MINISO Group Holding Limited (MINISO) has submitted Amendment No. 1 to its Form 20-F for the fiscal year ended 31 December 2025. The filing, made with the U.S. Securities and Exchange Commission on 29 June 2026, adds the audited consolidated financial statements of its equity-method investee Yonghui Superstores Co., Ltd. (Yonghui). The amendment was required after MINISO’s stake in Yonghui crossed the significance threshold under Rule 3-09 of Regulation S-X, mandating standalone disclosure of the investee’s financials.
Key financials from Yonghui’s nine-month reporting period (1 April–31 December 2025):
• Revenue: RMB 35.46 billion • Gross profit: RMB 6.26 billion (gross margin 17.6%) • Operating loss: RMB 1.59 billion • Net loss attributable to equity holders: RMB 2.70 billion; total net loss: RMB 2.79 billion • Basic and diluted loss per share: RMB 0.29 • Total assets: RMB 30.46 billion; equity attributable to shareholders: RMB 1.86 billion • Debt profile: Interest-bearing borrowings of RMB 4.75 billion; lease liabilities of RMB 9.84 billion • Debt-to-asset ratio: 94.6% as at 31 December 2025
Operational highlights and charges impacting results include: – Impairment losses of RMB 216.7 million on goodwill and long-term assets. – Finance costs of RMB 0.49 billion, of which RMB 0.43 billion related to lease liabilities. – Net other expenses of RMB 1.16 billion, driven by fair-value losses on financial assets and asset disposals.
Cash Flow and Liquidity:
• Net cash used in operations: RMB 0.07 billion outflow. • Net cash used in investing: RMB 0.35 billion, after RMB 24.45 billion redemption of financial assets and RMB 1.45 billion in capital expenditures. • Net cash used in financing: RMB 1.84 billion, reflecting bank-loan repayments and lease-liability servicing. • Period-end cash and cash equivalents: RMB 2.69 billion.
Subsequent Events (Post 31 December 2025):
1. Yonghui reduced its stake in Chengdu Hongqi Chain Co., Ltd. from 8.99% to 6.03% via share sales between January and May 2026. 2. Disposal of the remaining 28.10% stake in Yonghui Yunjin Technology Co., Ltd. for RMB 80.00 million; registration completed on 1 May 2026. 3. Successful arbitration against Dalian Yu Jin Trading Co., Ltd. and guarantors, awarding Yonghui RMB 3.64 billion in outstanding consideration plus RMB 0.22 billion in penalties and fees; enforcement proceedings commenced on 22 May 2026. 4. Cancellation of 149.999 million treasury shares on 23 June 2026, reducing registered capital to RMB 8.93 billion.
Corporate Governance:
MINISO’s board currently comprises one executive director and three independent non-executive directors. The Yonghui audit was conducted by Ernst & Young Hua Ming LLP, which issued a qualified opinion due to missing IFRS comparative information—an exemption linked to the first-time separate presentation required by SEC rules.
The amended filing does not restate MINISO’s own financials but provides investors with detailed insight into Yonghui’s 2025 performance and balance-sheet position.
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