GUANGZHOU, China, May 14, 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 March 31,
2024 (the "March Quarter").
Financial Highlights
- Revenue was RMB3,723.5
million (US$515.7 million),
representing an increase of 26.0% year over year.
- Gross profit was RMB1,616.5
million (US$223.9 million),
representing an increase of 39.1% year over year.
- Gross margin was 43.4%, compared to 39.3% in the same
period of 2023.
- Operating profit was RMB743.3
million (US$102.9 million),
representing an increase of 29.1% year over year.
- Profit for the period was RMB586.0 million (US$81.2
million), representing an increase of 24.4% year over
year.
- Adjusted net profit(1) was RMB616.9 million (US$85.4
million), representing an increase of 27.7% year over
year.
- Adjusted net margin(1) was 16.6%, compared to
16.4% in the same period of 2023.
- Adjusted EBITDA(1) was RMB965.3 million (US$133.7
million), representing an increase of 36.7% year over
year.
- Adjusted EBITDA margin(1) was 25.9%, compared
to 23.9% in the same period of 2023.
Operational Highlights
- As of March 31, 2024, MINISO
brand has expanded its retail footprint to a significant milestone
of 6,630 stores. This growth was underscored by a remarkable net
addition of 217 stores in the March Quarter alone, a figure that
represents nearly a threefold increase compared to the net new
store openings in the same period of last year.
- For the first time, MINISO brand has surpassed the 4,000 store
mark in mainland China, reaching a
total of 4,034 stores as of March 31,
2024. This achievement was marked by a net addition of 108
new stores in the March Quarter, nearly doubling the net new stores
opened in the same period of last year.
- Number of MINISO stores in overseas markets was 2,596 as of
March 31, 2024, with a net opening of
109 new stores in the March Quarter, a significant increase from
the 16 net new stores opened in the same period of last year.
- Number of TOP TOY stores was 160 as of March 31, 2024, increasing by 44 stores year over
year and 12 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
|
|
|
March 31,
2023
|
December 31,
2023
|
March 31,
2024
|
YoY
|
QoQ
|
Number of MINISO
stores(1)
|
5,514
|
6,413
|
6,630
|
1,116
|
217
|
Mainland
China
|
3,383
|
3,926
|
4,034
|
651
|
108
|
—Directly operated
stores
|
16
|
26
|
29
|
13
|
3
|
—Third-party
stores
|
3,367
|
3,900
|
4,005
|
638
|
105
|
Overseas
|
2,131
|
2,487
|
2,596
|
465
|
109
|
—Directly operated
stores
|
150
|
238
|
281
|
131
|
43
|
—Third-party
stores
|
1,981
|
2,249
|
2,315
|
334
|
66
|
Number of TOP TOY
stores(2)
|
116
|
148
|
160
|
44
|
12
|
—Directly operated
stores
|
9
|
14
|
17
|
8
|
3
|
—Third-party
stores
|
107
|
134
|
143
|
36
|
9
|
For more information about MINISO stores, please refer to
"Unaudited Additional Information" in this press release.
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, "This past March Quarter has seen our fastest pace of
store openings for the first quarters ever, establishing a robust
foundation towards our goal of a net addition of 900 to 1,100
stores in 2024. We also embarked on our path towards our five-year
strategic goal with a stronger March Quarter compared to the high
base of the same period of 2023. We are pleased to see initial
effect from our IP and globalization strategies and as a result,
our total revenue reached RMB3.7
billion with a 26% increase year over year, which was
primarily attributable to a 19% increase in average store count and
a 9% same-store sales growth."
