GUANGZHOU, China, March 12,
2024 /PRNewswire/ -- MINISO Group Holding
Limited (NYSE: MNSO; HKEX: 9896) ("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 ended December 31, 2023 (the "December Quarter").
Financial Highlights for the December Quarter
- Revenue was RMB3,841.3
million (US$541.0 million),
representing an increase of 54.0% year over year and 1.3% quarter
over quarter.
- Gross profit was RMB1,657.3
million (US$233.4 million),
representing an increase of 66.2% year over year and 4.7% quarter
over quarter.
- Gross margin was 43.1%, compared to 40.0% in the same
period of 2022 and 41.8% in the previous quarter.
- Operating profit was RMB765.4
million (US$107.8 million),
representing an increase of 71.0 % year over year, compared to
RMB788.3 million in the previous
quarter.
- Profit for the period was RMB637.8 million (US$89.8
million), representing an increase of 77.3% year over year,
compared to RMB618.3 million in the
previous quarter.
- Adjusted net profit(1) was RMB660.5 million (US$93.0
million), representing an increase of 77.0% year over year,
compared to RMB642.0 million in the
previous quarter.
- Adjusted net margin(1) was 17.2%, compared to
15.0% in the same period of 2022 and 16.9% in the previous
quarter.
- Adjusted EBITDA(1) was RMB995.3 million (US$140.2
million), representing an increase of 66.8% year over year,
compared to RMB1,014.3 million in the
previous quarter.
- Adjusted EBITDA margin(1) was 25.9%, compared
to 23.9% in the same period of 2022 and 26.8% in the previous
quarter.
Operational Highlights for the December Quarter
- Number of MINISO stores reached 6,413 as of
December 31, 2023, increasing by 973
stores year over year and 298 stores quarter over quarter.
- Number of MINISO stores in China was 3,926 as of December 31, 2023, increasing by 601 stores year
over year and 124 stores quarter over quarter.
- Number of MINISO stores in overseas markets was 2,487 as
of December 31, 2023, increasing by
372 stores year over year and 174 stores quarter over quarter.
- The Company entered 4 additional markets in the December
Quarter, marking its entry into the 110th overseas
market.
- Number of TOP TOY stores was 148 as of December 31, 2023, increasing by 31 stores year
over year and 26 stores quarter over quarter.
|
Note:
|
(1) See the sections titled
"Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS
Financial Measures"
in this press release for more information.
|
The following table provides a breakdown of the number of MINISO
and TOP TOY stores as well as their year-over-year and
quarter-over-quarter changes as of the relevant dates:
|
As of
|
|
|
December
31, 2022
|
September
30, 2023
|
December
31, 2023
|
YoY
|
QoQ
|
Number of MINISO
stores(1)
|
5,440
|
6,115
|
6,413
|
973
|
298
|
China
|
3,325
|
3,802
|
3,926
|
601
|
124
|
—Directly operated
stores
|
16
|
20
|
26
|
10
|
6
|
—Third-party
stores
|
3,309
|
3,782
|
3,900
|
591
|
118
|
Overseas
|
2,115
|
2,313
|
2,487
|
372
|
174
|
—Directly operated
stores
|
153
|
202
|
238
|
85
|
36
|
—Third-party
stores
|
1,962
|
2,111
|
2,249
|
287
|
138
|
Number of TOP TOY
stores(2)
|
117
|
122
|
148
|
31
|
26
|
—Directly operated
stores
|
8
|
9
|
14
|
6
|
5
|
—Third-party
stores
|
109
|
113
|
134
|
25
|
21
|
|
Notes:
|
(1) "MINISO stores"
refers to the offline stores operated under the "MINISO" brand,
including those directly
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.
|
For more information about MINISO stores, please refer to
"Unaudited Additional Information" in this press release.
