Earnings Flash (MNSO) MINISO Group Holding Posts Q4 Adjusted Earnings per ADS $0.35, vs. FactSet Est of $0.33

MINISO achieved record revenue and gross margin in 2024, driven by rapid overseas expansion and strong store growth, with adjusted EPS up 16%. Management expects continued top-line acceleration in 2025.

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

MINISO Group Announces December Quarter and Full Year of 2024 Unaudited Financial Results

PR Newswire

GUANGZHOU, China, March 21, 2025

Diluted EPS and Adjusted Diluted EPS Up 16.7% and 16.0% respectively in 2024

Gross Margin Hit A Record High of 44.9% in 2024, Powered by Eight-Consecutive-Quarter Growth

Overseas MINISO Stores Achieved Milestone of 3,000

Net New Stores of MINISO Group Over 1,200

Returned RMB1,574.5 Million to Shareholders in 2024

GUANGZHOU, China, March 21, 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 quarter and the full year ended December 31, 2024 (the "December Quarter" and the "Full Year", respectively).

Full Year Financial Highlights

• Revenue increased 22.8% year over year to RMB16,994.0 million (US$2,328.2 million).
• Gross profit increased 34.0% year over year to RMB7,637.1 million (US$1,046.3 million).
• Gross margin was 44.9%, compared to 41.2% in 2023.
• Operating profit increased 17.6% year over year to RMB3,315.8 million (US$454.3 million).
• Profit for the period increased 15.9% year over year to RMB2,635.4 million (US$361.1 million).
• Adjusted net profit(1) increased 15.4% year over year to RMB2,720.6 million (US$372.7 million).
• Adjusted net margin(1) was 16.0%, compared to 17.0% in 2023.
• Adjusted EBITDA(1) increased 21.4% year over year to RMB4,334.3 million (US$593.8 million).
• Adjusted EBITDA margin(1) was 25.5%, compared to 25.8% in 2023.
• Adjusted basic earnings per ADS(1) was RMB8.72 (US$1.19), representing an increase of 16.0% year over year.
• Adjusted diluted earnings per ADS(1) was RMB8.68 (US$1.19), representing an increase of 16.0% year over year.
• Cash position(2) was RMB6,698.1 million (US$917.6 million) as of December 31, 2024, compared to RMB6,887.0 million as of December 31, 2023.
• Net cash from operating activities was RMB2,168.3 million (US$297.1 million). Capital expenditure was RMB762.5 million (US$104.5 million) and free cash flow was RMB1,405.8 million (US$192.6 million) for the Full Year.
• Returned RMB1,574.5 million to shareholders in 2024 through RMB1,244.3 million in cash dividends and RMB330.2 million in share repurchases.

Operational Highlights

• Total number of stores on group level was 7,780 as of December 31, 2024, an increase of 1,219 net new stores in the Full Year.
• Number of MINISO stores was 7,504 as of December 31, 2024, with an opening of 1,091 net new stores in the Full Year.
  -- Number of MINISO stores in mainland China was 4,386 as of December
  31, 2024, with an opening of 460 net new stores in the Full Year.
  -- Number of MINISO stores in overseas markets achieved 3,000-store
  milestone, reaching 3,118 as of December 31, 2024, with an opening of 631 net new stores in the Full Year.
• Number of TOP TOY stores was 276 as of December 31, 2024, with a record opening of total 128 net new stores in the Full Year. TOP TOY has also begun to expand into overseas markets since December Quarter. This strategic move aligns with the Company's plan to expand globally and strengthen its brand presence.

Notes:

(1) See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information.

(2) "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 growth. The directly operated stores of the Company have doubled from a year ago. For the Full Year, the Company had a net increase of 290 directly operated stores, more than 90% of which were located in overseas markets.

