MNSO 0001104659-25-052246 6-K Filing: May 23, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2025

Commission File Number: 001-39601

MINISO Group Holding Limited

8F, M Plaza, No. 109, Pazhou Avenue

Haizhu District, Guangzhou 510000, Guangdong Province

The People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F   x         Form 40-F   ¨

Exhibit Index

Exhibit 99.1 —	Press Release — MINISO Group Announces March Quarter 2025 Unaudited Financial Results
Exhibit 99.2 —	Announcement with the Stock Exchange of Hong Kong Limited — Inside Information —Unaudited Financial Results<br>for the Three Months Ended March 31, 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MINISO Group Holding Limited
By	:	/s/ Jingjing Zhang
Name	:	Jingjing Zhang
Title	:	Chief Financial Officer

Date: May 23, 2025

Exhibit 99.1

MINISO Group Announces March Quarter 2025Unaudited Financial Results

Revenue grew**18.9 % year over year

Significant sequential improvement of same-storesales^(1)^ in MINISO mainland China for March Quarter

Gross margin reached 44.2%, up 0.8 ppt yearover year

Adjusted EBITDA increased 7.5% year over yearto RMB1,037.3 million

Shareholder returns reached around RMB986.9million year to date

GUANGZHOU, China, May 23, 2025 /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, 2025 (the “March Quarter”).

Financial Highlights

·	Revenue increased 18.9 % year over year to RMB4,427.0 million (US$610.1<br>million).
·	Same-store sales^(1)^in MINISO mainland China has<br>significantly narrowed its decline for March Quarter to mid-single digit.
·	Gross profit increased 21.1% year over year to RMB1,958.0 million<br>(US$269.8 million).
·	Gross margin was 44.2%, compared to 43.4% in the same period last<br>year.
·	Operating profit was RMB709.8 million (US$97.8 million), compared<br>to RMB743.3 million in the same period last year.
·	Profit for the period was RMB416.5 million (US$57.4 million), compared<br>to RMB586.0 million in the same period last year. Excluding other expenses and interest expenses related to issuance of equity linked<br>securities in January 2025 (the “Equity Linked Securities"), and interest expenses related to the bank loans used for<br>acquisition of the equity interest in Yonghui Superstores Co., Ltd*(永輝超市股份有限公司),<br>profit for the period would have been RMB562.3 million (US$77.5 million).
·	Adjusted net profit^(2)^ **** was RMB587.2 million<br>(US$80.9 million), compared to RMB616.9 million in the same period last year.
·	Adjusted net margin^(2)^was 13.3%, compared to 16.6%<br>in the same period last year.
·	Adjusted EBITDA^(2)^ increased 7.5% year over year<br>to RMB1,037.3 million (US$142.9 million).
·	Adjusted EBITDA margin^(2)^was 23.4%, compared to<br>25.9% in the same period of 2024.
·	Adjusted basic and diluted earnings per ADS^(2)^ were<br>RMB1.92 (US$0.26) and RMB1.88 (US$0.26) respectively, compared with each of RMB1.96 in the same period last year.
·	Cash position^(3)^ **** was RMB7,255.3 million (US$999.8<br>million) as of March 31, 2025, compared to RMB6,698.1 million as of December 31, 2024.

Operational Highlights

·	Total number of stores on group level was 7,768 as of March 31,<br>2025, representing a year-over-year increase of 978 net new stores.
·	Number of MINISO stores was 7,488 as of March 31, 2025, representing<br>a year-over-year increase of 858 net new stores.
·	Number of MINISO stores in mainland China was 4,275 as of March 31,<br>2025, representing a year-over-year increase of 241 net new stores.
---	---
·	Number of MINISO stores in overseas markets reached 3,213 as of March 31,<br>2025, representing a year-over-year increase of 617 net new stores.

·	Number of TOP TOY stores was 280 as of March 31, 2025, representing<br>a year-over-year increase of 120 net new stores. TOP TOY has also begun to expand into overseas markets since December quarter of<br>2024. This strategic move aligns with the Company's plan to expand globally and strengthen its brand presence.

Notes:

(1)	“Same-store sales” refers to the daily sale on per store basis generated by those stores that<br>opened prior to the beginning of the comparative periods and remained open as of the end of the comparative periods and closed for less<br>than 30 days during both comparative periods.
(2)	See the sections titled “Non-IFRS Financial Measures” and “Reconciliation of Non-IFRS<br>Financial Measures” in this press release for more information.
---	---
(3)	“Cash position” refers to the combined balance of the Company’s cash and cash equivalents,<br>restricted cash, term deposits with original maturity over three months, and other investments recorded as current assets.
---	---

The following table provides a breakdown of the Company’s store network and its changes on a year-over-year basis. 70% of new MINISO stores in the past twelve months were located in overseas markets.

	As of
	March 31, <br> 2024		March 31, <br> 2025		YoY
Number of stores on group level		6,790		7,768		978
Number of MINISO stores		6,630		7,488		858
Mainland China		4,034		4,275		241
—Directly operated stores		29		20		(9	)
—Stores operated under MINISO Retail Partner model		3,983		4,229		246
—Stores operated under distributor model		22		26		4
Overseas		2,596		3,213		617
—Directly operated stores		281		548		267
—Stores operated under MINISO Retail Partner model		314		432		118
—Stores operated under distributor model		2,001		2,233		232
Number of TOP TOY stores		160		280		120
—Directly operated stores		17		40		23
—Stores operated under MINISO Retail Partner model		143		240		97

Mr. Guofu Ye, Founder, Chairman, and CEO of MINISO, commented, “We delivered a solid March Quarter to kick off 2025 and are pleased to see our revenue grow by 18.9% year over year. Our revenue growth was mainly attributable to a 9.1% revenue growth in MINISO mainland China, an acceleration from September and December quarter last year, powered by a solid recovery in same-store sales. Through our steady progress in product mix optimization and strategical store network refinement, we are confident in achieving sustainable and high-quality growth.

