Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Jun. 30, 2022 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39601 |
Entity Registrant Name | MINISO Group Holding Limited |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 8F, M Plaza, No. 109, Pazhou Avenue |
Entity Address, Address Line Two | Haizhu District |
Entity Address, City or Town | Guangzhou |
Entity Address, Postal Zip Code | 510000 |
Entity Address, Country | CN |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001815846 |
Current Fiscal Year End Date | --06-30 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Auditor Name | KPMG Huazhen LLP |
Auditor Firm ID | 1186 |
Auditor Location | Guangzhou, China |
American depositary shares | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares (each American depositary share representing four ordinary shares, par value US$0.00001 per share) |
Trading Symbol | MNSO |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 1,527,819 |
Ordinary Shares, Only for Listing Purpose | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary shares, par value US$0.00001 per share* |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 1,225,566,355 |
Ordinary shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary shares, par value US$0.00001 per share |
Entity Common Stock, Shares Outstanding Including Shares Underlying ADS Repurchased | 6,111,276 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 8F, M Plaza, No. 109, Pazhou Avenue |
Entity Address, Address Line Two | Haizhu District |
Entity Address, City or Town | Guangzhou |
Entity Address, Postal Zip Code | 510000 |
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 |
Consolidated statements of prof
Consolidated statements of profit or loss - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Continuing operations | |||
Revenue | ¥ 10,085,649 | ¥ 9,071,659 | ¥ 8,978,986 |
Cost of sales | (7,015,888) | (6,640,973) | (6,246,488) |
Gross profit | 3,069,761 | 2,430,686 | 2,732,498 |
Other income | 25,931 | 52,140 | 37,208 |
Selling and distribution expenses | (1,442,339) | (1,206,782) | (1,190,477) |
General and administrative expenses | (816,225) | (810,829) | (796,435) |
Other net income/(loss) | 87,308 | (40,407) | 45,997 |
Credit loss on trade and other receivables | (28,924) | (20,832) | (25,366) |
Impairment loss on non-current assets | (13,485) | (2,941) | (36,844) |
Operating profit | 882,027 | 401,035 | 766,581 |
Finance income | 66,344 | 40,433 | 25,608 |
Finance costs | (33,396) | (28,362) | (31,338) |
Net finance (costs)/income | 32,948 | 12,071 | (5,730) |
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) | |
Share of loss of an equity-accounted investee, net of tax | (8,162) | (4,011) | |
Profit/(loss) before taxation | 906,813 | (1,216,192) | 80,818 |
Income tax expense | (267,070) | (213,255) | (210,949) |
(Loss)/profit for the year from continuing operations | 639,743 | (1,429,447) | (130,131) |
Discontinued operations | |||
Loss for the year from discontinued operations, net of tax | (130,045) | ||
(Loss)/profit for the year | 639,743 | (1,429,447) | (260,176) |
Attributable to: | |||
Equity shareholders of the Company | 638,170 | (1,415,010) | (262,267) |
Non-controlling interests | 1,573 | (14,437) | 2,091 |
(Loss)/profit for the year | ¥ 639,743 | ¥ (1,429,447) | ¥ (260,176) |
(Loss)/earnings per share | |||
Basic (loss)/earnings per share (RMB) | ¥ 0.53 | ¥ (1.18) | ¥ (0.26) |
Diluted (loss)/earnings per share (RMB) | 0.52 | (1.18) | (0.26) |
(Loss)/earnings per share-Continuing operations | |||
Basic (loss)/earnings per share (RMB) | 0.53 | (1.18) | (0.12) |
Diluted (loss)/earnings per share (RMB) | ¥ 0.52 | ¥ (1.18) | ¥ (0.12) |
Consolidated statements of pr_2
Consolidated statements of profit or loss and other comprehensive income - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Consolidated statements of profit or loss and other comprehensive income | |||
(Loss)/profit for the year | ¥ 639,743 | ¥ (1,429,447) | ¥ (260,176) |
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of financial statements of foreign operations | 40,494 | (16,548) | 6,361 |
Other comprehensive income/(loss) for the year | 40,494 | (16,548) | 6,361 |
Total comprehensive (loss)/income for the year | 680,237 | (1,445,995) | (253,815) |
Attributable to: | |||
Equity shareholders of the Company | 677,667 | (1,429,621) | (256,583) |
Non-controlling interests | 2,570 | (16,374) | 2,768 |
Total comprehensive (loss)/income for the year | ¥ 680,237 | ¥ (1,445,995) | ¥ (253,815) |
Consolidated statements of fina
Consolidated statements of financial position - CNY (¥) | Jun. 30, 2022 | Jun. 30, 2021 |
Non-current assets | ||
Property, plant and equipment | ¥ 419,894,000 | ¥ 76,316,000 |
Right-of-use assets | 2,342,589,000 | 689,887,000 |
Intangible assets | 43,066,000 | 61,005,000 |
Goodwill | 19,388,000 | 19,640,000 |
Deferred tax assets | 154,333,000 | 168,552,000 |
Other receivables | 28,274,000 | |
Prepayments | 201,682,000 | 138,481,000 |
Interest in an equity-accounted investee | 352,062,000 | |
Non-current assets | 3,209,226,000 | 1,505,943,000 |
Current assets | ||
Other investments | 210,523,000 | 102,968,000 |
Inventories | 1,188,095,000 | 1,496,061,000 |
Trade and other receivables | 1,056,198,000 | 824,725,000 |
Cash and cash equivalents | 5,348,492,000 | 6,771,653,000 |
Restricted cash | 32,376,000 | 3,680,000 |
Term deposits | 236,878,000 | |
Total current assets | 8,072,562,000 | 9,199,087,000 |
Total assets | 11,281,788,000 | 10,705,030,000 |
EQUITY | ||
Share capital | 92,000 | 92,000 |
Additional paid-in capital | 7,982,824,000 | 8,289,160,000 |
Other reserves | 993,307,000 | 928,005,000 |
Accumulated losses | (1,944,581,000) | (2,558,291,000) |
Equity attributable to equity shareholders of the Company | 7,031,642,000 | 6,658,966,000 |
Non-controlling interests | (4,242,000) | (6,812,000) |
Total equity | 7,027,400,000 | 6,652,154,000 |
Non-current liabilities | ||
Contract liabilities | 51,658,000 | 59,947,000 |
Loans and borrowings | 6,503,000 | 6,925,000 |
Lease liabilities | 393,068,000 | 483,144,000 |
Deferred income | 14,488,000 | 20,005,000 |
Total non-current liabilities | 465,717,000 | 570,021,000 |
Current liabilities | ||
Loans and borrowings | 445,000 | 13,669,000 |
Trade and other payables | 3,072,991,000 | 2,809,182,000 |
Contract liabilities | 361,522,000 | 266,919,000 |
Lease liabilities | 257,997,000 | 321,268,000 |
Deferred income | 6,295,000 | 6,060,000 |
Current taxation | 89,421,000 | 65,757,000 |
Total current liabilities | 3,788,671,000 | 3,482,855,000 |
Total liabilities | 4,254,388,000 | 4,052,876,000 |
Total equity and liabilities | ¥ 11,281,788,000 | ¥ 10,705,030,000 |
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, 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)/profit 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 (loss)/income for the 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)/profit 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 (loss)/income for the 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 | |||||||
Consolidation of special purpose vehicles | 973 | (973) | |||||||||
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 | |||||||
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 |
Changes in equity for the year ended June 30 | |||||||||||
(Loss)/profit for the year | 638,170 | 638,170 | 1,573 | 639,743 | |||||||
Other comprehensive (loss)/income for the year | 39,497 | 39,497 | 997 | 40,494 | |||||||
Total comprehensive (loss)/income for the year | 39,497 | 638,170 | 677,667 | 2,570 | 680,237 | ||||||
Release of ordinary shares from share award scheme | (670) | 670 | |||||||||
Repurchase of shares | (82,160) | (82,160) | (82,160) | ||||||||
Equity settled share-based transactions | 82,835 | 82,835 | 82,835 | ||||||||
Dividend declared | (306,255) | (306,255) | (306,255) | ||||||||
Exercise of options | 589 | 589 | 589 | ||||||||
Appropriation to statutory reserve | 24,460 | (24,460) | |||||||||
Balance at the end at Jun. 30, 2022 | ¥ 92 | ¥ 7,982,824 | ¥ 117,912 | ¥ (83,796) | ¥ 850,592 | ¥ 19,491 | ¥ 89,108 | ¥ (1,944,581) | ¥ 7,031,642 | ¥ (4,242) | ¥ 7,027,400 |
Consolidated statements of cash
Consolidated statements of cash flows - CNY (¥) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | |||
Cash generated from operations | ¥ 1,636,392,000 | ¥ 1,111,031,000 | ¥ 1,236,985,000 |
Income tax paid | (230,130,000) | (194,711,000) | (342,438,000) |
Cashflows from discontinued operations | (68,063,000) | ||
Net cash from operating activities | 1,406,262,000 | 916,320,000 | 826,484,000 |
Cash flows from investing activities | |||
Payment for purchases of property, plant, equipment and intangible assets | (290,108,000) | (180,279,000) | (56,974,000) |
Payment for acquisition of land use right | (944,099,000) | ||
Proceeds from disposal of property, plant and equipment and intangible assets | 351,000 | 4,323,000 | |
Payments for purchases of other investments | (12,627,323,000) | (28,887,790,000) | (3,821,580,000) |
Proceeds from disposal of other investments | 12,525,477,000 | 28,787,790,000 | 4,176,380,000 |
Placement of term deposits | (236,878,000) | ||
Interest income | 66,344,000 | 40,433,000 | 25,608,000 |
Investment income from other investments | 63,801,000 | 66,837,000 | 26,387,000 |
Cash advances to a related party | (5,205,000) | ||
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 | ||
Payments for investment in an equity-accounted investee | (356,000,000) | ||
Acquisition of a subsidiary, net of cash acquired | (683,483,000) | (8,824,000) | |
Loans and borrowings provided to third parties | (212,000) | ||
Proceeds from repayment of loans and borrowings to third parties | 5,437,000 | ||
Cash disposed in connection with disposal of discontinued operations | (75,552,000) | ||
Cashflows from discontinued operations | (7,117,000) | ||
Net cash from/(used in) investing activities | (2,125,918,000) | (518,797,000) | 462,815,000 |
Cash flows from financing activities | |||
Proceeds from capital injection from shareholders, subscription of restricted shares and exercise of options | 589,000 | 2,795,000 | 9,150,000 |
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 | |
Repayment of loans and borrowings | (5,295,000) | (416,588,000) | (2,889,000) |
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) | ||
Payment of capital element and interest element of lease liabilities | (317,017,000) | (215,762,000) | (193,827,000) |
Payments of repurchase of shares | (82,160,000) | ||
Prepayments for repurchase of shares | (3,375,000) | ||
Interest paid | (1,000,000) | (1,488,000) | (6,266,000) |
Dividends paid | (306,255,000) | (330,336,000) | |
Payments of listing expenses relating to Hong Kong public offering | (19,046,000) | ||
Cashflows from discontinued operations | 10,468,000 | ||
Net cash (used in)/from financing activities | (733,559,000) | 3,536,184,000 | (117,706,000) |
Net increase/(decrease) in cash and cash equivalents | (1,453,215,000) | 3,933,707,000 | 1,171,593,000 |
Cash and cash equivalents at the beginning of the year | 6,771,653,000 | 2,853,980,000 | 1,686,218,000 |
Effect of movements in exchange rates on cash held | 30,054,000 | (16,034,000) | (3,831,000) |
Cash and cash equivalents at the end of the year | ¥ 5,348,492,000 | ¥ 6,771,653,000 | ¥ 2,853,980,000 |
General information and basis o
General information and basis of preparation | 12 Months Ended |
Jun. 30, 2022 | |
