.1 million (US$104.1 million), increased by 20.9% year over year.

Other net income was RMB132.5 million (US$18.6 million), compared to RMB78.5 million in the same period last year. The year-over-year increase was mainly due to (i) a net foreign exchange gain compared with a net foreign exchange loss in the same period last year, and (ii) an increase in investment income from wealth management products.

Operating profit was RMB2,392.5 million (US$336.1 million), compared to RMB2,347.4 million in the same period last year.

Adjusted operating profit((2) () was RMB2,608.8 million (US$366.5 million), representing an increase of 6.5% year over year.

Net finance cost was RMB232.9 million (US$32.7 million), compared to net finance income of RMB41.9 million in the same period last year. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for the acquisition of the equity interest of Yonghui, both of which have been excluded in non-IFRS financial measures(2) , and (ii) increased interest expenses on lease liabilities corresponding to the Company's investment in directly operated stores.

Share of loss of equity-accounted investees, net of tax was RMB284.1 million (US$39.9 million), compared with share of profit of RMB2.3 million in the same period last year. The year-over-year change was mainly attributable to share of loss in Yonghui, which has been excluded in non-IFRS financial measures(2) .

Other expenses was RMB11.2 million (US$1.6 million), mainly attributable to loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives, which were in relation to the Equity Linked Securities and have been excluded in non-IFRS financial measures(2) .

Effective tax rate was 27.6%, compared to 23.7% in the same period last year.

Adjusted effective tax rate(2) was 20.1%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 22.7% in the same period last year.

Profit for the period was RMB1,349.2 million (US$189.5 million), compared to RMB1,825.7 million in the same period last year.

Adjusted net profit(2) was RMB2,045.5 million (US$287.3 million), compared to RMB1,928.1 million in the same period last year.

Adjusted net margin(2) was 13.5%, compared to 15.7% in the same period last year.

Adjusted EBITDA(2) increased 14.0% year over year to RMB3,540.6 million (US$497.3 million).

Adjusted EBITDA margin(2) was 23.3%, compared to 25.3% in the same period last year.

Basic earnings per ADS was RMB4.40 (US$0.62), compared to RMB5.84 in the same period last year.

Diluted earnings per ADS was RMB4.36 (US$0.61), compared to RMB5.80 in the same period last year.

Adjusted basic earnings per ADS(2) increased 7.8% year over year to RMB6.64 (US$0.93), compared to RMB6.16 in the same period last year.

Adjusted diluted earnings per ADS(2) increased 8.5% year over year to RMB6.64 (US$0.93), compared to RMB6.12 in the same period last year.

Cash position, 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 RMB7,766.2 million (US$1,090.9 million) as of September 30, 2025, compared to RMB6,698.1 million as of December 31, 2024.

Net cash from operating activities was RMB2,313.8 million (US$325.0 million). Capital expenditure was RMB765.0 million (US$107.5 million) and free cash flow was RMB1,548.8 million (US$217.6 million) for the First Nine Months.

Notes:
(1) Revenue from TOP TOY brand only represents revenue generated from external
parties.
(2) See the sections titled "Non-IFRS Financial Measures" and "Reconciliation
of Non-IFRS Financial Measures" in this press release for more information.

Conference Call

The Company's management will hold an earnings conference call at 4:00 A.M. Eastern Time on Friday, November 21, 2025 (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 via the following methods:

Access 1

Join Zoom meeting.

Zoom link: https://zoom.us/j/97158482833?pwd=msvkC9gwjBFY7o1WCnQWqSJ4cpKEAD.1

Meeting Number: 971 5848 2833

Meeting Passcode: 9896

Access 2

Listeners of the meeting 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 of the meeting can also access the call 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 value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO's wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand "MINISO" as a globally recognized retail brand and established a massive store network worldwide. 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 September 30, 2025, which was RMB7.1190 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 operating 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 equity-settled share-based payment expenses. 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 equity-settled share-based payment expenses, gain or loss from fair value change of derivatives, issuance cost of derivatives and interest expenses related to the Equity Linked Securities, interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui, and share of profit or loss of Yonghui, net of tax. 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 depreciation and amortization, 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 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.

MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its operating performance and formulate business plans. These non-IFRS financial measures enable the management to assess its operating results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its operating 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 operating 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 operations. 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 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 operating performance. Investors are encouraged to review MINISO's historical non-IFRS financial measures in light of the most directly comparable IFRS 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, MINISO 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, 2024   September 30, 2025 
                                    (Audited)           (Unaudited) 
                                -----------------  --------------------- 
                                     RMB'000        RMB'000     US$'000 
                                -----------------  ----------  --------- 
ASSETS 
Non-current assets 
Property, plant and equipment           1,436,939   1,919,666    269,654 
Right-of-use assets                     4,172,083   5,008,473    703,536 
Intangible assets                           8,802      98,185     13,792 
Goodwill                                   21,418     225,840     31,724 
Deferred tax assets                       181,948     216,410     30,399 
Other investments                         123,399     147,944     20,782 
Trade and other receivables               341,288     149,312     20,974 
Term deposits                             140,183           -          - 
Financial derivative assets                     -   1,108,926    155,770 
Interests in equity-accounted 
 investees                                 38,567   6,030,265    847,066 
                                -----------------  ----------  --------- 
 
                                        6,464,627  14,905,021  2,093,697 
                                -----------------  ----------  --------- 
 
Current assets 
Other investments                         100,000   4,396,781    617,612 
Inventories                             2,750,389   3,287,721    461,823 
Trade and other receivables             2,207,013   2,709,889    380,656 
Cash and cash equivalents               6,328,121   3,099,079    435,325 
Restricted cash                             1,026       7,138      1,003 
Term deposits                             268,952     263,182     36,969 
                                -----------------  ----------  --------- 
 
                                       11,655,501  13,763,790  1,933,388 
                                -----------------  ----------  --------- 
 
Total assets                           18,120,128  28,668,811  4,027,085 
                                =================  ==========  ========= 
 
 
                      MINISO GROUP HOLDING LIMITED 
        UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL 
                          POSITION (CONTINUED) 
                        (Expressed in thousands) 
 
                                      As at                As at 
                                December 31, 2024   September 30, 2025 
                                    (Audited)           (Unaudited) 
                                -----------------  --------------------- 
                                     RMB'000        RMB'000     US$'000 
                                -----------------  ----------  --------- 
EQUITY 
Share capital                                  94          94         13 
Additional paid-in capital              4,683,577   2,902,595    407,725 
Other reserves                          1,329,126   2,204,724    309,696 
Retained earnings                       4,302,177   5,636,230    791,717 
                                -----------------  ----------  --------- 
 
Equity attributable to equity 
 shareholders of the Company           10,314,974  10,743,643  1,509,151 
Non-controlling interests                  40,548      84,197     11,827 
                                -----------------  ----------  --------- 
 
Total equity                           10,355,522  10,827,840  1,520,978 
                                -----------------  ----------  --------- 
 
LIABILITIES 
Non-current liabilities 
Contract liabilities                       35,145      23,271      3,269 
Loans and borrowings                        4,310   5,622,289    789,758 
Other payables                             59,842      71,585     10,055 
Lease liabilities                       1,903,137   2,308,889    324,328 
Financial derivative 
 liabilities                                    -   1,464,479    205,714 
Deferred income                            34,983      33,294      4,677 
                                -----------------  ----------  --------- 
 
                                        2,037,417   9,523,807  1,337,801 
                                -----------------  ----------  --------- 
 
 
                      MINISO GROUP HOLDING LIMITED 
        UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL 
                          POSITION (CONTINUED) 
                        (Expressed in thousands) 
 