Revenue in MINISO overseas grew by 30.3%, with a year-over-year 3 percentage points increase in contribution to our total revenue. We are forging more holistic collaborations with our overseas partners to enhance synergies, upgrade store formats to improve operational efficiency and unlock potential in store opening space."

"Entering into 2025, we are facing an increasingly volatile macroeconomic environment. Yet, with over ten years’ experience of globalization, unparalleled scale and diversified footprint, we will stay resilient and agile in order to deliver long-term profitable growth." Mr. Ye continued.

Mr. Eason Zhang, CFO of MINISO, commented, “Gross margin for March Quarter reached 44.2%, which was the highest for the past March quarters ever, thanks to our solid performance from overseas markets and TOP TOY. Adjusted EBITDA grew by 7.5% year over year to RMB1,037.3 million, with an adjusted EBITDA margin of 23.4%. Our mainland franchise segment achieved a stable operating margin year over year amid a challenging environment while our investments into new businesses will open up growth opportunities over the long term."

"MINISO Group remains steadfast in our consumer-centric strategy driving business transformation and market expansion through continuous innovation. We are committed to delivering high-quality, creatively designed products and services to our customers while generating sustainable value for shareholders. We maintained a strong cash position of RMB7,255.3 million as of March 31, 2025 and distributed cash dividends of US$101.4 million this April. Supplemented by year-to-date share repurchase of about RMB255.7 million, our returns to shareholders totaled RMB986.9 million. Moving forward, we will continue to exert effort on disciplined cost control and moderate budgeting, and balance both growth and our commitment to bringing stable and foreseeable returns to shareholders." Mr. Zhang concluded.

Financial Results for the March Quarter

Revenue was RMB4,427.0 million (US$610.1 million), representing an increase of 18.9% year over year, primarily driven by an 16.5% year-over-year increase in average store count.

Revenue from MINISO brand increased by 16.5% to RMB4,085.8 million (US$563.0 million), driven by (i) an increase of 9.1% in mainland China, and (ii) an increase of 30.3% in overseas markets. The year-over-year increase was primarily due to an increase of 24.6% in average store count in overseas. Overseas revenue contributed to 39.0% of revenue from MINISO brand, compared to 34.8% in the same period of 2024.

Revenue from TOP TOY brand increased by 58.9% to RMB339.9 million (US$46.8 million), primarily powered by its rapid growth in average store count.

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 RMB2,469.0 million (US$340.2 million), representing an increase of 17.2% year over year.

Gross profit was RMB1,958.0 million (US$269.8 million), representing an increase of 21.1% year over year.

Gross margin reached 44.2%, representing an increase of 0.8 percentage point. The year-over-year increase in gross margin was primarily due to (i) higher revenue contribution of MINISO brand from overseas markets, (ii) higher gross margin of TOP TOY due to a shift in revenue mix towards more profitable products.

Other income was RMB3.0 million (US$0.4 million), compared to RMB3.6 million in the same period of 2024.

Selling and distribution expenses were RMB1,021.2 million (US$140.7 million), increased by 46.7% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,012.8 million (US$139.6 million), increased by 50.7% year over year. The year-over-year increase was mainly attributable to the Company’s investments into directly operated stores to pursue the future success of the Company’s business. As of March 31, 2025, total number of directly operated stores in overseas markets was 608, compared with 327 in the same period last year. In the March Quarter, revenue from directly operated stores has increased 85.5% year over year, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 71.4%. Licensing expenses increased by 39.6%, mainly attributable to our growing IP library and enriched offerings of IP products, as a percentage of revenue stabilizing at around 2% in both comparative periods. Logistics expenses increased by 31.3% year over year.

General and administrative expenses were RMB242.1 million (US$33.4 million), increased by 26.6% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB225.6 million (US$31.1 million), increased by 22.3% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company’s business.

Other net income was RMB20.8 million (US$2.9 million), compared to RMB14.8 million in the same period of 2024. The year-over-year increase was mainly due to an increase in investment income in wealth management products, and a net foreign exchange gain compared with a net foreign exchange loss in the same period last year.

Operating profit was RMB709.8 million (US$97.8 million), compared with RMB743.3 million in the same period last year.

Net finance cost was RMB49.0 million (US$6.8 million), compared to net finance income of RMB25.0 million in the same period of 2024. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for acquisition of the equity interest of Yonghui Superstores Co., Ltd*, both of which have been excluded in non-IFRS financial measures^(1)^, and (ii) increased interest expenses on lease liabilities corresponding to the Company’s investment in directly operated stores.

Other expenses was RMB91.1 million (US$12.6 million), including loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives, which is in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures^(1)^.

Profit for the period was RMB416.5 million (US$57.4 million), compared to RMB586.0 million in the same period of 2024. Excluding other expenses and interest expenses related to issuance of the Equity Linked Securities, and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*, profit for the period would have been RMB562.3 million (US$77.5 million).

Adjusted net profit^(1)^ was RMB587.2 million (US$80.9 million), compared to RMB616.9 million in the same period last year.

Adjusted net margin^(1)^ was 13.3%, compared to 16.6% in the same period of 2024.

Adjusted EBITDA^(1)^ **** increased 7.5% year over year to RMB1,037.3 million (US$142.9 million).

Adjusted EBITDA margin^(1)^was 23.4%, compared to 25.9% in the same period of 2024.

Basic and diluted earnings per ADS were both RMB1.36 (US$0.19), compared to RMB1.88 in the same period of 2024.

Adjusted basic earnings per ADS^(1)^was RMB1.92 (US$0.26), compared to RMB1.96 in the same period of 2024.

Adjusted diluted earnings per ADS^(1)^ was RMB1.88 (US$0.26), compared to RMB1.96 in the same period of 2024.