 
                                           As of 
                                  ------------------------  ----- 
                                  December31,  December31, 
                                      2023         2024      YoY 
                                  -----------  -----------  ----- 
Number of stores on group level         6,561        7,780  1,219 
 Number of MINISO stores(1)             6,413        7,504  1,091 
 Mainland China                         3,926        4,386    460 
 --Directly operated stores                26           25    (1) 
 --Third-party stores                   3,900        4,361    461 
 Overseas                               2,487        3,118    631 
 --Directly operated stores               238          503    265 
 --Third-party stores                   2,249        2,615    366 
 Number of TOP TOY stores(2)              148          276    128 
 --Directly operated stores                14           40     26 
 --Third-party stores                     134          236    102 
 

Notes:

(1) "MINISO stores" refers to the offline stores operated under the "MINISO" brand, including those directly operated by the Company, and those operated by third parties under the MINISO Retail Partner model and the distributor model.

(2) "TOP TOY stores" refers to the offline stores operated under the "TOP TOY" brand, including those directly operated by the Company, and those operated by third parties under the MINISO Retail Partner model.

Mr. Guofu Ye, Founder, Chairman, and CEO of MINISO, commented, "We capped off a remarkable 2024 with another quarter of solid operating and financial performance, achieving a record high revenue of around RMB17.0 billion in the Full Year. Revenue from MINISO brand in mainland China in December Quarter accelerated from September quarter. In retrospect of the Full Year, the year-over-year growth of revenue from MINISO brand in mainland China was 10.9%, sustaining a double-digit year-over-year growth on the basis of 36.2% year-over year growth in 2023. Overseas markets remained strong momentum with year-over-year revenue growth of 41.9% from MINISO brand in overseas markets in the Full Year. Notably, compound annual growth rate of revenue from MINISO brand in overseas markets exceeds 40% from 2021 to 2024. Overseas revenue contribution under MINISO brand climbed to 39.4% this year, underscoring higher growth potential and the flexibility unlocked by our globalization strategy.

In 2024, we added a record 1,200 net new stores globally, surpassing both our initial expectations and our previous record of net new stores created in 2023. Our global footprint expansion accelerated this year, as evidenced by the fact that store opening in overseas markets outpaced domestic markets and the fastest store opening pace in overseas markets ever, celebrating a milestone of 3,000 overseas MINISO stores as at the end of 2024."

"2024 marked a pivotal year as we immersed ourselves in globalization strategy and evolved as a "Super Brand". MINISO Group insists on interest-driven consumption, IP product innovation, and globalization strategy. We are well positioned to capture opportunities during retail transformation and exert influences on IP cooperation, product innovation and consumption experience. We will solidify MINISO's leadership in the global retailing industry, propelling ourselves toward our vision to become the world's No.1 IP design retail group." Mr. Ye continued.

Mr. Eason Zhang, CFO of MINISO, commented, "2024 has marked the first full fiscal year we disclosed since the change of year end. Thanks to our solid execution of IP and globalization strategies, gross margin on the group level has climbed for eight consecutive quarters, marking both quarterly and annual records. Adjusted diluted EPS grew 16.0% year over year. Adjusted net profit grew 15.4% year over year to RMB2.72 billion, with adjusted net profit margin of 16.0%. Our cash position was RMB6.7 billion as of the end of 2024. Dividends paid to the shareholders and share repurchases in 2024 were RMB1.6 billion, compared with RMB1.0 billion in 2023. We would like to express sincere gratitude to our shareholders and were thrilled to announce a final dividend in the amount of around RMB0.74 billion, which was approximately 50% of the adjusted net profit generated in the second half of 2024, payable in April.

It is worth highlighting that MINISO Group managed to achieve ESG MSCI rating improvements for three consecutive years and obtain MSCI "AA" rating with top-tier performance in multiple topics. Moving forward, we will continue to implement sustainable development into our daily operation, adhere to longtermism and stick to balanced capital allocation strategy as we focus on delivering more sustainable, stable and foreseeable returns to our shareholders."

"Looking into 2025, we are optimistic about top-line acceleration given current market dynamics and solid execution of growth initiatives. We will prioritize same-store sales growth and improve sales per square meter through further optimizing store layouts, refining assortments, etc. Meanwhile, we aim to improve store economics through various measures including disciplined spending. Combined with continuous gross margin expansion, we strive to maintain a reasonable and healthy profit margin over the long term." Mr. Zhang concluded.