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’s shares have been listed on The Stock Exchange of Hong Kong Limited since July 13, 2022. The Company and its subsidiaries (together, the “Group”) are principally engaged in the retail and wholesale of lifestyle and pop toy products across the People’s Republic of China (the “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, and were directly or indirectly owned by the Company. iii) On March 18, 2020, MINISO Development HK acquired 100% of equity interests in 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 years ended June 30, 2020 included the results and operations of the companies then 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 1.3 Subsidiaries Set out below was a list of the Company’s principal subsidiaries as at June 30, 2022: Place of Group’s effective incorporation / Registered/ issued interest Company name establishment and business and paid-up capital (direct or indirect) Principal activities MINISO Universal Holding Limited BVI USD1.00/- 100% Investment holding MINISO Global Holding Limited Hong Kong USD1.00/- 100% Investment holding MINISO Development HK Hong Kong HKD10,000/- 100% Investment holding and wholesale of lifestyle products MINISO Investment Hong Kong Limited Hong Kong HKD80,100,000/ HKD80,100,000 100% Investment holding MINISO HK Hong Kong HKD350,000,000/ HKD350,000,000 100% Wholesale of lifestyle products MINISO Guangzhou PRC RMB146,862,372/ RMB139,693,019 100% Wholesale and retail of lifestyle products MINISO (Hengqin) Enterprise Management Co., Ltd. PRC RMB10,000,000/- 100% Brand licensing MINISO International (Guangzhou) Co., Ltd. PRC RMB65,000,000/ RMB65,000,000 100% Wholesale of lifestyle products MINISO Youxuan Technology (Guangzhou) Co., Ltd. PRC RMB10,000,000/ RMB5,000,000 100% Online sales of lifestyle products Pt. MINISO Lifestyle Trading Indonesia Indonesia IDR53,289,350,000/ IDR53,289,350,000 67% Wholesale and retail of lifestyle products MINISO Life Style Private Limited India INR669,540,570/ INR669,540,570 100% Wholesale and retail of lifestyle products USA MINISO Depot Inc. United States USD19,737,961/ USD19,737,961 100% Wholesale and retail of lifestyle products MIHK Management Inc. Canada CAD100/CAD100 100% Wholesale and retail of lifestyle products TOP TOY (Guangdong) Cultural Creativity Co., Ltd. (Formerly known as TOP TOY (Guangdong) Technology Co., Ltd.) PRC RMB5,000,000/- 100% Wholesale and retail of pop toy products Mingyou Industrial Investment (Guangzhou) Co., Ltd. PRC RMB2,300,000,000/ RMB2,100,000,000 100% Development of headquarters building |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Jun. 30, 2022 | |
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 October 19, 2022. 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 measurement 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 also 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 IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, Interest rate benchmark reform - Phase 2 The adoption of the above amendments to IFRSs did not have a material impact on the consolidated financial statements of the Group. The new and revised IFRSs issued by the IASB which are not yet effective for the current accounting period are set out in Note 39. (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 statement of profit or loss and consolidated statement of 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 (see 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 2(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)(ii)). 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. (v) Asset acquisition Groups of assets acquired and liabilities assumed are assessed to determine if they are business or asset acquisitions. On an acquisition-by-acquisition basis, the Group chooses to apply a simplified assessment of whether an acquired set of activities and assets is an asset rather than business acquisition, when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. When a group of assets acquired and liabilities assumed do not constitute a business, the overall acquisition cost is allocated to the individual identifiable assets and liabilities based on their relative fair values at the date of acquisition. An exception is when the sum of the individual fair values of the identifiable assets and liabilities differs from the overall acquisition cost. In such case, any identifiable assets and liabilities that are initially measured at an amount other than cost in accordance with the Group’s policies are measured accordingly, and the residual acquisition cost is allocated to the remaining identifiable assets and liabilities based on their relative fair values at the date of acquisition. When acquiring assets by obtaining a controlling interest in a legal entity that does not constitute a business as a step acquisition, the previously held equity interest is included as part of the cost of the acquisition and is not remeasured. (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)). The cost of self-constructed items of property, plant and equipment includes the cost of materials, direct labor, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads. 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. No depreciation is provided in respect of the construction in progress. The estimated useful lives of property, plant and equipment are as follows: Apartments 30 years 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 Moulds 1 – 2 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 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)(v) 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 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 PR |
Accounting judgements and estim
Accounting judgements and estimates | 12 Months Ended |
Jun. 30, 2022 | |
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 future 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. (h) Depreciation and amortization Property, plant and equipment, right-of-use assets and intangible assets, are depreciated or amortized on a straight-line basis over the estimated useful lives of the assets. The Group reviews the estimated useful lives of the assets regularly in order to determine the amount of depreciation expense to be recorded during any reporting periods. The useful lives are based on the Group’s historical experience with similar assets. The depreciation and amortization expenses for future periods are adjusted if there are material changes from previous estimates. |
Segment reporting
Segment reporting | 12 Months Ended |
Jun. 30, 2022 | |
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 year ended June 30, 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 years ended June 30, 2021 and 2022. 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, 2020, 2021 and 2022. 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 pop toys Note: * Businesses of NOME and Minihome brands and MINISO brand in Africa and Germany had been disposed of during the year ended June 30, 2020 and their results for the year have been classified as discontinued operations. See Note 5 “Discontinued operations and assets and liabilities held for sale” for details. (i) Segment results, assets and liabilities Information related to each reportable segment is set out below. Segment profit/(loss) before taxation is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments. 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 reportable MINISO brand TOP TOY 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 As at and for the year ended June 30, 2022 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 9,468,718 446,930 9,915,648 170,001 10,085,649 Inter-segment revenue 895 501 1,396 215,183 216,579 Segment revenue 9,469,613 447,431 9,917,044 385,184 10,302,228 Segment profit/(loss) before taxation 941,037 (81,536) 859,501 97,455 956,956 Finance income 62,218 416 62,634 3,190 65,824 Finance costs (26,481) (6,904) (33,385) (11) (33,396) Depreciation and amortization (317,273) (32,528) (349,801) (1,916) (351,717) Other material non-cash items: - credit loss on trade and other receivables (27,054) (1,762) (28,816) (108) (28,924) - impairment loss on non-current assets (8,656) (4,829) (13,485) — (13,485) Segment assets 8,310,214 519,814 8,830,028 171,163 9,001,191 Segment liabilities 3,552,457 620,953 4,173,410 62,341 4,235,751 Note: * See Note 5 “Discontinued operations and assets and liabilities held for sale” for details. (ii) Reconciliations of information on reportable segments to the amounts reported in the financial statements For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 i. Revenue Total revenue for reportable segments 9,051,833 8,841,998 9,917,044 Revenue for other segment 257,416 353,172 385,184 Elimination of inter-segment revenue (47,317) (123,511) (216,579) Elimination of discontinued operations (282,946) — — Consolidated revenue 8,978,986 9,071,659 10,085,649 ii. Profit before taxation Total profit before taxation for reportable segments 575,919 354,550 859,501 Profit before taxation for other segment 44,092 58,556 97,455 Elimination of discontinued operations 140,840 — — Unallocated amounts: — Fair value changes of paid-in capital subject to redemption and other preferential rights/redeemable shares with other preferential rights (680,033) (1,625,287) — — Share of loss of an equity-accounted investee, net of tax — (4,011) (8,162) — Expenses relating to construction of headquarters building and depreciation expense of apartments for use as staff quarters — — (41,981) Consolidated profit/(loss) before taxation from continuing operations 80,818 (1,216,192) 906,813 As at June 30, 2021 2022 RMB’000 RMB’000 iii. Assets Total assets for reportable segments 10,188,040 8,830,028 Assets for other segment 164,928 171,163 Other unallocated amounts —Interest in an equity-accounted investee 352,062 — —Assets relating to construction of headquarters building — 2,028,095 —Apartments for use as staff quarters — 252,502 Consolidated total assets 10,705,030 11,281,788 iv. Liabilities Total liabilities for reportable segments 3,995,757 4,173,410 Liabilities for other segment 57,119 62,341 Other unallocated amounts —Liabilities relating to construction of headquarters building — 18,637 Consolidated total liabilities 4,052,876 4,254,388 v. Other material items For the year ended June 30, 2020 Reportable Elimination of segment Other discontinued Consolidated totals segment operations totals RMB’000 RMB’000 RMB’000 RMB’000 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 segment Other Consolidated totals segment totals RMB’000 RMB’000 RMB’000 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) For the year ended June 30, 2022 Reportable segment Other Unallocated Consolidated totals segment amount totals RMB’000 RMB’000 RMB’000 RMB’000 Finance income 62,634 3,190 520 66,344 Finance costs (33,385) (11) — (33,396) Depreciation and amortization (349,801) (1,916) (38,154) (389,871) Credit loss on trade and other receivables (28,816) (108) — (28,924) Impairment loss on non-current assets (13,485) — — (13,485) (iii) Geographic information The geographic information analyses the Group’s revenue and non-current assets by the Group’s country of domicile and other regions. In presenting the geographic information, segment revenue has been based on the geographic location of customers and segment assets are based on the geographic location of the assets. For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 i. Revenue the PRC (place of domicile) (of which RMB202,201,000 related to discontinued operations in the year ended June 30, 2020) 6,246,301 7,291,219 7,442,156 Other Asian countries excluding the PRC 1,428,035 961,622 1,174,323 America 1,221,058 584,630 1,189,119 Europe (of which RMB11,311,000 related to discontinued operations in the year ended June 30, 2020) 183,480 117,214 174,691 Others (of which RMB69,434,000 related to discontinued operations in the year ended June 30, 2020) 183,058 116,974 105,360 Discontinued operations (282,946) — — 8,978,986 9,071,659 10,085,649 As at June 30, 2021 2022 RMB’000 RMB’000 ii. Non-current assets the PRC (place of domicile) 902,793 2,575,241 Other Asian countries excluding the PRC 82,414 63,021 America 191,304 204,459 Europe 22,399 10,490 1,198,910 2,853,211 Non-current assets exclude deferred tax assets and non-current prepayments. |
Discontinued operations and ass