Cash position, which was the combined balance of the Company’s cash and cash equivalents, restricted cash, term deposits, and other investments recorded as current assets was RMB7,255.3 million (US$999.8 million) as of March 31, 2025, compared to RMB6,698.1 million as of December 31, 2024.

Note:

(1)	See the sections titled “Non-IFRS Financial Measures” and “Reconciliation of Non-IFRS<br>Financial Measures” in this press release for more information.

Conference Call

The Company’s management will hold an earnings conference call at 5:00 A.M. Eastern Time on Friday, May 23, 2025 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. Simultaneous interpretation in English will be provided during the conference call. The conference call can be accessed by the following Zoom link or dialing the following numbers:

Access 1

Join Zoom meeting.

Zoom link: https://zoom.us/j/91867561429?pwd=O6gp0PI5MebbwUIlZ9K0Z1obVLjp0U.1

Meeting Number: 918 6756 1429

Meeting Passcode: 9896

Access 2

Listeners may access the call by dialing the following numbers with the same meeting number and passcode with access 1.

United States:	+1 689 278 1000 (or +1 719 359 4580)
Hong Kong, China:	+852 5803 3730 (or +852 5803 3731)
United Kingdom:	+44 203 481 5237 (or +44 131 460 1196)
France:	+33 1 7037 9729 (or +33 1 7037 2246)
Singapore:	+65 3158 7288 (or +65 3165 1065)
Canada:	+1 438 809 7799 (or +1 204 272 7920)

Access 3

Listeners can also access the call through the Company’s investor relations website at https://ir.miniso.com/.

The replay will be available approximately two hours after the conclusion of the live event at the Company’s investor relations website at https://ir.miniso.com/.

About MINISO Group

MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO’s wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand “MINISO” as a globally recognized retail brand and established a massive store network worldwide. For more information, please visit https://ir.miniso.com/.

Exchange Rate

The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2025, which was RMB7.2567 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, gain or loss from fair value change of derivatives, issuance cost of derivatives and interest expenses related to equity linked securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*. MINISO calculates adjusted net margin by dividing adjusted net profit by revenue for the same period. MINISO defines adjusted EBITDA as adjusted net profit plus depreciation and amortization, finance costs excluding interest expenses related to equity linked securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd* and income tax expense. Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenue for the period. MINISO computes adjusted basic and diluted net earnings per ADS by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ADSs represented by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. MINISO computes adjusted basic and diluted net earnings per share in the same way as it calculates adjusted basic and diluted net earnings per ADS, except that it uses the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis as the denominator instead of the number of ADSs represented by these ordinary shares.

MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its operating performance and formulate business plans. These non-IFRS financial measures enable the management to assess its operating results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its operating performance in the future. Accordingly, MINISO believes that the use of these non-IFRS financial measures provides useful information to investors and others in understanding and evaluating its operating results in the same manner as the management and board of directors.

These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using these non-IFRS financial measures is that they do not reflect all items of income and expense that affect MINISO’s operations. Further, these non-IFRS financial measures may differ from the non-IFRS information used by other companies, including peer companies, and therefore their comparability may be limited.

These non-IFRS financial measures should not be considered in isolation or construed as alternatives to profit, net profit margin, basic and diluted earnings per share and basic and diluted earnings per ADS, as applicable, or any other measures of performance or as indicators of MINISO’s operating performance. Investors are encouraged to review MINISO’s historical non-IFRS financial measures in light of the most directly comparable IFRS measures, as shown below. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing MINISO’s data comparatively. MINISO encourages you to review its financial information in its entirety and not rely on a single financial measure.

For more information on the non-IFRS financial measures, please see the table captioned “Reconciliation of Non-IFRS Financial Measures” set forth at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “is/are likely to”, “potential”, “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO’s strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO’s mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO’s products; expectations regarding MINISO’s relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO’s business and the industry. Further information regarding these and other risks is included in MINISO’s filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contacts:

MINISO Group Holding Limited

Email: [email protected]

Phone: +86 (20) 36228788 Ext.8039

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in thousands)

	As at		As at
	December 31, 2024		March 31, 2025
	(Audited)		(Unaudited)
		RMB’000		RMB’000	US$’000
ASSETS
Non-current assets
Property, plant and equipment		1,436,939		1,535,840	211,644
Right-of-use assets		4,172,083		4,319,605	595,257
Intangible assets		8,802		8,379	1,155
Goodwill		21,418		21,586	2,975
Deferred tax assets		181,948		202,417	27,894
Other investments		123,399		123,062	16,958
Trade and other receivables		341,288		288,455	39,750
Term deposits		140,183		105,592	14,551
Financial derivative assets		—		810,192	111,647
Interests in equity-accounted investees		38,567		6,307,379	869,180
		6,464,627		13,722,507	1,891,011
Current assets
Other investments		100,000		150,946	20,801
Inventories		2,750,389		2,833,354	390,447
Trade and other receivables		2,207,013		2,375,133	327,302
Cash and cash equivalents		6,328,121		6,839,406	942,495
Restricted cash		1,026		1,959	270
Term deposits		268,952		262,962	36,237
		11,655,501		12,463,760	1,717,552
Total assets		18,120,128		26,186,267	3,608,563

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

(Expressed in thousands)

