Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2021shares | |
Document Information [Line Items] | |
Entity Registrant Name | MINISO Group Holding Limited |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Jun. 30, 2021 |
Document Shell Company Report | false |
Entity File Number | 001-39601 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 25F, Heye Plaza, No. 486, Kangwang Middle Road |
Entity Address, Address Line Two | Liwan District |
Entity Address, City or Town | Guangzhou |
Entity Address, Postal Zip Code | 510140 |
Entity Address, Country | CN |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Central Index Key | 0001815846 |
Current Fiscal Year End Date | --06-30 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
ICFR Auditor Attestation Flag | false |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 25F, Heye Plaza, No. 486, Kangwang Middle Road |
Entity Address, Address Line Two | Liwan District |
Entity Address, City or Town | Guangzhou |
Entity Address, Postal Zip Code | 510140 |
Entity Address, Country | CN |
Contact Personnel Name | Saiyin Zhang |
Contact Personnel Email Address | ir@miniso.com |
Country Region | 86 |
City Area Code | 20 |
Local Phone Number | 3622 8788 |
American depositary shares | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares (each American depositary share representing four Class A ordinary shares, par value US$0.00001 per share) |
Trading Symbol | MNSO |
Security Exchange Name | NYSE |
Class A ordinary shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, par value US$0.00001 per share* |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 897,275,873 |
Class B ordinary shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 328,290,482 |
Consolidated statements of prof
Consolidated statements of profit or loss - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Continuing operations | |||
Revenue | ¥ 9,071,659 | ¥ 8,978,986 | ¥ 9,394,911 |
Cost of sales | (6,640,973) | (6,246,488) | (6,883,931) |
Gross profit | 2,430,686 | 2,732,498 | 2,510,980 |
Other income | 52,140 | 37,208 | 10,468 |
Selling and distribution expenses | (1,206,782) | (1,190,477) | (818,318) |
General and administrative expenses | (810,829) | (796,435) | (593,205) |
Other net income / (loss) | (40,407) | 45,997 | 24,423 |
Credit loss on trade and other receivables | (20,832) | (25,366) | (90,124) |
Impairment loss on non-current assets | (2,941) | (36,844) | (27,542) |
Operating profit | 401,035 | 766,581 | 1,016,682 |
Finance income | 40,433 | 25,608 | 7,311 |
Finance costs | (28,362) | (31,338) | (25,209) |
Net finance (costs) / income | 12,071 | (5,730) | (17,898) |
Fair value changes of redeemable shares with other preferential rights / redeemable shares with other preferential rights | (1,625,287) | (680,033) | (709,780) |
Share of loss of an equity-accounted investee, net of tax | (4,011) | ||
Profit / (loss) before taxation | (1,216,192) | 80,818 | 289,004 |
Income tax expense | (213,255) | (210,949) | (279,583) |
Profit / (loss) for the year from continuing operations | (1,429,447) | (130,131) | 9,421 |
Discontinued operations | |||
Loss for the year from discontinued operations, net of tax | (130,045) | (303,830) | |
Profit/(loss) for the period/year | (1,429,447) | (260,176) | (294,409) |
Attributable to: | |||
Equity shareholders of the Company | (1,415,010) | (262,267) | (290,647) |
Non-controlling interests | (14,437) | 2,091 | (3,762) |
Loss for the year | ¥ (1,429,447) | ¥ (260,176) | ¥ (294,409) |
Loss per share | |||
Basic loss per share (RMB) | ¥ (1.18) | ¥ (0.26) | ¥ (0.32) |
Diluted loss per share (RMB) | (1.18) | (0.26) | (0.32) |
Earnings / (loss) per share-Continuing operations | |||
Basic earnings / (loss) per share (RMB) | (1.18) | (0.12) | 0.01 |
Diluted earnings / (loss) per share (RMB) | ¥ (1.18) | ¥ (0.12) | ¥ 0.01 |
Consolidated statements of pr_2
Consolidated statements of profit or loss and other comprehensive income - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Consolidated statements of profit or loss and other comprehensive income | |||
Loss for the year | ¥ (1,429,447) | ¥ (260,176) | ¥ (294,409) |
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of financial statements of the Company | (16,548) | 6,361 | (4,834) |
Other comprehensive (loss) / income for the year | (16,548) | 6,361 | (4,834) |
Total comprehensive Income/(loss) for the period/year | (1,445,995) | (253,815) | (299,243) |
Attributable to: | |||
Equity shareholders of the Company | (1,429,621) | (256,583) | (296,062) |
Non-controlling interests | (16,374) | 2,768 | (3,181) |
Total comprehensive Income/(loss) for the period/year | ¥ (1,445,995) | ¥ (253,815) | ¥ (299,243) |
Consolidated statements of fina
Consolidated statements of financial position $ in Thousands | Jun. 30, 2021CNY (¥) | Jun. 30, 2020CNY (¥) |
Non-current assets | ||
Property, plant and equipment | ¥ 76,316,000 | ¥ 88,062,000 |
Right-of-use assets | 689,887,000 | 502,867,000 |
Intangible assets | 61,005,000 | 69,091,000 |
Goodwill | 19,640,000 | 0 |
Deferred tax assets | 168,552,000 | 183,520,000 |
Prepayments | 138,481,000 | 6,112,000 |
Interest in an equity-accounted investee | 352,062,000 | |
Non-current assets | 1,505,943,000 | 849,652,000 |
Current assets | ||
Other investments | 102,968,000 | |
Inventories | 1,496,061,000 | 1,395,674,000 |
Trade and other receivables | 824,725,000 | 729,889,000 |
Cash and cash equivalents | 6,771,653,000 | 2,853,980,000 |
Restricted cash | 3,680,000 | 7,056,000 |
Total current assets | 9,199,087,000 | 4,986,599,000 |
Total assets | 10,705,030,000 | 5,836,251,000 |
EQUITY | ||
Share capital | 92,000 | 69,000 |
Additional paid-in capital | 8,289,160,000 | 162,373,000 |
Other reserves | 928,005,000 | 625,984,000 |
Accumulated losses | (2,558,291,000) | (1,125,055,000) |
(Deficit) / Equity attributable to equity shareholders of the Company | 6,658,966,000 | (336,629,000) |
Non-controlling interests | (6,812,000) | 13,583,000 |
Total (deficit) / equity | 6,652,154,000 | (323,046,000) |
Non-current liabilities | ||
Contract liabilities | 59,947,000 | 74,226,000 |
Loans and borrowings | 6,925,000 | 15,207,000 |
Lease liabilities | 483,144,000 | 378,894,000 |
Deferred income | 20,005,000 | |
Redeemable shares with other preferential rights | 0 | 2,381,327,000 |
Total non-current liabilities | 570,021,000 | 2,849,654,000 |
Current liabilities | ||
Loans and borrowings | 13,669,000 | 401,182,000 |
Trade and other payables | 2,809,182,000 | 2,419,795,000 |
Contract liabilities | 266,919,000 | 218,287,000 |
Lease liabilities | 321,268,000 | 224,080,000 |
Deferred income | 6,060,000 | |
Current taxation | 65,757,000 | 46,299,000 |
Total current liabilities | 3,482,855,000 | 3,309,643,000 |
Total liabilities | 4,052,876,000 | 6,159,297,000 |
Total equity and liabilities | ¥ 10,705,030,000 | ¥ 5,836,251,000 |
Consolidated statements of chan
Consolidated statements of changes in equity - CNY (¥) ¥ in Thousands | Share capital | Additional paid-in capital. | Merger reserve | Treasury shares | Share-based payment reserve | Translation reserve | PRC statutory reserve | Accumulated losses | Total | Non-controlling interests. | Total |
Balance at the beginning at Jun. 30, 2018 | ¥ 370,272 | ¥ (5,664) | ¥ 52,141 | ¥ 146,336 | ¥ 563,085 | ¥ 1,528 | ¥ 564,613 | ||||
Changes in equity for the year ended June 30 | |||||||||||
Loss for the year | (290,647) | (290,647) | (3,762) | (294,409) | |||||||
Other comprehensive (loss) / income for the year | (5,415) | (5,415) | 581 | (4,834) | |||||||
Total comprehensive Income/(loss) for the period/year | (5,415) | (290,647) | (296,062) | (3,181) | (299,243) | ||||||
Capital injection from shareholders | 110,851 | 110,851 | 110,851 | ||||||||
Consolidation of special purpose vehicles | 8,694 | ¥ (8,694) | |||||||||
Acquisition of non-controlling interest | ¥ (10,956) | (10,956) | 6,687 | (4,269) | |||||||
Liabilities waived by shareholders | 13,489 | 13,489 | 5,781 | 19,270 | |||||||
Business combination under common control | (262,262) | 128,868 | (133,394) | (133,394) | |||||||
Deemed distribution | (100,000) | (37,387) | (356,473) | (493,860) | (493,860) | ||||||
Equity settled share-based transactions | ¥ 122,058 | 122,058 | 122,058 | ||||||||
Appropriation to statutory reserve | 24,972 | (24,972) | |||||||||
Balance at the end at Jun. 30, 2019 | 141,044 | 117,912 | (8,694) | 122,058 | (11,079) | 39,726 | (525,756) | (124,789) | 10,815 | (113,974) | |
Changes in equity for the year ended June 30 | |||||||||||
Loss for the year | (262,267) | (262,267) | 2,091 | (260,176) | |||||||
Other comprehensive (loss) / income for the year | 5,684 | 5,684 | 677 | 6,361 | |||||||
Total comprehensive Income/(loss) for the period/year | 5,684 | (262,267) | (256,583) | 2,768 | (253,815) | ||||||
Issuance of ordinary shares | ¥ 69 | 10,630 | 10,699 | 10,699 | |||||||
Consolidation of special purpose vehicles | 10,699 | (10,699) | |||||||||
Equity settled share-based transactions | 364,380 | 364,380 | 364,380 | ||||||||
Dividend declared | (330,336) | (330,336) | (330,336) | ||||||||
Appropriation to statutory reserve | 6,696 | (6,696) | |||||||||
Balance at the end at Jun. 30, 2020 | 69 | 162,373 | 117,912 | (19,393) | 486,438 | (5,395) | 46,422 | (1,125,055) | (336,629) | 13,583 | (323,046) |
Changes in equity for the year ended June 30 | |||||||||||
Loss for the year | (1,415,010) | (1,415,010) | (14,437) | (1,429,447) | |||||||
Other comprehensive (loss) / income for the year | (14,611) | (14,611) | (1,937) | (16,548) | |||||||
Total comprehensive Income/(loss) for the period/year | (14,611) | (1,415,010) | (1,429,621) | (16,374) | (1,445,995) | ||||||
Capital injection from shareholders | 1 | 1,193 | 1,194 | 1,194 | |||||||
Issuance of ordinary shares relating to initial public offering and exercise of the over-allotment option, net of underwriting commissions and other issuance costs | 9 | 4,178,851 | 4,178,860 | 4,178,860 | |||||||
Release of ordinary shares from share award scheme | 5 | (18,065) | 18,060 | ||||||||
Conversion of Series A preferred shares into Class A ordinary shares | 8 | 3,963,835 | 3,963,843 | 3,963,843 | |||||||
Consolidation of special purpose vehicles | 973 | (973) | |||||||||
Equity settled share-based transactions | 281,319 | 281,319 | 281,319 | ||||||||
Appropriation to statutory reserve | 18,226 | (18,226) | |||||||||
Acquisition of a subsidiary with non-controlling interests | (4,021) | (4,021) | |||||||||
Balance at the end at Jun. 30, 2021 | ¥ 92 | ¥ 8,289,160 | ¥ 117,912 | ¥ (2,306) | ¥ 767,757 | ¥ (20,006) | ¥ 64,648 | ¥ (2,558,291) | ¥ 6,658,966 | ¥ (6,812) | ¥ 6,652,154 |
Consolidated statements of cash
Consolidated statements of cash flows - CNY (¥) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | |||
Cash generated from operations | ¥ 1,111,031,000 | ¥ 1,236,985,000 | ¥ 1,660,644,000 |
Income tax paid | (194,711,000) | (342,438,000) | (299,987,000) |
Cashflows from discontinued operations | (68,063,000) | (322,186,000) | |
Net cash from operating activities | 916,320,000 | 826,484,000 | 1,038,471,000 |
Cash flows from investing activities | |||
Payments for purchases of property, plant, equipment, intangible assets and other non-current assets | (180,279,000) | (56,974,000) | (116,124,000) |
Proceeds from disposal of property, plant and equipment and intangible assets | 4,323,000 | ||
Payments for purchases of other investments | (28,887,790,000) | (3,821,580,000) | (956,800,000) |
Proceeds from disposal of other investments | 28,787,790,000 | 4,176,380,000 | 602,000,000 |
Interest income | 40,433,000 | 25,608,000 | 7,311,000 |
Investment income from other investments | 66,837,000 | 26,387,000 | 1,348,000 |
Cash advances to a related party | (5,205,000) | (9,508,000) | |
Proceeds from repayment from related parties | 14,713,000 | ||
Cash advances to the controlling shareholder | (101,462,000) | ||
Proceeds from repayment from the controlling shareholder | 297,105,000 | 269,934,000 | |
Payments for investment in an associate | (356,000,000) | ||
Acquisition of a subsidiary, net of cash acquired | (8,824,000) | ||
Loans and borrowings provided to third parties | (212,000) | (13,151,000) | |
Proceeds from repayment of loans and borrowings to third parties | 5,437,000 | 27,737,000 | |
Cash disposed in connection with disposal of discontinued operations | (75,552,000) | ||
Cashflows from discontinued operations | (7,117,000) | (23,662,000) | |
Net cash (used in) / from investing activities | (518,797,000) | 462,815,000 | (210,915,000) |
Cash flows from financing activities | |||
Proceeds from the issue of paid-in capital subject to redemption and other preferential rights | 991,514,000 | ||
Proceeds from capital injection from shareholders | 2,795,000 | 9,150,000 | 86,592,000 |
Proceeds from initial public offering and exercise of the over-allotment option, net of underwriting commissions and other issuance costs | 4,178,860,000 | ||
Proceeds from loans and borrowings | 313,000 | 410,734,000 | 1,375,000 |
Repayment of loans and borrowings | (416,588,000) | (2,889,000) | (14,795,000) |
Repayment to the controlling shareholder | (11,946,000) | ||
Payment for acquisition of non-controlling interest | (4,269,000) | ||
Payments for acquisition of subsidiaries under common control | (10,471,000) | (122,923,000) | |
Payment of capital element and interest element of lease liabilities | (215,762,000) | (193,827,000) | (166,781,000) |
Interest paid | (1,488,000) | (6,266,000) | (1,383,000) |
Dividend paid | (330,336,000) | ||
Cashflows from discontinued operations | 10,468,000 | (153,741,000) | |
Net cash from / (used in) financing activities | 3,536,184,000 | (117,706,000) | 619,858,000 |
Net increase in cash and cash equivalents | 3,933,707,000 | 1,171,593,000 | 1,447,414,000 |
Cash and cash equivalents at beginning of the year | 2,853,980,000 | 1,686,218,000 | 228,106,000 |
Effect of movements in exchange rates on cash held | (16,034,000) | (3,831,000) | 10,698,000 |
Cash and cash equivalents at end of the year | ¥ 6,771,653,000 | ¥ 2,853,980,000 | ¥ 1,686,218,000 |
General information and basis o
General information and basis of preparation | 12 Months Ended |
Jun. 30, 2021 | |
General information and basis of preparation | |
General information and basis of preparation | 1 General information and basis of preparation 1.1 General information MINISO Group Holding Limited (the “Company”) was incorporated in the Cayman Islands on January 7, 2020, as an exempted company with limited liability under the Companies Law, Cap.22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The Company completed its initial public offering (“IPO”) on October 15, 2020 and the Company’s American Depositary Shares (“ADSs”) have been listed on the New York Stock Exchange since then. Each ADS of the Company represents four ordinary shares. The Company and its subsidiaries (together, the “Group”) are principally engaged in the retail and wholesale of lifestyle products across the People’s Republic of China (“PRC”) and other countries in Asia, America, and Europe, etc. The Company does not conduct any substantive operations of its own but conducts its primary business operations through its subsidiaries. 1.2 Reorganization and basis of presentation As discussed in Note 1.1, the Group is engaged in the retail and wholesale of lifestyle products in the PRC (the “China Business”) and other countries in Asia, America, and Europe, etc. (the “Overseas Business”). The China Business together with the Overseas Business are referred to as the “Relevant Businesses”. To rationalize the corporate structure and in preparation for the Company’s IPO, the Group underwent a corporate reorganization (the “Reorganization”) to succeed all of the Relevant Businesses. Prior to the Reorganization, the Relevant Businesses were conducted through a number of entities as to which there was no single holding entity but which were separately owned by entities directly or indirectly controlled by Mr. Ye Guofu and his spouse Ms. Yang Yunyun (the “Controlling Shareholders”). The Reorganization principally involved the following steps: (a) Reorganization of the China Business The China Business was historically conducted through various entities, including MINISO Corporation (the “predecessor entity”), two subsidiaries of the predecessor entity, and some other entities (the “Other Entities”). These entities did not have a single holding entity but were separately owned by entities directly or indirectly controlled by the Controlling Shareholders. i) On October 18, 2017, the Controlling Shareholders and Mr. Li Minxin (the “Founders”) established MINISO (Guangzhou) Co., Ltd. (“MINISO Guangzhou”), which later became one of the main operating subsidiaries and an investment holding entity of the Group in mainland China. MINISO Guangzhou established certain domestic subsidiaries subsequently. ii) Starting from November 2017 through November 2018, the business which was originally conducted by the predecessor entity and the related assets and liabilities were gradually transferred to MINISO Guangzhou and its subsidiaries. During the same period, MINISO Guangzhou also acquired the two subsidiaries of the predecessor entity and 100% equity interests in the Other Entities. iii) On December 1, 2018, the reorganization of the China Business had been completed and the remaining assets and liabilities of the predecessor entity upon the completion of the reorganization (see below) were treated as deemed distribution to the equity shareholders at historical cost basis and were not included in the Group’s consolidated financial statements since then. As of December 1, 2018 RMB’000 Assets Current assets Amounts due from the controlling shareholder 501,799 Other receivables 9,392 Non-current assets Intangible assets 916 Total assets 512,107 Liabilities Other payables 12,950 Current taxation 5,297 Total liabilities 18,247 Net assets distributed in connection with the Reorganization 493,860 (b) Reorganization of the Overseas Business The Overseas Business was historically conducted through certain overseas entities as to which there was no single holding entity but which were separately owned by entities directly or indirectly controlled by the Controlling Shareholders (together, the “Overseas Entities”). i) On January 23, 2018, MINISO Hong Kong Limited (“MINISO HK”) was incorporated in Hong Kong as a wholly owned subsidiary of MINISO Guangzhou, which was mainly engaged in product sales to overseas distributors. ii) During the period from July 2018 to December 2018, MINISO HK acquired the equity interests of the Overseas Entities at an aggregate consideration of approximately RMB 133,394,000 . Since then, MINISO HK became an intermediate holding company of the subsidiaries conducting the Overseas Business and MINISO Guangzhou became the ultimate holding company of the Group. (c) Establishment of offshore holding structure i) On January 7, 2020, the Company was incorporated in the Cayman Islands. ii) On January 16, 2020 and January 26, 2020, MINISO Universal Holding Limited and MINISO Development Hong Kong Limited (“MINISO Development HK”) were incorporated in the British Virgin Islands (“BVI”) and Hong Kong, directly or indirectly owned by the Company. iii) On March 18, 2020, MINISO Development HK acquired 100% of equity interests of MINISO Guangzhou and became an intermediate offshore holding company of the Group’s operations in mainland China. Upon completion of the above steps of Reorganization in March 2020, the Company became the holding company of the companies now comprising the Group. All companies now comprising the Group and the predecessor entity that took part in the Reorganization were under the common control by the Controlling Shareholders before and after the Reorganization. The control was not transitory and consequently, there was a continuation of the risks and benefits to the Controlling Shareholders. The Reorganization of the China Business and the Overseas Business was treated as business combination under common control. The establishment of offshore holding structure was treated as a recapitalization of the operating entity. The consolidated financial statements have been prepared in a manner similar to a pooling of interest as if the Relevant Businesses had been always operated by the companies now comprising the Group and the Reorganization had been completed at the beginning of the reporting periods. The assets and liabilities included in the consolidated financial statements were recognized and measured at the historical costs from the perspective of the Controlling Shareholders. The consolidated statements of profit or loss, profit or loss and other comprehensive income, cash flows and changes in equity for the year ended June 30, 2019 included the results and operations of the predecessor entity and the companies now comprising the Group. The consolidated statements of profit or loss, profit or loss and other comprehensive income, cash flows and changes in equity for the years ended June 30, 2020 and 2021 included the results and operations of the companies now comprising the Group. The consolidated statements of financial position as of June 30, 2020 and 2021 included the financial position of the companies now comprising the Group. Since the Company did not exist prior to June 30, 2019, the Company’s consolidated results of operations for the year ended June 30, 2019 represent the continuation of the combined financial statements of the predecessor entity and the companies now comprising the Group. (d) Discontinued operations As part of the Reorganization, in May 2019, the board of directors approved a plan to dispose the NOME Business, Minihome Business, MINISO African Business and MINISO German Business within one year. These discontinued operations were disposed of during the period from December 2019 to April 2020. See Note 5 for details. 1.3 Subsidiaries Set out below was a list of the Company’s principal subsidiaries as at June 30, 2021: Date and place of Group’s effective incorporation / interest Company name establishment (direct or indirect) Principal activities MINISO Universal Holding Limited January 16, 2020 100% Investment holding MINISO Global Holding Limited January 16, 2020 100% Investment holding MINISO Development HK January 26, 2020 100% Investment holding and wholesale of lifestyle products MINISO Investment Hong Kong Limited November 13, 2017 100% Investment holding MINISO Guangzhou October 18, 2017 100% Wholesale and retail of lifestyle products MINISO (Hengqin) Enterprise Management Co., Ltd. December 12, 2017 100% Brand licensing MINISO International (Guangzhou) Co., Ltd. May 16, 2017 100% Wholesale of lifestyle products MINISO Youxuan Technology (Guangzhou) Co., Ltd. August 15, 2017 100% Online sales of lifestyle products MINISO HK January 23, 2018 Hong Kong 100% Wholesale of lifestyle products Pt. MINISO Lifestyle Trading Indonesia January 11, 2017 67% Wholesale and retail of lifestyle products MINISO Life Style Private Limited June 22, 2017 100% Wholesale and retail of lifestyle products USA MINISO Depot Inc. August 12, 2016 100% Wholesale and retail of lifestyle products MIHK Management Inc. October 17, 2018 100% Wholesale and retail of lifestyle products TOP TOY (Guangdong) Technology Co., Ltd. September 7, 2021 100% Wholesale and retail of art toys |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Jun. 30, 2021 | |
Significant accounting policies | |
Significant accounting policies | 2 Significant accounting policies (a) Statement of compliance The Group has adopted June 30 as its financial year end date. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”). These financial statements were authorized for issue by the Company’s board of directors on September 17, 2021. Significant accounting policies adopted by the Group are disclosed below. The Group has consistently applied these accounting policies to all periods presented in these consolidated financial statements, unless otherwise stated. The IASB has issued certain amendments to IFRSs that are first effective or available for early adoption for the current accounting period of the Group. Note 2(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current accounting period reflected in these financial statements. (b) Basis of preparation The measurement basis used in the preparation of the financial statements is the historical cost basis except that other investments and paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are stated at their fair value as explained in Note 2(m), Note 2(o) and Note 2(p). Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to sell (see Note 2(x)). (c) Changes in accounting policies The Group has applied the following amendments to IFRSs issued by the IASB to these financial statements that are first effective for the current accounting period of the Group: ● Amendments to References to conceptual framework in IFRS standards ● Amendments to IFRS 3, Definition of a business ● Amendments to IAS 1 and IAS 8, Definition of material ● Amendments to IFRS 9, IAS 39 and IFRS 7, Interest rate benchmark reform The adoption of the above amendments to IFRSs does not have material impact on the consolidated financial statements of the Group. Other than the amendments to IFRS 16, Leases, Covid-19-related rent concessions beyond 30 June 2021 The Group previously elected to early adopt amendment to IFRS 16, Leases Covid-19-related rent concessions Leases, Covid-19-related rent concessions beyond June 30, 2021 (d) Basis of consolidation (i) Subsidiaries and non-controlling interests Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intra-group balances, transactions and cash flows and any unrealized profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealized losses resulting from intra-group transactions are eliminated in the same way as unrealized gains but only to the extent that there is no evidence of impairment. Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. Non-controlling interests are measured initially at their proportionate share of the subsidiary’s net identifiable assets at the date of acquisition. Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from equity attributable to equity shareholders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated statements of profit or loss and profit or loss and other comprehensive income as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the equity shareholders of the Company. When the Group loses control of a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in that former subsidiary is measured at fair value when control is lost. In the Company’s statement of financial position, an investment in a subsidiary is stated at cost less impairment losses (see Note 2(h)(ii)), unless the investment is classified as held for sale (or included in a disposal group that is classified as held for sale) (see Note 2(x)). (ii) Interest in an equity-accounted investee The Group’s interest in an equity-accounted investee comprises interest in an associate. An associate is an entity in which the Group or Company has significant influence, but not control or joint control, over its management, including participation in the financial and operating policy decisions. An investment in an associate is accounted for in the consolidated financial statements under the equity method, unless it is classified as held for sale (or included in a disposal group that is classified as held for sale) (see Note 2(x)).Under the equity method, the investment is initially recorded at cost, adjusted for any excess of the Group’s share of the acquisition-date fair values of the investee’s identifiable net assets over the cost of the investment (if any). The cost of the investment includes purchase price, other costs directly attributable to the acquisition of the investment, and any direct investment into the associate or joint venture that forms part of the Group’s equity investment. Thereafter, the investment is adjusted for the post acquisition change in the Group’s share of the investee’s net assets and any impairment loss relating to the investment (Note 2(d)(iii) and Note 2(h)(ii)). At each reporting date, the Group assesses whether there is any objective evidence that the investment is impaired. Any acquisition-date excess over cost, the Group’s share of the post- acquisition, post-tax results of the investees and any impairment losses for the year are recognized in the consolidated statement of profit or loss, whereas the Group’s share of the post-acquisition post-tax items of the investees’ other comprehensive income is recognized in the consolidated statement of profit or loss and other comprehensive income. When the Group’s share of losses exceeds its interest in the associate, the Group’s interest is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the investee. For this purpose, the Group’s interest is the carrying amount of the investment under the equity method, together with any other long-term interests that in substance form part of the Group’s net investment in the associate, after applying the ECL model to such other long-term interests where applicable (see Note 1(h)(i)). In the Company’s statement of financial position, investment in an associate is stated at cost less impairment losses (see Note 2(h)(ii)), unless classified as held for sale (or included in a disposal group that is classified as held for sale) (see Note 2(x)). (iii) Goodwill Goodwill represents the excess of (i) the aggregate of the fair value of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree; over (ii) the net fair value of the acquiree’s identifiable assets and liabilities measured as at the acquisition date. When (ii) is greater than (i), then this excess is recognized immediately in profit or loss as a gain on a bargain purchase. Goodwill is stated at cost less accumulated impairment losses. Goodwill arising on a business combination is allocated to each cash-generating unit, or groups of cash generating units, that is expected to benefit from the synergies of the combination and is tested annually for impairment (see Note 2(h)). On disposal of a cash generating unit during the year, any attributable amount of purchased goodwill is included in the calculation of the profit or loss on disposal. (iv) Business combinations Except for the business combinations under common control as stated below, the Group accounts of business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group (see Note 2(d)(i)). In determining whether a particular set of activities and assets is a business, the Group assess whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset of group of similar identifiable assets. Business combinations involving entities under common control The consolidated financial statements incorporate the financial statement items of the combining entities or businesses in which the common control combination occurs as if they had been consolidated from the date when the combining entities or businesses first came under the control of the Controlling Shareholders. The assets and liabilities of the combining entities or businesses are consolidated at the carrying amounts previously recognized from the perspective of Controlling Shareholders. The consolidated statements of profit or loss and profit or loss and other comprehensive income include the results of each of the combining entities or businesses from the earliest date presented or since the date when combining entities or businesses first came under common control, where this is a shorter period, regardless of the date of the common control combination. The comparative amounts in the consolidated financial statements are presented as if the entities or businesses had been consolidated at the earliest balance sheet date presented or when they first came under common control, whichever is later. Differences between the total consideration paid and the capital of the entities acquired under common control are presented as merger reserve. (e) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses (see Note 2(h)(ii)). Gains or losses arising from the retirement or disposal of an item of property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognized in profit or loss on the date of retirement or disposal. Depreciation is calculated to write off the cost of items of property, plant and equipment, less their estimated residual value, if any, using the straight-line method over their estimated useful lives and is generally recognized in profit or loss. The estimated useful lives of property, plant and equipment are as follows: Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets Office equipment 2 – 5 years Store operating equipment 2 – 5 years Motor vehicles 3 – 5 years Amortization methods, useful lives and residual values, if any, are reviewed at each reporting date and adjusted if appropriate. (f) Intangible assets Intangible assets that are acquired by the Group are stated at cost less accumulated amortization (where the estimated useful life is finite) and accumulated impairment losses (see Note 2(h)(ii)). Amortization is calculated write off the cost of intangible assets with finite useful lives using straight-line method over their estimated useful lives and is generally recognized in profit or loss. Their estimated useful lives of intangible assets are as follows: Software 5 years Amortization methods and useful lives are reviewed at each reporting date and adjusted if appropriate. (g) Leased assets At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use. As a lessee Where the contract contains lease component(s) and non-lease component(s), the Group has elected not to separate non-lease components and accounts for each lease component and any associated non-lease components as a single lease component for all leases. At the lease commencement date, the Group recognizes a right-of-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets which, for the Group are primarily staff apartments with lease term of less than 12 months. When the Group enters into a lease in respect of a low-value asset, the Group decides whether to capitalize the lease on a lease-by-lease basis. The lease payments associated with those leases which are not capitalized are recognized as an expense on a systematic basis over the lease term. Where the lease is capitalized, the lease liability is initially recognized at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortized cost and interest expense is calculated using the effective interest method. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and hence are charged to profit or loss in the accounting period in which they are incurred. The right-of-use asset recognized when a lease is capitalized is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. Where applicable, the cost of the right-of-use assets also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, discounted to their present value, less any lease incentives received. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses (see Note 2(h)(ii)). Depreciation is calculated to write off the cost of items of right-of-use assets, using the straight-line method over the unexpired lease term. The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether the Group will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The lease liability is also remeasured when there is a change in the scope of a lease or the consideration for a lease that is not originally provided for in the lease contract (“lease modification”) that is not accounted for as a separate lease. In this case the lease liability is remeasured based on the revised lease payments and lease term using a revised discount rate at the effective date of the modification. The only exceptions are rent concessions that occurred as a direct consequence of the COVID-19 pandemic and met the conditions set out in paragraph 46B of IFRS 16 Leases. In such cases, the Group has taken advantage of the practical expedient not to assess whether the rent concessions are lease modifications, and recognized the change in consideration as negative variable lease payments in profit or loss in the period in which the event or condition that triggers the rent concessions occurred. The Group presents right-of-use assets and presents lease liabilities separately in the consolidated statements of financial position. (h) Credit losses and impairment of assets (i) Credit losses from financial instruments The Group recognizes a loss allowance for expected credit losses (ECLs) on financial assets measured at amortized cost (including cash and cash equivalents, restricted cash, trade and other receivables). Other investments—financial assets measured at fair value through profit or loss are not subject to the ECL assessment. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material: ● fixed-rate financial assets and trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. ECLs are measured on either of the following bases: ● 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and ● lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies. Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs. ECLs on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date. For all other financial instruments, the Group recognizes a loss allowance equal to 12-month ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs. Significant increases in credit risk In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when (i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or (ii) the financial asset is 30 days past due. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition: ● failure to make payments of principal or interest on their contractually due dates; ● an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available); ● an actual or expected significant deterioration in the operating results of the debtor; and ● existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group. Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings. ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss. The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. Basis of calculation of interest income Interest income recognized in accordance with Note 2(u)(iv) is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortized cost (i.e. the gross carrying amount less loss allowance) of the financial asset. At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable events: ● significant financial difficulties of the debtor; ● a breach of contract, such as a default or past due event; ● it is becoming probable that the borrower will enter into bankruptcy or other financial reorganization; ● significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or ● the disappearance of an active market for a security because of financial difficulties of the issuer. Write-off policy The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs. (ii) Impairment of non-current assets Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or, an impairment loss previously recognized no longer exists or may have decreased: ● property, plant and equipment; ● right-of-use assets; ● intangible assets; ● goodwill; ● interest in an equity-accounted investee; and ● investments in subsidiaries in the Company’s statement of financial position. If any such indication exists, the asset’s recoverable amount is estimated. ● Calculation of recoverable amount The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). ● Recognition of impairment losses An impairment loss is recognized in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated to reduce the carrying amount of assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable). ● Reversals of impairment losses An impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount of an asset. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognized in prior periods. Reversals of impairment losses are credited to profit or loss in the periods in which the reversals are recognized. (i) Inventories Inventories are finished goods which are held for sale, including the products placed at franchisees’ stores, and low value consumables to be consumed in the ordinary course of business. Inventories are carried at the lower of cost and net realizable value. Cost of inventories is calculated using the weighted average method. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue is recognized. The amount of any write-down of inventories to net realizable value is recognized as an expense in the period the write-down occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs. Loss of inventories is recognized as an expense in the period the loss occurs. For the products placed at franchisees’ stores, the Group bears inventory loss up to a pre-determined loss rate as agreed with franchisees. The Group requires compensations from franchisees for the inventory losses in excess of the pre-determined loss rate. (j) Contract liabilities A contract liability is recognized when the customer pays non-refundable consideration before the Group recognizes the related revenue (see Note 2(u)). A contract liability would also be recognized if the Group has an unconditional right to receive non-refundable consideration before the Group recognizes the related revenue. In such cases, a corresponding receivable would also be recognized (see Note 2(k)). For a single contract with the customer, either a net contract asset or a net contract liability is presented. For multiple contracts, contract assets and contract liabilities of unrelated contracts are not presented on a net basis. When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (see Note 2(u)). (k) Trade and other receivables A receivable is recognized when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. If revenue has been recognized before the Group has an unconditional right to receive consideration, the amount is presented as a contract asset. Receivables are stated at amortized cost using the effective interest method less allowance for credit losses (see Note 2(h)(i)). ( l) Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. Cash and cash equivalents are assessed for expected credit losses (ECL) in accordance with the policy set out in Note 2(h)(i). (m) Other investments Other investments are classified as measured at fair value through profit or loss (FVPL). Changes in the fair value of the investments are recognized in profit or loss. (n) Trade and other payables Trade and other payables are initially recognized at fair value and subsequently stated at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at cost. (o) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are recognized in equity as a deduction, net of tax, from the proceeds. Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are classified as liabilities (see Note 2(p)). (p) Paid-in capital subject to redemption and other preferential rights / Redeemable shares with other preferential rights Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are redeemable at the request of the holders upon the occurrence of certain redemption events as agreed in the corresponding shareholders’ agreement. Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are classified as financial liabilities at fair value through profit or loss. Any transaction costs are recognized as finance costs in the consolidated statements of profit or loss. Subsequent to initial recognition, the paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are carried at fair value with changes in fair value recognized in the consolidated statements of profit or loss. (q) Interest-bearing borrowings Interest-bearing borrowings are measured initially at fair value less transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortized cost using the effective interest method. Interest expense is recognized in accordance with the Group’s accounting policy for borrowing costs (see Note 2(w)). (r) Employee benefits (i) Short term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. (ii) Contributions to defined contribution plans Pursuant to the relevant laws and regulations of the PRC, the Group’s subsidiaries in mainland China participate in a defined contribution basic pension insurance in the social insurance system established and managed by government organizations. The Group makes contributions to basic pension insurance plans based on the applicable benchmarks and rates stipulated by the government. Basic pension insurance contributions are recognized as part of the cost of assets or charged to profit or loss as the related services are rendered by the employees. The Group also participates in a pension scheme under the rules and regulations of the Mandatory Provident Fund Scheme Ordinance (the “MPF Scheme”) for all employees in Hong Kong, which is a defined contribution retirement scheme. The contributions to the MPF Scheme are based on minimum statutory contribution requirement of 5% of eligible employees’ relevant aggregate income. The assets of this pension scheme are held separately from those of the Group in independently administered funds. The Group participates in various defined contribution retirement benefit plans which are available to all other overseas subsidiaries. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a fund and the Group has |
Accounting judgements and estim
Accounting judgements and estimates | 12 Months Ended |
Jun. 30, 2021 | |
Accounting judgements and estimates | |
Accounting judgements and estimates | 3 Accounting judgements and estimates The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognized in the financial statements is included in the following notes: ● Note 2(u)(i)—product sales to franchisees: whether revenue from product sales to franchisees is recognized at the point when the franchisees sell the product to their customers in the franchisees’ stores ● Note 2(u)(ii)—license fees, sales-based royalties and sales-based management and consultation services fees: whether revenue is recognized over time Note 34 contains information about the assumptions and their risk factors relating to measurement of ECL allowance for trade receivables and fair value of financial instruments. Other significant sources of estimation uncertainty are as follows: (a) Write down of inventories The Group determines the write-down for obsolescence of inventories. Write-down of inventories is recorded when estimated net realizable value is less than cost. In determining write-down of inventories, the Group considers factors such as inventory aging, forecasted product demands, historical pricing trends and anticipated pricing strategies. It could change significantly as a result of change in the product demands and pricing strategies due to change in market condition. (b) Impairments of property, plant and equipment and right-of-use assets In considering the impairment losses that may be required for certain property, plant and equipment, and right-of-use assets, recoverable amount of these assets needs to be determined. The recoverable amount is the greater of the net selling price and the value in use. It is difficult to precisely estimate selling price because quoted market prices for these assets may not be readily available. In determining the value in use, expected cash flows generated by the asset are discounted to their present value, which requires significant judgment relating to items such as level of revenue and amount of operating costs. The Group uses all readily available information in determining an amount that is reasonable approximation of recoverable amount, including estimates based on reasonable and supportable assumptions and projections of items such as revenue and operating costs. (c) Impairments of goodwill Goodwill is tested by the Group annually in accordance with the accounting policy stated in Note 2(d)(iii). The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of estimates. The value-in-use calculations primarily use cash flow projections based on financial budgets approved by the Board of Directors. There are a number of assumptions and estimates involved in the preparation of future cash flow forecasts. Key assumptions include the expected growth rates and selection of discount rates to reflect the risks involved. (d) Recognition of deferred tax assets Deferred tax assets in respect of tax losses and other deductible temporary differences carried forward are recognized and measured based on the expected manner of realization or settlement of the carrying amount of the assets, using tax rates enacted or substantively enacted at the end of the reporting periods. In determining the carrying amounts of deferred tax assets, expected taxable profits are estimated which involves a number of assumptions relating to the operating environment of the Group and requires significant level of judgement exercised by the directors. Any change in such assumptions and judgement would affect the carrying amounts of deferred tax assets to be recognized and hence the net profit in future years. (e) Share-based compensation The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is estimated using a model which requires the determination of the appropriate inputs. The Group has to estimate the forfeiture rate in order to determine the amount of share-based compensation expenses charged to the statement of profit or loss. The Group also has to estimate the actual vesting periods of the share awards which is variable and subject to an estimate of when a qualified initial public offering of the Group will incur. The assumptions and models used for estimating the fair value of share-based payment transactions are disclosed in Note 32. (f) Determining the lease term As explained in policy Note 2(g), the lease liability is initially recognized at the present value of the lease payments payable over the lease term. In determining the lease term at the commencement date for leases that include renewal options exercisable by the Group, the Group evaluates the likelihood of exercising the renewal options taking into account all relevant facts and circumstances that create an economic incentive for the Group to exercise the option, including favorable terms, leasehold improvements undertaken and the importance of that underlying asset to the Group’s operation. The lease term is reassessed when there is a significant event or significant change in circumstance that is within the Group’s control. Any increase or decrease in the lease term would affect the amount of lease liabilities and right-of-use assets recognized in future years. (g) Fair value measurement of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights The paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are not traded in an active market and the respective fair value is determined by using valuation techniques. The Group has used the discounted cash flow method to determine the underlying equity value and adopted equity allocation model to determine the fair value of the paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights. Key assumptions, such as weighted average cost of capital, risk-free interest rate, lack of marketability discount and volatility are disclosed in Note 30. Considerable judgement is required to interpret market data used in the valuation techniques. The use of different market assumptions and / or estimation methodologies may have a material effect on the estimated fair value amounts. |
Segment reporting
Segment reporting | 12 Months Ended |
Jun. 30, 2021 | |
