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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12 (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report__________

For the transition period from __________ to __________

Commission file number: 001-39601

MINISO Group Holding Limited

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

Cayman Islands

(Jurisdiction of incorporation or organization)

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

Haizhu District, Guangzhou 510000 Guangdong Province

The People’s Republic of China

(Address of principal executive offices)

Saiyin Zhang, Chief Financial Officer

Telephone: +86 20 3622 8788

Email: ir@miniso.com

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

Haizhu District, Guangzhou 510000 Guangdong Province

The People’s Republic of China

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading symbol(s)

    

Name of each exchange on which registered

American depositary shares (each American depositary share representing four ordinary shares, par value US$0.00001 per share)

MNSO

The New York Stock Exchange

Ordinary shares, par value US$0.00001 per share*

The New York Stock Exchange

Ordinary shares, par value US$0.00001 per share

9896

The Stock Exchange of Hong Kong Limited

*

Not for trading, but only in connection with the listing on The New York Stock Exchange of American depositary shares.

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the Issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

1,225,566,355 ordinary shares, par value US$0.00001 per share, as of June 30, 2022, including 6,111,276 ordinary shares underlying 1,527,819 ADSs repurchased by the Company as of June 30, 2022.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes    No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes    No

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  

Accelerated filer  

Non-accelerated filer  

Emerging growth company  

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.     Yes    No

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

    

International Financial Reporting Standards as issued
by the International Accounting Standards Board

    

Other

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.  Item 17    Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.  Yes    No

TABLE OF CONTENTS

INTRODUCTION

1

FORWARD-LOOKING INFORMATION

3

PART I

4

Item 1.

Identity of Directors, Senior Management and Advisers

4

Item 2.

Offer Statistics and Expected Timetable

4

Item 3.

Key Information

4

Item 4.

Information on the Company

70

Item 4A.

Unresolved Staff Comments

111

Item 5.

Operating and Financial Review and Prospects

111

Item 6.

Directors, Senior Management and Employees

134

Item 7.

Major Shareholders and Related Party Transactions

144

Item 8.

Financial Information

150

Item 9.

The Offer and Listing

151

Item 10.

Additional Information

152

Item 11.

Quantitative and Qualitative Disclosures about Market Risk

168

Item 12.

Description of Securities Other than Equity Securities

169

PART II

174

Item 13.

Defaults, Dividend Arrearages and Delinquencies

174

Item 14.

Material Modifications to the Rights of Security Holders and Use of Proceeds

174

Item 15.

Controls and Procedures

174

Item 16A.

Audit Committee Financial Expert

175

Item 16B.

Code of Ethics

175

Item 16C.

Principal Accountant Fees and Services

176

Item 16D.

Exemptions from the Listing Standards for Audit Committees

176

Item 16E.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

176

Item 16F.

Change in Registrant’s Certifying Accountant

177

Item 16G.

Corporate Governance

177

Item 16H.

Mine Safety Disclosure

178

Item 16I.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

178

PART III

178

Item 17.

Financial Statements

178

Item 18.

Financial Statements

178

Item 19.

Exhibits

179

SIGNATURES

180

i

INTRODUCTION

In this annual report, except where the context otherwise requires, unless otherwise indicated and for purposes of this annual report only:

