GUANGZHOU, China, Nov. 20,
2023 /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 September quarter 2023.
Financial Highlights for the First Quarter of Fiscal Year
2024 ended September 30, 2023
- Revenue was RMB3,791.2
million (US$519.6 million),
representing an increase of 36.7% year over year and 16.6% quarter
over quarter.
- Gross profit was RMB1,583.7
million (US$217.1 million),
representing an increase of 60.2% year over year and 22.2% quarter
over quarter.
- Gross margin was 41.8%, compared to 35.7% in the same
period of 2022 and 39.8% in the previous quarter.
- Operating profit was RMB788.3
million (US$108.0 million),
representing an increase of 54.7% year over year and 14.2% quarter
over quarter.
- Profit for the period was RMB618.3 million (US$84.7
million), representing an increase of 53.0% year over year
and 13.0% quarter over quarter.
- Adjusted net profit(1) was RMB642.0 million (US$88.0
million), representing an increase of 53.8% year over year
and 12.4% quarter over quarter.
- Adjusted net margin(1) was 16.9%, compared to
15.1% in the same period of 2022 and 17.6% in the previous
quarter.
- Adjusted EBITDA(1) was RMB1,014.3 million (US$139.0 million), representing an increase of
52.8% year over year and 18.6% quarter over quarter.
- Adjusted EBITDA margin(1) was 26.8%, compared
to 23.9% in the same period of 2022 and 26.3% in the previous
quarter.
Operational Highlights for the First Quarter of Fiscal Year
2024 ended September 30, 2023
- Number of MINISO stores surpassed 6,000 for the first
time and reached 6,115 as of September 30,
2023, increasing by 819 stores year over year and 324 stores
quarter over quarter, respectively.
- Number of MINISO stores in China was 3,802 as of September 30, 2023, increasing by 533 stores year
over year and 198 stores quarter over quarter, respectively.
- Number of MINISO stores in overseas markets was 2,313 as
of September 30, 2023, increasing by
286 stores year over year and 126 stores quarter over quarter,
respectively.
- Number of TOP TOY stores was 122 as of September 30, 2023, increasing by 13 stores year
over year and 4 stores quarter over quarter, respectively.
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
|
|
|
September 30,
2022
|
June 30,
2023
|
September 30,
2023
|
YoY
|
QoQ
|
Number of MINISO
stores(1)
|
5,296
|
5,791
|
6,115
|
819
|
324
|
China
|
3,269
|
3,604
|
3,802
|
533
|
198
|
—Directly operated
stores
|
19
|
15
|
20
|
1
|
5
|
—Third-party
stores
|
3,250
|
3,589
|
3,782
|
532
|
193
|
Overseas
|
2,027
|
2,187
|
2,313
|
286
|
126
|
—Directly operated
stores
|
131
|
176
|
202
|
71
|
26
|
—Third-party
stores
|
1,896
|
2,011
|
2,111
|
215
|
100
|
Number of TOP TOY
stores(2)
|
109
|
118
|
122
|
13
|
4
|
—Directly operated
stores
|
8
|
9
|
9
|
1
|
-
|
—Third-party
stores
|
101
|
109
|
113
|
12
|
4
|
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.
For more information about MINISO stores, please refer to
"Unaudited Additional Information" in this press release.
Mr. Guofu Ye, Founder, Chairman,
and Chief Executive Officer of MINISO, commented, "We delivered
another strong quarter, demonstrating resilience of our business
model and huge potential of our globalization strategy. Core MINISO
business including both MINISO offline China and overseas, increased by more than 40%
year over year, supported by mid-twenties growth in GMV per MINISO
store both in China and overseas.
With a more normalized offline travel in this year, we are able to
dedicate more resources into our overseas directly operated
markets, the revenue of which has increased by more than 80% for
two consecutive quarters. In addition, we are encouraged by our
developments in our emerging
markets such as the North America
market, revenue of which increased
by nearly 160% in this quarter year over year. Entering Holiday
Season, we see this high-growth trend continues in our directly
operated markets as we see more value-seeking behavior by overseas
consumers and more favorable product mix from us."
