Segment reporting

12 Months Ended

Dec. 31, 2025

4Segment reporting

The Group manages its businesses by divisions, which are organized by a mixture of both brands and geography. In a manner consistent with the way in which information is reported internally to the Group’s chief executive officer for the purposes of resource allocation and performance assessment, the Group has presented two reportable segments of MINISO brand and TOP TOY brand during the year ended and June 30, 2023 and the six months ended December 31, 2023 and the year ended December 31, 2024. On January 1, 2025, the Group changed its segment disclosure to separate MINISO brand into MINISO brand - Chinese Mainland and MINISO brand - Overseas. As a result, the Group has presented three reportable segments of MINISO brand - Chinese Mainland, MINISO brand - Overseas and TOP TOY brand for the year ended December 31, 2025. The Group retrospectively revised prior period segment information to conform to current period presentation.


Reportable segments		Operations
MINISO brand - Chinese Mainland		Design, buying and sale of lifestyle products
MINISO brand - Overseas		Design, buying and sale of lifestyle products
TOP TOY brand		Design, buying and sale of pop toys

(i)	Segment results and other material items

Information related to each reportable segment is set out below. Segment profit before taxation is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments.


		For the year ended June 30, 2023
		MINISO brand
										Unallocated
		Chinese Mainland		Overseas		Sub-total		TOP TOY brand		amounts		Total
		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
External revenue		8,672,058		2,189,164		10,861,222		533,367		78,619		11,473,208
Intersegment revenue		2,059,250		109,218		2,168,468		26,877		280,016		2,475,361

Segment revenue		10,731,308		2,298,382		13,029,690		560,244		358,635		13,948,569

Elimination of intersegment revenue												(2,475,361)

Consolidated revenue												11,473,208

Operating profit/(loss)		1,788,455		456,071		2,244,526		(16,750)		(4,765)		2,223,011
Finance income		133,669		5,908		139,577		1,201		4,447		145,225
Finance costs		(25,117)		(4,634)		(29,751)		(4,863)		(8)		(34,622)

Profit/(loss) before taxation		1,897,007		457,345		2,354,352		(20,412)		(326)		2,333,614

Income tax expense												(551,785)

Profit for the year												1,781,829

Other material items
Depreciation and amortization		(97,309)		(204,761)		(302,070)		(64,405)		(24,692)		(391,167)
Reversal of credit loss/(credit loss) on trade and other receivables		—		1,409		1,409		(246)		(91)		1,072
Impairment loss on non-current assets		—		(1,433)		(1,433)		(2,015)		—		(3,448)
Additions to non-current assets during the year*		97,260		836,508		933,768		37,434		4,221		975,423


		For the six months ended December 31, 2023
		MINISO brand
										Unallocated
		Chinese Mainland		Overseas		Sub-total		TOP TOY brand		amounts		Total
		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
External revenue		4,437,501		2,814,109		7,251,610		368,842		12,015		7,632,467
Intersegment revenue		2,100,894		22,154		2,123,048		7,221		185,435		2,315,704

Segment revenue		6,538,395		2,836,263		9,374,658		376,063		197,450		9,948,171

Elimination of intersegment revenue												(2,315,704)

Consolidated revenue												7,632,467

Operating profit/(loss)		850,718		697,099		1,547,817		7,985		(2,095)		1,553,707
Finance income		118,864		1,199		120,063		640		3,266		123,969
Finance costs		(105)		(22,937)		(23,042)		(2,146)		(14)		(25,202)
Share of profit of equity-accounted investees, net of tax		—		—		—		—		268		268

Profit before taxation		969,477		675,361		1,644,838		6,479		1,425		1,652,742

Income tax expense												(396,665)

Profit for the period												1,256,077

Other material items
Depreciation and amortization		(79,181)		(166,615)		(245,796)		(31,906)		(7,539)		(285,241)
(Credit loss)/reversal of credit loss on trade and other receivables		—		(2,791)		(2,791)		988		(277)		(2,080)
Impairment loss on non-current assets		—		(3,682)		(3,682)		(865)		—		(4,547)
Additions to non-current assets during the period*		76,359		656,748		733,107		75,329		2,941		811,377


		For the year ended December 31, 2024
		MINISO brand
										Unallocated
		Chinese Mainland		Overseas		Sub-total		TOP TOY brand		amounts		Total
		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000

External revenue		9,328,231		6,674,334		16,002,565		983,525		7,935		16,994,025
Intersegment revenue		3,868,410		3,246		3,871,656		13,858		571,490		4,457,004

Segment revenue		13,196,641		6,677,580		19,874,221		997,383		579,425		21,451,029

Elimination of intersegment revenue												(4,457,004)

Consolidated revenue												16,994,025

Operating profit/(loss)		1,728,123		1,492,626		3,220,749		97,133		(2,093)		3,315,789
Finance income		105,689		9,742		115,431		1,093		2,148		118,672
Finance costs		(32,179)		(54,938)		(87,117)		(5,798)		—		(92,915)
Share of profit of equity-accounted investees, net of tax		—		5,986		5,986		—		—		5,986

Profit before taxation		1,801,633		1,453,416		3,255,049		92,428		55		3,347,532

Income tax expense												(712,104)

Profit for the year												2,635,428

Other material items
Depreciation and amortization		(229,705)		(483,357)		(713,062)		(81,220)		(14,412)		(808,694)
(Credit loss)/reversal of credit loss on trade and other receivables		(226)		1,346		1,120		841		508		2,469
Impairment loss on non-current assets		(1,715)		(5,325)		(7,040)		(1,806)		—		(8,846)
Additions to non-current assets during the year*		253,501		2,180,306		2,433,807		214,698		292,993		2,941,498