Segment reporting | |
Segment reporting | 4. Segment 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 most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the four reportable segments during the years ended June 30, 2019 and 2020, namely (i) MINISO brand (excluding Africa and Germany), (ii) MINISO brand in Africa and Germany, (iii) NOME brand, and (iv) Minihome brand. The operations of the MINISO brand in Africa and Germany and the NOME brand and Minihome brand were discontinued and disposed of by the Group as of June 30, 2020. During the year ended June 30, 2021, the Group developed a new brand namely TOP TOY and included it as one of the reportable segments. Therefore, the Group had two reporting segments of MINISO brand and TOP TOY brand as of and for the year ended June 30, 2021. No other operating segments have been aggregated to these reportable segments, but have been aggregated and presented as “other segment”. Business included as other segment did not meet the quantitative thresholds for reportable segments for the years ended June 30, 2019, 2020 and 2021. The segment information is as follows: Reportable segments Operations MINISO brand (excluding Africa and Germany) Design, buying and sale of lifestyle products MINISO brand in Africa and Germany* Design, buying and sale of lifestyle products NOME brand* Design, buying and sale of clothing products and other household items Minihome brand* Design, buying and sale of furniture and other household items TOP TOY brand Design, buying and sale of art toys Note: * Businesses of NOME and Minihome brands and MINISO brand in Africa and Germany are classified as discontinued operations for the years ended June 30, 2019 and 2020, and had been disposed of by the Group as of June 30, 2020. See Note 5 “Discontinued operations” for details. (i) Segment results, assets and liabilities Information related to each reportable segment is set out below. Segment profit / (loss) before tax 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, 2019 Other Reportable segments segment Total MINISO brand MINISO brand (excluding in Africa and Minihome Africa and Germany NOME brand brand Total reportable Germany) (discontinued)* (discontinued)* (discontinued)* segments RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 External revenues 9,143,883 159,764 307,173 31,140 9,641,960 251,028 9,892,988 Inter-segment revenue 35,200 3,202 47,849 — 86,251 5,199 91,450 Segment revenue 9,179,083 162,966 355,022 31,140 9,728,211 256,227 9,984,438 Segment profit / (loss) before taxation 962,382 (69,620) (148,449) (79,007) 665,306 36,402 701,708 Finance income 7,210 743 156 18 8,127 101 8,228 Finance costs (25,198) (5,572) (123) — (30,893) (11) (30,904) Depreciation and amortization (191,627) (4,350) (1,836) (3,947) (201,760) (151) (201,911) Other material non-cash items: - credit loss on trade and other receivables (90,124) (2) (35,469) — (125,595) — (125,595) - impairment loss on non-current assets (27,542) (33,269) (11,835) (10,301) (82,947) — (82,947) 4 As at and for the year ended June 30, 2020 Other Reportable segments segment Total MINISO brand MINISO brand (excluding in Africa and Minihome Africa and Germany NOME brand brand Total reportable Germany) (discontinued)* (discontinued)* (discontinued)* segments RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 External revenues 8,721,620 80,746 187,046 15,154 9,004,566 257,366 9,261,932 Inter-segment revenue 40,887 — 6,380 — 47,267 50 47,317 Segment revenue 8,762,507 80,746 193,426 15,154 9,051,833 257,416 9,309,249 Segment profit / (loss) before taxation 716,759 (29,884) (98,308) (12,648) 575,919 44,092 620,011 Finance income 24,842 92 250 5 25,189 766 25,955 Finance costs (31,273) (1,616) (108) — (32,997) (65) (33,062) Depreciation and amortization (268,359) — (828) (1,830) (271,017) (310) (271,327) Other material non-cash items: - credit loss on trade and other receivables (25,357) — (43,470) — (68,827) (9) (68,836) - impairment loss on non-current assets (36,844) — (1,059) (3,156) (41,059) — (41,059) Segment assets 5,727,281 — — — 5,727,281 108,970 5,836,251 Segment liabilities 3,732,134 — — — 3,732,134 45,836 3,777,970 As at and for the year ended June 30, 2021 Other Reportable segments segment Total Total TOP TOY reportable MINISO brand brand segments RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 External revenues 8,735,947 98,241 8,834,188 237,471 9,071,659 Inter-segment revenue 1,978 5,832 7,810 115,701 123,511 Segment revenue 8,737,925 104,073 8,841,998 353,172 9,195,170 Segment profit / (loss) before taxation 378,926 (24,376) 354,550 58,556 413,106 Finance income 38,858 9 38,867 1,566 40,433 Finance costs (26,324) (2,021) (28,345) (17) (28,362) Depreciation and amortization (252,721) (11,229) (263,950) (1,069) (265,019) Other material non-cash items: - credit loss on trade and other receivables (20,208) (607) (20,815) (17) (20,832) - impairment loss on non-current assets (1,850) (1,091) (2,941) — (2,941) Segment assets 9,873,002 315,038 10,188,040 164,928 10,352,968 Segment liabilities 3,662,661 333,096 3,995,757 57,119 4,052,876 Note: * See Note 5 “Discontinued operations” for details. (ii) Reconciliations of information on reportable segments to the amounts reported in the financial statements For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 i. Revenue Total revenue for reportable segments 9,728,211 9,051,833 8,841,998 Revenue for other segment 256,227 257,416 353,172 Elimination of inter-segment revenue (91,450) (47,317) (123,511) Elimination of discontinued operations (498,077) (282,946) — Consolidated revenue 9,394,911 8,978,986 9,071,659 ii. Profit before taxation Total profit before taxation for reportable segments 665,306 575,919 354,550 Profit before taxation for other segment 36,402 44,092 58,556 Elimination of discontinued operations 297,076 140,840 — Unallocated amounts: —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 an equity-accounted investee, net of tax — — (4,011) Consolidated profit / (loss) before taxation from continuing operations 289,004 80,818 (1,216,192) As at June 30, 2020 2021 RMB’000 RMB’000 iii. Assets Total assets for reportable segments 5,727,281 10,188,040 Assets for other segment 108,970 164,928 Other unallocated amounts —Interest in an equity-accounted investee — 352,062 Consolidated total assets 5,836,251 10,705,030 iv. Liabilities Total liabilities for reportable segments 3,732,134 3,995,757 Liabilities for other segment 45,836 57,119 Other unallocated amounts —Redeemable shares with other preferential rights 2,381,327 — Consolidated total liabilities 6,159,297 4,052,876 v. Other material items For the year ended June 30, 2019 Reportable Elimination of segment Other discontinued Consolidated totals segment operations totals Finance income 8,127 101 (917) 7,311 Finance costs (30,893) (11) 5,695 (25,209) Depreciation and amortization (201,760) (151) 10,133 (191,778) Credit loss on trade and other receivables (125,595) — 35,471 (90,124) Impairment loss on non-current assets (82,947) — 55,405 (27,542) For the year ended June 30, 2020 Reportable Elimination of segment Other discontinued Consolidated totals segment operations totals Finance income 25,189 766 (347) 25,608 Finance costs (32,997) (65) 1,724 (31,338) Depreciation and amortization (271,017) (310) 2,658 (268,669) Credit loss on trade and other receivables (68,827) (9) 43,470 (25,366) Impairment loss on non-current assets (41,059) — 4,215 (36,844) For the year ended June 30, 2021 Reportable Elimination of segment Other discontinued Consolidated totals segment operations totals Finance income 38,867 1,566 — 40,433 Finance costs (28,345) (17) — (28,362) Depreciation and amortization (263,950) (1,069) — (265,019) Credit loss on trade and other receivables (20,815) (17) — (20,832) Impairment loss on non-current assets (2,941) — — (2,941) (iii) Geographic information The geographic information analyses the Group’s revenue and non-current assets by the Group’s country of domicile and other countries. 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 ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 i. Revenue the PRC (place of domicile) (of which RMB338,313,000 and RMB 202,201,000 related to discontinued operations in the years ended June 30, 2019 and 2020, respectively) 6,702,311 6,246,301 7,291,219 Other Asian countries excluding the PRC 1,738,348 1,428,035 961,622 America 1,049,334 1,221,058 584,630 Europe (of which RMB13,222,000 and RMB 11,311,000 related to discontinued operations in the years ended June 30, 2019 and 2020, respectively) 137,822 183,480 117,214 Others (of which RMB146,542,000 and RMB 69,434,000 related to discontinued operations in the years ended June 30, 2019 and 2020, respectively) 265,173 183,058 116,974 Discontinued operations (498,077) (282,946) — 9,394,911 8,978,986 9,071,659 As at June 30, 2020 2021 RMB’000 RMB’000 ii. Non-current assets the PRC (place of domicile) 312,873 902,793 Other Asian countries excluding the PRC 62,272 82,414 America 265,131 191,304 Europe 19,744 22,399 660,020 1,198,910 Non-current assets exclude deferred tax assets and non-current prepayments. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Jun. 30, 2021 | |
Discontinued operations. | |
Discontinued operations | 5 Discontinued operations In May 2019, the board of directors approved a plan to dispose the NOME Business, Minihome Business, MINISO African Business and MINISO German Business within one year. As of June 30, 2020, the disposal transactions as further described below had been completed. Accordingly, the results of these operations were included as discontinued operations for the years ended June 30, 2019 and 2020. MINISO African Business included MINISO Nigeria, Uganda, South Africa, Tanzania and Kenya. During the period from January 2020 to March 2020, the Group entered into the share purchase agreements, pursuant to which the Group agreed to sell its entire equity interests in the Minihome Business and NOME Business to several companies owned by Mr. Ye Guofu, the controlling shareholder of the Group, at an aggregate of considerations of RMB4. During the period from December 2019 to April 2020, the Group entered into several share purchase agreements, pursuant to which the Group agreed to sell its entire equity interests in MINISO Nigeria, Uganda, South Africa, Tanzania and Germany to several companies owned by Mr. Ye Guofu, the controlling shareholder, at an aggregate of considerations of RMB7. In January 2020, the Group entered into a share purchase agreement, pursuant to which the Group agreed to sell its entire equity interests in MINISO Kenya to a third party at a consideration of RMB1. The above disposal transactions were completed during the year ended June 30, 2020 and the Group’s discontinued operations ceased accordingly. (a) Results of discontinued operations For the year ended June 30, Note 2019 2020 2021 RMB’000 RMB’000 RMB’000 Revenue 549,128 289,326 — Elimination of inter-segment revenue (51,051) (6,380) — External revenue 498,077 282,946 — Expenses (795,153) (423,786) — External expenses (795,153) (423,786) — Results from operating activities 4 (297,076) (140,840) — Income tax 11(c) (6,754) — — Results from operating activities, net of tax (303,830) (140,840) — Gain on disposal of subsidiaries — 10,795 — Loss from discontinued operations, net of tax (303,830) (130,045) — Loss per share – discontinued operations Basic (0.33) (0.14) — Diluted (0.33) (0.14) — The losses from discontinued operations of RMB303,830,000 and RMB130,045,000 for the years ended June 30, 2019 and 2020, respectively, were attributable entirely to the equity shareholders of the Company. (b) Cash flows used in discontinued operations For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Net cash used in operating activities (322,186) (68,063) — Net cash used in investing activities (23,662) (7,117) — Net cash (used in) / from financing activities (153,741) 10,468 — Net cash flows for the year (499,589) (64,712) — (c) Effect of disposal on the financial position of the Group As at disposal dates RMB’000 Property, plant and equipment 1,470 Inventories 104,616 Trade and other receivables 61,355 Cash and cash equivalents 75,552 Loans and borrowings (14,513) Trade and other payables (196,779) Lease liabilities (41,944) Net liabilities (10,243) Effect of translation difference of foreign operations (552) Net gain on disposal of subsidiaries (10,795) Considerations received in cash — * Cash and cash equivalents disposed of (75,552) Net cash outflow (75,552) Note: * The amount was less than RMB1,000. |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2021 | |
Revenue | |
Revenue | 6 Revenue The Group’s revenue is primarily derived from the sale of lifestyle products through self-operated stores, franchised stores, distributors in the PRC and overseas and online sales conducted through the Group’s own mobile applications and third-party e-commerce platforms. Other sources of revenue mainly include license fees, sales-based royalties and sales-based management and consultation service fees from franchisees and distributors. (i) Disaggregation of revenue In the following table, revenue from contracts with customers (excluding revenue related to discontinued operations) is disaggregated by major products and service lines, primary geographical markets and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the Group’s reportable segments (see Note 4). For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Major products / service lines —Sales of lifestyle products — Retail sales in self-operated stores 290,787 364,638 323,775 — Product sales to franchisees 4,957,273 4,584,288 5,506,365 — Sales to distributors 3,067,207 2,683,829 1,509,840 — Online sales 138,284 308,455 663,197 — Other sales channels 11,118 114,204 33,499 Sub-total 8,464,669 8,055,414 8,036,676 —License fees, sales-based royalties, and sales-based management and consultation service fees — License fees 27,223 78,469 72,392 — Sales-based royalties 94,374 82,444 97,848 — Sales-based management and consultation service fees 491,005 426,731 488,138 Sub-total 612,602 587,644 658,378 —Others* 317,640 335,928 376,605 9,394,911 8,978,986 9,071,659 Note: * Others mainly represented sales of fixtures to franchisees and distributors. For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Primary geographical markets — the PRC 6,363,998 6,044,100 7,291,219 — Other Asian countries excluding the PRC 1,738,348 1,428,035 961,622 — America 1,049,334 1,221,058 584,630 — Europe 124,600 172,169 117,214 — Others 118,631 113,624 116,974 9,394,911 8,978,986 9,071,659 Timing of revenue recognition — Products transferred at a point of time 8,782,309 8,391,342 8,413,281 — Services transferred over time 612,602 587,644 658,378 Revenue from contracts with customers 9,394,911 8,978,986 9,071,659 No revenue from individual customer contributing over 10% of total revenue of the Group during the years ended June 30, 2019, 2020 and 2021. (ii) Contract balances The following table provides information about receivables, contract liabilities from contracts with customers. As at June 30, 2020 2021 Note RMB’000 RMB’000 Receivables, which are included in ‘trade and other receivables’ 22 286,692 315,001 Contract liabilities —Current portion (218,287) (266,919) —Non-current portion (74,226) (59,947) Total contract liabilities (292,513) (326,866) As at June 30, 2020 2021 RMB’000 RMB’000 Contract liabilities are analyzed as follows: Advance payments received from customers for purchase of goods 174,366 235,435 Deferred revenue related to license fees 118,147 91,431 292,513 326,866 The Group requests 20% to 100% advance payment for purchase of goods from certain overseas distributors prior to delivery of goods. This gives rise to contract liabilities at the start of a sales order, until the revenue of sales of products recognized on the corresponding sale order exceeds the amount of payments received in advance. Unamortized portion of upfront license fees received was recognized as contract liability. Movements in contract liabilities are as follows: Contract liabilities RMB’000 Balance at July 1, 2019 321,546 Decrease in contract liabilities as a result of recognizing revenue during the year that was included in the contract liabilities at the beginning of the period (243,873) Increase in contract liabilities as a result of receiving advance payment for purchase of goods 174,366 Increase in contract liabilities as a result of receiving payment of license fees 40,474 Balance at June 30, 2020 292,513 Decrease in contract liabilities as a result of recognizing revenue during the year that was included in the contract liabilities at the beginning of the period (218,287) Increase in contract liabilities as a result of receiving advance payment for purchase of goods 235,435 Increase in contract liabilities as a result of receiving payment of license fees 17,205 Balance at June 30, 2021 326,866 As of June 30, 2020 and 2021, license fees expected to be recognized as revenue after more than one year were RMB74,226,000 and RMB59,947,000, respectively. (iii) Revenue expected to be recognized in the future arising from contracts with customers in existence at the reporting dates Contracts within the scope of IFRS 15 As at June 30, 2020 and 2021, the aggregated amounts of the transaction price allocated to the remaining performance obligations under the Group’s existing contracts were RMB118,147,000 and RMB 91,431,000, respectively. These amounts represented revenue of license fees income expected to be recognized in the future from license agreements entered into with the franchisees and distributors. The Group will recognize the expected revenue in future over the remaining licensing period, which is expected to occur over the next 1 to 48 years and the next 1 to 47 years as at June 30, 2020 and 2021, respectively. (iv) Covid-19 impact on revenue The Covid-19 outbreak has impacted the Group’s revenue and operations beginning from late January 2020 and continued through June 2021. In December 2019, a novel strain of coronavirus (Covid-19) was reported to have surfaced in the PRC. In response to intensifying efforts to contain the spread of the virus, the Group’s self-operated stores and franchised stores in the PRC were all temporarily closed from late January 2020. Those stores were gradually re-opened since early March 2020. This has resulted in a reduction in revenue from retail sales and product sales to franchisees in the PRC during the period from late January to March 2020. During the period from April to June 2020, the Group’s self-operated stores and franchised stores in the PRC gradually resumed normal operations and revenue from retail sales in self-operated stores and product sales to franchisees in the PRC recovered accordingly. During the year ended June 30, 2021, the emergence of new variants in certain PRC areas has adversely impacted the Group’s retail sales and product sales to franchisees due to governmental restrictions in public places to reduce the spread of virus. The Group’s overseas business started to be adversely impacted since late March 2020 following the spread of Covid-19 around the world. Most of the Group’s overseas self-operated stores and franchised stores, have suffered from temporary closure and reduction of operating hours on occasion since late March 2020 through June 2021. The sales of stores owned by overseas distributors have also been adversely affected, which resulted in a reduction in revenue from sales to overseas distributors during the period from March 2020 to June 2021. The impact on sales in each overseas market has been dependent on the timing, severity and duration of the outbreak and measures implemented by government authorities to reduce the spread of Covid-19. |
Other income
Other income | 12 Months Ended |
Jun. 30, 2021 | |
Other income. | |
Other income | 7 Other income For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Tax refund 1,203 606 1,279 Government grants (Note (i)) 9,265 36,602 46,587 Income from depositary bank (Note 29) — — 4,274 10,468 37,208 52,140 Note: (i) Government grants mainly represented unconditional cash awards granted by the local authorities in the PRC. |
Expenses by nature
Expenses by nature | 12 Months Ended |
Jun. 30, 2021 | |
Expenses by nature | |
Expenses by nature | 8 Expenses by nature For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Cost of inventories (Note 21(a)) 6,883,931 6,246,488 6,581,456 Payroll and employee benefits (Note (i)) 695,493 984,895 916,185 Rental and related expenses 38,682 45,186 12,139 Depreciation and amortization (Note (ii)) 191,778 268,669 265,019 Licensing expenses 21,851 109,488 88,063 Promotion and advertising expenses 85,611 128,447 214,788 Logistics expenses 105,940 154,763 195,593 Travelling expenses 60,102 69,290 52,966 Other expenses 212,066 226,174 332,375 Total cost of sales, selling and distribution and general and administrative expenses 8,295,454 8,233,400 8,658,584 Notes: (i) Payroll and employee benefits are analyzed as follows: For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Salaries, wages and bonus 485,939 515,573 543,646 Contributions to social security contribution plan 56,368 51,587 56,325 Welfare expenses 31,128 33,691 34,895 Employee compensation expenses — 19,664 — Equity-settled share-based payment expenses (Note 32) 122,058 364,380 281,319 695,493 984,895 916,185 Employee compensation expenses represented the non-forfeitable dividend paid to employees in December 2019 in connection with the unvested restricted shares granted to them under the 2018 Share Award Scheme (see Note 32). (ii) Depreciation and amortization are analyzed as follows: For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Property, plant and equipment (Note 14) 25,932 37,481 30,507 Right-of-use assets (Note 15) 157,869 214,117 213,490 Intangible assets (Note 16) 7,977 17,071 21,022 191,778 268,669 265,019 |
Other net income _ (loss)
Other net income / (loss) | 12 Months Ended |
Jun. 30, 2021 | |
Other net income / (loss) | |
Other net income / (loss) | 9 Other net income / (loss) For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Net foreign exchange gain / (loss) 12,611 14,193 (114,177) Losses on disposal of property, plants and equipment and intangible assets (1,611) (2,526) (2,317) Investment income from other investments 1,348 26,387 66,837 Scrap income 8,885 8,330 11,242 Net change in fair value of other investments 1,465 (1,465) 2,968 Others 1,725 1,078 (4,960) 24,423 45,997 (40,407) |
Net finance (costs) _ income
Net finance (costs) / income | 12 Months Ended |
Jun. 30, 2021 | |
Net finance (costs) / income | |
Net finance (costs) / income | 10 Net finance (costs) / income For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Finance income —Interest income 7,311 25,608 40,433 7,311 25,608 40,433 Finance costs —Interest on loans and borrowings (2,364) (5,221) (1,545) —Interest on lease liabilities (22,845) (26,117) (26,817) (25,209) (31,338) (28,362) Net finance (costs) / income (17,898) (5,730) 12,071 |
Income taxes
Income taxes | 12 Months Ended |
Jun. 30, 2021 | |
Income taxes | |
Income taxes | 11 Income taxes (a) Taxation recognized in consolidated profit or loss: For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Amounts recognized in consolidated profit or loss Current tax Provision for the year 345,433 306,679 200,170 Deferred tax Origination and reversal of temporary differences (Note 11(d)) (65,850) (95,730) 13,085 Tax expense on continuing operations 279,583 210,949 213,255 1) Cayman Islands and the BVI Pursuant to the rules and regulations of the Cayman Islands and the BVI, the Group is not subject to any income tax in the Cayman Islands and the BVI. 2) Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiaries are subject to Hong Kong profits tax at the rate of 16.5% on their taxable income generated from the operations in Hong Kong. A two-tiered profits tax rates regime was introduced in 2018 where the first HKD2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the Group to benefit from the progressive rates. 3) Mainland China Under the Corporate Income Tax (“CIT”) Law, the subsidiaries established in mainland China are subject to a unified statutory CIT rate of 25%. A subsidiary established in Hengqin New Area of Zhuhai, a pilot free trade zone in the PRC, met the criteria for a preferential income tax rate of 15%. 4) United States Under United States Internal Revenue Code, the subsidiaries established in United States are subject to a unified Federal CIT rate of 21% and variable state income and franchise tax depends on which state the subsidiaries has nexus with. Most of subsidiaries in United States are operated in the state of California, and thus they will be subject to state income tax rate of 8.84%. 5) Indonesia The subsidiary incorporated in Indonesia elected to pay profit tax at 0.5% of gross revenue for the fiscal year ended December 31, 2018 and 2019. In the following years, the subsidiary is subject to the prevailing statutory tax rate on taxable income. In response to the Covid-19 outbreak, the statutory tax rate was progressively lowered from 25% to 22% for fiscal years ended/ending December 31, 2020 and 2021, and will be further lowered to 20% starting from fiscal year ending December 31, 2022 onwards. 6) India Under the Income Tax Act 1961 enacted in India, the subsidiary incorporated India is subject to a profit tax rate of 26%. 7) Canada Under the Canadian federal and provincial tax rules, the subsidiaries incorporated in Canada are subject to the combined Canadian federal and provincial statutory income tax rates ranging from 23% to 31% depending on the location of the operation. 8) Singapore Under the Income Tax Act enacted in Singapore, the subsidiaries incorporated in Singapore are subject to a tax rate of 17% on its chargeable income. (b) Reconciliation between tax expense and accounting profit at applicable tax rates: For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Profit / (loss) before taxation 289,004 80,818 (1,216,192) Notional tax on profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned 63,918 (48,050) 118,766 Tax effect of share-based compensation expenses and employee compensation expenses (Note 8(i)) 30,514 96,011 70,330 Tax effect of other non-deductible expenses 11,800 6,566 10,433 Tax effect of deemed sales 11,277 — — Tax effect of loss from waiver of intercompany receivables of discontinued operations — (61,548) — Tax benefit from disposal of subsidiaries — (24,779) — Effect of preferential tax treatments on assessable profits of a subsidiary (Note 11(a)(3)) (47,912) (34,876) (34,218) Effect of fair value changes of paid-in capital subject to redemption and other preferential rights not recognized 177,446 207,942 — Tax effect of exempted and non-taxable interest income — — (6,245) Effect of unused tax losses not recognized 21,173 35,382 72,969 Effect of deductible temporary differences not recognized / (utilized) 11,367 34,301 (18,780) Actual tax expenses 279,583 210,949 213,255 The loss from waiver of intercompany receivables are related with the waiver of outstanding receivables due from NOME Design (Guangzhou) Co., Ltd. and Minihome Technology Co., Ltd. prior to the disposal in accordance with the share purchase agreements to sell their equity interests to Mr. Ye Guofu, the controlling shareholder of the Group. (c) Income tax on discontinued operations: For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Tax charge on losses from ordinary activities of discontinued operations (Note 5(a)) 6,754 — — Total tax charge on discontinued operations 6,754 — — (d) Movement in deferred tax assets The components of deferred tax assets recognized in the consolidated statement of financial position and the movements during the reporting periods presented are as follows: Loss from waiver of intercompany receivables Unused Intra-group of tax unrealized Credit loss and discontinued losses profits impairment operations Others Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax assets arising from: At July 1, 2019 9,594 25,587 51,001 — 1,625 87,807 Charged to profit or loss (continuing operations) 19,255 12,180 (485) 61,548 3,232 95,730 Exchange rate difference (282) (58) 365 — (42) (17) At June 30, 2020 28,567 37,709 50,881 61,548 4,815 183,520 Charged to profit or loss (continuing operations) 6,278 (22,931) 683 — 2,885 (13,085) Exchange rate difference (592) (82) (1,217) — 8 (1,883) At June 30, 2021 34,253 14,696 50,347 61,548 7,708 168,552 The Group only recognizes deferred income tax assets for cumulative tax losses if it is probable that future taxable amounts will be available to utilize those tax losses. (e) Unrecognized deferred tax assets Deferred tax assets have not been recognized in respect of the following items, because it is not probable that future taxable profit against which the losses can be utilized will be available in the relevant tax jurisdiction. As at June 30, 2020 2021 RMB’000 RMB’000 Deductible temporary differences 223,977 127,500 Cumulative tax losses 229,946 483,437 Total 453,923 610,937 (f) Tax losses carried forward Tax losses for which no deferred tax asset was recognized expire as follows: As at As at June 30, June 30, 2020 Expiry date 2021 Expiry date RMB’000 RMB’000 Expire 52,971 2021-2041 147,928 2022-2042 Never expire 176,975 — 335,509 — Tax losses for which no deferred tax asset was recognized are related to subsidiaries that were established in recent years, which are not expected to derive sufficient taxable profits in the foreseeable future before unused tax losses expired. (g) Uncertain tax position The Group evaluates whether it is probable that tax authority will accept the tax treatment for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of June 30, 2020 and 2021, the Group did not have any significant unrecognized uncertain tax positions. The Group does not anticipate any significant increase to unrecognized tax benefit within the next 12 months. Interest and penalties related to income tax matters, if any, is included in income tax expense. |
Loss per share
Loss per share | 12 Months Ended |
Jun. 30, 2021 | |
Loss per share | |
Loss per share | 12 Loss per share (a) Basic loss per share The calculation of basic loss per share has been based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding. (i) Profit / (loss) attributable to ordinary shareholders (basic): For the year ended June 30, 2019 Continuing Discontinued operations operations Total RMB’000 RMB’000 RMB’000 Profit / (loss) attributable to the equity shareholders of the Company 13,183 (303,830) (290,647) Less: Allocation of undistributed earnings to holders of unvested restricted shares (741) 17,070 16,329 Profit / (loss) used to determine basic earnings per share 12,442 (286,760) (274,318) For the year ended June 30, 2020 Continuing Discontinued operations operations Total RMB’000 RMB’000 RMB’000 Loss attributable to the equity shareholders of the Company (132,222) (130,045) (262,267) Less: Allocation of distributed and undistributed earnings to holders of unvested restricted shares 25,988 7,306 33,294 Loss used to determine basic earnings per share (106,234) (122,739) (228,973) For the year ended June 30, 2021 Continuing Discontinued operations operations Total RMB’000 RMB’000 RMB’000 Loss attributable to the equity shareholders of the Company (1,415,010) — (1,415,010) Less: Allocation of distributed and undistributed earnings to holders of unvested restricted shares 116,929 — 116,929 Loss used to determine basic earnings per share (1,298,081) — (1,298,081) The unvested restricted shares granted to employees under the 2018 and 2020 Share Award Scheme (see Note 32) are entitled to non-forfeitable dividends during the vesting period. For the purpose of calculating basic loss per share, the numerators are thus be adjusted for the undistributed earnings attributed to these unvested shares in accordance with their participating rights, which have not been recognized in profit or loss. (ii) Weighted-average number of ordinary shares (basic): The Company was incorporated on January 7, 2020 as part of the Reorganization (see Note 1.2). For the purpose of calculating basic loss per share for the years ended June 30, 2019 and 2020, the number of ordinary shares outstanding of 865,591,398 used in the calculation, which excludes treasury shares of 111,043,373 shares (see Note 31(a)), has been retroactively adjusted to reflect the issuance of ordinary shares by the Company in connection with the incorporation of the Company and the Reorganization as if these events had occurred at the beginning of the earliest period presented. As of June 30, 2019 and 2020, the vesting requirements of the restricted shares under the 2018 and 2020 Share Aware Scheme (see Note 32) have not been satisfied. Therefore, the effect of such shares has not been taken into account in the calculation of basic loss per share for the years ended June 30, 2019 and 2020. The weighted average number of ordinary shares of 1,104,371,475 in issue for the year ended June 30, 2021 was calculated as follows: For the year ended June 30, 2021 Number of shares Issued ordinary share at July 1, 2020 865,591,398 Effect of shares issued upon IPO and exercise of the over-allotment option (Note 31(a)(iii)) 90,911,146 Effect of shares converted from Series A preferred shares (Note 31(a)(iv)) 83,495,097 Effect of shares released from share award scheme and option plan (Note 32) 64,373,834 Weighted average number of ordinary shares 1,104,371,475 (b) Diluted loss per share Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potential dilutive ordinary shares. There was no difference between basic and diluted loss per share during the years ended June 30, 2019 and 2020 as (i) the unvested restricted shares granted to employees (see Note 32(a)) and the redeemable shares with other preferential rights issued by the Company (see Note 30) were not potential dilutive ordinary shares as they could not be vested or be converted into ordinary shares until the Company completes a qualified initial public offering; (ii) the effect of share options granted to employees (see Note 32(b)) would be anti-dilutive. There was no difference between basic and diluted loss per share during the year ended June 30, 2021 as the effect of the restricted shares granted to employees (see Note 32(a)) and share options granted to employees (see Note 32(b)) would be anti-dilutive. |
Other comprehensive (loss) _ in
Other comprehensive (loss) / income | 12 Months Ended |
Jun. 30, 2021 | |
Other comprehensive (loss) / income | |
Other comprehensive (loss) / income | 13 Other comprehensive (loss) / income Amounts recognized in consolidated other comprehensive (loss) / income For the year ended June 30, 2019 Before-tax Tax (expense) / Net-of-tax amount benefit amount RMB’000 RMB’000 RMB’000 Exchange differences on translation of financial statements of overseas subsidiaries (4,834) — (4,834) Other comprehensive loss (4,834) — (4,834) For the year ended June 30, 2020 Before-tax Tax (expense) / Net-of-tax amount benefit amount RMB’000 RMB’000 RMB’000 Exchange differences on translation of financial statements of overseas subsidiaries 6,361 — 6,361 Other comprehensive income 6,361 — 6,361 For the year ended June 30, 2021 Before-tax Tax (expense) / Net-of-tax amount benefit amount RMB’000 RMB’000 RMB’000 Exchange differences on translation of financial statements of overseas subsidiaries (16,548) — (16,548) Other comprehensive loss (16,548) — (16,548) |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Jun. 30, 2021 | |
Property, plant and equipment | |
Property, plant and equipment | 14 Property, plant and equipment Leasehold Office Store operating Motor improvements equipment equipment vehicles Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost: At July 1, 2019 101,076 28,517 50,049 2,192 181,834 Additions 8,122 5,908 7,612 788 22,430 Disposals — (3,817) (642) (41) (4,500) Exchange adjustments 2,081 34 (1,704) (4) 407 At June 30, 2020 111,279 30,642 55,315 2,935 200,171 Acquisitions through business combination 413 7 215 904 1,539 Additions 12,484 11,710 8,822 — 33,016 Disposals (1,392) (3,675) (15,508) (1,012) (21,587) Exchange adjustments (10,835) (1,253) (2,375) (87) (14,550) At June 30, 2021 111,949 37,431 46,469 2,740 198,589 Accumulated depreciation: At July 1, 2019 (15,416) (6,892) (8,942) (514) (31,764) Charge for the year (17,569) (7,682) (11,648) (582) (37,481) Written back on disposals — 1,780 177 17 1,974 Exchange adjustments (210) 66 578 9 443 At June 30, 2020 (33,195) (12,728) (19,835) (1,070) (66,828) Charge for the year (11,097) (7,538) (11,303) (569) (30,507) Written back on disposals 395 3,026 5,028 77 8,526 Exchange adjustments 2,890 (1,386) 3,187 52 4,743 At June 30, 2021 (41,007) (18,626) (22,923) (1,510) (84,066) Impairment: At July 1, 2019 (29,044) — (5,181) — (34,225) Addition (8,186) — (2,136) — (10,322) Exchange adjustments (932) — 198 — (734) At June 30, 2020 (38,162) — (7,119) — (45,281) Addition (1,742) — (1,199) — (2,941) Written back on disposals — — 6,179 — 6,179 Exchange adjustments 3,472 — 364 — 3,836 At June 30, 2021 (36,432) — (1,775) — (38,207) Net book value: At June 30, 2020 39,922 17,914 28,361 1,865 88,062 At June 30, 2021 34,510 18,805 21,771 1,230 76,316 |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Jun. 30, 2021 | |
Right-of-use assets | |
Right-of-use assets | 15 Right-of-use assets The analysis of the net book value of right-of-use assets by class of underlying asset is as follows: Warehouse Property equipment (Note (i)) (Note (ii)) Total RMB’000 RMB’000 RMB’000 Cost: At July 1, 2019 617,615 14,716 632,331 Additions 282,451 15,180 297,631 Derecognition (66,578) (5,099) (71,677) Exchange adjustments (831) 60 (771) At June 30, 2020 832,657 24,857 857,514 Acquisitions through business combination 36,632 — 36,632 Additions 392,648 11,305 403,953 Derecognition (155,478) (24,179) (179,657) Exchange adjustments (29,042) (281) (29,323) At June 30, 2021 1,077,417 11,702 1,089,119 Accumulated depreciation: At July 1, 2019 (148,198) (7,630) (155,828) Charge for the year (203,662) (10,455) (214,117) Derecognition 51,458 5,099 56,557 Exchange adjustments 1,401 (32) 1,369 At June 30, 2020 (299,001) (13,018) (312,019) Charge for the year (205,344) (8,146) (213,490) Derecognition 131,424 19,425 150,849 Exchange adjustments 13,033 191 13,224 At June 30, 2021 (359,888) (1,548) (361,436) Impairment: At July 1, 2019 (15,635) — (15,635) Charge for the year (26,522) — (26,522) Exchange adjustments (471) — (471) At June 30, 2020 (42,628) — (42,628) Charge for the year — — — Derecognition 1,759 — 1,759 Exchange adjustments 3,073 — 3,073 At June 30, 2021 (37,796) — (37,796) Net book value: At June 30, 2020 491,028 11,839 502,867 At June 30, 2021 679,733 10,154 689,887 The analysis of expense items in relation to leases recognized in profit or loss is as follows: For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Depreciation charge of right-of-use assets by class of underlying asset: Property 150,260 203,662 205,344 Warehouse equipment 7,609 10,455 8,146 157,869 214,117 213,490 Interest on lease liabilities (Note 10) 22,845 26,117 26,817 Expense relating to short-term leases and other leases with remaining lease term ending on or before June 30 28,624 28,486 28,656 Variable lease payments not included in the measurement of lease liabilities 228 3,521 2,846 Covid-19 rent concessions — (12,802) (42,698) Details of total cash outflow for leases and the maturity analysis of lease liabilities are set out in Note 25(c) and Note 28, respectively. Notes: (i) Property – right-of-use assets The Group leases properties for its offices space, warehouse storage and retail stores. The leases of offices space typically run for a period of two two two Variable lease payments based on sales Some leases of self-operated stores contain variable lease payments, which typically range from 4% to 18%, after the annual sales that each store makes excess a breakpoint predetermined with landlord. These payment terms are common in retail stores in countries such as United states and Canada where the Group operates. The relative magnitude of variable lease payments to fixed payments is low given sales from most stores with variable lease payments terms did not exceed the breakpoints. The Group expects the relative proportions of variable lease payments to fixed lease payments to increase in future years when sales from these stores increase. (ii) Warehouse equipment – right-of-use assets The Group leases warehouse equipment, with lease terms of two (iii) Rental deposits The refundable rental deposit itself is not part of the lease payments and is in the scope of IFRS 9. Therefore, the rental deposit should be measured at fair value on initial recognition. The difference between the initial fair value and the nominal value of the deposit is an additional lease payment made by the Group and it is included in the measurement of the right-of-use assets. (iv) Covid-19-Related Concessions As disclosed in Note 2(c), the Group has early adopted the Amendment to IFRS16, Leases, Covid-19-Related Concessions beyond 30 June 2021, |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2021 | |
Intangible assets | |
Intangible assets | 16 Intangible assets Software Cost: RMB’000 At July 1, 2019 59,308 Purchases 36,304 Exchange adjustments (45) At June 30, 2020 95,567 Purchases 13,805 Disposals (1,536) Exchange adjustments (253) At June 30, 2021 107,583 Accumulated amortization: At July 1, 2019 (9,060) Charge for the year (17,071) Exchange adjustments 16 At June 30, 2020 (26,115) Charge for the year (21,022) Written off on disposal 677 Exchange adjustments 223 At June 30, 2021 (46,237) Impairment: At July 1, 2019 (372) Charge for the year — Exchange adjustments 11 At June 30, 2020 (361) Charge for the year — Exchange adjustments 20 At June 30, 2021 (341) Net book value: At June 30, 2020 69,091 At June 30, 2021 61,005 |
Goodwill
Goodwill | 12 Months Ended |
Jun. 30, 2021 | |
Goodwill | |
Goodwill | 17 Goodwill Cost: RMB’000 At July 1, 2019 and June 30, 2020 — Acquisition through business combination (Note 33) 19,640 At June 30, 2021 19,640 Impairment: At July 1, 2019, June 30, 2020 and June 30, 2021 — Carrying amount: At June 30, 2020 — At June 30, 2021 19,640 Impairment tests for cash-generating unit (CGU) containing goodwill For the purpose of impairment testing, goodwill has been allocated to the Group’s CGU as follows. As at June 30, 2020 2021 RMB’000 RMB’000 MINISO SG Pte. Ltd. — 19,640 Total — 19,640 The recoverable amount of this CGU was based on its value in use, determined by discounting the future cash flows to be generated from the continuing operation of the CGU. based on value-in-use calculation. The key assumptions used in the estimation of value in use were as follows. As at June 30, 2021 Discount rate 11.9 % Terminal value growth rate 1.4 % Revenue growth rate (average of next five years) 21.8 % The discount rate used was pre-tax and reflect specific risks relating to the CGU. Five years of cash flow were included in the discounted cash flow model. Cash flows beyond the five-year period were extrapolated using the terminal growth rate, which did not exceed the long-term average growth rates for the business in which the CGU operates. Revenue growth was based on expectations of future outcomes taking into account of the impact of Covid-19. |
Prepayments
Prepayments | 12 Months Ended |
Jun. 30, 2021 | |
Prepayments | |
Prepayments | 18 Prepayments As at June 30, 2020 2021 RMB’000 RMB’000 Prepayment for purchase of apartments — 133,458 Others 6,112 5,023 Total 6,112 138,481 In June 2021, the Group paid first instalment of RMB 133,458,000 for purchase of apartments, for the use of staff accommodation in future. |
Interest in an equity-accounted
Interest in an equity-accounted investee | 12 Months Ended |
Jun. 30, 2021 | |
Interest in an equity-accounted investee. | |
Interest in an equity-accounted investee | 19 Interest in an equity-accounted investee In December 2020, the Company formed an entity namely YGF Investment V Limited in the BVI together with YGF MC LIMITED, a company controlled by the Controlling Shareholders, to acquire land use right of a parcel of land in the PRC and to establish a new headquarter building through the entity’s subsidiary in the PRC. The Company and YGF MC LIMITED hold 20% and 80% of the shares of the entity, respectively. As of June 30, 2021, the Company invested RMB356,000,000 in the entity by cash. The above equity-accounted investee is accounted for using the equity method in the consolidated financial statements. Summarized financial information of the equity-accounted investee adjusted for any differences in accounting policies, and reconciled to the carrying amounts in the consolidated financial statements, are disclosed below: As at June 30, 2021 RMB’000 Gross amounts of the equity-accounted investee Current assets 1,416,584 Non-current assets 1,781,081 Current liabilities 1,437,355 Equity 1,760,310 Revenue — Net loss for the year (19,690) Total comprehensive loss for the year (19,690) Reconciled to the Group’s interest in the equity-accounted investee Gross amount of net assets of the equity-accounted investee 1,760,310 Group’s effective interest 20% Carrying amount in the consolidated financial statements 352,062 |
Other investments
Other investments | 12 Months Ended |
Jun. 30, 2021 | |
Other investments | |
Other investments | 20 Other investments As at June 30, 2020 2021 RMB’000 RMB’000 Financial assets measured at FVTPL - Investment in a trust investment scheme — 102,968 — 102,968 In December 2020, The Group invested in a trust investment scheme (“Scheme”) established and managed by a trust company as the trustee with the principal of RMB100,000,000 and an initial investment period within one year. The Group subsequently extended the investment period to March 2022. Pursuant to the agreement, the Scheme is designated to make majority of investments in debt securities, while the principal and return of the investment are not guaranteed. Fair value of the investment as of June 30, 2021 was estimated to be RMB102,968,000. Information about the Group’s exposure to credit and market risks, and fair value measurement, is included in Note 34. |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2021 | |
Inventories | |
Inventories | 21 Inventories As at June 30, 2020 2021 RMB’000 RMB’000 Finished goods 1,390,312 1,491,328 Low-value consumables 5,362 4,733 1,395,674 1,496,061 (a) The analysis of the amount of inventories recognized as an expense and included in profit or loss is as follows: For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Carrying amount of inventories sold 6,793,986 6,178,145 6,632,530 Write-down of inventories 89,945 68,343 (51,074) Cost of inventories recognized in consolidated statements of profit or loss 6,883,931 6,246,488 6,581,456 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other receivables | |
Trade and other receivables | 22 Trade and other receivables As at June 30, Note 2020 2021 RMB’000 RMB’000 Current Trade receivables 329,875 374,828 Less: loss allowance 34(a) (43,183) (59,827) Trade receivables, net of loss allowance 286,692 315,001 Amounts due from related parties 37(c) 14,065 1,791 Miscellaneous expenses paid on behalf of franchisees 197,473 192,072 Value-added tax (“VAT”) recoverable 49,687 79,590 Rental deposits 63,882 94,423 Receivables due from on-line payment platforms (i) 16,498 33,309 Prepayments for inventories 65,502 38,758 Prepayments for licensing expenses — 11,503 Others 36,090 58,278 729,889 824,725 Notes: (i) Receivables from on-line payment platforms represented the proceeds of online sales through e-commerce platforms collected by and retained in third-party on-line payment platforms. Withdrawal of the balances retained in on-line payment platforms could be made anytime upon the Group’s instructions. (ii) All of trade and other receivables classified as current portion are expected to be recovered or recognized as expense within one year. (iii) Trade debtors are due within 30 to 180 days from the date of revenue recognition for domestic and overseas customers respectively. Further details on the Group’s credit policy and credit risk arising from trade debtors are set out in Note 34(a). |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Jun. 30, 2021 | |
Cash and cash equivalents | |
Cash and cash equivalents | 23 Cash and cash equivalents Cash and cash equivalents comprise: As at June 30, 2020 2021 RMB’000 RMB’000 Cash on hand 479 549 Cash at bank 2,853,501 6,771,104 Cash and cash equivalents as presented in the consolidated statements of cash flows 2,853,980 6,771,653 |
Restricted cash
Restricted cash | 12 Months Ended |
Jun. 30, 2021 | |
Restricted cash | |
Restricted cash | 24 Restricted cash As at June 30, 2020 2021 RMB’000 RMB’000 Restricted cash 7,056 3,680 Restricted cash represents cash held in an escrow bank account in the PRC with designated usage of settlement with franchisees. |
Cash flow information
Cash flow information | 12 Months Ended |
Jun. 30, 2021 | |
Cash flow information | |