Recent Developments

Dividend Declaration On March 21, 2025, the Board approved the distribution of a final cash dividend in the amount of US$0.3268 per American Depositary Share (the "ADS") or US$0.0817 per ordinary share, to holders of ADSs and ordinary shares of record as of the close of business on April 8, 2025, New York Time and Beijing/Hong Kong Time, respectively. The ex-dividend date for holders of ordinary shares in Hong Kong will be April 7, 2025; and the ex-dividend date for holders of ADSs will be April 8, 2025. The payment date is expected to be on April 17, 2025 for holders of ordinary shares and around April 23, 2025 for holders of ADSs. The aggregate amount of cash dividend to be paid is approximately US$101.3 million (RMB739.4 million) at an exchange rate of RMB7.2993 to US$1.0000), which is approximately 50% of the Company's adjusted net profit for the six months ended December 31, 2024 and will be distributed from additional paid-in capital and settled by a cash distribution.

For holders of ordinary shares, in order to qualify for the final dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 P.M on April 8, 2025 (Beijing/Hong Kong Time).

Extension of the Share Repurchase Program

On August 30, 2024, the Board authorized a share repurchase program under which the Company may repurchase up to HKD2 billion in value of its outstanding ordinary shares and/or ADSs representing its ordinary shares over a period of 12 months starting from the approval date. On March 21, 2025, the Board authorized and approved for an extension of the duration of the share repurchase program to be valid until June 30, 2026.

Financial Results for the Full Year

Revenue was RMB16,994.0 million (US$2,328.2 million), representing an increase of 22.8% year over year, primarily driven by an 18.3% year-over-year increase in average store count.

Revenue from MINISO brand increased by 22.0% to RMB16,002.6 million (US$2,192.3 million), driven by (i) an increase of 10.9% in revenue from MINISO brand in mainland China, and (ii) an increase of 41.9% in revenue from MINISO brand in overseas markets. The year-over-year increase was primarily due to an increase of 21.8% in average store count, coupled with a mid-single digit same-store sales growth of MINISO overseas markets. The overseas revenue contributed 41.7% of revenue from MINISO brand, compared to 35.9% in 2023.

Revenue from TOP TOY brand increased by 44.7% to RMB983.5 million (US$134.7 million), primarily powered by a low-single digit same-store sales growth and a rapid growth in average store counts.

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 RMB9,357.0 million (US$1,281.9 million), representing an increase of 14.9% year over year.

Gross profit was RMB7,637.1 million (US$1,046.3 million), representing an increase of 34.0% year over year.

Gross margin reached historical high of 44.9%, representing an increase of 3.7 percentage points. The year-over-year increase in gross margin was primarily due to (i) higher revenue contribution from overseas directly operated markets which accounted for 56.7% of revenue from MINISO brand in overseas markets, compared to 48.4% in 2023 on a comparable basis(1) , (ii) higher gross margin of TOP TOY due to a shift in product mix towards more profitable products.

Other income was RMB21.6 million (US$3.0 million), compared to RMB22.6 million in 2023.

Selling and distribution expenses were RMB3,519.5 million (US$482.2 million), increased by 54.3% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB3,506.1 million (US$480.3 million), increased by 58.5% 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 December 31, 2024, total number of directly operated stores in overseas markets was 505, doubling such figure compared to a year ago. In the Full Year, revenue from directly operated stores has also doubled, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 72.2%. Promotion and advertising expenses increased 37.7% in the Full Year, as a percentage of revenue stabilizing at around 3% in both comparative periods. Licensing expenses increased 29.2%, as a percentage of revenue stabilizing at around 2% in both comparative periods. Logistics expenses increased 51.0%, mainly reflecting the rising freight costs caused by the tension in international shipping

General and administrative expenses were RMB931.7 million (US$127.6 million), increased by 37.5% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB859.9 million (US$117.8 million), increased by 29.4% 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.