“ADRs” refers to the American depositary receipts which may evidence the ADSs;
“ADSs” refers to our American depositary shares, each representing four ordinary shares, par value US$0.00001 per share;
“Core SKU” refers to SKU that generates over RMB100,000 in sales for over a consecutive 12-month period;
“GMV” refers to the total value of all merchandises sold by us and our retail partners and distributors to end customers, before deducting sales rebates and including the VAT and sales taxes collected from consumers, as applicable, regardless of whether the merchandises are returned;
“HKEx Listing Rules” refers to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended, supplemented or otherwise modified from time to time;
“Hong Kong Stock Exchange” refers to the Stock Exchange of Hong Kong Limited;
“IFRS” refers to International Financial Reporting Standards as issued by the International Accounting Standards Board;
“revenue” refers to our revenue from continuing operations, excluding the revenue from discontinued operations;
“RMB” and “Renminbi” refer to the legal currency of China;
“SKU” refers to stock keeping unit;
“MINISO,” “we,” “us,” “our company” and “our” refer to MINISO Group Holding Limited, our Cayman Islands holding company and its subsidiaries;
“MINISO Retail Partner” refers to franchisee under our MINISO Retail Partner model, a franchise-like store model with chain store characteristics, where the franchisee bears the store opening capital expenditure and store operating expenses to join our “MINISO” or “TOP TOY” branded retail store franchise. Other distinguishing features of the MINISO Retail Partner model include: (1) we retain ownership of inventory in the franchisee’s store before it gets sold to consumers; (2) we provide store management and consultation services to the franchisee for a fee, which include standardized guidance in certain key aspects of store operation; and (3) the franchisee keeps the remaining portion of the in-store sales proceeds after remitting a certain portion to us;
“MINISO store” refers to any of the stores operated under the “MINISO” brand name, including those directly operated by us, those operated under the MINISO Retail Partner model, and those operated under the distributor model;
“TOP TOY-brand products” refers to pop toy products of our own brands or brands codeveloped with IP licensors that are sold under the TOP TOY label;
“TOP TOY store” refers to any store operated under the “TOP TOY” brand name, including those directly operated by us and those operated under the MINISO Retail Partner model; and
“US$,” “U.S. dollars,” “$,” and “dollars” refer to the legal currency of the United States.

1

We present our financial results in RMB. We make no representation that any RMB or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or RMB, as the case may be, at any particular rate, or at all. The PRC government imposes control over its foreign currency reserves in part through direct regulation of the conversion of RMB into foreign exchange and through restrictions on foreign trade. This annual report contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Renminbi into U.S. dollars were made at the rate at RMB6.6981 to US$1.0000, the exchange rate as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System in effect as of June 30, 2022.

2

FORWARD-LOOKING INFORMATION

This annual report on Form 20-F contains forward-looking statements that reflect our current expectations and views of future events. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “could,” “should,” “would,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to,” “project,” “continue,” “potential” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements about:

our mission, goals and strategies;
our 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;
our expectations regarding demand for and market acceptance of our products;
our expectations regarding our relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and our other business partners;
competition in our industry;
relevant government policies and regulations relating to our business and our industry; and
general economic and business conditions globally and in China.

You should read this annual report and the documents that we refer to in this annual report and have filed as exhibits to this annual report completely and with the understanding that our actual future results may be materially different from what we expect. Other sections of this annual report discuss factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

3

PART I

Item 1.Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2.Offer Statistics and Expected Timetable

Not applicable.

Item 3.Key Information

The Holding Foreign Companies Accountable Act

The Holding Foreign Companies Accountable Act, or the HFCAA, was enacted on December 18, 2020. The HFCAA states that if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares or ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the United States. On December 2, 2021, the SEC adopted final amendments implementing the disclosure and submission requirements of the HFCAA, pursuant to which the SEC will identify an issuer as a “Commission-Identified Issuer” if the issuer has filed an annual report containing an audit report issued by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate completely, and will then impose a trading prohibition on an issuer after it is identified as a Commission-Identified Issuer for three consecutive years. Since our auditor is located in China, a jurisdiction where the PCAOB has been unable to conduct inspections without the approval of the Chinese authorities, our auditor is not currently inspected by the PCAOB, which may impact our ability to remain listed on a United States or other foreign exchange. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, and our auditor is subject to this determination. Therefore, we expect to be identified as a “Commission-Identified Issuer” shortly after the filing of this annual report on Form 20-F. In accordance with the HFCAA, our securities will be prohibited from being traded on a national securities exchange or in the over-the-counter trading market in the United States in 2024 if the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in China and we are identified as a “Commission-Identified Issuer” for three consecutive years, or in 2023 if proposed changes to the law, or the Accelerating Holding Foreign Companies Accountable Act, are enacted. As a result, the NYSE may determine to delist our securities. The related risks and uncertainties could cause the value of our ADSs to significantly decline. On August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the Ministry of Finance, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The PCAOB is currently unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of such inspections” and “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The ADSs will be prohibited from trading in the United States under the Holding Foreign Companies Accountable Act, or the HFCAA, in 2024 if the PCAOB is unable to inspect or investigate completely auditors located in China, or in 2023 if proposed changes to the law are enacted. The trading prohibition or the delisting of the ADSs, or the threat of their being prohibited from trading or being delisted, may materially and adversely affect the value of your investment.”

