Segment reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment reporting

Summary of segment information


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


		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

Summary of segment results, assets and liabilities


		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.

Summary of geographic information analyses


		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