Other net income was RMB114.7 million (US$15.7 million), compared to RMB62.4 million in 2023. The year-over-year increase was mainly due to an increase in investment income in wealth management products, and an increase in fair value of an investment, partially offset by a net foreign exchange loss.

Operating profit was RMB3,315.8 million (US$454.3 million), representing an increase of 17.6% year over year.

Net finance income was RMB25.8 million (US$3.5 million), compared to RMB161.0 million in 2023. The year-over-year decrease was mainly due to a decrease in interest income as a result of lower interest rate and reduced bank deposits principal as the Company reallocated certain resources to wealth management products, coupled with an increase in finance cost due to increased interest expenses on lease liabilities in line with the Company's investment in directly operated stores.

Profit for the period was RMB2,635.4 million (US$361.1 million), compared to RMB2,274.0 million in 2023, representing an increase of 15.9% year over year.

Adjusted net profit, which represents profit for the period excluding equity-settled share-based payment expenses, was RMB2,720.6 million (US$372.7 million), representing an increase of 15.4% year over year.

Adjusted net margin was 16.0%, compared to 17.0% in 2023.

Adjusted EBITDA increased 21.4% year over year to RMB4,334.3 million (US$593.8 million).

Adjusted EBITDA margin was 25.5%, compared to 25.8% in 2023.

Basic earnings per ADS increased 16.6% year over year to RMB8.44 (US$1.16), compared to RMB 7.24 in 2023.

Diluted earnings per ADS increased 16.7% year over year to RMB8.40 (US$1.15), compared to RMB 7.20 in 2023.

Adjusted basic earnings per ADS increased 16.0% year over year to RMB8.72 (US$1.19), compared to RMB7.52 in 2023.

Adjusted diluted earnings per ADS increased 16.0% year over year to RMB8.68 (US$1.19), compared to RMB7.48 in 2023.

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 RMB6,698.1 million (US$917.6 million) as of December 31, 2024, compared to RMB6,887.0 million as of December 31, 2023.

Net cash from operating activities was RMB2,168.3 million (US$297.1 million). Capital expenditure was RMB762.5 million (US$104.5 million) and free cash flow was RMB1,405.8 million (US$192.6 million) for the Full Year.

Financial Results for the December Quarter

Revenue was RMB4,712.7 million (US$645.6 million), representing an increase of 22.7% year over year.

Revenue from MINISO brand increased by 21.3% year over year, driven by (i) an increase of 6.5% in revenue from MINISO brand in mainland China, accelerating from 5.7% year-over-year increase in the September quarter, and (ii) an increase of 42.7% in revenue from MINISO brand in overseas markets. The year-over-year increase in revenue from MINISO brand in overseas markets was driven by an increase of 65.5% in revenue in overseas directly operated markets on a comparable basis(1) , and an increase of 17.4% in revenue in overseas distributor markets on a comparable basis(1) .

Revenue from TOP TOY brand increased by 50.3% to RMB282.8 million (US$38.7 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 RMB2,495.4 million (US$341.9 million), representing an increase of 14.3% year over year.

Gross profit was RMB2,217.3 million (US$303.8 million), representing an increase of 33.8% year over year.

Gross margin was 47.0%, representing a record high with an increase of 3.9 percentage points year over year.

Selling and distribution expenses were RMB1,001.0 million (US$137.1 million), representing an increase of 38.6% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,048.3 million (US$143.6 million), representing an increase of 49.6% year over year.

General and administrative expenses were RMB276.9 million (US$37.9 million), representing an increase of 48.0% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB246.8 million (US$33.8 million), representing an increase of 32.8% year over year.

Other net income was RMB36.2 million (US$5.0 million), compared to RMB20.2 million in the same period of 2023. The year-over-year increase was mainly due to an increase in investment income in wealth management products and an increase in fair value of an investment, partially offset by a net foreign exchange loss.

Operating profit was RMB968.4 million (US$132.7 million), representing an increase of 26.5% year over year.