"In many ways, this September quarter was our best quarter so
far, with historical highs in revenue, net profit and net store
opening. It also marked an important milestone for MINISO as our
global store network surpassed 6,000 for the first time. As of
September 30, we had opened 477 new
MINISO stores in China,
accomplishing our full-year plan of 350-450 stores a quarter ahead
of schedule. We currently expect to add another 100-200 new stores
on a net basis in China in the
remaining calendar year of 2023, and we will strive to deliver our
target of opening 350 to 450 stores in overseas markets. Going
forward, we will continue to focus on our long-term strategic goals
of delivering on our globalization strategy, bolstering the
strength of our product offerings and continuously optimizing our
store network."
Mr. Eason Zhang, Chief Financial
Officer and Vice President of MINISO, commented, "Gross margin for
this September quarter reached 41.8%, increasing by more than 6
percentage points from 35.7% in the same quarter last year, setting
another historical high, thanks to our solid execution of MINISO's
brand upgrade strategy and more favorable revenue mix, with
directly operated market contributed 46% of overseas revenue. In
longer term, we are confident to increase gross margin steadily by
leveraging our core capabilities in product development, supply
chain integration and glocalization."
"Adjusted net profit increased by 54% year over year to
RMB642 million, and adjusted net
margin reached 16.9% in this quarter. Excluding foreign exchange
impacts, adjusted net margin in this quarter would be 17.1%,
compared to 13.2% during the same quarter of 2022, and 15.5% in the
previous quarter. Looking forward into the December quarter, we
expect our sales to continue to grow strongly on a year-over-year
basis, driven by better store-level performance and store network
expansion. Meanwhile, our margin
profile will continue to optimize on a year-over-year
basis."
Recent Developments
Operational Update
According to the Company's preliminary estimates, its major
operations achieved the following updates:
October 2023: GMV of
MINISO's offline stores in China
increased by over 40% year over year, driven primarily by around
11% increase of average GMV per MINISO store. GMV of MINISO's
overseas business increased by around 30% year over year.
Unaudited Financial Results for the First Quarter of Fiscal
Year 2024 ended September 30,
2023
Revenue was RMB3,791.2
million (US$519.6 million),
representing an increase of 36.7% year over year, primarily driven
by a 34.7% year-over-year increase in revenue from China, and a 40.8% year-over-year increase in
revenue from overseas markets.
Revenue from China was
RMB2,495.8 million (US$342.1 million), 34.7% higher than RMB1,852.3 million in the same period of 2022.
The year-over-year increase was primarily driven by (i) an increase
of 41.2% in revenue from MINISO's offline stores in China, which was the result of a 14.0%
year-over-year growth in average store count and a 23.8%
year-over-year growth in average revenue per MINISO store in
China, and (ii) an increase of
46.1% in revenue from TOP TOY, which was the result of a 16.5%
year-over-year growth in average store count and a 25.4%
year-over-year growth in average revenue per TOP TOY store.
Revenue from overseas markets was RMB1,295.4 million (US$177.5 million), representing an increase
of 40.8% year over year. The year-over-year increase was primarily
due to a year-over-year increase of 12.5% in average store count
and a year-over-year growth of 25.1% in average revenue per MINISO
store in overseas markets. Revenue from overseas markets
contributed 34.2% of our total revenue in the September quarter of
2023, compared to 33.2% in the same period of 2022 and 34.3% in the
previous quarter of 2023.
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 RMB2,207.5
million (US$302.6 million),
representing an increase of 23.7% year over year.
Gross profit was RMB1,583.7
million (US$217.1 million),
representing an increase of 60.2% year over year.