                                      As at                As at 
                                December 31, 2024   September 30, 2025 
                                    (Audited)           (Unaudited) 
                                -----------------  --------------------- 
                                     RMB'000        RMB'000     US$'000 
                                -----------------  ----------  --------- 
Current liabilities 
Contract liabilities                      323,292     287,242     40,349 
Loans and borrowings                      566,955   1,886,022    264,928 
Trade and other payables                3,943,988   4,292,129    602,913 
Lease liabilities                         635,357   1,168,637    164,157 
Deferred income                             5,376       1,294        182 
Current taxation                          252,221     252,315     35,442 
Redemption liabilities arising 
 from preferred shares                          -     429,525     60,335 
                                -----------------  ----------  --------- 
 
                                        5,727,189   8,317,164  1,168,306 
                                -----------------  ----------  --------- 
 
Total liabilities                       7,764,606  17,840,971  2,506,107 
                                =================  ==========  ========= 
 
Total equity and liabilities           18,120,128  28,668,811  4,027,085 
                                =================  ==========  ========= 
 
 
                                   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 September 30,       Nine months ended September 30, 
                        -----------------------------------  ------------------------------------- 
                           2024               2025              2024                2025 
                        (Unaudited)       (Unaudited)        (Unaudited)        (Unaudited) 
                        -----------  ----------------------  -----------  ------------------------ 
                          RMB'000      RMB'000     US$'000     RMB'000      RMB'000      US$'000 
                        -----------  -----------  ---------  -----------  -----------  ----------- 
Revenue                   4,522,577    5,796,645    814,250   12,281,320   15,189,757    2,133,693 
Cost of sales           (2,492,601)  (3,206,573)  (450,425)  (6,861,558)  (8,442,767)  (1,185,948) 
                        -----------  -----------  ---------  -----------  -----------  ----------- 
 
Gross profit              2,029,976    2,590,072    363,825    5,419,762    6,746,990      947,745 
Other income                  5,327        3,549        499       18,025        8,919        1,253 
Selling and 
 distribution 
 expenses                 (996,461)  (1,429,853)  (200,850)  (2,518,549)  (3,610,875)    (507,217) 
General and 
 administrative 
 expenses                 (236,208)    (343,802)   (48,294)    (654,781)    (847,458)    (119,042) 
Other net income             36,758       34,280      4,815       78,454      132,519       18,615 
Reversal of credit 
 loss/(credit loss) on 
 trade and other 
 receivables                 13,170      (7,678)    (1,079)        9,564     (21,128)      (2,968) 
Impairment loss on 
 non-current assets               -            -          -      (5,104)     (16,450)      (2,311) 
                                     -----------  ---------               -----------  ----------- 
 
Operating profit            852,562      846,568    118,916    2,347,371    2,392,517      336,075 
Finance income               25,067       20,276      2,848       99,673       86,112       12,096 
Finance costs              (17,227)    (124,805)   (17,531)     (57,822)    (319,041)     (44,815) 
                                     -----------  ---------               -----------  ----------- 
 
Net finance 
 income/(cost)                7,840    (104,529)   (14,683)       41,851    (232,929)     (32,719) 
Share of profit/(loss) 
 of equity-accounted 
 investees, net of 
 tax                          2,009    (145,105)   (20,383)        2,310    (284,051)     (39,900) 
Other gain/(expenses)             -       73,214     10,284            -     (11,198)      (1,573) 
                                     -----------  ---------               -----------  ----------- 
 
Profit before taxation      862,411      670,148     94,134    2,391,532    1,864,339      261,883 
Income tax expense        (214,090)    (226,950)   (31,879)    (565,832)    (515,151)     (72,363) 
                                     -----------  ---------               -----------  ----------- 
 
Profit for the period       648,321      443,198     62,255    1,825,700    1,349,188      189,520 
                        ===========  ===========  =========  ===========  ===========  =========== 
 