Net finance cost was RMB16.1 million (US$2.2 million), compared to a net finance income of RMB40.9 million in the same period of 2023. The year-over-year decrease was mainly due to a decrease in interest income as a result of lower interest rate and reduced bank deposits principal as the Company reallocated certain resources to wealth management products, coupled with an increase in finance cost due to increased interest expenses on lease liabilities in line with the Company's investment in directly operated stores.

Profit for the period was RMB809.7 million (US$110.9 million), representing an increase of 27.0% year over year.

Adjusted net profit, which represents profit for the period excluding equity-settled share-based payment expenses, was RMB792.5 million (US$108.6 million), representing an increase of 20.0% year over year.

Adjusted net margin was 16.8%, compared to 17.2% in the same period of 2023.

Adjusted EBITDA was RMB1,227.2 million (US$168.1 million), representing an increase of 23.3% year over year.

Adjusted EBITDA margin was 26.0%, compared to 25.9% in the same period of 2023.

Basic and diluted earnings per ADS were both RMB2.60 (US$0.36) in the December Quarter, representing an increase of 27.5% year over year from RMB2.04 in the same period of 2023.

Adjusted basic and diluted earnings per ADS were both RMB2.56 (US$0.35) in the December Quarter, representing an increase of 20.8% year over year from RMB2.12 in the same period of 2023.

Note:

(1) "Comparable basis" refers to the basis that excludes the impacts from market transitions from overseas distributor markets to directly operated markets, or vice versa.

Conference Call

The Company's management will hold an earnings conference call at 5:00 A.M. Eastern Time on Friday, March 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 by the following Zoom link or dialing the following numbers:

Access 1

Join Zoom meeting.

Zoom link: https://zoom.us/j/99854017108?pwd=M6WgYlz4awEki6bx8Hc777G8qBrQO0.1

Meeting Number: 998 5401 7108

Meeting Passcode: 9896

Access 2

Listeners may access the call by dialing the following numbers with the same meeting number and passcode with 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 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 December 31, 2024, which was RMB7.2993 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 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 net profit as profit for the period excluding equity-settled share-based payment expenses. 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 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 Contacts:

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, 2023    December 31, 2024 
                                    (Audited)           (Unaudited) 
                                -----------------  --------------------- 
                                     RMB'000        RMB'000     US$'000 
                                -----------------  ----------  --------- 
ASSETS 
Non-current assets 
Property, plant and equipment             769,306   1,436,939    196,860 
Right-of-use assets                     2,900,860   4,172,083    571,573 
Intangible assets                          19,554       8,802      1,206 
Goodwill                                   21,643      21,418      2,934 
Deferred tax assets                       104,130     181,948     24,927 
Other investments                          90,603     123,399     16,906 
Trade and other receivables               135,796     341,288     46,756 
Term deposits                             100,000     140,183     19,205 
Interests in equity-accounted 
 investees                                 15,783      38,567      5,284 
                                -----------------  ----------  --------- 
 
                                        4,157,675   6,464,627    885,651 
                                -----------------  ----------  --------- 
 
Current assets 
Other investments                         252,866     100,000     13,700 
Inventories                             1,922,241   2,750,389    376,802 
Trade and other receivables             1,518,357   2,207,013    302,360 
Cash and cash equivalents               6,415,441   6,328,121    866,949 
Restricted cash                             7,970       1,026        141 
Term deposits                             210,759     268,952     36,846 
                                -----------------  ----------  --------- 
 
                                       10,327,634  11,655,501  1,596,798 
                                -----------------  ----------  --------- 
 
Total assets                           14,485,309  18,120,128  2,482,449 
                                =================  ==========  ========= 
 
 
                      MINISO GROUP HOLDING LIMITED 
   UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 
                               (CONTINUED) 
                        (Expressed in thousands) 
 
                                      As at                As at 
                                December 31, 2023    December 31, 2024 
                                    (Audited)           (Unaudited) 
                                -----------------  --------------------- 
                                     RMB'000        RMB'000     US$'000 
                                -----------------  ----------  --------- 
EQUITY 
Share capital                                  95          94         13 
Additional paid-in capital              6,331,375   4,683,577    641,647 
Other reserves                          1,114,568   1,329,126    182,090 
Retained earnings                       1,722,157   4,302,177    589,396 
                                -----------------  ----------  --------- 
 