Gross margin was 41.8%, compared to 35.7% 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 markets which accounted for 45.7% of revenue
from overseas markets, compared to 34.1% in the same period of
2022, (ii) higher gross margin in China contributed by newly launched products
in relation to our execution of strategic brand upgrade of MINISO,
and the cost-saving measures the Company adopted to reduce the
costs of certain products, and (iii) higher gross margin of TOP
TOY due to a shift in product mix towards more profitable
products.
Other income was RMB13.4 million (US$1.8 million), compared to RMB6.4 million in the same period of
2022.
Selling and distribution expenses were RMB640.9 million (US$87.8 million), representing an increase
of 68.1% year over year. Excluding share-based compensation
expenses, selling and distribution expenses were RMB620.8 million (US$85.1 million), representing an increase
of 66.6% year over year. The year-over-year increase was mainly
attributable to (i) increased personnel-related expenses in
relation to the growth of our business, (ii) increased promotion
and advertising expenses, mainly in connection with our execution
of strategic brand upgrade of MINISO in China, and (iii) increased licensing expenses
in relation to our growing IP library and enriched offerings of IP
products.
General and administrative expenses were RMB170.6 million (US$23.4 million), representing an increase
of 1.7% year over year. Excluding share-based compensation
expenses, general and administrative expenses were RMB166.9 million (US$22.9 million), representing an increase
of 2.3% year over year. As a percentage of revenue, general and
administrative expenses (excluding share-based compensation
expenses) for this quarter accounted for 4.4%, decreased from 5.9%
in the same period of 2022 thanks to operating leverage.
Other net income was RMB1.0 million (US$0.1 million), compared to RMB64.0 million in the same period of 2022.
Other net income mainly consists of investment income from wealth
management products, net foreign exchange gain/loss and others. The
year-over-year change was mainly attributable to a net foreign
exchange loss of RMB7.1 million in
this quarter, compared to a net foreign exchange gain of
RMB52.3 million in the same period of
2022.
Operating profit was RMB788.3
million (US$108.0 million), representing an increase
of 54.7% year over year.
Net finance income was RMB57.9 million (US$7.9 million), representing an increase of
130.9% year over year, mainly due to an increase in interest income
of bank deposits.
Profit for the period was RMB618.3 million (US$84.7 million), representing an increase
of 53.0% year over year.
Adjusted net profit, which represents profit for the
period excluding equity-settled share-based payment expenses, was
RMB642.0 million (US$88.0 million), representing an increase
of 53.8% year over year.
Adjusted net margin was 16.9%, compared to 15.1% in
the same period of 2022.
Adjusted EBITDA was RMB1,014.3 million (US$139.0 million), representing an increase
of 52.8% year over year.
Adjusted EBITDA margin was 26.8%, compared to 23.9%
in the same period of 2022.
Basic and diluted earnings per ADS were both RMB1.96 (US$0.27) in this quarter,
representing an increase of 48.5% year over year from RMB1.32 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
RMB2.04 (US$0.28) in this
quarter, representing an increase of 50.0% year over year from
RMB1.36 in the same period of
2022.
Conference Call
The Company's management will hold an earnings conference call
at 4:00 A.M. Eastern
Standard Time on Tuesday, November 21,
2023 (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://dooyle.zoom.us/j/83537975392?pwd=EH04HZUn0J49ezZi7m0bymGArajiFZ.1
Meeting Number: 835 3797 5392
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)
Mainland China:
400 182 3168 (or 400 616
8835)
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 September 29,
2023, which was RMB7.2960 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.
