NYSE : MNSO
MINISO Group Holding Limited — Financial statements
Consumer Discretionary · Specialty Retail · China
Last price 9.87 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.96B
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Financial statements
MINISO Group Holding Limited (MNSO) reported revenue of 23.55B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 23.55B | 21.44B | 16.99B | 13.84B | 11.47B | 10.09B |
| Cost of Revenue | 12.96B | 11.80B | 9.36B | 8.14B | 7.03B | 7.02B |
| Gross Profit | 10.58B | 9.65B | 7.64B | 5.70B | 4.44B | 3.07B |
| Selling, General & Admin | 7.44B | 6.49B | 4.45B | 2.96B | 2.35B | 2.26B |
| Other Operating Expenses | -229.20M | -214.99M | -136.29M | -32.73M | -26.58M | -28.87M |
| Operating Expenses | 7.25B | 6.31B | 4.31B | 2.92B | 2.32B | 2.26B |
| Operating Income | 3.34B | 3.34B | 3.32B | 2.78B | 2.12B | 811.15M |
| Interest Expense | -481.42M | -430.93M | -92.92M | -43.48M | -34.62M | -33.40M |
| Interest & Investment Income | 53.79M | 104.42M | 118.67M | 246.31M | 188.15M | 130.15M |
| Earnings From Equity Investments | -637.75M | -834.45M | 5.99M | 268.00K | -8.16M | |
| Currency Exchange Gain (Loss) | -179.01M | 39.88M | 109.09M | 14.04M | ||
| Other Non Operating Income (Expenses) | -127.26M | -70.33M | ||||
| EBT Excluding Unusual Items | 1.97B | 2.11B | 3.36B | 3.02B | 2.38B | 913.77M |
| Gain (Loss) on Sale of Investments | 269.66M | 6.74M | -3.69M | 5.71M | ||
| Gain (Loss) on Sale of Assets | 10.78M | -4.19M | -5.35M | -5.61M | ||
| Asset Writedown | -25.63M | -35.61M | -8.85M | -8.00M | -3.45M | -13.48M |
| Legal Settlements | -35.44M | -37.71M | -15.58M | |||
| Other Unusual Items | -204.23M | -158.49M | 3.45M | 193.00K | 22.00M | |
| Pretax Income | 2.02B | 1.91B | 3.35B | 2.98B | 2.33B | 906.81M |
| Income Tax Expense | 755.72M | 703.52M | 712.10M | 706.95M | 551.78M | 267.07M |
| Earnings From Continuing Operations | 1.26B | 1.21B | 2.64B | 2.27B | 1.78B | 639.74M |
| Net Income to Company | 1.26B | 1.21B | 2.64B | 2.27B | 1.78B | 639.74M |
| Minority Interest in Earnings | 151.00K | -4.77M | -17.87M | -20.75M | -12.90M | -1.57M |
| Net Income | 1.26B | 1.21B | 2.62B | 2.25B | 1.77B | 638.17M |
| Preferred Dividends & Other Adjustments | 424.00K | 1.58M | ||||
| Net Income to Common | 1.26B | 1.21B | 2.62B | 2.25B | 1.77B | 636.59M |
| Shares Outstanding (Basic) | 304.60M | 306.62M | 309.85M | 311.23M | 310.83M | 301.38M |
| Shares Outstanding (Diluted) | 306.29M | 308.38M | 311.70M | 312.91M | 312.64M | 304.16M |
| EPS (Basic) | 4.14 | 3.93 | 8.45 | 7.24 | 5.69 | 2.11 |
| EPS (Diluted) | 4.14 | 3.92 | 8.40 | 7.20 | 5.64 | 2.08 |
| Free Cash Flow | 1.75B | 1.58B | 1.41B | 1.67B | 1.49B | 1.12B |
| Free Cash Flow Per Share | 5.72 | 5.12 | 4.51 | 5.32 | 4.77 | 3.67 |