Cash flow information | 25 Cash flow information (a) Reconciliation of loss for year to cash generated from operations: For the year ended June 30, 2019 2020 2021 Note RMB’000 RMB’000 RMB’000 Loss for the year (294,409) (260,176) (1,429,447) Less: Loss from discontinued operations for the year 303,830 130,045 — Profit / (loss) from continuing operations for the year 9,421 (130,131) (1,429,447) Adjustments for: Interest on lease liabilities 10 22,845 26,117 26,817 Depreciation and amortization 8 191,778 268,669 265,019 Interest on loans and borrowings 10 2,364 5,221 1,545 Interest income 10 (7,311) (25,608) (40,433) Investment income from other investments 9 (1,348) (26,387) (66,837) Net change in fair value of other investments 9 (1,465) 1,465 (2,968) Losses on disposal of property, plant and equipment and intangible assets 9 1,611 2,526 2,317 Impairment loss on non-current assets 27,542 36,844 2,941 Unrealized foreign exchange (gain) / loss (8,844) 6,064 (46,378) Effect of lease contract cancellation (839) 657 (2,630) 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 an equity-accounted investee, net of tax — — 4,011 Equity-settled share-based payment expenses 8 122,058 364,380 281,319 Income tax 11(a) 279,583 210,949 213,255 Changes in working capital: Inventories (392,824) (86,717) (93,197) Trade and other receivables 83,656 (120,235) (80,087) Contract liabilities 119,048 (29,033) 34,353 Trade and other payables 509,851 50,310 386,703 Restricted cash (6,262) 1,861 3,376 Deferred income — — 26,065 Cash generated from operations 1,660,644 1,236,985 1,111,031 (b) Reconciliation of liabilities arising from financing activities: Paid-in capital subject to redemption and other Loans and preferential Interest Lease Other borrowings rights payable liabilities payables Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Note 26 Note 28 At July 1, 2018 21,228 — 674 460,679 — 482,581 Changes from financing cash flows: Proceeds from the issue of paid-in capital subject to redemption and other preferential rights — 991,514 — — — 991,514 Proceeds from loans and borrowings 1,375 — — — — 1,375 Repayment of loans and borrowings (14,795) — — — — (14,795) Interest of loans and borrowings paid — — (1,383) — — (1,383) Payment of capital element and interest element of lease liabilities — — — (166,781) — (166,781) Payments for acquisition of subsidiaries — — — — (122,923) (122,923) Total changes from financing cash flows (13,420) 991,514 (1,383) (166,781) (122,923) 687,007 Exchange adjustments 252 — — 9,042 — 9,294 Other changes: Transfer of liabilities directly associated with the assets held for sale — — — (41,055) — (41,055) Fair value changes of paid-in capital subject to redemption and other preferential rights — 709,780 — — — 709,780 Increase in lease liabilities from entering into new leases during the year — — — 228,324 — 228,324 Decrease in lease liabilities from derecognition — — — (16,484) — (16,484) Increase in interest expenses — — 2,364 22,845 — 25,209 Increase in payable in connection with acquisition of subsidiaries under common control — — — — 133,394 133,394 Total other changes — 709,780 2,364 193,630 133,394 1,039,168 At June 30, 2019 8,060 1,701,294 1,655 496,570 10,471 2,218,050 Paid-in capital subject to redemption and other preferential rights / Redeemable Loans and shares with other Interest Lease Other borrowings preferential rights payable liabilities payables Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Note 26 Note 28 At July 1, 2019 8,060 1,701,294 1,655 496,570 10,471 2,218,050 Changes from financing cash flows: Proceeds from loans and borrowings 410,734 — — — — 410,734 Repayment of loans and borrowings (2,889) — — — — (2,889) Interest of loans and borrowings paid — — (6,266) — — (6,266) Payment of capital element and interest element of lease liabilities — — — (193,827) — (193,827) Payments for acquisition of subsidiaries under common control — — — — (10,471) (10,471) Total changes from financing cash flows 407,845 — (6,266) (193,827) (10,471) 197,281 Exchange adjustments 484 — — (9,939) — (9,455) Other changes: Fair value changes of redeemable shares with other preferential rights — 680,033 — — — 680,033 Increase in lease liabilities from entering into new leases during the year — — — 298,516 — 298,516 Decrease in lease liabilities from derecognition — — — (14,463) — (14,463) Increase in interest expenses — — 5,221 26,117 — 31,338 Total other changes — 680,033 5,221 310,170 — 995,424 At June 30, 2020 416,389 2,381,327 610 602,974 — 3,401,300 Redeemable shares with Loans and other preferential Interest Lease borrowings rights payable liabilities Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Note 26 Note 28 At July 1, 2020 416,389 2,381,327 610 602,974 3,401,300 Additions through business combination 21,979 — — 38,713 60,692 Changes from financing cash flows: Proceeds from loans and borrowings 313 — — — 313 Repayment of loans and borrowings (416,588) — — — (416,588) Interest of loans and borrowings paid — — (1,488) — (1,488) Payment of capital element and interest element of lease liabilities — — — (215,762) (215,762) Total changes from financing cash flows (416,275) — (1,488) (215,762) (633,525) Exchange adjustments (1,499) (42,771) — (22,607) (66,877) Other changes: Fair value changes of redeemable shares with other preferential rights — 1,625,287 — — 1,625,287 Decrease in redeemable shares with other preferential rights — (3,963,843) — — (3,963,843) Increase in lease liabilities from entering into new leases during the year — — — 403,955 403,955 Decrease in lease liabilities from derecognition — — — (29,678) (29,678) Increase in interest expenses — — 1,545 26,817 28,362 Total other changes — (2,338,556) 1,545 401,094 (1,935,917) At June 30, 2021 20,594 — 667 804,412 825,673 (c) Total cash out flow for leases: For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Within operating cash flows (28,852) (32,007) (31,502) Within financing cash flows (166,781) (193,827) (215,762) (195,633) (225,834) (247,264) (d) Non-cash transactions Non-cash transactions incurred during the year ended June 30, 2019 mainly comprised the following: (i) Capital injection in a subsidiary amounting to RMB 24,259,000 by way of capitalization of other payables (ii) Waived liabilities in a subsidiary amounting to RMB 19,270,000 recognized as addition of additional paid-in capital and non-controlling interests (iii) Deemed distribution to equity shareholders as described in Note 31(c) No significant non-cash transaction incurred during the year ended June 30, 2020. Non-cash transactions incurred during the year ended June 30, 2021 mainly comprised the conversion of redeemable shares with other preferential rights into ordinary shares upon the date of completion of IPO. The redeemable shares with other preferential rights amounting to RMB3,963,843,000 as of the date of conversion were transferred from liabilities to equity upon the date of completion of IPO. |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Jun. 30, 2021 | |
Loans and borrowings. | |
Loans and borrowings | 26 Loans and borrowings (a) The analysis of the carrying amount of loans and borrowings is as follows: As at June 30, Note 2020 2021 RMB’000 RMB’000 Non-current liabilities Unsecured bank loans (i) 9,777 — Borrowings from non-controlling interest shareholders (ii) 5,430 6,612 Other borrowings — 313 15,207 6,925 Current liabilities Current portion of unsecured bank loans (i) — 8,921 Current portion of borrowings from non-controlling interest shareholders (ii) — 4,748 Unsecured bank loans (iii) 400,000 — Other borrowings 1,182 — 401,182 13,669 Notes: (i) In April 2020, under the rules issued by the U.S. Small Business Administration (SBA) implementing the Paycheck Protection Program under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act (the “Paycheck Protection Program Rule”), the subsidiaries in the U.S. obtained unsecured bank loans with an aggregated amount of US$ 1,381,000 (equivalent to RMB 9,777,000 and RMB 8,921,000 on June 30, 2020 and 2021, respectively). The loans bear an interest rate of 0.98% per annum with a term of 2 years and will expire in April 2022. Under the Paycheck Protection Program Rule, loan forgiveness will be provided for documented payroll costs and covered rent payments and utilities that qualify SBA requirements. As of June 30, 2021, the Group had not yet qualified for the loan forgiveness. (ii) The long-term borrowings from non-controlling interest shareholders outstanding as at June 30, 2020 mainly comprised a loan with principal amount of IDR 10,600,000,000 (equivalent to RMB 5,289,000 and RMB 4,748,000 on June 30, 2020 and 2021, respectively) and bearing nil interest rate. The loan was with a term of 5 years and will expire in April 2022. The loan was classified as current liability as of June 30, 2021. The long-term borrowings from non-controlling interest shareholders outstanding as at June 30, 2021 represented two loans: ● a loan obtained in a subsidiary acquired during the year ended June 30, 2021 with principal amount of SGD1,350,000 (equivalent to RMB6,484,000 on June 30, 2021). The loan bears an interest rate of 3% per annum and as agreed with the lender. As agreed with the lender, the loan is not required to be repaid until certain performance conditions are met by the subsidiary. As of June 30, 2021, such performance conditions were not expected to be met within one year. ● a loan with principal amount of USD20,000 (equivalent to RMB141,000 and RMB128,000 on June 30, 2020 and 2021, respectively) and bearing interest rate of 9% per annum. The loan was with a term of 5 years and will expire in April and December 2022. (iii) The unsecured bank loans outstanding as at June 30, 2020 under current liabilities included the following three loans: ● An unsecured loan of RMB50,000,000 obtained from a bank in the PRC on December 17, 2019, with a term of 1 year and bearing an interest rate of 4.15% per annum; ● An unsecured loan of RMB150,000,000 obtained from a bank in the PRC on March 16, 2020, with maturity date at September 12, 2020 and bearing an interest rate of 3.70% per annum; and ● An unsecured loan of RMB200,000,000 obtained from a bank in the PRC on February 28, 2020, with a term of 1 year and bearing an interest rate of 3.85% per annum. The loan was subject to the fulfilment of covenants relating to certain financial ratios of MINISO Guangzhou. As of June 30, 2020, MINISO Guangzhou did not meet certain financial ratios and the loan has become repayable on demand. The above three loans were fully repaid in July 2020. Information about the Group’s exposure to interest rates, foreign currency and liquidity risks is included in Note 34. (b) Terms and repayment schedule At the end of reporting periods, the loans and borrowings were repayable as follows: As at June 30, 2020 2021 RMB’000 RMB’000 Within 1 year or on demand 401,182 13,669 After 1 year but within 2 years 15,066 442 After 2 years but within 5 years 141 1,297 More than 5 years — 5,186 15,207 6,925 416,389 20,594 |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other payables | |
Trade and other payables | 27 Trade and other payables As at June 30, 2020 2021 RMB’000 RMB’000 Trade payables 483,278 624,688 Payroll payable 38,363 63,621 Accrued expenses 108,351 155,698 Other taxes payable 39,936 20,633 Deposits 1,655,763 1,833,516 Amount due to related parties (Note 37(c)) 17,664 7,490 Others 76,440 103,536 2,419,795 2,809,182 Information about the Group’s exposure to currency and liquidity risks is included in Note 34. The credit period granted by suppliers is 30 to 60 days. Deposits received from suppliers, distributors and franchisees might be repayable to suppliers, distributors and franchisees after more than one year. All of the other trade payables, other payables, accruals and amounts due to related parties or franchisees are expected to be settled within one year or are repayable on demand. |
Lease liabilities
Lease liabilities | 12 Months Ended |
Jun. 30, 2021 | |
Lease liabilities | |
Lease Liabilities | 28 Lease liabilities The following table shows the remaining contractual maturities of the Group’s lease liabilities at the end of the reporting periods: As at June 30, 2020 Present value of the minimum lease Total minimum payments lease payments RMB’000 RMB’000 Within 1 year 224,080 228,249 After 1 year but within 2 years 157,899 168,804 After 2 years but within 5 years 176,028 202,826 After 5 years 44,967 60,748 378,894 432,378 602,974 660,627 Less: total future interest expenses (57,653) Present value of lease liabilities 602,974 fv As at June 30, 2021 Present value of the minimum lease Total minimum payments lease payments RMB’000 RMB’000 Within 1 year 321,268 342,211 After 1 year but within 2 years 203,467 217,229 After 2 years but within 5 years 239,995 277,726 After 5 years 39,682 54,848 483,144 549,803 804,412 892,014 Less: total future interest expenses (87,602) Present value of lease liabilities 804,412 |
Deferred income
Deferred income | 12 Months Ended |
Jun. 30, 2021 | |
Deferred income | |
Deferred income | 29 Deferred income As at June 30, 2020 2021 RMB’000 RMB’000 Deferred income from depositary bank Non-current portion — 20,005 Current portion — 6,060 — 26,065 The Company received an initial payment of USD4,690,000 (equivalent to RMB30,995,000) from depositary bank in December 2020, in connection with the establishment and maintenance of depositary receipt. The amount was amortized using the straight-line method over a five-year arrangement period. During the year ended June 30, 2021, the Company recorded RMB4,274,000 in other income. |
Paid-in capital subject to rede
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights | 12 Months Ended |
Jun. 30, 2021 | |
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights | |
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights | 30 Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights Pursuant to the share subscription agreement and the shareholders agreement (the “Prior Shareholders Agreements”) entered into on September 29, 2018, two investors, HH SPR-XIV HK Holdings Limited (“Hillhouse”), Tencent Mobility Limited and Easy Land Limited (together as “Tencent”) each acquired 5.3763% equity interests in MINISO Guangzhou at a consideration of USD72,683,000 (equivalent to RMB 491,514,000) and RMB500,000,000 respectively (collectively “Original Issue Price”). The transaction was closed on December 27, 2018. The equity interests held by Hillhouse and Tencent, collectively “Investor Shareholders”, include certain redemption and other preferential rights as set forth below. (a) Redemption rights Investor Shareholders could require the Founders to redeem all or any of their equity interests, upon the occurrence of any of the following redemption events: (1) any material violation of laws or regulations by the Founders, MINISO Guangzhou or any of its subsidiaries; (2) any shareholder that is not an Investor Shareholder requests a redemption by MINISO Guangzhou and / or the Founders; (3) MINISO Guangzhou fails to meet the applicable listing conditions of a qualified stock exchange and fails to consummate a qualified IPO by the 7 th anniversary of December 27, 2018; (4) MINISO Guangzhou fails to consummate a qualified IPO by the 7 th anniversary of the December 27, 2018 due to reasons other than those listed in (3) above; (5) MINISO Guangzhou has satisfied the applicable listing conditions of a qualified stock exchange but MINISO Guangzhou failed to initiate the listing application process within three months upon any Investor Shareholders’ request; (6) MINISO Guangzhou fails to consummate a reorganization within the timeline agreed in a separate agreement; (7) MINISO Guangzhou or any of its subsidiaries has suffered severe difficulties in the operation of the business caused by the Founders (including but not limited to any operating risk suffered by any other business that any Founder directly or indirectly operates); or (8) material adverse changes in applicable law have caused severe difficulties in the operation of the business of MINISO Guangzhou or any of its subsidiaries. The redemption price shall be equal to the higher of (i) or (ii) below: (i) the applicable investment amounts, plus declared and unpaid dividends, and plus an amount that would give Investor Shareholders a simple non-compounded interest equal to the redemption return rate on the applicable investment amounts calculated from December 27, 2018 up until the date of receipt by such holders of the full redemption amount thereof, and (ii) the fair market value of respective equity interests held by the Investor Shareholders as of the date of redemption notice. Upon exercise of the redemption rights under redemption events (2), (3) and (8), the redemption return rate is 10% per annum. Upon exercise of the redemption rights under redemption events (1) and (4) to (7), the redemption return rate is 25% per annum. The redemption rights held by the Investor Shareholders shall terminate immediately after the consummation of a qualified IPO. (b) Liquidation preferences In the event of a liquidation, dissolution or winding up of MINISO Guangzhou, or in the event of any deemed liquidation events as set out below, Investor Shareholders shall be entitled to receive, prior and in preference to distribution of any of the assets or surplus funds of MINISO Guangzhou to any shareholder that is not an Investor Shareholder, the amount equal to the higher of (i) or (ii) below: (i) the applicable investment amounts, plus declared and unpaid dividends, plus an amount that would give Investor Shareholders a simple non-compounded interest of 10% per annum on the applicable investment amounts calculated from December 27, 2018 up until the date of receipt by such holders of the full liquidation preference amount thereof, and (ii) the fair market value of respective equity interests held by the Investor Shareholders as of the notice date of exercise of liquidation preferences. The shareholders other than Investor Shareholders shall procure that distributions to Investor Shareholders be made in the above manners. Deemed liquidation events include (i) any transaction or series of transactions, whether by merger, reorganization, sale or issuance of equity or other arrangements which would result in a change of controlling shareholders of MINISO Guangzhou (ii) a disposition of all or substantially all of the assets of MINISO Guangzhou and its subsidiaries, including intangible assets. The liquidation preferences held by the Investor Shareholders shall terminate immediately after the consummation of a qualified IPO. The Group classified these paid-in capital subject to redemption with other preferential rights as financial liabilities at fair value through profit or loss with the changes in the fair value recorded in the consolidated statement of profit or loss for the year ended June 30, 2019. During the Reorganization as discussed in Note 1.2, the Company was established as the new holding company of the Group. As part of the Reorganization, Hillhouse and Tencent fully withdrew their investments from MINISO Guangzhou and re-invested the same amount in the Company and became the shareholders of the Company in February 2020. The Prior Shareholders Agreements of MINISO Guangzhou was superseded in its entirety by a new share subscription agreement and a new shareholders agreement (the “New Shareholders Agreements”), under which Hillhouse Tencent (a) Redemption rights Investor Shareholders could require the Company to redeem all or any of their equity interests, upon the occurrence of any of the following redemption events: (1) any material violation of laws or regulations by the Founders, or any of the Group companies; (2) any shareholder that is not an Investor Shareholder requests a redemption by the Company and / or the Founders; (3) the Company fails to meet the applicable listing conditions of a qualified stock exchange and fails to consummate a qualified IPO by the 7th anniversary of December 27, 2018; (4) the Company fails to consummate a qualified IPO by the 7th anniversary of the December 27, 2018 due to reasons other than those listed in (3) above; (5) the Company has satisfied the applicable listing conditions of a qualified stock exchange, but the Company failed to initiate the listing application process within three months upon any Investor Shareholders’ request; (6) any Group companies suffered severe difficulties in the operation of the business caused by the Founders (including but not limited to any operating risk suffered by any other business that any Founder directly or indirectly operates); or (7) material adverse changes in applicable law have caused severe difficulties in the operation of the business of any Group companies. The redemption price shall be equal to the higher of (i) or (ii) below: (i) the applicable Original Issue Price, plus declared and unpaid dividends, and plus an amount that would give Investor Shareholders a simple non-compounded interest equal to the redemption return rate on the applicable Original Issue Price calculated from the original issue date (i.e. December 27, 2018) up until the date of receipt by such holders of the full redemption amount thereof, and (ii) the fair market value of respective Series A Preferred Shares held by the Investor Shareholders as of the date of redemption notice. Upon exercise of the redemption rights under redemption events (2), (3) and (7), the redemption return rate is 10% per annum. Upon exercise of the redemption rights under redemption events (1) and (4) to (6), the redemption return rate is 25% per annum. The redemption rights held by the Investor Shareholders shall terminate immediately after the consummation of a qualified IPO. (b) Liquidation preferences In the event of a liquidation, dissolution or winding up of the Company, or in the event of any deemed liquidation events as set out below, Investor Shareholders shall be entitled to receive, prior and in preference to distribution of any of the assets or surplus funds of the Company to any shareholder that is not an Investor Shareholder, the amount equal to the higher of (i) or (ii) below: (i) the applicable Original Issue Price, plus declared and unpaid dividends, plus an amount that would give Investor Shareholders a simple non-compounded interest of 10% per annum on the applicable Original Issue Price calculated from the original issue date (i.e. December 27, 2018) up until the date of receipt by such holders of the full liquidation preference amount thereof, and (ii) the fair market value of respective Series A Preferred Shares held by the Investor Shareholders as of the notice date of exercise of liquidation preferences. The shareholders other than Investor Shareholders shall procure that distributions to Investor Shareholders be made in the above manners. Deemed liquidation events include (i) any transaction or series of transactions, whether by merger, reorganization, sale or issuance of equity or other arrangements which would result in a change of controlling shareholders of the Company (ii) a disposition of all or substantially all of the Group companies as a whole, or (iii) a sale or exclusive licensing of all or substantially all of the intellectual property owned by the Group companies as a whole. The liquidation preferences held by the Investor Shareholders shall terminate immediately after the consummation of a qualified IPO. The redemption and other preferential rights included in the Series A preferred shares of the Company held by Hillhouse and Tencent are considered as a continuation of the redemption and other preferential rights included in the equity interests in MINISO Guangzhou held by Hillhouse and Tencent, since there were no significant changes in the economic substance of the redemption and preferential rights, except that the redemption obligation changed from the Founders to the Company. The Group classified these redeemable shares with other preferential rights as financial liabilities at fair value through profit or loss with the changes in the fair value recorded in the consolidated statement of profit or loss for the year ended June 30, 2020 and 2021. Upon the completion of IPO of the Company on October 15, 2020, all the redemption and other preferential rights entitled to the Investor Shareholders lapsed and the Series A preferred shares held by the Investor Shareholders were converted and re-designated into Class A ordinary shares on a one-for-one basis. Accordingly, the financial liabilities for redeemable shares with other preferential rights were derecognized. The movement of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights during the years ended June 30, 2020 and 2021 is set out as below: RMB’000 At July 1, 2019 1,701,294 Changes in fair value 680,033 At June 30, 2020 2,381,327 Changes in fair value 1,625,287 Exchange adjustment (42,771) Conversion into Class A ordinary shares upon IPO of the Company (3,963,843) At June 30, 2021 — Prior to the completion of IPO, the Group has used the discounted cash flow method to determine the underlying share value of MINISO Guangzhou and the Company, and adopted equity allocation model to determine the fair value of paid-in capital subject to redemption and other preferential rights and redeemable shares with other preferential rights as of the date of issuance and at the end of each reporting period. Key valuation assumptions used to determine the fair value of the paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are as follows: June 30, 2020 June 30, 2021 Weighted average cost of capital 12.7 % — Risk-free interest rate 1.9% - 2.7 % — Discount for lack of marketability (“DLOM”) 8.5 % — Expected volatility 35.7% - 53.0 % — Discount rate (post-tax) was estimated by weighted average cost of capital as of each valuation date. The Group estimated the risk-free interest rate based on the yield of US Government Bond with maturity life close to the QPO timing as of valuation date plus country risk spread. The DLOM was estimated based on restricted shares study or the option-pricing method. Under option-pricing method, the cost of put option, which can hedge the price change before the private held share can be sold, was considered as a basis to determine the lack of marketability discount. Under equity allocation model, volatility was estimated based on annualized standard deviation of daily stock price return of comparable companies for a period from the respective valuation dates and with similar span as time to expected event dates. Probability weight under each of the redemption rights and liquidation preferences was based on the Group’s best estimates. In addition to the assumptions adopted above, projections of future performance were also factored into the determination of the fair value of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights on each valuation date. On October 15, 2020, the Company has successfully listed on the New York Stock Exchange and made an offering of 121,600,000 Class A ordinary shares (excluding any Class A ordinary shares issued pursuant to the exercise of the over-allotment option) at a price at US$5.00 per share. All Series A preferred shares were converted and re-designated into Class A ordinary shares upon completion of the IPO on October 15, 2020. The fair value of each of Series A preferred share on the conversion date was the offer price in the global offering. Changes in fair value of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights were recorded in “fair value changes of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights”. Management considered that fair value changes that are attributable to changes of credit risk of this liability are not significant. |
Capital and reserves
Capital and reserves | 12 Months Ended |
Jun. 30, 2021 | |
Capital and reserves | |
Capital and reserves | 31 Capital and reserves (a) Share capital and additional paid-in capital (i) As discussed in Note 1.2, Since the Company did not exist prior to June 30, 2019, the registered capital of the companies now comprising the Group are included in additional paid-in capital during the year ended June 30, 2019. The Company was incorporated on January 7, 2020 as part of the Reorganization. Upon incorporation in January 2020, the Company authorized and issued 5,000,000,000 and 976,634,771 ordinary shares, respectively, with a par value of US$0.00001 each. Among the 976,634,771 ordinary shares issued, 865,591,398 shares represented ordinary shares outstanding of the Company and 111,043,373 shares were recognized as treasury shares (see Note 31(b)(v)). These shares rank pari passu in all respects with the ordinary shares in issue. As of June 30, 2020, the aggregated par value of ordinary shares outstanding amounted to US$8,656 (equivalent to RMB69,000) and was recognized as share capital of the Company. The excess of capital injections made by the equity shareholders over the par value was credited to the additional paid-in capital. (ii) The Company adopted a dual-class share structure effective immediately prior to the completion of the IPO. All the Company’s issued ordinary shares, including treasury shares reserved for the share award scheme, had been re-designated as 766,011,125 Class A ordinary shares and 328,290,482 Class B ordinary shares respectively immediately prior to the completion of the IPO. Holders of the Class A ordinary shares and Class B ordinary shares will have the same rights except for voting and conversion rights. In respect of matters requiring the votes of shareholders, the holder of Class B ordinary shares is entitled to three votes per share, while the holders of Class A ordinary shares entitle to one vote per share. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. (iii) Upon completion of the IPO and exercised of the over-allotment option, the Company issued 121,600,000 and 9,664,748 Class A ordinary shares at par value of US$0.00001 each for cash consideration of US$5.00 each, respectively. The total net proceeds received were US$625,274,000 (equivalent to RMB4,178,860,000), net of share issuance costs. The share issuance costs paid and payable mainly include share underwriting commissions, legal fees, accounting fees and other related costs, which were incremental costs directly attributable to the issuance of the new shares. (iv) Upon completion of the IPO on October 15, 2020, each issued Series A preferred share was converted into one Class A ordinary share by re-designation and reclassification of every Series A preferred share in issue as a Class A ordinary share on a one for one basis. As a result, the financial liabilities for Series A preferred share were derecognized and recorded as share capital and additional paid-in capital. (v) During the year ended June 30, 2021, 71,132,744 of restricted shares became vested and were released from treasury shares into Class A ordinary shares. (vi) As of June 30, 2021, analysis of the Company’s issued shares was as follows: Number of shares Share capital RMB’000 Class A ordinary shares 876,570,233 69 Class B ordinary shares 328,290,482 23 1,204,860,715 92 (b) Nature and purposes of reserves (i) Merger reserve As discussed in Note 1.2, during the year ended June 30, 2019, as part of the Reorganization, MINISO HK acquired the equity interests of the Overseas Entities, which were under the common control of the Controlling Shareholders, at an aggregate consideration of RMB133,394,000. The difference of RMB128,868,000 between the consideration paid and the paid-in capital acquired was recognized as merger reserve. (ii) Translation reserve The exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. (iii) Share-based payment reserve The share-based payment reserve represents the portion of the grant date fair value of restricted shares and share options granted to the key management personnel and employees of the Group that has been recognized in accordance with the accounting policy adopted for share-based payments in Note 2(r)(iii). (iv) PRC statutory reserve PRC statutory reserves are established in accordance with the PRC Company Law and the Articles of Association of the subsidiaries which are established in the PRC. The subsidiary being an equity joint venture with foreign investment, transfers certain percentages of the net profit to a statutory surplus reserve at the discretion of its board of directors. The subsidiaries being wholly foreign-owned enterprise or wholly domestic-owned enterprises, are required to allocate at least 10% of its net profits to a statutory surplus reserve. The transfer to this reserve must be made before distribution of dividends to equity shareholders can be made. PRC statutory reserve can be used to make good previous years’ losses, if any, and may be converted into capital in proportion to their existing equity holdings, provided that the balance of the statutory surplus reserve after such transfer is not less than 25% of the registered capital. (v) Treasury shares In August 2018, MINISO Guangzhou issued RMB15,863,000 registered capital to four PRC entities (“special purpose vehicles”), which together held the shares under the 2018 Share Award Scheme (see Note 32). As of June 30, 2019, total considerations received from the four special purpose vehicles were RMB8,694,000, which were credited to additional paid-in capital. As MINISO Guangzhou has the power to govern the relevant activities of the four special purpose vehicles and can derive benefits from the contributions of the employees who were awarded with the shares under 2018 Share Award Scheme, the four special purpose vehicles were consolidated. As discussed in Note 1 and Note 32(a), as part of the Reorganization, the 2018 Share Award Scheme adopted by MINISO Guangzhou was replaced by the 2020 Share Award Scheme adopted by the Company on January 7, 2020. The Company issued 111,043,373 ordinary shares at par value of USD0.00001 each to twelve entities incorporated in the BVI (“new special purpose vehicles”), which together held the shares under the 2020 Share Award Scheme (see Note 32(a)). The new special purpose vehicles are considered as a continuation of the original special purpose vehicles. As the Company has the power to govern the relevant activities of the twelve new special purpose vehicles and can derive benefits from the contributions of the employees who were awarded with the shares under the 2020 Share Award Scheme, the twelve new special purpose vehicles were consolidated and the ordinary shares issued to these special purposed vehicles are treated as treasury shares until they are granted to employees and become vested. Additional considerations of RMB10,699,000 were received from the new special purpose vehicles during the year ended June 30, 2020, which were credited to additional paid-in capital. During the year ended June 30, 2021, additional considerations of RMB973,000 were received from the new special purpose vehicles, which were credited to additional paid-in capital. (c) Deemed distribution Upon the completion of the reorganization of the China Business on December 1, 2018, the assets and liabilities of the predecessor entity amounting to RMB493,860,000 that were not transferred to the Group and retained by the predecessor entity. Such assets and liabilities were treated as deemed distribution to the equity shareholders and were excluded from the consolidated statement of financial position of the Group since then. (d) Capital management The Group defines “capital” as including all components of equity and paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights. The Group’s policy is to maintain a strong capital base to maintain investors, creditors and market confidence and to sustain future development of the business. There were no changes in the Group’s approach to capital management during the year. The Group is not subject to any externally imposed capital requirements. (e) Dividends No dividends have been declared or paid During the year ended June 30, 2020, dividends of RMB330,336,000 were declared by MINISO Guangzhou and were fully paid prior to the incorporation of the Company. During the year ended June 30, 2021, no dividend has been paid or declared by the Company. |
Equity settled share-based paym
Equity settled share-based payments | 12 Months Ended |
Jun. 30, 2021 | |
Equity settled share-based payments | |
Equity settled share-based payments | 32 Equity settled share-based payments The Group has adopted two share-based compensation plans, namely, the 2018 Share Award Scheme, which was subsequently replaced by the 2020 Share Award Scheme, and the 2020 Option Plan. (a) The 2018 and 2020 Share Award Scheme: In August 2018, MINISO Guangzhou adopted a share award scheme (the “2018 Share Award Scheme”) with the purpose of attracting, motivating, retaining and rewarding certain key management personnel and employees of the Group. Under the 2018 Share Award Scheme, restricted shares of MINISO Guangzhou may be awarded to selected employees (the “Selected Employees”). Unless terminated earlier by the board of directors, the 2018 Share Award Scheme will be valid and effective for a term of 10 years starting on August 24, 2018. The aggregate nominal value of the shares awarded under the 2018 Share Award Scheme shall not exceed 11.37% of the registered capital of MINISO Guangzhou at August 24, 2018, which are converted into 15,863,339 restricted shares in total and each restricted share is equivalent to RMB1 of the paid-in capital of MINISO Guangzhou. Upon completion of Investor Shareholders’ acquisition of equity interests in MINISO Guangzhou (see Note 30), the above upper limit of aggregate nominal value of the shares awarded changed to 10.15% of the registered capital of MINISO Guangzhou. On August 27, 2018, the board of directors of MINISO Guangzhou approved the grant of 12,130,664 restricted shares to selected employees at an exercise price of RMB1.79 per share. According to the scheme, 40% of these restricted shares were immediately vested on the grant date, 30% would vest on the 1 st anniversary of the grant date and the remaining 30% would vest on the 2 nd anniversary of the grant date, on the condition that employees remain in service without any performance requirements (“Specified Service Period”). In addition, if the employees leave the Group before the consummation of a qualified initial public offering (“IPO”) of MINISO Guangzhou, the awarded shares will be forfeited. The forfeited shares will be purchased back by a shareholder designated by MINISO Guangzhou at the original exercise price, and if applicable, plus 10% per annum interest, and could be reallocated in the subsequent grants at the discretion of MINISO Guangzhou. That is, the actual length of vesting period of the restricted shares is subject to an IPO condition. The Group considered that an IPO was probable to incur after the Specified Service Period and recognized the share compensation expenses over the estimated actual vesting period, which is based on an estimate of when an IPO will incur. The 2018 Share Aware Scheme was administered by four special purpose vehicles, which were consolidated (see Note 31(b)(v)). Dividends of RMB19,664,000 related to unvested shares were declared by MINISO Guangzhou and were paid in December 2019. These non-forfeitable dividends paid during the unvested period were recognized as employee compensation expenses in the consolidated statement of profit or loss during the year ended June 30, 2020 (see Note 8(i)). During the Reorganization as discussed in Note 1, the Company was established as the new holding company of the Group. As part of the Reorganization, the 2018 Share Award Scheme adopted by MINISO Guangzhou was replaced in its entirety by a share award scheme adopted by the Company on January 7, 2020 (the “2020 Share Award Scheme”), pursuant to which the restricted shares of MINISO Guangzhou granted to the previous Selected Employees were replaced by the restricted shares of the Company awarded to the same Selected Employees. The terms of the restricted shares of the Company granted to the same Selected Employees are substantially consistent with the 2018 Share Award Scheme, except that Specified Service Period of the remaining 30% restricted shares held by the employees other than key management personnel was extended as one-third (1/3) of the 30% restricted shares would vest on each of the 2nd, 3rd and 4th anniversary of the original grant date, respectively (“Extended Specified Service Period”). The IPO condition remained unchanged. The Extended Specified Service Period is not beneficial to employees. The Group considered that an IPO was probable to incur and recognized the share compensation expenses over the estimated actual vesting period, which is based on the estimate of when an IPO will incur or the Specified Service Period, whichever is longer. The 2020 Share Aware Scheme was administered by twelve new special purpose vehicles, which were consolidated (see Note 31(b)(v)). Unless terminated earlier by the board of directors, the 2020 Share Award Scheme will be valid and effective for a term of 103 months starting on January 7, 2020. To give the participants the same proportion of the share capital of the Company as that they were entitled to before the replacement of the 2018 Share Award Scheme, each restricted share under the 2018 Share Award Scheme, which is equivalent to RMB1 of the paid-in capital of MINISO Guangzhou, were split into 7 restricted shares of the Company (“restricted share split”). Hence, under the 2020 Share Award Scheme, the aggregate number of shares awarded shall not exceed 111,043,373 shares, representing 10.15% of share capital of the Company. Pro-rata adjustments have also been made to the exercise price per share of awarded shares of the Company, which was adjusted to be USD0.036 per share accordingly. During the year ended June 30, 2021, 18,457,325 shares were released from the 2020 Share Award Scheme and the aggregate number of shares awarded under the 2020 Share Award Scheme thus shall not exceed 92,586,048 shares. Movements in the number of restricted shares granted to employees and the respective weighted-average grant date fair value are as follows: Weighted- average Weighted- grant date average fair value Number of exercise price per restricted per restricted restricted shares share share Outstanding as of July 1, 2018 — — — Granted during the year 12,130,664 RMB 1.79 53.67 Forfeited during the year — — — Outstanding as of June 30, 2019 12,130,664 RMB 1.79 53.67 Outstanding as of July 1, 2019 12,130,664 RMB 1.79 53.67 Granted during the year — — — Forfeited under the 2018 Share Award Scheme (784,200) RMB 1.79 53.67 Effect of restricted share split 68,078,784 — — Forfeited under the 2020 Share Award Scheme (201,229) USD 0.036 7.67 Outstanding as of June 30, 2020 79,224,019 USD 0.036 7.67 Outstanding as of July 1, 2020 79,224,019 USD 0.036 7.67 Granted during the year — — — Vested during the year (71,132,744) USD 0.036 7.67 Forfeited during the year (2,335,487) USD 0.036 7.67 Outstanding as of June 30, 2021 5,755,788 USD 0.036 7.67 The weighted-average remaining contract life for the outstanding restricted shares granted was 97 and 85 months as of June 30, 2020 and 2021, respectively. The fair value of restricted shares per share and aggregate fair value of restricted shares at the date of grant on August 27, 2018 were RMB53.67 and RMB651,053,000, respectively. The fair value of restricted shares at the grant date was determined by reference to the fair value of the equity interest of MINISO Guangzhou. The Group has used the discounted cash flow method to determine the underlying equity fair value of MINISO Guangzhou. Key assumptions used in determining the fair value are as follows: Weighted average cost of capital 15.1 % Risk-free interest rate 3.0 % DLOM 31.3 % Expected volatility N/A Total compensation expense calculated based on the grant date fair value and the estimated forfeiture rate recognized in the consolidated statements of profit or loss for aforementioned share-based awards granted to the Group’s employees were RMB122,058,000, RMB316,229,000 and RMB 155,171,000 for the years ended June 30, 2019, 2020 and 2021, respectively. The extension of Specified Service Period on January 7, 2020 was not beneficial to the employees and accordingly the Group has not taken the modification into account and continued to measure the compensation expense based on the original grant date fair value. (b) The 2020 Option Plan In January 2020, a share option scheme (the “2020 Option Plan”) was approved by the board of directors of the Company. Unless extra approval is made by the board of directors, the options will be exercisable only if option holder continues employment or provide services through each vesting date. Under the 2020 Option Plan, the aggregate number of shares for exercise of options shall not exceed 31,618,125 shares. On January 16, 2020, the board of directors approved the grant of options to purchase an aggregate of 11,350,000 ordinary shares of the Company to certain employees of the Group at an exercise price of US$0.036 per share. On September 27, 2020, the board of directors approved the grant of options to purchase aggregate of 4,703,500 ordinary shares of the Company to certain employees of the Group at an exercise price of US$0.036 per share. Each of 20% of the options granted The option activities during the years ended June 30, 2020 and 2021 are summarized as follows: Weighted- Weighted- average Number of average grant date options exercise price fair value US$ per share US$ per share Outstanding at July 1, 2019 — — — Granted 11,035,000 0.036 3.08 Forfeited (21,000) 0.036 3.08 Outstanding at June 30, 2020 11,014,000 0.036 3.08 Exercisable at June 30, 2020 — — — Non-vested at June 30, 2020 11,014,000 0.036 3.08 Outstanding at July 1, 2020 11,014,000 0.036 3.08 Granted 4,703,500 0.036 4.89 Exercised (747,664) 0.036 3.08 Forfeited (2,569,000) 0.036 3.10 Outstanding at June 30, 2021 12,400,836 0.036 3.71 Exercisable at June 30, 2021 1,128,336 0.036 3.08 Non-vested at June 30, 2021 11,272,500 0.036 3.78 The fair value of options was determined using the binominal option-pricing model. Assumptions used in the binominal option-pricing model are presented below: Grant date January 16, September 27, 2020 2020 Fair value per share US$3.08 US$4.89 Risk-free interest rate 1.8 % 0.6 % Expected dividend yield 0 % 0 % Expected volatility 33.2 % 35.0 % Expected multiples 2.2 - 2.8 2.2 Contractual life 10 years 9.3 years The expected volatility is based on the historical volatility of selected comparable companies in the period of the expected life of the share options. Expected dividend yield is estimated based on the Company’s expected dividend policy over the expected life of the options. The fair value of options granted on January 16, 2020 and September 27, 2020 were US$33,985,000 (equivalent to RMB233,841,000) and US$23,019,000 (equivalent to RMB156,808,000), respectively. Total compensation expense calculated based on the grant date fair value and the estimated forfeiture rate recognized in the consolidated statements of income for the above options granted to the Group’s employees were RMB48,151,000 and RMB126,148,000 for the years ended June 30, 2020 and 2021, respectively. |
Acquisition of a subsidiary
Acquisition of a subsidiary | 12 Months Ended |
Jun. 30, 2021 | |
Acquisition of a subsidiary | |
Acquisition of a subsidiary | 33 Acquisition of a subsidiary On March 11, 2021, the Group acquired 70% of shares and voting interests in MINISO SG Pte. Ltd. from two third parties, at a cash consideration of SGD2,100,000 (equivalent to RMB10,257,000). The following summarizes the recognized amounts of assets acquired and liabilities assumed at the date of acquisition: RMB '000 Property, plant and equipment 1,539 Right-of-use assets 36,632 Inventories 6,775 Trade and other receivables 13,770 Cash and cash equivalents 1,433 Loans and borrowings (21,979) Trade and other payables (12,092) Lease liabilities (38,713) Current taxation (770) Total identifiable net liabilities acquired (13,405) Goodwill arising from the acquisition has been recognized as follows: RMB '000 Consideration transferred 10,257 Share of fair value of identifiable net assets 70 % Goodwill (Note 17) 19,640 |
Financial risk management and f
Financial risk management and fair values | 12 Months Ended |
Jun. 30, 2021 | |
Financial risk management and fair values | |