Equity attributable to equity 
 shareholders of the Company            9,168,195  10,314,974  1,413,146 
Non-controlling interests                  23,022      40,548      5,555 
                                -----------------  ----------  --------- 
 
Total equity                            9,191,217  10,355,522  1,418,701 
                                -----------------  ----------  --------- 
 
LIABILITIES 
Non-current liabilities 
Contract liabilities                       40,954      35,145      4,815 
Loans and borrowings                        6,533       4,310        590 
Other payables                             12,411      59,842      8,198 
Lease liabilities                         797,986   1,903,137    260,729 
Deferred income                            29,229      34,983      4,793 
                                -----------------  ----------  --------- 
 
                                          887,113   2,037,417    279,125 
                                -----------------  ----------  --------- 
 
Current liabilities 
Contract liabilities                      324,028     323,292     44,291 
Loans and borrowings                          726     566,955     77,673 
Trade and other payables                3,389,826   3,943,988    540,324 
Lease liabilities                         447,319     635,357     87,044 
Deferred income                             6,644       5,376        737 
Current taxation                          238,436     252,221     34,554 
 
                                        4,406,979   5,727,189    784,623 
                                -----------------  ----------  --------- 
 
Total liabilities                       5,294,092   7,764,606  1,063,748 
                                =================  ==========  ========= 
 
Total equity and liabilities           14,485,309  18,120,128  2,482,449 
                                =================  ==========  ========= 
 
 
                                    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 December 31,      Twelve months ended December 31, 
                          -----------------------------------  ------------------------------------- 
                             2023               2024              2023                2024 
                          (Unaudited)       (Unaudited)        (Unaudited)        (Unaudited) 
                          -----------  ----------------------  -----------  ------------------------ 
                            RMB'000      RMB'000    US$ '000     RMB'000      RMB'000     US$ '000 
                          -----------  -----------  ---------  -----------  -----------  ----------- 
Revenue                     3,841,313    4,712,705    645,638   13,838,797   16,994,025    2,328,172 
Cost of sales             (2,183,972)  (2,495,407)  (341,869)  (8,140,366)  (9,356,965)  (1,281,899) 
                          -----------  -----------  ---------  -----------  -----------  ----------- 
 
Gross profit                1,657,341    2,217,298    303,769    5,698,431    7,637,060    1,046,273 
Other income                    5,556        3,570        489       22,617       21,595        2,959 
Selling and distribution 
 expenses                   (722,225)  (1,000,985)  (137,134)  (2,281,080)  (3,519,534)    (482,174) 
General and 
 administrative 
 expenses                   (187,137)    (276,870)   (37,931)    (677,394)    (931,651)    (127,636) 
Other net income               20,152       36,242      4,965       62,361      114,696       15,713 
(Credit loss)/Reversal 
 of credit loss on trade 
 and other receivables        (3,746)      (7,095)      (972)        2,708        2,469          338 
Impairment loss on 
 non-current assets           (4,547)      (3,742)      (513)      (7,995)      (8,846)      (1,212) 
                                       -----------  ---------               -----------  ----------- 
 
Operating profit              765,394      968,418    132,673    2,819,648    3,315,789      454,261 
Finance income                 54,603       18,999      2,603      204,510      118,672       16,258 
Finance costs                (13,721)     (35,093)    (4,808)     (43,479)     (92,915)     (12,729) 
                                       -----------  ---------               -----------  ----------- 
 
Net finance 
 income/(cost)                 40,882     (16,094)    (2,205)      161,031       25,757        3,529 
Share of profit of 
 equity-accounted 
 investees, net of tax            268        3,676        504          268        5,986          820 
                                       -----------  ---------               -----------  ----------- 
 