Mr. Guofu Ye, Founder, Chairman,
and CEO of MINISO, commented, "We capped off a remarkable year of
2023 with another strong quarter, with all of our key performance
metrics, including revenue, gross margin, and net profit, once
again hitting historical highs. Revenue increased by 54% year over
year to RMB3.84 billion, accelerating
from the first three quarters of 2023. This was powered by a 32%
growth of same-store sales in MINISO China and a 19% growth of
same-store sales in MINISO overseas. Revenue of overseas directly
operated markets has increased by more than 80% for three
consecutive quarters and contributed over 50% of overseas revenue
in the December Quarter for the very first time."
Mr. Ye continued, "We added more than 1,000 net new stores
globally in 2023, our fastest speed of store openings ever. Despite
the potential short-term uncertainties in our way to globalization,
we remain optimistic about its long-term prospects and will be
committed to fully diversifying our operational risks in overseas
market. As we shared on our Investor Day, we currently target to
open 900-1,100 net new stores each year from 2024-2028 and maintain
a revenue compound annual growth rate of no less than 20%. This
positive outlook comes from our long-term confidence in
China's economic development, our
unchanged ambition for offline retail business, and our
determination to achieve globalized development. Going forward, we
will continue to focus on our long-term strategic goal to become
No.1 IP design retail group of the world by bringing happiness to
customers worldwide."
Mr. Eason Zhang, CFO of MINISO,
commented, "Gross margin for this December quarter reached 43.1%,
representing a historical high once again, thanks to higher revenue
contribution from overseas markets and TOP TOY. Notably, adjust net
profit increased by 77% to RMB660.5
million year over year. Excluding foreign exchange impacts,
adjusted net margin in this quarter would be 17.4%, compared to
14.9% during the same quarter of 2022 and 17.1% in the previous
quarter. In longer term, we are confident to increase gross margin
steadily by leveraging our core capabilities in IP product
development, supply chain integration and globalization. We will
also optimize our expense structure and pursue a sustainable margin
profile."
Mr. Zhang added, "We are also pleased to announce a cash
dividend of RMB651.5 million, about
50% of our adjusted net profit during the second half of 2023.
Since IPO, we have returned RMB2.8
billion to shareholders. Our capital allocation strategy in
the future will continue to balance growth and our commitment to
bringing stable and foreseeable return to shareholders."
Recent Developments
Operational Update
According to the Company's preliminary estimates, its major
operations achieved the following updates:
January and February 2024:
For the two months ended February 29,
GMV of MINISO's offline stores in China increased by around 13% year over year.
GMV of MINISO's overseas business increased by around 40% year over
year.
Change of Financial Year End Date
In January, the board of the directors of the Company (the
"Board") resolved to change the Company's financial year end
date from June 30 to December 31 with
immediate effect. Accordingly, going forward, the Company will file
its annual reports for the period of 12 months from January 1 to December 31 within the first four
months of the following year.
Highlights of MINISO Investor Day
On January 18, 2024, the Company
hosted the MINISO 2024 Investor Day to enhance communications and
share development strategy of the Company for the next five years
with the investors. The Company brought up its vision of steering
itself to become the world's No.1 IP design retail group with an
emphasis on production innovation (IP design), affordability and
globalization.
Dividend Declaration
On March 12, 2024, the Board
approved the distribution of a special cash dividend in the amount
of US$0.2900 per American Depositary
Share ("ADS") or US$ 0.0725
per ordinary share, to holders of ADSs and ordinary shares of
record as of the close of business on March
28, 2024, New York Time and Beijing/Hong Kong Time, respectively. The
payment date is expected to be on April 9,
2024 for holders of ordinary shares and around April 12, 2024 for holders of ADSs. The
ex-dividend date will be March 27,
2024. The aggregate amount of cash dividend to be paid is
approximately US$90.5 million
(RMB651.5 million) at an exchange
rate of RMB7.1977 to US$1.0000), which is approximately 50% of the
Company's adjusted net profit for the six months ended December 31, 2023 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
special 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 March 28, 2024 (Beijing/Hong Kong Time).
Unaudited Financial Results for the December Quarter
Revenue was RMB3,841.3
million (US$541.0 million),
representing an increase of 54.0% year over year, primarily driven
by a 55.7% increase in revenue from China, and a 51.4% increase in revenue from
overseas markets.