Financial risk management and fair values | 34 Financial risk management and fair values Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the Group’s business. The Group’s exposure to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below. (a) Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group’s credit risk is primarily attributable to trade and other receivables. The Group’s exposure to credit risk arising from cash and cash equivalents and restricted cash is limited because the counterparties are banks and financial institutions with high-credit-quality, for which the Group considers having low credit risk. Trade receivables The Group’s trade receivables mainly derive from sales of goods to distributors. The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer rather than the industry or country in which the customers operate and therefore significant concentrations of credit risk primarily arise when the Group has significant exposure to individual customers. At June 30, 2020 and 2021, 33% and 30% of the total trade receivables were due from the Group’s five largest debtors, respectively. Individual credit evaluations are performed on all customers requiring credit over a certain amount. These evaluations focus on the customer’s past history of making payments when due and current ability to pay and take into account information specific to the customer as well as pertaining to the economic environment in which the customer operates. Trade receivables are due within 30 to 180 days from the date of billing. Debtors with balances that are more than 6 months past due are requested to settle all outstanding balances before any further credit is granted. Normally, the Group does not obtain collateral from customers. The Group measures loss allowances for trade receivables at an amount equal to lifetime ECLs, which is calculated using a provision matrix. As the Group’s historical credit loss experience does not indicate significantly different loss patterns for different customer segments, the loss allowance based on past due status is not further distinguished between the Group’s different customer bases. The following table provides information about the Group’s exposure to credit risk and ECLs for trade receivables: As at June 30, 2020 Gross Expected carrying Loss loss rate amount allowance % RMB’000 RMB’000 Current (not past due) 1 % 149,162 (1,790) Less than 90 days past due 6 % 64,526 (3,923) 91 - 270 days past due 12 % 70,088 (8,256) 271 - 450 days past due 50 % 33,771 (16,886) 317,547 (30,855) Additional loss allowance due to specific consideration on certain distributors 12,328 (12,328) 329,875 (43,183) As at June 30, 2021 Gross Expected carrying Loss loss rate amount allowance % RMB’000 RMB’000 Current (not past due) 2 % 236,210 (4,827) Less than 90 days past due 5 % 38,141 (1,907) 91 - 270 days past due 12 % 27,838 (3,341) 271 - 450 days past due 26 % 25,055 (6,514) 451 - 810 days past due 58 % 10,347 (6,001) More than 810 days past due 100 % 19,205 (19,205) 356,796 (41,795) Additional loss allowance due to specific consideration on certain distributors 18,032 (18,032) 374,828 (59,827) Loss allowances of RMB12,328,000 and RMB 18,032,000 for trade receivables from certain overseas distributors were made during the years ended June 30,2020 and 2021 due to deterioration of financial status of these distributors. Expected loss rates are based on actual loss experience over the past 3 years. These rates are adjusted to reflect differences between economic conditions during the period over which the historic data has been collected, current conditions and the Group’s view of economic conditions over the expected lives of the receivables. Movement in the loss allowance account in respect of trade receivables during the reporting periods presented is as follows: RMB’000 Balance at July 1, 2019 (91,726) Amounts written off during the year 73,431 Credit loss recognized during the year (24,239) Exchange adjustment (649) Balance at June 30, 2020 (43,183) Amounts written off during the year — Credit loss recognized during the year (19,870) Exchange adjustment 3,226 Balance at June 30, 2021 (59,827) The following significant changes in the gross carrying amounts of trade receivables contributed to the decrease in the loss allowance during the year ended June 30, 2020: ● Origination of new trade receivables net of those settled resulted in a decrease in loss allowance of RMB 1,297,000 ; ● Increase in days past due over 30 days resulted in an increase in loss allowance of RMB 14,798,000 . ● Write-off of trade receivables due from an overseas distributor and relevant loss allowance of RMB 73,431,000 upon its liquidation. ● Increase in loss allowance of RMB 11,387,000 for trade receivables due from certain overseas distributors due to deterioration of their financial condition. The following significant changes in the gross carrying amounts of trade receivables contributed to the increase in the loss allowance during the year ended June 30, 2021: ● Decrease in days past due over 90 days but less than 450 days resulted in a decrease in loss allowance of RMB 15,287,000 . ● Increase in days past due over 450 days resulted in an increase in loss allowance of RMB 25,206,000 . ● Increase in loss allowance of RMB 5,704,000 for trade receivables due from certain overseas distributors due to deterioration of their financial condition. The Group does not provide any guarantees which would expose the Group to credit risk. Other receivables In determining the ECL for remaining other receivables, the management of the Group has taken into account the historical default experience and forward-looking information, as appropriate. The management of the Group has assessed that other receivables have not had a significant increase in credit risk since initial recognition and risk of default is insignificant, and therefore, no credit loss allowance of other receivables is considered necessary by management for the years ended June 30, 2020 and 2021. (b) Liquidity risk As at June 30, 2020 and 2021, the Group’s net current assets amounted to RMB1,676,956,000 and RMB5,716,232,000, respectively. Individual operating entities within the Group are responsible for their own cash management, including the short-term investment of cash surpluses and the raising of loans to cover expected cash demands, subject to approval by the board when the borrowings exceed certain predetermined levels of authority. The Group’s policy is to regularly monitor its liquidity requirements and its compliance with lending covenants, to ensure that it maintains sufficient reserves of cash, readily realizable marketable securities and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and longer term. The Group relies on the cash generated from operating activities as the main source of liquidity. For the years ended June 30, 2020 and 2021, the Group had net cash generated from operating activities of approximately RMB826,484,000 and RMB916,320,000, respectively. In addition, the management of the Group monitors the utilization of borrowings and ensures compliance with borrowing covenants, if any. As of June 30, 2020, the Group did not meet certain financial ratios relating to an unsecured bank loan of RMB200,000,000 and the loan had become repayable on demand (see Note 26(a)(iii)). The Group has early repaid the loan in full in July 2020. The Directors believe that the Group and the Company will have sufficient funds available from the operating activities to meet their financial obligations in the foreseeable future. The following tables show the remaining contractual maturities at the end of the years presented of the Group’s financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contracted rates or, if floating, based on rates current at the end of the year presented) and the earliest date the Group can be required to pay. More More than 1 than 2 Carrying Within year but years but More amount at 1 year or less than less than than 5 June 30, on demand 2 years 5 years years Total 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other payables 2,419,795 — — — 2,419,795 2,419,795 Loans and borrowings 408,568 15,154 147 — 423,869 416,389 Lease liabilities 228,249 168,804 202,826 60,748 660,627 602,974 3,056,612 183,958 202,973 60,748 3,504,291 3,439,158 More More than 1 than 2 Carrying Within year but years but More amount at 1 year or less than less than than 5 June 30, on demand 2 years 5 years years Total 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other payables 2,809,182 — — — 2,809,182 2,809,182 Loans and borrowings 13,944 641 1,880 5,770 22,235 20,594 Lease liabilities 342,211 217,229 277,726 54,848 892,014 804,412 3,165,337 217,870 279,606 60,618 3,723,431 3,634,188 Details of the description of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are presented in Note 30. (c) Interest rate risk Interest-bearing financial instruments at variable rates and at fixed rates expose the Group to cash flow interest rate risk and fair value interest risk, respectively. The Group determines the appropriate weightings of the fixed and floating rate interest-bearing instruments based on the current market conditions and performs regular reviews and monitoring to achieve an appropriate mix of fixed and floating rate exposure. The Group does not enter into financial derivatives to hedge interest rate risk. (i) Interest rate profile The following table details the interest rate profile of the Group’s loans and borrowings and cash and cash equivalents at the end of each reporting period presented: Interest rates Interest rates % As at June 30, % As at June 30, 2020 2021 RMB‘000 RMB‘000 Fixed rate instrument: Loans and borrowings 0%~9% (416,389) 0%~9% (20,594) (416,389) (20,594) Variable rate instrument: Cash at bank (Note 23) 0%~5% 2,853,501 0%~3% 6,771,104 2,853,501 6,771,104 (ii) Sensitivity analysis At June 30, 2020, it is estimated that a general increase / decrease decreased year and accumulated losses by approximately At June 30, 2021, it is estimated that a general increase / decrease decreased year and accumulated losses by approximately (d) Currency risk The Group is exposed to currency risk primarily through sales and purchases which give rise to receivables, payables and cash balances that are denominated in a foreign currency, i.e. a currency other than the functional currency of the operations to which the transactions relate. The currencies giving rise to this risk are primarily United States dollars, Euros and Hong Kong Dollars. The Group manages this risk as follows: (i) Exposure to currency risk The following table details the Group’s exposure at the end of the reporting periods to currency risk arising from recognized assets or liabilities denominated in a currency other than the functional currency of the entity to which they relate. For presentation purposes, the amounts of the exposure are shown in Renminbi, translated using the spot rate at the year-end date. Differences resulting from the translation of the financial statements of foreign operations into the Group’s presentation currency are excluded. Exposure to foreign currencies (Expressed in thousands of Renminbi) As at June 30, 2020 United States Hong Kong Dollars Euros Dollars Others RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 11,036 800 629 — Cash and cash equivalents 669,992 2,557 2,886 320 Trade and other payables (15,026) (5,468) (29,241) (1,233) Loans and borrowings (141) — — — Net exposure arising from recognized assets and liabilities 665,861 (2,111) (25,726) (913) Exposure to foreign currencies (Expressed in thousands of Renminbi) As at June 30, 2021 United States Hong Kong Dollars Euros Dollars Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 20,423 — — — 1,818 Cash and cash equivalents 402,563 19,927 2,728 601,491 1,306 Trade and other payables (24,760) (4,526) (23,968) — (17) Loans and borrowings (6,613) — — — — Net exposure arising from recognized assets and liabilities 391,613 15,401 (21,240) 601,491 3,107 (ii) Sensitivity analysis The following table indicates the instantaneous change in the Group’s profit after tax (and retained profits) and other components of consolidated equity that would arise if foreign exchange rates to which the Group has significant exposure at the end of each reporting period had changed at that date, assuming all other risk variables remained constant. As at June 30, 2020 As at June 30, 2021 Effect on Effect on Increase / loss for the Increase / loss for the (decrease) in year and (decrease) in year and foreign accumulated foreign accumulated exchange rates losses exchange rates losses RMB’000 RMB’000 United States Dollars 1 % 5,552 1 % 3,242 (1) % (5,552) (1) % (3,242) Euros 1 % (21) 1 % 128 (1) % 21 (1) % (128) Hong Kong Dollars 1 % (257) 1 % (177) (1) % 257 (1) % 177 Renminbi — — 1 % 6,015 — — (1) % (6,015) Others 1 % (10) 1 % 27 (1) % 10 (1) % (27) Results of the analysis as presented in the above table represent an aggregation of the instantaneous effects on each of the Group entities’ profit after tax and equity measured in the respective functional currencies, translated into Renminbi at the exchange rate ruling at the end of the reporting periods for presentation purposes. The sensitivity analysis assumes that the change in foreign exchange rates had been applied to re-measure those financial instruments held by the Group which expose the Group to foreign currency risk at the end of the each reporting period, including inter-company payables and receivables within the Group which are denominated in a currency other than the functional currencies of the lender or the borrower. The analysis excludes differences that would result from the translation of the financial statements of foreign operations into the Group’s presentation currency. (e) Fair value measurement (i) Financial assets and liabilities measured at fair value Fair value hierarchy The following table presents the fair value of the Group’s financial instruments measured at the end of the year presented on a recurring basis, categorized into the three-level fair value hierarchy as defined in IFRS 13, Fair value measurement The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: ● Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date ● Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available. ● Level 3 valuations: Fair value measured using significant unobservable inputs The following table presents the Group’s financial assets that are measured at fair value at the end of each reporting date: Fair value at Fair value measurements as at June 30, June 30, 2020 categorized into 2020 Level 1 Level 2 Level 3 RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurement Liabilities: —Redeemable shares with other preferential rights (i) 2,381,327 — — 2,381,327 Fair value at Fair value measurements as at June 30, June 30, 2021 categorized into 2021 Level 1 Level 2 Level 3 RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurement Assets: —Other investments (ii) 102,968 — 102,968 — During the reporting periods presented, there were no transfers between Level 1 and Level 2, or transfer into or out of Level 3. The Group’s policy is to recognize transfers between levels of fair value hierarchy as at the end of each reporting period in which they occur. (i) Redeemable shares with other preferential rights The changes in Level 3 instruments of redeemable shares with other preferential rights for the year ended June 30, 2020 and 2021 are presented in the Note 30. Specific valuation techniques used to determine the fair value of redeemable shares with other preferential rights include: ● Discounted cash flow model and unobservable inputs mainly including assumptions of expected future cash flows and discount rate; and ● A combination of observable and unobservable inputs, including risk-free rate, expected volatility, discount for lack of marketability, market multiples, etc. Major assumptions used in the valuation for redeemable shares with other preferential rights are presented in Note 30. (ii) Other investments The fair value of other investments in Level 2 was determined by the Group with reference to the fair value quoted by the trust company, who established and managed the investments (see Note20), using expected return rates currently available for instruments with similar terms, credit risk, remaining terms and other market data. The movement during the years in the balance of the Level 3 fair value measurement is as follows: RMB’000 Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights: At July 1, 2019 1,701,294 Changes in fair value recognized in profit or loss during the year 680,033 At June 30, 2020 2,381,327 Changes in fair value recognized in profit or loss during the year 1,625,287 Exchange adjustment (42,771) Conversion into Class A ordinary shares upon IPO of the Company (3,963,843) At June 30, 2021 — Total gains or losses for the year ended June 30, 2020 included in profit or loss for liabilities 680,033 Total gains or losses for the year ended June 30, 2021 included in profit or loss for liabilities 1,625,287 The losses arising from the remeasurement of fair value of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are presented as fair value changes of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights in the consolidated statements of profit or loss. (ii) Fair values of financial assets and liabilities carried at other than fair value The carrying amounts of the Group’s financial instruments carried at amortized cost are not materially different from their fair values as at June 30, 2020 and 2021 because of the short-term maturities of all these financial instruments. |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2021 | |
Commitments | |
Commitments | 35 Commitments (a) Capital commitments outstanding as at June 30, 2020 and 2021 not provided for in the financial statements were as follows: As at June 30, 2020 2021 RMB’000 RMB’000 Contracted purchase of software 13,531 5,182 Contracted purchase of property — 101,779 Contracted purchase of property improvements — 21,679 13,531 128,640 |
Contingencies
Contingencies | 12 Months Ended |
Jun. 30, 2021 | |
Contingencies | |
Contingencies | 36 Contingencies On October 13, 2020, Mingyou Industrial Investment (Guangzhou) Limited (“Mingyou”), a subsidiary of the Group’s equity-accounted investee was set up to acquire land use right of a parcel of land and to establish a new headquarters building for MINISO in a district in Guangzhou, the PRC. In connection with the acquisition of land use right and the construction of new headquarters building by Mingyou, on November 26, 2020, MINISO Guangzhou entered into a letter of intent (“the Letter”) with the local government of that district, whereby MINISO Guangzhou committed to the local government that the aggregate amount of tax levies paid by the subsidiaries of MINISO Guangzhou in that district and Mingyou would be no less than RMB965,000,000 for a five-year period starting from January 1, 2021. If the above entities fail to meet such commitment, MINISO Guangzhou will be liable to compensate the shortfall. On January 25,2021, MINISO Guangzhou provided a performance guarantee of RMB160,000,000 issued by a commercial bank to this local government in respect of the commitment of tax payments for the calendar year of 2021, which was valid from April 1, 2021 to March 31, 2022. The directors have assessed that, based on the projection of the relevant taxes and surcharges historically paid during the calendar year of 2021, the above entities are expected to meet the commitment for the calendar year of 2021 and it thus is not probable that MINISO Guangzhou needs to make such compensation to the local government under the above performance guarantee. No provision has therefore been made in respect of this matter as of June 30, 2021. |
Material related party transact
Material related party transactions | 12 Months Ended |
Jun. 30, 2021 | |
Material related party transactions | |
Material related party transactions | 37 Material related party transactions (a) Name and relationship with related parties The table below set forth the major related parties and their relationships with the Group: Name of related parties Relationship with the Group Mr. Ye Guofu Controlling shareholder Mr. Li Minxin Shareholder and a member of the key management personnel of the Group MINI Investment Holding Limited Under common control of the controlling shareholder Shanghai Kerong Networks Limited Significantly influenced of the controlling shareholder Shenzhen Zhizhi Brand Incubation Limited Significantly influenced of the controlling shareholder Miniso Lifestyle Nigeria Limited * Under common control of the controlling shareholder MINISO Lifestyle Proprietary Limited * Under common control of the controlling shareholder YGF MC LIMITED Under common control of the controlling shareholder Minihome Hong Kong Limited * Under common control of the controlling shareholder Wow Color Beauty Guangdong Technology Limited Under common control of the controlling shareholder Nome Design Guangzhou Limited * Under common control of the controlling shareholder Haydon (Shanghai) Technology Co., Ltd. Under common control of the controlling shareholder Miniso Technology (Guangzhou) Co., Ltd. Under common control of the controlling shareholder 199 Global Holding (Guangzhou) Limited Under common control of the controlling shareholder Mingyou Industrial Investment (Guangzhou) Limited Under common control of the controlling shareholder Guangzhou Chuyunju Catering Service Co., Ltd. Under common control of the controlling shareholder Note: * MINISO Lifestyle Proprietary Limited, Miniso Lifestyle Nigeria Limited, Minihome Hong Kong Limited and Nome Design Guangzhou Limited were subsidiaries of the Group prior to January 2020. They were sold to companies ultimately owned by Mr. Ye Guofu during the period from December 2019 to February 2020, respectively and become related parties of the Group since then (see Note 5). (b) Transactions with related parties (i) Key management personnel compensation Key management personnel compensation comprised the following: For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Short-term employee benefits 7,832 5,431 8,795 Employee compensation expense (Note 8(i) and Note 32) — 4,771 — Equity-settled share-based payment expenses (Note 32) 28,574 79,021 39,727 36,406 89,223 48,522 (ii) Other transactions with related parties For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Continuing operations Proceeds from repayment from the controlling shareholder —Mr. Ye Guofu (i) 269,934 297,105 — Liabilities waived by the controlling shareholder —Mr. Ye Guofu (ii) 5,040 — — Cash advances to related parties —MINI Investment Holding Limited (iii) 9,508 — — —Mr. Ye Guofu (iv) — 101,462 — —Nome Design Guangzhou Limited (v) — 5,205 — Proceeds from repayment from related parties —MINI Investment Holding Limited (iii) — — 9,508 —Nome Design Guangzhou Limited (v) — — 5,205 Repayment to the controlling shareholder —Mr. Ye Guofu (vi) — — 11,946 Sales of lifestyle products —Miniso Lifestyle Nigeria Limited — 201 5,312 —Miniso Technology (Guangzhou) Co., Ltd. — — 1,271 Provision of information technology support and consulting services —Haydon (Shanghai) Technology Co., Ltd. (vii) — — 3,050 —Wow Color Beauty Guangdong Technology Limited (vii) — — 9,912 Purchase of lifestyle products —Shanghai Kerong Networks Limited 191,232 177,367 38,148 —Shenzhen Zhizhi Brand Incubation Limited 97,298 52,385 22,220 —Wow Color Beauty Guangdong Technology Limited — 13,339 19 —Nome Design Guangzhou Limited — 648 581 —Haydon (Shanghai) Technology Co., Ltd. — — 894 —199 Global Holding (Guangzhou) Limited — — 135 Advanced payments received for purchase of lifestyle products —Miniso Lifestyle Nigeria Limited (viii) — 4,005 — Provision of guarantee for a subsidiary of the equity-accounted investee —Mingyou Industrial Investment (Guangzhou) Limited (ix) — — 160,000 Purchase of catering services —Guangzhou Chuyunju Catering Service Co., Ltd. (x) 6,108 10,241 8,334 Discontinued operations Repayment of loans from the controlling shareholder —Mr. Ye Guofu (xi) 130,441 — — Interest incurred on loans from the controlling shareholder —Mr. Ye Guofu (xi) 5,014 — — Disposal of discontinued operations to —YGF MC LIMITED — * — * — —Minihome Hong Kong Limited — * — * — —MINI Investment Holding Limited — * — * — Notes: * (i) Interest-free cash advances to the controlling shareholder amounting to RMB 269,934,000 and RMB 297,105,000 were repaid during the years ended June 30, 2019 and 2020, respectively. (ii) The controlling shareholder waived interest-free liabilities of an oversea subsidiary amounting to RMB 5,040,000 during the year ended June 30, 2019. (iii) The Group provided interest-free cash advance to MINI Investment Holding Limited amounting to RMB 9,508,000 during the year ended June 30, 2019. The amount was fully repaid in July 2020. (iv) The Group provided interest-free cash advances to the controlling shareholder amounting to RMB 101,462,000 during the year ended June 30, 2020. The amount was fully repaid during the year ended June 30, 2020. (v) The Group provided interest-free cash advances to Nome Design Guangzhou Limited amounting to RMB 5,205,000 during the period from March to June 2020. The amount was subsequently fully repaid in July 2020. (vi) The Group settled other payables to Mr. Ye Guofu amounting to RMB 11,946,000 during the year ended June 30, 2021. (vii) The Group entered into information technology support and consulting services agreements with Haydon (Shanghai) Technology Co., Ltd. and Wow Color Beauty Guangdong Technology Limited during the year ended June 30, 2021, under which the Group provides business management systems deployment and support services. (viii) The Group received advance payments for purchase of lifestyle products from MINISO Lifestyle Nigeria Limited amounting to RMB 4,005,000 during the period from January to June 2020. (ix) On January 25, 2021, MINISO Guangzhou provided a performance guarantee to a local government for the commitment of tax levies paid by the subsidiaries of MINISO Guangzhou in that district and Mingyou (see Note 36). (x) The Group received catering services from Guangzhou Chuyunju Catering Service Co., Ltd. amounting to RMB 6,108,000 , RMB 10,241,000 and RMB 8,334,000 during the years ended June 30, 2019, 2020 and 2021, respectively. (xi) During the year ended June 30, 2019, MINISO GmbH, MINISO Lifestyle Kenya Ltd. and MINISO Lifestyle Nigeria Limited repaid loans from the controlling shareholder and related interest amounting to RMB 51,557,000 , RMB 18,630,000 and RMB 65,268,000 , respectively. The loans bear with interest rates of 3% , nil and 8% per annum, respectively. Total interest expenses incurred during the year were RMB 640,000 , nil and RMB 4,374,000 , respectively. (c) Balances with related parties As at June 30, 2020 2021 RMB’000 RMB’000 Included in trade and other receivables from related parties: —MINI Investment Holding Limited 9,508 — —Nome Design (Guangzhou) Co., Ltd. 4,557 — —YGF MC LIMITED — * — —Minihome Hong Kong Limited — * — —Haydon (Shanghai) Technology Co., Ltd. — 795 —Wow Color Beauty Guangdong Technology Limited — 996 14,065 1,791 Included in trade and other payables to related parties: —Mr. Ye Guofu 11,946 — —Shanghai Kerong Networks Limited 3,164 1,438 —Shenzhen Zhizhi Brand Incubation Limited 1,568 1,135 —Wow Color Beauty Guangdong Technology Limited 986 — —Haydon (Shanghai) Technology Co., Ltd. — 1,010 —199 Global Holding (Guangzhou) Limited — 94 —Guangzhou Chuyunju Catering Service Co., Ltd. — 3,813 17,664 7,490 Included in contract liabilities: —Miniso Lifestyle Nigeria Limited 3,798 — 3,798 — Note: * The amounts represented considerations receivable in connection with the disposal of discontinued operations, which were each less |
Company level financial informa
Company level financial information | 12 Months Ended |
Jun. 30, 2021 | |
Company level financial information | |
Company level financial information | 38 Company level financial information The following presents condensed parent company financial information of the Group. (i) Condensed statement of profit or loss For the period from January 7, 2020 (date of incorporation) For the to June 30, year ended 2020 June 30, 2021 RMB’000 RMB'000 Other income — 4,274 General and administrative expenses (37) (9,734) Other net income 1,091 52,056 Operating profit 1,054 46,596 Finance income — 1,030 Finance costs — (2) Net finance income — 1,028 Fair value changes of redeemable shares with other preferential rights / redeemable shares with other preferential rights 151,733 (1,625,287) Share of loss of an equity-accounted investee, net of tax — (4,011) Profit / (loss) before taxation 152,787 (1,581,674) Income tax expense — — Profit / (loss) for the period / year 152,787 (1,581,674) (ii) Condensed statement of profit or loss and other comprehensive income For the period from January 7, 2020 (date of For the incorporation) to year ended June 30, 2020 June 30, 2021 RMB’000 RMB’000 Profit / (loss) for the period / year 152,787 (1,581,674) Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of the Company 13,606 (191,443) Other comprehensive income / (loss) for the period / year 13,606 (191,443) Total comprehensive income / (loss) for the period / year 166,393 (1,773,117) (iii) Condensed statement of financial position Note As at June 30, 2020 2021 RMB’000 RMB’000 ASSETS Non-current assets Interest in an equity-accounted investee — 352,062 Investments in subsidiaries —Cost-accounted investments in subsidiaries — * — * —Amounts due from subsidiaries 988,252 3,887,724 988,252 4,239,786 Current assets Other receivables 7,082 3,031 Cash and cash equivalents 153,889 925,638 160,971 928,669 Total assets 1,149,223 5,168,455 EQUITY Share capital 31(a) 69 92 Additional paid-in capital 31(a) 162,373 8,289,160 Other reserves (1,547,333) (1,721,689) Retained earnings / (accumulated losses) 152,787 (1,428,887) Total (deficit) / equity (1,232,104) 5,138,676 LIABILITIES Non-current liabilities Redeemable shares with other preferential rights 2,381,327 — Deferred income — 20,005 2,381,327 20,005 Current liabilities Other payables — 3,714 Deferred income — 6,060 — 9,774 Total liabilities 2,381,327 29,779 Total equity and liabilities 1,149,223 5,168,455 Note: * The amount was less than RMB1,000. (iii) Condensed statement of cash flow For the period from January 7, 2020 (date of For the incorporation) to year ended June 30, 2020 June 30, 2021 RMB’000 RMB’000 Net cash (used in) / from operating activities (36) 28,366 Net cash used in investing activities (972,092) (3,432,692) Net cash from financing activities 1,127,145 4,181,655 Net increase in cash and cash equivalents 155,017 777,329 Cash and cash equivalents at beginning of the period / year — 153,889 Effect of movements in exchange rates on cash held (1,128) (5,580) Cash and cash equivalents at end of the period / year 153,889 925,638 |
Standards issued but not yet ef
Standards issued but not yet effective | 12 Months Ended |
Jun. 30, 2021 | |
Standards issued but not yet effective | |
Standards issued but not yet effective | 39 Standards issued but not yet effective A number of new standards are effective for the annual periods beginning after January 1, 2021 and early application is permitted; however, the Group has not early adopted the new or amended standards in preparing these consolidated financial statements. The following amended standards and interpretations are not expected to have a significant impact on the Group’s consolidated financial statements. Effective for accounting periods beginning on or after —Interest rate benchmark reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) January 1, 2021 —Onerous contracts – Cost of fulfilling a contract (Amendments to IAS 37) January 1, 2022 —Annual improvements to IFRS standards 2018-2020 January 1, 2022 —Property, plant and equipment: Proceeds before intended use (Amendments to IAS16) January 1, 2022 —Reference to the conceptual framework (Amendments to IFRS 3) January 1, 2022 —Classification of liabilities as current or non-current (Amendments to IAS 1) January 1, 2023 —IFRS 17, Insurance contracts January 1, 2023 |
Subsequent events
Subsequent events | 12 Months Ended |
Jun. 30, 2021 | |
Subsequent events | |
Subsequent events | 40 Subsequent events (a) Dividends After the reporting date, dividends of US$0.156 per share were approved by the board of directors of the Company in August 2021. Total dividends declared amounted to US$47,178,000 (equivalent to RMB306,256,000) which have not been recognized as liabilities as of June 30, 2021. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Significant accounting policies | |
Statement of compliance | (a) Statement of compliance The Group has adopted June 30 as its financial year end date. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”). These financial statements were authorized for issue by the Company’s board of directors on September 17, 2021. Significant accounting policies adopted by the Group are disclosed below. The Group has consistently applied these accounting policies to all periods presented in these consolidated financial statements, unless otherwise stated. The IASB has issued certain amendments to IFRSs that are first effective or available for early adoption for the current accounting period of the Group. Note 2(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current accounting period reflected in these financial statements. |
Basis of preparation | (b) Basis of preparation The measurement basis used in the preparation of the financial statements is the historical cost basis except that other investments and paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are stated at their fair value as explained in Note 2(m), Note 2(o) and Note 2(p). Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to sell (see Note 2(x)). |
Changes in accounting policies | (c) Changes in accounting policies The Group has applied the following amendments to IFRSs issued by the IASB to these financial statements that are first effective for the current accounting period of the Group: ● Amendments to References to conceptual framework in IFRS standards ● Amendments to IFRS 3, Definition of a business ● Amendments to IAS 1 and IAS 8, Definition of material ● Amendments to IFRS 9, IAS 39 and IFRS 7, Interest rate benchmark reform The adoption of the above amendments to IFRSs does not have material impact on the consolidated financial statements of the Group. Other than the amendments to IFRS 16, Leases, Covid-19-related rent concessions beyond 30 June 2021 The Group previously elected to early adopt amendment to IFRS 16, Leases Covid-19-related rent concessions Leases, Covid-19-related rent concessions beyond June 30, 2021 |
Basis of consolidation | (d) Basis of consolidation (i) Subsidiaries and non-controlling interests Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intra-group balances, transactions and cash flows and any unrealized profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealized losses resulting from intra-group transactions are eliminated in the same way as unrealized gains but only to the extent that there is no evidence of impairment. Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. Non-controlling interests are measured initially at their proportionate share of the subsidiary’s net identifiable assets at the date of acquisition. Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from equity attributable to equity shareholders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated statements of profit or loss and profit or loss and other comprehensive income as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the equity shareholders of the Company. When the Group loses control of a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in that former subsidiary is measured at fair value when control is lost. In the Company’s statement of financial position, an investment in a subsidiary is stated at cost less impairment losses (see Note 2(h)(ii)), unless the investment is classified as held for sale (or included in a disposal group that is classified as held for sale) (see Note 2(x)). (ii) Interest in an equity-accounted investee The Group’s interest in an equity-accounted investee comprises interest in an associate. An associate is an entity in which the Group or Company has significant influence, but not control or joint control, over its management, including participation in the financial and operating policy decisions. An investment in an associate is accounted for in the consolidated financial statements under the equity method, unless it is classified as held for sale (or included in a disposal group that is classified as held for sale) (see Note 2(x)).Under the equity method, the investment is initially recorded at cost, adjusted for any excess of the Group’s share of the acquisition-date fair values of the investee’s identifiable net assets over the cost of the investment (if any). The cost of the investment includes purchase price, other costs directly attributable to the acquisition of the investment, and any direct investment into the associate or joint venture that forms part of the Group’s equity investment. Thereafter, the investment is adjusted for the post acquisition change in the Group’s share of the investee’s net assets and any impairment loss relating to the investment (Note 2(d)(iii) and Note 2(h)(ii)). At each reporting date, the Group assesses whether there is any objective evidence that the investment is impaired. Any acquisition-date excess over cost, the Group’s share of the post- acquisition, post-tax results of the investees and any impairment losses for the year are recognized in the consolidated statement of profit or loss, whereas the Group’s share of the post-acquisition post-tax items of the investees’ other comprehensive income is recognized in the consolidated statement of profit or loss and other comprehensive income. When the Group’s share of losses exceeds its interest in the associate, the Group’s interest is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the investee. For this purpose, the Group’s interest is the carrying amount of the investment under the equity method, together with any other long-term interests that in substance form part of the Group’s net investment in the associate, after applying the ECL model to such other long-term interests where applicable (see Note 1(h)(i)). In the Company’s statement of financial position, investment in an associate is stated at cost less impairment losses (see Note 2(h)(ii)), unless classified as held for sale (or included in a disposal group that is classified as held for sale) (see Note 2(x)). (iii) Goodwill Goodwill represents the excess of (i) the aggregate of the fair value of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree; over (ii) the net fair value of the acquiree’s identifiable assets and liabilities measured as at the acquisition date. When (ii) is greater than (i), then this excess is recognized immediately in profit or loss as a gain on a bargain purchase. Goodwill is stated at cost less accumulated impairment losses. Goodwill arising on a business combination is allocated to each cash-generating unit, or groups of cash generating units, that is expected to benefit from the synergies of the combination and is tested annually for impairment (see Note 2(h)). On disposal of a cash generating unit during the year, any attributable amount of purchased goodwill is included in the calculation of the profit or loss on disposal. (iv) Business combinations Except for the business combinations under common control as stated below, the Group accounts of business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group (see Note 2(d)(i)). In determining whether a particular set of activities and assets is a business, the Group assess whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset of group of similar identifiable assets. Business combinations involving entities under common control The consolidated financial statements incorporate the financial statement items of the combining entities or businesses in which the common control combination occurs as if they had been consolidated from the date when the combining entities or businesses first came under the control of the Controlling Shareholders. The assets and liabilities of the combining entities or businesses are consolidated at the carrying amounts previously recognized from the perspective of Controlling Shareholders. The consolidated statements of profit or loss and profit or loss and other comprehensive income include the results of each of the combining entities or businesses from the earliest date presented or since the date when combining entities or businesses first came under common control, where this is a shorter period, regardless of the date of the common control combination. The comparative amounts in the consolidated financial statements are presented as if the entities or businesses had been consolidated at the earliest balance sheet date presented or when they first came under common control, whichever is later. Differences between the total consideration paid and the capital of the entities acquired under common control are presented as merger reserve. |
Property, plant and equipment | (e) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses (see Note 2(h)(ii)). Gains or losses arising from the retirement or disposal of an item of property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognized in profit or loss on the date of retirement or disposal. Depreciation is calculated to write off the cost of items of property, plant and equipment, less their estimated residual value, if any, using the straight-line method over their estimated useful lives and is generally recognized in profit or loss. The estimated useful lives of property, plant and equipment are as follows: Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets Office equipment 2 – 5 years Store operating equipment 2 – 5 years Motor vehicles 3 – 5 years Amortization methods, useful lives and residual values, if any, are reviewed at each reporting date and adjusted if appropriate. |
Intangible assets | (f) Intangible assets Intangible assets that are acquired by the Group are stated at cost less accumulated amortization (where the estimated useful life is finite) and accumulated impairment losses (see Note 2(h)(ii)). Amortization is calculated write off the cost of intangible assets with finite useful lives using straight-line method over their estimated useful lives and is generally recognized in profit or loss. Their estimated useful lives of intangible assets are as follows: Software 5 years Amortization methods and useful lives are reviewed at each reporting date and adjusted if appropriate. |
Leased assets | (g) Leased assets At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use. As a lessee Where the contract contains lease component(s) and non-lease component(s), the Group has elected not to separate non-lease components and accounts for each lease component and any associated non-lease components as a single lease component for all leases. At the lease commencement date, the Group recognizes a right-of-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets which, for the Group are primarily staff apartments with lease term of less than 12 months. When the Group enters into a lease in respect of a low-value asset, the Group decides whether to capitalize the lease on a lease-by-lease basis. The lease payments associated with those leases which are not capitalized are recognized as an expense on a systematic basis over the lease term. Where the lease is capitalized, the lease liability is initially recognized at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortized cost and interest expense is calculated using the effective interest method. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and hence are charged to profit or loss in the accounting period in which they are incurred. The right-of-use asset recognized when a lease is capitalized is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. Where applicable, the cost of the right-of-use assets also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, discounted to their present value, less any lease incentives received. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses (see Note 2(h)(ii)). Depreciation is calculated to write off the cost of items of right-of-use assets, using the straight-line method over the unexpired lease term. The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether the Group will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The lease liability is also remeasured when there is a change in the scope of a lease or the consideration for a lease that is not originally provided for in the lease contract (“lease modification”) that is not accounted for as a separate lease. In this case the lease liability is remeasured based on the revised lease payments and lease term using a revised discount rate at the effective date of the modification. The only exceptions are rent concessions that occurred as a direct consequence of the COVID-19 pandemic and met the conditions set out in paragraph 46B of IFRS 16 Leases. In such cases, the Group has taken advantage of the practical expedient not to assess whether the rent concessions are lease modifications, and recognized the change in consideration as negative variable lease payments in profit or loss in the period in which the event or condition that triggers the rent concessions occurred. The Group presents right-of-use assets and presents lease liabilities separately in the consolidated statements of financial position. |
Credit losses and impairment of assets | (h) Credit losses and impairment of assets (i) Credit losses from financial instruments The Group recognizes a loss allowance for expected credit losses (ECLs) on financial assets measured at amortized cost (including cash and cash equivalents, restricted cash, trade and other receivables). Other investments—financial assets measured at fair value through profit or loss are not subject to the ECL assessment. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material: ● fixed-rate financial assets and trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. ECLs are measured on either of the following bases: ● 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and ● lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies. Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs. ECLs on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date. For all other financial instruments, the Group recognizes a loss allowance equal to 12-month ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs. Significant increases in credit risk In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when (i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or (ii) the financial asset is 30 days past due. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition: ● failure to make payments of principal or interest on their contractually due dates; ● an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available); ● an actual or expected significant deterioration in the operating results of the debtor; and ● existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group. Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings. ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss. The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. Basis of calculation of interest income Interest income recognized in accordance with Note 2(u)(iv) is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortized cost (i.e. the gross carrying amount less loss allowance) of the financial asset. At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable events: ● significant financial difficulties of the debtor; ● a breach of contract, such as a default or past due event; ● it is becoming probable that the borrower will enter into bankruptcy or other financial reorganization; ● significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or ● the disappearance of an active market for a security because of financial difficulties of the issuer. Write-off policy The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs. (ii) Impairment of non-current assets Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or, an impairment loss previously recognized no longer exists or may have decreased: ● property, plant and equipment; ● right-of-use assets; ● intangible assets; ● goodwill; ● interest in an equity-accounted investee; and ● investments in subsidiaries in the Company’s statement of financial position. If any such indication exists, the asset’s recoverable amount is estimated. ● Calculation of recoverable amount The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). ● Recognition of impairment losses An impairment loss is recognized in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated to reduce the carrying amount of assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable). ● Reversals of impairment losses An impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount of an asset. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognized in prior periods. Reversals of impairment losses are credited to profit or loss in the periods in which the reversals are recognized. |
Inventories | (i) Inventories Inventories are finished goods which are held for sale, including the products placed at franchisees’ stores, and low value consumables to be consumed in the ordinary course of business. Inventories are carried at the lower of cost and net realizable value. Cost of inventories is calculated using the weighted average method. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue is recognized. The amount of any write-down of inventories to net realizable value is recognized as an expense in the period the write-down occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs. Loss of inventories is recognized as an expense in the period the loss occurs. For the products placed at franchisees’ stores, the Group bears inventory loss up to a pre-determined loss rate as agreed with franchisees. The Group requires compensations from franchisees for the inventory losses in excess of the pre-determined loss rate. |
Contract liabilities | (j) Contract liabilities A contract liability is recognized when the customer pays non-refundable consideration before the Group recognizes the related revenue (see Note 2(u)). A contract liability would also be recognized if the Group has an unconditional right to receive non-refundable consideration before the Group recognizes the related revenue. In such cases, a corresponding receivable would also be recognized (see Note 2(k)). For a single contract with the customer, either a net contract asset or a net contract liability is presented. For multiple contracts, contract assets and contract liabilities of unrelated contracts are not presented on a net basis. When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (see Note 2(u)). |
Trade and other receivables | (k) Trade and other receivables A receivable is recognized when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. If revenue has been recognized before the Group has an unconditional right to receive consideration, the amount is presented as a contract asset. Receivables are stated at amortized cost using the effective interest method less allowance for credit losses (see Note 2(h)(i)). |
Cash and cash equivalents | Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. Cash and cash equivalents are assessed for expected credit losses (ECL) in accordance with the policy set out in Note 2(h)(i). |
Other investments | (m) Other investments Other investments are classified as measured at fair value through profit or loss (FVPL). Changes in the fair value of the investments are recognized in profit or loss. |
Trade and other payables | (n) Trade and other payables Trade and other payables are initially recognized at fair value and subsequently stated at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Share capital | (o) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are recognized in equity as a deduction, net of tax, from the proceeds. Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are classified as liabilities (see Note 2(p)). |
Paid-in capital subject to redemption and other preferential rights / Redeemable shares with other preferential rights | (p) Paid-in capital subject to redemption and other preferential rights / Redeemable shares with other preferential rights Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are redeemable at the request of the holders upon the occurrence of certain redemption events as agreed in the corresponding shareholders’ agreement. Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are classified as financial liabilities at fair value through profit or loss. Any transaction costs are recognized as finance costs in the consolidated statements of profit or loss. Subsequent to initial recognition, the paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights are carried at fair value with changes in fair value recognized in the consolidated statements of profit or loss. |
Interest-bearing borrowings | (q) Interest-bearing borrowings Interest-bearing borrowings are measured initially at fair value less transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortized cost using the effective interest method. Interest expense is recognized in accordance with the Group’s accounting policy for borrowing costs (see Note 2(w)). |
Employee benefits | (r) Employee benefits (i) Short term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. (ii) Contributions to defined contribution plans Pursuant to the relevant laws and regulations of the PRC, the Group’s subsidiaries in mainland China participate in a defined contribution basic pension insurance in the social insurance system established and managed by government organizations. The Group makes contributions to basic pension insurance plans based on the applicable benchmarks and rates stipulated by the government. Basic pension insurance contributions are recognized as part of the cost of assets or charged to profit or loss as the related services are rendered by the employees. The Group also participates in a pension scheme under the rules and regulations of the Mandatory Provident Fund Scheme Ordinance (the “MPF Scheme”) for all employees in Hong Kong, which is a defined contribution retirement scheme. The contributions to the MPF Scheme are based on minimum statutory contribution requirement of 5% of eligible employees’ relevant aggregate income. The assets of this pension scheme are held separately from those of the Group in independently administered funds. The Group participates in various defined contribution retirement benefit plans which are available to all other overseas subsidiaries. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a fund and the Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee services in the current and prior periods. The Group’s contributions to the defined contribution plans are expensed as incurred. (iii) Share-based payments The Group operates certain equity-settled share-based compensation plans, under which the Group receives services from employees as consideration for equity instruments of the Group. The fair value of share awards granted to employees is recognized as an employee cost with a corresponding increase in the share-based payment reserve. The fair value is measured at grant date, taking into account the terms and conditions upon which the shares or share options were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the shares or share options, the total estimated fair value of the shares or share options is spread over the vesting period, taking into account the probability that the shares or share options will vest. During the vesting period, the number of shares that is expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognized in prior years is charged / credited to the profit or loss for the year of the review, unless the original employee expenses qualify for recognition as an asset, with a corresponding adjustment to the share-based payment reserve. On vesting date, the amount recognized as an expense is adjusted to reflect the actual number of shares that vest (with a corresponding adjustment to equity). For shares granted, the equity amount is transferred from capital reserve to share premium. If new equity instruments are granted to the employee and, on the date when those new equity instruments are granted, the entity identifies the new equity instruments granted as replacement equity instruments for the cancelled equity instruments, the entity shall account for the granting of replacement equity instruments in the same way as a modification of the original grant of equity instruments. At the date the replacement awards are granted, the entity accounts for any incremental fair value in addition to the grant-date fair value of the original award. The incremental fair value is the difference between the fair value of the replacement award and the net fair value of the cancelled award, both measured at the date on which the replacement award is issued. The net fair value is the fair value of the cancelled award measured immediately before the cancellation, less any payment made to the employees on cancellation. The Group recognizes the effects of modifications that increase the total fair value of the share-based payment arrangement or are otherwise beneficial to the employee. If the Group modifies the terms or conditions of the share awards granted without reducing the number of equity instruments granted in a manner that reduces the total fair value of the share-based payment arrangement, or is not otherwise beneficial to the employee, the Group nevertheless continues to recognize as a minimum the original grant date fair value of the equity instruments granted (unless those equity instruments are forfeited) as if that modification had not occurred. (iv) Termination benefits Termination benefits are recognized at the earlier of when the Group can no longer withdraw the offer of those benefits and when it recognizes restructuring costs involving the payment of termination benefits. |