	As at		As at
	December 31, 2024		March 31, 2025
	(Audited)		(Unaudited)
		RMB’000		RMB’000	US$’000
EQUITY
Share capital		94		94	13
Additional paid-in capital		4,683,577		3,954,863	544,995
Other reserves		1,329,126		1,959,579	270,037
Retained earnings		4,302,177		4,718,519	650,229
Equity attributable to equity shareholders of the Company		10,314,974		10,633,055	1,465,274
Non-controlling interests		40,548		45,411	6,258
Total equity		10,355,522		10,678,466	1,471,532
LIABILITIES
Non-current liabilities
Contract liabilities		35,145		33,381	4,600
Loans and borrowings		4,310		5,776,316	795,998
Other payables		59,842		74,844	10,314
Lease liabilities		1,903,137		2,066,649	284,792
Financial derivative liabilities		—		1,249,266	172,153
Deferred income		34,983		34,742	4,788
		2,037,417		9,235,198	1,272,645
Current liabilities
Contract liabilities		323,292		344,665	47,496
Loans and borrowings		566,955		649,401	89,490
Trade and other payables		3,943,988		3,632,572	500,580
Lease liabilities		635,357		722,607	99,578
Deferred income		5,376		3,708	511
Current taxation		252,221		191,508	26,391
Dividend payables		—		728,142	100,340
		5,727,189		6,272,603	864,386
Total liabilities		7,764,606		15,507,801	2,137,031
Total equity and liabilities		18,120,128		26,186,267	3,608,563

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

(Expressedin thousands, except for per ordinary share and per ADS data)

	Three<br> months ended March 31,
	2024			2025
	(Unaudited)			(Unaudited)
	RMB’000			RMB’000			US<br> ’000
Revenue		3,723,531			4,427,044
Cost of sales		(2,107,073	)		(2,469,007	)		)
Gross profit		1,616,458			1,958,037
Other income		3,645			3,020
Selling and distribution expenses		(696,027	)		(1,021,186	)		)
General and administrative expenses		(191,341	)		(242,144	)		)
Other net income		14,829			20,835
Credit loss on trade and other receivables		(667	)		(8,775	)		)
Impairment loss on non-current assets		(3,612	)		—
Operating profit		743,285			709,787
Finance income		40,890			36,915
Finance costs		(15,909	)		(85,945	)		)
Net finance income/(cost)		24,981			(49,030	)		)
Share of profit of equity-accounted investees, net of tax		120			(2,005	)		)
Other expenses		—			(91,071	)		)
Profit before taxation		768,386			567,681
Income tax expense		(182,432	)		(151,222	)		)
Profit for the period		585,954			416,459
Attributable to:
Equity shareholders of the Company		582,472			416,342
Non-controlling interests		3,482			117
Earnings per share for ordinary shares
-Basic		0.47			0.34
-Diluted		0.47			0.34
Earnings per ADS
(Each ADS represents 4 ordinary shares)
-Basic		1.88			1.36
-Diluted		1.88			1.36

All values are in US Dollars.

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATEDSTATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (CONTINUED)

(Expressed in thousands)

	Three months ended March 31,
	2024		2025
	(Unaudited)		(Unaudited)
	RMB’000		RMB’000			US ’000
Profit for the period		585,954		416,459
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of financial statements of foreign operations		3,855		(1,291	)		)
Other comprehensive income/(loss) for the period		3,855		(1,291	)		)
Total comprehensive income for the period		589,809		415,168
Attributable to:
Equity shareholders of the Company		586,166		416,306
Non-controlling interests		3,643		(1,138	)		)

All values are in US Dollars.

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES

(Expressed in thousands, except for per share, per ADS data and percentages)

	Three months ended March 31,
	2024			2025
	(Unaudited)			(Unaudited)
	RMB’000			RMB’000			US’000
Reconciliation of profit for the period to adjusted net profit:
Profit for the period		585,954			416,459
Add back:
Equity-settled share-based payment expenses		30,937			24,930
Loss from fair value change of derivatives		—			46,407
Issuance cost of derivatives		—			44,664
Interest expenses related to equity linked securities and the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd.		—			54,745
Adjusted net profit		616,891			587,205
Adjusted net margin		16.6	%		13.3	%		%
Attributable to:
Equity shareholders of the Company		613,409			586,999
Non-controlling interests		3,482			206
Adjusted net earnings per share^(1)^
-Basic		0.49			0.48
-Diluted		0.49			0.47
Adjusted net earnings per ADS (Each ADS represents 4 ordinary shares)
-Basic		1.96			1.92
-Diluted		1.96			1.88
Reconciliation of adjusted net profit for the period to adjusted EBITDA:
Adjusted net profit		616,891			587,205
Add back:
Depreciation and amortization		150,102			267,672
Finance costs excluding interest expenses related to equity linked securities and the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd.		15,909			31,200
Income tax expense		182,432			151,222
Adjusted EBITDA		965,334			1,037,299
Adjusted EBITDA margin		25.9	%		23.4	%		%

All values are in US Dollars.

Note:

(1) Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis.

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

(Expressed in thousands, except for percentages)

	Three months ended March 31,
	2024		2025
	RMB’000		RMB’000		US’000	YoY
Revenue
MINISO Brand		3,506,657		4,085,778			16.5	%
-Mainland China		2,284,791		2,493,775			9.1	%
-Overseas		1,221,866		1,592,003			30.3	%
TOP TOY Brand		213,820		339,850			58.9	%
Others^(1)^		3,054		1,416			(53.6	)%
		3,723,531		4,427,044			18.9	%

All values are in US Dollars.

Note:

(1) “Others” refers to revenue generated from other operating segments such as “WonderLife”, which was a secondary brand targeting on lower-tier cities in mainland China, aggregated and presented as “others”. As the MINISO brand increasingly penetrated into lower-tier cities in mainland China, “WonderLife” has become marginalized.

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

NUMBER OF MINISO STORES IN MAINLAND CHINA

	As of
	March 31,<br> 2024		March 31,<br> 2025		YoY
By City Tiers
First-tier cities		532		569		37
Second-tier cities		1,664		1,773		109
Third- or lower-tier cities		1,838		1,933		95
Total		4,034		4,275		241

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

NUMBER OF MINISO STORES IN OVERSEAS MARKETS

	As of
	March 31, <br> 2024		March 31,<br> 2025		YoY
By Regions
Asia excluding China		1,402		1,663		261
North America		191		375		184
Latin America		563		646		83
Europe		237		301		64
Others		203		228		25
Total		2,596		3,213		617

*For identification purpose only

Exhibit 99.2

Hong Kong Exchangesand Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make norepresentation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising fromor in reliance upon the whole or any part of the contents of this announcement.