Discontinued operations and assets and liabilities held for sale | 12 Months Ended |
Jun. 30, 2022 | |
Discontinued operations and assets and liabilities held for sale | |
Discontinued operations and assets and liabilities held for sale | 5 Discontinued operations and assets and liabilities held for sale 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 year ended June 30, 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 of the Group, 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. (a) Results of discontinued operations For the year ended June 30, Note 2020 2021 2022 RMB’000 RMB’000 RMB’000 Revenue 289,326 — — Elimination of inter-segment revenue (6,380) — — External revenue 282,946 — — Expenses (423,786) — — External expenses (423,786) — — Results from operating activities 4 (140,840) — — Income tax — — — Results from operating activities, net of tax (140,840) — — Gain on disposal of subsidiaries 10,795 — — Loss from discontinued operations, net of tax (130,045) — — Loss per share – discontinued operations Basic (RMB) (0.14) — — Diluted (RMB) (0.14) — — The loss from discontinued operations of RMB130,045,000 for the year ended June 30, 2020 was attributable entirely to the equity shareholders of the Company. (b) Cash flows used in discontinued operations For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Net cash used in operating activities (68,063) — — Net cash used in investing activities (7,117) — — Net cash from financing activities 10,468 — — Net cash flows for the year (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 RMB 1,000 . |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2022 | |
Revenue | |
Revenue | 6 Revenue The Group’s revenue is primarily derived from the sale of lifestyle and pop toy products through self-operated stores, franchised stores, offline distributors in the PRC and overseas and online sales conducted through the Group’s own mobile applications and self-operated online stores on third-party e-commerce platforms and through online distributors. 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, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Major products/service lines —Sales of lifestyle and pop toy products — Retail sales in self-operated stores 364,638 323,775 555,226 — Product sales to franchisees 4,584,288 5,506,365 5,499,267 — Sales to offline distributors 2,683,829 1,509,840 2,072,061 — Online sales 308,455 663,197 651,039 — Other sales channels 114,204 33,499 220,069 Sub-total 8,055,414 8,036,676 8,997,662 —License fees, sales-based royalties, and sales-based management and consultation service fees — License fees 78,469 72,392 109,166 — Sales-based royalties 82,444 97,848 97,453 — Sales-based management and consultation service fees 426,731 488,138 478,775 Sub-total 587,644 658,378 685,394 —Others* 335,928 376,605 402,593 8,978,986 9,071,659 10,085,649 Note: * Others mainly represented sales of fixtures to franchisees and distributors. For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Primary geographical markets — the PRC 6,044,100 7,291,219 7,442,156 — Other Asian countries excluding the PRC 1,428,035 961,622 1,174,323 — America 1,221,058 584,630 1,189,119 — Europe 172,169 117,214 174,691 — Others 113,624 116,974 105,360 8,978,986 9,071,659 10,085,649 Timing of revenue recognition — Point in time 8,391,342 8,413,281 9,321,490 — Over time 587,644 658,378 764,159 Revenue from contracts with customers 8,978,986 9,071,659 10,085,649 Revenue from individual customer contributing over 10% of total revenue of the Group during the years ended June 30, 2020, 2021 and 2022 is set out as below: For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Revenue from contracts with customers N/A* 941,541 N/A* Note: * Less than 10% of the Group’s revenue in the respective year. (ii) Contract balances The following table provides information about receivables, contract liabilities from contracts with customers. As at June 30, 2021 2022 Note RMB’000 RMB’000 Receivables, which are included in ‘trade and other receivables’ 22 315,001 290,681 Contract liabilities —Current portion (266,919) (361,522) —Non-current portion (59,947) (51,658) Total contract liabilities (326,866) (413,180) As at June 30, 2021 2022 RMB’000 RMB’000 Contract liabilities are analyzed as follows: —Advance payments received from customers for purchase of goods 235,435 219,192 —Deferred revenue related to license fees 91,431 88,536 —Deferred revenue related to membership fees — 96,025 —Deferred revenue related to loyalty points — 9,427 326,866 413,180 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, membership fees received and deferred revenue associated with loyalty points were recognized as contract liabilities. Movements in contract liabilities are as follows: Contract liabilities RMB’000 Balance at July 1, 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 year (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 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 year (266,919) Increase in contract liabilities as a result of receiving advance payment for purchase of goods 219,192 Increase in contract liabilities as a result of receiving payment of license fees 28,589 Increase in contract liabilities as a result of receiving payment of membership fees 96,025 Increase in contract liabilities as a result of loyalty points 9,427 Balance at June 30, 2022 413,180 As of June 30, 2021 and 2022, license fees expected to be recognized as revenue after one year were RMB59,947,000 and RMB51,658,000 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, 2021 and 2022, the aggregated amounts of the transaction price allocated to the remaining performance obligations under the Group’s existing contracts were RMB91,431,000 and RMB193,988,000, respectively. These amounts represented revenue of license fees, membership fees income and revenue associated with loyalty points. Revenue of license fees is 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 47 years and the next 1 to 46 years as at June 30, 2021 and 2022, respectively. Membership fee income is expected to be recognized in the future based on the subscribed membership period, which ranges from 1 month to 1 year. Revenue associated with loyalty points are expected to be recognized when the points are redeemed or when they expire, which is expected to occur within 1 year. (iv) COVID-19 impact on revenue The COVID-19 outbreak has impacted the Group’s revenue and operations since late January 2020. 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. During the year ended June 30, 2022, the outbreak of the Delta and Omicron variants of COVID-19 in several provinces in the PRC caused temporary store closures and suspension of online sales in these areas, as a result of governmental restriction measures. Accordingly, the Group recorded lower revenues in these impacted provinces during the year ended June 30, 2022. 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. During the year ended June 30, 2022, the sales of stores owned by overseas distributors gradually recovered although some of those stores that resumed operations also had reduced operating hours due to regional resurgences of COVID-19. 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, 2022 | |
Other income | |
Other income | 7 Other income For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Tax refund 606 1,279 3,231 Government grants (Note (i)) 36,602 46,587 16,663 Income from depositary bank (Note 29) — 4,274 6,037 37,208 52,140 25,931 Note: (i) Government grants mainly represented unconditional cash awards granted by the local authorities in the PRC. During the year ended June 30, 2022, government grants also included subsidies obtained by the subsidiaries in the U.S. under the Paycheck Protection Program Rule with an aggregated amount of USD 1,320,000 (equivalent to RMB 8,548,000 ) as disclosed in Note 26(a)(ii). |
Expenses by nature
Expenses by nature | 12 Months Ended |
Jun. 30, 2022 | |
Expenses by nature | |
Expenses by nature | 8 Expenses by nature For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Cost of inventories (Note 21(a)) 6,246,488 6,581,456 6,870,976 Payroll and employee benefits (Note (i)) 984,895 916,185 864,693 Rental and related expenses 45,186 12,139 33,354 Depreciation and amortization (Note (ii)) 268,669 265,019 389,871 Licensing expenses 109,488 88,063 149,612 Promotion and advertising expenses 128,447 214,788 242,681 Logistics expenses 154,763 195,593 272,363 Travelling expenses 69,290 52,966 66,172 Other expenses 226,174 332,375 384,730 Total cost of sales, selling and distribution and general and administrative expenses 8,233,400 8,658,584 9,274,452 Notes: (i) Payroll and employee benefits are analyzed as follows: For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Salaries, wages and bonus 515,573 543,646 666,968 Contributions to social security contribution plan 51,587 56,325 77,903 Welfare expenses 33,691 34,895 36,987 Employee compensation expenses 19,664 — — Equity-settled share-based payment expenses (Note 32) 364,380 281,319 82,835 984,895 916,185 864,693 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, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Property, plant and equipment (Note 14) 37,481 30,507 58,865 Right-of-use assets (Note 15) 214,117 213,490 309,606 Intangible assets (Note 16) 17,071 21,022 21,400 268,669 265,019 389,871 |
Other net income_(loss)
Other net income/(loss) | 12 Months Ended |
Jun. 30, 2022 | |
Other net income/(loss) | |
Other net income/(loss) | 9 Other net income/(loss) For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Net foreign exchange gain/(loss) * 14,193 (114,177) 14,041 Losses on disposal of property, plants and equipment and intangible assets (2,526) (2,317) (5,614) Investment income from other investments 26,387 66,837 63,801 Scrap income 8,330 11,242 11,808 Net change in fair value of other investments (1,465) 2,968 5,709 Litigation compensation — — (15,576) Gains relating to cancellation and modification of lease contracts — — 13,456 Others 1,078 (4,960) (317) 45,997 (40,407) 87,308 Note: * Net foreign exchange loss for the year ended June 30, 2021 was mainly caused by the depreciation of US dollar against Renminbi in certain subsidiaries whose functional currency are Renminbi whereas its holding net assets were mainly denominated in US dollar, which mainly comprised of the US dollar proceeds obtained from the listing on the New York Stock Exchange in October 2020. |
Net finance (costs)_income
Net finance (costs)/income | 12 Months Ended |
Jun. 30, 2022 | |
Net finance (costs)/income | |
Net finance (costs) / income | 10 Net finance (costs)/income For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Finance income —Interest income 25,608 40,433 66,344 25,608 40,433 66,344 Finance costs —Interest on loans and borrowings (5,221) (1,545) (405) —Interest on lease liabilities (26,117) (26,817) (32,991) (31,338) (28,362) (33,396) Net finance (costs)/income (5,730) 12,071 32,948 |
Income taxes
Income taxes | 12 Months Ended |
Jun. 30, 2022 | |
Income taxes | |