Revenue from China was
RMB2,347.3 million (US$330.6 million). The 55.7% year-over-year
increase was primarily driven by (i) an increase of 63.2% in
revenue from MINISO's offline stores in China, which was the result of a 17.2% growth
in average store count and a 39.2% growth in average revenue per
MINISO store in China, and (ii) an
increase of 90.5% in revenue from TOP TOY, which was the result of
a 19.5% growth in average store count and a 59.4% growth in average
revenue per TOP TOY store.
Revenue from overseas markets was RMB1,494.0 million (US$210.4 million). The 51.4% year-over-year
increase was primarily due to an increase of 15.9% in average store
count and a growth of 30.7% in average revenue per MINISO store in
overseas markets. Revenue from overseas markets contributed 38.9%
of the Company's total revenue in the December quarter of 2023,
compared to 39.5% in the same period of 2022 and 34.2% in the
previous quarter of 2023.
For more information on the composition and year-over-year
change of revenue, please refer to "Unaudited Additional
Information" in this press release.
Cost of sales was RMB2,184.0
million (US$307.6 million),
representing an increase of 45.9% year over year.
Gross profit was RMB1,657.3
million (US$233.4 million),
representing an increase of 66.2% year over year.
Gross margin was 43.1%, compared to 40.0% in the
same period of 2022. The year-over-year increase was primarily
attributable to (i) higher gross margin in overseas markets
contributed by product optimization and higher revenue contribution
from directly operated overseas markets which accounted for over
50% of revenue from overseas markets, compared to 42.0% in the same
period of 2022, and (ii) higher gross margin of TOP TOY due to a
shift in product mix towards more profitable products.
Other income was RMB5.6 million (US$0.8 million), compared to RMB7.9 million in the same period of 2022.
Selling and distribution expenses were RMB722.2 million (US$101.7 million), representing an increase
of 73.3% year over year. Excluding share-based compensation
expenses, selling and distribution expenses were RMB700.8 million (US$98.7 million), representing an increase
of 71.4% year over year. The year-over-year increase was mainly
attributable to (i) increased personnel-related expenses, logistics
expenses and IP licensing expenses in relation to the growth of the
Company's business, (ii) increased depreciation expenses of the
right-of-use assets in relation to directly operated stores, and
(iii) increased promotion and advertising expenses, mainly in
connection with the Company's brand upgrade and the opening of new
stores in overseas markets.
General and administrative expenses were RMB187.1 million (US$26.4 million), representing an increase
of 27.9% year over year. Excluding share-based compensation
expenses, general and administrative expenses were RMB185.9 million (US$26.2 million), representing an increase
of 32.0% year over year. The year-over-year increase was mainly
attributable to increased personnel-related expenses in relation to
the growth of the Company's business.
Other net income was RMB20.2 million (US$2.8 million), compared to RMB8.8 million in the same period of 2022.
The year-over-year increase was mainly attributable to an increase
in fair value of an investment in an unlisted limited partnership
enterprise.
Operating profit was RMB765.4 million (US$107.8 million), representing an increase
of 71.0% year over year.
Net finance income was RMB40.9 million (US$5.8 million), representing an increase of
75.7% year over year, mainly due to an increase in interest income
of bank deposits.
Profit for the period was RMB637.8 million (US$89.8 million), representing an increase
of 77.3% year over year.
Adjusted net profit, which represents profit for the
period excluding equity-settled share-based payment expenses, was
RMB660.5 million (US$93.0 million), representing an increase
of 77.0% year over year.
Adjusted net margin was 17.2%, compared to 15.0% in
the same period of 2022.
Adjusted EBITDA was RMB995.3
million (US$140.2 million), representing an increase
of 66.8% year over year.
Adjusted EBITDA margin was 25.9%, compared to 23.9%
in the same period of 2022.
Basic and diluted earnings per ADS were both RMB2.04 (US$0.29) in this quarter,
representing an increase of 82.1% year over year from RMB1.12 in the same period of 2022. Each ADS
represents four of the Company's ordinary shares.