4

Doing Business in China

A substantial portion of our business operations are conducted in China and we face various risks and uncertainties related to doing business in China. We are subject to complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory approvals on offshore offerings and oversight on cybersecurity and data privacy, as well as the lack of inspection by the Public Company Accounting Oversight Board, or the PCAOB, on our auditors, which may impact our ability to conduct certain businesses, accept foreign investments, or list on a United States or other foreign exchange. These risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline. For a detailed description of risks related to doing business in China, please refer to risks disclosed under “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China.”

PRC government’s significant authority in regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations in this nature may cause the value of such securities to significantly decline. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—The PRC government’s significant oversight and discretion over our business operations could result in a material adverse change in our operations and the value of our ordinary shares or the ADSs.”

Risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our ADSs. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us.”

Permissions Required from the PRC Authorities for Our Operations

Our operations in China are governed by PRC laws and regulations. As of the date of this annual report, our PRC subsidiaries have obtained the requisite licenses and permits from the PRC government authorities that are material for the business operations in China. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the future. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Any lack of requisite approvals, licenses or permits applicable to our business may have a material and adverse impact on our business, financial condition and results of operations.”

Furthermore, in connection with our issuance of securities to foreign investors, under current PRC laws, regulations and regulatory rules, as of the date of this annual report, we and our PRC subsidiaries (i) are not required to obtain permissions from the China Securities Regulatory Commission, or the CSRC, (ii) are not required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC, and (iii) have not been asked to obtain or were denied such permissions by any PRC authority.

However, the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—The approval of the CSRC or other PRC government authorities may be required in connection with future offerings or future issuance of securities abroad under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval.”

5

Our Holding Company Structure

We are not an operating company but a Cayman Islands holding company with operations primarily conducted by our subsidiaries in China, and to a lesser extent by our subsidiaries outside China. The following diagram illustrates our corporate structure consisting of our principal subsidiaries as of the date of this annual report:

Graphic

(1)The remaining shares of PT. Miniso Lifestyle Trading Indonesia is held by PT. Mitra Retail Indonesia and PT. Yar Noor International as to 20% and 13%, respectively.

Our holding company structure involves certain risks in terms of dividend distribution, direct investment in PRC entities and obtaining benefits under relevant tax treaty. See “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business,” “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of our offshore offerings to make loans to or make additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business,” “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—PRC regulations relating to offshore investment activities by PRC residents may limit our PRC subsidiaries’ ability to increase their registered capital or distribute profits to us or otherwise expose us or our PRC resident beneficial owners to liability and penalties under PRC law” and “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—We may not be able to obtain certain benefits under relevant tax treaty on dividends paid by our PRC subsidiaries to us through our Hong Kong subsidiary.” See also “Item 4. Information on the Company—B. Business Overview—Regulations—China—Regulation related to foreign

6

exchange” and “Item 4. Information on the Company—B. Business Overview—Regulations—China—Regulation related to dividend distribution.”

Transfer of Funds and Other Assets Within Our Organization

We are not an operating company but a Cayman Islands holding company with operations primarily conducted by our subsidiaries in China, and to a lesser extent by our subsidiaries outside China. Our ability to pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to us. In addition, under PRC laws and regulations, our PRC subsidiaries are permitted to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Furthermore, our PRC subsidiaries are required to make appropriations to certain statutory reserve funds or may make appropriations to certain discretionary funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies.