Income taxes | 11 Income taxes (a) Taxation recognized in consolidated profit or loss: For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Amounts recognized in consolidated profit or loss Current tax Provision for the year 306,679 200,170 252,989 Deferred tax Origination and reversal of temporary differences (Note 11(c)) (95,730) 13,085 14,081 Tax expense on continuing operations 210,949 213,255 267,070 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%. Other subsidiaries in United States mainly are subject to state income tax rates ranging from 6.25% to 11.5% depending on the location of the operation. 5) Indonesia The subsidiary incorporated in Indonesia 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 December 31, 2020 and 2021, and remain 22% from fiscal year ending December 31, 2022 onwards. 6) India Under the Income Tax Act 1961 enacted in India, the subsidiary incorporated in 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, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Profit/(loss) before taxation 80,818 (1,216,192) 906,813 Notional tax on profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned (48,050) 118,766 214,704 Tax effect of share-based compensation expenses and employee compensation expenses (Note 8(i)) 96,011 70,330 20,254 Tax effect of other non-deductible expenses 6,566 10,433 10,935 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)) (34,876) (34,218) (18,001) Effect of fair value changes of paid-in capital subject to redemption and other preferential rights not recognized 207,942 — — Tax effect of exempted and non-taxable interest income — (6,245) (4,044) Effect of unused tax losses not recognized 35,382 72,969 44,888 Effect of deductible temporary differences not recognized/(utilized) 34,301 (18,780) (1,666) Actual tax expenses 210,949 213,255 267,070 Note: * The loss from waiver of intercompany receivables is 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) 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, 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 Charged to profit or loss (continuing operations) (2,536) (3,556) (8,673) — 684 (14,081) Exchange rate difference (21) (43) (101) — 27 (138) At June 30, 2022 31,696 11,097 41,573 61,548 8,419 154,333 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. (d) 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, 2021 2022 RMB’000 RMB’000 Deductible temporary differences 127,500 107,964 Cumulative tax losses 483,437 630,807 Total 610,937 738,771 (e) Tax losses carried forward Tax losses for which no deferred tax asset was recognized will expire as follows: As at As at June 30, June 30, 2021 Expiry date 2022 Expiry date RMB’000 RMB’000 Expire 147,928 2022-2042 278,215 2023-2043 Never expire 335,509 352,592 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, 2021 and 2022, 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)_earnings per share
(Loss)/earnings per share | 12 Months Ended |
Jun. 30, 2022 | |
(Loss)/earnings per share | |
(Loss)/earnings per share | 12 (Loss)/earnings per share (a) Basic (loss)/earnings per share The calculation of basic (loss)/earnings per share has been based on the following (loss)/profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding. (i) (Loss)/profit attributable to ordinary shareholders (basic): 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 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 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) For the year ended June 30, 2022 Continuing Discontinued operations operations Total RMB’000 RMB’000 RMB’000 Profit attributable to the equity shareholders of the Company 638,170 — 638,170 Less: Allocation of undistributed earnings to holders of unvested restricted shares (1,576) — (1,576) Profit used to determine basic earnings per share 636,594 — 636,594 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 year ended June 30, 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, 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 year ended June 30, 2020. The weighted average number of ordinary shares of 1,104,371,475 and 1,205,527,348 in For the year ended June 30, 2021 2022 Number of shares Number of shares Issued ordinary share at July 1, 2020 and 2021 865,591,398 1,204,860,715 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 2,369,454 Effect of repurchase of shares (Note 31(b)(v)) — (1,702,821) Weighted average number of ordinary shares 1,104,371,475 1,205,527,348 (b) Diluted (loss)/earnings per share Diluted (loss)/earnings 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 year ended June 30, 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. During the year ended June 30, 2022, the calculation of diluted earnings per share was based on the profit attributable to ordinary equity shareholders of the Company of RMB638,170,000 and the weighted average number of ordinary shares of 1,216,637,439 shares, after adjusting by the dilutive effect of share award scheme and option plan, calculated as follows: For the year ended June 30, 2022 Number of shares Weighted average number of ordinary shares, basic 1,205,527,348 Dilutive effect of share award scheme and option plan (Note 32) 11,110,091 Weighted average number of ordinary shares, diluted 1,216,637,439 |
Other comprehensive income_(los
Other comprehensive income/(loss) | 12 Months Ended |
Jun. 30, 2022 | |
Other comprehensive income/(loss) | |
Other comprehensive income/(loss) | 13 Other comprehensive income/(loss) 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) For the year ended June 30, 2022 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 40,494 — 40,494 Other comprehensive income 40,494 — 40,494 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Jun. 30, 2022 | |
Property, plant and equipment | |
Property, plant and equipment | 14 Property, plant and equipment Leasehold Office Store operating Motor Construction Apartments improvements equipment equipment vehicles Moulds in progress Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost: At July 1, 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 Acquisition of a subsidiary (Note 33(b)) — — 14 — — — 10,276 10,290 Additions 242,639 67,160 16,779 7,628 232 26,511 48,528 409,477 Disposals — (15,389) (3,183) (6,670) (622) (102) — (25,966) Exchange adjustments — 4,400 2 (636) (3) — — 3,763 At June 30, 2022 242,639 168,120 51,043 46,791 2,347 26,409 58,804 596,153 Accumulated depreciation: At July 1, 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) Charge for the year (7,538) (17,840) (7,144) (8,647) (452) (17,244) — (58,865) Written back on disposals — 4,541 1,672 4,524 500 19 — 11,256 Exchange adjustments — (1,710) 63 395 6 — — (1,246) At June 30, 2022 (7,538) (56,016) (24,035) (26,651) (1,456) (17,225) — (132,921) Impairment: At July 1, 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) Addition — (8,880) (1,380) (2,802) — — — (13,062) Written back on disposals — 7,536 — 1,231 — — — 8,767 Exchange adjustments — (940) (42) 146 — — — (836) At June 30, 2022 — (38,716) (1,422) (3,200) — — — (43,338) Net book value: At June 30, 2021 — 34,510 18,805 21,771 1,230 — — 76,316 At June 30, 2022 235,101 73,388 25,586 16,940 891 9,184 58,804 419,894 Note: Apartments represent the apartments located in the PRC acquired from a third party during the year ended June 30, 2022. As of June 30, 2022, the property ownership certificates of certain apartments were still under processing. |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Jun. 30, 2022 | |
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 Land use Property equipment right (Note (i)) (Note (ii)) (Note (iii)) Total RMB’000 RMB’000 RMB’000 RMB’000 Cost: At July 1, 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 Acquisition of a subsidiary (Note 33(b)) — — 1,781,595 1,781,595 Additions 337,717 414 815 338,946 Derecognition (408,249) (1,470) — (409,719) Exchange adjustments 6,239 2 — 6,241 At June 30, 2022 1,013,124 10,648 1,782,410 2,806,182 Accumulated depreciation: At July 1, 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) Charge for the year (275,310) (3,765) (30,531) (309,606) Derecognition 243,575 1,470 — 245,045 Exchange adjustments (2,917) (1) — (2,918) At June 30, 2022 (394,540) (3,844) (30,531) (428,915) Impairment: At July 1, 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) Charge for the year — — — — Derecognition 4,249 — — 4,249 Exchange adjustments (1,131) — — (1,131) At June 30, 2022 (34,678) — — (34,678) Net book value: At June 30, 2021 679,733 10,154 — 689,887 At June 30, 2022 583,906 6,804 1,751,879 2,342,589 The analysis of expense items in relation to leases recognized in profit or loss is as follows: For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Depreciation charge of right-of-use assets by class of underlying asset: Property 203,662 205,344 275,310 Warehouse equipment 10,455 8,146 3,765 Land use right — — 30,531 214,117 213,490 309,606 Interest on lease liabilities (Note 10) 26,117 26,817 32,991 Expense relating to short-term leases and other leases with remaining lease term ending on or before June 30 28,486 28,656 28,384 Variable lease payments not included in the measurement of lease liabilities 3,521 2,846 4,648 COVID-19 rent concessions (12,802) (42,698) (35,548) 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 Variable lease payments based on sales Some leases of self-operated stores contain variable lease payments, which typically range from 1% to 15% of the annual sales that each store makes in excess of a certain breakpoint predetermined with landlord. These terms are common in retail stores in countries such as United states, Canada and Singapore 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) Land use right The Group acquired the land use right of a parcel of land located in the PRC during the year ended June 30, 2022 through the acquisition of a subsidiary as disclosed in Note 33(b), with a lease term of 40 years. (iv) 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. (v) COVID-19-Related Concessions As disclosed in Note 2(c), the Group has early adopted the 2020 Amendment to IFRS 16, Leases, COVID-19-Related Rent Concessions Leases, COVID-19-Related Concessions beyond 30 June 2021, |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2022 | |
Intangible assets | |
Intangible assets | 16 Intangible assets Software Cost: RMB’000 At July 1, 2020 95,567 Purchases 13,805 Disposals (1,536) Exchange adjustments (253) At June 30, 2021 107,583 Purchases 3,922 Disposals (24) Exchange adjustments (63) At June 30, 2022 111,418 Accumulated amortization: At July 1, 2020 (26,115) Charge for the year (21,022) Written off on disposal 677 Exchange adjustments 223 At June 30, 2021 (46,237) Charge for the year (21,400) Written off on disposal 2 Exchange adjustments 20 At June 30, 2022 (67,615) Impairment: At July 1, 2020 (361) Charge for the year — Exchange adjustments 20 At June 30, 2021 (341) Charge for the year (423) Exchange adjustments 27 At June 30, 2022 (737) Net book value: At June 30, 2021 61,005 At June 30, 2022 43,066 |
Goodwill
Goodwill | 12 Months Ended |
Jun. 30, 2022 | |
Goodwill | |
Goodwill | 17 Goodwill Cost: RMB’000 At July 1, 2020 — Acquisition through business combination (Note 33) 19,640 At June 30, 2021 19,640 Exchange adjustments (252) At June 30, 2022 19,388 Impairment: At July 1, 2020, June 30, 2021 and June 30, 2022 — Carrying amount: At June 30, 2021 19,640 At June 30, 2022 19,388 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, 2021 2022 RMB’000 RMB’000 MINISO SG Pte. Ltd. 19,640 19,388 Total 19,640 19,388 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 cash flow projection used in calculation was based on the financial forecasts approved by management covering a five-year period. The key assumptions used in the estimation of value in use were as follows. As at June 30, 2021 2022 Pre-tax discount rate 13.2 % 16.1 % Terminal value growth rate 1.4 % 1.9 % Revenue growth rate (average of next five years) 21.8 % 15.0 % 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. 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. The headroom calculated based on the recoverable amounts deducting the carrying amount of and goodwill allocated for the CGU was approximated RMB The Company performed the sensitivity analysis based on the assumption that pre-tax discount rate and revenue growth rate has been changed. Had the estimated key assumption during the forecast period been changed as below, the headroom would have decreased to the following: As at June 30, 2021 2022 RMB’000 RMB’000 Pre-tax discount rate increase by 5% 7,363 3,981 Revenue growth rate (average of next five years) decrease by 2% 151 604 With regards to the assessment of the value in use of the CGU, the directors of the Company believe that reasonable possible changes in above key assumptions would not lead to the carrying value, including goodwill, of the CGU to exceed the recoverable amount as at June 30, 2021 and 2022. |