Adjusted basic and diluted earnings per ADS were both
RMB2.12 (US$0.30) in this
quarter, representing an increase of 82.8% year over year from
RMB1.16 in the same period of
2022.
Conference Call
The Company's management will hold an earnings conference call
at 5:00 A.M. Eastern Time on Tuesday,
March 12, 2024 (5:00 P.M. Beijing Time on the same day) to
discuss the financial results. The conference call can be
accessed by the following Zoom link or dialing the following
numbers:
Access 1
Join Zoom meeting.
Zoom link:
https://us06web.zoom.us/j/88486834973?pwd=hLtL1nO9NpERFFfgHFZVIZKCbqrlbB.1
Meeting Number: 884 8683 4973
Meeting Passcode: 9896
Access 2
Listeners may access the call by dialing the following numbers
by using the same meeting number and passcode with access 1.
United
States:
|
+1 213 338 8477 (or +1
646 518 9805)
|
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 29,
2023, which was RMB7.0999 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 Contact:
Raine Hu
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
|
|
|
|
June 30,
2023
|
|
December 31,
2023
|
|
|
|
(Audited)
|
|
(Unaudited)
|
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
ASSETS
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
534,634
|
|
769,306
|
|
108,355
|
|
Right-of-use
assets
|
|
2,552,600
|
|
2,900,860
|
|
408,578
|
|
Intangible
assets
|
|
25,277
|
|
19,554
|
|
2,754
|
|
Goodwill
|
|
21,069
|
|
21,643
|
|
3,048
|
|
Deferred tax
assets
|
|
161,617
|
|
104,130
|
|
14,666
|
|
Other
investments
|
|
73,870
|
|
90,603
|
|
12,761
|
|
Trade and other
receivables
|
|
74,641
|
|
135,796
|
|
19,126
|
|
Term
deposits
|
|
100,000
|
|
100,000
|
|
14,085
|
|
Interests in
equity-accounted
investees
|
|
-
|
|
15,783
|
|
2,223
|
|
|
|
|
|
|
|
|
|
|
|
3,543,708
|
|
4,157,675
|
|
585,596
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Other
investments
|
|
205,329
|
|
252,866
|
|
35,615
|
|
Inventories
|
|
1,450,519
|
|
1,922,241
|
|
270,742
|
|
Trade and other
receivables
|
|
1,150,156
|
|
1,518,357
|
|
213,856
|
|
Cash and cash
equivalents
|
|
6,489,213
|
|
6,415,441
|
|
903,596
|
|
Restricted
cash
|
|
27,073
|
|
7,970
|
|
1,123
|
|
Term
deposits
|
|
581,715
|
|
210,759
|
|
29,685
|
|
|
|
|
|
|
|
|
|
|
|
9,904,005
|
|
10,327,634
|
|
1,454,617
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
13,447,713
|
|
14,485,309
|
|
2,040,213
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Share
capital
|
|
95
|
|
95
|
|
13
|
|
Additional paid-in
capital
|
|
7,254,871
|
|
6,331,375
|
|
891,756
|
|
Other
reserves
|
|
1,106,718
|
|
1,114,568
|
|
156,983
|
|
Retained
earnings
|
|
539,331
|
|
1,722,157
|
|
242,561
|
|
|
|
|
|
|
|
|
|
Equity attributable to
equity
shareholders of the Company
|
|
8,901,015
|
|
9,168,195
|
|
1,291,313
|
|
Non-controlling
interests
|
|
17,253
|
|
23,022
|
|
3,243
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
8,918,268
|
|
9,191,217
|
|
1,294,556
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
Contract
liabilities
|
|
46,754
|
|
40,954
|
|
5,768
|
|
Loans and
borrowings
|
|
7,215
|
|
6,533
|
|
920
|
|
Other
payables
|
|
-
|
|
12,411
|
|
1,748
|
|
Lease
liabilities
|
|
556,801
|
|
797,986
|
|
112,394
|
|
Deferred
income
|
|
33,080
|
|
29,229
|
|
4,117
|
|
|
|
|
|
|
|
|
|
|
|
643,850
|
|
887,113
|
|
124,947
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
-
|
|
726
|
|
102
|
|
Trade and other
payables
|
|
3,019,302
|
|
3,389,826
|
|
477,447
|
|
Contract
liabilities
|
|
292,887
|
|
324,028
|