| Dividend Per Share | 2.58 | 4.66 | 4.39 | 2.99 | ||
| Gross Margin | 44.95% | 44.99% | 44.94% | 41.18% | 38.73% | 30.44% |
| Operating Margin | 14.17% | 15.57% | 19.56% | 20.05% | 18.49% | 8.04% |
| Profit Margin | 5.35% | 5.62% | 15.40% | 16.28% | 15.41% | 6.31% |
| Free Cash Flow Margin | 7.44% | 7.37% | 8.27% | 12.04% | 13.00% | 11.07% |
| EBITDA | 3.79B | 3.61B | 3.48B | 2.85B | 2.16B | 870.01M |
| EBITDA Margin | 16.10% | 16.83% | 20.49% | 20.59% | 18.81% | 8.63% |
| D&A For EBITDA | 455.10M | 270.00M | 157.21M | 74.10M | 36.80M | 58.87M |
| EBIT | 3.34B | 3.34B | 3.32B | 2.78B | 2.12B | 811.15M |
| EBIT Margin | 14.17% | 15.57% | 19.56% | 20.05% | 18.49% | 8.04% |
| Effective Tax Rate | 37.48% | 36.77% | 21.27% | 23.72% | 23.64% | 29.45% |
| Advertising Expenses | 704.28M | 572.43M | 315.98M | 242.68M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.05B | 6.82B | 6.33B | 6.42B | 6.49B | 5.35B |
| Short-Term Investments | 241.07M | 216.57M | 268.95M | 210.76M | 581.72M | 236.88M |
| Trading Asset Securities | 100.35M | 100.00M | 252.87M | 205.33M | 210.52M | |
| Cash & Short-Term Investments | 7.39B | 7.03B | 6.70B | 6.88B | 7.28B | 5.80B |
| Accounts Receivable | 1.14B | 1.15B | 674.92M | 426.94M | 340.69M | 317.49M |
| Other Receivables | 828.80M | 830.21M | 449.60M | 462.80M | 349.59M | 235.93M |
| Receivables | 1.97B | 1.98B | 1.12B | 889.74M | 690.28M | 553.42M |
| Inventory | 3.61B | 3.79B | 2.82B | 1.97B | 1.50B | 1.24B |
| Prepaid Expenses | 288.67M | 329.47M | 295.88M | 142.90M | 58.31M | 103.08M |
| Restricted Cash | 5.93M | 54.23M | 1.03M | 7.97M | 27.07M | 32.38M |
| Other Current Assets | 1.13B | 897.21M | 713.07M | 434.64M | 351.94M | 347.22M |
| Total Current Assets | 14.39B | 14.09B | 11.66B | 10.33B | 9.90B | 8.07B |
| Property, Plant & Equipment | 8.54B | 7.23B | 5.61B | 3.67B | 3.09B | 2.76B |
| Long-Term Investments | 6.04B | 5.69B | 302.15M | 206.39M | 173.87M | |
| Goodwill | 210.95M | 223.19M | 21.42M | 21.64M | 21.07M | 19.39M |
| Other Intangible Assets | 225.54M | 94.95M | 8.80M | 19.55M | 25.28M | 43.07M |
| Long-Term Accounts Receivable | 1.17M | 3.26M | 14.63M | 17.61M | ||
| Long-Term Deferred Tax Assets | 320.70M | 288.68M | 181.95M | 104.13M | 161.62M | 154.33M |
| Other Long-Term Assets | 612.89M | 1.02B | 326.65M | 118.18M | 74.64M | 229.96M |
| Total Assets | 30.34B | 28.63B | 18.12B | 14.49B | 13.45B | 11.28B |
| Accounts Payable | 1.21B | 1.55B | 1.28B | 855.91M | 660.08M | 663.12M |
| Accrued Expenses | 727.42M | 672.09M | 582.84M | 519.88M | 378.73M | 385.95M |
| Current Portion of Long-Term Debt | 2.35B | 1.75B | 566.96M | 726.00K | 445.00K | |
| Current Portion of Leases | 1.11B | 950.78M | 635.36M | 447.32M | 328.93M | 258.00M |