Income tax | (s) Income tax Income tax for the period comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognized in profit or loss except to the extent that they relate to items recognized in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognized in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the end of each reporting period, and any adjustment to tax payable in respect of previous periods. The amount of current tax payable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits. Deferred tax is not recognized for: ● temporary differences arising from the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit nor taxable profit (or deductible loss); and ● temporary differences relating to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax in full, the future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilized. Such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Additional income taxes that arise from the distribution of dividends are recognized when the liability to pay the related dividends is recognized. Deferred tax assets and deferred tax liabilities are offset if all of the following conditions are met: ● the taxable entity has a legally enforceable right to set off current tax assets against current tax liabilities; ● they relate to income taxes levied by the same taxation authority on either: ● the same taxable entity; or ● different taxable entities, which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. |
Provisions and contingent liabilities | (t) Provisions and contingent liabilities Provisions are recognized when the Group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. |
Revenue and other income | (u) Revenue and other income Income is classified by the Group as revenue when it arises from the sale of products and the provision of services. Revenue is recognized when control over the product or service is transferred to the customer, at the amount of promised consideration to which the Group is expected to be entitled in exchange for the satisfaction of a specific performance obligation, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any sales rebates and sales return. The Group allocates the transaction price expected to be received from franchisees or distributors to different performance obligations based on their relative standalone selling prices. In particular, the consideration in arrangements with franchisees and distributors includes sales-based amounts. Such sales-based amounts are excluded from the transaction price until the sales by franchisees have occurred and would be allocated entirely to the franchise / distributor license fees as they relate entirely to the Group’s promise to provide franchisees / distributors access to the Group’s brand name and trademarks. The Group takes advantage of the practical expedient in paragraph 63 of IFRS 15 and does not adjust the consideration for the effects of any significant financing component if the expected period of financing is 12 months or less. Further details of the Group’s revenue and other income recognition policies are as follows: (i) Sales of products Retail sales in self-operated stores Revenue from retail sales to customers in self-operated stores is recognized at the point when the end customer takes possession of and pays for the products. Product sales to franchisees The Group has entered into a series of agreements with certain franchisees, primarily in the PRC, which mainly include a license agreement and a sales agreement (collectively “Franchise Agreements”), whereby the franchisees are licensed to operate the franchised stores and are authorized to sell, in their own retail stores, the products that they have purchased from the Group. Revenue from sales to these franchisees is recognized at the point when they obtain the legal title of the product and become obliged to pay for the products, which is when the franchisees sell the product to their customers in the franchisees’ stores. For product sales to franchisees, the Group has determined that the franchisees are the customers of the Group. The franchisees operate retail stores at their own chosen locations under the framework set out under the Franchise Agreements. At inception of the franchise arrangement, franchisees are required to place a deposit with the Group which covers the estimated maximum value of merchandise that their stores may hold throughout the franchise period, and this amount is reviewed upon renewal of the franchisee arrangement. The deposit is refundable at the expiry of the Franchise Agreement, provided that the franchisees have no remaining merchandise unsold and have settled other balances with the Group. The franchisees employ and manage their own staff to operate the stores and serve their customers (i.e. end consumers who visit the stores), and bear the costs associated with the operation. The franchisees’ retail stores generally carry a wide range of merchandise that they exercise discretion to select from the Group’s array of product categories. The franchisees are responsible for the placement, physical custody and condition of the merchandise that they have selected after the deliveries are accepted in stores. They also control the physical access to merchandise in possession through their operation of the retail stores. In general, the Group does not have any obligation or practice to accept any return of unsold products, except for rare cases such as a latent defect subject to a product recall or certain limited seasonal items that have passed their sales season. The franchisees have the right to price their merchandise within a specified range of the recommended retail price set by the Group. They also have the ability to carry out discretionary promotional campaigns for their stores or decide whether to participate in a promotional campaign launched by the Group. The franchisees can offer more discounts on selected items beyond the range specified in discretionary promotional campaigns, and will have to bear a substantial portion of reduced margin from lowering the sales price for such campaigns. Sales to distributors The Group has entered into a series of agreements with certain distributors, primarily overseas, which mainly include a master license agreement and a sales agreement, whereby the distributors are authorized to sub-license the operation of franchised stores in its authorized territory and sell the products that they have purchased from the Group to the franchised stores in its authorized territory. Revenue from sales of products to these distributors is recognized at the point when the products have been shipped from or delivered to the specific locations according to the detailed agreement between the Group and distributors. Revenue is recognized based on the contract price, net of sales rebates. Online sales Revenue from online sales to customers, which are conducted through the Group’s own mobile applications and third-party e-commerce platforms, is recognized at the point when the products are delivered to customers. (ii) License fees, sales-based royalties and sales-based management and consultation service fees Franchisees and distributors are required to provide non-refundable upfront payments in exchange for the franchise right or sub-license right, which represent primarily their right to access the Group’s brand name and trademarks. In addition, franchisees are also required to pay sales-based royalties and sales-based management and consultation services fees for such access. The fixed component of such royalties are recognized as revenue over the estimated license period, while the sales-based component is recognized as revenue when the related sales occur. (iii) Customer loyalty program The Group has launched a spend-based customer loyalty program for MINISO brand in the PRC, under which loyalty points are rewarded to end customers 1 point per spent of RMB1 in MINISO stores, including self-operated stores and franchised stores operated by franchisees participating in the program, and through MINISO WeChat Mini Programs. Each 100 points is redeemable for a cash value of RMB1 on future purchases when certain criteria are met. Transaction price is allocated to the product(s) and the loyalty points rewarded on a relative standalone selling price basis. Revenue associated with the price allocation of loyalty points rewarded is deferred and a corresponding liability is established in contract liabilities. (iv) Interest income Interest income is recognized as it accrues using the effective interest method. (v) Government grants Government grants are recognized in the statements of financial position initially when there is reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them. Grants that compensate the Group for expenses incurred are recognized as other income in profit or loss based on the timing of when the related costs for which the grants are intended to compensate are incurred. Grants that compensate the Group for the cost of an asset are deducted from the carrying amount of the asset and consequently are effectively recognized in profit or loss over the useful life of the asset by way of reduced depreciation expense. |
Translation of foreign currencies | (v) Translation of foreign currencies (i) Functional and presentation currency Item included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to the entity (the “functional currency”). As the major operations of the Group are within the PRC, the Group presents its consolidated financial statements in Renminbi (“RMB”), unless otherwise stated. (ii) Transactions and balances Foreign currency transactions during the year are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the end of each reporting period. Exchange gains and losses are recognized in profit or loss and presented within other net income. Non-monetary assets and liabilities that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated at the exchange rate at the date when the fair value was determined. (iii) Foreign operations The results of foreign operations are translated into RMB at the exchange rates approximating the exchange rates at the dates of the transactions. Statement of financial position items are translated into RMB at the exchange rates at the end of each reporting period. The resulting exchange differences are recognized in other comprehensive income and accumulated separately in equity in the translation reserve. On disposal of a foreign operation, the cumulative amount of the exchange differences in the translation reserve relating to that foreign operation is reclassified from equity to profit or loss when the profit or loss on disposal is recognized. |
Borrowing costs | (w) Borrowing costs Borrowing costs are expensed in the period in which they are incurred. |
Assets held for sale and discontinued operations | (x) Assets held for sale and discontinued operations (i) Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. A disposal group is a group of assets to be disposed off together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated to the assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets or deferred tax assets, which continue to be measured in accordance with the Group’s other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Once classified as held-for-sale, property, plant and equipment, right-of-use assets and intangible assets are no longer amortized or depreciated. (ii) Discontinued operations A discontinued operation is a component of the Group’s business, the operations and cash flows of which can be clearly distinguished from the rest of the Group and which represents: ● a separate major line of business or geographical area of operations; ● or is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or ● is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs at the earlier of when the entity entering into a binding sale agreement or when the board of directors approving and announcing a formal disposal plan. Where an operation is classified as discontinued, a single amount is presented on the face of the statement of profit or loss, which comprises: ● the post-tax profit or loss of the discontinued operations; and ● the post-tax gain or loss recognized on the measurement to fair value less costs to sell, or on the disposal, of the assets or disposal group(s) constituting the discontinued operations. |
Related parties | (y) Related parties (a) A person, or a close member of that person’s family, is related to the Group if that person: (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or the Group’s parent. (b) An entity is related to the Group if any of the following conditions applies: (i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) Both entities are joint ventures of the same third party. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (vi) The entity is controlled or jointly controlled by a person identified in (a). (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the Group’s parent. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. |
Segment reporting | (z) Segment reporting Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations. Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria. |
General information and basis_2
General information and basis of preparation (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
General information and basis of preparation | |
Summary of net assets distributed in connection with the Reorganization | As of December 1, 2018 RMB’000 Assets Current assets Amounts due from the controlling shareholder 501,799 Other receivables 9,392 Non-current assets Intangible assets 916 Total assets 512,107 Liabilities Other payables 12,950 Current taxation 5,297 Total liabilities 18,247 Net assets distributed in connection with the Reorganization 493,860 |
Summary of principal subsidiaries of entity | Date and place of Group’s effective incorporation / interest Company name establishment (direct or indirect) Principal activities MINISO Universal Holding Limited January 16, 2020 100% Investment holding MINISO Global Holding Limited January 16, 2020 100% Investment holding MINISO Development HK January 26, 2020 100% Investment holding and wholesale of lifestyle products MINISO Investment Hong Kong Limited November 13, 2017 100% Investment holding MINISO Guangzhou October 18, 2017 100% Wholesale and retail of lifestyle products MINISO (Hengqin) Enterprise Management Co., Ltd. December 12, 2017 100% Brand licensing MINISO International (Guangzhou) Co., Ltd. May 16, 2017 100% Wholesale of lifestyle products MINISO Youxuan Technology (Guangzhou) Co., Ltd. August 15, 2017 100% Online sales of lifestyle products MINISO HK January 23, 2018 Hong Kong 100% Wholesale of lifestyle products Pt. MINISO Lifestyle Trading Indonesia January 11, 2017 67% Wholesale and retail of lifestyle products MINISO Life Style Private Limited June 22, 2017 100% Wholesale and retail of lifestyle products USA MINISO Depot Inc. August 12, 2016 100% Wholesale and retail of lifestyle products MIHK Management Inc. October 17, 2018 100% Wholesale and retail of lifestyle products TOP TOY (Guangdong) Technology Co., Ltd. September 7, 2021 100% Wholesale and retail of art toys |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Significant accounting policies | |
Summary of estimated useful lives of property, plant and equipment | Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets Office equipment 2 – 5 years Store operating equipment 2 – 5 years Motor vehicles 3 – 5 years |
Summary of estimated useful lives of intangible assets | Software 5 years |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Segment reporting | |
Summary of segment information | Reportable segments Operations MINISO brand (excluding Africa and Germany) Design, buying and sale of lifestyle products MINISO brand in Africa and Germany* Design, buying and sale of lifestyle products NOME brand* Design, buying and sale of clothing products and other household items Minihome brand* Design, buying and sale of furniture and other household items TOP TOY brand Design, buying and sale of art toys Note: * Businesses of NOME and Minihome brands and MINISO brand in Africa and Germany are classified as discontinued operations for the years ended June 30, 2019 and 2020, and had been disposed of by the Group as of June 30, 2020. See Note 5 “Discontinued operations” for details. |
Summary of segment results, assets and liabilities | For the year ended June 30, 2019 Other Reportable segments segment Total MINISO brand MINISO brand (excluding in Africa and Minihome Africa and Germany NOME brand brand Total reportable Germany) (discontinued)* (discontinued)* (discontinued)* segments RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 External revenues 9,143,883 159,764 307,173 31,140 9,641,960 251,028 9,892,988 Inter-segment revenue 35,200 3,202 47,849 — 86,251 5,199 91,450 Segment revenue 9,179,083 162,966 355,022 31,140 9,728,211 256,227 9,984,438 Segment profit / (loss) before taxation 962,382 (69,620) (148,449) (79,007) 665,306 36,402 701,708 Finance income 7,210 743 156 18 8,127 101 8,228 Finance costs (25,198) (5,572) (123) — (30,893) (11) (30,904) Depreciation and amortization (191,627) (4,350) (1,836) (3,947) (201,760) (151) (201,911) Other material non-cash items: - credit loss on trade and other receivables (90,124) (2) (35,469) — (125,595) — (125,595) - impairment loss on non-current assets (27,542) (33,269) (11,835) (10,301) (82,947) — (82,947) 4 As at and for the year ended June 30, 2020 Other Reportable segments segment Total MINISO brand MINISO brand (excluding in Africa and Minihome Africa and Germany NOME brand brand Total reportable Germany) (discontinued)* (discontinued)* (discontinued)* segments RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 External revenues 8,721,620 80,746 187,046 15,154 9,004,566 257,366 9,261,932 Inter-segment revenue 40,887 — 6,380 — 47,267 50 47,317 Segment revenue 8,762,507 80,746 193,426 15,154 9,051,833 257,416 9,309,249 Segment profit / (loss) before taxation 716,759 (29,884) (98,308) (12,648) 575,919 44,092 620,011 Finance income 24,842 92 250 5 25,189 766 25,955 Finance costs (31,273) (1,616) (108) — (32,997) (65) (33,062) Depreciation and amortization (268,359) — (828) (1,830) (271,017) (310) (271,327) Other material non-cash items: - credit loss on trade and other receivables (25,357) — (43,470) — (68,827) (9) (68,836) - impairment loss on non-current assets (36,844) — (1,059) (3,156) (41,059) — (41,059) Segment assets 5,727,281 — — — 5,727,281 108,970 5,836,251 Segment liabilities 3,732,134 — — — 3,732,134 45,836 3,777,970 As at and for the year ended June 30, 2021 Other Reportable segments segment Total Total TOP TOY reportable MINISO brand brand segments RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 External revenues 8,735,947 98,241 8,834,188 237,471 9,071,659 Inter-segment revenue 1,978 5,832 7,810 115,701 123,511 Segment revenue 8,737,925 104,073 8,841,998 353,172 9,195,170 Segment profit / (loss) before taxation 378,926 (24,376) 354,550 58,556 413,106 Finance income 38,858 9 38,867 1,566 40,433 Finance costs (26,324) (2,021) (28,345) (17) (28,362) Depreciation and amortization (252,721) (11,229) (263,950) (1,069) (265,019) Other material non-cash items: - credit loss on trade and other receivables (20,208) (607) (20,815) (17) (20,832) - impairment loss on non-current assets (1,850) (1,091) (2,941) — (2,941) Segment assets 9,873,002 315,038 10,188,040 164,928 10,352,968 Segment liabilities 3,662,661 333,096 3,995,757 57,119 4,052,876 Note: * See Note 5 “Discontinued operations” for details. |
Summary of reconciliations of information on reportable segments | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 i. Revenue Total revenue for reportable segments 9,728,211 9,051,833 8,841,998 Revenue for other segment 256,227 257,416 353,172 Elimination of inter-segment revenue (91,450) (47,317) (123,511) Elimination of discontinued operations (498,077) (282,946) — Consolidated revenue 9,394,911 8,978,986 9,071,659 ii. Profit before taxation Total profit before taxation for reportable segments 665,306 575,919 354,550 Profit before taxation for other segment 36,402 44,092 58,556 Elimination of discontinued operations 297,076 140,840 — Unallocated amounts: —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 an equity-accounted investee, net of tax — — (4,011) Consolidated profit / (loss) before taxation from continuing operations 289,004 80,818 (1,216,192) As at June 30, 2020 2021 RMB’000 RMB’000 iii. Assets Total assets for reportable segments 5,727,281 10,188,040 Assets for other segment 108,970 164,928 Other unallocated amounts —Interest in an equity-accounted investee — 352,062 Consolidated total assets 5,836,251 10,705,030 iv. Liabilities Total liabilities for reportable segments 3,732,134 3,995,757 Liabilities for other segment 45,836 57,119 Other unallocated amounts —Redeemable shares with other preferential rights 2,381,327 — Consolidated total liabilities 6,159,297 4,052,876 v. Other material items For the year ended June 30, 2019 Reportable Elimination of segment Other discontinued Consolidated totals segment operations totals Finance income 8,127 101 (917) 7,311 Finance costs (30,893) (11) 5,695 (25,209) Depreciation and amortization (201,760) (151) 10,133 (191,778) Credit loss on trade and other receivables (125,595) — 35,471 (90,124) Impairment loss on non-current assets (82,947) — 55,405 (27,542) For the year ended June 30, 2020 Reportable Elimination of segment Other discontinued Consolidated totals segment operations totals Finance income 25,189 766 (347) 25,608 Finance costs (32,997) (65) 1,724 (31,338) Depreciation and amortization (271,017) (310) 2,658 (268,669) Credit loss on trade and other receivables (68,827) (9) 43,470 (25,366) Impairment loss on non-current assets (41,059) — 4,215 (36,844) For the year ended June 30, 2021 Reportable Elimination of segment Other discontinued Consolidated totals segment operations totals Finance income 38,867 1,566 — 40,433 Finance costs (28,345) (17) — (28,362) Depreciation and amortization (263,950) (1,069) — (265,019) Credit loss on trade and other receivables (20,815) (17) — (20,832) Impairment loss on non-current assets (2,941) — — (2,941) |
Summary of geographic information analyses | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 i. Revenue the PRC (place of domicile) (of which RMB338,313,000 and RMB 202,201,000 related to discontinued operations in the years ended June 30, 2019 and 2020, respectively) 6,702,311 6,246,301 7,291,219 Other Asian countries excluding the PRC 1,738,348 1,428,035 961,622 America 1,049,334 1,221,058 584,630 Europe (of which RMB13,222,000 and RMB 11,311,000 related to discontinued operations in the years ended June 30, 2019 and 2020, respectively) 137,822 183,480 117,214 Others (of which RMB146,542,000 and RMB 69,434,000 related to discontinued operations in the years ended June 30, 2019 and 2020, respectively) 265,173 183,058 116,974 Discontinued operations (498,077) (282,946) — 9,394,911 8,978,986 9,071,659 As at June 30, 2020 2021 RMB’000 RMB’000 ii. Non-current assets the PRC (place of domicile) 312,873 902,793 Other Asian countries excluding the PRC 62,272 82,414 America 265,131 191,304 Europe 19,744 22,399 660,020 1,198,910 |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Discontinued operations. | |
Summary of results of discontinued operations | For the year ended June 30, Note 2019 2020 2021 RMB’000 RMB’000 RMB’000 Revenue 549,128 289,326 — Elimination of inter-segment revenue (51,051) (6,380) — External revenue 498,077 282,946 — Expenses (795,153) (423,786) — External expenses (795,153) (423,786) — Results from operating activities 4 (297,076) (140,840) — Income tax 11(c) (6,754) — — Results from operating activities, net of tax (303,830) (140,840) — Gain on disposal of subsidiaries — 10,795 — Loss from discontinued operations, net of tax (303,830) (130,045) — Loss per share – discontinued operations Basic (0.33) (0.14) — Diluted (0.33) (0.14) — |
Summary of cash flows used in discontinued operations | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Net cash used in operating activities (322,186) (68,063) — Net cash used in investing activities (23,662) (7,117) — Net cash (used in) / from financing activities (153,741) 10,468 — Net cash flows for the year (499,589) (64,712) — |
Summary of effect of disposal on the financial position of the Group | As at disposal dates RMB’000 Property, plant and equipment 1,470 Inventories 104,616 Trade and other receivables 61,355 Cash and cash equivalents 75,552 Loans and borrowings (14,513) Trade and other payables (196,779) Lease liabilities (41,944) Net liabilities (10,243) Effect of translation difference of foreign operations (552) Net gain on disposal of subsidiaries (10,795) Considerations received in cash — * Cash and cash equivalents disposed of (75,552) Net cash outflow (75,552) Note: * The amount was less than RMB1,000. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Revenue | |
Summary of reconciliation of the disaggregated revenue | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Major products / service lines —Sales of lifestyle products — Retail sales in self-operated stores 290,787 364,638 323,775 — Product sales to franchisees 4,957,273 4,584,288 5,506,365 — Sales to distributors 3,067,207 2,683,829 1,509,840 — Online sales 138,284 308,455 663,197 — Other sales channels 11,118 114,204 33,499 Sub-total 8,464,669 8,055,414 8,036,676 —License fees, sales-based royalties, and sales-based management and consultation service fees — License fees 27,223 78,469 72,392 — Sales-based royalties 94,374 82,444 97,848 — Sales-based management and consultation service fees 491,005 426,731 488,138 Sub-total 612,602 587,644 658,378 —Others* 317,640 335,928 376,605 9,394,911 8,978,986 9,071,659 Note: * Others mainly represented sales of fixtures to franchisees and distributors. For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Primary geographical markets — the PRC 6,363,998 6,044,100 7,291,219 — Other Asian countries excluding the PRC 1,738,348 1,428,035 961,622 — America 1,049,334 1,221,058 584,630 — Europe 124,600 172,169 117,214 — Others 118,631 113,624 116,974 9,394,911 8,978,986 9,071,659 Timing of revenue recognition — Products transferred at a point of time 8,782,309 8,391,342 8,413,281 — Services transferred over time 612,602 587,644 658,378 Revenue from contracts with customers 9,394,911 8,978,986 9,071,659 |
Summary of receivables, contract liabilities from contracts with customers | As at June 30, 2020 2021 Note RMB’000 RMB’000 Receivables, which are included in ‘trade and other receivables’ 22 286,692 315,001 Contract liabilities —Current portion (218,287) (266,919) —Non-current portion (74,226) (59,947) Total contract liabilities (292,513) (326,866) As at June 30, 2020 2021 RMB’000 RMB’000 Contract liabilities are analyzed as follows: Advance payments received from customers for purchase of goods 174,366 235,435 Deferred revenue related to license fees 118,147 91,431 292,513 326,866 |
Summary of movements in contract liabilities | Contract liabilities RMB’000 Balance at July 1, 2019 321,546 Decrease in contract liabilities as a result of recognizing revenue during the year that was included in the contract liabilities at the beginning of the period (243,873) Increase in contract liabilities as a result of receiving advance payment for purchase of goods 174,366 Increase in contract liabilities as a result of receiving payment of license fees 40,474 Balance at June 30, 2020 292,513 Decrease in contract liabilities as a result of recognizing revenue during the year that was included in the contract liabilities at the beginning of the period (218,287) Increase in contract liabilities as a result of receiving advance payment for purchase of goods 235,435 Increase in contract liabilities as a result of receiving payment of license fees 17,205 Balance at June 30, 2021 326,866 |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Other income. | |
Summary of other income | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Tax refund 1,203 606 1,279 Government grants (Note (i)) 9,265 36,602 46,587 Income from depositary bank (Note 29) — — 4,274 10,468 37,208 52,140 Note: (i) Government grants mainly represented unconditional cash awards granted by the local authorities in the PRC. |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Expenses by nature | |
Schedule of cost of sales, selling and distribution and general and administrative expenses | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Cost of inventories (Note 21(a)) 6,883,931 6,246,488 6,581,456 Payroll and employee benefits (Note (i)) 695,493 984,895 916,185 Rental and related expenses 38,682 45,186 12,139 Depreciation and amortization (Note (ii)) 191,778 268,669 265,019 Licensing expenses 21,851 109,488 88,063 Promotion and advertising expenses 85,611 128,447 214,788 Logistics expenses 105,940 154,763 195,593 Travelling expenses 60,102 69,290 52,966 Other expenses 212,066 226,174 332,375 Total cost of sales, selling and distribution and general and administrative expenses 8,295,454 8,233,400 8,658,584 |
Schedule of payroll and employee benefits | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Salaries, wages and bonus 485,939 515,573 543,646 Contributions to social security contribution plan 56,368 51,587 56,325 Welfare expenses 31,128 33,691 34,895 Employee compensation expenses — 19,664 — Equity-settled share-based payment expenses (Note 32) 122,058 364,380 281,319 695,493 984,895 916,185 |
Schedule of depreciation and amortization | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Property, plant and equipment (Note 14) 25,932 37,481 30,507 Right-of-use assets (Note 15) 157,869 214,117 213,490 Intangible assets (Note 16) 7,977 17,071 21,022 191,778 268,669 265,019 |
Other net income _ (loss) (Tabl
Other net income / (loss) (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Other net income / (loss) | |
Schedule of Other net income (loss) | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Net foreign exchange gain / (loss) 12,611 14,193 (114,177) Losses on disposal of property, plants and equipment and intangible assets (1,611) (2,526) (2,317) Investment income from other investments 1,348 26,387 66,837 Scrap income 8,885 8,330 11,242 Net change in fair value of other investments 1,465 (1,465) 2,968 Others 1,725 1,078 (4,960) 24,423 45,997 (40,407) |
Net finance (costs) _ income (T
Net finance (costs) / income (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Net finance (costs) / income | |
Summary of net finance (costs) / income | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Finance income —Interest income 7,311 25,608 40,433 7,311 25,608 40,433 Finance costs —Interest on loans and borrowings (2,364) (5,221) (1,545) —Interest on lease liabilities (22,845) (26,117) (26,817) (25,209) (31,338) (28,362) Net finance (costs) / income (17,898) (5,730) 12,071 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Income taxes | |
Summary of taxation recognized in consolidated profit or loss | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Amounts recognized in consolidated profit or loss Current tax Provision for the year 345,433 306,679 200,170 Deferred tax Origination and reversal of temporary differences (Note 11(d)) (65,850) (95,730) 13,085 Tax expense on continuing operations 279,583 210,949 213,255 |
Summary of reconciliation between tax expense and accounting profit at applicable tax rates | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Profit / (loss) before taxation 289,004 80,818 (1,216,192) Notional tax on profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned 63,918 (48,050) 118,766 Tax effect of share-based compensation expenses and employee compensation expenses (Note 8(i)) 30,514 96,011 70,330 Tax effect of other non-deductible expenses 11,800 6,566 10,433 Tax effect of deemed sales 11,277 — — Tax effect of loss from waiver of intercompany receivables of discontinued operations — (61,548) — Tax benefit from disposal of subsidiaries — (24,779) — Effect of preferential tax treatments on assessable profits of a subsidiary (Note 11(a)(3)) (47,912) (34,876) (34,218) Effect of fair value changes of paid-in capital subject to redemption and other preferential rights not recognized 177,446 207,942 — Tax effect of exempted and non-taxable interest income — — (6,245) Effect of unused tax losses not recognized 21,173 35,382 72,969 Effect of deductible temporary differences not recognized / (utilized) 11,367 34,301 (18,780) Actual tax expenses 279,583 210,949 213,255 |
Summary of income tax on discontinued operations | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Tax charge on losses from ordinary activities of discontinued operations (Note 5(a)) 6,754 — — Total tax charge on discontinued operations 6,754 — — |
Summary of movement in deferred tax assets | Loss from waiver of intercompany receivables Unused Intra-group of tax unrealized Credit loss and discontinued losses profits impairment operations Others Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax assets arising from: At July 1, 2019 9,594 25,587 51,001 — 1,625 87,807 Charged to profit or loss (continuing operations) 19,255 12,180 (485) 61,548 3,232 95,730 Exchange rate difference (282) (58) 365 — (42) (17) At June 30, 2020 28,567 37,709 50,881 61,548 4,815 183,520 Charged to profit or loss (continuing operations) 6,278 (22,931) 683 — 2,885 (13,085) Exchange rate difference (592) (82) (1,217) — 8 (1,883) At June 30, 2021 34,253 14,696 50,347 61,548 7,708 168,552 |
Summary of unrecognized deferred tax assets | As at June 30, 2020 2021 RMB’000 RMB’000 Deductible temporary differences 223,977 127,500 Cumulative tax losses 229,946 483,437 Total 453,923 610,937 |
Summary of tax losses carried forward | As at As at June 30, June 30, 2020 Expiry date 2021 Expiry date RMB’000 RMB’000 Expire 52,971 2021-2041 147,928 2022-2042 Never expire 176,975 — 335,509 — |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Loss per share | |
Schedule of earning per share | For the year ended June 30, 2019 Continuing Discontinued operations operations Total RMB’000 RMB’000 RMB’000 Profit / (loss) attributable to the equity shareholders of the Company 13,183 (303,830) (290,647) Less: Allocation of undistributed earnings to holders of unvested restricted shares (741) 17,070 16,329 Profit / (loss) used to determine basic earnings per share 12,442 (286,760) (274,318) For the year ended June 30, 2020 Continuing Discontinued operations operations Total RMB’000 RMB’000 RMB’000 Loss attributable to the equity shareholders of the Company (132,222) (130,045) (262,267) Less: Allocation of distributed and undistributed earnings to holders of unvested restricted shares 25,988 7,306 33,294 Loss used to determine basic earnings per share (106,234) (122,739) (228,973) For the year ended June 30, 2021 Continuing Discontinued operations operations Total RMB’000 RMB’000 RMB’000 Loss attributable to the equity shareholders of the Company (1,415,010) — (1,415,010) Less: Allocation of distributed and undistributed earnings to holders of unvested restricted shares 116,929 — 116,929 Loss used to determine basic earnings per share (1,298,081) — (1,298,081) |
Schedule of weighted average number of ordinary shares | For the year ended June 30, 2021 Number of shares Issued ordinary share at July 1, 2020 865,591,398 Effect of shares issued upon IPO and exercise of the over-allotment option (Note 31(a)(iii)) 90,911,146 Effect of shares converted from Series A preferred shares (Note 31(a)(iv)) 83,495,097 Effect of shares released from share award scheme and option plan (Note 32) 64,373,834 Weighted average number of ordinary shares 1,104,371,475 |
Other comprehensive (loss) _ _2
Other comprehensive (loss) / income (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Other comprehensive (loss) / income | |
Summary of amounts recognized in consolidated other comprehensive (loss) / income | Amounts recognized in consolidated other comprehensive (loss) / income For the year ended June 30, 2019 Before-tax Tax (expense) / Net-of-tax amount benefit amount RMB’000 RMB’000 RMB’000 Exchange differences on translation of financial statements of overseas subsidiaries (4,834) — (4,834) Other comprehensive loss (4,834) — (4,834) For the year ended June 30, 2020 Before-tax Tax (expense) / Net-of-tax amount benefit amount RMB’000 RMB’000 RMB’000 Exchange differences on translation of financial statements of overseas subsidiaries 6,361 — 6,361 Other comprehensive income 6,361 — 6,361 For the year ended June 30, 2021 Before-tax Tax (expense) / Net-of-tax amount benefit amount RMB’000 RMB’000 RMB’000 Exchange differences on translation of financial statements of overseas subsidiaries (16,548) — (16,548) Other comprehensive loss (16,548) — (16,548) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Property, plant and equipment | |
Schedule of property, plant and equipment | Leasehold Office Store operating Motor improvements equipment equipment vehicles Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost: At July 1, 2019 101,076 28,517 50,049 2,192 181,834 Additions 8,122 5,908 7,612 788 22,430 Disposals — (3,817) (642) (41) (4,500) Exchange adjustments 2,081 34 (1,704) (4) 407 At June 30, 2020 111,279 30,642 55,315 2,935 200,171 Acquisitions through business combination 413 7 215 904 1,539 Additions 12,484 11,710 8,822 — 33,016 Disposals (1,392) (3,675) (15,508) (1,012) (21,587) Exchange adjustments (10,835) (1,253) (2,375) (87) (14,550) At June 30, 2021 111,949 37,431 46,469 2,740 198,589 Accumulated depreciation: At July 1, 2019 (15,416) (6,892) (8,942) (514) (31,764) Charge for the year (17,569) (7,682) (11,648) (582) (37,481) Written back on disposals — 1,780 177 17 1,974 Exchange adjustments (210) 66 578 9 443 At June 30, 2020 (33,195) (12,728) (19,835) (1,070) (66,828) Charge for the year (11,097) (7,538) (11,303) (569) (30,507) Written back on disposals 395 3,026 5,028 77 8,526 Exchange adjustments 2,890 (1,386) 3,187 52 4,743 At June 30, 2021 (41,007) (18,626) (22,923) (1,510) (84,066) Impairment: At July 1, 2019 (29,044) — (5,181) — (34,225) Addition (8,186) — (2,136) — (10,322) Exchange adjustments (932) — 198 — (734) At June 30, 2020 (38,162) — (7,119) — (45,281) Addition (1,742) — (1,199) — (2,941) Written back on disposals — — 6,179 — 6,179 Exchange adjustments 3,472 — 364 — 3,836 At June 30, 2021 (36,432) — (1,775) — (38,207) Net book value: At June 30, 2020 39,922 17,914 28,361 1,865 88,062 At June 30, 2021 34,510 18,805 21,771 1,230 76,316 |
Right of use assets (Tables)
Right of use assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Right-of-use assets | |
Schedule of right of use assets | The analysis of the net book value of right-of-use assets by class of underlying asset is as follows: Warehouse Property equipment (Note (i)) (Note (ii)) Total RMB’000 RMB’000 RMB’000 Cost: At July 1, 2019 617,615 14,716 632,331 Additions 282,451 15,180 297,631 Derecognition (66,578) (5,099) (71,677) Exchange adjustments (831) 60 (771) At June 30, 2020 832,657 24,857 857,514 Acquisitions through business combination 36,632 — 36,632 Additions 392,648 11,305 403,953 Derecognition (155,478) (24,179) (179,657) Exchange adjustments (29,042) (281) (29,323) At June 30, 2021 1,077,417 11,702 1,089,119 Accumulated depreciation: At July 1, 2019 (148,198) (7,630) (155,828) Charge for the year (203,662) (10,455) (214,117) Derecognition 51,458 5,099 56,557 Exchange adjustments 1,401 (32) 1,369 At June 30, 2020 (299,001) (13,018) (312,019) Charge for the year (205,344) (8,146) (213,490) Derecognition 131,424 19,425 150,849 Exchange adjustments 13,033 191 13,224 At June 30, 2021 (359,888) (1,548) (361,436) Impairment: At July 1, 2019 (15,635) — (15,635) Charge for the year (26,522) — (26,522) Exchange adjustments (471) — (471) At June 30, 2020 (42,628) — (42,628) Charge for the year — — — Derecognition 1,759 — 1,759 Exchange adjustments 3,073 — 3,073 At June 30, 2021 (37,796) — (37,796) Net book value: At June 30, 2020 491,028 11,839 502,867 At June 30, 2021 679,733 10,154 689,887 The analysis of expense items in relation to leases recognized in profit or loss is as follows: For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Depreciation charge of right-of-use assets by class of underlying asset: Property 150,260 203,662 205,344 Warehouse equipment 7,609 10,455 8,146 157,869 214,117 213,490 Interest on lease liabilities (Note 10) 22,845 26,117 26,817 Expense relating to short-term leases and other leases with remaining lease term ending on or before June 30 28,624 28,486 28,656 Variable lease payments not included in the measurement of lease liabilities 228 3,521 2,846 Covid-19 rent concessions — (12,802) (42,698) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Intangible assets | |
Schedule of Intangible assets | Software Cost: RMB’000 At July 1, 2019 59,308 Purchases 36,304 Exchange adjustments (45) At June 30, 2020 95,567 Purchases 13,805 Disposals (1,536) Exchange adjustments (253) At June 30, 2021 107,583 Accumulated amortization: At July 1, 2019 (9,060) Charge for the year (17,071) Exchange adjustments 16 At June 30, 2020 (26,115) Charge for the year (21,022) Written off on disposal 677 Exchange adjustments 223 At June 30, 2021 (46,237) Impairment: At July 1, 2019 (372) Charge for the year — Exchange adjustments 11 At June 30, 2020 (361) Charge for the year — Exchange adjustments 20 At June 30, 2021 (341) Net book value: At June 30, 2020 69,091 At June 30, 2021 61,005 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Goodwill | |
Summary of goodwill | Cost: RMB’000 At July 1, 2019 and June 30, 2020 — Acquisition through business combination (Note 33) 19,640 At June 30, 2021 19,640 Impairment: At July 1, 2019, June 30, 2020 and June 30, 2021 — Carrying amount: At June 30, 2020 — At June 30, 2021 19,640 |
Summary of impairment tests for cash-generating unit (CGU) containing goodwill | As at June 30, 2020 2021 RMB’000 RMB’000 MINISO SG Pte. Ltd. — 19,640 Total — 19,640 |
Schedule of key assumptions used in the estimation of value in use | As at June 30, 2021 Discount rate 11.9 % Terminal value growth rate 1.4 % Revenue growth rate (average of next five years) 21.8 % |
Prepayment (Tables)
Prepayment (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Prepayments | |
Summary of prepayment | As at June 30, 2020 2021 RMB’000 RMB’000 Prepayment for purchase of apartments — 133,458 Others 6,112 5,023 Total 6,112 138,481 |
Interest in an equity-account_2
Interest in an equity-accounted investee (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Interest in an equity-accounted investee. | |
Summary of summarized financial information of the equity-accounted investee adjusted for any differences in accounting policies, and reconciled to the carrying amounts in the consolidated financial statements | As at June 30, 2021 RMB’000 Gross amounts of the equity-accounted investee Current assets 1,416,584 Non-current assets 1,781,081 Current liabilities 1,437,355 Equity 1,760,310 Revenue — Net loss for the year (19,690) Total comprehensive loss for the year (19,690) Reconciled to the Group’s interest in the equity-accounted investee Gross amount of net assets of the equity-accounted investee 1,760,310 Group’s effective interest 20% Carrying amount in the consolidated financial statements 352,062 |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Other investments | |
Summary of financial assets measured at FVTPL | As at June 30, 2020 2021 RMB’000 RMB’000 Financial assets measured at FVTPL - Investment in a trust investment scheme — 102,968 — 102,968 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Inventories | |
Schedule of inventories | As at June 30, 2020 2021 RMB’000 RMB’000 Finished goods 1,390,312 1,491,328 Low-value consumables 5,362 4,733 1,395,674 1,496,061 |
Schedule of amount of inventories recognized as an expense and included in profit or loss | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Carrying amount of inventories sold 6,793,986 6,178,145 6,632,530 Write-down of inventories 89,945 68,343 (51,074) Cost of inventories recognized in consolidated statements of profit or loss 6,883,931 6,246,488 6,581,456 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other receivables | |
Schedule of trade and other receivables | As at June 30, Note 2020 2021 RMB’000 RMB’000 Current Trade receivables 329,875 374,828 Less: loss allowance 34(a) (43,183) (59,827) Trade receivables, net of loss allowance 286,692 315,001 Amounts due from related parties 37(c) 14,065 1,791 Miscellaneous expenses paid on behalf of franchisees 197,473 192,072 Value-added tax (“VAT”) recoverable 49,687 79,590 Rental deposits 63,882 94,423 Receivables due from on-line payment platforms (i) 16,498 33,309 Prepayments for inventories 65,502 38,758 Prepayments for licensing expenses — 11,503 Others 36,090 58,278 729,889 824,725 Notes: (i) Receivables from on-line payment platforms represented the proceeds of online sales through e-commerce platforms collected by and retained in third-party on-line payment platforms. Withdrawal of the balances retained in on-line payment platforms could be made anytime upon the Group’s instructions. (ii) All of trade and other receivables classified as current portion are expected to be recovered or recognized as expense within one year. (iii) Trade debtors are due within 30 to 180 days from the date of revenue recognition for domestic and overseas customers respectively. Further details on the Group’s credit policy and credit risk arising from trade debtors are set out in Note 34(a). |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | Cash and cash equivalents comprise: As at June 30, 2020 2021 RMB’000 RMB’000 Cash on hand 479 549 Cash at bank 2,853,501 6,771,104 Cash and cash equivalents as presented in the consolidated statements of cash flows 2,853,980 6,771,653 |
Restricted cash (Tables)
Restricted cash (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Restricted cash | |
Schedule of restricted cash | As at June 30, 2020 2021 RMB’000 RMB’000 Restricted cash 7,056 3,680 |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Cash flow information | |
Summary of reconciliation of loss for year to cash generated from operations | For the year ended June 30, 2019 2020 2021 Note RMB’000 RMB’000 RMB’000 Loss for the year (294,409) (260,176) (1,429,447) Less: Loss from discontinued operations for the year 303,830 130,045 — Profit / (loss) from continuing operations for the year 9,421 (130,131) (1,429,447) Adjustments for: Interest on lease liabilities 10 22,845 26,117 26,817 Depreciation and amortization 8 191,778 268,669 265,019 Interest on loans and borrowings 10 2,364 5,221 1,545 Interest income 10 (7,311) (25,608) (40,433) Investment income from other investments 9 (1,348) (26,387) (66,837) Net change in fair value of other investments 9 (1,465) 1,465 (2,968) Losses on disposal of property, plant and equipment and intangible assets 9 1,611 2,526 2,317 Impairment loss on non-current assets 27,542 36,844 2,941 Unrealized foreign exchange (gain) / loss (8,844) 6,064 (46,378) Effect of lease contract cancellation (839) 657 (2,630) 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 an equity-accounted investee, net of tax — — 4,011 Equity-settled share-based payment expenses 8 122,058 364,380 281,319 Income tax 11(a) 279,583 210,949 213,255 Changes in working capital: Inventories (392,824) (86,717) (93,197) Trade and other receivables 83,656 (120,235) (80,087) Contract liabilities 119,048 (29,033) 34,353 Trade and other payables 509,851 50,310 386,703 Restricted cash (6,262) 1,861 3,376 Deferred income — — 26,065 Cash generated from operations 1,660,644 1,236,985 1,111,031 |