Profit before taxation        806,544      956,000    130,972    2,980,947    3,347,532      458,610 
Income tax expense          (168,742)    (146,272)   (20,039)    (706,952)    (712,104)     (97,558) 
                                       -----------  ---------               -----------  ----------- 
 
Profit for the period         637,802      809,728    110,933    2,273,995    2,635,428      361,052 
                          ===========  ===========  =========  ===========  ===========  =========== 
 
Attributable to: 
Equity shareholders of 
 the Company                  635,814      805,693    110,379    2,253,241    2,617,560      358,604 
Non-controlling 
 interests                      1,988        4,035        554       20,754       17,868        2,448 
                                       -----------  ---------               -----------  ----------- 
 
Earnings per share for 
ordinary shares 
 -Basic                          0.51         0.65       0.09         1.81         2.11         0.29 
 -Diluted                        0.51         0.65       0.09         1.80         2.10         0.29 
 
Earnings per ADS 
(Each ADS represents 4 
ordinary shares) 
 -Basic                          2.04         2.60       0.36         7.24         8.44         1.16 
 -Diluted                        2.04         2.60       0.36         7.20         8.40         1.15 
 
 
 
                         MINISO GROUP HOLDING LIMITED 
        UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS 
                   AND OTHER COMPREHENSIVE INCOME (CONTINUED) 
                           (Expressed in thousands) 
 
                      Three months ended                 Twelve months ended 
                         December 31,                        December 31, 
                   ------------------------            ------------------------ 
                      2023         2024                   2023         2024 
                   (Unaudited)  (Unaudited)            (Unaudited)  (Unaudited) 
                   -----------  -----------            -----------  ----------- 
                     RMB'000      RMB'000    US$ '000    RMB'000      RMB'000    US$ '000 
                   -----------  -----------  --------  -----------  -----------  -------- 
 
Profit for the 
 period                637,802      809,728   110,933    2,273,995    2,635,428   361,052 
                   -----------  -----------  --------  -----------  -----------  -------- 
 
Items that may 
be reclassified 
subsequently to 
profit or loss: 
Exchange 
 differences on 
 translation of 
 financial 
 statements of 
 foreign 
 operations           (14,624)        3,420       469       22,328       19,128     2,621 
                   -----------  -----------  --------  -----------  -----------  -------- 
 
Other 
 comprehensive 
 (loss)/income 
 for the period       (14,624)        3,420       469       22,328       19,128     2,621 
                   ===========  ===========  ========  ===========  ===========  ======== 
 
Total 
 comprehensive 
 income for the 
 period                623,178      813,148   111,402    2,296,323    2,654,556   363,673 
                   ===========  ===========  ========  ===========  ===========  ======== 
 
Attributable to: 
Equity 
 shareholders of 
 the Company           621,230      812,694   111,340    2,274,903    2,635,833   361,108 
Non-controlling 
 interests               1,948          454        62       21,420       18,723     2,565 
                   -----------  -----------  --------  -----------  -----------  -------- 
 
 
 
                              MINISO GROUP HOLDING LIMITED 
                      RECONCILIATION OF NON-IFRS FINANCIAL MEASURES 
      (Expressed in thousands, except for per share, per ADS data and percentages) 
 
                                                           Twelve months ended December 
                        Three months ended December 31,                 31, 
                        --------------------------------  ------------------------------- 
                           2023             2024             2023             2024 
                        (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       637,802    809,728   110,933    2,273,995  2,635,428  361,052 
                        -----------  ---------  --------  -----------  ---------  ------- 
Add back: 
Equity-settled 
 share-based payment 
 expenses                    22,663   (17,206)   (2,357)       82,734     85,184   11,670 
 
Adjusted net profit         660,465    792,522   108,576    2,356,729  2,720,612  372,722 
                        ===========  =========  ========  ===========  =========  ======= 
Adjusted net margin          17.2 %     16.8 %    16.8 %       17.0 %     16.0 %   16.0 % 
                        ===========  =========  ========  ===========  =========  ======= 
 