| Current Income Taxes Payable | 247.69M | 291.25M | 252.22M | 238.44M | 237.69M | 89.42M |
| Current Unearned Revenue | 428.61M | 389.71M | 328.67M | 330.67M | 299.67M | 367.82M |
| Other Current Liabilities | 3.09B | 2.87B | 2.08B | 2.01B | 1.98B | 2.02B |
| Total Current Liabilities | 9.17B | 8.47B | 5.73B | 4.41B | 3.89B | 3.79B |
| Long-Term Debt | 6.29B | 5.42B | 4.31M | 6.53M | 7.21M | 6.50M |
| Long-Term Leases | 3.46B | 2.71B | 1.90B | 797.99M | 556.80M | 393.07M |
| Long-Term Unearned Revenue | 56.93M | 55.47M | 70.13M | 70.18M | 79.83M | 66.15M |
| Other Long-Term Liabilities | 938.49M | 1.26B | 59.84M | 12.41M | ||
| Total Liabilities | 19.92B | 17.91B | 7.76B | 5.29B | 4.53B | 4.25B |
| Common Stock | 94.00K | 94.00K | 94.00K | 95.00K | 95.00K | 92.00K |
| Additional Paid-In Capital | 2.08B | 2.89B | 4.68B | 6.33B | 7.25B | 7.98B |
| Retained Earnings | 6.68B | 6.37B | 4.51B | 1.89B | 644.35M | -1.86B |
| Treasury Stock | -731.10M | -213.50M | -84.05M | -157.61M | -84.05M | -83.80M |
| Comprehensive Income & Other | 2.29B | 1.58B | 1.21B | 1.10B | 1.09B | 988.00M |
| Total Common Equity | 10.31B | 10.62B | 10.31B | 9.17B | 8.90B | 7.03B |
| Minority Interest | 110.07M | 100.51M | 40.55M | 23.02M | 17.25M | -4.24M |
| Shareholders' Equity | 10.42B | 10.72B | 10.36B | 9.19B | 8.92B | 7.03B |
| Total Liabilities & Equity | 30.34B | 28.63B | 18.12B | 14.49B | 13.45B | 11.28B |
| Total Debt | 13.22B | 10.83B | 3.11B | 1.25B | 892.95M | 658.01M |
| Net Cash (Debt) | -5.83B | -3.80B | 3.59B | 5.63B | 6.38B | 5.14B |
| Net Cash Per Share | -19.04 | -12.31 | 11.51 | 17.98 | 20.42 | 16.89 |
| Filing Date Shares Outstanding | 300.11M | 304.78M | 308.50M | 310.83M | 311.21M | 316.79M |
| Total Common Shares Outstanding | 300.11M | 304.78M | 308.50M | 310.83M | 311.21M | 304.86M |
| Working Capital | 5.22B | 5.61B | 5.93B | 5.92B | 6.02B | 4.28B |
| Book Value Per Share | 34.36 | 34.84 | 33.44 | 29.50 | 28.60 | 23.06 |
| Tangible Book Value | 9.87B | 10.30B | 10.28B | 9.13B | 8.85B | 6.97B |
| Tangible Book Value Per Share | 32.90 | 33.80 | 33.34 | 29.36 | 28.45 | 22.86 |
| Buildings | 235.90M | 242.64M | 242.64M | 242.64M | 242.64M | |
| Machinery | 298.19M | 217.62M | 161.65M | 145.03M | 121.97M | |
| Construction In Progress | 1.01B | 629.79M | 355.49M | 176.39M | 58.80M | |
| Leasehold Improvements | 1.15B | 685.88M | 204.36M | 125.76M | 129.40M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 1.26B | 1.21B | 2.62B | 2.50B | 1.77B | 638.17M |
| Depreciation & Amortization | 1.38B | 1.20B | 796.47M | 553.67M | 370.99M | 368.47M |
| Other Amortization | 10.04M | 10.04M | 12.23M | 16.81M | 20.18M | 21.40M |
| Loss (Gain) From Sale of Assets | -7.28M | -7.28M | 2.53M | 3.26M | 5.35M | 5.61M |