MINISOGroup Holding Limited

名創優品集團控股有限公司

(Acompany incorporated in the Cayman Islands with limited liability)

(StockCode: 9896)

INSIDEINFORMATION

UNAUDITEDQUARTER FINANCIAL RESULTS FOR THE THREE

MONTHSENDED MARCH 31, 2025

This announcement is issued pursuant to Rule 13.09 of the Rules Governing the Listing of the Securities on The Stock Exchange of Hong Kong Limited and under Part XIVA of the Securities and Futures Ordinance (Cap. 571).

MINISO Group Holding Limited (“MINISO” or the “Company”) is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries for the three months ended March 31, 2025.

The Company is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries for the three months ended March 31, 2025 published in accordance with applicable rules of the U.S. Securities and Exchange Commission (the “SEC”).

Attached hereto as Schedule I is the full text of the press release issued by the Company on May 23, 2025 (Eastern Standard Time), in relation to the unaudited financial results for the three months ended March 31, 2025, some of which may constitute material inside information of the Company.

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 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 announcement and in the attachments is as of the date of this announcement, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.

The Company’s shareholders and potential investors are advised not to place undue reliance on the unaudited financial results for the three months ended March 31, 2025 and to exercise caution in dealing in securities in the Company.

By Order of the<br> Board
MINISO Group Holding<br> Limited
Mr. YE Guofu
Executive Director<br> and Chairman

Hong Kong, May 23, 2025

As of the dateof this announcement, the board of directors of the Company comprises Mr. YE Guofu as executive Director, Ms. XU Lili, Mr. ZHUYonghua and Mr. WANG Yongping as independent non-executive Directors.

SCHEDULEI

MINISOGroup Announces March Quarter 2025 Unaudited Financial Results

Revenuegrew 18.9 % year over year

Significantsequential improvement of same-store sales^(1)^ in MINISO mainland China for March Quarter

Grossmargin reached 44.2%, up 0.8 ppt year over year Adjusted EBITDA increased 7.5% year over year to RMB1,037.3 million

Shareholderreturns reached around RMB986.9 million year to date

GUANGZHOU, China, May 23, 2025/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, 2025 (the “March Quarter”).

Financial Highlights

·	Revenue increased 18.9% year over year to RMB4,427.0 million (US$610.1 million).
·	Same-store sales^(1)^in MINISO mainland China has significantly narrowed its<br> decline for March Quarter to mid-single digit.
---	---
·	Gross profit increased 21.1% year over year to RMB1,958.0 million (US$269.8 million).
---	---
·	Gross margin was 44.2%, compared to 43.4% in the same period last year.
---	---
·	Operating profit was RMB709.8 million (US$97.8 million), compared to RMB743.3 million in the same<br> period last year.
---	---
·	Profit for the period was RMB416.5 million (US$57.4 million), compared to RMB586.0 million in<br> the same period last year. Excluding other expenses and interest expenses related to issuance<br> of equity linked securities in January 2025 (the “Equity Linked Securities”),<br> and interest expenses related to the bank loans used for acquisition of the equity interest<br> in Yonghui Superstores Co., Ltd* (永輝超市股份有限公司),<br> profit for the period would have been RMB562.3 million (US$77.5 million).
---	---
·	Adjusted net profit^(2)^ **** was RMB587.2 million (US$80.9 million), compared<br> to RMB616.9 million in the same period last year.
---	---
·	Adjusted net margin^(2)^ **** was 13.3%, compared to 16.6% in the same period<br> last year.
---	---

·	Adjusted EBITDA^(2)^ **** increased 7.5% year over year to RMB1,037.3 million<br> (US$142.9 million).
·	Adjusted EBITDA margin^(2)^ **** was 23.4%, compared to 25.9% in the same period<br> of 2024.
---	---
·	Adjusted basic and diluted earnings per ADS^(2)^ **** were RMB1.92 (US$0.26) and<br> RMB1.88 (US$0.26) respectively, compared with each of RMB1.96 in the same period last year.
---	---
·	Cash position^(3)^ **** was RMB7,255.3 million (US$999.8 million) as of March 31,<br> 2025, compared to RMB6,698.1 million as of December 31, 2024.
---	---

Operational Highlights

·	Total number of stores on group level was 7,768 as of March 31, 2025, representing a year-over-year<br> increase of 978 net new stores.
·	Number of MINISO stores was 7,488 as of March 31, 2025, representing a year-over-year increase<br> of 858 net new stores.
---	---
·	Number of MINISO stores in mainland China was 4,275 as of March 31, 2025, representing<br> a year-over-year increase of 241 net new stores.
---	---
·	Number of MINISO stores in overseas markets reached 3,213 as of March 31, 2025, representing<br> a year-over-year increase of 617 net new stores.
---	---
·	Number of TOP TOY stores was 280 as of March 31, 2025, representing a year-over-year increase<br> of 120 net new stores. TOP TOY has also begun to expand into overseas markets since December quarter<br> of 2024. This strategic move aligns with the Company’s plan to expand globally and<br> strengthen its brand presence.
---	---

Notes:

(1)	“Same-store<br> sales” refers to the daily sale on per store basis generated by those stores that opened<br> prior to the beginning of the comparative periods and remained open as of the end of the<br> comparative periods and closed for less than 30 days during both comparative periods.
(2)	See<br> the sections titled “Non-IFRS Financial Measures” and “Reconciliation of<br> Non-IFRS Financial Measures” in this press release for more information.
---	---
(3)	“Cash<br> position” refers to the combined balance of the Company’s cash and cash equivalents,<br> restricted cash, term deposits with original maturity over three months, and other investments<br> recorded as current assets.
---	---