|
45,638
|
|
Lease
liabilities
|
|
328,933
|
|
447,319
|
|
63,004
|
|
Deferred
income
|
|
6,778
|
|
6,644
|
|
936
|
|
Current
taxation
|
|
237,695
|
|
238,436
|
|
33,583
|
|
|
|
|
|
|
|
|
|
|
|
3,885,595
|
|
4,406,979
|
|
620,710
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
4,529,445
|
|
5,294,092
|
|
745,657
|
|
|
|
|
|
|
|
|
|
Total equity and
liabilities
|
|
13,447,713
|
|
14,485,309
|
|
2,040,213
|
|
|
|
|
|
|
|
|
|
|
MINISO GROUP HOLDING
LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
|
(Expressed in
thousands, except for per ordinary share and per ADS
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Six months ended
December 31,
|
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB'000
|
|
RMB'000
|
|
US$
'000
|
|
RMB'000
|
|
RMB'000
|
|
US$
'000
|
Revenue
|
|
2,494,434
|
|
3,841,313
|
|
541,038
|
|
5,266,878
|
|
7,632,467
|
|
1,075,010
|
Cost of
sales
|
|
(1,497,353)
|
|
(2,183,972)
|
|
(307,606)
|
|
(3,281,218)
|
|
(4,391,428)
|
|
(618,520)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
997,081
|
|
1,657,341
|
|
233,432
|
|
1,985,660
|
|
3,241,039
|
|
456,490
|
Other income
|
|
7,892
|
|
5,556
|
|
783
|
|
14,311
|
|
18,993
|
|
2,675
|
Selling and
distribution expenses
|
|
(416,782)
|
|
(722,225)
|
|
(101,723)
|
|
(798,127)
|
|
(1,363,114)
|
|
(191,991)
|
General and
administrative expenses
|
|
(146,282)
|
|
(187,137)
|
|
(26,358)
|
|
(313,908)
|
|
(357,689)
|
|
(50,379)
|
Other net
income
|
|
8,815
|
|
20,152
|
|
2,838
|
|
72,850
|
|
21,105
|
|
2,973
|
Credit loss on trade
and other receivables
|
|
(3,162)
|
|
(3,746)
|
|
(528)
|
|
(3,716)
|
|
(2,080)
|
|
(293)
|
Impairment loss on
non-current assets
|
|
-
|
|
(4,547)
|
|
(640)
|
|
-
|
|
(4,547)
|
|
(640)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
447,562
|
|
765,394
|
|
107,804
|
|
957,070
|
|
1,553,707
|
|
218,835
|
Finance
income
|
|
32,429
|
|
54,603
|
|
7,691
|
|
64,684
|
|
123,969
|
|
17,461
|
Finance
costs
|
|
(9,161)
|
|
(13,721)
|
|
(1,933)
|
|
(16,345)
|
|
(25,202)
|
|
(3,550)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net finance
income
|
|
23,268
|
|
40,882
|
|
5,758
|
|
48,339
|
|
98,767
|
|
13,911
|
Share of profit of
equity-accounted
investees, net of tax
|
|
-
|
|
268
|
|
38
|
|
-
|
|
268
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
taxation
|
|
470,830
|
|
806,544
|
|
113,600
|
|
1,005,409
|
|
1,652,742
|
|
232,784
|
Income tax
expense
|
|
(111,063)
|
|
(168,742)
|
|
(23,767)
|
|
(241,498)
|
|
(396,665)
|
|
(55,869)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the
period
|
|
359,767
|
|
637,802
|
|
89,833
|
|
763,911
|
|
1,256,077
|
|
176,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity shareholders of
the Company
|
|
352,456
|
|
635,814
|
|
89,553
|
|
764,090
|
|
1,248,405
|
|
175,834
|
Non-controlling
interests
|
|
7,311
|
|
1,988
|
|
280
|
|
(179)
|
|
7,672
|
|
1,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
0.28
|
|
0.51
|
|
0.07
|
|
0.61
|
|
1.00
|
|
0.14
|
-Diluted
|
|
0.28
|
|
0.51
|
|
0.07
|
|
0.61
|
|
1.00
|
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
(Each ADS represents
4 ordinary
shares)
|
-Basic
|
|
1.12
|
|
2.04
|
|
0.29
|
|
2.44
|
|
4.00
|
|
0.56
|
-Diluted
|
|
1.12
|
|
2.04
|
|
0.29
|
|
2.44
|
|
4.00
|
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINISO GROUP HOLDING
LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
|
(Expressed in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Six months ended
December 31,
|