Attributable to: 
Equity shareholders of 
 the Company                641,765      440,539     61,881    1,811,867    1,346,569      189,152 
Non-controlling 
 interests                    6,556        2,659        374       13,833        2,619          368 
                                     -----------  ---------               -----------  ----------- 
 
Earnings per share 
for ordinary shares 
 -Basic                        0.52         0.36       0.05         1.46         1.10         0.15 
 -Diluted                      0.52         0.36       0.05         1.45         1.09         0.15 
 
Earnings per ADS 
(Each ADS represents 
4 ordinary shares) 
 -Basic                        2.08         1.44       0.20         5.84         4.40         0.62 
 -Diluted                      2.08         1.44       0.20         5.80         4.36         0.61 
 
 
 
                       MINISO GROUP HOLDING LIMITED 
      UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS 
                AND OTHER COMPREHENSIVE INCOME (CONTINUED) 
                         (Expressed in thousands) 
 
                    Three months ended September 
                                 30,                Nine months ended September 30, 
                   -------------------------------  ------------------------------- 
                      2024             2025            2024             2025 
                   (Unaudited)     (Unaudited)      (Unaudited)     (Unaudited) 
                   -----------  ------------------  -----------  ------------------ 
                     RMB'000    RMB'000   US$'000     RMB'000     RMB'000   US$'000 
                   -----------  --------  --------  -----------  ---------  ------- 
 
Profit for the 
 period                648,321   443,198    62,255    1,825,700  1,349,188  189,520 
                   -----------  --------  --------  -----------  ---------  ------- 
 
Items that may 
be reclassified 
subsequently to 
profit or loss: 
Exchange 
 differences on 
 translation of 
 financial 
 statements of 
 foreign 
 operations              8,863  (17,451)   (2,451)       15,708    (5,776)    (811) 
                   -----------  --------  --------  -----------  ---------  ------- 
 
Other 
 comprehensive 
 income/(loss) 
 for the period          8,863  (17,451)   (2,451)       15,708    (5,776)    (811) 
                   ===========  ========  ========  ===========  =========  ======= 
 
Total 
 comprehensive 
 income for the 
 period                657,184   425,747    59,804    1,841,408  1,343,412  188,709 
                   ===========  ========  ========  ===========  =========  ======= 
 
Attributable to: 
Equity 
 shareholders of 
 the Company           645,096   425,972    59,836    1,823,139  1,343,373  188,704 
Non-controlling 
 interests              12,088     (225)      (32)       18,269         39        5 
                   -----------  --------  --------  -----------  ---------  ------- 
 
 
 
                           MINISO GROUP HOLDING LIMITED 
                   RECONCILIATION OF NON-IFRS FINANCIAL MEASURES 
                 (Expressed in thousands, except for percentages) 
 
                  Three months ended September 30,  Nine months ended September 30, 
                  --------------------------------  ------------------------------- 
                     2024             2025             2024             2025 
                  (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      852,562    846,568   118,916    2,347,371  2,392,517  336,075 
                  -----------  ---------  --------  -----------  ---------  ------- 
Add back: 
Equity-settled 
 share-based 
 payment 
 expenses              37,883    175,728    24,684      102,390    216,314   30,385 
Adjusted 
 operating 
 profit               890,445  1,022,296   143,600    2,449,761  2,608,831  366,460 
                  ===========  =========  ========  ===========  =========  ======= 
Adjusted 
 operating 
 margin                19.7 %     17.6 %    17.6 %       19.9 %     17.2 %   17.2 % 
                  ===========  =========  ========  ===========  =========  ======= 
 
 
                     MINISO GROUP HOLDING LIMITED 
      RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED) 
                      (Expressed in percentages) 
 
                     Three months ended        Nine months ended 
                       September 30,             September 30, 
                     2024         2025         2024         2025 
                  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited) 
                  -----------  -----------  -----------  ----------- 
 
Reconciliation 
of effective 
tax rate to 
adjusted 
effective tax 
rate: 
Effective tax 
 rate                  24.8 %       33.9 %       23.7 %       27.6 % 
                  -----------  -----------  -----------  ----------- 
 