Furthermore, if certain procedural requirements are satisfied, the payment of current account items, including profit distributions and trade and service related foreign exchange transactions, can be made in foreign currencies without prior approval from State Administration of Foreign Exchange (the “SAFE”) or its local branches. However, where RMB is to be converted into foreign currency and remitted out of China to pay capital expenses, such as the repayment of loans denominated in foreign currencies, prior approval from or registration with competent government authorities or its authorized banks is required. The PRC government may take measures at its discretion from time to time to restrict access to foreign currencies for current account or capital account transactions. If the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not be able to pay dividends in foreign currencies to our offshore intermediary holding companies or ultimate parent company, and therefore, our shareholders or investors in our ADSs. Further, we cannot assure you that new regulations or policies will not be promulgated in the future, which may further restrict the remittance of RMB out of the PRC. We cannot assure you, in light of the restrictions in place, or any amendment to be made from time to time, that our current or future PRC subsidiaries will be able to satisfy their respective payment obligations that are denominated in foreign currencies, including the remittance of dividends outside of the PRC. See “Item 4. Information on the Company—B. Business Overview—Regulations—China—Regulation related to foreign exchange” and “Item 4. Information on the Company—B. Business Overview—Regulations—China—Regulation related to dividend distribution.”

Under PRC laws, MINISO Group Holding Limited may fund our PRC subsidiaries only through capital contributions or loans, subject to satisfaction of applicable government registration and approval requirements. In the fiscal years ended June 30, 2020, 2021 and 2022, the amount of capital contribution made by MINISO Group Holding Limited and/or intermediate holding companies to our PRC subsidiaries was RMB139.7 million, nil, and RMB1,332.0 million(US$198.9 million), respectively. No loans were extended by MINISO Group Holding Limited to our PRC subsidiaries during these periods. In addition, our PRC subsidiaries may receive cash payments from our certain offshore subsidiaries for product sales to such offshore subsidiaries. In the fiscal years ended June 30, 2020, 2021 and 2022, our PRC subsidiaries received RMB3,259.7 million, RMB1,402.2 million and RMB1,824.4 million (US$272.4 million), respectively, from such payments. In the fiscal years ended June 30, 2020, 2021, and 2022, no assets other than cash were transferred through our organization.

On August 19, 2021, our board of directors declared a cash dividend in the amount of US$0.156 per ADS, or US$0.039 per ordinary share, payable as of the close of business on September 9, 2021 to shareholders of record as of the close of business on August 31, 2021. The aggregate amount of cash dividends paid was US$47.2 million (RMB306.3 million). On August 17, 2022, our board of directors declared another cash dividend in the amount of US$0.172 per ADS, or US$0.043 per ordinary share, payable as of the close of business on September 9, 2022 to shareholders of record as of the close of business on August 31, 2022. The aggregate amount of cash dividends paid was US$53.5 million (RMB360.8 million). Both dividend distributions were funded by surplus cash on our balance sheet. Other than these dividends, MINISO Group Holding Limited has not declared or paid any cash dividends. We intend to distribute dividends in the future, but the amount, timing, and whether or not we actually distribute dividends at all are at the discretion of our board of directors. See “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Dividend Policy” for details. For PRC and United States federal income tax considerations of an investment in the ADSs, see “Item 10. Additional Information—E. Taxation.”

7

A.Selected Financial Data

The following tables present the selected consolidated financial information of our company. The selected consolidated statement of profit or loss for the fiscal years ended June 30, 2020, 2021 and 2022, the selected consolidated statement of financial position data as of June 30, 2021 and 2022, and selected consolidated statement of cash flows data for the fiscal years ended June 30, 2020, 2021 and 2022 have been derived from our audited consolidated financial statements included in this annual report beginning on page F-1. The selected consolidated statement of financial position data as of July 1, 2018, June 30, 2019 and 2020 and the selected consolidated statement of profit or loss for the fiscal year ended June 30, 2019 have been derived from our audited consolidated financial statements not included in this annual report. Our consolidated financial statements are prepared and presented in accordance with International Financial Reporting Standards, or IFRS, issued by the International Accounting Standard Board, or IASB. Our historical results are not necessarily indicative of results expected for future periods. You should read the following selected financial data in conjunction with the consolidated financial statements and related notes and “Item 5. Operating and Financial Review and Prospects” included elsewhere in this annual report.