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB'000
|
|
RMB'000
|
|
US$
'000
|
|
RMB'000
|
|
RMB'000
|
|
US$
'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the
period
|
|
359,767
|
|
637,802
|
|
89,833
|
|
763,911
|
|
1,256,077
|
|
176,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be
reclassified subsequently to
profit or loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences
on
translation of financial
statements of foreign
operations
|
|
(40,110)
|
|
(14,624)
|
|
(2,060)
|
|
(13,634)
|
|
(32,504)
|
|
(4,578)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
loss
for the period
|
|
(40,110)
|
|
(14,624)
|
|
(2,060)
|
|
(13,634)
|
|
(32,504)
|
|
(4,578)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive
income for the period
|
|
319,657
|
|
623,178
|
|
87,773
|
|
750,277
|
|
1,223,573
|
|
172,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity shareholders of
the
Company
|
|
314,490
|
|
621,230
|
|
87,499
|
|
746,698
|
|
1,217,804
|
|
171,524
|
|
Non-controlling
interests
|
|
5,167
|
|
1,948
|
|
274
|
|
3,579
|
|
5,769
|
|
813
|
|
MINISO GROUP HOLDING
LIMITED
|
RECONCILIATION OF
NON-IFRS FINANCIAL MEASURES
|
(Expressed in
thousands, except for per ordinary share, per ADS data and
percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Six months ended
December 31,
|
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
(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
|
|
359,767
|
|
637,802
|
|
89,833
|
|
763,911
|
|
1,256,077
|
|
176,915
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-settled
share-based
payment expenses
|
|
13,353
|
|
22,663
|
|
3,192
|
|
26,580
|
|
46,432
|
|
6,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
profit
|
|
373,120
|
|
660,465
|
|
93,025
|
|
790,491
|
|
1,302,509
|
|
183,455
|
Adjusted net
margin
|
|
15.0 %
|
|
17.2 %
|
|
17.2 %
|
|
15.0 %
|
|
17.1 %
|
|
17.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity shareholders of
the
Company
|
|
365,809
|
|
658,477
|
|
92,745
|
|
790,670
|
|
1,294,837
|
|
182,374
|
Non-controlling
interests
|
|
7,311
|
|
1,988
|
|
280
|
|
(179)
|
|
7,672
|
|
1,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
earnings per
ordinary share(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
0.29
|
|
0.53
|
|
0.07
|
|
0.64
|
|
1.04
|
|
0.15
|
-Diluted
|
|
0.29
|
|
0.53
|
|
0.07
|
|
0.63
|
|
1.04
|
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
earnings
per ADS (Each ADS
represents 4 ordinary
shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
1.16
|
|
2.12
|
|
0.30
|
|
2.56
|
|
4.16
|
|
0.59
|
-Diluted
|
|
1.16
|
|
2.12
|
|
0.30
|
|
2.52
|
|
4.16
|
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
adjusted net
profit for the period to adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
profit
|
|
373,120
|
|
660,465
|
|
93,025
|
|
790,491
|
|
1,302,509
|
|
183,455
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
103,506
|
|
152,373
|
|
21,461
|
|
212,163
|
|
285,241
|
|
40,175
|
Finance
costs
|
|
9,161
|
|
13,721
|
|
1,933
|
|
16,345
|
|
25,202
|
|
3,550
|
Income tax
expense
|
|
111,063
|
|
168,742
|
|
23,767
|
|
241,498
|
|
396,665
|
|
55,869
|
Adjusted
EBITDA
|
|
596,850
|
|
995,301
|
|
140,186
|
|
1,260,497
|
|
2,009,617
|
|
283,049
|
Adjusted EBITDA
margin
|
|
23.9 %
|
|
25.9 %
|
|
25.9 %
|
|
23.9 %
|
|
26.3 %
|
|
26.3 %
|
|
Note:
|
(1) Adjusted basic and
diluted net earnings per ordinary 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
ordinary share calculation on an IFRS basis.