Impact on 
 effective tax 
 rate as a 
 result of 
 adjusted items       (1.0) %     (11.1) %      (1.0) %      (7.5) % 
                  -----------  -----------  -----------  ----------- 
Adjusted 
 effective tax 
 rate                  23.8 %       22.8 %       22.7 %       20.1 % 
                  ===========  ===========  ===========  =========== 
 
 
                              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 September 30,  Nine months ended September 30, 
                        --------------------------------  ------------------------------- 
                           2024             2025             2024             2025 
                        (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 for the period       648,321   443,198     62,255    1,825,700  1,349,188  189,520 
                        -----------  --------  ---------  -----------  ---------  ------- 
Add back: 
Equity-settled 
 share-based payment 
 expenses                    37,883   175,728     24,684      102,390    216,314   30,385 
Gain from fair value 
 change of 
 derivatives(1)                   -  (73,214)   (10,284)            -   (33,466)  (4,701) 
Issuance cost of 
 derivatives(2)                   -         -          -            -     44,664    6,274 
Interest expenses 
 related to the Equity 
 Linked Securities and 
 the bank loans used 
 for acquisition of 
 the equity interest 
 in Yonghui                       -    75,306     10,578            -    203,657   28,608 
--Interest expenses 
 related to the Equity 
 Linked Securities(3)             -    51,092      7,177            -    140,977   19,803 
--Interest expenses 
 related to the bank 
 loans used for 
 acquisition of the 
 equity interest in 
 Yonghui                          -    24,214      3,401            -     62,680    8,805 
Share of loss of 
 Yonghui, net of tax              -   145,804     20,481            -    265,139   37,244 
 
Adjusted net profit         686,204   766,822    107,714    1,928,090  2,045,496  287,330 
                        ===========  ========  =========  ===========  =========  ======= 
Adjusted net margin          15.2 %    13.2 %     13.2 %       15.7 %     13.5 %   13.5 % 
                        ===========  ========  =========  ===========  =========  ======= 
 
Attributable to: 
Equity shareholders of 
 the Company                679,461   763,224    107,209    1,913,891  2,041,853  286,818 
Non-controlling 
 interests                    6,743     3,598        505       14,199      3,643      512 
                        -----------  --------  ---------  -----------  ---------  ------- 
 
Adjusted net earnings 
per share(4) 
 -Basic                        0.55      0.62       0.09         1.54       1.66     0.23 
 -Diluted                      0.55      0.62       0.09         1.53       1.66     0.23 
 
Adjusted net earnings 
per ADS (Each ADS 
represents 4 ordinary 
shares) 
 -Basic                        2.20      2.48       0.35         6.16       6.64     0.93 
 -Diluted                      2.20      2.48       0.35         6.12       6.64     0.93 
 
 
                           MINISO GROUP HOLDING LIMITED 
             RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED) 
                 (Expressed in thousands, except for percentages) 
 
                  Three months ended September 30,  Nine months ended September 30, 
                  --------------------------------  ------------------------------- 
                     2024             2025             2024             2025 
                  (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 
EBITDA: 
Adjusted net 
 profit               686,204    766,822   107,714    1,928,090  2,045,496  287,330 
                  -----------  ---------  --------  -----------  ---------  ------- 
Add back: 
Depreciation and 
 amortization         222,259    310,554    43,623      555,390    864,570  121,445 
Finance costs 
 excluding 
 interest 
 expenses 
  related to the 
 Equity Linked 
 Securities and 
 the bank loans 
 used for 
 acquisition  of 
 the equity 
 interest in 
 Yonghui               17,227     49,499     6,953       57,822    115,384   16,207 
Income tax 
 expense              214,090    226,950    31,879      565,832    515,151   72,363 
                  -----------  ---------  --------  -----------  ---------  ------- 
Adjusted EBITDA     1,139,780  1,353,825   190,169    3,107,134  3,540,601  497,345 
                  ===========  =========  ========  ===========  =========  ======= 
Adjusted EBITDA 
 margin                25.2 %     23.4 %    23.4 %       25.3 %     23.3 %   23.3 % 
                  ===========  =========  ========  ===========  =========  ======= 
 