Mr. Ye added, "Revenue generated from overseas markets surged by
53% year over year, which exceeded even our most optimistic
expectations and set a new record for the first quarters. This was
largely attributable to a 92% year-over-year increase in revenue
from our directly operated markets, which have seen a growth of
over 80% for four consecutive quarters. The rapid expansion in our
directly operated markets has not only been sustained but has also
led to a 28% increase in our adjusted net profit, with a healthy
adjusted net margin of 16.6%. Our strong financial and operational
performance across the board continues to reflect the relevance and
resilience of our business model and universal appealing of our
product offerings. We possess the necessary patience and
perseverance and remain committed to a long-term approach, taking
each step with care and diligence to accomplish our five-year
development plan to maintain a revenue compound annual growth rate
of no less than 20%."
Mr. Eason Zhang, CFO and Vice
President of MINISO, commented, "Gross margin for this March
Quarter reached 43.4%, even higher than peak season of last
December Quarter, thanks to a sustained strong momentum from
overseas markets and TOP TOY. 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."
Mr. Zhang continued, "Our performance in March Quarter once
again demonstrates the strength of our business model and reflects
our ability to execute on our IP and globalization strategy.
Looking forward into the June quarter 2024, we expect our sales to
continue to grow healthily on a year-over-year basis, driven by
better store-level performance and store network expansion.
Meanwhile, we will also continue to carefully manage cost and
capital allocation as we focus on consistently delivering solid
profits and healthy cash flow. I am very confident that we will
once again meet our full-year targets and deliver on our fun and
value to consumers worldwide."
Unaudited Financial Results
Revenue was RMB3,723.5
million (US$515.7 million),
representing an increase of 26.0% year over year, primarily driven
by a 19.3% increase in the average store count and an around 9%
same-store sales growth on group level.
Revenue generated from mainland China increased by 16.2% year over year to
RMB2,501.7 million (US$346.5 million), primarily driven by (i) an
increase of 15.6% in revenue from MINISO's offline stores in
mainland China, which was
primarily due to a 18.7% growth in average store count, and the
same-store sales was about 98% of the same period of last year's
high comparable base, and (ii) a surge of 55.1% in revenue from TOP
TOY, which was primarily due to a 32.2% growth in average store
count, and a same-store sales growth of around 26% when compared to
the same period in 2023.
Revenue generated from overseas markets increased by 52.6% year
over year to RMB1,221.9 million
(US$169.2 million). This
significant growth was primarily attributable to a 19.7% expansion
in average store count, coupled with a robust same-store sales
growth of around 21%. During the March Quarter, revenue from
overseas markets constituted 32.8% of our total revenue, marking a
notable rise from the 27.1% share during the same period in 2023.
It is also worth noting that revenue from our overseas directly
operated markets contributed around 58% to the total overseas
market revenue for the March Quarter. This represents a higher
revenue share when compared on both a year-over-year and
quarter-over-quarter basis, underscoring the strategic importance
and strong performance of these markets.
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 RMB2,107.1
million (US$291.8 million),
representing an increase of 17.6% year over year.
Gross profit was RMB1,616.5
million (US$223.9 million),
representing an increase of 39.1% year over year.
Gross margin was 43.4%, compared to 39.3% in the
same period of 2023. The year-over-year increase was primarily
attributable to (i) higher revenue contribution from directly
operated markets which accounted for around 58% of revenue from
overseas markets, compared to around 46% in the same period of
2023, and (ii) higher gross margin of TOP TOY due to a shift in
product mix towards more profitable products.
Selling and distribution expenses were RMB696.0 million (US$96.4 million), representing an increase
of 58.5% year over year. Excluding share-based compensation
expenses, selling and distribution expenses were RMB672.0 million (US$93.1 million), representing an increase
of 55.7% year over year, mainly attributable to (i) increases in
personnel-related expenses, logistics expenses and other expenses
in relation to the growth of the Company's business, (ii) increased
expenses mainly in relation to overseas directly operations,
including payroll, rental expense as well as depreciation and
amortization expenses, and (iii) an increase in promotion and
advertising expenses, mainly in connection with the strategic
upgrade of MINISO brand and the growth of our offline-to-online
business.