	As of
	March 31,		March 31,
	2024		2025		YoY
Number of stores on group level		6,790		7,768		978
Number of MINISO stores		6,630		7,488		858
Mainland China		4,034		4,275		241
– Directly operated stores		29		20		(9	)
– Stores operated under MINISO Retail Partner model		3,983		4,229		246
– Stores operated under distributor model		22		26		4
Overseas		2,596		3,213		617
– Directly operated stores		281		548		267
– Stores operated under MINISO Retail Partner model		314		432		118
– Stores operated under distributor model		2,001		2,233		232
Number of TOP TOY stores		160		280		120
– Directly operated stores		17		40		23
– Stores operated under MINISO Retail Partner model		143		240		97

“Entering into 2025, we are facing an increasingly volatile macroeconomic environment. Yet, with over ten years’ experience of globalization, unparalleled scale and diversified footprint, we will stay resilient and agile in order to deliver long-term profitable growth.” Mr. Ye continued.

“MINISO Group remains steadfast in our consumer-centric strategy driving business transformation and market expansion through continuous innovation. We are committed to delivering high-quality, creatively designed products and services to our customers while generating sustainable value for shareholders. We maintained a strong cash position of RMB7,255.3 million as of March 31, 2025 and distributed cash dividends of US$101.4 million this April. Supplemented by year-to-date share repurchase of about RMB255.7 million, our returns to shareholders totaled RMB986.9 million. Moving forward, we will continue to exert effort on disciplined cost control and moderate budgeting, and balance both growth and our commitment to bringing stable and foreseeable returns to shareholders.” Mr. Zhang concluded.

Financial Results for the March Quarter

Revenue was RMB4,427.0 million (US$610.1 million), representing an increase of 18.9% year over year, primarily driven by an 16.5% year-over-year increase in average store count.

Revenue from TOP TOY brand increased by 58.9% to RMB339.9 million (US$46.8 million), primarily powered by its rapid growth in average store count.

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 saleswas RMB2,469.0 million (US$340.2 million), representing an increase of 17.2% year over year.

Gross profitwas RMB1,958.0 million (US$269.8 million), representing an increase of 21.1% year over year.

Gross marginreached 44.2%, representing an increase of 0.8 percentage point. The year-over-year increase in gross margin was primarily due to (i) higher revenue contribution of MINISO brand from overseas markets, (ii) higher gross margin of TOP TOY due to a shift in revenue mix towards more profitable products.

Other incomewas RMB3.0 million (US$0.4 million), compared to RMB3.6 million in the same period of 2024.

Selling anddistribution expenses were RMB1,021.2 million (US$140.7 million), increased by 46.7% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,012.8 million (US$139.6 million), increased by 50.7% year over year. The year-over-year increase was mainly attributable to the Company’s investments into directly operated stores to pursue the future success of the Company’s business. As of March 31, 2025, total number of directly operated stores in overseas markets was 608, compared with 327 in the same period last year. In the March Quarter, revenue from directly operated stores has increased 85.5% year over year, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 71.4%. Licensing expenses increased by 39.6%, mainly attributable to our growing IP library and enriched offerings of IP products, as a percentage of revenue stabilizing at around 2% in both comparative periods. Logistics expenses increased by 31.3% year over year.

General andadministrative expenses were RMB242.1 million (US$33.4 million), increased by 26.6% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB225.6 million (US$31.1 million), increased by 22.3% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company’s business.

Other net incomewas RMB20.8 million (US$2.9 million), compared to RMB14.8 million in the same period of 2024. The year-over-year increase was mainly due to an increase in investment income in wealth management products, and a net foreign exchange gain compared with a net foreign exchange loss in the same period last year.

Operating profitwas RMB709.8 million (US$97.8 million), compared with RMB743.3 million in the same period last year.

Net financecost was RMB49.0 million (US$6.8 million), compared to net finance income of RMB25.0 million in the same period of 2024. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for acquisition of the equity interest of Yonghui Superstores Co., Ltd*, both of which have been excluded in non-IFRS financial measures^(1)^, and (ii) increased interest expenses on lease liabilities corresponding to the Company’s investment in directly operated stores.

Other expenseswas RMB91.1 million (US$12.6 million), including loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives, which is in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures^(1)^.

Profit for theperiod was RMB416.5 million (US$57.4 million), compared to RMB586.0 million in the same period of 2024. Excluding other expenses and interest expenses related to issuance of the Equity Linked Securities, and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*, profit for the period would have been RMB562.3 million (US$77.5 million).

Adjusted netprofit^(1)^ **** was RMB587.2 million (US$80.9 million), compared to RMB616.9 million in the same period last year.

Adjusted net margin^(1)^ **** was 13.3%, compared to 16.6% in the same period of 2024.

Adjusted EBITDA^(1)^ **** increased 7.5% year over year to RMB1,037.3 million (US$142.9 million).

Adjusted EBITDA margin^(1)^ **** was 23.4%, compared to 25.9% in the same period of 2024.

Basic and dilutedearnings per ADS were both RMB1.36 (US$0.19), compared to RMB1.88 in the same period of 2024.

Adjusted basicearnings per ADS^(1)^ **** was RMB1.92 (US$0.26), compared to RMB1.96 in the same period of 2024.

Adjusted dilutedearnings per ADS^(1)^ **** was RMB1.88 (US$0.26), compared to RMB1.96 in the same period of 2024.

Note:

(1)	See<br> the sections titled “Non-IFRS Financial Measures” and “Reconciliation of<br> Non-IFRS Financial Measures” in this press release for more information.

Conference Call

Access 1

Join Zoom meeting.