8

The following table presents our selected consolidated statement of profit or loss and other comprehensive income for the fiscal years ended June 30, 2019, 2020, 2021 and 2022:

For the fiscal year ended June 30,

    

2019

2020

    

2021

    

2022

    

RMB

    

RMB

    

RMB

    

RMB

    

US$

(in thousands, except for share and per share data)

Selected consolidated statement of profit or loss and other comprehensive income data:

 

  

 

  

 

  

 

  

Continuing operations:

 

  

 

  

 

  

 

  

Revenue

 

9,394,911

8,978,986

 

9,071,659

 

10,085,649

 

1,505,748

Cost of sales

 

(6,883,931)

(6,246,488)

 

(6,640,973)

 

(7,015,888)

 

(1,047,444)

Gross profit

 

2,510,980

2,732,498

 

2,430,686

 

3,069,761

 

458,304

Other income

 

10,468

37,208

 

52,140

 

25,931

 

3,871

Selling and distribution expenses(1)

 

(818,318)

(1,190,477)

 

(1,206,782)

 

(1,442,339)

 

(215,336)

General and administrative expenses(1)

 

(593,205)

(796,435)

 

(810,829)

 

(816,225)

 

(121,859)

Other net income/(loss)

 

24,423

45,997

 

(40,407)

 

87,308

 

13,035

Credit loss on trade and other receivables

 

(90,124)

(25,366)

 

(20,832)

 

(28,924)

 

(4,318)

Impairment loss on non-current assets

 

(27,542)

(36,844)

 

(2,941)

 

(13,485)

 

(2,013)

Operating profit

 

1,016,682

766,581

 

401,035

 

882,027

 

131,684

Finance income

 

7,311

25,608

 

40,433

 

66,344

 

9,905

Finance costs

 

(25,209)

(31,338)

 

(28,362)

 

(33,396)

 

(4,986)

Net finance (costs)/income

 

(17,898)

(5,730)

 

12,071

 

32,948

 

4,919

Fair value changes of paid-in capital subject to redemption and other preferential rights/ redeemable shares with other preferential rights

 

(709,780)

(680,033)

 

(1,625,287)

 

 

Share of loss of equity-accounted investee, net of tax

 

 

(4,011)

 

(8,162)

 

(1,219)

Profit/(loss) before taxation

 

289,004

80,818

 

(1,216,192)

 

906,813

 

135,384

Income tax expense

 

(279,583)

(210,949)

 

(213,255)

 

(267,070)

 

(39,873)

Profit/(loss) for the year from continuing operations

 

9,421

(130,131)

 

(1,429,447)

 

639,743

 

95,511

Discontinued operations:

 

 

 

 

Loss for the year from discontinued operations, net of tax

 

(303,830)

(130,045)

 

 

 

(Loss)/profit for the year

 

(294,409)

(260,176)

 

(1,429,447)

 

639,743

 

95,511

Attributable to:

    

  

    

  

    

  

    

  

Equity shareholders of the Company

 

(290,647)

(262,267)

 

(1,415,010)

 

638,170

 

95,276

Non-controlling interests

 

(3,762)

2,091

 

(14,437)

 

1,573

 

235

(Loss)/profit for the year

 

(294,409)

(260,176)

 

(1,429,447)

 

639,743

 

95,511

(Loss)/earnings per share(2)

 

 

 

 

—Basic

 

(0.32)

(0.26)

 

(1.18)

 

0.53

 

0.08

—Diluted

 

(0.32)

(0.26)

 

(1.18)

 

0.52

 

0.08

Earnings/(loss) per share(2) – Continuing operations

 

 

 

 

—Basic

 

0.01

(0.12)

 

(1.18)

 

0.53

 

0.08

—Diluted

 

0.01

(0.12)

 

(1.18)

 

0.52

 

0.08

Other comprehensive (loss)/income for the year

 

(4,834)

6,361

 

(16,548)

 

40,494

 

6,046

Total comprehensive (loss)/income for the year

 

(299,243)

(253,815)

 

(1,445,995)

 

680,237

 

101,557

Equity shareholders of the Company

 

(296,062)

(256,583)

 

(1,429,621)

 

677,667

 

101,173

Non-controlling interests

 

(3,181)

2,768

 

(16,374)

 

2,570

 

384

Non-IFRS Measure(3):

Adjusted net profit

841,259

933,946

477,159

722,578

107,878

Notes:

(1)Equity-settled share-based payment expenses were allocated as follows:

9

For the fiscal year ended June 30,

2019

2020

2021

2022

    

RMB

    

RMB

    

RMB

    

RMB

    

US$

(in thousands)