Prepayments
Prepayments | 12 Months Ended |
Jun. 30, 2022 | |
Prepayments | |
Prepayments | 18 Prepayments As at June 30, 2021 2022 RMB’000 RMB’000 Prepayment for construction of a new headquarters building (Note 33(b)) — 200,861 Prepayment for purchase of apartments (i) 133,458 — Others 5,023 821 Total 138,481 201,682 Note: (i) In June 2021, the Group paid first instalment of RMB 133,458,000 for the 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, 2022 | |
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 the entity YGF Investment V Limited (“YGF Investment”) in the BVI together with YGF MC Limited, a company controlled by the Controlling Shareholders, to acquire the right to use a parcel of land in the PRC and to build a new headquarters building through the YGF Investment’s subsidiary in the PRC. The Company and YGF MC Limited held 20% and 80% of the shares of YGF Investment, respectively. As of June 30, 2021, the Company had invested RMB356,000,000 in YGF Investment by cash and accounted for its investment using the equity method of accounting. Summarized financial information of YGF Investment adjusted for any differences in accounting policies, and reconciled to the carrying amount in the Company’s consolidated statement of financial position as at June 30, 2021, are disclosed below: RMB’000 Gross amounts of YGF Investment Current assets (Note ii) 1,416,584 Non-current assets 1,781,081 Current liabilities (Note i) 1,437,355 Equity (Note ii) 1,760,310 Revenue — Net loss and total comprehensive loss for the period ended June 30, 2021 (19,690) Reconciled to the Group’s interest in the equity-accounted investee Net assets of the equity-accounted investee 1,760,310 Group’s effective interest 20% Carrying amount in the consolidated financial statements 352,062 Notes: (i) The balance includes a loan of RMB319,930,000 from a fellow subsidiary of YGF MC Limited, which was guaranteed by the Controlling Shareholders. (ii) YGF MC Limited is required to invest RMB1,424,000,000 for its 80% equity interest in YGF Investment, of which RMB422,949,000 had been paid in cash as of June 30, 2021. The unpaid balance of RMB1,001,051,000 was recorded in equity in the financial statements of YGF Investment, with the corresponding receivable included in current assets. On October 27, 2021, the Company acquired the 80% interest previously held by YGF MC Limited in YGF Investment, which became a wholly-owned subsidiary of the Group. The directors of the Company determined that the acquisition of assets and liabilities through acquisition of 80% shares in YGF Investment do not constitute a business combination, as such, the carrying amount of the previously owned 20% interest in YGF Investment was included as part of the cost of such acquisition of assets and liabilities and was not remeasured at the date of acquisition. Details of the acquisition is set out in Note 33(b). |
Other investments
Other investments | 12 Months Ended |
Jun. 30, 2022 | |
Other investments | |
Other investments | 20 Other investments As at June 30, 2021 2022 RMB’000 RMB’000 Financial assets measured at FVTPL - Investment in trust investment schemes 102,968 208,649 - Others — 1,874 102,968 210,523 In December 2020, the Group invested in a trust investment scheme (“Trust Scheme A”) established and managed by a trust company as the trustee with the principal of RMB100,000,000 and an initial investment period of within one year. The Group subsequently extended the investment period to March 2023. Pursuant to the agreement, the Trust Scheme A is designated to make the majority of its investments in debt securities, while the principal and return of the investment are not guaranteed. Fair value of this investment as of June 30, 2021 and 2022 was estimated to be RMB102,968,000 and RMB103,537,000, respectively. In July 2021, the Group invested in another trust investment scheme (“Trust Scheme B”) established and managed by a trust company as the trustee with the principal of RMB100,000,000 and an initial investment period of within one year. Pursuant to the agreement, the Trust Scheme B is designated to make the majority of its investments in debt securities, while the principal and return of the investment are not guaranteed. Fair value of this investment as of June 30, 2022 was estimated to be RMB105,112,000. 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, 2022 | |
Inventories | |
Inventories | 21 Inventories As at June 30, 2021 2022 RMB’000 RMB’000 Finished goods 1,491,328 1,186,810 Low-value consumables 4,733 1,285 1,496,061 1,188,095 (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, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Carrying amount of inventories sold 6,178,145 6,632,530 6,915,713 Write-down/(reversal of write-down) of inventories 68,343 (51,074) (44,737) Cost of inventories recognized in consolidated statements of profit or loss 6,246,488 6,581,456 6,870,976 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2022 | |
Trade and other receivables | |
Trade and other receivables | 22 Trade and other receivables As at June 30, Note 2021 2022 RMB’000 RMB’000 Current Trade receivables 374,828 375,798 Less: loss allowance 34(a) (59,827) (85,117) Trade receivables, net of loss allowance 315,001 290,681 Amounts due from related parties 37(c) 1,791 5,105 Miscellaneous expenses paid on behalf of franchisees 192,072 246,097 Value-added tax (“VAT”) recoverable 79,590 182,906 Rental deposits 94,423 101,124 Receivables due from on-line payment platforms and banks (i) 33,309 26,806 Prepayments for inventories 38,758 52,476 Prepayments for licensing expenses 11,503 35,223 Prepayments for listing expenses relating to Hong Kong public offering — 58,560 Others 58,278 57,220 824,725 1,056,198 Notes: (i) Receivables due from on-line payment platforms and banks mainly represented the proceeds of online sales through e-commerce platforms collected by and retained in third-party online payment platforms. Withdrawal of the balances retained in online payment platforms could be made anytime upon the Group’s instructions. The amounts also included those due from banks for offline sales made through customer credit/debit cards and other online payment platforms that require overnight processing by the collection banks. (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, 2022 | |
Cash and cash equivalents | |
Cash and cash equivalents | 23 Cash and cash equivalents Cash and cash equivalents comprise: As at June 30, 2021 2022 RMB’000 RMB’000 Cash on hand 549 450 Cash at bank 6,771,104 5,348,042 Cash and cash equivalents as presented in the consolidated statements of financial position and in the consolidated statements of cash flows 6,771,653 5,348,492 |
Restricted cash
Restricted cash | 12 Months Ended |
Jun. 30, 2022 | |
Restricted cash | |
Restricted cash | 24 Restricted cash As at June 30, 2021 2022 RMB’000 RMB’000 Bank deposits held in an escrow bank account (i) 3,680 5,772 Bank deposits frozen for legal proceedings (ii) — 26,604 3,680 32,376 Notes: (i) The balance represented cash held in an escrow bank account in the PRC with designated usage of settlement with franchisees. (ii) The balance mainly represented deposits frozen for the lawsuits relating to intellectual property dispute and illicit competition as disclosed in Note 36. |
Cash flow information
Cash flow information | 12 Months Ended |
Jun. 30, 2022 | |
Cash flow information | |
Cash flow information | 25 Cash flow information (a) Reconciliation of (loss)/profit for the year to cash generated from operations: For the year ended June 30, 2020 2021 2022 Note RMB’000 RMB’000 RMB’000 (Loss)/profit for the year (260,176) (1,429,447) 639,743 Less: Loss from discontinued operations for the year 130,045 — — (Loss)/profit from continuing operations for the year (130,131) (1,429,447) 639,743 Adjustments for: Interest on lease liabilities 10 26,117 26,817 32,991 Depreciation and amortization 8 268,669 265,019 389,871 Interest on loans and borrowings 10 5,221 1,545 405 Interest income 10 (25,608) (40,433) (66,344) Investment income from other investments 9 (26,387) (66,837) (63,801) Net change in fair value of other investments 9 1,465 (2,968) (5,709) Losses on disposal of property, plant and equipment and intangible assets 9 2,526 2,317 5,614 Impairment loss on non-current assets 36,844 2,941 13,485 Unrealized foreign exchange loss/(gain) 6,064 (46,378) 6,806 Effect of lease contract cancellation 657 (2,630) (25,015) Fair value changes of paid-in capital subject to redemption and other preferential rights/redeemable shares with other preferential rights 680,033 1,625,287 — Share of loss of an equity-accounted investee, net of tax — 4,011 8,162 Equity-settled share-based payment expenses 8 364,380 281,319 82,835 Income tax 11(a) 210,949 213,255 267,070 Changes in working capital: Inventories (86,717) (93,197) 307,966 Trade and other receivables (120,235) (80,087) (190,145) Contract liabilities (29,033) 34,353 86,314 Trade and other payables 50,310 386,703 180,122 Restricted cash 1,861 3,376 (28,696) Deferred income — 26,065 (5,282) Cash generated from operations 1,236,985 1,111,031 1,636,392 (b) Reconciliation of liabilities arising from financing activities: 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 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 paid-in capital subject to redemption and other preferential rights/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 Loans and shares with other Interest Lease borrowings preferential 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 Loans and Interest Lease borrowings payable liabilities Total RMB’000 RMB’000 RMB’000 RMB’000 Note 26 Note 28 At July 1, 2021 20,594 667 804,412 825,673 Changes from financing cash flows: Repayment of loans and borrowings (5,295) — — (5,295) Interest of loans and borrowings paid — (1,000) — (1,000) Payment of capital element and interest element of lease liabilities — — (317,017) (317,017) Total changes from financing cash flows (5,295) (1,000) (317,017) (323,312) Exchange adjustments 197 (29) 2,260 2,428 Other changes: Increase in lease liabilities from entering into new leases during the year — — 338,131 338,131 Decrease in lease liabilities from derecognition — — (209,712) (209,712) Increase in interest expenses — 405 32,991 33,396 Forgiveness of loans and borrowings (8,548) — — (8,548) Total other changes (8,548) 405 161,410 153,267 At June 30, 2022 6,948 43 651,065 658,056 (c) Total cash out flow for leases: For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Within operating cash flows (32,007) (31,502) (33,032) Within financing cash flows (193,827) (215,762) (317,017) (225,834) (247,264) (350,049) (d) Non-cash transactions 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 with the amount of RMB3,963,843,000 transferred from liabilities to equity. No significant non-cash transaction incurred during the year ended June 30, 2022. |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Jun. 30, 2022 | |