	For the year ended December 31, 2025
	MINISO brand
					Unallocated
	Chinese Mainland	Overseas	Sub-total	TOP TOY brand	amounts	Total
	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000

External revenue	10,896,147	8,628,754	19,524,901	1,915,618	3,308	21,443,827
Intersegment revenue	3,508,945	14,978	3,523,923	579,956	650,360	4,754,239

Segment revenue	14,405,092	8,643,732	23,048,824	2,495,574	653,668	26,198,066

Elimination of intersegment revenue						(4,754,239)

Consolidated revenue						21,443,827

Operating profit/(loss)	1,919,684	1,510,383	3,430,067	(106,156)	(20,788)	3,303,123
Finance income	63,277	34,118	97,395	5,512	1,514	104,421
Finance costs	(39,509)	(104,979)	(144,488)	(7,441)	(279,001)	(430,930)
Other expenses	—	—	—	—	(70,332)	(70,332)
Changes in fair value of redemption liabilities	—	—	—	(158,491)	—	(158,491)
Share of loss of equity-accounted investees, net of tax	—	(21,769)	(21,769)	—	(812,684)	(834,453)

Profit/(loss) before taxation	1,943,452	1,417,753	3,361,205	(266,576)	(1,181,291)	1,913,338

Income tax expense						(703,524)

Profit for the year						1,209,814

Other material items
Depreciation and amortization	(280,900)	(783,732)	(1,064,632)	(134,340)	(7,333)	(1,206,305)
Credit loss on trade and other receivables	(12,860)	(9,103)	(21,963)	(11,278)	—	(33,241)
Impairment loss on non-current assets	(204)	(34,525)	(34,729)	(882)	—	(35,611)
Additions to non-current assets during the year*	330,601	2,507,251	2,837,852	397,851	2,110	3,237,813

Note:

*	The additions to non-current assets include additions to property, plant and equipment, right-of-use assets and intangible assets.

(ii)	Segment assets and liabilities


		As at December 31, 2024
		MINISO brand
										Unallocated
		Chinese Mainland		Overseas		Sub-total		TOP TOY brand		amounts		Total
		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Segment assets		6,540,003		5,575,856		12,115,859		939,552		—		13,055,411
Assets relating to construction of headquarters building		—		—		—		—		2,275,477		2,275,477
Assets relating to an investment holding company		—		—		—		—		2,508,145		2,508,145
Apartments for use as staff quarters		—		—		—		—		229,252		229,252
Other unallocated assets		—		—		—		—		51,843		51,843

Consolidated total assets												18,120,128


Segment liabilities		3,738,723		3,186,945		6,925,668		681,475		—		7,607,143
Liabilities relating to construction of headquarters building		—		—		—		—		118,507		118,507
Other unallocated liabilities		—		—		—		—		38,956		38,956

Consolidated total liabilities												7,764,606


		As at December 31, 2025
		MINISO brand
										Unallocated
		Chinese Mainland		Overseas		Sub-total		TOP TOY brand		amounts		Total
		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Segment assets		9,469,659		8,530,298		17,999,957		1,561,354		—		19,561,311
Assets relating to construction of headquarters building		—		—		—		—		2,581,183		2,581,183
Assets relating to an investment holding company		—		—		—		—		5,481,951		5,481,951
Apartments for use as staff quarters		—		—		—		—		203,972		203,972
Financial derivative assets		—		—		—		—		774,103		774,103
Other unallocated assets		—		—		—		—		31,002		31,002

Consolidated total assets												28,633,522


Segment liabilities		5,317,417		3,920,933		9,238,350		1,470,008		—		10,708,358
Liabilities relating to construction of headquarters building		—		—		—		—		108,064		108,064
Liabilities relating to an investment holding company		—		—		—		—		3,452,000		3,452,000
Liabilities relating to Equity Linked Securities		—		—		—		—		2,415,667		2,415,667
Financial derivative liabilities		—		—		—		—		1,184,050		1,184,050
Other unallocated liabilities		—		—		—		—		46,112		46,112

Consolidated total liabilities												17,914,251

(iii)

Geographic information

The geographic information analyses the Group’s revenue and non-current assets by the Group’s country of domicile and other regions. In presenting the geographic information, segment revenue has been based on the geographic location of customers and segment assets are based on the geographic location of the assets.


		For the year		For the six		For the year	For the year
		ended		months ended		ended	ended
		June 30,		December 31,		December 31,	December 31,
		2023		2023		2024	2025
		RMB’000		RMB’000		RMB’000	RMB’000
i. Revenue
Chinese Mainland		7,650,821		4,843,127		10,312,116	12,577,451
Asia excluding China		1,821,080		1,157,261		2,541,817	2,736,150
North America		729,702		743,897		1,985,051	3,342,918
Latin America		1,008,356		660,039		1,445,691	1,560,169
Europe		151,496		154,737		414,493	703,771
Other		111,753		73,406		294,857	523,368

		11,473,208		7,632,467		16,994,025	21,443,827


	As at December 31,
	2024	* *	2025
	RMB’000		RMB’000
ii. Non-current assets
Chinese Mainland	3,626,187		3,963,551
Asia excluding China	413,285		515,983
North America	1,725,032		2,210,602
Europe	72,168		633,333
Other	143,858		472,604

	5,980,530		7,796,073

Non-current assets exclude deferred tax assets, non-current other investments, non-current term deposits, financial derivative assets and interests in equity-accounted investees.