 
Notes: 
(1)    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. 
(2)    The issuance cost of derivatives was a one-off expense that was related 
to the Equity Linked Securities. 
(3)    For the three months ended September 30, 2025, the RMB51.1 million 
interest expenses related to the Equity Linked Securities included RMB46.2 
million non-cash portion and RMB4.9 million cash expense. 
For the nine months ended September 30, 2025, the RMB141.0 million interest 
expenses related to the Equity Linked Securities included RMB127.0 million 
non-cash portion and RMB14.0 million cash expense. 
(4)  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. 
 
 
                                   MINISO GROUP HOLDING LIMITED 
                                 UNAUDITED ADDITIONAL INFORMATION 
                         (Expressed in thousands, except for percentages) 
               Three months ended September 
                           30,                           Nine months ended September 30, 
              ------------------------------            --------------------------------- 
                2024            2025            YoY        2024             2025             YoY 
              ---------  -------------------  --------  ----------  ---------------------  -------- 
               RMB'000    RMB'000   US$'000              RMB'000     RMB'000     US$'000 
              ---------  ---------  --------  --------  ----------  ----------  ---------  -------- 
Revenue 
MINISO Brand  4,249,307  5,221,476   733,456    22.9 %  11,573,972  13,870,480  1,948,375    19.8 % 
 -Mainland 
  China       2,438,555  2,909,171   408,648    19.3 %   7,031,354   8,024,158  1,127,147    14.1 % 
 -Overseas    1,810,752  2,312,305   324,808    27.7 %   4,542,618   5,846,322    821,228    28.7 % 
TOP TOY 
 Brand          271,797    574,523    80,703   111.4 %     700,717   1,316,581    184,939    87.9 % 
Others(1)         1,473        646        91  (56.1) %       6,631       2,696        379  (59.3) % 
              4,522,577  5,796,645   814,250    28.2 %  12,281,320  15,189,757  2,133,693    23.7 % 
              =========  =========  ========  ========  ==========  ==========  =========  ======== 
 
 
Note: 
(1) "Others" refers to revenue generated from other operating segments such as 
"WonderLife", which was a secondary brand targeting on lower-tier cities in 
mainland China, aggregated and presented as "others". As the MINISO brand 
increasingly penetrated into lower-tier cities in mainland China, "WonderLife" 
has become marginalized. 
 
 
                   MINISO GROUP HOLDING LIMITED 
                 UNAUDITED ADDITIONAL INFORMATION 
            NUMBER OF MINISO STORES IN MAINLAND CHINA 
 
                                          As of 
                               ---------------------------- 
                               September 30,  September 30, 
                                    2024           2025      YoY 
                               -------------  -------------  --- 
By City Tiers 
First-tier cities                        563            584   21 
Second-tier cities                     1,771          1,817   46 
Third- or lower-tier cities            1,916          2,006   90 
                               -------------  -------------  --- 
Total                                  4,250          4,407  157 
                               =============  =============  === 
 
 
               MINISO GROUP HOLDING LIMITED 
             UNAUDITED ADDITIONAL INFORMATION 
        NUMBER OF MINISO STORES IN OVERSEAS MARKETS 
 
                                   As of 
                        ---------------------------- 
                        September 30,  September 30, 
                             2024           2025      YoY 
                        -------------  -------------  --- 
By Regions 
Asia excluding China            1,572          1,748  176 
North America                     294            421  127 
Latin America                     598            684   86 
Europe                            260            337   77 
Others                            212            234   22 
                        -------------  -------------  --- 
Total                           2,936          3,424  488 
                        =============  =============  === 
 
 
*For identification purpose only