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, 2021 2022 Note RMB’000 RMB’000 Non-current liabilities Borrowings from existing non-controlling interest shareholders (i) 6,612 6,503 Other borrowings 313 — 6,925 6,503 Current liabilities Current portion of unsecured bank loans (ii) 8,921 — Current portion of borrowings from former and existing non-controlling interest shareholders (i)/(iii) 4,748 133 Other borrowings — 312 13,669 445 Notes: (i) The long-term borrowings from non-controlling interest shareholders outstanding as at June 30, 2021 and 2022 represented two loans: ● a loan obtained in a subsidiary acquired during the year ended June 30, 2021 with principal amount of SGD 1,350,000 (equivalent to RMB 6,484,000 and RMB 6,503,000 on June 30, 2021 and 2022, respectively). The loan bears an interest rate of 3 % per annum. 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 and 2022, such performance conditions were not expected to be met within one year. ● a loan with principal amount of USD 20,000 (equivalent to RMB 128,000 and RMB 133,000 on June 30, 2021 and 2022, respectively) and bearing an interest rate of 9 % per annum. The loan was with a term of 5 years and will expire in December 2022. The loan was reclassified as current liability as of June 30, 2022. (ii) 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 8,921,000 on June 30, 2021). The loans bear an interest rate of 0.98% per annum with a term of 2 years and expired 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 qualified for the loan forgiveness. During the year ended June 30, 2022, the Group was assessed to be qualified for a loan forgiveness for an amount of USD 1,320,000 (equivalent to RMB 8,548,000 ) and recognized such amount in the consolidated statement of profit or loss. The remaining loan balance of USD80,000 was repaid in September 2021. (iii) The current portion of long-term borrowings from former and existing non-controlling interest shareholders outstanding as of June 30, 2021 comprised a loan with principal amount of IDR 10,600,000,000 (equivalent to RMB 4,748,000 on June 30, 2021) and bearing an interest rate of 6 %. The loan was with a term of 5 years and expired in April 2022. The loan was repaid in June 2022. 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, 2021 2022 RMB’000 RMB’000 Within 1 year or on demand 13,669 445 After 1 year but within 2 years 442 650 After 2 years but within 5 years 1,297 5,853 More than 5 years 5,186 — 6,925 6,503 20,594 6,948 |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2022 | |
Trade and other payables | |
Trade and other payables | 27 Trade and other payables As at June 30, 2021 2022 RMB’000 RMB’000 Trade payables 624,688 649,415 Payroll payable 63,621 68,969 Accrued expenses 155,698 264,905 Other taxes payable 20,633 52,078 Deposits 1,833,516 1,875,380 Amounts due to related parties (Note 37(c)) 7,490 13,710 Others 103,536 148,534 2,809,182 3,072,991 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 may 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, 2022 | |
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, 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 As at June 30, 2022 Present value of the minimum lease Total minimum payments lease payments RMB’000 RMB’000 Within 1 year 257,997 263,332 After 1 year but within 2 years 176,047 188,172 After 2 years but within 5 years 188,031 215,398 After 5 years 28,990 39,421 393,068 442,991 651,065 706,323 Less: total future interest expenses (55,258) Present value of lease liabilities 651,065 |
Deferred income
Deferred income | 12 Months Ended |
Jun. 30, 2022 | |
Deferred Income | |
Deferred income | 29 Deferred income As at June 30, 2021 2022 RMB’000 RMB’000 Deferred income from depositary bank Non-current portion 20,005 14,488 Current portion 6,060 6,295 26,065 20,783 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 years ended June 30, 2021 and 2022, the Company recorded RMB4,274,000 and RMB6,037,000, respectively, 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, 2022 | |
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 (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 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, becoming 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 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 years 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 year ended June 30, 2021 is set out as below: RMB’000 At July 1, 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 — On October 15, 2020, the Company 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 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. 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, 2022 | |
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 had 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 was entitled to three votes per share, while the holders of Class A ordinary shares entitled to one vote per share. Each Class B ordinary share was convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares were not convertible into Class B ordinary shares under any circumstances. (iii) Upon completion of the IPO and the exercise 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 shares were derecognized and recorded as share capital and additional paid-in capital. (v) During the years ended June 30, 2021 and 2022, 71,880,408 and 3,897,180 of restricted shares and options were vested and exercised, and were released from treasury shares into Class A ordinary shares. (vi) As of June 30, 2021 and 2022, analysis of the Company’s issued shares including treasury shares reserved for the share award scheme, was as follows: As of June 30, 2021 and 2022 Number of shares Share capital RMB’000 Class A ordinary shares 897,275,873 69 Class B ordinary shares 328,290,482 23 1,225,566,355 92 (vii) Pursuant to the annual general meeting of shareholders of the Company held on July 11, 2022, upon and with effective from the Company’s listing on The Stock Exchange of Hong Kong Limited, all the authorized Class A ordinary shares (whether issued or unissued) and Class B ordinary shares (whether issued or unissued) are redesignated as ordinary shares of a par value of US$0.00001 each. (viii) On July 13, 2022, the Company completed its dual primary listing on The Stock Exchange of Hong Kong Limited. Upon completion of the dual primary listing and exercise of the over-allotment option, the Company issued 41,100,000 and 486,200 ordinary shares respectively, with a par value of US$0.00001 each and offer price of HK$13.80 each. (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 years ended June 30, 2021 and 2022, additional considerations of RMB973,000 and nil were received from the new special purpose vehicles, which were credited to additional paid-in capital. On December 21, 2021, the board of directors authorized a share repurchase program under which the Company may repurchase up to USD200 million of its shares until September 21, 2022. During the period from December 21, 2021 to June 30, 2022, the Company repurchased Class A ordinary shares as follows: Number of Highest Lowest shares price paid price paid Aggregate Month repurchased per share per share price paid USD USD USD’000 December 2021 809,040 2.50 2.34 1,979 January 2022 674,036 2.48 2.23 1,624 February 2022 700,712 2.48 2.03 1,638 March 2022 1,612,600 2.48 1.58 3,371 April 2022 610,024 2.10 1.75 1,180 May 2022 702,104 1.95 1.28 1,100 June 2022 1,002,760 2.38 1.28 1,871 Total 6,111,276 12,763 Equivalent to RMB’000 82,160 (c) 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. (d) Dividends During the year ended June 30, 2020, dividends of RMB330,336,000 were declared During the year ended June 30, 2021, no dividend was paid During the year ended June 30, 2022, dividends in respect of the fiscal year ended June 30, 2021 of US$0.039 per ordinary share, amounting to USD47,178,000 (equivalent to RMB306,255,000), were declared and paid by the Company. The dividends were distributed from capital reserve. Special cash dividends of US$0.172 per ordinary share, amounting to USD53,500,000 (equivalent to RMB360,800,000), were proposed and approved by the board of directors of the Company subsequent to the fiscal year ended June 30, 2022 in August 2022. The dividends will be distributed from capital reserve and have not been recognized as liabilities as of June 30, 2022. |
Equity settled share-based paym
Equity settled share-based payments | 12 Months Ended |
Jun. 30, 2022 | |
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, collectively 2020 Share Incentive 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 RMB 1.79 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 relating 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 . 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, 2019 12,130,664 RMB 1.79 53.67 Forfeited under 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 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 Outstanding as of July 1, 2021 5,755,788 USD 0.036 7.67 Vested during the year (2,114,000) USD 0.036 7.67 Forfeited during the year (1,101,368) USD 0.036 7.67 Outstanding as of June 30, 2022 2,540,420 USD 0.036 7.67 The weighted-average remaining contract life for the outstanding restricted shares granted was 85 and 73 months as of June 30, 2021 and 2022, 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 with 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, with the assistance of an independent third-party valuation firm, Jones Lang LaSalle. Key assumptions used in determining the fair value were as follows: As at grant date Weighted average cost of capital 15.1 % Risk-free interest rate 3.0 % DLOM 31.3 % 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 RMB316,229,000, RMB155,171,000 and RMB5,067,000 for the years ended June 30, 2020, 2021 and 2022, 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 the 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. The aggregate number of ordinary shares for exercise of options was subsequently reduced to 14,057,500 in September 2020, excluding options that have been forfeited or canceled after the relevant grant dates. On January 16, 2020, the board of directors approved the grant of options to purchase an aggregate of 11,035,000 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$0.036 per share. Each of 20% of the options granted The option activities during the years ended June 30, 2021 and 2022 are summarized as follows: Weighted- Weighted- average Number of average grant date options exercise price fair value US$ per share US$ per share Outstanding at July 1, 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 Outstanding at July 1, 2021 12,400,836 0.036 3.71 Exercised (1,783,180) 0.036 3.64 Forfeited (1,699,164) 0.036 4.01 Outstanding at June 30, 2022 8,918,492 0.036 3.67 Exercisable at June 30, 2022 1,888,574 0.036 3.39 Non-vested at June 30, 2022 7,029,918 0.036 3.74 The fair value of options was determined using the binominal option-pricing model, with the assistance of an independent third-party valuation firm, Jones Lang LaSalle. 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 profit or loss for the above options granted to the Group’s employees were RMB126,148,000 and RMB77,768,000 for the years ended June 30, 2021 and 2022, respectively. |
Acquisition of subsidiaries
Acquisition of subsidiaries | 12 Months Ended |
Jun. 30, 2022 | |
Acquisition of subsidiaries | |