General and administrative expenses were RMB191.3 million (US$26.5 million), representing an increase
of 23.3% year over year. Excluding share-based compensation
expenses, general and administrative expenses were RMB184.4 million (US$25.5 million), representing an increase
of 22.4% year over year, mainly attributable to an increase in
personnel-related expenses in relation to the growth of the
Company's business.
Other net income was RMB14.8 million (US$2.1 million), compared to RMB3.3 million in the same period of 2023.
The year-over-year increase was mainly attributable to an increase
in fair value of an investment.
Operating profit was RMB743.3 million (US$102.9 million), representing an increase
of 29.1% year over year.
Net finance income was RMB25.0 million (US$3.5 million), flat year over year.
Profit for the period was RMB586.0 million (US$81.2 million), representing an increase
of 24.4% year over year.
Adjusted net profit, which represents profit for the
period excluding equity-settled share-based payment expenses, was
RMB616.9 million (US$85.4 million), representing an increase
of 27.7% year over year.
Adjusted net margin was 16.6%, compared to 16.4% in
the same period of 2023.
Adjusted EBITDA was RMB965.3 million (US$133.7 million), representing an increase
of 36.7% year over year.
Adjusted EBITDA margin was 25.9%, compared to 23.9%
in the same period of 2023.
Basic and diluted earnings per ADS were both RMB1.88 (US$0.26) in this quarter,
representing an increase of 27.0% year over year from RMB1.48 in the same period of 2023. Each ADS
represents four of the Company's ordinary shares.
Adjusted basic and diluted earnings per ADS were both
RMB1.96 (US$0.27) in this
quarter, representing an increase of 28.9% year over year from
RMB1.52 in the same period of
2023.
Conference Call
The Company's management will hold an earnings conference call
at 5:00 A.M. Eastern Time on Tuesday, May 14, 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://zoom.us/j/97077291846?pwd=cUlpRG45UWxFaGg5eTlqdHBlaGxDUT09
Meeting Number: 970 7729 1846
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:
|
+1 689 278 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 consuming 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 March 29, 2024,
which was RMB7.2203 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
|
|
|
December 31,
2023
|
|
March 31,
2024
|
|
|
(Audited)
|
|
(Unaudited)
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
ASSETS
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
769,306
|
|
855,894
|
|
118,540
|
Right-of-use
assets
|
|
2,900,860
|
|
2,946,327
|
|
408,062
|
Intangible
assets
|
|
19,554
|
|
15,305
|
|
2,120
|
Goodwill
|
|
21,643
|
|
21,236
|
|
2,941
|
Deferred tax
assets
|
|
104,130
|
|
100,079
|
|
13,861
|
Other
investments
|
|
90,603
|
|
107,460
|
|
14,883
|
Trade and other
receivables
|
|
135,796
|
|
164,536
|
|
22,789
|
Term
deposits
|
|
100,000
|
|
100,000
|
|
13,850
|
Interests in