Zoom link: https://zoom.us/j/91867561429?pwd=O6gp0PI5MebbwUIlZ9K0Z1obVLjp0U.1

Meeting Number: 918 6756 1429

Meeting Passcode: 9896

Access 2

Listeners may access the call by dialing the following numbers with the same meeting number and passcode with access 1.

United States:	+1 689 278 1000 (or +1 719 359 4580)
Hong Kong, China:	+852 5803 3730 (or +852 5803 3731)
United Kingdom:	+44 203 481 5237 (or +44 131 460 1196)
France:	+33 1 7037 9729 (or +33 1 7037 2246)
Singapore:	+65 3158 7288 (or +65 3165 1065)
Canada:	+1 438 809 7799 (or +1 204 272 7920)

Access 3

Listeners can also access the call through the Company’s investor relations website at https://ir.miniso.com/.

The replay will be available approximately two hours after the conclusion of the live event at the Company’s investor relations website at https://ir.miniso.com/.

About MINISO Group

Exchange Rate

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, gain or loss from fair value change of derivatives, issuance cost of derivatives and interest expenses related to equity linked securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*. MINISO calculates adjusted net margin by dividing adjusted net profit by revenue for the same period. MINISO defines adjusted EBITDA as adjusted net profit plus depreciation and amortization, finance costs excluding interest expenses related to equity linked securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*. 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.

For more information on the non-IFRS financial measures, please see the table captioned “Reconciliation of Non-IFRS Financial Measures” set forth at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “is/are likely to”, “potential”, “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO’s strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO’s mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO’s products; expectations regarding MINISO’s relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO’s business and the industry. Further information regarding these and other risks is included in MINISO’s filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contacts:

MINISO Group Holding Limited

Email: [email protected]

Phone: +86 (20) 36228788 Ext.8039

MINISOGROUP HOLDING LIMITED

UNAUDITEDCONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in thousands)

	As at		As at
	December 31, 2024		March 31, 2025
	(Audited)		(Unaudited)
	RMB’000		RMB’000		US’000
ASSETS
Non-current assets
Property, plant and equipment		1,436,939		1,535,840
Right-of-use assets		4,172,083		4,319,605
Intangible assets		8,802		8,379
Goodwill		21,418		21,586
Deferred tax assets		181,948		202,417
Other investments		123,399		123,062
Trade and other receivables		341,288		288,455
Term deposits		140,183		105,592
Financial derivative assets		–		810,192
Interests in equity-accounted investees		38,567		6,307,379
		6,464,627		13,722,507
Current assets
Other investments		100,000		150,946
Inventories		2,750,389		2,833,354
Trade and other receivables		2,207,013		2,375,133
Cash and cash equivalents		6,328,121		6,839,406
Restricted cash		1,026		1,959
Term deposits		268,952		262,962
		11,655,501		12,463,760
Total assets		18,120,128		26,186,267

All values are in US Dollars.

MINISO GROUP HOLDINGLIMITED

UNAUDITED CONDENSED CONSOLIDATEDSTATEMENTS OF FINANCIAL POSITION (CONTINUED)

(Expressed in thousands)

	As at		As at
	December 31, 2024		March 31, 2025
	(Audited)		(Unaudited)
		RMB’000		RMB’000	US$’000
EQUITY
Share capital		94		94	13
Additional paid-in capital		4,683,577		3,954,863	544,995
Other reserves		1,329,126		1,959,579	270,037
Retained earnings		4,302,177		4,718,519	650,229
Equity attributable to equity shareholders of the Company		10,314,974		10,633,055	1,465,274
Non-controlling interests		40,548		45,411	6,258
Total equity		10,355,522		10,678,466	1,471,532
LIABILITIES
Non-current liabilities
Contract liabilities		35,145		33,381	4,600
Loans and borrowings		4,310		5,776,316	795,998
Other payables		59,842		74,844	10,314
Lease liabilities		1,903,137		2,066,649	284,792
Financial derivative liabilities		–		1,249,266	172,153
Deferred income		34,983		34,742	4,788
		2,037,417		9,235,198	1,272,645

MINISO GROUP HOLDINGLIMITED

UNAUDITED CONDENSED CONSOLIDATEDSTATEMENTS OF FINANCIAL POSITION (CONTINUED)

(Expressed in thousands)

	As at		As at
	December 31, 2024		March 31, 2025
	(Audited)		(Unaudited)
	RMB’000		RMB’000		US’000
Current liabilities
Contract liabilities		323,292		344,665
Loans and borrowings		566,955		649,401
Trade and other payables		3,943,988		3,632,572
Lease liabilities		635,357		722,607
Deferred income		5,376		3,708
Current taxation		252,221		191,508
Dividend payables		–		728,142
		5,727,189		6,272,603
Total liabilities		7,764,606		15,507,801
Total equity and liabilities		18,120,128		26,186,267

All values are in US Dollars.

MINISO GROUP HOLDINGLIMITED

UNAUDITED CONDENSED CONSOLIDATEDSTATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVEINCOME

(Expressed in thousands, except for per ordinary share andper ADS data)

	Three months ended March 31,
	2024			2025
	(Unaudited)			(Unaudited)
	RMB’000			RMB’000			US’000
Revenue		3,723,531			4,427,044
Cost of sales		(2,107,073	)		(2,469,007	)		)
Gross profit		1,616,458			1,958,037
Other income		3,645			3,020
Selling and distribution expenses		(696,027	)		(1,021,186	)		)
General and administrative expenses		(191,341	)		(242,144	)		)
Other net income		14,829			20,835
Credit loss on trade and other receivables		(667	)		(8,775	)		)
Impairment loss on non-current assets		(3,612	)		–
Operating profit		743,285			709,787
Finance income		40,890			36,915
Finance costs		(15,909	)		(85,945	)		)
Net finance income/(cost)		24,981			(49,030	)		)
Share of profit of equity-accounted investees, net of tax		120			(2,005	)		)
Other expenses		–			(91,071	)		)
Profit before taxation		768,386			567,681
Income tax expense		(182,432	)		(151,222	)		)
Profit for the period		585,954			416,459

All values are in US Dollars.