Acquisition of subsidiaries | 33 Acquisition of subsidiaries (a) Business combination 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 liabilities 9,383 Goodwill (Note 17) 19,640 The revenue and loss included in the consolidated statement of profit or loss from the acquisition dates to June 30, 2021 contributed by MINISO SG Pte. Ltd. was RMB19,073,000 and RMB8,236,000 respectively. If the acquisition had occurred on July 1, 2020, management estimates that consolidated revenue would have been RMB9,117,348,000 and consolidated loss would have been RMB1,445,632,000 for the year ended June 30, 2021. (b) Acquisition of assets and liabilities through acquisition of a subsidiary As disclosed in Note 19, the Company previously held 20% equity interest in YGF Investment, which was accounted for using equity method. On October 27, 2021, the Company acquired the remaining 80% equity interest in YGF Investment from YGF MC Limited at a cash consideration of RMB694,479,000. The cash consideration was determined below: RMB’000 Consideration for 80% equity interest in YGF Investment 1,375,600 Less: the amount of unpaid share capital of YGF MC Limited (1,001,051) Net consideration for 80% equity (via payment to YGF MC Limited) 374,549 Settlement of the amount due to fellow subsidiary of YGF MC Limited (via additional capital injection into YGF Investment by the Company) 319,930 694,479 Upon completion of the acquisition on October 27, 2021, YGF Investment became a wholly-owned subsidiary of the Group. The major assets of YGF Investment comprised the land use right and prepayments for the construction project of a new headquarters building, for which no substantive progress was made as at the date of acquisition. The directors of the Company determined that the acquisition of assets and liabilities through acquisition of a subsidiary does not constitute a business combination. As such transaction is a step acquisition, the carrying amount of the previously owned 20% equity interest was included as part of the cost of the acquisition and was not remeasured at the date of acquisition. The following summarizes the amounts of assets and liabilities recognized in Group’s consolidated financial statements at the date of acquisition: RMB’000 Property, plant and equipment 10,290 Right-of-use assets 1,781,595 Prepayments for construction project 200,000 Trade and other receivables 58 Cash and cash equivalents 10,996 Trade and other payables (964,558) Total identifiable net assets acquired 1,038,381 Total acquisition cost for the above net assets: RMB’000 Cash consideration 694,479 Add: carrying amount of the Group’s previously held equity interest in YGF Investment at the date of acquisition 343,902 1,038,381 Analysis of net cash outflow of cash and cash equivalents in respect of the acquisition of YGF Investment: RMB’000 Cash considerations paid 694,479 Less: cash and cash equivalents acquired (10,996) Net cash outflow 683,483 The value of each identifiable assets and liabilities acquired was determined by the directors of the Company with reference to the valuation carried out by an independent valuer, Jones Lang LaSalle. |
Financial risk management and f
Financial risk management and fair values | 12 Months Ended |
Jun. 30, 2022 | |
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, 2021 and 2022, 30% and 53% 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 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, 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) As at June 30, 2022 Gross Expected carrying Loss loss rate amount allowance % RMB’000 RMB’000 Current (not past due) 2 % 186,151 (3,967) Less than 90 days past due 8 % 96,508 (7,458) 91 - 270 days past due 23 % 10,554 (2,446) 271 - 450 days past due 38 % 18,224 (6,991) 451 - 810 days past due 75 % 416 (310) More than 810 days past due 100 % 10,193 (10,193) 322,046 (31,365) Additional loss allowance due to specific consideration on certain distributors 53,752 (53,752) 375,798 (85,117) Loss allowances of RMB18,032,000 and RMB53,752,000 for trade receivables mainly from certain overseas distributors were made during the years ended June 30,2021 and 2022 due to deterioration of financial status of these distributors. Expected loss rates are based on actual loss experience over the past 2 to 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, 2020 (43,183) Credit loss recognized during the year (19,870) Exchange adjustment 3,226 Balance at June 30, 2021 (59,827) Credit loss recognized during the year (28,924) Exchange adjustment 3,634 Balance at June 30, 2022 (85,117) 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. 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, 2022: ● Increase in past due but less than 90 days resulted in an increase in loss allowance of RMB 5,551,000 . ● Decrease in days past due over 450 days resulted in a decrease in loss allowance of RMB 14,703,000 . ● Increase in loss allowance of RMB 35,720,000 for trade receivables mainly 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, 2021 and 2022. (b) Liquidity risk As at June 30, 2021 and 2022, the Group’s net current assets amounted to RMB5,716,232,000 and RMB4,283,891,000, 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, 2021 and 2022, the Group had net cash generated from operating activities of approximately RMB916,320,000 and RMB1,406,262,000 respectively. In addition, the management of the Group monitors the utilization of borrowings and ensures compliance with borrowing covenants, if any. 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 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 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 2022 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other payables 3,072,991 — — — 3,072,991 3,072,991 Loans and borrowings 645 845 6,204 — 7,694 6,948 Lease liabilities 263,332 188,172 215,398 39,421 706,323 651,065 3,336,968 189,017 221,602 39,421 3,787,008 3,731,004 (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, deposit with banks with original maturity date over three months 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, 2021 2022 RMB‘000 RMB‘000 Fixed rate instrument: Loans and borrowings (Note 26) 0%~9% (20,594) 0%~9.0% (6,948) Cash at bank (Note 23) 2%~2.2% 201,488 1.3%~2.5% 565,402 Term deposits — — 0.3%~2.2% 236,878 180,894 795,332 Variable rate instrument: Restricted cash (Note 24) 0.3% 3,680 0.3%~1.9% 32,376 Cash at bank (Note 23) 0%~3% 6,569,616 0%~3.5% 4,782,640 6,573,296 4,815,016 (ii) Sensitivity analysis At June 30, 2021, it is estimated that a general increase/ decrease decreased year and accumulated losses by approximately At June 30, 2022, it is estimated that a general increase/ decrease increased/decreased year and decreased/increased 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, 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 Exposure to foreign currencies (Expressed in thousands of Renminbi) As at June 30, 2022 United States Hong Kong Dollars Euros Dollars Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 54,944 5,021 — — — Cash and cash equivalents 486,139 7,516 2,852 2,094 2 Term deposits 336 — — — — Trade and other payables (63,576) (8,909) (9,364) — — Loans and borrowings (133) — — — — Net exposure arising from recognized assets and liabilities 477,710 3,628 (6,512) 2,094 2 (ii) Sensitivity analysis The following table indicates the instantaneous change in the Group’s (loss)/ profit after tax (and accumulated loss) 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, 2021 As at June 30, 2022 Effect on Effect on Increase/ loss for the Increase/ profit 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 % 3,242 1 % 4,744 (1) % (3,242) (1) % (4,744) Euros 1 % 128 1 % 28 (1) % (128) (1) % (28) Hong Kong Dollars 1 % (177) 1 % (65) (1) % 177 (1) % 65 Renminbi 1 % 6,015 1 % 16 (1) % (6,015) (1) % (16) Others 1 % 27 1 % — * (1) % (27) (1) % — * Note: * The amount was less than RMB1,000. 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 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, 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 102,968 — 102,968 — Fair value at Fair value measurements as at June 30, June 30, 2022 categorized into 2022 Level 1 Level 2 Level 3 RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurement Assets: —Other investments 210,523 1,874 208,649 — 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. Other investments in level 1 as at June 30, 2022 represented an investment in monetary fund. The fair value of this investment was determined based on the market price at the balance sheet date. Other investments in level 2 as at June 30, 2021 and 2022 represented investments in trust investment schemes. The fair value of these investments was determined by the Group with reference to the fair value quoted by the trust company, that established and managed the investments (see Note 20), using expected return rates currently available for instruments with similar terms, credit risk, remaining terms and other market data. The gains arising from the remeasurement of fair value of other investments are included in other net income 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, 2021 and 2022 because of the short-term maturities of these financial instruments. |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2022 | |
Commitments | |
Commitments | 35 Commitments (a) Capital commitments outstanding as at June 30, 2021 and 2022 not provided for in the financial statements were as follows: As at June 30, 2021 2022 RMB’000 RMB’000 Contracted purchase of software 5,182 1,000 Contracted purchase of property 101,779 — Contracted purchase of construction projects — 830,573 Contracted purchase of property improvements 21,679 — Contracted for 128,640 831,573 Authorized but not contracted for — 11,279 Total 128,640 842,852 |
Contingencies
Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Contingencies | |
Contingencies | 36 Contingencies (a) The commitment of tax payments On October 13, 2020, Mingyou Industrial Investment (Guangzhou) Co., Ltd. (“Mingyou”), being a subsidiary of the Group’s equity-accounted investee prior to October 27, 2021 and a subsidiary of the Group since October 27, 2021, was set up to acquire the land use right of a parcel of land and to establish a new headquarters building for the Group in a district in Guangzhou, the PRC. In connection with the acquisition of the land use right and the construction of new headquarter 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 above entities have met the commitment for the calendar year of 2021 and therefore MINISO Guangzhou is not required to make any compensation to the local government under the above performance guarantee. As of March 31, 2022, the above performance guarantee has expired. Subsequently in April 2022, MINISO Guangzhou provided a performance guarantee of RMB175,000,000 issued by a commercial bank to this local government in respect of the commitment of tax payments for the calendar year of 2022, which was valid from April 1, 2022 to March 31, 2023. The directors have assessed that, based on the projection of and actual relevant taxes and surcharges paid and payable during the calendar year of 2021 or 2022, the above entities have met or are expected to meet the commitment for the calendar year of 2021 or 2022 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 or 2022. (b) Lawsuit relating to intellectual property (“IP”) dispute During the year ended June 30, 2022, Ruimin Industry (Shanghai) Co., Ltd. initiated two legal proceedings against parties including one of the PRC subsidiaries of the Group and two of the Group’s suppliers relating to an IP dispute. The total amount claimed against the PRC subsidiary was RMB50 million. Based on the assessment of the Group’s litigation counsels, the probability of the subsidiary losing in these two cases is considered low, and even if the claimant were to prevail, the total compensation amount ordered by the courts is expected to be immaterial and significantly lower than the amount claimed. Therefore, no provision was made in respect of these two claims as of June 30, 2022. (c) Lawsuit relating to illicit competition During the year ended June 30, 2022, Shenzhen Purcotton Technology Co., Ltd initiated a legal proceeding against certain PRC subsidiaries of the Group, one of the Group’s suppliers and a store operated by one of the Group's franchisees relating to a illicit competition dispute. The total amount claimed against the PRC subsidiaries was approximately RMB30 million. Based on the assessment of the Group’s litigation counsels, the probability of the subsidiaries losing the case is considered low, and even if the claimant were to prevail, the compensation amount ordered by the courts is expected to be immaterial and much lower than the total amount claimed. Therefore, no provision was made in respect of the claim as of June 30, 2022. |
Material related party transact
Material related party transactions | 12 Months Ended |
Jun. 30, 2022 | |