Equity-settled share-based payment expenses:

 

  

 

  

    

  

    

  

Selling and distribution expenses

 

33,097

127,743

 

131,215

 

52,000

 

7,763

General and administrative expenses

 

88,961

236,637

 

150,104

 

30,835

 

4,604

Total

 

122,058

364,380

 

281,319

 

82,835

 

12,367

(2)Our company was incorporated on January 7, 2020 during the reorganization to establish our current offshore structure and we issued 976,634,771 ordinary shares in January 2020. For purposes of calculating basic and diluted earnings/(loss) per share for the fiscal years ended June 30, 2019 and 2020, the number of outstanding ordinary shares used in the calculation was 865,591,398, which excluded 111,043,373 ordinary shares held by certain share incentive awards holding vehicles as of June 30, 2020 as these shares were regarded as treasury shares for purposes of calculating per share data. The number of ordinary shares used in the calculation has been retroactively adjusted to reflect the issuance of ordinary shares by our company in connection with the incorporation of our company and the reorganization as if these events had occurred at the beginning of the earliest period presented. For purposes of calculating basic and diluted loss per share for the fiscal year ended June 30, 2021, the weighted average number of ordinary shares in issue used in the calculation was 1,104,371,475. For purposes of calculating basic and diluted earnings per share for the fiscal year ended June 30, 2022, the weighted average number of ordinary shares in issue used in the calculation was 1,205,527,348 and 1,216,637,439, respectively.
(3)See “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Non-IFRS Financial Measure.”

The following table presents our selected consolidated statement of financial position data as of July 1, 2018 and June 30, 2019, 2020, 2021 and 2022:

As of July 1,

As of June 30,

2018

2019

2020

2021

2022

    

RMB

    

RMB

    

RMB

    

RMB

    

RMB

    

US$

(in thousands)

Selected consolidated statement of financial position data:

    

  

    

  

    

  

    

  

    

  

Cash and cash equivalents

 

228,106

 

1,546,280

2,853,980

 

6,771,653

 

5,348,492

 

798,509

Inventories

 

1,089,474

 

1,308,957

1,395,674

 

1,496,061

 

1,188,095

 

177,378

Trade and other receivables

 

1,755,040

 

830,751

729,889

 

824,725

 

1,056,198

 

157,686

Total current assets

 

3,077,276

 

4,511,719

4,986,599

 

9,199,087

 

8,072,562

 

1,205,202

Total assets

 

3,645,360

 

5,226,115

5,836,251

 

10,705,030

 

11,281,788

 

1,684,327

Trade and other payables

 

2,349,077

 

2,363,739

2,419,795

 

2,809,182

 

3,072,991

 

458,785

Total current liabilities

 

2,691,820

 

3,245,979

3,309,643

 

3,482,855

 

3,788,671

 

565,633

Total liabilities

 

3,080,747

 

5,340,089

6,159,297

 

4,052,876

 

4,254,388

 

635,163

Total equity/(deficit)

 

564,613

 

(113,974)

(323,046)

 

6,652,154

 

7,027,400

 

1,049,164

Total equity and liabilities

 

3,645,360

 

5,226,115

5,836,251

 

10,705,030

 

11,281,788

 

1,684,327

10

The following table presents our selected consolidated statement of cash flows data for the fiscal years ended June 30, 2019, 2020, 2021 and 2022:

For the fiscal year ended June 30,

2019

2020

2021

2022

    

RMB

    

RMB

    

RMB

    

RMB

    

US$

(in thousands)

Selected consolidated statement of cash flow data:

  

    

  

    

  

    

  

Net cash generated from operating activities

1,038,471

826,484

 

916,320

 

1,406,262

 

209,949

Net cash (used in)/generated from investing activities

(210,915)

462,815

 

(518,797)

 

(2,125,918)

 

(317,391)

Net cash generated from/(used in) financing activities

619,858

(117,706)

 

3,536,184

 

(733,559)

 

(109,517)

Net increase/(decrease) in cash and cash equivalents

1,447,414

1,171,593

 

3,933,707

 

(1,453,215)

 

(216,959)

Cash and cash equivalents at beginning of year as presented in the consolidated statement of cash flows

228,106

1,686,218

 

2,853,980

 

6,771,653

 

1,010,981

Effect of movements in exchange rates on cash held

10,698

(3,831)

 

(16,034)

 

30,054

 

4,487

Cash and cash equivalents at end of year as presented in the consolidated statement of cash flows

1,686,218

2,853,980

 

6,771,653

 

5,348,492

 

798,509

Cash and cash equivalents of discontinued operations

(139,938)

 

 

 

Cash and cash equivalents at end of year as presented in the consolidated statement of financial position

1,546,280

2,853,980

 

6,771,653

 

5,348,492

 

798,509

B.