MINISO GROUP HOLDINGLIMITED

UNAUDITED CONDENSED CONSOLIDATEDSTATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVEINCOME (CONTINUED)

(Expressed in thousands,except for per ordinary share and per ADS data)

	Three months ended March 31,
	2024<br><br> (Unaudited)		2025 (Unaudited)
	RMB’000		RMB’000		US’000
Attributable to:
Equity shareholders of the Company		582,472		416,342
Non-controlling interests		3,482		117
Earnings per share for ordinary shares
– Basic		0.47		0.34
– Diluted		0.47		0.34
Earnings per ADS
(Each ADS represents<br> 4 ordinary shares)
– Basic		1.88		1.36
– Diluted		1.88		1.36

All values are in US Dollars.

MINISO GROUP HOLDINGLIMITED

UNAUDITED CONDENSED CONSOLIDATEDSTATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (CONTINUED)

(Expressed in thousands)

	Three months ended March 31,
	2024		2025
	(Unaudited)		(Unaudited)
	RMB’000		RMB’000			US’000
Profit for the period		585,954		416,459
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of financial statements of foreign operations		3,855		(1,291	)		)
Other comprehensive (income)/loss for the period		3,855		(1,291	)		)
Total comprehensive income for the period		589,809		415,168
Attributable to:
Equity shareholders of the Company		586,166		416,306
Non-controlling interests		3,643		(1,138	)		)

All values are in US Dollars.

MINISO GROUP HOLDINGLIMITED

RECONCILIATION OF NON-IFRSFINANCIAL MEASURES

(Expressed in thousands, except for per share, per ADSdata and percentages)

	Three<br> months ended March 31,
	2024		2025
	(Unaudited)		(Unaudited)
	RMB’000		RMB’000		US’000
Reconciliation<br> of profit for the period to adjusted net profit:
Profit<br> for the period	585,954		416,459		57,390
Add back:
Equity-settled share-based payment expenses	30,937		24,930		3,435
Loss from fair value change of derivatives	–		46,407		6,395
Issuance cost of derivatives	–		44,664		6,155
Interest<br> expenses related to equity linked securities and the bank loans used for acquisition of the equity interest in Yonghui Superstores<br> Co., Ltd*	–		54,745		7,544
Adjusted net<br> profit	616,891		587,205		80,919
Adjusted net<br> margin	16.6	%	13.3	%	13.3
Attributable<br> to:
Equity shareholders of the Company	613,409		586,999		80,891
Non-controlling interests	3,482		206		28
Adjusted net earnings per share^(1)^
– Basic	0.49		0.48		0.07
– Diluted	0.49		0.47		0.06
Adjusted net earnings per ADS (Each ADS represents 4<br> ordinary shares)
– Basic	1.96		1.92		0.26
– Diluted	1.96		1.88		0.26

All values are in US Dollars.

MINISO GROUP HOLDINGLIMITED

RECONCILIATION OF NON-IFRSFINANCIAL MEASURES (CONTINUED)

(Expressed in thousands, except for per share, per ADSdata and percentages)

	Three months ended March 31,
	2024			2025
	(Unaudited)			(Unaudited)
	RMB’000			RMB’000			US’000
Reconciliation of adjusted net profit for the period to adjusted EBITDA:
Adjusted net profit		616,891			587,205
Add back:
Depreciation and amortization		150,102			267,672
Finance costs excluding interest expenses related to equity linked securities and the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*		15,909			31,200
Income tax expense		182,432			151,222
Adjusted EBITDA		965,334			1,037,299
Adjusted EBITDA margin		25.9	%		23.4	%		%

All values are in US Dollars.

Note:

(1)	Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable<br>to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share calculation<br>on an IFRS basis.

MINISO GROUP HOLDINGLIMITED

UNAUDITED ADDITIONAL INFORMATION

(Expressed in thousands, except for percentages)

	Three<br> months ended March 31,
	2024		2025
	RMB’000		RMB’000		US’000	YoY
Revenue
MINISO Brand		3,506,657		4,085,778			16.5	%
– Mainland China		2,284,791		2,493,775			9.1	%
– Overseas		1,221,866		1,592,003			30.3	%
TOP TOY Brand		213,820		339,850			58.9	%
Others^(1)^		3,054		1,416			(53.6	)%
		3,723,531		4,427,044			18.9	%

All values are in US Dollars.

Note:

(1)	“Others” refers to revenue generated from other operating segments such as “WonderLife”,<br>which was a secondary brand targeting on lower-tier cities in mainland China, aggregated and presented as “others”. As the<br>MINISO brand increasingly penetrated into lower-tier cities in mainland China, “WonderLife” has become marginalized.

MINISO GROUP HOLDINGLIMITED

UNAUDITED ADDITIONALINFORMATION

NUMBER OF MINISO STORES IN MAINLAND CHINA

	As of
	March 31,		March 31,
	2024		2025		YoY
By City Tiers
First-tier cities		532		569		37
Second-tier cities		1,664		1,773		109
Third- or lower-tier cities		1,838		1,933		95
Total		4,034		4,275		241

MINISO GROUP HOLDINGLIMITED

UNAUDITED ADDITIONALINFORMATION

NUMBER OF MINISO STORES IN OVERSEAS MARKETS

	As of
	March 31,		March 31,
	2024		2025		YoY
By Regions
Asia excluding China		1,402		1,663		261
North America		191		375		184
Latin America		563		646		83
Europe		237		301		64
Others		203		228		25
Total		2,596		3,213		617

* For identification purpose only

MNSO 6-K