| Asset Writedown & Restructuring Costs | 35.61M | 35.61M | 8.85M | 9.09M | 3.45M | 13.48M |
| Loss (Gain) From Sale of Investments | -7.09M | -7.09M | -38.69M | -28.54M | 3.69M | -5.71M |
| Loss (Gain) on Equity Investments | 825.85M | 825.85M | -5.99M | -536.00K | 8.16M | |
| Stock-Based Compensation | 367.87M | 367.87M | 85.18M | 92.86M | 62.88M | 82.83M |
| Other Operating Activities | 532.82M | 312.26M | -211.15M | -179.42M | -49.60M | -76.44M |
| Change in Accounts Receivable | -1.03B | -1.03B | -836.82M | -633.07M | -185.77M | -190.15M |
| Change in Inventory | -916.65M | -916.65M | -828.15M | -943.44M | -250.85M | 307.97M |
| Change in Accounts Payable | 576.21M | 576.21M | 561.42M | 726.65M | -34.05M | 180.12M |
| Change in Unearned Revenue | 24.59M | 24.59M | -2.06M | 42.71M | -54.47M | 81.03M |
| Change in Other Net Operating Assets | -16.04M | -16.04M | 6.94M | 38.21M | 5.30M | -28.70M |
| Operating Cash Flow | 3.04B | 2.58B | 2.17B | 2.20B | 1.67B | 1.41B |
| Capital Expenditures | -1.29B | -997.65M | -762.54M | -529.53M | -174.15M | -290.11M |
| Sale of Property, Plant & Equipment | 81.65M | 55.68M | 12.45M | 854.00K | 5.22M | 351.00K |
| Cash Acquisitions | -230.18M | -225.86M | 4.57M | -683.48M | ||
| Sale (Purchase) of Intangibles | -944.10M | |||||
| Investment in Securities | 97.72M | -6.02B | 43.22M | 609.80M | -517.20M | -338.72M |
| Other Investing Activities | 100.24M | 164.73M | 173.62M | 273.02M | 388.15M | 130.15M |
| Investing Cash Flow | -1.24B | -7.02B | -533.25M | 354.15M | -293.41M | -2.13B |
| Long-Term Debt Issued | 4.74B | 563.80M | ||||
| Long-Term Debt Repaid | -1.49B | -725.79M | -346.21M | -322.31M | ||
| Lease Payments | -1.05B | -897.48M | -725.08M | -473.04M | -346.01M | -317.02M |
| Total Debt Repaid | -2.90B | -1.49B | -725.79M | -473.04M | -346.21M | -322.31M |
| Net Debt Issued (Repaid) | 243.44M | 3.24B | -161.99M | -473.04M | -346.21M | -322.31M |
| Issuance of Common Stock | 338.00K | 3.84B | 649.00K | 336.00K | 470.06M | 589.00K |
| Repurchase of Common Stock | -764.36M | -535.25M | -313.42M | -321.77M | -36.40M | -85.53M |
| Common Dividends Paid | -696.16M | -630.87M | -601.08M | -1.85B | -306.25M | |
| Other Financing Activities | -168.15M | -650.15M | -1.61M | -42.62M | -20.05M | |
| Financing Cash Flow | -1.69B | 4.97B | -1.72B | -2.64B | -325.96M | -733.56M |
| Foreign Exchange Rate Adjustments | -182.41M | -38.61M | -1.78M | -54.97M | 94.05M | 30.05M |
| Net Cash Flow | -68.33M | 489.01M | -87.32M | -147.54M | 1.14B | -1.42B |
| Free Cash Flow | 1.75B | 1.58B | 1.41B | 1.67B | 1.49B | 1.12B |
| Free Cash Flow Margin | 7.44% | 7.37% | 8.27% | 12.04% | 13.00% | 11.07% |
| Free Cash Flow Per Share | 5.72 | 5.12 | 4.51 | 5.32 | 4.77 | 3.67 |
| Levered Free Cash Flow | 2.29B | 1.55B | 1.21B | 1.26B | 154.70M | |