MINISO GROUP HOLDING
LIMITED
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
(Expressed in
thousands)
|
|
|
|
|
|
|
|
|
|
|
As at
|
|
As at
|
|
June 30,
2023
|
September 30,
2023
|
|
(Audited)
|
(Unaudited)
|
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
ASSETS
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
534,634
|
|
654,331
|
|
89,684
|
|
Right-of-use
assets
|
|
2,552,600
|
|
2,669,901
|
|
365,940
|
|
Intangible
assets
|
|
25,277
|
|
21,292
|
|
2,918
|
|
Goodwill
|
|
21,069
|
|
21,170
|
|
2,902
|
|
Deferred tax
assets
|
|
161,617
|
|
151,415
|
|
20,753
|
|
Other
investments
|
|
73,870
|
|
73,870
|
|
10,125
|
|
Other
receivables
|
|
74,641
|
|
87,510
|
|
11,994
|
|
Term
deposits
|
|
100,000
|
|
100,000
|
|
13,706
|
|
|
|
|
|
|
|
|
|
|
|
3,543,708
|
|
3,779,489
|
|
518,022
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Other
investments
|
|
205,329
|
|
301,361
|
|
41,305
|
|
Inventories
|
|
1,450,519
|
|
1,858,935
|
|
254,788
|
|
Trade and other
receivables
|
|
1,150,156
|
|
1,323,950
|
|
181,462
|
|
Cash and cash
equivalents
|
|
6,489,213
|
|
6,079,746
|
|
833,299
|
|
Restricted
cash
|
|
27,073
|
|
34,738
|
|
4,761
|
|
Term
deposits
|
|
581,715
|
|
267,927
|
|
36,723
|
|
|
|
|
|
|
|
|
|
|
|
9,904,005
|
|
9,866,657
|
|
1,352,338
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
13,447,713
|
|
13,646,146
|
|
1,870,360
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Share
capital
|
|
95
|
|
95
|
|
13
|
|
Additional paid-in
capital
|
|
7,254,871
|
|
6,331,304
|
|
867,777
|
|
Other
reserves
|
|
1,106,718
|
|
1,114,470
|
|
152,751
|
|
Retained
earnings
|
|
539,331
|
|
1,151,922
|
|
157,884
|
|
|
|
|
|
|
|
|
|
Equity attributable to
equity shareholders of the Company
|
|
8,901,015
|
|
8,597,791
|
|
1,178,425
|
|
Non-controlling
interests
|
|
17,253
|
|
21,074
|
|
2,889
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
8,918,268
|
|
8,618,865
|
|
1,181,314
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
Contract
liabilities
|
|
46,754
|
|
41,425
|
|
5,678
|
|
Loans and
borrowings
|
|
7,215
|
|
6,391
|
|
876
|
|
Lease
liabilities
|
|
556,801
|
|
648,904
|
|
88,939
|
|
Deferred
income
|
|
33,080
|
|
31,160
|
|
4,271
|
|
|
|
|
|
|
|
|
|
|
|
643,850
|
|
727,880
|
|
99,764
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Loans and
borrowings
|
|
-
|
|
710
|
|
97
|
|
Trade and other
payables
|
|
3,019,302
|
|
3,372,587
|
|
462,252
|
|
Contract
liabilities
|
|
292,887
|
|
278,915
|
|
38,228
|
|
Lease
liabilities
|
|
328,933
|
|
335,886
|
|
46,037
|
|
Deferred
income
|
|
6,778
|
|
6,735
|
|
923
|
|
Current
taxation
|
|
237,695
|
|
304,568
|
|
41,745
|
|
|
|
|
|
|
|
|
|
|
|
3,885,595
|
|
4,299,401
|
|
589,282
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
4,529,445
|
|
5,027,281
|
|
689,046
|
|
|
|
|
|
|
|
|
|
Total equity and
liabilities
|
|
13,447,713
|
|
13,646,146
|
|
1,870,360
|
|
|
|
|
|
|
|
|
|
|
|
MINISO GROUP HOLDING
LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
|
|
(Expressed in