Capitalization and Indebtedness

Not applicable.

C.

Reasons for the Offer and Use of Proceeds

Not applicable.

D.

Risk Factors

Summary of Risk Factors

Investing in our ADSs involves significant risks. You should carefully consider all of the information in this annual report before making an investment in the ADSs. Below please find a summary of the principal risks we face, organized under relevant headings.

Risks related to our business and industry

Risks and uncertainties related to our business and industry include, but are not limited to, the following:

Our success depends upon the continued strength of our brands. If we are unable to maintain and enhance our brands, our business and operating results may be adversely affected;

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The growth and profitability of our business depend on the level of consumer demand and discretionary spending. A severe or prolonged economic downturn in China or around the world could materially and adversely affect consumer discretionary spending and therefore adversely affect our business, financial condition and results of operations;
Our success is dependent on the continued popularity of our products, our continued innovation and successful launches of new products, and our anticipation of and timely responses to changes in consumer preferences;
If we are unable to offer our products at prices that are highly appealing to consumers or maintain competitive prices, our business and results of operations would be materially and adversely affected;
If we fail to offer high-quality products to consumers, our business, reputation, results of operations and financial condition will be materially and adversely affected;
Expanding product offerings may expose us to new challenges and more risks;
If we are unable to attract purchases from new and existing consumers, our business, financial condition and results of operations may be materially and adversely affected;
We primarily rely on our retail partners and distributors to expand our store network. If we are unable to expand our store network successfully, our business, results of operations would be adversely affected;
If we, our MINISO Retail Partners or local distributors fail to successfully operate MINISO stores, our business and results of operations would be adversely affected;
Our international operations are subject to a variety of costs and legal, regulatory, political and economic risks;
If our MINISO Retail Partners or local distributors do not satisfactorily fulfill their responsibilities and commitments, our brand image, results of operations could be materially harmed;
If we fail to maintain the relationship with our MINISO Retail Partners or our local distributors or fail to attract new MINISO Retail Partners or local distributors to join our store network, our business, results of operations and financial condition could be materially and adversely affected;
Our operations have been and may continue to be affected by COVID-19 pandemic; and
Illegal actions or misconduct of our MINISO Retail Partners, local distributors, sub-contractors or sub-distributors, third-party suppliers or other service providers, or any failure by them to provide satisfactory products or services could materially and adversely affect our business, reputation, financial condition and results of operations.

Risks related to doing business in China

Risks and uncertainties related to doing business in China include, but are not limited to, the following:

The PCAOB is currently unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of such inspections. See Item 3. Key InformationD. Risk FactorsRisks related to doing business in China on page 47;
The ADSs will be prohibited from trading in the United States under the Holding Foreign Companies Accountable Act, or the HFCAA, in 2024 if the PCAOB is unable to inspect or investigate completely auditors located in China, or in 2023 if proposed changes to the law are enacted. The trading prohibition or the delisting of the ADSs, or the threat of their being prohibited from trading or being delisted, may materially and adversely

12

affect the value of your investment. See Item 3. Key InformationD. Risk FactorsRisks related to doing business in China on page 47;
The PRC governments significant oversight and discretion over our business operations could result in a material adverse change in our operations and the value of our ordinary shares or the ADSs. See Item 3. Key InformationD. Risk FactorsRisks related to doing business in China on page 48;
Changes in Chinas economic, political or social conditions or government policies could have a material and adverse effect on our business and results of operations. See Item 3. Key InformationD. Risk FactorsRisks related to doing business in China on page 48;
Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us. See Item 3. Key InformationD. Risk FactorsRisks related to doing business in China on page 49; and