Summary of reconciliation of liabilities arising from financing activities | Paid-in capital subject to redemption and other Loans and preferential Interest Lease Other borrowings rights payable liabilities payables Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Note 26 Note 28 At July 1, 2018 21,228 — 674 460,679 — 482,581 Changes from financing cash flows: Proceeds from the issue of paid-in capital subject to redemption and other preferential rights — 991,514 — — — 991,514 Proceeds from loans and borrowings 1,375 — — — — 1,375 Repayment of loans and borrowings (14,795) — — — — (14,795) Interest of loans and borrowings paid — — (1,383) — — (1,383) Payment of capital element and interest element of lease liabilities — — — (166,781) — (166,781) Payments for acquisition of subsidiaries — — — — (122,923) (122,923) Total changes from financing cash flows (13,420) 991,514 (1,383) (166,781) (122,923) 687,007 Exchange adjustments 252 — — 9,042 — 9,294 Other changes: Transfer of liabilities directly associated with the assets held for sale — — — (41,055) — (41,055) Fair value changes of paid-in capital subject to redemption and other preferential rights — 709,780 — — — 709,780 Increase in lease liabilities from entering into new leases during the year — — — 228,324 — 228,324 Decrease in lease liabilities from derecognition — — — (16,484) — (16,484) Increase in interest expenses — — 2,364 22,845 — 25,209 Increase in payable in connection with acquisition of subsidiaries under common control — — — — 133,394 133,394 Total other changes — 709,780 2,364 193,630 133,394 1,039,168 At June 30, 2019 8,060 1,701,294 1,655 496,570 10,471 2,218,050 Paid-in capital subject to redemption and other preferential rights / Redeemable Loans and shares with other Interest Lease Other borrowings preferential rights payable liabilities payables Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Note 26 Note 28 At July 1, 2019 8,060 1,701,294 1,655 496,570 10,471 2,218,050 Changes from financing cash flows: Proceeds from loans and borrowings 410,734 — — — — 410,734 Repayment of loans and borrowings (2,889) — — — — (2,889) Interest of loans and borrowings paid — — (6,266) — — (6,266) Payment of capital element and interest element of lease liabilities — — — (193,827) — (193,827) Payments for acquisition of subsidiaries under common control — — — — (10,471) (10,471) Total changes from financing cash flows 407,845 — (6,266) (193,827) (10,471) 197,281 Exchange adjustments 484 — — (9,939) — (9,455) Other changes: Fair value changes of redeemable shares with other preferential rights — 680,033 — — — 680,033 Increase in lease liabilities from entering into new leases during the year — — — 298,516 — 298,516 Decrease in lease liabilities from derecognition — — — (14,463) — (14,463) Increase in interest expenses — — 5,221 26,117 — 31,338 Total other changes — 680,033 5,221 310,170 — 995,424 At June 30, 2020 416,389 2,381,327 610 602,974 — 3,401,300 Redeemable shares with Loans and other preferential Interest Lease borrowings rights payable liabilities Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Note 26 Note 28 At July 1, 2020 416,389 2,381,327 610 602,974 3,401,300 Additions through business combination 21,979 — — 38,713 60,692 Changes from financing cash flows: Proceeds from loans and borrowings 313 — — — 313 Repayment of loans and borrowings (416,588) — — — (416,588) Interest of loans and borrowings paid — — (1,488) — (1,488) Payment of capital element and interest element of lease liabilities — — — (215,762) (215,762) Total changes from financing cash flows (416,275) — (1,488) (215,762) (633,525) Exchange adjustments (1,499) (42,771) — (22,607) (66,877) Other changes: Fair value changes of redeemable shares with other preferential rights — 1,625,287 — — 1,625,287 Decrease in redeemable shares with other preferential rights — (3,963,843) — — (3,963,843) Increase in lease liabilities from entering into new leases during the year — — — 403,955 403,955 Decrease in lease liabilities from derecognition — — — (29,678) (29,678) Increase in interest expenses — — 1,545 26,817 28,362 Total other changes — (2,338,556) 1,545 401,094 (1,935,917) At June 30, 2021 20,594 — 667 804,412 825,673 |
Summary of total cash out flow for leases | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Within operating cash flows (28,852) (32,007) (31,502) Within financing cash flows (166,781) (193,827) (215,762) (195,633) (225,834) (247,264) |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Loans and borrowings. | |
Summary of analysis of the carrying amount of loans and borrowings | As at June 30, Note 2020 2021 RMB’000 RMB’000 Non-current liabilities Unsecured bank loans (i) 9,777 — Borrowings from non-controlling interest shareholders (ii) 5,430 6,612 Other borrowings — 313 15,207 6,925 Current liabilities Current portion of unsecured bank loans (i) — 8,921 Current portion of borrowings from non-controlling interest shareholders (ii) — 4,748 Unsecured bank loans (iii) 400,000 — Other borrowings 1,182 — 401,182 13,669 Notes: (i) In April 2020, under the rules issued by the U.S. Small Business Administration (SBA) implementing the Paycheck Protection Program under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act (the “Paycheck Protection Program Rule”), the subsidiaries in the U.S. obtained unsecured bank loans with an aggregated amount of US$ 1,381,000 (equivalent to RMB 9,777,000 and RMB 8,921,000 on June 30, 2020 and 2021, respectively). The loans bear an interest rate of 0.98% per annum with a term of 2 years and will expire in April 2022. Under the Paycheck Protection Program Rule, loan forgiveness will be provided for documented payroll costs and covered rent payments and utilities that qualify SBA requirements. As of June 30, 2021, the Group had not yet qualified for the loan forgiveness. (ii) The long-term borrowings from non-controlling interest shareholders outstanding as at June 30, 2020 mainly comprised a loan with principal amount of IDR 10,600,000,000 (equivalent to RMB 5,289,000 and RMB 4,748,000 on June 30, 2020 and 2021, respectively) and bearing nil interest rate. The loan was with a term of 5 years and will expire in April 2022. The loan was classified as current liability as of June 30, 2021. The long-term borrowings from non-controlling interest shareholders outstanding as at June 30, 2021 represented two loans: ● a loan obtained in a subsidiary acquired during the year ended June 30, 2021 with principal amount of SGD1,350,000 (equivalent to RMB6,484,000 on June 30, 2021). The loan bears an interest rate of 3% per annum and as agreed with the lender. As agreed with the lender, the loan is not required to be repaid until certain performance conditions are met by the subsidiary. As of June 30, 2021, such performance conditions were not expected to be met within one year. ● a loan with principal amount of USD20,000 (equivalent to RMB141,000 and RMB128,000 on June 30, 2020 and 2021, respectively) and bearing interest rate of 9% per annum. The loan was with a term of 5 years and will expire in April and December 2022. (iii) The unsecured bank loans outstanding as at June 30, 2020 under current liabilities included the following three loans: ● An unsecured loan of RMB50,000,000 obtained from a bank in the PRC on December 17, 2019, with a term of 1 year and bearing an interest rate of 4.15% per annum; ● An unsecured loan of RMB150,000,000 obtained from a bank in the PRC on March 16, 2020, with maturity date at September 12, 2020 and bearing an interest rate of 3.70% per annum; and ● An unsecured loan of RMB200,000,000 obtained from a bank in the PRC on February 28, 2020, with a term of 1 year and bearing an interest rate of 3.85% per annum. The loan was subject to the fulfilment of covenants relating to certain financial ratios of MINISO Guangzhou. As of June 30, 2020, MINISO Guangzhou did not meet certain financial ratios and the loan has become repayable on demand. The above three loans were fully repaid in July 2020. |
Summary of terms and repayment schedule | As at June 30, 2020 2021 RMB’000 RMB’000 Within 1 year or on demand 401,182 13,669 After 1 year but within 2 years 15,066 442 After 2 years but within 5 years 141 1,297 More than 5 years — 5,186 15,207 6,925 416,389 20,594 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other payables | |
Schedule of trade and other payables | As at June 30, 2020 2021 RMB’000 RMB’000 Trade payables 483,278 624,688 Payroll payable 38,363 63,621 Accrued expenses 108,351 155,698 Other taxes payable 39,936 20,633 Deposits 1,655,763 1,833,516 Amount due to related parties (Note 37(c)) 17,664 7,490 Others 76,440 103,536 2,419,795 2,809,182 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Lease liabilities | |
Schedule of remaining contractual maturities of the Group's lease liabilities | As at June 30, 2020 Present value of the minimum lease Total minimum payments lease payments RMB’000 RMB’000 Within 1 year 224,080 228,249 After 1 year but within 2 years 157,899 168,804 After 2 years but within 5 years 176,028 202,826 After 5 years 44,967 60,748 378,894 432,378 602,974 660,627 Less: total future interest expenses (57,653) Present value of lease liabilities 602,974 fv As at June 30, 2021 Present value of the minimum lease Total minimum payments lease payments RMB’000 RMB’000 Within 1 year 321,268 342,211 After 1 year but within 2 years 203,467 217,229 After 2 years but within 5 years 239,995 277,726 After 5 years 39,682 54,848 483,144 549,803 804,412 892,014 Less: total future interest expenses (87,602) Present value of lease liabilities 804,412 |
Deferred income (Tables)
Deferred income (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Deferred income | |
Schedule of deferred income from depositary bank | As at June 30, 2020 2021 RMB’000 RMB’000 Deferred income from depositary bank Non-current portion — 20,005 Current portion — 6,060 — 26,065 |
Paid-in capital subject to re_2
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights | |
Schedule of movement of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights during the reporting periods | RMB’000 At July 1, 2019 1,701,294 Changes in fair value 680,033 At June 30, 2020 2,381,327 Changes in fair value 1,625,287 Exchange adjustment (42,771) Conversion into Class A ordinary shares upon IPO of the Company (3,963,843) At June 30, 2021 — |
Schedule of key valuation assumptions used to determine the fair value of the paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights | June 30, 2020 June 30, 2021 Weighted average cost of capital 12.7 % — Risk-free interest rate 1.9% - 2.7 % — Discount for lack of marketability (“DLOM”) 8.5 % — Expected volatility 35.7% - 53.0 % — |
Capital and reserves (Tables)
Capital and reserves (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Capital and reserves | |
Summary of analysis of the Company's issued shares | Number of shares Share capital RMB’000 Class A ordinary shares 876,570,233 69 Class B ordinary shares 328,290,482 23 1,204,860,715 92 |
Equity settled share-based pa_2
Equity settled share-based payments (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Equity settled share-based payments | |
Summary on movements in the number of restricted shares granted to employees and the respective weighted-average grant date fair value | Weighted- average Weighted- grant date average fair value Number of exercise price per restricted per restricted restricted shares share share Outstanding as of July 1, 2018 — — — Granted during the year 12,130,664 RMB 1.79 53.67 Forfeited during the year — — — Outstanding as of June 30, 2019 12,130,664 RMB 1.79 53.67 Outstanding as of July 1, 2019 12,130,664 RMB 1.79 53.67 Granted during the year — — — Forfeited under the 2018 Share Award Scheme (784,200) RMB 1.79 53.67 Effect of restricted share split 68,078,784 — — Forfeited under the 2020 Share Award Scheme (201,229) USD 0.036 7.67 Outstanding as of June 30, 2020 79,224,019 USD 0.036 7.67 Outstanding as of July 1, 2020 79,224,019 USD 0.036 7.67 Granted during the year — — — Vested during the year (71,132,744) USD 0.036 7.67 Forfeited during the year (2,335,487) USD 0.036 7.67 Outstanding as of June 30, 2021 5,755,788 USD 0.036 7.67 |
Summary on key assumptions used in determining the fair value of restricted stock | Weighted average cost of capital 15.1 % Risk-free interest rate 3.0 % DLOM 31.3 % Expected volatility N/A |
Summary on option activities | Weighted- Weighted- average Number of average grant date options exercise price fair value US$ per share US$ per share Outstanding at July 1, 2019 — — — Granted 11,035,000 0.036 3.08 Forfeited (21,000) 0.036 3.08 Outstanding at June 30, 2020 11,014,000 0.036 3.08 Exercisable at June 30, 2020 — — — Non-vested at June 30, 2020 11,014,000 0.036 3.08 Outstanding at July 1, 2020 11,014,000 0.036 3.08 Granted 4,703,500 0.036 4.89 Exercised (747,664) 0.036 3.08 Forfeited (2,569,000) 0.036 3.10 Outstanding at June 30, 2021 12,400,836 0.036 3.71 Exercisable at June 30, 2021 1,128,336 0.036 3.08 Non-vested at June 30, 2021 11,272,500 0.036 3.78 |
Summary on key assumptions used in determining the fair value of stock options | Grant date January 16, September 27, 2020 2020 Fair value per share US$3.08 US$4.89 Risk-free interest rate 1.8 % 0.6 % Expected dividend yield 0 % 0 % Expected volatility 33.2 % 35.0 % Expected multiples 2.2 - 2.8 2.2 Contractual life 10 years 9.3 years |
Acquisition of a subsidiary (Ta
Acquisition of a subsidiary (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Acquisition of a subsidiary | |
Summary the recognized amounts of assets acquired and liabilities assumed at the date of acquisition | RMB '000 Property, plant and equipment 1,539 Right-of-use assets 36,632 Inventories 6,775 Trade and other receivables 13,770 Cash and cash equivalents 1,433 Loans and borrowings (21,979) Trade and other payables (12,092) Lease liabilities (38,713) Current taxation (770) Total identifiable net liabilities acquired (13,405) Goodwill arising from the acquisition has been recognized as follows: RMB '000 Consideration transferred 10,257 Share of fair value of identifiable net assets 70 % Goodwill (Note 17) 19,640 |
Financial risk management and_2
Financial risk management and fair values (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Financial Risk Management And Fair Values [Line Items] | |
Schedule of Group's exposure to credit risk and ECLs for trade receivables | As at June 30, 2020 Gross Expected carrying Loss loss rate amount allowance % RMB’000 RMB’000 Current (not past due) 1 % 149,162 (1,790) Less than 90 days past due 6 % 64,526 (3,923) 91 - 270 days past due 12 % 70,088 (8,256) 271 - 450 days past due 50 % 33,771 (16,886) 317,547 (30,855) Additional loss allowance due to specific consideration on certain distributors 12,328 (12,328) 329,875 (43,183) As at June 30, 2021 Gross Expected carrying Loss loss rate amount allowance % RMB’000 RMB’000 Current (not past due) 2 % 236,210 (4,827) Less than 90 days past due 5 % 38,141 (1,907) 91 - 270 days past due 12 % 27,838 (3,341) 271 - 450 days past due 26 % 25,055 (6,514) 451 - 810 days past due 58 % 10,347 (6,001) More than 810 days past due 100 % 19,205 (19,205) 356,796 (41,795) Additional loss allowance due to specific consideration on certain distributors 18,032 (18,032) 374,828 (59,827) |
Schedule of movement in the loss allowance account in respect of trade receivables | RMB’000 Balance at July 1, 2019 (91,726) Amounts written off during the year 73,431 Credit loss recognized during the year (24,239) Exchange adjustment (649) Balance at June 30, 2020 (43,183) Amounts written off during the year — Credit loss recognized during the year (19,870) Exchange adjustment 3,226 Balance at June 30, 2021 (59,827) |
Schedule of remaining contractual maturities at the end of the years presented of the Group's financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contracted rates or, if floating, based on rates current at the end of the year presented) and the earliest date the Group can be required to pay | As at June 30, 2020 2021 RMB’000 RMB’000 Within 1 year or on demand 401,182 13,669 After 1 year but within 2 years 15,066 442 After 2 years but within 5 years 141 1,297 More than 5 years — 5,186 15,207 6,925 416,389 20,594 |
Schedule of interest rate profile of the Group's loans and borrowings and cash and cash equivalents | Interest rates Interest rates % As at June 30, % As at June 30, 2020 2021 RMB‘000 RMB‘000 Fixed rate instrument: Loans and borrowings 0%~9% (416,389) 0%~9% (20,594) (416,389) (20,594) Variable rate instrument: Cash at bank (Note 23) 0%~5% 2,853,501 0%~3% 6,771,104 2,853,501 6,771,104 |
Schedule of exposure to foreign currencies | Exposure to foreign currencies (Expressed in thousands of Renminbi) As at June 30, 2020 United States Hong Kong Dollars Euros Dollars Others RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 11,036 800 629 — Cash and cash equivalents 669,992 2,557 2,886 320 Trade and other payables (15,026) (5,468) (29,241) (1,233) Loans and borrowings (141) — — — Net exposure arising from recognized assets and liabilities 665,861 (2,111) (25,726) (913) Exposure to foreign currencies (Expressed in thousands of Renminbi) As at June 30, 2021 United States Hong Kong Dollars Euros Dollars Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 20,423 — — — 1,818 Cash and cash equivalents 402,563 19,927 2,728 601,491 1,306 Trade and other payables (24,760) (4,526) (23,968) — (17) Loans and borrowings (6,613) — — — — Net exposure arising from recognized assets and liabilities 391,613 15,401 (21,240) 601,491 3,107 |
Schedule of Group's financial assets that are measured at fair value | Fair value at Fair value measurements as at June 30, June 30, 2020 categorized into 2020 Level 1 Level 2 Level 3 RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurement Liabilities: —Redeemable shares with other preferential rights (i) 2,381,327 — — 2,381,327 Fair value at Fair value measurements as at June 30, June 30, 2021 categorized into 2021 Level 1 Level 2 Level 3 RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurement Assets: —Other investments (ii) 102,968 — 102,968 — |
Schedule of movements during the year in the balance of the Level 3 fair value measurements | RMB’000 Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights: At July 1, 2019 1,701,294 Changes in fair value recognized in profit or loss during the year 680,033 At June 30, 2020 2,381,327 Changes in fair value recognized in profit or loss during the year 1,625,287 Exchange adjustment (42,771) Conversion into Class A ordinary shares upon IPO of the Company (3,963,843) At June 30, 2021 — Total gains or losses for the year ended June 30, 2020 included in profit or loss for liabilities 680,033 Total gains or losses for the year ended June 30, 2021 included in profit or loss for liabilities 1,625,287 |
Currency risk | |
Disclosure Of Financial Risk Management And Fair Values [Line Items] | |
Schedule of instantaneous change in the Group's profit after tax (and retained profits) and other components of consolidated equity that would arise if foreign exchange rates to which the Group has significant exposure at the end of each reporting period had changed at that date, assuming all other risk variables remained constant | As at June 30, 2020 As at June 30, 2021 Effect on Effect on Increase / loss for the Increase / loss for the (decrease) in year and (decrease) in year and foreign accumulated foreign accumulated exchange rates losses exchange rates losses RMB’000 RMB’000 United States Dollars 1 % 5,552 1 % 3,242 (1) % (5,552) (1) % (3,242) Euros 1 % (21) 1 % 128 (1) % 21 (1) % (128) Hong Kong Dollars 1 % (257) 1 % (177) (1) % 257 (1) % 177 Renminbi — — 1 % 6,015 — — (1) % (6,015) Others 1 % (10) 1 % 27 (1) % 10 (1) % (27) |
Liquidity risk | |
Disclosure Of Financial Risk Management And Fair Values [Line Items] | |
Schedule of remaining contractual maturities at the end of the years presented of the Group's financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contracted rates or, if floating, based on rates current at the end of the year presented) and the earliest date the Group can be required to pay | More More than 1 than 2 Carrying Within year but years but More amount at 1 year or less than less than than 5 June 30, on demand 2 years 5 years years Total 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other payables 2,419,795 — — — 2,419,795 2,419,795 Loans and borrowings 408,568 15,154 147 — 423,869 416,389 Lease liabilities 228,249 168,804 202,826 60,748 660,627 602,974 3,056,612 183,958 202,973 60,748 3,504,291 3,439,158 More More than 1 than 2 Carrying Within year but years but More amount at 1 year or less than less than than 5 June 30, on demand 2 years 5 years years Total 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other payables 2,809,182 — — — 2,809,182 2,809,182 Loans and borrowings 13,944 641 1,880 5,770 22,235 20,594 Lease liabilities 342,211 217,229 277,726 54,848 892,014 804,412 3,165,337 217,870 279,606 60,618 3,723,431 3,634,188 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Commitments | |
Summary of capital commitments outstanding not provided for in the financial statements | As at June 30, 2020 2021 RMB’000 RMB’000 Contracted purchase of software 13,531 5,182 Contracted purchase of property — 101,779 Contracted purchase of property improvements — 21,679 13,531 128,640 |
Material related party transa_2
Material related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Material related party transactions | |
Schedule of major related parties and their relationships | Name of related parties Relationship with the Group Mr. Ye Guofu Controlling shareholder Mr. Li Minxin Shareholder and a member of the key management personnel of the Group MINI Investment Holding Limited Under common control of the controlling shareholder Shanghai Kerong Networks Limited Significantly influenced of the controlling shareholder Shenzhen Zhizhi Brand Incubation Limited Significantly influenced of the controlling shareholder Miniso Lifestyle Nigeria Limited * Under common control of the controlling shareholder MINISO Lifestyle Proprietary Limited * Under common control of the controlling shareholder YGF MC LIMITED Under common control of the controlling shareholder Minihome Hong Kong Limited * Under common control of the controlling shareholder Wow Color Beauty Guangdong Technology Limited Under common control of the controlling shareholder Nome Design Guangzhou Limited * Under common control of the controlling shareholder Haydon (Shanghai) Technology Co., Ltd. Under common control of the controlling shareholder Miniso Technology (Guangzhou) Co., Ltd. Under common control of the controlling shareholder 199 Global Holding (Guangzhou) Limited Under common control of the controlling shareholder Mingyou Industrial Investment (Guangzhou) Limited Under common control of the controlling shareholder Guangzhou Chuyunju Catering Service Co., Ltd. Under common control of the controlling shareholder Note: * MINISO Lifestyle Proprietary Limited, Miniso Lifestyle Nigeria Limited, Minihome Hong Kong Limited and Nome Design Guangzhou Limited were subsidiaries of the Group prior to January 2020. They were sold to companies ultimately owned by Mr. Ye Guofu during the period from December 2019 to February 2020, respectively and become related parties of the Group since then (see Note 5). (b) Transactions with related parties |
Schedule of Key management personnel compensation | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Short-term employee benefits 7,832 5,431 8,795 Employee compensation expense (Note 8(i) and Note 32) — 4,771 — Equity-settled share-based payment expenses (Note 32) 28,574 79,021 39,727 36,406 89,223 48,522 |
Schedule of transactions with related parties | For the year ended June 30, 2019 2020 2021 RMB’000 RMB’000 RMB’000 Continuing operations Proceeds from repayment from the controlling shareholder —Mr. Ye Guofu (i) 269,934 297,105 — Liabilities waived by the controlling shareholder —Mr. Ye Guofu (ii) 5,040 — — Cash advances to related parties —MINI Investment Holding Limited (iii) 9,508 — — —Mr. Ye Guofu (iv) — 101,462 — —Nome Design Guangzhou Limited (v) — 5,205 — Proceeds from repayment from related parties —MINI Investment Holding Limited (iii) — — 9,508 —Nome Design Guangzhou Limited (v) — — 5,205 Repayment to the controlling shareholder —Mr. Ye Guofu (vi) — — 11,946 Sales of lifestyle products —Miniso Lifestyle Nigeria Limited — 201 5,312 —Miniso Technology (Guangzhou) Co., Ltd. — — 1,271 Provision of information technology support and consulting services —Haydon (Shanghai) Technology Co., Ltd. (vii) — — 3,050 —Wow Color Beauty Guangdong Technology Limited (vii) — — 9,912 Purchase of lifestyle products —Shanghai Kerong Networks Limited 191,232 177,367 38,148 —Shenzhen Zhizhi Brand Incubation Limited 97,298 52,385 22,220 —Wow Color Beauty Guangdong Technology Limited — 13,339 19 —Nome Design Guangzhou Limited — 648 581 —Haydon (Shanghai) Technology Co., Ltd. — — 894 —199 Global Holding (Guangzhou) Limited — — 135 Advanced payments received for purchase of lifestyle products —Miniso Lifestyle Nigeria Limited (viii) — 4,005 — Provision of guarantee for a subsidiary of the equity-accounted investee —Mingyou Industrial Investment (Guangzhou) Limited (ix) — — 160,000 Purchase of catering services —Guangzhou Chuyunju Catering Service Co., Ltd. (x) 6,108 10,241 8,334 Discontinued operations Repayment of loans from the controlling shareholder —Mr. Ye Guofu (xi) 130,441 — — Interest incurred on loans from the controlling shareholder —Mr. Ye Guofu (xi) 5,014 — — Disposal of discontinued operations to —YGF MC LIMITED — * — * — —Minihome Hong Kong Limited — * — * — —MINI Investment Holding Limited — * — * — |
Schedule of balances with related parties | As at June 30, 2020 2021 RMB’000 RMB’000 Included in trade and other receivables from related parties: —MINI Investment Holding Limited 9,508 — —Nome Design (Guangzhou) Co., Ltd. 4,557 — —YGF MC LIMITED — * — —Minihome Hong Kong Limited — * — —Haydon (Shanghai) Technology Co., Ltd. — 795 —Wow Color Beauty Guangdong Technology Limited — 996 14,065 1,791 Included in trade and other payables to related parties: —Mr. Ye Guofu 11,946 — —Shanghai Kerong Networks Limited 3,164 1,438 —Shenzhen Zhizhi Brand Incubation Limited 1,568 1,135 —Wow Color Beauty Guangdong Technology Limited 986 — —Haydon (Shanghai) Technology Co., Ltd. — 1,010 —199 Global Holding (Guangzhou) Limited — 94 —Guangzhou Chuyunju Catering Service Co., Ltd. — 3,813 17,664 7,490 Included in contract liabilities: —Miniso Lifestyle Nigeria Limited 3,798 — 3,798 — Note: * The amounts represented considerations receivable in connection with the disposal of discontinued operations, which were each less |
Company level financial infor_2
Company level financial information (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Company level financial information | |
Summary of condensed statement of profit or loss | For the period from January 7, 2020 (date of incorporation) For the to June 30, year ended 2020 June 30, 2021 RMB’000 RMB'000 Other income — 4,274 General and administrative expenses (37) (9,734) Other net income 1,091 52,056 Operating profit 1,054 46,596 Finance income — 1,030 Finance costs — (2) Net finance income — 1,028 Fair value changes of redeemable shares with other preferential rights / redeemable shares with other preferential rights 151,733 (1,625,287) Share of loss of an equity-accounted investee, net of tax — (4,011) Profit / (loss) before taxation 152,787 (1,581,674) Income tax expense — — Profit / (loss) for the period / year 152,787 (1,581,674) |
Summary of condensed statement of profit or loss and other comprehensive income | For the period from January 7, 2020 (date of For the incorporation) to year ended June 30, 2020 June 30, 2021 RMB’000 RMB’000 Profit / (loss) for the period / year 152,787 (1,581,674) Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of the Company 13,606 (191,443) Other comprehensive income / (loss) for the period / year 13,606 (191,443) Total comprehensive income / (loss) for the period / year 166,393 (1,773,117) |
Summary of condensed statement of financial position | Note As at June 30, 2020 2021 RMB’000 RMB’000 ASSETS Non-current assets Interest in an equity-accounted investee — 352,062 Investments in subsidiaries —Cost-accounted investments in subsidiaries — * — * —Amounts due from subsidiaries 988,252 3,887,724 988,252 4,239,786 Current assets Other receivables 7,082 3,031 Cash and cash equivalents 153,889 925,638 160,971 928,669 Total assets 1,149,223 5,168,455 EQUITY Share capital 31(a) 69 92 Additional paid-in capital 31(a) 162,373 8,289,160 Other reserves (1,547,333) (1,721,689) Retained earnings / (accumulated losses) 152,787 (1,428,887) Total (deficit) / equity (1,232,104) 5,138,676 LIABILITIES Non-current liabilities Redeemable shares with other preferential rights 2,381,327 — Deferred income — 20,005 2,381,327 20,005 Current liabilities Other payables — 3,714 Deferred income — 6,060 — 9,774 Total liabilities 2,381,327 29,779 Total equity and liabilities 1,149,223 5,168,455 Note: * The amount was less than RMB1,000. |
Summary of condensed statement of cash flow | For the period from January 7, 2020 (date of For the incorporation) to year ended June 30, 2020 June 30, 2021 RMB’000 RMB’000 Net cash (used in) / from operating activities (36) 28,366 Net cash used in investing activities (972,092) (3,432,692) Net cash from financing activities 1,127,145 4,181,655 Net increase in cash and cash equivalents 155,017 777,329 Cash and cash equivalents at beginning of the period / year — 153,889 Effect of movements in exchange rates on cash held (1,128) (5,580) Cash and cash equivalents at end of the period / year 153,889 925,638 |
Standards issued but not yet _2
Standards issued but not yet effective (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Standards issued but not yet effective | |
Summary of amended standards and interpretations are not expected to have a significant impact on the Group's consolidated financial statements | Effective for accounting periods beginning on or after —Interest rate benchmark reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) January 1, 2021 —Onerous contracts – Cost of fulfilling a contract (Amendments to IAS 37) January 1, 2022 —Annual improvements to IFRS standards 2018-2020 January 1, 2022 —Property, plant and equipment: Proceeds before intended use (Amendments to IAS16) January 1, 2022 —Reference to the conceptual framework (Amendments to IFRS 3) January 1, 2022 —Classification of liabilities as current or non-current (Amendments to IAS 1) January 1, 2023 —IFRS 17, Insurance contracts January 1, 2023 |
General information and basis_3
General information and basis of preparation - Reorganization of the China Business (Details) | Jan. 07, 2020shares | Jun. 30, 2021item | Nov. 30, 2018item |
MINISO Corporation (the "predecessor entity") | |||
General information, reorganization and basis of presentation | |||
Number of shares issued during the period | shares | 4 | ||
Number of subsidiaries of the predecessor entity | 2 | ||
MINISO Guangzhou | |||
General information, reorganization and basis of presentation | |||
Number of subsidiaries acquired from the predecessor entity | 2 | ||
Percentage of equity interest in the Other Entities acquired | 100 |
General information and basis_4
General information and basis of preparation - Net assets distributed in connection with the reorganization (Details) - CNY (¥) | Dec. 01, 2018 | Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 |
Current assets: | ||||
Amounts due from the controlling shareholder | ¥ 1,791,000 | ¥ 14,065,000 | ||
Other receivables | 58,278,000 | 36,090,000 | ||
Non-current assets: | ||||
Intangible assets | 61,005,000 | 69,091,000 | ||
Total assets | 10,705,030,000 | 5,836,251,000 | ||
Liabilities | ||||
Other payables | 103,536,000 | 76,440,000 | ||
Current taxation | 65,757,000 | 46,299,000 | ||
Total liabilities | ¥ 4,052,876,000 | ¥ 6,159,297,000 | ||
Net assets distributed in connection with the Reorganization | ¥ 493,860,000 | |||
Reorganization | ||||
Current assets: | ||||
Amounts due from the controlling shareholder | ¥ 501,799,000 | |||
Other receivables | 9,392,000 | |||
Non-current assets: | ||||
Intangible assets | 916,000 | |||
Total assets | 512,107,000 | |||
Liabilities | ||||
Other payables | 12,950,000 | |||
Current taxation | 5,297,000 | |||
Total liabilities | 18,247,000 | |||
Net assets distributed in connection with the Reorganization | ¥ 493,860,000 |
General information and basis_5
General information and basis of preparation - Additional information (Details) - CNY (¥) | 1 Months Ended | |||||
May 31, 2019 | Jun. 30, 2021 | Mar. 11, 2021 | Mar. 18, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | |
General information, reorganization and basis of presentation | ||||||
Aggregate consideration for acquisition | ¥ 10,257,000 | ¥ 10,257,000 | ||||
Equity interests acquired | 70.00% | |||||
Threshold period to dispose businesses | 1 year | |||||
Overseas Entities | MINISO HK | ||||||
General information, reorganization and basis of presentation | ||||||
Aggregate consideration for acquisition | ¥ 133,394,000 | ¥ 133,394,000 | ||||
MINISO Guangzhou | MINISO Development Hong Kong Limited [Member] | ||||||
General information, reorganization and basis of presentation | ||||||
Equity interests acquired | 100.00% |
General information and basis_6
General information and basis of preparation - Subsidiaries (Details) | 12 Months Ended |
Jun. 30, 2021 | |
MINISO Universal Holding Limited | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
MINISO Global Holding Limited | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
MINISO Development HK | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
MINISO Investment Hong Kong Limited | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
MINISO Guangzhou | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
MINISO (Hengqin) Enterprise Management Co., Ltd. | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
MINISO International (Guangzhou) Co., Ltd. | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
MINISO Youxuan Technology (Guangzhou) Co., Ltd. | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
MINISO HK | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
Pt. MINISO Lifestyle Trading Indonesia | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 67.00% |
MINISO Life Style Private Limited | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
USA MINISO Depot Inc. | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
MIHK Management Inc. | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
TOP TOY (Guangdong) Technology Co., Ltd. | |
General information, reorganization and basis of presentation | |
Group's effective interest (direct or indirect) | 100.00% |
Significant accounting polici_4
Significant accounting policies - Property, plant and equipment (Details) | 12 Months Ended |
Jun. 30, 2021 | |
Maximum | Office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 5 years |
Maximum | Store operating equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 5 years |
Maximum | Motor vehicles | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 5 years |
Minimum | Office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 2 years |
Minimum | Store operating equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 2 years |
Minimum | Motor vehicles | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 3 years |
Significant accounting polici_5
Significant accounting policies - Intangible assets (Details) | 12 Months Ended |
Jun. 30, 2021 | |
Software | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives of intangible assets | 5 years |
Significant accounting polici_6
Significant accounting policies - Additional information (Details) ¥ in Thousands | 12 Months Ended |
Jun. 30, 2021CNY (¥) | |
Credit losses and impairment of assets | |
Impairment loss recognized in prior periods | ¥ 0 |
Segment reporting - Additional
Segment reporting - Additional information (Details) - segment | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment reporting | |||
Number of reportable segments | 2 | 4 | 4 |
Segment reporting - Segment inf
Segment reporting - Segment information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of operating segments [line items] | |||
External revenues | ¥ 9,071,659 | ¥ 8,978,986 | ¥ 9,394,911 |
Segment profit / (loss) before tax | (1,216,192) | 80,818 | 289,004 |
Finance income | 40,433 | 25,608 | 7,311 |
Finance costs | (28,362) | (31,338) | (25,209) |
Depreciation and amortisation expense | (265,019) | (268,669) | (191,778) |
- credit loss on trade and other receivables | (20,832) | (25,366) | (90,124) |
- impairment loss on non-current assets | (2,941) | (36,844) | (27,542) |
Segment assets | 10,705,030 | 5,836,251 | |
Segment liabilities | 4,052,876 | 6,159,297 | |
Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | (123,511) | (47,317) | (91,450) |
Reportable segments | |||
Disclosure of operating segments [line items] | |||
Segment profit / (loss) before tax | 354,550 | 575,919 | 665,306 |
Finance income | 38,867 | 25,189 | 8,127 |
Finance costs | (28,345) | (32,997) | (30,893) |
Depreciation and amortisation expense | (263,950) | (271,017) | (201,760) |
- credit loss on trade and other receivables | (20,815) | (68,827) | (125,595) |
- impairment loss on non-current assets | (2,941) | (41,059) | (82,947) |
Segment assets | 10,188,040 | 5,727,281 | |
Segment liabilities | 3,995,757 | 3,732,134 | |
Reportable segments | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 8,841,998 | 9,051,833 | 9,728,211 |
Segment profit / (loss) before tax | 354,550 | 575,919 | 665,306 |
Segment assets | 10,188,040 | 5,727,281 | |
Segment liabilities | 3,995,757 | 3,732,134 | |
Reportable segments | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 8,834,188 | 9,004,566 | 9,641,960 |
Reportable segments | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 7,810 | 47,267 | 86,251 |
MINISO brand (excluding Africa and Germany) | |||
Disclosure of operating segments [line items] | |||
Segment profit / (loss) before tax | 716,759 | 962,382 | |
Finance income | 24,842 | 7,210 | |
Finance costs | (31,273) | (25,198) | |
Depreciation and amortisation expense | (268,359) | (191,627) | |
- credit loss on trade and other receivables | (25,357) | (90,124) | |
- impairment loss on non-current assets | (36,844) | (27,542) | |
Segment assets | 5,727,281 | ||
Segment liabilities | 3,732,134 | ||
MINISO brand (excluding Africa and Germany) | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 8,762,507 | 9,179,083 | |
MINISO brand (excluding Africa and Germany) | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 8,721,620 | 9,143,883 | |
MINISO brand (excluding Africa and Germany) | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 40,887 | 35,200 | |
MINISO brand in Africa and Germany (discontinued)* | |||
Disclosure of operating segments [line items] | |||
Segment profit / (loss) before tax | (29,884) | (69,620) | |
Finance income | 92 | 743 | |
Finance costs | (1,616) | (5,572) | |
Depreciation and amortisation expense | (4,350) | ||
- credit loss on trade and other receivables | (2) | ||
- impairment loss on non-current assets | (33,269) | ||
MINISO brand in Africa and Germany (discontinued)* | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 80,746 | 162,966 | |
MINISO brand in Africa and Germany (discontinued)* | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 80,746 | 159,764 | |
MINISO brand in Africa and Germany (discontinued)* | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 3,202 | ||
NOME brand (discontinued)* | |||
Disclosure of operating segments [line items] | |||
Segment profit / (loss) before tax | (98,308) | (148,449) | |
Finance income | 250 | 156 | |
Finance costs | (108) | (123) | |
Depreciation and amortisation expense | (828) | (1,836) | |
- credit loss on trade and other receivables | (43,470) | (35,469) | |
- impairment loss on non-current assets | (1,059) | (11,835) | |
NOME brand (discontinued)* | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 193,426 | 355,022 | |
NOME brand (discontinued)* | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 187,046 | 307,173 | |
NOME brand (discontinued)* | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 6,380 | 47,849 | |
Minihome brand (discontinued)* | |||
Disclosure of operating segments [line items] | |||
Segment profit / (loss) before tax | (12,648) | (79,007) | |
Finance income | 5 | 18 | |
Depreciation and amortisation expense | (1,830) | (3,947) | |
- impairment loss on non-current assets | (3,156) | (10,301) | |
Minihome brand (discontinued)* | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 15,154 | 31,140 | |
Minihome brand (discontinued)* | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 15,154 | 31,140 | |
MINISO brand | |||
Disclosure of operating segments [line items] | |||
Segment profit / (loss) before tax | 378,926 | ||
Finance income | 38,858 | ||
Finance costs | (26,324) | ||
Depreciation and amortisation expense | (252,721) | ||
- credit loss on trade and other receivables | (20,208) | ||
- impairment loss on non-current assets | (1,850) | ||
Segment assets | 9,873,002 | ||
Segment liabilities | 3,662,661 | ||
MINISO brand | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 8,737,925 | ||
MINISO brand | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 8,735,947 | ||
MINISO brand | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 1,978 | ||
TOP TOY brand | |||
Disclosure of operating segments [line items] | |||
Segment profit / (loss) before tax | (24,376) | ||
Finance income | 9 | ||
Finance costs | (2,021) | ||
Depreciation and amortisation expense | (11,229) | ||
- credit loss on trade and other receivables | (607) | ||
- impairment loss on non-current assets | (1,091) | ||
Segment assets | 315,038 | ||
Segment liabilities | 333,096 | ||
TOP TOY brand | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 104,073 | ||
TOP TOY brand | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 98,241 | ||
TOP TOY brand | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 5,832 | ||
Other segment | |||
Disclosure of operating segments [line items] | |||
Segment profit / (loss) before tax | 58,556 | 44,092 | 36,402 |
Finance income | 1,566 | 766 | 101 |
Finance costs | (17) | (65) | (11) |
Depreciation and amortisation expense | (1,069) | (310) | (151) |
- credit loss on trade and other receivables | (17) | (9) | |
Segment assets | 164,928 | 108,970 | |
Segment liabilities | 57,119 | 45,836 | |
Other segment | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 353,172 | 257,416 | 256,227 |
Segment profit / (loss) before tax | 58,556 | 44,092 | 36,402 |
Segment assets | 164,928 | 108,970 | |
Segment liabilities | 57,119 | 45,836 | |
Other segment | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 237,471 | 257,366 | 251,028 |
Other segment | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 115,701 | 50 | 5,199 |
Reportable and other segments before elimination of discontinued operations | |||
Disclosure of operating segments [line items] | |||
Segment profit / (loss) before tax | 413,106 | 620,011 | 701,708 |
Finance income | 40,433 | 25,955 | 8,228 |
Finance costs | (28,362) | (33,062) | (30,904) |
Depreciation and amortisation expense | (265,019) | (271,327) | (201,911) |
- credit loss on trade and other receivables | (20,832) | (68,836) | (125,595) |
- impairment loss on non-current assets | (2,941) | (41,059) | (82,947) |
Segment assets | 10,352,968 | 5,836,251 | |
Segment liabilities | 4,052,876 | 3,777,970 | |
Reportable and other segments before elimination of discontinued operations | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 9,195,170 | 9,309,249 | 9,984,438 |
Reportable and other segments before elimination of discontinued operations | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 9,071,659 | 9,261,932 | 9,892,988 |
Reportable and other segments before elimination of discontinued operations | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | ¥ 123,511 | ¥ 47,317 | ¥ 91,450 |
Segment reporting - Reconciliat
Segment reporting - Reconciliation of information on reportable segments (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of operating segments [line items] | |||
Revenue | ¥ 9,071,659 | ¥ 8,978,986 | ¥ 9,394,911 |
Profit / (loss) before taxation | (1,216,192) | 80,818 | 289,004 |
Assets | 10,705,030 | 5,836,251 | |
Liabilities | 4,052,876 | 6,159,297 | |
Finance income | 40,433 | 25,608 | 7,311 |
Finance costs | (28,362) | (31,338) | (25,209) |
Depreciation and amortisation expense | (265,019) | (268,669) | (191,778) |
Credit loss on trade and other receivables | (20,832) | (25,366) | (90,124) |
Impairment loss on non-current assets | (2,941) | (36,844) | (27,542) |
Reportable segments | |||
Disclosure of operating segments [line items] | |||
Profit / (loss) before taxation | 354,550 | 575,919 | 665,306 |
Assets | 10,188,040 | 5,727,281 | |
Liabilities | 3,995,757 | 3,732,134 | |
Finance income | 38,867 | 25,189 | 8,127 |
Finance costs | (28,345) | (32,997) | (30,893) |
Depreciation and amortisation expense | (263,950) | (271,017) | (201,760) |
Credit loss on trade and other receivables | (20,815) | (68,827) | (125,595) |
Impairment loss on non-current assets | (2,941) | (41,059) | (82,947) |
Other segment | |||
Disclosure of operating segments [line items] | |||
Profit / (loss) before taxation | 58,556 | 44,092 | 36,402 |
Assets | 164,928 | 108,970 | |
Liabilities | 57,119 | 45,836 | |
Finance income | 1,566 | 766 | 101 |
Finance costs | (17) | (65) | (11) |
Depreciation and amortisation expense | (1,069) | (310) | (151) |
Credit loss on trade and other receivables | (17) | (9) | |
Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
Revenue | (123,511) | (47,317) | (91,450) |
Fair value changes of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights | |||
Disclosure of operating segments [line items] | |||
Profit / (loss) before taxation | (1,625,287) | (680,033) | (709,780) |
Share of loss of an equity-accounted investee, net of tax | |||
Disclosure of operating segments [line items] | |||
Profit / (loss) before taxation | (4,011) | ||
Interest in an equity-accounted investee | |||
Disclosure of operating segments [line items] | |||
Assets | 352,062 | ||
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights | |||
Disclosure of operating segments [line items] | |||
Liabilities | 2,381,327 | ||
Segment revenue | Reportable segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 8,841,998 | 9,051,833 | 9,728,211 |
Profit / (loss) before taxation | 354,550 | 575,919 | 665,306 |
Assets | 10,188,040 | 5,727,281 | |
Liabilities | 3,995,757 | 3,732,134 | |
Segment revenue | Other segment | |||
Disclosure of operating segments [line items] | |||
Revenue | 353,172 | 257,416 | 256,227 |
Profit / (loss) before taxation | 58,556 | 44,092 | 36,402 |
Assets | 164,928 | 108,970 | |
Liabilities | ¥ 57,119 | 45,836 | |
Discontinued operations | |||
Disclosure of operating segments [line items] | |||
Revenue | (282,946) | (498,077) | |
Finance income | (917) | ||
Finance costs | 5,695 | ||
Depreciation and amortisation expense | 10,133 | ||
Credit loss on trade and other receivables | 35,471 | ||
Impairment loss on non-current assets | 55,405 | ||
Discontinued operations | |||
Disclosure of operating segments [line items] | |||
Revenue | 282,946 | 498,077 | |
Profit / (loss) before taxation | 140,840 | 297,076 | |
Finance income | 347 | ||
Finance costs | 1,724 | ||
Depreciation and amortisation expense | 2,658 | ||
Credit loss on trade and other receivables | 43,470 | ||
Impairment loss on non-current assets | 4,215 | ||
Discontinued operations | Reportable segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 289,326 | 549,128 | |
Discontinued operations | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
Revenue | ¥ (6,380) | ¥ (51,051) |
Segment reporting - Geographic
Segment reporting - Geographic information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of geographical areas [line items] | |||
Revenue | ¥ 9,071,659 | ¥ 8,978,986 | ¥ 9,394,911 |
Non-current assets | 1,198,910 | 660,020 | |
Discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | (282,946) | (498,077) | |
Discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 282,946 | 498,077 | |
the PRC | |||
Disclosure of geographical areas [line items] | |||
Revenue | 7,291,219 | 6,044,100 | 6,363,998 |
Non-current assets | 902,793 | 312,873 | |
the PRC | Continuing and discontinuing operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 7,291,219 | 6,246,301 | 6,702,311 |
the PRC | Discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 202,201,000 | 338,313,000 | |
Other Asian countries excluding the PRC | |||
Disclosure of geographical areas [line items] | |||
Revenue | 961,622 | 1,428,035 | 1,738,348 |
Non-current assets | 82,414 | 62,272 | |
Other Asian countries excluding the PRC | Continuing and discontinuing operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 961,622 | 1,428,035 | 1,738,348 |
America | |||
Disclosure of geographical areas [line items] | |||
Revenue | 584,630 | 1,221,058 | 1,049,334 |
Non-current assets | 191,304 | 265,131 | |
America | Continuing and discontinuing operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 584,630 | 1,221,058 | 1,049,334 |
Europe | |||
Disclosure of geographical areas [line items] | |||
Revenue | 117,214 | 172,169 | 124,600 |
Non-current assets | 22,399 | 19,744 | |
Europe | Continuing and discontinuing operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 117,214 | 183,480 | 137,822 |
Europe | Discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 11,311,000 | 13,222,000 | |
Others | |||
Disclosure of geographical areas [line items] | |||
Revenue | 116,974 | 113,624 | 118,631 |
Others | Continuing and discontinuing operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | ¥ 116,974 | 183,058 | 265,173 |
Others | Discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | ¥ 69,434,000 | ¥ 146,542,000 |
Discontinued operations (Detail
Discontinued operations (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | 3 Months Ended | 5 Months Ended | |
Jan. 31, 2020 | May 31, 2019 | Mar. 31, 2020 | Apr. 30, 2020 | |
Discontinued operations. | ||||
Threshold period to dispose the NOME Business, Minihome Business, MINISO African Business and MINISO German Business | 1 year | |||
Aggregate share value of consideration | ¥ 1 | ¥ 4 | ¥ 7 |
Discontinued operations - Resul
Discontinued operations - Results of discontinued operations (Details) - CNY (¥) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenue | ¥ 9,071,659,000 | ¥ 8,978,986,000 | ¥ 9,394,911,000 |
External expenses | (6,640,973,000) | (6,246,488,000) | (6,883,931,000) |
Operating profit | 401,035,000 | 766,581,000 | 1,016,682,000 |
Income tax | (6,754,000) | ||
Loss from discontinued operations, net of tax | (130,045,000) | (303,830,000) | |
Inter-segment revenue | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenue | (123,511,000) | (47,317,000) | (91,450,000) |
Discontinued operations | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenue | 282,946,000 | 498,077,000 | |
External expenses | (423,786,000) | (795,153,000) | |
Operating profit | (140,840,000) | (297,076,000) | |
Income tax | (6,754,000) | ||
Results from operating activities, net of tax | (140,840,000) | (303,830,000) | |
Gain on disposal of subsidiaries | ¥ 10,795,000 | 10,795,000 | |
Loss from discontinued operations, net of tax | ¥ (130,045,000) | ¥ (303,830,000) | |
Basic | ¥ (0.14) | ¥ (0.33) | |
Diluted | ¥ (0.14) | ¥ (0.33) | |
Discontinued operations | Inter-segment revenue | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenue | ¥ (6,380,000) | ¥ (51,051,000) | |
Discontinued operations | Reportable segments | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenue | 289,326,000 | 549,128,000 | |
External expenses | ¥ (423,786,000) | ¥ (795,153,000) |
Discontinued operations - Cash
Discontinued operations - Cash flows used in discontinued operations (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows used in discontinued operations | ||
Net cash used in operating activities | ¥ (68,063) | ¥ (322,186) |
Net cash used in investing activities | (7,117) | (23,662) |
Net cash (used in) / from financing activities | 10,468 | (153,741) |
Net cash flows for the year | ¥ (64,712) | ¥ (499,589) |
Discontinued operations - Effec
Discontinued operations - Effect of disposal of financial position (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Property, plant and equipment | ¥ 76,316 | ¥ 88,062 |
Inventories | 1,496,061 | 1,395,674 |
Cash and cash equivalents | 6,771,653 | 2,853,980 |
Loans and borrowings, carrying amount | (20,594) | (416,389) |
Lease liabilities | (804,412) | (602,974) |
Minimum. | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Considerations received in cash | 1,000 | |
Discontinued operations | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Property, plant and equipment | 1,470 | |
Inventories | 104,616 | |
Trade and other receivables | 61,355 | |
Cash and cash equivalents | 75,552 | |
Loans and borrowings, carrying amount | (14,513) | |
Trade and other payables | (196,779) | |
Lease liabilities | (41,944) | |
Net liabilities | (10,243) | |
Effect of translation difference of foreign operations | (552) | |