| Unlevered Free Cash Flow | 2.59B | 1.82B | 1.27B | 1.28B | 175.57M | |
| Free Cash Flow After Leases | 698.36M | 682.76M | 680.72M | 1.19B | 1.15B | 799.14M |
| Cash Interest Paid | 171.41M | 96.45M | 1.00M | |||
| Cash Income Tax Paid | 832.16M | 769.41M | 827.27M | 701.53M | 418.92M | 230.13M |
| Change in Working Capital | -1.36B | -1.36B | -1.10B | -768.94M | -519.84M | 350.28M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.13B | 5.71B | 7.37B | 6.34B | 5.37B | 2.49B |
| Enterprise Value | 3.99B | 6.18B | 6.87B | 5.57B | 4.44B | 1.72B |
| Last Close Price | 10.23 | 18.32 | 22.62 | 18.73 | 15.37 | 6.95 |
| PE Ratio | 17.13 | 33.16 | 20.55 | 19.95 | 22.01 | 26.16 |
| Forward PE | 7.50 | 12.03 | 17.38 | 26.59 | 26.59 | 19.84 |
| PS Ratio | 0.91 | 1.86 | 3.17 | 3.25 | 3.39 | 1.65 |
| PB Ratio | 2.02 | 3.73 | 5.20 | 4.89 | 4.37 | 2.37 |
| P/TBV Ratio | 2.17 | 3.88 | 5.23 | 4.92 | 4.40 | 2.39 |
| P/FCF Ratio | 11.97 | 25.28 | 38.27 | 26.98 | 26.09 | 14.92 |
| P/OCF Ratio | 6.90 | 15.50 | 24.81 | 20.47 | 23.36 | 11.84 |
| PEG Ratio | 141.02 | 1.02 | 0.80 | 0.64 | 0.64 | 0.55 |
| EV/Sales Ratio | 1.16 | 2.02 | 2.95 | 2.85 | 2.81 | 1.15 |
| EV/EBITDA Ratio | 7.18 | 11.97 | 14.40 | 13.85 | 14.92 | 13.28 |
| EV/EBIT Ratio | 8.16 | 12.94 | 15.08 | 14.22 | 15.18 | 14.24 |
| EV/FCF Ratio | 15.23 | 27.34 | 35.66 | 23.69 | 21.58 | 10.35 |
| Debt / Equity Ratio | 1.27 | 1.01 | 0.30 | 0.14 | 0.10 | 0.09 |
| Debt / EBITDA Ratio | 2.80 | 2.39 | 0.75 | 0.38 | 0.36 | 0.56 |
| Debt / FCF Ratio | 7.55 | 6.85 | 2.21 | 0.75 | 0.60 | 0.59 |
| Net Debt / Equity Ratio | 0.56 | 0.35 | -0.35 | -0.61 | -0.72 | -0.73 |
| Net Debt / EBITDA Ratio | 1.54 | 1.05 | -1.03 | -1.98 | -2.96 | -5.91 |
| Net Debt / FCF Ratio | 3.33 | 2.40 | -2.55 | -3.38 | -4.28 | -4.60 |
| Asset Turnover | 0.83 | 0.92 | 1.04 | 0.93 | 0.92 | |
| Inventory Turnover | 3.97 | 3.57 | 3.90 | 5.13 | 5.06 | |
| Quick Ratio | 1.02 | 1.06 | 1.37 | 1.76 | 2.05 | 1.68 |
| Current Ratio | 1.57 | 1.66 | 2.04 | 2.34 | 2.55 | 2.13 |
| Return on Equity (ROE) | 11.82% | 11.48% | 26.96% | 22.35% | 9.35% | |
| Return on Assets (ROA) | 7.32% | 8.93% | 12.75% | 10.72% | 4.61% | |
| Return on Invested Capital (ROIC) | 13.10% | 19.84% | 50.66% | 69.42% | 73.21% | 45.93% |
| Return on Capital Employed (ROCE) | 15.80% | 16.60% | 26.80% | 27.50% | 22.20% | 10.80% |
| Earnings Yield | 5.84% | 3.02% | 4.87% | 5.01% | 4.54% | 3.83% |
| FCF Yield | 8.36% | 3.96% | 2.61% | 3.71% | 3.83% | 6.70% |
| Dividend Yield | 6.35% | 3.55% | 2.52% | 2.39% | ||
| Payout Ratio | 109.38% | 52.35% | 22.96% | 81.98% | 47.99% | |
| Buyback Yield / Dilution | 1.28% | 1.06% | 0.39% | -0.09% | -2.79% | -10.17% |
| Total Shareholder Return | 7.79% | 4.62% | 2.90% | -0.09% | -0.40% | -10.17% |