thousands, except for per share and per ADS
data)
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
|
2022
|
|
2023
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
Revenue
|
|
2,772,444
|
|
3,791,154
|
|
519,621
|
|
Cost of
sales
|
|
(1,783,865)
|
|
(2,207,456)
|
|
(302,557)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
988,579
|
|
1,583,698
|
|
217,064
|
|
Other income
|
|
6,419
|
|
13,437
|
|
1,842
|
|
Selling and
distribution expenses
|
|
(381,345)
|
|
(640,889)
|
|
(87,841)
|
|
General and
administrative expenses
|
|
(167,626)
|
|
(170,552)
|
|
(23,376)
|
|
Other net
income
|
|
64,035
|
|
953
|
|
130
|
|
(Credit
loss)/reversal of credit
loss on trade and other
receivables
|
|
(554)
|
|
1,666
|
|
228
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
509,508
|
|
788,313
|
|
108,047
|
|
Finance
income
|
|
32,255
|
|
69,366
|
|
9,508
|
|
Finance
costs
|
|
(7,184)
|
|
(11,481)
|
|
(1,574)
|
|
|
|
|
|
|
|
|
|
Net finance
income
|
|
25,071
|
|
57,885
|
|
7,934
|
|
|
|
|
|
|
|
|
|
Profit before
taxation
|
|
534,579
|
|
846,198
|
|
115,981
|
|
Income tax
expense
|
|
(130,435)
|
|
(227,923)
|
|
(31,239)
|
|
|
|
|
|
|
|
|
|
Profit for the
period
|
|
404,144
|
|
618,275
|
|
84,742
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
Equity shareholders of
the Company
|
|
411,634
|
|
612,591
|
|
83,963
|
|
Non-controlling
interests
|
|
(7,490)
|
|
5,684
|
|
779
|
|
|
|
|
|
|
|
|
|
Earnings per share
for ordinary shares
|
|
|
|
|
|
|
|
-Basic
|
|
0.33
|
|
0.49
|
|
0.07
|
|
-Diluted
|
|
0.33
|
|
0.49
|
|
0.07
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
(Each ADS represents
4 ordinary shares)
|
-Basic
|
|
1.32
|
|
1.96
|
|
0.27
|
|
-Diluted
|
|
1.32
|
|
1.96
|
|
0.27
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
2022
|
|
2023
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
|
|
|
|
|
|
Profit for the
period
|
|
404,144
|
|
618,275
|
|
84,742
|
|
|
|
|
|
|
|
Items that may be
reclassified subsequently to profit or loss:
|
|
|
|
|
|
|
Exchange differences on
translation of financial statements of foreign
operations
|
|
26,476
|
|
(17,880)
|
|
(2,451)
|
|
|
|
|
|
|
|
Other comprehensive
income/(loss) for the period
|
|
26,476
|
|
(17,880)
|
|
(2,451)
|
|
|
|
|
|
|
|
Total comprehensive
income for the period
|
|
430,620
|
|
600,395
|
|
82,291
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity shareholders of
the Company
|
|
432,208
|
|
596,574
|
|
81,767
|
Non-controlling
interests
|
|
(1,588)
|
|
3,821
|
|
524
|
MINISO GROUP HOLDING
LIMITED
|
RECONCILIATION OF
NON-IFRS FINANCIAL MEASURES
|
(Expressed in
thousands, except for per share and per ADS
data)
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
2022
|
|
2023
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
|
|
|
|
|
|
Reconciliation of
profit for the period to adjusted net profit:
|
|
|
|
|
|
|
Profit for the
period
|
|
404,144
|
|
618,275
|
|
84,742
|
Add back:
|
|
|
|
|
|
|
Equity-settled
share-based payment expenses
|
|
13,227
|
|
23,769
|
|
3,258
|
|
|
|