Net gain on disposal of subsidiaries | (10,795) | ¥ (10,795) |
Cash and cash equivalents disposed of | (75,552) | |
Net cash outflow | ¥ (75,552) |
Revenue - Disaggregated revenue
Revenue - Disaggregated revenue (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ¥ 9,071,659 | ¥ 8,978,986 | ¥ 9,394,911 |
-Sales of lifestyle products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 8,036,676 | 8,055,414 | 8,464,669 |
- Retail sales in self-operated stores | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 323,775 | 364,638 | 290,787 |
- Product sales to franchisees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 5,506,365 | 4,584,288 | 4,957,273 |
- Sales to distributors | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 1,509,840 | 2,683,829 | 3,067,207 |
- Online sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 663,197 | 308,455 | 138,284 |
- Other sales channels | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 33,499 | 114,204 | 11,118 |
-License fees, sales-based royalties, and sales-based management and consultation service fees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 658,378 | 587,644 | 612,602 |
- License fees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 72,392 | 78,469 | 27,223 |
- Sales-based royalties | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 97,848 | 82,444 | 94,374 |
- Sales-based management and consultation service fees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 488,138 | 426,731 | 491,005 |
-Others | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ¥ 376,605 | ¥ 335,928 | ¥ 317,640 |
Revenue - Franchisees and distr
Revenue - Franchisees and distributors (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ¥ 9,071,659 | ¥ 8,978,986 | ¥ 9,394,911 |
Products transferred at a point of time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 8,413,281 | 8,391,342 | 8,782,309 |
Services transferred over time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 658,378 | 587,644 | 612,602 |
the PRC | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 7,291,219 | 6,044,100 | 6,363,998 |
Other Asian countries excluding the PRC | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 961,622 | 1,428,035 | 1,738,348 |
America | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 584,630 | 1,221,058 | 1,049,334 |
Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 117,214 | 172,169 | 124,600 |
Others | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ¥ 116,974 | ¥ 113,624 | ¥ 118,631 |
Revenue - Contract liabilities
Revenue - Contract liabilities from contracts with customers (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Contract liabilities | |||
-Current portion | ¥ (266,919) | ¥ (218,287) | |
-Non-current portion | (59,947) | (74,226) | |
Total contract liabilities | (326,866) | (292,513) | ¥ (321,546) |
Trade and other receivables | |||
Receivables, Contract Liabilities From Contracts With Customers [Line Items] | |||
Receivables | ¥ 315,001 | ¥ 286,692 |
Revenue - Contract liabilitie_2
Revenue - Contract liabilities are analyzed as follows (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Contract liabilities [abstract] | |||
Advance payments received from customers for purchase of goods | ¥ 235,435 | ¥ 174,366 | |
Deferred revenue related to license fees | 91,431 | 118,147 | |
Total contract liabilities | ¥ 326,866 | ¥ 292,513 | ¥ 321,546 |
Minimum. | |||
Contract liabilities [abstract] | |||
Percentage of advance payment for purchase of goods from certain overseas distributors prior to delivery of goods | 20.00% | ||
Maximum. | |||
Contract liabilities [abstract] | |||
Percentage of advance payment for purchase of goods from certain overseas distributors prior to delivery of goods | 100.00% |
Revenue - Movements in contract
Revenue - Movements in contracts liabilities (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Movements in contract liabilities | ||
Contract liabilities at beginning of period | ¥ 292,513 | ¥ 321,546 |
Decrease in contract liabilities as a result of recognizing revenue during the year that was included in the contract liabilities at the beginning of the period | (218,287) | (243,873) |
Increase in contract liabilities as a result of receiving advance payment for purchase of goods | 235,435 | 174,366 |
Increase in contract liabilities as a result of receiving payment of license fees | 17,205 | 40,474 |
Contract liabilities at end of period | ¥ 326,866 | ¥ 292,513 |
Revenue - Additional informatio
Revenue - Additional information (Details) - CNY (¥) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Expected period of satisfaction of amount expected to be recognized | 1 year | |
Transaction price allocated to the remaining performance obligations | ¥ 91,431,000 | ¥ 118,147,000 |
Minimum. | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Remaining licensing period | 1 year | 1 year |
Maximum. | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Remaining licensing period | 47 years | 48 years |
- License fees | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Amount expected to be recognized as revenue | ¥ 59,947,000 | ¥ 74,226,000 |
Other income (Details)
Other income (Details) - CNY (¥) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other income. | |||
Tax refund | ¥ 1,279,000 | ¥ 606,000 | ¥ 1,203,000 |
Government grants (Note (i)) | 46,587,000 | 36,602,000 | 9,265,000 |
Income from depositary bank (Note 29) | 4,274,000 | ||
Other income | ¥ 52,140,000 | ¥ 37,208,000 | ¥ 10,468,000 |
Expenses by nature- Cost of sal
Expenses by nature- Cost of sales, selling and distribution and general and administrative expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Expenses by nature | |||
Cost of inventories (Note 21(a)) | ¥ 6,581,456 | ¥ 6,246,488 | ¥ 6,883,931 |
Payroll and employee benefits (Note (i)) | 916,185 | 984,895 | 695,493 |
Rental and related expenses | 12,139 | 45,186 | 38,682 |
Depreciation and amortization (Note (ii)) | 265,019 | 268,669 | 191,778 |
Licensing expenses | 88,063 | 109,488 | 21,851 |
Promotion and advertising expenses | 214,788 | 128,447 | 85,611 |
Logistics expenses | 195,593 | 154,763 | 105,940 |
Travelling expenses | 52,966 | 69,290 | 60,102 |
Other expenses | 332,375 | 226,174 | 212,066 |
Total cost of sales, selling and distribution and general and administrative expenses | ¥ 8,658,584 | ¥ 8,233,400 | ¥ 8,295,454 |
Expenses by nature - Payroll an
Expenses by nature - Payroll and employee benefits (Details) - CNY (¥) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Expenses by nature | ||||
Salaries, wages and bonus | ¥ 543,646,000 | ¥ 515,573,000 | ¥ 485,939,000 | |
Contributions to social security contribution plan | 56,325,000 | 51,587,000 | 56,368,000 | |
Welfare expenses | 34,895,000 | 33,691,000 | 31,128,000 | |
Employee compensation expenses | ¥ 19,664,000 | 19,664,000 | ||
Equity-settled share-based payment expenses (Note 32) | 281,319,000 | 364,380,000 | 122,058,000 | |
Total | ¥ 916,185,000 | ¥ 984,895,000 | ¥ 695,493,000 |
Expenses by nature - Depreciati
Expenses by nature - Depreciation and amortization (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Expenses by nature | |||
Property, plant and equipment (Note 14) | ¥ 30,507 | ¥ 37,481 | ¥ 25,932 |
Right-of-use assets (Note 15) | 213,490 | 214,117 | 157,869 |
Intangible assets (Note 16) | 21,022 | 17,071 | 7,977 |
Total | ¥ 265,019 | ¥ 268,669 | ¥ 191,778 |
Other net income _ (loss) (Deta
Other net income / (loss) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other net income / (loss) | |||
Net foreign exchange gain / (loss) | ¥ (114,177) | ¥ 14,193 | ¥ 12,611 |
Losses on disposal of property, plants and equipment and intangible assets | (2,317) | (2,526) | (1,611) |
Investment income from other investments | 66,837 | 26,387 | 1,348 |
Scrap income | 11,242 | 8,330 | 8,885 |
Net change in fair value of other investments | 2,968 | (1,465) | 1,465 |
Others | 1,078 | 1,725 | |
Others | (4,960) | ||
Total | ¥ (40,407) | ¥ 45,997 | ¥ 24,423 |
Net finance (costs) _ income (D
Net finance (costs) / income (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Finance income | |||
-Interest income | ¥ 40,433 | ¥ 25,608 | ¥ 7,311 |
Finance income | 40,433 | 25,608 | 7,311 |
Finance costs | |||
-Interest on loans and borrowings | (1,545) | (5,221) | (2,364) |
-Interest on lease liabilities | (26,817) | (26,117) | (22,845) |
Finance costs | (28,362) | (31,338) | (25,209) |
Net finance (costs) / income | ¥ 12,071 | ¥ (5,730) | ¥ (17,898) |
Income taxes - Amounts recogniz
Income taxes - Amounts recognized in consolidated profit or loss (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Current tax | |||
Provision for the year | ¥ 200,170 | ¥ 306,679 | ¥ 345,433 |
Deferred tax | |||
Origination and reversal of temporary differences (Note 11(d)) | 13,085 | (95,730) | (65,850) |
Tax expense on continuing operations | ¥ 213,255 | ¥ 210,949 | ¥ 279,583 |
Income taxes - Income tax rates
Income taxes - Income tax rates (Details) | 12 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Hong Kong | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax rate | 16.50% | ||||
Hong Kong | Tax rate for first first HKD2 million of assessable profits | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax rate | 8.25% | ||||
Hong Kong | Tax rate for profit after first HKD2 million | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax rate | 16.50% | ||||
Mainland China | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax rate | 25.00% | ||||
Mainland China | Tax rate for pilot free trade zone | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax rate | 15.00% | ||||
United States | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax rate | 21.00% | ||||
State income tax rate in the state of California | 8.84% | ||||
Indonesia | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax rate | 20.00% | 22.00% | 25.00% | ||
Profit tax on gross revenue | 0.50% | 0.50% | |||
India | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax rate | 26.00% | ||||
Canada | Minimum. | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax rate | 23.00% | ||||
Canada | Maximum. | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax rate | 31.00% | ||||
Singapore | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax rate | 17.00% |
Income taxes - Reconciliation b
Income taxes - Reconciliation between tax expense and accounting profit at applicable tax rates (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Reconciliation between tax expense and accounting profit at applicable tax rates | |||
Profit / (loss) before taxation | ¥ (1,216,192) | ¥ 80,818 | ¥ 289,004 |
Notional tax on profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned | 118,766 | (48,050) | 63,918 |
Tax effect of share-based compensation expenses and employee compensation expenses (Note 8(i)) | 70,330 | 96,011 | 30,514 |
Tax effect of other non-deductible expenses | 10,433 | 6,566 | 11,800 |
Tax effect of deemed sales | 11,277 | ||
Tax effect of loss from waiver of intercompany receivables of discontinued operations | (61,548) | ||
Tax benefit from disposal of subsidiaries | (24,779) | ||
Effect of preferential tax treatments on assessable profits of a subsidiary (Note 11(a)(3)) | (34,218) | (34,876) | (47,912) |
Effect of fair value changes of paid-in capital subject to redemption and other preferential rights not recognized | 207,942 | 177,446 | |
Tax effect of non-taxable income | (6,245) | ||
Effect of unused tax losses not recognized | 72,969 | 35,382 | 21,173 |
Effect of deductible temporary differences not recognized / (utilized) | (18,780) | 34,301 | 11,367 |
Tax expense on continuing operations | ¥ 213,255 | ¥ 210,949 | ¥ 279,583 |
Income taxes - Income tax on di
Income taxes - Income tax on discontinued operations (Details) ¥ in Thousands | 12 Months Ended |
Jun. 30, 2019CNY (¥) | |
Income tax on discontinued operations | |
Tax charge on losses from ordinary activities of discontinued operations (Note 5(a)) | ¥ 6,754 |
Total tax charge on discontinued operations | ¥ 6,754 |
Income taxes - Movement in defe
Income taxes - Movement in deferred tax assets (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | ¥ 183,520 | ¥ 87,807 |
Charged to profit or loss (continuing operations) | (13,085) | 95,730 |
Exchange rate difference | (1,883) | (17) |
At the end | 168,552 | 183,520 |
Unused tax losses | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | 28,567 | 9,594 |
Charged to profit or loss (continuing operations) | 6,278 | 19,255 |
Exchange rate difference | (592) | (282) |
At the end | 34,253 | 28,567 |
Intra-group unrealized profits | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | 37,709 | 25,587 |
Charged to profit or loss (continuing operations) | (22,931) | 12,180 |
Exchange rate difference | (82) | (58) |
At the end | 14,696 | 37,709 |
Credit loss and impairment | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | 50,881 | 51,001 |
Charged to profit or loss (continuing operations) | 683 | (485) |
Exchange rate difference | (1,217) | 365 |
At the end | 50,347 | 50,881 |
Loss from waiver of intercompany receivables of discontinued operations | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | 61,548 | |
Charged to profit or loss (continuing operations) | 0 | 61,548 |
At the end | 61,548 | 61,548 |
Others | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | 4,815 | 1,625 |
Charged to profit or loss (continuing operations) | 2,885 | 3,232 |
Exchange rate difference | 8 | (42) |
At the end | ¥ 7,708 | ¥ 4,815 |
Income taxes - Unrecognized def
Income taxes - Unrecognized deferred tax assets (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | ¥ 610,937 | ¥ 453,923 |
Deductible temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 127,500 | 223,977 |
Unused tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | ¥ 483,437 | ¥ 229,946 |
Income taxes - Tax losses carri
Income taxes - Tax losses carried forward (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Income taxes | ||
Tax losses for which no deferred tax asset was recognized, subject to expiration | ¥ 147,928 | ¥ 52,971 |
Tax losses for which no deferred tax asset was recognized, not subject to expiration | ¥ 335,509 | ¥ 176,975 |
Loss per share (Details)
Loss per share (Details) - CNY (¥) ¥ in Thousands | Jan. 07, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Loss per share | ||||
Effect of deductible temporary differences not recognized / (utilized) | ¥ (1,415,010) | ¥ (262,267) | ¥ (290,647) | |
Less: Allocation of undistributed earnings to holders of unvested restricted shares | 116,929 | 33,294 | 16,329 | |
Profit / (loss) used to determine basic earnings per share | ¥ (1,298,081) | (228,973) | (274,318) | |
Weighted-average number of ordinary (basic) | ||||
Number of weighted average ordinary shares outstanding | 865,591,398 | 1,104,371,475 | ||
Treasury shares | 111,043,373 | |||
Continuing operations | ||||
Loss per share | ||||
Effect of deductible temporary differences not recognized / (utilized) | ¥ (1,415,010) | (132,222) | 13,183 | |
Less: Allocation of undistributed earnings to holders of unvested restricted shares | 116,929 | 25,988 | (741) | |
Profit / (loss) used to determine basic earnings per share | ¥ (1,298,081) | (106,234) | 12,442 | |
Discontinued operations | ||||
Loss per share | ||||
Effect of deductible temporary differences not recognized / (utilized) | (130,045) | (303,830) | ||
Less: Allocation of undistributed earnings to holders of unvested restricted shares | 7,306 | 17,070 | ||
Profit / (loss) used to determine basic earnings per share | ¥ (122,739) | ¥ (286,760) |
Loss per share - Ordinary share
Loss per share - Ordinary shares (Details) - shares | Jan. 07, 2020 | Jun. 30, 2021 |
Weighted-average number of ordinary | ||
Issued ordinary share | 865,591,398 | |
Effect of shares issued upon IPO and exercise of the over-allotment option | 90,911,146 | |
Effect of shares converted from Series A preferred shares | 83,495,097 | |
Effect of shares released from share award scheme and option plan | 64,373,834 | |
Weighted average number of ordinary shares | 865,591,398 | 1,104,371,475 |
Other comprehensive (loss) _ _3
Other comprehensive (loss) / income (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other comprehensive (loss) / income | |||
Exchange differences on translation of financial statements of overseas subsidiaries | ¥ (16,548) | ¥ 6,361 | ¥ (4,834) |
Other comprehensive loss | ¥ (16,548) | ¥ 6,361 | ¥ (4,834) |
Property, plant and equipment_2
Property, plant and equipment (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | ¥ 88,062 | ||
Charge for the year | (265,019) | ¥ (268,669) | ¥ (191,778) |
Balance, at end of the period | 76,316 | 88,062 | |
Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 200,171 | 181,834 | |
Additions | 33,016 | 22,430 | |
Acquisitions through business combination | 1,539 | ||
Disposals | (21,587) | (4,500) | |
Exchange adjustments | (14,550) | 407 | |
Balance, at end of the period | 198,589 | 200,171 | 181,834 |
Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (66,828) | (31,764) | |
Charge for the year | (30,507) | (37,481) | |
Written back on disposals | 8,526 | 1,974 | |
Exchange adjustments | (4,743) | (443) | |
Balance, at end of the period | (84,066) | (66,828) | (31,764) |
Loss allowance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (45,281) | (34,225) | |
Addition | (2,941) | (10,322) | |
Written back on disposals | 6,179 | ||
Exchange adjustments | 3,836 | 734 | |
Balance, at end of the period | (38,207) | (45,281) | (34,225) |
Leasehold Improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 39,922 | ||
Balance, at end of the period | 34,510 | 39,922 | |
Leasehold Improvements | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 111,279 | 101,076 | |
Additions | 12,484 | 8,122 | |
Acquisitions through business combination | 413 | ||
Disposals | (1,392) | ||
Exchange adjustments | (10,835) | 2,081 | |
Balance, at end of the period | 111,949 | 111,279 | 101,076 |
Leasehold Improvements | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (33,195) | (15,416) | |
Charge for the year | (11,097) | (17,569) | |
Written back on disposals | 395 | ||
Exchange adjustments | (2,890) | 210 | |
Balance, at end of the period | (41,007) | (33,195) | (15,416) |
Leasehold Improvements | Loss allowance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (38,162) | (29,044) | |
Addition | (1,742) | (8,186) | |
Exchange adjustments | 3,472 | 932 | |
Balance, at end of the period | (36,432) | (38,162) | (29,044) |
Office equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 17,914 | ||
Balance, at end of the period | 18,805 | 17,914 | |
Office equipment | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 30,642 | 28,517 | |
Additions | 11,710 | 5,908 | |
Acquisitions through business combination | 7 | ||
Disposals | (3,675) | (3,817) | |
Exchange adjustments | (1,253) | 34 | |
Balance, at end of the period | 37,431 | 30,642 | 28,517 |
Office equipment | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (12,728) | (6,892) | |
Charge for the year | (7,538) | (7,682) | |
Written back on disposals | 3,026 | 1,780 | |
Exchange adjustments | 1,386 | (66) | |
Balance, at end of the period | (18,626) | (12,728) | (6,892) |
Office equipment | Loss allowance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exchange adjustments | 0 | ||
Balance, at end of the period | 0 | ||
Store operating equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 28,361 | ||
Balance, at end of the period | 21,771 | 28,361 | |
Store operating equipment | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 55,315 | 50,049 | |
Additions | 8,822 | 7,612 | |
Acquisitions through business combination | 215 | ||
Disposals | (15,508) | (642) | |
Exchange adjustments | (2,375) | (1,704) | |
Balance, at end of the period | 46,469 | 55,315 | 50,049 |
Store operating equipment | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (19,835) | (8,942) | |
Charge for the year | (11,303) | (11,648) | |
Written back on disposals | 5,028 | 177 | |
Exchange adjustments | (3,187) | (578) | |
Balance, at end of the period | (22,923) | (19,835) | (8,942) |
Store operating equipment | Loss allowance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (7,119) | (5,181) | |
Addition | (1,199) | (2,136) | |
Written back on disposals | 6,179 | ||
Exchange adjustments | 364 | (198) | |
Balance, at end of the period | (1,775) | (7,119) | (5,181) |
Motor vehicles | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 1,865 | ||
Balance, at end of the period | 1,230 | 1,865 | |
Motor vehicles | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 2,935 | 2,192 | |
Additions | 788 | ||
Acquisitions through business combination | 904 | ||
Disposals | (1,012) | (41) | |
Exchange adjustments | (87) | (4) | |
Balance, at end of the period | 2,740 | 2,935 | 2,192 |
Motor vehicles | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (1,070) | (514) | |
Charge for the year | (569) | (582) | |
Written back on disposals | 77 | 17 | |
Exchange adjustments | (52) | (9) | |
Balance, at end of the period | (1,510) | ¥ (1,070) | ¥ (514) |
Motor vehicles | Loss allowance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exchange adjustments | 0 | ||
Balance, at end of the period | ¥ 0 |
Right of use assets (Details)
Right of use assets (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | ¥ 502,867 | ||
Acquisitions through business combination | 36,632 | ||
Depreciation, right-of-use assets | 213,490 | ¥ 214,117 | ¥ 157,869 |
Exchange adjustments | 3,073 | ||
Balance, at end of the period | 689,887 | 502,867 | |
Net book value at June 30, 2020 | 502,867 | ||
Net book value at June 30, 2021 | 689,887 | 502,867 | |
Property | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Acquisitions through business combination | 36,632 | ||
Depreciation, right-of-use assets | 205,344 | 203,662 | 150,260 |
Exchange adjustments | 3,073 | ||
Net book value at June 30, 2020 | 491,028 | ||
Net book value at June 30, 2021 | 679,733 | 491,028 | |
Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | 8,146 | 10,455 | 7,609 |
Net book value at June 30, 2020 | 11,839 | ||
Net book value at June 30, 2021 | 10,154 | 11,839 | |
Gross carrying amount | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | 857,514 | 632,331 | |
Additions | 403,953 | 297,631 | |
Derecognition | (179,657) | (71,677) | |
Exchange adjustments | (29,323) | (771) | |
Balance, at end of the period | 1,089,119 | 857,514 | 632,331 |
Gross carrying amount | Property | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | 832,657 | 617,615 | |
Additions | 392,648 | 282,451 | |
Derecognition | (155,478) | (66,578) | |
Exchange adjustments | (29,042) | (831) | |
Balance, at end of the period | 1,077,417 | 832,657 | 617,615 |
Gross carrying amount | Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | 24,857 | 14,716 | |
Additions | 11,305 | 15,180 | |
Derecognition | (24,179) | (5,099) | |
Exchange adjustments | (281) | 60 | |
Balance, at end of the period | 11,702 | 24,857 | 14,716 |
Accumulated depreciation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | (312,019) | (155,828) | |
Depreciation, right-of-use assets | (213,490) | (214,117) | |
Derecognition | 150,849 | 56,557 | |
Exchange adjustments | 13,224 | 1,369 | |
Balance, at end of the period | (361,436) | (312,019) | (155,828) |
Accumulated depreciation | Property | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | (299,001) | (148,198) | |
Depreciation, right-of-use assets | (205,344) | (203,662) | |
Derecognition | 131,424 | 51,458 | |
Exchange adjustments | 13,033 | 1,401 | |
Balance, at end of the period | (359,888) | (299,001) | (148,198) |
Accumulated depreciation | Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | (13,018) | (7,630) | |
Depreciation, right-of-use assets | (8,146) | (10,455) | |
Derecognition | 19,425 | 5,099 | |
Exchange adjustments | 191 | (32) | |
Balance, at end of the period | (1,548) | (13,018) | (7,630) |
Loss allowance | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | (42,628) | (15,635) | |
Impairment Loss Recognized In Profit Or Loss Right Of Use Assets | (26,522) | ||
Derecognition | 1,759 | ||
Exchange adjustments | (471) | ||
Balance, at end of the period | (37,796) | (42,628) | (15,635) |
Loss allowance | Property | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | (42,628) | (15,635) | |
Impairment Loss Recognized In Profit Or Loss Right Of Use Assets | (26,522) | ||
Derecognition | 1,759 | ||
Exchange adjustments | (471) | ||
Balance, at end of the period | (37,796) | ¥ (42,628) | ¥ (15,635) |
Loss allowance | Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Derecognition | 0 | ||
Balance, at end of the period | ¥ 0 |
Right of use assets - Depreciat
Right of use assets - Depreciation of Right of use assets and other information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right of use assets | ¥ 213,490 | ¥ 214,117 | ¥ 157,869 |
Interest on lease liabilities (Note 10) | 26,817 | 26,117 | 22,845 |
Expense relating to short-term leases and other leases with remaining lease term ending on or before June 30 | 28,656 | 28,486 | 28,624 |
Variable lease payments not included in the measurement of lease liabilities | 2,846 | 3,521 | 228 |
COVID-19 rent concessions | (42,698) | (12,802) | |
Property | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right of use assets | 205,344 | 203,662 | 150,260 |
Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right of use assets | ¥ 8,146 | ¥ 10,455 | ¥ 7,609 |
Minimum. | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Variable lease payments (as a percentage) | 4.00% | ||
Minimum. | Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease term of right of use assets | 2 years | ||
Minimum. | Office space | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease term of right of use assets | 2 years | ||
Minimum. | Warehouse storage | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease term of right of use assets | 2 years | ||
Minimum. | Retail stores | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease term of right of use assets | 3 years | ||
Maximum. | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Variable lease payments (as a percentage) | 18.00% | ||
Maximum. | Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease term of right of use assets | 3 years | ||
Maximum. | Office space | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease term of right of use assets | 10 years | ||
Maximum. | Warehouse storage | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease term of right of use assets | 10 years | ||
Maximum. | Retail stores | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease term of right of use assets | 10 years |
Intangible assets (Details)
Intangible assets (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill at beginning of period | ¥ 69,091 | ||
Amortisation expense | 21,022 | ¥ 17,071 | ¥ 7,977 |
Intangible assets other than goodwill at end of period | 61,005 | 69,091 | |
Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill at beginning of period | 69,091 | ||
Intangible assets other than goodwill at end of period | 61,005 | 69,091 | |
Gross carrying amount | Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill at beginning of period | 95,567 | 59,308 | |
Purchases | 13,805 | 36,304 | |
Disposals | (1,536) | ||
Exchange adjustments | (253) | (45) | |
Intangible assets other than goodwill at end of period | 107,583 | 95,567 | 59,308 |
Accumulated depreciation | Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill at beginning of period | (26,115) | (9,060) | |
Disposals | 677 | ||
Amortisation expense | (21,022) | (17,071) | |
Exchange adjustments | 223 | (16) | |
Intangible assets other than goodwill at end of period | (46,237) | (26,115) | (9,060) |
Loss allowance | Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill at beginning of period | (361) | (372) | |
Impairment, charge for the year | 0 | ||
Exchange adjustments | 20 | 11 | |
Intangible assets other than goodwill at end of period | ¥ (341) | ¥ (361) | ¥ (372) |
Goodwill (Details)
Goodwill (Details) ¥ in Thousands | 12 Months Ended |
Jun. 30, 2021CNY (¥) | |
Reconciliation of changes in goodwill [abstract] | |
Balance at the beginning | ¥ 0 |
Balance at the end | 19,640 |
Gross carrying amount | |
Reconciliation of changes in goodwill [abstract] | |
Balance at the beginning | 0 |
Acquisition through business combination | 19,640 |
Balance at the end | ¥ 19,640 |
Goodwill - Impairment Testing (
Goodwill - Impairment Testing (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of information for cash-generating units [line items] | ||
Goodwill | ¥ 19,640 | ¥ 0 |
MINISO SG Pte. Ltd | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | ¥ 19,640 | ¥ 0 |
Goodwill - Key Assumptions Used
Goodwill - Key Assumptions Used in Estimation of Value in Use (Details) | Jun. 30, 2021 |
Goodwill | |
Discount rate | 11.90% |
Terminal value growth rate | 1.40% |
Revenue growth rate (average of next five years) | 21.80% |
Prepayment (Details)
Prepayment (Details) - CNY (¥) | Jun. 30, 2021 | Jun. 30, 2020 |
Prepayments | ||
Prepayment for purchase of apartments | ¥ 133,458,000 | |
Others | 5,023,000 | ¥ 6,112,000 |
Total | ¥ 138,481,000 | ¥ 6,112,000 |
Interest in an equity-account_3
Interest in an equity-accounted investee (Details) - CNY (¥) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Disclosure of associates [line items] | ||
Investment in the entity by cash | ¥ 356,000,000 | |
YGF Investment V Limited | ||
Disclosure of associates [line items] | ||
Ownership interest | 20.00% | 20.00% |
YGF Investment V Limited | YGF MC LIMITED | ||
Disclosure of associates [line items] | ||
Ownership interest | 80.00% |
Interest in an equity-account_4
Interest in an equity-accounted investee - carrying amounts in the consolidated financial statements (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of associates [line items] | |||||
Current assets | ¥ 9,199,087 | ¥ 4,986,599 | |||
Non-current assets | 1,505,943 | 849,652 | |||
Current liabilities | 3,482,855 | 3,309,643 | |||
Non-current liabilities | 570,021 | 2,849,654 | |||
Equity | 6,652,154 | (323,046) | ¥ (113,974) | ¥ 564,613 | |
Revenue | 9,071,659 | 8,978,986 | 9,394,911 | ||
Loss for the year | (1,429,447) | (260,176) | (294,409) | ||
Total comprehensive loss for the year | (1,445,995) | ¥ (253,815) | ¥ (299,243) | ||
Carrying amount in the consolidated financial statements | 352,062 | ||||
YGF Investment V Limited | |||||
Disclosure of associates [line items] | |||||
Current assets | 1,416,584 | ||||
Non-current assets | 1,781,081 | ||||
Current liabilities | 1,437,355 | ||||
Equity | 1,760,310 | ||||
Loss for the year | (19,690) | ||||
Total comprehensive loss for the year | (19,690) | ||||
Gross amount of net assets of the equity-accounted investee | ¥ 1,760,310 | ||||
Group's effective interest | 20.00% | 20.00% | |||
Carrying amount in the consolidated financial statements | ¥ 352,062 |
Other investments - Financial a
Other investments - Financial assets measured at FVTPL (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of financial assets [line items] | ||
Financial assets measured at FVTPL | ¥ 102,968 | |
Financial assets measured at FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets measured at FVTPL | 102,968 | ¥ 0 |
Financial assets measured at FVTPL | Investment in a trust investment scheme | ||
Disclosure of financial assets [line items] | ||
Financial assets measured at FVTPL | ¥ 102,968 | ¥ 0 |
Other investments - Asset manag
Other investments - Asset management scheme (Details) - CNY (¥) | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | ||
Fair value of investment | ¥ 102,968,000 | |
Investment in a trust investment scheme | ||
Disclosure of financial assets [line items] | ||
Minimum initial investment | ¥ 100,000,000 |
Inventories (Details)
Inventories (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Inventories | ||
Finished goods | ¥ 1,491,328 | ¥ 1,390,312 |
Low-value consumables | 4,733 | 5,362 |
Inventories | ¥ 1,496,061 | ¥ 1,395,674 |
Inventories - Amount of invento
Inventories - Amount of inventories recognized as an expense and included in profit or loss (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Inventories | |||
Carrying amount of inventories sold | ¥ 6,632,530 | ¥ 6,178,145 | ¥ 6,793,986 |
Write-down of inventories | (51,074) | 68,343 | 89,945 |
Cost of inventories recognized in consolidated statements of profit or loss | ¥ 6,581,456 | ¥ 6,246,488 | ¥ 6,883,931 |
Trade and other receivables (De
Trade and other receivables (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Current | ||
Trade receivables, net of loss allowance | ¥ 315,001 | ¥ 286,692 |
Amounts due from related parties | 1,791 | 14,065 |
Miscellaneous expenses paid on behalf of franchisees | 192,072 | 197,473 |
Value-added tax ("VAT") recoverable | 79,590 | 49,687 |
Rental deposits | 94,423 | 63,882 |
Receivables from payment intermediaries | 33,309 | 16,498 |
Prepayments for inventories | 38,758 | 65,502 |
Prepayments for licensing expenses | 11,503 | |
Others | 58,278 | 36,090 |
Trade and other receivables | ¥ 824,725 | 729,889 |
Minimum. | ||
Current | ||
Period of trade receivables is due | 30 days | |
Maximum. | ||
Current | ||
Period of trade receivables is due | 180 days | |
Gross carrying amount | ||
Current | ||
Trade receivables, net of loss allowance | ¥ 374,828 | 329,875 |
Loss allowance | ||
Current | ||
Trade receivables, net of loss allowance | ¥ (59,827) | ¥ (43,183) |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Cash and cash equivalents | ||||
Cash on hand | ¥ 549 | ¥ 479 | ||
Cash at bank | 6,771,104 | 2,853,501 | ||
Cash and cash equivalents as presented in the consolidated statements of financial position | 6,771,653 | 2,853,980 | ||
Cash and cash equivalents as presented in the consolidated statements of cash flows | ¥ 6,771,653 | ¥ 2,853,980 | ¥ 1,686,218 | ¥ 228,106 |
Restricted cash (Details)
Restricted cash (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Restricted cash | ||
Restricted cash | ¥ 3,680 | ¥ 7,056 |
Cash flow information - Reconci
Cash flow information - Reconciliation of loss for year to cash generated from operations (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from (used in) operating activities [abstract] | |||
Loss for the year | ¥ (1,429,447) | ¥ (260,176) | ¥ (294,409) |
Less: Loss from discontinued operations for the year | 130,045 | 303,830 | |
Profit / (loss) from continuing operations for the year | (1,429,447) | (130,131) | 9,421 |
Adjustments for: | |||
Interest on lease liabilities | 26,817 | 26,117 | 22,845 |
Depreciation and amortization | 265,019 | 268,669 | 191,778 |
Interest on loans and borrowings | 1,545 | 5,221 | 2,364 |
Interest income | (40,433) | (25,608) | (7,311) |
Investment income from other investments | (66,837) | (26,387) | (1,348) |
Net change in fair value of other investments | (2,968) | 1,465 | (1,465) |
Losses on disposal of property, plant and equipment and intangible assets | 2,317 | 2,526 | 1,611 |
Impairment loss on non-current assets | 2,941 | 36,844 | 27,542 |
Unrealized foreign exchange (gain) / loss | (46,378) | 6,064 | (8,844) |
Effect of lease contract cancellation | (2,630) | 657 | (839) |
Fair value changes of paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights | 1,625,287 | 680,033 | 709,780 |
Share of loss of an equity-accounted investee, net of tax | 4,011 | ||
Equity-settled share-based payment expenses | 281,319 | 364,380 | 122,058 |
Income tax | 213,255 | 210,949 | 279,583 |
Changes in working capital: | |||
Inventories | (93,197) | (86,717) | (392,824) |
Trade and other receivables | (80,087) | (120,235) | 83,656 |
Contract liabilities | 34,353 | (29,033) | 119,048 |
Trade and other payables | 386,703 | 50,310 | 509,851 |
Restricted cash | 3,376 | 1,861 | (6,262) |
Deferred income | 26,065 | ||
Cash generated from operations | ¥ 1,111,031 | ¥ 1,236,985 | ¥ 1,660,644 |
Cash flow information - Recon_2
Cash flow information - Reconciliation of liabilities arising from financing activities (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning | ¥ 3,401,300 | ¥ 2,218,050 | ¥ 482,581 |
Additions through business combination | 60,692 | ||
Changes from financing cash flows: | |||
Proceeds from the issue of paid-in capital subject to redemption and other preferential rights | 991,514 | ||
Proceeds from loans and borrowings | 313 | 410,734 | 1,375 |
Repayment of loans and borrowings | (416,588) | (2,889) | (14,795) |
Interest of loans and borrowings paid | (1,488) | (6,266) | (1,383) |
Payment of capital element and interest element of lease liabilities | (215,762) | (193,827) | (166,781) |
Payments for acquisition of subsidiaries | (10,471) | (122,923) | |
Total changes from financing cash flows | (633,525) | 197,281 | 687,007 |
Exchange adjustments | (66,877) | (9,455) | 9,294 |
Other changes: | |||
Transfer of liabilities directly associated with the assets held for sale | (41,055) | ||
Fair value changes of paid-in capital subject to redemption and other preferential rights | 1,625,287 | 680,033 | 709,780 |
Decrease in redeemable shares with other preferential rights | (3,963,843) | ||
Increase in lease liabilities from entering into new leases during the year | 403,955 | 298,516 | 228,324 |
Decrease in lease liabilities from derecognition | (29,678) | (14,463) | (16,484) |
Increase in interest expenses | 28,362 | 31,338 | 25,209 |
Increase in payable in connection with acquisition of subsidiaries under common control | 133,394 | ||
Total other changes | (1,935,917) | 995,424 | 1,039,168 |
At the end | 825,673 | 3,401,300 | 2,218,050 |
Loans and borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning | 416,389 | 8,060 | 21,228 |
Additions through business combination | 21,979 | ||
Changes from financing cash flows: | |||
Proceeds from loans and borrowings | 313 | 410,734 | 1,375 |
Repayment of loans and borrowings | (416,588) | (2,889) | (14,795) |
Total changes from financing cash flows | (416,275) | 407,845 | (13,420) |
Exchange adjustments | (1,499) | 484 | 252 |
Other changes: | |||
At the end | 20,594 | 416,389 | 8,060 |
Paid-in capital subject to redemption and other preferential rights | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning | 2,381,327 | 1,701,294 | |
Changes from financing cash flows: | |||
Proceeds from the issue of paid-in capital subject to redemption and other preferential rights | 991,514 | ||
Total changes from financing cash flows | 991,514 | ||
Exchange adjustments | (42,771) | ||
Other changes: | |||
Fair value changes of paid-in capital subject to redemption and other preferential rights | 1,625,287 | 680,033 | 709,780 |
Decrease in redeemable shares with other preferential rights | (3,963,843) | ||
Total other changes | (2,338,556) | 680,033 | 709,780 |
At the end | 2,381,327 | 1,701,294 | |
Interest payable | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning | 610 | 1,655 | 674 |
Changes from financing cash flows: | |||
Interest of loans and borrowings paid | (1,488) | (6,266) | (1,383) |
Total changes from financing cash flows | (1,488) | (6,266) | (1,383) |
Other changes: | |||
Increase in interest expenses | 1,545 | 5,221 | 2,364 |
Total other changes | 1,545 | 5,221 | 2,364 |
At the end | 667 | 610 | 1,655 |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning | 602,974 | 496,570 | 460,679 |
Additions through business combination | 38,713 | ||
Changes from financing cash flows: | |||
Payment of capital element and interest element of lease liabilities | (215,762) | (193,827) | (166,781) |
Total changes from financing cash flows | (215,762) | (193,827) | (166,781) |
Exchange adjustments | (22,607) | (9,939) | 9,042 |
Other changes: | |||
Transfer of liabilities directly associated with the assets held for sale | (41,055) | ||
Increase in lease liabilities from entering into new leases during the year | 403,955 | 298,516 | 228,324 |
Decrease in lease liabilities from derecognition | (29,678) | (14,463) | (16,484) |
Increase in interest expenses | 26,817 | 26,117 | 22,845 |
Total other changes | 401,094 | 310,170 | 193,630 |
At the end | 804,412 | 602,974 | 496,570 |
Other payables | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning | 10,471 | ||
Changes from financing cash flows: | |||
Payments for acquisition of subsidiaries | ¥ (10,471) | (122,923) | |
Total changes from financing cash flows | ¥ (10,471) | (122,923) | |
Other changes: | |||
Increase in payable in connection with acquisition of subsidiaries under common control | 133,394 | ||
Total other changes | 133,394 | ||
At the end | ¥ 10,471 |
Cash flow information - Total c
Cash flow information - Total cash out flow for leases (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flow information | |||
Within operating cash flows | ¥ (31,502) | ¥ (32,007) | ¥ (28,852) |
Within financing cash flows | (215,762) | (193,827) | (166,781) |
Total cash out flow for leases | ¥ (247,264) | ¥ (225,834) | ¥ (195,633) |
Cash flow information - Non-cas
Cash flow information - Non-cash transactions (Details) - CNY (¥) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2019 | |
Cash flow information | ||
Capital injection in a subsidiary by way of capitalization of other payables | ¥ 24,259,000 | |
Waived liabilities in a subsidiary recognized as addition of additional paid-in capital and non-controlling interests | ¥ 19,270,000 | |
Redeemable shares with other preferential rights, amount | ¥ 3,963,843,000 |
Loans and borrowings - Carrying
Loans and borrowings - Carrying amount of loans and borrowings (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Non-current liabilities | ¥ 6,925 | ¥ 15,207 |
Current liabilities | 13,669 | 401,182 |
Unsecured bank loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-current liabilities | 9,777 | |
Current liabilities | 8,921 | 400,000 |
Borrowings from non-controlling interest shareholders | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-current liabilities | 6,612 | 5,430 |
Current liabilities | 4,748 | |
Other borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-current liabilities | ¥ 313 | |
Current liabilities | ¥ 1,182 |
Loans and borrowings - Non - cu
Loans and borrowings - Non - current liabilities - Unsecured loans (Details) - Paycheck Protection Program | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2021CNY (¥) | Jun. 30, 2020CNY (¥) | |
Disclosure of detailed information about borrowings | |||
Aggregated amount | $ 1,381,000 | ¥ 8,921,000 | ¥ 9,777,000 |
Interest rate | 0.98% | 0.98% | |
Term of debt | 2 years |
Loans and borrowings - Long ter
Loans and borrowings - Long term borrowings (Details) | 12 Months Ended | ||||
Jun. 30, 2021USD ($)loan | Jun. 30, 2021CNY (¥) | Jun. 30, 2021IDR (Rp) | Jun. 30, 2021SGD ($) | Jun. 30, 2020CNY (¥) | |
Borrowings from non-controlling interest shareholders | |||||
Disclosure of detailed information about borrowings | |||||
Number of loans obtained | 2 | ||||
Aggregated amount | ¥ 4,748,000 | Rp 10,600,000,000 | ¥ 5,289,000 | ||
Interest rate | 0.00% | 0.00% | 0.00% | 0.00% | |
Term of debt | 5 years | ||||
Borrowings from non-controlling interest shareholder one | |||||
Disclosure of detailed information about borrowings | |||||
Aggregated amount | ¥ 6,484,000 | $ 1,350,000 | |||
Interest rate | 3.00% | 3.00% | 3.00% | 3.00% | |
Borrowings from non-controlling interest shareholder two | |||||
Disclosure of detailed information about borrowings | |||||
Aggregated amount | $ 20,000 | ¥ 128,000 | ¥ 141,000 | ||
Interest rate | 9.00% | 9.00% | 9.00% | 9.00% | |
Term of debt | 5 years |
Loans and borrowings - Current
Loans and borrowings - Current liabilities - Unsecured bank loans (Details) - Unsecured bank loans | Feb. 28, 2020CNY (¥) | Dec. 17, 2019CNY (¥) | Jun. 30, 2021loan | Jun. 30, 2020loan | Mar. 16, 2020CNY (¥) |
Disclosure of detailed information about borrowings | |||||
Number of loans obtained | loan | 3 | 3 | |||
Aggregated amount | ¥ | ¥ 200,000,000 | ¥ 50,000,000 | ¥ 150,000,000 | ||
Term of debt | 1 year | 1 year | |||
Interest rate | 3.85% | 4.15% | 3.70% |
Loans and borrowings - Terms an
Loans and borrowings - Terms and repayment schedule (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of detailed information about borrowings | ||
Carrying amount of loans and borrowings | ¥ 20,594 | ¥ 416,389 |
Within 1 year or on demand | ||
Disclosure of detailed information about borrowings | ||
Carrying amount of loans and borrowings | 13,669 | 401,182 |
After 1 year but within 2 years | ||
Disclosure of detailed information about borrowings | ||
Carrying amount of loans and borrowings | 442 | 15,066 |
After 2 years but within 5 years | ||
Disclosure of detailed information about borrowings | ||
Carrying amount of loans and borrowings | 1,297 | 141 |
After 1 year but within 5 years | ||
Disclosure of detailed information about borrowings | ||
Carrying amount of loans and borrowings | 6,925 | ¥ 15,207 |
More than 5 years | ||
Disclosure of detailed information about borrowings | ||
Carrying amount of loans and borrowings | ¥ 5,186 |
Trade and other payables (Detai
Trade and other payables (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Trade and other payables | ||
Trade payables | ¥ 624,688 | ¥ 483,278 |
Payroll payable | 63,621 | 38,363 |
Accrued expenses | 155,698 | 108,351 |
Other taxes payable | 20,633 | 39,936 |
Deposits | 1,833,516 | 1,655,763 |
Amount due to related parties (Note 37(c)) | 7,490 | 17,664 |
Others | 103,536 | 76,440 |
Total | ¥ 2,809,182 | ¥ 2,419,795 |
Credit period granted by the suppliers, minimum | 30 days | |
Credit period granted by the suppliers, maximum | 60 days |
Lease liabilities (Details)
Lease liabilities (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Present value of the minimum lease payments, current | ¥ 321,268 | ¥ 224,080 |
Present value of the minimum lease payments, noncurrent | 483,144 | 378,894 |
Total minimum lease payments | 892,014 | 660,627 |
Less: total future interest expenses | (87,602) | (57,653) |
Present value of lease liabilities | 804,412 | 602,974 |
Within 1 year or on demand | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Present value of the minimum lease payments, current | 321,268 | 224,080 |
Total minimum lease payments, current | 342,211 | 228,249 |
Later Than 1 to 5 years and thereafter | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Present value of the minimum lease payments, noncurrent | 483,144 | 378,894 |
Total minimum lease payments, non-current | 549,803 | 432,378 |
After 1 year but within 2 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Present value of the minimum lease payments, noncurrent | 203,467 | 157,899 |
Total minimum lease payments, non-current | 217,229 | 168,804 |
After 2 years but within 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Present value of the minimum lease payments, noncurrent | 239,995 | 176,028 |
Total minimum lease payments, non-current | 277,726 | 202,826 |
More than 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Present value of the minimum lease payments, noncurrent | 39,682 | 44,967 |
Total minimum lease payments, non-current | ¥ 54,848 | ¥ 60,748 |
Deferred income (Details)
Deferred income (Details) | Jun. 30, 2021CNY (¥) |
Deferred income | |
Non-current portion | ¥ 20,005,000 |
Current portion | 6,060,000 |
Deferred income | ¥ 26,065,000 |
Deferred income -Additional inf
Deferred income -Additional information (Details) | 12 Months Ended | ||
Jun. 30, 2021CNY (¥) | Jun. 30, 2020USD ($) | Jun. 30, 2020CNY (¥) | |
Deferred income | |||
Initial payment from depositary | $ 4,690,000 | ¥ 30,995,000 | |
Arrangement period for amortization | 5 years | 5 years | |
Amount recorded as other income | ¥ 4,274,000 |
Paid-in capital subject to re_3
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights - Share subscription agreement (Details) | Sep. 29, 2018CNY (¥)item | Sep. 29, 2018USD ($)item | Jun. 30, 2021CNY (¥) | Jun. 30, 2020CNY (¥) | Jun. 30, 2019CNY (¥) |
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Consideration | ¥ 2,795,000 | ¥ 9,150,000 | ¥ 86,592,000 | ||
MINISO Guangzhou | |||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Number of investors | item | 2 | 2 | |||
MINISO Guangzhou | Hillhouse | |||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Equity interest acquired | 5.3763% | 5.3763% | |||
Consideration | ¥ 491,514,000 | $ 72,683,000 | |||
MINISO Guangzhou | Tencent | |||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Equity interest acquired | 5.3763% | 5.3763% | |||
Consideration | ¥ 500,000,000 |
Paid-in capital subject to re_4
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights - Redemption rights (Details) | Dec. 27, 2018 |
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |
Threshold period to meet the applicable listing conditions and consummate IPO | 7 years |
Threshold period to consummate IPO | 7 years |
Threshold period to initiate the listing application process | 3 months |
Redemption return rate, exercise under redemption events (2), (3) and (8) | 10.00% |
Redemption return rate, exercise under redemption events (1) and (4) to (7) | 25.00% |
MINISO Guangzhou | |
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |
Threshold period to meet the applicable listing conditions and consummate IPO | 7 years |
Threshold period to consummate IPO | 7 years |
Threshold period to initiate the listing application process | 3 months |
Redemption return rate, exercise under redemption events (2), (3) and (8) | 10.00% |
Redemption return rate, exercise under redemption events (1) and (4) to (7) | 25.00% |
Paid-in capital subject to re_5
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights - Liquidation preferences (Details) - USD ($) | Oct. 15, 2020 | Sep. 29, 2018 | Feb. 29, 2020 | Jun. 30, 2021 | Dec. 27, 2018 |
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Simple non-compounded interest on the applicable investment amounts | 10.00% | ||||
Class A ordinary shares | |||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Price per share | $ 5 | ||||
Class A ordinary shares | IPO | |||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Number of shares issued during the period | 121,600,000 | ||||
Number of shares issued upon conversion of each preferred share | 1 | ||||
MINISO Guangzhou | |||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Simple non-compounded interest on the applicable investment amounts | 10.00% | ||||
MINISO Guangzhou | Class A ordinary shares | |||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Number of shares issued during the period | 121,600,000 | ||||
Price per share | $ 5 | ||||
Hillhouse | MINISO Guangzhou | |||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Equity interest acquired | 5.3763% | ||||
Hillhouse | MINISO Guangzhou | Series A preferred shares | |||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Number of shares subscribed by investor | 58,833,418 | ||||
Equity interest acquired | 5.3763% | ||||
Tencent | MINISO Guangzhou | |||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Equity interest acquired | 5.3763% | ||||
Tencent | MINISO Guangzhou | Series A preferred shares | |||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |||||
Number of shares subscribed by investor | 58,833,418 | ||||
Equity interest acquired | 5.3763% |
Paid-in capital subject to re_6
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights - Movement of paid-in capital subject to redemption (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights | ||