equity-accounted
investees
|
|
15,783
|
|
15,787
|
|
2,186
|
|
|
|
|
|
|
|
|
|
4,157,675
|
|
4,326,624
|
|
599,232
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Other
investments
|
|
252,866
|
|
334,223
|
|
46,289
|
Inventories
|
|
1,922,241
|
|
1,873,861
|
|
259,527
|
Trade and other
receivables
|
|
1,518,357
|
|
1,440,199
|
|
199,465
|
Cash and cash
equivalents
|
|
6,415,441
|
|
6,737,918
|
|
933,191
|
Restricted
cash
|
|
7,970
|
|
2,587
|
|
358
|
Term
deposits
|
|
210,759
|
|
190,314
|
|
26,358
|
|
|
|
|
|
|
|
|
|
10,327,634
|
|
10,579,102
|
|
1,465,188
|
|
|
|
|
|
|
|
Total
assets
|
|
14,485,309
|
|
14,905,726
|
|
2,064,420
|
MINISO GROUP HOLDING
LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(COUNTINUED)
|
(Expressed in
thousands)
|
|
|
|
As at
|
|
As at
|
|
|
December 31,
2023
|
|
March 31,
2024
|
|
|
(Audited)
|
|
(Unaudited)
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
EQUITY
|
|
|
|
|
|
|
Share
capital
|
|
95
|
|
95
|
|
13
|
Additional paid-in
capital
|
|
6,331,375
|
|
5,688,562
|
|
787,857
|
Other
reserves
|
|
1,114,568
|
|
1,078,352
|
|
149,350
|
Retained
earnings
|
|
1,722,157
|
|
2,304,629
|
|
319,187
|
|
|
|
|
|
|
|
Equity attributable to
equity
shareholders of the Company
|
|
9,168,195
|
|
9,071,638
|
|
1,256,407
|
Non-controlling
interests
|
|
23,022
|
|
26,665
|
|
3,693
|
|
|
|
|
|
|
|
Total
equity
|
|
9,191,217
|
|
9,098,303
|
|
1,260,100
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Contract
liabilities
|
|
40,954
|
|
39,980
|
|
5,537
|
Loans and
borrowings
|
|
6,533
|
|
6,411
|
|
888
|
Other
payables
|
|
12,411
|
|
18,292
|
|
2,533
|
Lease
liabilities
|
|
797,986
|
|
859,741
|
|
119,073
|
Deferred
income
|
|
29,229
|
|
39,372
|
|
5,453
|
|
|
|
|
|
|
|
|
|
887,113
|
|
963,796
|
|
133,484
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Loans and
borrowings
|
|
726
|
|
712
|
|
99
|
Trade and other
payables
|
|
3,389,826
|
|
3,203,410
|
|
443,667
|
Contract
liabilities
|
|
324,028
|
|
304,385
|
|
42,157
|
Lease
liabilities
|
|
447,319
|
|
439,917
|
|
60,928
|
Deferred
income
|
|
6,644
|
|
6,655
|
|
922
|
Current
taxation
|
|
238,436
|
|
245,490
|
|
34,000
|
Dividends
payable
|
|
—
|
|
643,058
|
|
89,063
|
|
|
|
|
|
|
|
|
|
4,406,979
|
|
4,843,627
|
|
670,836
|
|
|
|
|
|
|
|
Total
liabilities
|
|
5,294,092
|
|
5,807,423
|
|
804,320
|
|
|
|
|
|
|
|
Total equity and
liabilities
|
|
14,485,309
|
|
14,905,726
|
|
2,064,420
|
MINISO GROUP HOLDING
LIMITED
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
|
|
(Expressed in
thousands, except for per ordinary share and per ADS
data)
|
|
|
|
|
|
|
|
Three months
ended March 31,
|
|
|
|
2023
|
|
2024
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
Revenue
|
|
2,954,148
|
|
3,723,531
|
|
515,703
|
|
Cost of
sales
|
|
(1,792,403)
|
|
(2,107,073)
|
|
(291,826)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
1,161,745
|
|
1,616,458
|
|
223,877
|
|
Other income
|
|
782
|
|
3,645
|
|
505
|
|
Selling and