Attributable to: 
Equity shareholders of 
 the Company                658,477    788,300   107,998    2,335,975  2,702,191  370,198 
Non-controlling 
 interests                    1,988      4,222       578       20,754     18,421    2,524 
                        -----------  ---------  --------  -----------  ---------  ------- 
 
Adjusted net earnings 
per share(1) 
 -Basic                        0.53       0.64      0.09         1.88       2.18     0.30 
 -Diluted                      0.53       0.64      0.09         1.87       2.17     0.30 
 
Adjusted net earnings 
per ADS (Each ADS 
represents 4 ordinary 
shares) 
 -Basic                        2.12       2.56      0.35         7.52       8.72     1.19 
 -Diluted                      2.12       2.56      0.35         7.48       8.68     1.19 
 
Reconciliation of 
adjusted net profit 
for the period to 
adjusted EBITDA: 
Adjusted net profit         660,465    792,522   108,576    2,356,729  2,720,612  372,722 
                        -----------  ---------  --------  -----------  ---------  ------- 
Add back: 
Depreciation and 
 amortization               152,373    253,304    34,703      464,245    808,694  110,791 
Finance costs                13,721     35,093     4,808       43,479     92,915   12,729 
Income tax expense          168,742    146,272    20,039      706,952    712,104   97,558 
                        -----------  ---------  --------  -----------  ---------  ------- 
Adjusted EBITDA             995,301  1,227,191   168,126    3,571,405  4,334,325  593,800 
                        ===========  =========  ========  ===========  =========  ======= 
Adjusted EBITDA margin       25.9 %     26.0 %    26.0 %       25.8 %     25.5 %   25.5 % 
                        ===========  =========  ========  ===========  =========  ======= 
 

Note:

(1) 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 December 
                           31,                          Twelve months ended December 31, 
              ------------------------------            --------------------------------- 
 
                2023            2024                       2023             2024              YoY 
              ---------  -------------------  --------  ----------  --------------------- 
 
               RMB'000    RMB'000   US$'000      YoY     RMB'000     RMB'000     US$'000 
              ---------  ---------  --------  --------  ----------  ----------  ---------  -------- 
Revenue 
MINISO Brand  3,649,667  4,428,593   606,715    21.3 %  13,119,746  16,002,565  2,192,343    22.0 % 
 -Mainland 
  China       2,155,704  2,296,877   314,671     6.5 %   8,414,730   9,328,231  1,277,963    10.9 % 
 -Overseas    1,493,963  2,131,716   292,044    42.7 %   4,705,016   6,674,334    914,380    41.9 % 
TOP TOY 
 Brand          188,178    282,808    38,745    50.3 %     679,709     983,525    134,742    44.7 % 
Others(1)         3,468      1,304       178  (62.4) %      39,342       7,935      1,087  (79.8) % 
              3,841,313  4,712,705   645,638    22.7 %  13,838,797  16,994,025  2,328,172    22.8 % 
              =========  =========  ========  ========  ==========  ==========  =========  ======== 
 

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 
                               --------------------------  --- 
                               December 31,  December 31, 
                                   2023          2024      YoY 
                               ------------  ------------  --- 
By City Tiers 
First-tier cities                       522           587   65 
Second-tier cities                    1,617         1,822  205 
Third- or lower-tier cities           1,787         1,977  190 
                               ------------  ------------  --- 
Total                                 3,926         4,386  460 
                               ============  ============  === 
 
 
              MINISO GROUP HOLDING LIMITED 
            UNAUDITED ADDITIONAL INFORMATION 
       NUMBER OF MINISO STORES IN OVERSEAS MARKETS 
 
                        As of 
                        --------------------------  --- 
                        December 31,  December 31, 
                            2023          2024      YoY 
                        ------------  ------------  --- 
By Regions 
Asia excluding China           1,333         1,611  278 
North America                    172           350  178 
Latin America                    552           637   85 
Europe                           231           295   64 
Others                           199           225   26 
                        ------------  ------------  --- 
Total                          2,487         3,118  631 
                        ============  ============  === 
 

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SOURCE MINISO Group Holding Limited