At the beginning | ¥ 2,381,327 | ¥ 1,701,294 |
Changes in fair value | 1,625,287 | 680,033 |
Exchange adjustment | (42,771) | |
Conversion into Class A ordinary shares upon IPO of the Company | (3,963,843) | |
At the end | ¥ 0 | ¥ 2,381,327 |
Paid-in capital subject to re_7
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights - Key valuation assumptions used to determine the fair value (Details) - Paid-in capital subject to redemption and other preferential rights / Redeemable shares with other preferential rights | Jun. 30, 2020 |
Weighted average cost of capital | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Key valuation assumptions to determine the fair value of the paid-in capital subject to redemption and other preferential rights / redeemable shares | 12.7 |
Risk-free interest rate | Minimum. | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Key valuation assumptions to determine the fair value of the paid-in capital subject to redemption and other preferential rights / redeemable shares | 1.9 |
Risk-free interest rate | Maximum. | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Key valuation assumptions to determine the fair value of the paid-in capital subject to redemption and other preferential rights / redeemable shares | 2.7 |
Discount for lack of marketability ("DLOM") | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Key valuation assumptions to determine the fair value of the paid-in capital subject to redemption and other preferential rights / redeemable shares | 8.5 |
Expected volatility | Minimum. | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Key valuation assumptions to determine the fair value of the paid-in capital subject to redemption and other preferential rights / redeemable shares | 35.7 |
Expected volatility | Maximum. | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Key valuation assumptions to determine the fair value of the paid-in capital subject to redemption and other preferential rights / redeemable shares | 53 |
Capital and reserves - Share ca
Capital and reserves - Share capital and additional paid-in capital (Details) | Oct. 15, 2020shares | Jun. 30, 2021CNY (¥)Voteshares | Jun. 30, 2021USD ($)Voteshares | Jun. 30, 2021$ / shares | Jun. 30, 2020CNY (¥) | Jun. 30, 2020USD ($) | Jan. 31, 2020$ / sharesshares |
Disclosure of classes of share capital [line items] | |||||||
Number of ordinary shares issued | 1,204,860,715 | 976,634,771 | |||||
Ordinary shares, par value | $ / shares | $ 0.00001 | ||||||
Ordinary shares outstanding | 865,591,398 | ||||||
Treasury shares | 111,043,373 | ||||||
Aggregated par value of ordinary shares outstanding | ¥ 92,000 | ¥ 69,000 | $ 8,656,000 | ||||
Number of shares authorized | 5,000,000,000 | ||||||
Class A ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of ordinary shares issued | 876,570,233 | ||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | ||||||
Aggregated par value of ordinary shares outstanding | ¥ | ¥ 69,000 | ||||||
Ordinary shares including treasury shares issued | 766,011,125 | ||||||
Number of votes | Vote | 1 | 1 | |||||
Price per share | $ | $ 5 | ||||||
Net proceeds received | ¥ 4,178,860,000 | $ 625,274,000 | |||||
Number of restricted shares became vested | $ | 71,132,744 | ||||||
Class A ordinary shares | IPO | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued during the period | 121,600,000 | 121,600,000 | |||||
Number of shares issued upon conversion of each preferred share | 1 | ||||||
Class A ordinary shares | Over-allotment option | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued during the period | 9,664,748 | 9,664,748 | |||||
Class B ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of ordinary shares issued | 328,290,482 | ||||||
Aggregated par value of ordinary shares outstanding | ¥ | ¥ 23,000 | ||||||
Ordinary shares including treasury shares issued | 328,290,482 | ||||||
Number of votes | Vote | 3 | 3 |
Capital and reserves - Share _2
Capital and reserves - Share capital and additional paid-in capital - Company issued shares (Details) $ in Thousands | Jun. 30, 2021CNY (¥)shares | Jun. 30, 2020CNY (¥) | Jun. 30, 2020USD ($) | Jan. 31, 2020shares |
Disclosure of classes of share capital [line items] | ||||
Ordinary shares issued | 1,204,860,715 | 976,634,771 | ||
Share capital | ¥ 92,000 | ¥ 69,000 | $ 8,656 | |
Class A ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Ordinary shares issued | 876,570,233 | |||
Share capital | ¥ | ¥ 69,000 | |||
Class B ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Ordinary shares issued | 328,290,482 | |||
Share capital | ¥ | ¥ 23,000 |
Capital and reserves - Merger r
Capital and reserves - Merger reserve (Details) - CNY (¥) | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2021 | Mar. 11, 2021 | Dec. 31, 2018 | |
Disclosure of classes of share capital [line items] | ||||
Aggregate consideration for acquisition | ¥ 10,257,000 | ¥ 10,257,000 | ||
Merger reserve | ¥ (133,394,000) | |||
Merger reserve | ||||
Disclosure of classes of share capital [line items] | ||||
Merger reserve | 128,868,000 | |||
MINISO HK | Overseas Entities | ||||
Disclosure of classes of share capital [line items] | ||||
Aggregate consideration for acquisition | 133,394,000 | ¥ 133,394,000 | ||
MINISO HK | Overseas Entities | Merger reserve | ||||
Disclosure of classes of share capital [line items] | ||||
Merger reserve | ¥ 128,868,000 |
Capital and reserves - Treasury
Capital and reserves - Treasury shares (Details) | Jan. 07, 2020item$ / sharesshares | Aug. 27, 2018item | Aug. 31, 2018CNY (¥)item | Jun. 30, 2019CNY (¥)item | Jun. 30, 2021CNY (¥)shares | Jun. 30, 2020CNY (¥) | Jan. 31, 2020$ / sharesshares |
Disclosure of classes of share capital [line items] | |||||||
Ordinary shares issued | shares | 1,204,860,715 | 976,634,771 | |||||
Ordinary shares, par value | $ / shares | $ 0.00001 | ||||||
Considerations received credited to additional paid-in capital | ¥ 973,000 | ¥ 10,699,000 | |||||
2018 Share Award Scheme | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of special purpose vehicles | item | 4 | 4 | 4 | ||||
Considerations received credited to additional paid-in capital | ¥ 8,694,000 | ||||||
2020 Share Award Scheme | |||||||
Disclosure of classes of share capital [line items] | |||||||
Ordinary shares issued | shares | 111,043,373 | ||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | ||||||
Number of special purpose vehicles | item | 12 | ||||||
MINISO Guangzhou | 2018 Share Award Scheme | |||||||
Disclosure of classes of share capital [line items] | |||||||
Registered capital | ¥ 15,863,000 |
Capital and reserves - Deemed d
Capital and reserves - Deemed distribution (Details) - CNY (¥) | Dec. 01, 2018 | Jun. 30, 2019 |
General Information, Reorganization And Basis Of Presentation [Line Items] | ||
Deemed distribution | ¥ 493,860,000 | |
Reorganization | ||
General Information, Reorganization And Basis Of Presentation [Line Items] | ||
Deemed distribution | ¥ 493,860,000 |
Capital and reserves - Dividend
Capital and reserves - Dividends (Details) - CNY (¥) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of classes of share capital [line items] | |||
Dividends declared | ¥ 0 | ¥ 0 | |
Dividends paid | ¥ 0 | ¥ 0 | |
MINISO Guangzhou | |||
Disclosure of classes of share capital [line items] | |||
Dividends declared | ¥ 330,336,000 | ||
Dividends paid | ¥ 330,336,000 |
Equity settled share-based pa_3
Equity settled share-based payments - 2018 and 2020 share award scheme (Details) | Jan. 16, 2020 | Jan. 07, 2020item | Aug. 27, 2018USD ($)item¥ / shares | Aug. 24, 2018USD ($) | Dec. 31, 2019CNY (¥) | Aug. 31, 2018item | Jun. 30, 2021item$ / sharesshares | Jun. 30, 2020CNY (¥) | Jun. 30, 2019CNY (¥)item¥ / shares | Jan. 31, 2020shares | Aug. 25, 2018 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of share-based compensation plans | item | 2 | ||||||||||
Restricted stock granted | 12,130,664,000 | 12,130,664,000 | |||||||||
Restricted stock, exercise price | ¥ / shares | ¥ 1.79 | ¥ 1.79 | |||||||||
Interest on price to purchase back forfeited shares | 10.00% | ||||||||||
Non-forfeitable dividends paid recognized as employee compensation expenses | ¥ | ¥ 19,664,000 | ¥ 19,664,000 | |||||||||
Vesting tranche one | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting percentage | 40.00% | ||||||||||
Vesting tranche three | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting percentage | 30.00% | ||||||||||
Vesting tranche two | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting percentage | 30.00% | ||||||||||
2018 Share Award Scheme | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Term of award | 10 years | ||||||||||
Number of special purpose vehicles | item | 4 | 4 | 4 | ||||||||
Number split into restricted shares | 7 | ||||||||||
2020 Share Award Scheme | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Term of award | 103 months | ||||||||||
Maximum percentage of registered capital of shares could be awarded | 10.15% | ||||||||||
Number of special purpose vehicles | item | 12 | ||||||||||
Maximum aggregate number of shares that can be awarded | 92,586,048 | ||||||||||
Number of shares released | 18,457,325 | ||||||||||
MINISO Guangzhou | 2018 Share Award Scheme | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Maximum percentage of registered capital of shares could be awarded | 11.37% | 10.15% | |||||||||
Registered capital could be converted into restricted shares | $ | $ 15,863,339 | ||||||||||
MINISO Guangzhou | 2020 Share Award Scheme | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Maximum aggregate number of shares that can be awarded | 111,043,373 | ||||||||||
Ordinary shares per share | $ / shares | $ 0.036 | ||||||||||
Restricted shares | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Remaining shares held by employees other than key management personnel, percentage | 30.00% | ||||||||||
Restricted shares | Vesting tranche two | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Remaining shares held by employees other than key management personnel, percentage | 30.00% | ||||||||||
Share option | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Maximum aggregate number of shares that can be awarded | 31,618,125 | ||||||||||
Share option | Vesting tranche one | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting percentage | 20.00% | ||||||||||
Share option | Vesting tranche three | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting percentage | 20.00% | ||||||||||
Share option | Vesting tranche two | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting percentage | 20.00% |
Equity settled share-based pa_4
Equity settled share-based payments - Number of restricted shares and the respective weighted-average grant date fair value (Details) shares in Thousands, $ in Thousands | Aug. 27, 2018CNY (¥)USD ($)¥ / shares | Jun. 30, 2021CNY (¥)¥ / sharesshares | Jun. 30, 2020CNY (¥)¥ / sharesshares | Jun. 30, 2019CNY (¥)¥ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares, outstanding at the beginning | ¥ | 79,224,019,000 | 12,130,664,000 | 0 | |
Number of shares, granted during the year | 12,130,664 | 12,130,664,000 | ||
Number of shares, vested during the year | shares | (71,132,744) | |||
Number of shares, forfeited during the year | ¥ | (2,335,487,000) | |||
Number of shares, effect of restricted share split | shares | 68,078,784 | |||
Number of shares, outstanding at the end | ¥ | 5,755,788,000 | 79,224,019,000 | 12,130,664,000 | |
Weighted-average exercise price, outstanding at the beginning (in dollars per share) | ¥ 0.036 | ¥ 1.79 | ¥ 0 | |
Weighted-average exercise price, granted during the year (in dollars per share) | ¥ 1.79 | 1.79 | ||
Weighted-average exercise price, vested during the year (in dollars per share) | 0.036 | |||
Weighted-average exercise price, forfeited during the year (in dollars per share) | 0.036 | |||
Weighted-average exercise price, outstanding at the end (in dollars per share) | 0.036 | 0.036 | 1.79 | |
Weighted-average grant date fair value, outstanding at the beginning (in dollars per share) | 7.67 | 53.67 | 0 | |
Weighted-average grant date fair value, granted during the year (in dollars per share) | 53.67 | |||
Weighted-average grant date fair value, vested during the year (in dollars per share) | 7.67 | |||
Weighted-average grant date fair value, forfeited during the year (in dollars per share) | 7.67 | |||
Weighted-average grant date fair value, outstanding at the end (in dollars per share) | ¥ 7.67 | ¥ 7.67 | ¥ 53.67 | |
Weighted-average remaining contract life of restricted shares | 85 months | 97 months | ||
Aggregate fair value of restricted shares | ¥ | ¥ 53.67 | ¥ 651,053,000 | ||
2018 Share Award Scheme | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares, forfeited during the year | ¥ | (784,200,000) | |||
Weighted-average exercise price, forfeited during the year (in dollars per share) | ¥ 1.79 | |||
Weighted-average grant date fair value, forfeited during the year (in dollars per share) | ¥ 53.67 | |||
2020 Share Award Scheme | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares, forfeited during the year | ¥ | (201,229,000) | |||
Weighted-average exercise price, forfeited during the year (in dollars per share) | ¥ 0.036 | |||
Weighted-average grant date fair value, forfeited during the year (in dollars per share) | ¥ 7.67 |
Equity settled share-based pa_5
Equity settled share-based payments - weighted-average remaining contract life for the outstanding restricted shares granted (Details) | 12 Months Ended | |||
Jun. 30, 2021CNY (¥) | Jun. 30, 2020CNY (¥) | Jun. 30, 2019CNY (¥) | Aug. 27, 2018CNY (¥) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Aggregate fair value of restricted shares | ¥ 651,053,000 | ¥ 53.67 | ||
Equity-settled share-based payment expenses (Note 32) | ¥ 155,171,000 | ¥ 316,229,000 | ¥ 122,058,000 | |
Restricted shares | Weighted average cost of capital | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Key assumptions used in determining the fair value | 15.1 | |||
Restricted shares | Risk-free interest rate | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Key assumptions used in determining the fair value | 3 | |||
Restricted shares | Discount for lack of marketability ("DLOM") | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Key assumptions used in determining the fair value | 31.3 |
Equity settled share-based pa_6
Equity settled share-based payments - The 2020 Option Plan (Details) - shares | Jan. 16, 2020 | Aug. 27, 2018 | Jan. 31, 2020 |
Vesting tranche one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 40.00% | ||
Vesting tranche two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 30.00% | ||
Vesting tranche three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 30.00% | ||
Share option | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Maximum aggregate number of shares that can be awarded | 31,618,125 | ||
Share option | Vesting tranche one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 20.00% | ||
Share option | Vesting tranche two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 20.00% | ||
Share option | Vesting tranche three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 20.00% | ||
Share option | Vesting tranche four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 20.00% | ||
Share option | Vesting tranche five | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 20.00% |
Equity settled share-based pa_7
Equity settled share-based payments - Option activities during years ended June 30, 2019 and 2020 (Details) - Share option | Sep. 27, 2020USD ($)$ / shares | Jan. 16, 2020USD ($)$ / shares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of options, outstanding at the beginning | $ | 11,014,000 | 0 | ||
Number of options, granted | $ | 4,703,500 | 11,350,000 | 4,703,500 | 11,035,000 |
Number of options, exercised | $ | (747,664) | |||
Number of options, forfeited | $ | (2,569,000) | (21,000) | ||
Number of options, outstanding at the end | $ | 12,400,836 | 11,014,000 | ||
Number of options, exercisable at the end | $ | 1,128,336 | |||
Number of options, non-vested at the end | shares | 11,272,500 | 11,014,000 | ||
Weighted-average exercise price, outstanding at the beginning (in dollars per share) | $ 0.036 | $ 0 | ||
Weighted-average exercise price, granted (in dollars per share) | $ 0.036 | $ 0.036 | 0.036 | 0.036 |
Weighted-average exercise price, exercised (in dollars per share) | 0.036 | |||
Weighted-average exercise price, forfeited (in dollars per share) | 0.036 | 0.036 | ||
Weighted-average exercise price, outstanding at the end (in dollars per share) | 0.036 | 0.036 | ||
Weighted-average exercise price, exercisable at the end (in dollars per share) | 0.036 | |||
Weighted-average exercise price, non-vested at the end (in dollars per share) | 0.036 | 0.036 | ||
Weighted-average grant date fair value, outstanding at the beginning (in dollars per share) | 3.08 | 0 | ||
Weighted-average grant date fair value, granted (in dollars per share) | $ 4.89 | $ 3.08 | 4.89 | 3.08 |
Weighted-average grant date fair value, exercised (in dollars per share) | 3.08 | |||
Weighted-average grant date fair value, forfeited (in dollars per share) | 3.10 | 3.08 | ||
Weighted-average grant date fair value, outstanding at the end (in dollars per share) | 3.71 | 3.08 | ||
Weighted-average grant date fair value, exercisable at the end (in dollars per share) | 3.08 | |||
Weighted-average grant date fair value, non-vested at the end (in dollars per share) | $ 3.78 | $ 3.08 |
Equity settled share-based pa_8
Equity settled share-based payments - Binominal option-pricing model (Details) | Sep. 27, 2020CNY (¥)item$ / shares | Jan. 16, 2020CNY (¥)item$ / shares | Jun. 30, 2021CNY (¥) | Jun. 30, 2021$ / shares | Jun. 30, 2020CNY (¥) | Jun. 30, 2020$ / shares | Jun. 30, 2019CNY (¥) | Sep. 27, 2020USD ($) | Jan. 16, 2020USD ($) |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Equity-settled share-based payment expenses (Note 32) | ¥ | ¥ 155,171,000 | ¥ 316,229,000 | ¥ 122,058,000 | ||||||
Share option | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Fair value per share | $ 4.89 | $ 3.08 | $ 4.89 | $ 3.08 | |||||
Risk-free interest rate | 0.60% | 1.80% | |||||||
Expected dividend yield | 0.00% | 0.00% | |||||||
Expected volatility | 35.00% | 33.20% | |||||||
Expected multiples | $ 2.2 | ||||||||
Contractual life | item | 9.3 | 10 | |||||||
Fair value of options granted | $ 156,808,000 | $ 233,841,000 | $ 23,019,000 | $ 33,985,000 | |||||
Equity-settled share-based payment expenses (Note 32) | ¥ | ¥ 126,148,000 | ¥ 48,151,000 | |||||||
Minimum. | Share option | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Expected multiples | $ 2.2 | ||||||||
Maximum. | Share option | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Expected multiples | $ 2.8 |
Acquisition of a subsidiary (De
Acquisition of a subsidiary (Details) | Jun. 30, 2021CNY (¥) | Mar. 11, 2021CNY (¥) | Mar. 11, 2021SGD ($) |
Disclosure of detailed information about business combination [line items] | |||
Percentage of shares and voting interests acquired | 70.00% | ||
Consideration transferred | ¥ | ¥ 10,257,000 | ¥ 10,257,000 | |
MINISO SG Pte. Ltd | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of shares and voting interests acquired | 70.00% | 70.00% | |
Consideration transferred | $ | $ 2,100,000 |
Acquisition of a subsidiary - a
Acquisition of a subsidiary - assets and liabilities (Details) | Jun. 30, 2021CNY (¥) |
Recognized amounts of assets acquired and liabilities assumed at the date of acquisition | |
Property, plant and equipment | ¥ 1,539 |
MINISO SG Pte. Ltd | |
Recognized amounts of assets acquired and liabilities assumed at the date of acquisition | |
Right-of-use assets | 36,632 |
Inventories | 6,775 |
Trade and other receivables | 13,770 |
Cash and cash equivalents | 1,433 |
Loans and borrowings | (21,979) |
Trade and other payables | (12,092) |
Lease liabilities | (38,713) |
Current taxation | (770) |
Total identifiable net liabilities acquired | ¥ (13,405) |
Acquisition of a subsidiary - G
Acquisition of a subsidiary - Goodwill (Details) | Jun. 30, 2021CNY (¥) | Mar. 11, 2021CNY (¥) | Mar. 11, 2021SGD ($) |
Disclosure of detailed information about business combination [line items] | |||
Consideration transferred | ¥ 10,257,000 | ¥ 10,257,000 | |
Percentage of shares and voting interests acquired | 70.00% | ||
Goodwill (Note 17) | ¥ 19,640,000 | ||
MINISO SG Pte. Ltd | |||
Disclosure of detailed information about business combination [line items] | |||
Consideration transferred | $ | $ 2,100,000 | ||
Percentage of shares and voting interests acquired | 70.00% | 70.00% |
Financial risk management and_3
Financial risk management and fair values - Credit risk (Details) - debtor | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Percentage of total trade receivables due from the Group's five largest debtors | 30.00% | 33.00% |
Number of Group's largest debtors | 5 | 5 |
Period of past due that debtors are requested to settle before any further credit is granted | 6 months | |
Minimum. | ||
Disclosure of credit risk exposure [line items] | ||
Period of trade receivables is due | 30 days | |
Maximum. | ||
Disclosure of credit risk exposure [line items] | ||
Period of trade receivables is due | 180 days |
Financial risk management and_4
Financial risk management and fair values - Group's exposure to credit risk and ECLs for trade receivables (Details) - CNY (¥) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Trade receivables | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate, basis period | 3 years | ||
Trade receivables | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 356,796,000 | ¥ 317,547,000 | |
Trade receivables | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | (41,795,000) | (30,855,000) | |
Trade receivables | Gross carrying amount, Additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | 18,032,000 | 12,328,000 | |
Trade receivables | Additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | (18,032,000) | (12,328,000) | |
Trade receivables | Gross carrying amount | |||
Disclosure of provision matrix [line items] | |||
Financial assets | 374,828,000 | 329,875,000 | |
Trade receivables | Loss allowance | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ (59,827,000) | ¥ (43,183,000) | ¥ (91,726,000) |
Current (not past due) | Trade receivables | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 2.00% | 1.00% | |
Current (not past due) | Trade receivables | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 236,210,000 | ¥ 149,162,000 | |
Current (not past due) | Trade receivables | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ (4,827,000) | ¥ (1,790,000) | |
Less than 90 days past due | Trade receivables | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 5.00% | 6.00% | |
Less than 90 days past due | Trade receivables | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 38,141,000 | ¥ 64,526,000 | |
Less than 90 days past due | Trade receivables | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ (1,907,000) | ¥ (3,923,000) | |
91 - 270 days past due | Trade receivables | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 12.00% | 12.00% | |
91 - 270 days past due | Trade receivables | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 27,838,000 | ¥ 70,088,000 | |
91 - 270 days past due | Trade receivables | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ (3,341,000) | ¥ (8,256,000) | |
271 - 450 days past due | Trade receivables | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 26.00% | 50.00% | |
271 - 450 days past due | Trade receivables | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 25,055,000 | ¥ 33,771,000 | |
271 - 450 days past due | Trade receivables | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ (6,514,000) | ¥ (16,886,000) | |
451 - 810 days past due | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 58.00% | ||
451 - 810 days past due | Trade receivables | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 10,347,000 | ||
451 - 810 days past due | Trade receivables | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ (6,001,000) | ||
More than 810 days past due | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 100.00% | ||
More than 810 days past due | Trade receivables | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 19,205,000 | ||
More than 810 days past due | Trade receivables | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ (19,205,000) |
Financial risk management and_5
Financial risk management and fair values - Movement in loss allowance account in respect of trade receivables (Details) - Loss allowance - CNY (¥) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Trade receivables | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Balance at the beginning of period | ¥ (43,183,000) | ¥ (91,726,000) |
Amounts written off during the year | 73,431,000 | |
Credit loss recognized during the year | (19,870,000) | (24,239,000) |
Exchange adjustment | 3,226,000 | (649,000) |
Balance at the end of period | (59,827,000) | (43,183,000) |
Increase (decrease) through origination of new financial assets | 1,297,000 | |
Increase through increase in days past due over 30 days or past due over 450 days | 25,206,000 | 14,798,000 |
Decrease through decrease in days past due over 90 days but less than 450 days | 15,287,000 | |
Increase (Decrease) Through Write-Off Trade Receivables | 73,431,000 | |
Increase due to deterioration of financial status of certain overseas distributor | 5,704,000 | 11,387,000 |
Other receivables | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Credit loss recognized during the year | ¥ 0 | ¥ 0 |
Financial risk management and_6
Financial risk management and fair values - Liquidity risk (Details) - CNY (¥) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Net Current assets | ¥ 5,716,232,000 | ¥ 1,676,956,000 | |
Net cash generated from operating activities | ¥ 916,320,000 | 826,484,000 | ¥ 1,038,471,000 |
Unsecured bank loans | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Loans repayable on demand | ¥ 200,000,000 |
Financial risk management and_7
Financial risk management and fair values - Remaining Contractual Maturities Of Group's Financial Liabilities (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables, undiscounted cash flows | ¥ 2,809,182 | ¥ 2,419,795 |
Trade and other payables, carrying amount | 2,809,182 | 2,419,795 |
Loans and borrowings, undiscounted cash flows | 22,235 | 423,869 |
Loans and borrowings, carrying amount | 20,594 | 416,389 |
Lease liabilities, undiscounted cash flows | 892,014 | 660,627 |
Present value of lease liabilities | 804,412 | 602,974 |
Total | 3,723,431 | 3,504,291 |
Total carrying amount | 3,634,188 | 3,439,158 |
Within 1 year or on demand | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables, undiscounted cash flows | 2,809,182 | 2,419,795 |
Loans and borrowings, undiscounted cash flows | 13,944 | 408,568 |
Loans and borrowings, carrying amount | 13,669 | 401,182 |
Lease liabilities, undiscounted cash flows | 342,211 | 228,249 |
Total | 3,165,337 | 3,056,612 |
After 1 year but within 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Loans and borrowings, undiscounted cash flows | 641 | 15,154 |
Loans and borrowings, carrying amount | 442 | 15,066 |
Lease liabilities, undiscounted cash flows | 217,229 | 168,804 |
Total | 217,870 | 183,958 |
After 2 years but within 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Loans and borrowings, undiscounted cash flows | 1,880 | 147 |
Loans and borrowings, carrying amount | 1,297 | 141 |
Lease liabilities, undiscounted cash flows | 277,726 | 202,826 |
Total | 279,606 | 202,973 |
More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Loans and borrowings, undiscounted cash flows | 5,770 | |
Loans and borrowings, carrying amount | 5,186 | |
Lease liabilities, undiscounted cash flows | 54,848 | 60,748 |
Total | ¥ 60,618 | ¥ 60,748 |
Financial risk management and_8
Financial risk management and fair values - Interest Rate Risk - Interest rate profile (Details) - Interest rate risk - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Fixed rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial liabilities | ¥ (20,594) | ¥ (416,389) |
Fixed rate | Loans and borrowings | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial liabilities | ¥ (20,594) | ¥ (416,389) |
Fixed rate | Loans and borrowings | Minimum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 0.00% | 0.00% |
Fixed rate | Loans and borrowings | Maximum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 9.00% | 9.00% |
Variable rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | ¥ 6,771,104 | ¥ 2,853,501 |
Variable rate | Cash at bank (Note 23) | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | ¥ 6,771,104 | ¥ 2,853,501 |
Variable rate | Cash at bank (Note 23) | Minimum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate on financial assets (as a percent) | 0.00% | 0.00% |
Variable rate | Cash at bank (Note 23) | Maximum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate on financial assets (as a percent) | 3.00% | 5.00% |
Financial risk management and_9
Financial risk management and fair values - Interest Rate Risk - Sensitivity analysis (Details) - Interest rate risk - CNY (¥) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Percentage of reasonably possible increase in risk assumption | 1.00% | 1.00% |
Percentage of reasonably possible decrease in risk assumption | 1.00% | 1.00% |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ (55,880,000) | ¥ (23,883,000) |
Decrease in current year losses due to reasonably possible increase in designated risk component | 55,880,000 | 23,883,000 |
Increase in current year losses due to reasonably possible decrease in designated risk component | (55,880,000) | (23,883,000) |
Decrease in current year losses due to reasonably possible decrease in designated risk component | 55,880,000 | 23,883,000 |
Increase in accumulated losses due to reasonably possible increase in designated risk component | (55,880,000) | (23,883,000) |
Decrease in accumulated losses due to reasonably possible increase in designated risk component | 55,880,000 | 23,883,000 |
Increase in accumulated losses due to reasonably possible decrease in designated risk component | (55,880,000) | (23,883,000) |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ 55,880,000 | ¥ 23,883,000 |
Financial risk management an_10
Financial risk management and fair values - Exposure to currency risk (Details) - Currency risk - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
United States Dollars | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | ¥ 391,613 | ¥ 665,861 |
United States Dollars | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 20,423 | 11,036 |
United States Dollars | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 402,563 | 669,992 |
United States Dollars | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | (24,760) | (15,026) |
United States Dollars | Loans and borrowings | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | (6,613) | (141) |
Euros | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 15,401 | (2,111) |
Euros | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 800 | |
Euros | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 19,927 | 2,557 |
Euros | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | (4,526) | (5,468) |
Hong Kong Dollars | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | (21,240) | (25,726) |
Hong Kong Dollars | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 629 | |
Hong Kong Dollars | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 2,728 | 2,886 |
Hong Kong Dollars | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | (23,968) | (29,241) |
Renminbi | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 601,491 | |
Renminbi | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 601,491 | |
Others | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 3,107 | (913) |
Others | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 1,818 | |
Others | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 1,306 | 320 |
Others | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | ¥ (17) | ¥ (1,233) |
Financial risk management an_11
Financial risk management and fair values - Currency risk - Sensitivity analysis (Details) - Currency risk - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
United States Dollars | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase in foreign exchange rates | 1.00% | 1.00% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 3,242 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (3,242) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ 5,552 | |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ (5,552) | |
Euros | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase in foreign exchange rates | 1.00% | 1.00% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 128 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (128) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ 21 | |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ (21) | |
Hong Kong Dollars | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase in foreign exchange rates | 1.00% | 1.00% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 177 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (177) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ 257 | |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ (257) | |
Renminbi | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase in foreign exchange rates | 1.00% | |
Decrease in foreign exchange rates | (1.00%) | |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 6,015 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (6,015) | |
Others | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase in foreign exchange rates | 1.00% | 1.00% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 27 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (27) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ 10 | |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ (10) |
Financial risk management an_12
Financial risk management and fair values - Fair Value Measurements - Group's financial assets that are measured at fair value (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Transfers from level 1 to level 2, assets | ¥ 0 | ¥ 0 |
Transfers from level 2 to level 1, assets | 0 | 0 |
Transfers into level 3, assets | 0 | 0 |
Transfers out of level 3, assets | 0 | 0 |
Transfers from level 1 to level 2, liabilities | 0 | 0 |
Transfers from level 2 to level 1, liabilities | 0 | 0 |
Transfers into level 3, liabilities | 0 | 0 |
Transfers out of level 3, liabilities | 0 | 0 |
Recurring | Redeemable shares with other preferential rights | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 2,381,327 | |
Recurring | Other investments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 102,968 | |
Recurring | Level 2 | Other investments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | ¥ 102,968 | |
Recurring | Level 3 | Redeemable shares with other preferential rights | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | ¥ 2,381,327 |
Financial risk management an_13
Financial risk management and fair values - Movements in the balance of the Level 3 fair value measurements (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Liabilities at beginning of period | ¥ 6,159,297 | |
Conversion into Class A ordinary shares upon IPO of the Company | (3,963,843) | |
Liabilities at end of period | 4,052,876 | ¥ 6,159,297 |
Level 3 | Paid-in capital subject to redemption and other preferential rights / Redeemable shares with other preferential rights | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Liabilities at beginning of period | 2,381,327 | 1,701,294 |
Changes in fair value recognized in profit or loss during the year | 1,625,287 | 680,033 |
Exchange adjustment | (42,771) | |
Conversion into Class A ordinary shares upon IPO of the Company | (3,963,843) | |
Liabilities at end of period | 2,381,327 | |
Total gains or losses for the year included in profit or loss for liabilities held at end of the reporting period | ¥ 1,625,287 | ¥ 680,033 |
Commitments (Details)
Commitments (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Contracted purchase | ¥ 128,640 | ¥ 13,531 |
Property. | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Contracted purchase | 101,779 | |
Property improvements | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Contracted purchase | 21,679 | |
Software | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Contracted purchase | ¥ 5,182 | ¥ 13,531 |
Contingencies (Details)
Contingencies (Details) - Tax contingencies - CNY (¥) | Nov. 26, 2020 | Mar. 31, 2022 |
Disclosure of contingent liabilities [line items] | ||
Minimum total tax payment committed to local government | ¥ 965,000,000 | |
Forecast | ||
Disclosure of contingent liabilities [line items] | ||
Taxation commitment for year one | ¥ 160,000,000 |
Material related party transa_3
Material related party transactions - Key management personnel compensation (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Material related party transactions | |||
Short-term employee benefits | ¥ 8,795 | ¥ 5,431 | ¥ 7,832 |
Employee compensation expense (Note 8(i) and Note 32) | 4,771 | ||
Equity-settled share-based payment expenses (Note 32) | 39,727 | 79,021 | 28,574 |
Total | ¥ 48,522 | ¥ 89,223 | ¥ 36,406 |
Material related party transa_4
Material related party transactions - Other transactions with related parties (Details) - CNY (¥) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Proceeds from repayment from the controlling shareholder | ¥ 297,105,000 | ¥ 269,934,000 | |
Cash advances to related parties | 5,205,000 | 9,508,000 | |
Proceeds from repayment from related parties | ¥ 14,713,000 | ||
Mr. Ye Guofu | |||
Disclosure of transactions between related parties [line items] | |||
Proceeds from repayment from the controlling shareholder | 297,105,000 | 269,934,000 | |
Liabilities waived by the controlling shareholder | 5,040,000 | ||
Cash advances to related parties | 101,462,000 | ||
Repayment to the controlling shareholder | 11,946,000 | ||
Mr. Ye Guofu | Discontinued operations | |||
Disclosure of transactions between related parties [line items] | |||
Interest incurred on loans from the controlling shareholder | 5,014,000 | ||
Repayment of loans from the controlling shareholder | 130,441,000 | ||
MINI Investment Holding Limited | |||
Disclosure of transactions between related parties [line items] | |||
Cash advances to related parties | 9,508,000 | ||
Proceeds from repayment from related parties | 9,508,000 | ||
MINI Investment Holding Limited | Discontinued operations | |||
Disclosure of transactions between related parties [line items] | |||
Disposal of discontinued operations | 1,000 | 1,000 | 1,000 |
Nome Design Guangzhou Limited | |||
Disclosure of transactions between related parties [line items] | |||
Cash advances to related parties | 5,205,000 | ||
Proceeds from repayment from related parties | 5,205,000 | ||
Purchase of lifestyle products | 581,000 | 648,000 | |
Miniso Lifestyle Nigeria Limited | |||
Disclosure of transactions between related parties [line items] | |||
Proceeds from repayment from the controlling shareholder | ¥ 65,268,000 | ||
Sales of lifestyle products | 5,312,000 | 201,000 | |
Advanced payments received for purchase of lifestyle products | 4,005,000 | ||
Interest rate | 8.00% | ||
Interest incurred on loans from the controlling shareholder | ¥ 4,374,000 | ||
Miniso Technology (Guangzhou) Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Sales of lifestyle products | 1,271,000 | ||
Haydon (Shanghai) Technology Co., Ltd | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of lifestyle products | 894,000 | ||
Provision of information technology support and consulting services | 3,050,000 | ||
199 Global Holding (Guangzhou) Limited | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of lifestyle products | 135,000 | ||
Guangzhou Chuyunju Catering Service Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of catering services | 8,334,000 | 10,241,000 | 6,108,000 |
Shanghai Kerong Networks Limited | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of lifestyle products | 38,148,000 | 177,367,000 | 191,232,000 |
Shenzhen Zhizhi Brand Incubation Limited | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of lifestyle products | 22,220,000 | 52,385,000 | 97,298,000 |
Wow Color Beauty Guangdong Technology Limited | |||
Disclosure of transactions between related parties [line items] | |||
Purchase of lifestyle products | 19,000 | 13,339,000 | |
Provision of information technology support and consulting services | 9,912,000 | ||
YGF MC LIMITED | Discontinued operations | |||
Disclosure of transactions between related parties [line items] | |||
Disposal of discontinued operations | 1,000 | 1,000 | 1,000 |
Minihome Hong Kong Limited | Discontinued operations | |||
Disclosure of transactions between related parties [line items] | |||
Disposal of discontinued operations | 1,000 | ¥ 1,000 | 1,000 |
MINISO GmbH | |||
Disclosure of transactions between related parties [line items] | |||
Proceeds from repayment from the controlling shareholder | ¥ 51,557,000 | ||
Interest rate | 3.00% | ||
Interest incurred on loans from the controlling shareholder | ¥ 640,000 | ||
MINISO Lifestyle Kenya Ltd | |||
Disclosure of transactions between related parties [line items] | |||
Proceeds from repayment from the controlling shareholder | ¥ 18,630,000 | ||
Interest rate | 0.00% | ||
Interest incurred on loans from the controlling shareholder | ¥ 0 | ||
Mingyou Industrial Investment (Guangzhou) Limited | |||
Disclosure of transactions between related parties [line items] | |||
Provision of guarantee for a subsidiary of the equity-accounted investee | ¥ 160,000,000 |
Material related party transa_5
Material related party transactions - Balances with related parties (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of transactions between related parties [line items] | ||
Included in trade and other receivables from related parties | ¥ 1,791 | ¥ 14,065 |
Included in trade and other payables to related parties | 7,490 | 17,664 |
Included in contract liabilities | 3,798 | |
Mr. Ye Guofu | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other payables to related parties | 11,946 | |
MINI Investment Holding Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other receivables from related parties | 9,508 | |
Nome Design Guangzhou Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other receivables from related parties | 4,557 | |
Haydon (Shanghai) Technology Co., Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other receivables from related parties | 795 | |
Included in trade and other payables to related parties | 1,010 | |
199 Global Holding (Guangzhou) Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other payables to related parties | 94 | |
Guangzhou Chuyunju Catering Service Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other payables to related parties | 3,813 | |
Shanghai Kerong Networks Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other payables to related parties | 1,438 | 3,164 |
Shenzhen Zhizhi Brand Incubation Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other payables to related parties | 1,135 | 1,568 |
Wow Color Beauty Guangdong Technology Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other receivables from related parties | ¥ 996 | |
Included in trade and other payables to related parties | 986 | |
Miniso Lifestyle Nigeria Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in contract liabilities | ¥ 3,798 |
Company level financial infor_3
Company level financial information - Condensed statement of profit or loss (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Condensed statement of profit or loss | ||||
General and administrative expenses | ¥ (810,829) | ¥ (796,435) | ¥ (593,205) | |
Other net income | (40,407) | 45,997 | 24,423 | |
Operating profit | 401,035 | 766,581 | 1,016,682 | |
Finance income | 40,433 | 25,608 | 7,311 | |
Finance costs | (28,362) | (31,338) | (25,209) | |
Net finance income | 12,071 | (5,730) | (17,898) | |
Fair value changes of redeemable shares with other preferential rights / redeemable shares with other preferential rights | (1,625,287) | (680,033) | (709,780) | |
Share of loss of an equity-accounted investee, net of tax | (4,011) | |||
Profit / (loss) before taxation | (1,216,192) | 80,818 | 289,004 | |
Income tax expense | 213,255 | 210,949 | 279,583 | |
Profit/(loss) for the period/year | (1,429,447) | ¥ (260,176) | ¥ (294,409) | |
Parent company | ||||
Condensed statement of profit or loss | ||||
Other income | ¥ 0 | (4,274) | ||
General and administrative expenses | (37) | (9,734) | ||
Other net income | 1,091 | 52,056 | ||
Operating profit | 1,054 | 46,596 | ||
Finance income | 0 | 1,030 | ||
Finance costs | 0 | (2) | ||
Net finance income | 0 | 1,028 | ||
Fair value changes of redeemable shares with other preferential rights / redeemable shares with other preferential rights | 151,733 | (1,625,287) | ||
Share of loss of an equity-accounted investee, net of tax | 0 | (4,011) | ||
Profit / (loss) before taxation | 152,787 | (1,581,674) | ||
Income tax expense | 0 | 0 | ||
Profit/(loss) for the period/year | ¥ 152,787 | ¥ (1,581,674) |
Company level financial infor_4
Company level financial information - Condensed statement of profit or loss and other comprehensive income (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Condensed statement of profit or loss and other comprehensive income | ||||
Profit/(loss) for the period/year | ¥ (1,429,447) | ¥ (260,176) | ¥ (294,409) | |
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translation of financial statements of the Company | (16,548) | 6,361 | (4,834) | |
Other comprehensive income/(loss) for the period/year | (16,548) | 6,361 | (4,834) | |
Total comprehensive Income/(loss) for the period/year | (1,445,995) | ¥ (253,815) | ¥ (299,243) | |
Parent company | ||||
Condensed statement of profit or loss and other comprehensive income | ||||
Profit/(loss) for the period/year | ¥ 152,787 | (1,581,674) | ||
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translation of financial statements of the Company | 13,606 | (191,443) | ||
Other comprehensive income/(loss) for the period/year | 13,606 | (191,443) | ||
Total comprehensive Income/(loss) for the period/year | ¥ 166,393 | ¥ (1,773,117) |
Company level financial infor_5
Company level financial information - Condensed statement of financial position (Details) $ in Thousands | Jun. 30, 2021CNY (¥) | Jun. 30, 2020CNY (¥) | Jun. 30, 2020USD ($) | Jan. 06, 2020CNY (¥) | Jun. 30, 2019CNY (¥) |
Non-current assets | |||||
Interest in an equity-accounted investee | ¥ 352,062,000 | ||||
Investments in subsidiaries | |||||
Non-current assets | 1,505,943,000 | ¥ 849,652,000 | |||
Current assets | |||||
Other receivables | 58,278,000 | 36,090,000 | |||
Cash and cash equivalents | 6,771,653,000 | 2,853,980,000 | |||
Total current assets | 9,199,087,000 | 4,986,599,000 | |||
Total assets | 10,705,030,000 | 5,836,251,000 | |||
EQUITY. | |||||
Share capital | 92,000 | 69,000 | $ 8,656 | ||
Additional paid-in capital | 8,289,160,000 | 162,373,000 | |||
Other reserves | 928,005,000 | 625,984,000 | |||
Retained earnings/(accumulated losses) | (2,558,291,000) | (1,125,055,000) | |||
Total equity attributable to owners of parent | 6,658,966,000 | (336,629,000) | |||
Non-current liabilities | |||||
Redeemable shares with other preferential rights | 0 | 2,381,327,000 | ¥ 1,701,294,000 | ||
Deferred income | 20,005,000 | ||||
Total non-current liabilities | 570,021,000 | 2,849,654,000 | |||
Current liabilities | |||||
Trade and other payables | 2,809,182,000 | 2,419,795,000 | |||
Deferred income | 6,060,000 | ||||
Total current liabilities | 3,482,855,000 | 3,309,643,000 | |||
Total liabilities | 4,052,876,000 | 6,159,297,000 | |||
Total equity and liabilities | 10,705,030,000 | 5,836,251,000 | |||
Parent company | |||||
Non-current assets | |||||
Interest in an equity-accounted investee | 352,062,000 | ||||
Investments in subsidiaries | |||||
-Cost-accounted investments in subsidiaries | 1,000 | 1,000 | |||
-Amounts due from subsidiaries | 3,887,724,000 | 988,252,000 | |||
Non-current assets | 4,239,786,000 | 988,252,000 | |||
Current assets | |||||
Other receivables | 3,031,000 | 7,082,000 | |||
Cash and cash equivalents | 925,638,000 | 153,889,000 | ¥ 0 | ||
Total current assets | 928,669,000 | 160,971,000 | |||
Total assets | 5,168,455,000 | 1,149,223,000 | |||
EQUITY. | |||||
Share capital | 92,000 | 69,000 | |||
Additional paid-in capital | 8,289,160,000 | 162,373,000 | |||
Other reserves | (1,721,689,000) | (1,547,333,000) | |||
Retained earnings/(accumulated losses) | (1,428,887,000) | 152,787,000 | |||
Total equity attributable to owners of parent | 5,138,676,000 | (1,232,104,000) | |||
Non-current liabilities | |||||
Redeemable shares with other preferential rights | 2,381,327,000 | ||||
Deferred income | 20,005,000 | ||||
Total non-current liabilities | 20,005,000 | 2,381,327,000 | |||
Current liabilities | |||||
Trade and other payables | 3,714,000 | ||||
Deferred income | 6,060,000 | ||||
Total current liabilities | 9,774,000 | ||||
Total liabilities | 29,779,000 | 2,381,327,000 | |||
Total equity and liabilities | ¥ 5,168,455,000 | ¥ 1,149,223,000 |
Company level financial infor_6
Company level financial information - condensed statement of cash flow (Details) - CNY (¥) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Condensed statement of cash flow | ||||
Net cash (used in)/from operating activities | ¥ 916,320,000 | ¥ 826,484,000 | ¥ 1,038,471,000 | |
Net cash used in investing activities | (518,797,000) | 462,815,000 | (210,915,000) | |
Net cash from financing activities | 3,536,184,000 | (117,706,000) | 619,858,000 | |
Net increase in cash and cash equivalents | 3,933,707,000 | 1,171,593,000 | 1,447,414,000 | |
Cash and cash equivalents at beginning of the period/year | 2,853,980,000 | |||
Effect of movements in exchange rates on cash held | (16,034,000) | (3,831,000) | ¥ 10,698,000 | |
Cash and cash equivalents at the end of the period/year | ¥ 2,853,980,000 | 6,771,653,000 | 2,853,980,000 | |
Parent company | ||||
Condensed statement of cash flow | ||||
Net cash (used in)/from operating activities | (36,000) | 28,366,000 | ||
Net cash used in investing activities | (972,092,000) | (3,432,692,000) | ||
Net cash from financing activities | 1,127,145,000 | 4,181,655,000 | ||
Net increase in cash and cash equivalents | 155,017,000 | 777,329,000 | ||
Cash and cash equivalents at beginning of the period/year | 0 | 153,889,000 | ||
Effect of movements in exchange rates on cash held | (1,128,000) | (5,580,000) | ||
Cash and cash equivalents at the end of the period/year | ¥ 153,889,000 | ¥ 925,638,000 | ¥ 153,889,000 |
Subsequent events (Details)
Subsequent events (Details) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2021CNY (¥) | Aug. 31, 2021USD ($)$ / shares | Jun. 30, 2021CNY (¥) | Jun. 30, 2019CNY (¥) | |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Dividends declared | ¥ | ¥ 0 | ¥ 0 | ||
Event After Reporting Date | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Dividends per share | $ / shares | $ 0.156 | |||
Dividends declared | ¥ 306,256,000 | $ 47,178,000 |