distribution expenses
|
|
(439,018)
|
|
(696,027)
|
|
(96,399)
|
|
General and
administrative
expenses
|
|
(155,206)
|
|
(191,341)
|
|
(26,500)
|
|
Other net
income
|
|
3,290
|
|
14,829
|
|
2,054
|
|
Reversal of credit
loss/(credit loss)
on
trade and other receivables
|
|
4,328
|
|
(667)
|
|
(92)
|
|
Impairment loss on
non-current
assets
|
|
—
|
|
(3,612)
|
|
(500)
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
575,921
|
|
743,285
|
|
102,945
|
|
Finance
income
|
|
33,727
|
|
40,890
|
|
5,663
|
|
Finance
costs
|
|
(8,646)
|
|
(15,909)
|
|
(2,203)
|
|
|
|
|
|
|
|
|
|
Net finance
income
|
|
25,081
|
|
24,981
|
|
3,460
|
|
Share of profit of
equity-accounted
investees, net of tax
|
|
—
|
|
120
|
|
17
|
|
|
|
|
|
|
|
|
|
Profit before
taxation
|
|
601,002
|
|
768,386
|
|
106,422
|
|
Income tax
expense
|
|
(130,075)
|
|
(182,432)
|
|
(25,267)
|
|
|
|
|
|
|
|
|
|
Profit for the
period
|
|
470,927
|
|
585,954
|
|
81,155
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
Equity shareholders of
the Company
|
|
465,505
|
|
582,472
|
|
80,673
|
|
Non-controlling
interests
|
|
5,422
|
|
3,482
|
|
482
|
|
|
|
|
|
|
|
|
|
Earnings per
ordinary share
|
|
|
|
|
|
|
|
-Basic
|
|
0.37
|
|
0.47
|
|
0.07
|
|
-Diluted
|
|
0.37
|
|
0.47
|
|
0.07
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
(Each ADS represents
4 ordinary
shares)
|
-Basic
|
|
1.48
|
|
1.88
|
|
0.26
|
|
-Diluted
|
|
1.48
|
|
1.88
|
|
0.26
|
|
MINISO GROUP HOLDING
LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME (COUNTINUED)
|
(Expressed in
thousands, except for per ordinary share and per ADS
data)
|
|
|
|
|
|
Three months
ended March 31,
|
|
|
2023
|
|
2024
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
|
|
|
|
|
|
Profit for the
period
|
|
470,927
|
|
585,954
|
|
81,155
|
|
|
|
|
|
|
|
Items that may be
reclassified
subsequently to profit or loss:
|
|
|
|
|
|
|
Exchange differences
on
translation of financial
statements of foreign
operations
|
|
(7,967)
|
|
3,855
|
|
534
|
|
|
|
|
|
|
|
Other
comprehensive (loss)/income for the
period
|
|
(7,967)
|
|
3,855
|
|
534
|
|
|
|
|
|
|
|
Total comprehensive
income
for the period
|
|
462,960
|
|
589,809
|
|
81,689
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity shareholders of
the
Company
|
|
455,899
|
|
586,166
|
|
81,184
|
Non-controlling
interests
|
|
7,061
|
|
3,643
|
|
505
|
MINISO GROUP HOLDING
LIMITED
|
RECONCILIATION OF
NON-IFRS FINANCIAL MEASURES
|
(Expressed in
thousands, except for
per ordinary share,
per ADS data and percentages)
|
|
|
|
|
|
Three months
ended March 31,
|
|
|
2023
|
|
2024
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
|
|
|
|
|
|
Reconciliation of
profit for the
period to adjusted net profit:
|
|
|
|
|
|
|
Profit for the
period
|
|
470,927
|
|
585,954
|
|
81,155
|
Add back:
|
|
|
|
|
|
|
Equity-settled
share-based payment
expenses
|
|
12,089
|
|
30,937
|
|
4,285
|
|
|
|
|
|
|
|
Adjusted net
profit
|
|
483,016
|
|
616,891
|
|
85,440