|
MINISO GROUP HOLDING
LIMITED
|
UNAUDITED ADDITIONAL
INFORMATION
|
(Expressed in
millions, except for percentages)
|
|
|
Three months ended
December 31,
|
|
|
|
Six months ended
December 31,
|
|
|
|
|
2022
|
|
2023
|
|
YoY
|
|
2022
|
|
2023
|
|
YoY
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Operations
|
|
1,508
|
|
2,347
|
|
331
|
|
56 %
|
|
3,360
|
|
4,843
|
|
682
|
|
44 %
|
-MINISO
Brand
|
|
1,386
|
|
2,156
|
|
304
|
|
56 %
|
|
3,086
|
|
4,462
|
|
628
|
|
45 %
|
-TOP TOY
Brand
|
|
99
|
|
188
|
|
26
|
|
90 %
|
|
223
|
|
369
|
|
52
|
|
65 %
|
-Others
|
|
23
|
|
3
|
|
1
|
|
(87) %
|
|
51
|
|
12
|
|
2
|
|
(76) %
|
International
Operations
|
|
986
|
|
1,494
|
|
210
|
|
51 %
|
|
1,907
|
|
2,789
|
|
393
|
|
46 %
|
Total
|
|
2,494
|
|
3,841
|
|
541
|
|
54 %
|
|
5,267
|
|
7,632
|
|
1,075
|
|
45 %
|
MINISO GROUP HOLDING
LIMITED
|
UNAUDITED ADDITIONAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
December 31,
2022
|
|
September 30,
2023
|
|
December 31,
2023
|
|
YoY
|
|
QoQ
|
Number of MINISO
stores in China
|
|
|
|
|
|
|
|
|
|
First-tier
cities
|
453
|
|
499
|
|
522
|
|
69
|
|
23
|
Second-tier
cities
|
1,395
|
|
1,554
|
|
1,617
|
|
222
|
|
63
|
Third- or
lower-tier
cities
|
1,477
|
|
1,749
|
|
1,787
|
|
310
|
|
38
|
Total
|
3,325
|
|
3,802
|
|
3,926
|
|
601
|
|
124
|
MINISO GROUP HOLDING
LIMITED
|
|
UNAUDITED ADDITIONAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
|
|
December 31,
2022
|
|
September 30,
2023
|
|
December 31,
2023
|
|
YoY
|
|
QoQ
|
Number of MINISO
stores in overseas
markets
|
|
|
|
|
|
|
|
|
|
Asian countries
excluding China
|
1,166
|
|
1,264
|
|
1,333
|
|
167
|
|
69
|
Americas
|
589
|
|
654
|
|
724
|
|
135
|
|
70
|
Europe
|
185
|
|
218
|
|
231
|
|
46
|
|
13
|
Others
|
175
|
|
177
|
|
199
|
|
24
|
|
22
|
Total
|
2,115
|
|
2,313
|
|
2,487
|
|
372
|
|
174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/miniso-group-announces-december-quarter-2023-unaudited-financial-results-302086166.html
SOURCE MINISO Group Holding Limited