|
|
|
|
Adjusted net
profit
|
|
417,371
|
|
642,044
|
|
88,000
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity shareholders of
the Company
|
|
424,861
|
|
636,360
|
|
87,221
|
Non-controlling
interests
|
|
(7,490)
|
|
5,684
|
|
779
|
|
|
|
|
|
|
|
Adjusted net
earnings per share for ordinary
shares(1)
|
|
|
|
|
|
|
-Basic
|
|
0.34
|
|
0.51
|
|
0.07
|
-Diluted
|
|
0.34
|
|
0.51
|
|
0.07
|
|
|
|
|
|
|
|
Adjusted net
earnings per ADS
|
|
|
|
|
|
|
(Each ADS represents
4 ordinary shares)
|
|
1.36
|
|
2.04
|
|
0.28
|
-Basic
|
-Diluted
|
|
1.36
|
|
2.04
|
|
0.28
|
|
|
|
|
|
|
|
Reconciliation of
adjusted net profit for the period to adjusted EBITDA:
|
|
|
|
|
|
|
Adjusted net
profit
|
|
417,371
|
|
642,044
|
|
88,000
|
Add back:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
108,657
|
|
132,868
|
|
18,211
|
Finance
costs
|
|
7,184
|
|
11,481
|
|
1,574
|
Income tax
expense
|
|
130,435
|
|
227,923
|
|
31,239
|
Adjusted
EBITDA
|
|
663,647
|
|
1,014,316
|
|
139,024
|
Adjusted EBITDA
margin
|
|
23.9 %
|
|
26.8 %
|
|
26.8 %
|
Note:
(1) Adjusted basic and diluted net earnings per share are
computed by dividing adjusted net profit attributable to the equity
shareholders of the Company by the number of ordinary shares used
in the basic and diluted earnings per share calculation on an IFRS
basis.
MINISO GROUP HOLDING
LIMITED
|
UNAUDITED ADDITIONAL
INFORMATION
|
(Expressed in
millions, except for percentages)
|
|
|
|
Three months ended
September 30,
|
|
2022
|
|
2023
|
|
YoY
|
|
RMB
|
|
RMB
|
|
US$
|
|
Revenue
|
|
|
|
|
|
|
|
Domestic
Operations
|
1,852
|
|
2,496
|
|
342
|
|
35 %
|
-MINISO
Brand
|
1,700
|
|
2,307
|
|
316
|
|
36 %
|
-TOP TOY
Brand
|
124
|
|
181
|
|
25
|
|
46 %
|
-Others
|
28
|
|
8
|
|
1
|
|
(71) %
|
International
Operations
|
920
|
|
1,295
|
|
178
|
|
41 %
|
|
2,772
|
|
3,791
|
|
520
|
|
37 %
|
MINISO GROUP HOLDING
LIMITED
|
UNAUDITED ADDITIONAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
September 30,
2022
|
|
June 30,
2023
|
|
September 30,
2023
|
|
YoY
|
|
QoQ
|
Number of MINISO
stores in China
|
|
|
|
|
|
|
|
|
|
First-tier
cities
|
464
|
|
474
|
|
499
|
|
35
|
|
25
|
Second-tier
cities
|
1,369
|
|
1,496
|
|
1,554
|
|
185
|
|
58
|
Third- or lower-tier
cities
|
1,436
|
|
1,634
|
|
1,749
|
|
313
|
|
115
|
Total
|
3,269
|
|
3,604
|
|
3,802
|
|
533
|
|
198
|
MINISO GROUP HOLDING
LIMITED
|
|
UNAUDITED ADDITIONAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
September 30,
2022
|
|
June 30,
2023
|
|
September30,
2023
|
|
YoY
|
|
QoQ
|
Number of MINISO
stores in overseas markets
|
|
|
|
|
|
|
|
|
|
Asian countries
excluding China
|
1,108
|
|
1,206
|
|
1,264
|
|
156
|
|
58
|
Americas
|
556
|
|
615
|
|
654
|
|
98
|
|
39
|
Europe
|
169
|
|
198
|
|
218
|
|
49
|
|
20
|
Others
|
194
|
|
168
|
|
177
|
|
(17)
|
|
9
|
Total
|
2,027
|
|
2,187
|
|
2,313
|
|
286
|
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/miniso-group-announces-september-quarter-2023-unaudited-financial-results-301994281.html
SOURCE MINISO Group Holding Limited