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity shareholders of
the Company
|
|
477,594
|
|
613,409
|
|
84,958
|
Non-controlling
interests
|
|
5,422
|
|
3,482
|
|
482
|
|
|
|
|
|
|
|
Adjusted net
earnings per
ordinary share(1)
|
|
|
|
|
|
|
-Basic
|
|
0.38
|
|
0.49
|
|
0.07
|
-Diluted
|
|
0.38
|
|
0.49
|
|
0.07
|
|
|
|
|
|
|
|
Adjusted net
earnings per ADS
|
|
|
|
|
|
|
(Each ADS represents
4 ordinary
shares)
|
|
1.52
|
|
1.96
|
|
0.27
|
-Basic
|
-Diluted
|
|
1.52
|
|
1.96
|
|
0.27
|
|
|
|
|
|
|
|
Reconciliation of
adjusted net profit
for the period to adjusted EBITDA:
|
|
|
|
|
|
|
Adjusted net
profit
|
|
483,016
|
|
616,891
|
|
85,440
|
Add back:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
84,625
|
|
150,102
|
|
20,789
|
Finance
costs
|
|
8,646
|
|
15,909
|
|
2,203
|
Income tax
expense
|
|
130,075
|
|
182,432
|
|
25,267
|
Adjusted
EBITDA
|
|
706,362
|
|
965,334
|
|
133,699
|
Adjusted EBITDA
margin
|
|
23.9 %
|
|
25.9 %
|
|
25.9 %
|
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
thousands, except for percentages)
|
|
|
|
Three months
ended March 31,
|
|
2023
|
|
2024
|
|
YoY
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
Revenue
|
|
|
|
|
|
|
|
Mainland
China
|
2,153,232
|
|
2,501,665
|
|
346,477
|
|
16.2 %
|
-MINISO
Brand(1)
|
2,000,868
|
|
2,284,791
|
|
316,440
|
|
14.2 %
|
-TOP TOY
Brand
|
137,902
|
|
213,820
|
|
29,614
|
|
55.1 %
|
-Others
|
14,462
|
|
3,054
|
|
423
|
|
(78.9) %
|
Overseas
|
800,916
|
|
1,221,866
|
|
169,226
|
|
52.6 %
|
Total
|
2,954,148
|
|
3,723,531
|
|
515,703
|
|
26.0 %
|
Note:
|
(1) "MINISO Brand"
refers to the revenue generated from MINISO brand including revenue
from offline stores, e-commerce and others in mainland
China.
|
MINISO GROUP HOLDING
LIMITED
|
UNAUDITED ADDITIONAL
INFORMATION
|
NUMBER OF MINISO
STORES IN MAINLAND CHINA
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
March 31,
2023
|
|
December 31,
2023
|
|
March
31,
2024
|
|
YoY
|
|
QoQ
|
By City
Tiers
|
|
|
|
|
|
|
|
|
|
First-tier
cities
|
458
|
|
522
|
|
532
|
|
74
|
|
10
|
Second-tier
cities
|
1,421
|
|
1,617
|
|
1,664
|
|
243
|
|
47
|
Third- or lower-tier
cities
|
1,504
|
|
1,787
|
|
1,838
|
|
334
|
|
51
|
Total
|
3,383
|
|
3,926
|
|
4,034
|
|
651
|
|
108
|
MINISO GROUP HOLDING
LIMITED
|
|
UNAUDITED ADDITIONAL
INFORMATION
|
|
NUMBER OF MINISO
STORES IN OVERSEAS MARKETS
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
March 31,
2023
|
|
December 31,
2023
|
|
March 31,
2024
|
|
YoY
|
|
QoQ
|
By
Regions
|
|
|
|
|
|
|
|
|
|
Asia excluding
China
|
1,182
|
|
1,333
|
|
1,402
|
|
220
|
|
69
|
North
Americas
|
118
|
|
172
|
|
191
|
|
73
|
|
19
|
Latin
Americas
|
478
|
|
552
|
|
563
|
|
85
|
|
11
|
Europe
|
183
|
|
231
|
|
237
|
|
54
|
|
6
|
Others
|
170
|
|
199
|
|
203
|
|
33
|
|
4
|
Total
|
2,131
|
|
2,487
|
|
2,596
|
|
465
|
|
109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/miniso-group-announces-march-quarter-2024-unaudited-financial-results-302144280.html
SOURCE MINISO Group Holding Limited