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 (iii) Significantly influenced of the controlling shareholder Miniso Lifestyle Nigeria Limited (i) Under common control of the controlling shareholder MINISO Lifestyle Proprietary Limited (i) Under common control of the controlling shareholder YGF MC LIMITED Under common control of the controlling shareholder Minihome Hong Kong Limited (i) Under common control of the controlling shareholder Wow Colour Beauty Guangdong Technology Limited Under common control of the controlling shareholder Nome Design (Guangzhou) Limited (i) 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 (ii) Under common control of the controlling shareholder Guangzhou Chuyunju Catering Service Co., Ltd. Under common control of the controlling shareholder Guangzhou Chuyunju Catering Management Co., Ltd. Under common control of the controlling shareholder ACC Super Accessories Shenzhen Technology Limited Significantly influenced by the controlling shareholder Henhaohe Tea Guangdong limited Under common control of the controlling shareholder OasVision International Limited Under common control of the controlling shareholder Miniso (Zhaoqing) Industrial Investment Co., Ltd. Under common control of the controlling shareholder Miniso Corporation Under common control of the controlling shareholder Note: (i) 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 have become related parties of the Group since then (see Note 5). (ii) Mingyou is a subsidiary of YGF Investment, which was an equity accounted investee of the group prior to October 27, 2021. On October 27, 2021, the Group acquired the remaining 80% interest in YGF investment, YGF investment and Mingyou became wholly-owned subsidiaries of the Group since then (see Note 19). (iii) The controlling shareholder sold its equity interests in Shenzhen Zhizhi Brand Incubation Limited to a third party on September 25, 2021. Shenzhen Zhizhi Brand Incubation Limited was no longer a related party of the Group since then. (b) Transactions with related parties (i) Key management personnel compensation Key management personnel compensation comprised the following: For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Short-term employee benefits 5,431 8,795 13,018 Employee compensation expense (Note 8(i) and Note 32) 4,771 — — Equity-settled share-based payment expenses (Note 32) 79,021 39,727 — 89,223 48,522 13,018 (ii) Other transactions with related parties For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Continuing operations Proceeds from repayment from the controlling shareholder —Mr. Ye Guofu (i) 297,105 — — Cash advances to related parties —Mr. Ye Guofu (iii) 101,462 — — —Nome Design (Guangzhou) Limited (iv) 5,205 — — Proceeds from repayment from related parties —MINI Investment Holding Limited (ii) — 9,508 — —Nome Design (Guangzhou) Limited (iv) — 5,205 — Repayment to the controlling shareholder —Mr. Ye Guofu (v) — 11,946 — Sales of lifestyle products —Miniso Lifestyle Nigeria Limited 201 5,312 — —OasVision International Limited — 9,914 16,979 —MINISO Technology (Guangzhou) Co., Ltd. — 1,271 — —Haydon (Shanghai) Technology Co., Ltd. — — 11 Provision of information technology support and consulting services —Haydon (Shanghai) Technology Co., Ltd. (vi) — 3,050 5,688 —Wow Colour Beauty Guangdong Technology Limited (vi) — 9,912 7,080 —ACC Super Accessories Shenzhen Technology Limited (vi) — — 2,651 —Henhaohe Tea Guangdong Limited (vi) — — 8,410 Purchase of lifestyle products —Shanghai Kerong Networks Limited 177,367 38,148 15,465 —Shenzhen Zhizhi Brand Incubation Limited 52,385 22,220 4,407 —Wow Colour Beauty Guangdong Technology Limited 13,339 19 1,029 —Nome Design (Guangzhou) Limited 648 581 112 —Haydon (Shanghai) Technology Co., Ltd. — 894 53 —199 Global Holding (Guangzhou) Limited — 135 190 —ACC Super Accessories Shenzhen Technology Limited — — 48 Advanced payments received for purchase of lifestyle products —Miniso Lifestyle Nigeria Limited (vii) 4,005 — — Provision of guarantee for a subsidiary of the then equity-accounted investee —Mingyou (viii) — 160,000 160,000 Purchase of catering services —Guangzhou Chuyunju Catering Service Co., Ltd. 10,241 8,334 8,816 —Guangzhou Chuyunju Catering Management Co., Ltd. — — 3,104 Payment of lease liabilities —Miniso (Zhaoqing) Industrial Investment Co., Ltd.(ix) — — 4,147 Discontinued operations Disposal of discontinued operations to —YGF MC LIMITED — * — — —Minihome Hong Kong Limited — * — — —MINI Investment Holding Limited — * — — Notes: * The amounts were considerations in connection with the disposal of discontinued operations, each of which was less than RMB1,000. See Note 5 “Discontinued operations and assets and liabilities held for sale” for details. (i) Interest-free cash advances to the controlling shareholder amounting to RMB 297,105,000 were repaid during the year ended June 30, 2020. (ii) 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. (iii) 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. (iv) 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. (v) The Group settled other payables to Mr. Ye Guofu amounting to RMB 11,946,000 during the year ended June 30, 2021. (vi) The Group entered into information technology support and consulting services agreements with Haydon (Shanghai) Technology Co., Ltd., Wow Colour Beauty Guangdong Technology Limited, ACC Super Accessories Shenzhen Technology Limited and Henhaohe Tea Guangdong limited during the years ended June 30, 2021 and 2022, under which the Group provided business management systems deployment and support services. (vii) 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. (viii) 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). (ix) In June 2022, the Group entered into a three-year lease agreement with fixed lease payments in respect of certain properties from Miniso (Zhaoqing) Industrial Investment Co., Ltd. for storage of inventories. At the commencement date of the lease, the Group recognized a right-of-use asset and a lease liability of RMB 35,438,000 . (c) Balances with related parties As at June 30, 2021 2022 RMB’000 RMB’000 Included in trade and other receivables from related parties: Trade related: —Haydon (Shanghai) Technology Co., Ltd. — 2,150 —Wow Colour Beauty Guangdong Technology Limited — 2,189 —ACC Super Accessories Shenzhen Technology Limited 996 527 —Henhaohe Tea Guangdong Limited 795 239 1,791 5,105 Included in trade and other payables to related parties: Trade related: —Shanghai Kerong Networks Limited 1,438 1,241 —Shenzhen Zhizhi Brand Incubation Limited 1,135 — —Wow Colour Beauty Guangdong Technology Limited — 70 —Haydon (Shanghai) Technology Co., Ltd. 1,010 53 —Nome Design (Guangzhou) Limited — 126 —ACC Super Accessories Shenzhen Technology Limited — 145 —199 Global Holding (Guangzhou) Limited 94 — —Guangzhou Chuyunju Catering Service Co., Ltd. 3,813 8,971 —Guangzhou Chuyunju Catering Management Co., Ltd. — 3,104 7,490 13,710 Included in prepayment to related parties: —Miniso Corporation — 69 — 69 Included in lease liabilities due to related parties: —Miniso (Zhaoqing) Industrial Investment Co., Ltd. — 31,426 — 31,426 |
Company level financial informa
Company level financial information | 12 Months Ended |
Jun. 30, 2022 | |
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 For the to June 30, year ended year ended 2020 June 30, 2021 June 30, 2022 RMB’000 RMB’000 RMB’000 Other income — 4,274 6,038 General and administrative expenses (37) (9,734) (19,038) Other net income 1,091 52,056 6,607 Operating profit 1,054 46,596 (6,393) Finance income — 1,030 2,930 Finance costs — (2) — Net finance income — 1,028 2,930 Fair value changes of Paid-in capital subject to redemption and other preferential rights/redeemable shares with other preferential rights 151,733 (1,625,287) — Share of profit of equity-accounted investee, net of tax — (4,011) (8,162) Profit/(loss) before taxation 152,787 (1,581,674) (11,625) Income tax expense — — — Profit/(loss) for the period/year 152,787 (1,581,674) (11,625) (ii) Condensed statement of profit or loss and other comprehensive income For the period from January 7, 2020 (date of For the For the incorporation) to year ended year ended June 30, 2020 June 30, 2021 June 30, 2022 RMB’000 RMB’000 RMB’000 Profit/(loss) for the period/year 152,787 (1,581,674) (11,625) Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of the Company 13,606 (191,443) 174,149 Other comprehensive income/(loss) for the period/year 13,606 (191,443) 174,149 Total comprehensive income/(loss) for the period/year 166,393 (1,773,117) 162,524 (iii) Condensed statement of financial position Note As at June 30, 2021 2022 RMB’000 RMB’000 ASSETS Non-current assets Interest in an equity-accounted investee 352,062 — Investments in subsidiaries —Cost-accounted investments in subsidiaries — * 2,112,276 —Amounts due from subsidiaries 3,887,724 1,968,572 4,239,786 4,080,848 Current assets Other investments — 1,874 Other receivables 3,031 65,907 Cash and cash equivalents 925,638 646,921 Term deposits — 201,342 928,669 916,044 Total assets 5,168,455 4,996,892 EQUITY Share capital 31(a) 92 92 Additional paid-in capital 31(a) 8,289,160 7,982,824 Other reserves (1,721,689) (1,627,210) Accumulated losses (1,428,887) (1,440,512) Total equity 5,138,676 4,915,194 LIABILITIES Non-current liabilities Deferred income 20,005 14,488 20,005 14,488 Current liabilities Other payables 3,714 60,915 Deferred income 6,060 6,295 9,774 67,210 Total liabilities 29,779 81,698 Total equity and liabilities 5,168,455 4,996,892 Note: * The amount was less than RMB1,000. (iv) Condensed statement of cash flow For the period from January 7, 2020 (date of For the For the incorporation) to year ended year ended June 30, 2020 June 30, 2021 June 30, 2022 RMB’000 RMB’000 RMB’000 Net cash (used in)/from operating activities (36) 28,366 (16,177) Net cash (used in)/from investing activities (972,092) (3,432,692) 120,173 Net cash from/(used in) financing activities 1,127,145 4,181,655 (395,322) Net increase/(decrease) in cash and cash equivalents 155,017 777,329 (291,326) Cash and cash equivalents at beginning of the period/year — 153,889 925,638 Effect of movements in exchange rates on cash held (1,128) (5,580) 12,609 Cash and cash equivalents at end of the period/year 153,889 925,638 646,921 |
Amendments and new standards is
Amendments and new standards issued but not yet effective | 12 Months Ended |
Jun. 30, 2022 | |
Amendments and new standards issued but not yet effective | |
Amendments and new standards issued but not yet effective | 39 Amendments and new standards issued but not yet effective A number of new standards are effective for the annual periods beginning after January 1, 2022 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 —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 and amendments to IFRS 17 Insurance Contracts January 1, 2023 —Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) January 1, 2023 —Definition of Accounting Estimates (Amendments to IAS 8) January 1, 2023 —Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) January 1, 2023 —Sale or contribution of assets between an investor and its associate or joint venture (Amendments to IFRS 10 and IAS 28) Will be determined at a future date |
Subsequent events
Subsequent events | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent events | |
Subsequent events | 40 Subsequent events (a) Redesignation of ordinary shares Pursuant to the annual general meeting of shareholders of the Company held on July 11, 2022, upon and with effective from the Company’s listing on The Stock Exchange of Hong Kong Limited, all the authorized Class A ordinary shares (whether issued or unissued) and Class B ordinary shares (whether issued or unissued) are redesignated as ordinary shares of a par value (b) Dual primary listing On July 13, 2022, the Company completed its dual primary listing on The Stock Exchange of Hong Kong Limited. Upon completion of the dual primary listing and exercise of the over-allotment option, the Company issued 41,100,000 and 486,200 ordinary shares respectively, with a par value of US$0.00001 each and offer price of HK$13.80 each. (c) Repurchase of shares Under the share repurchase program approved by the board of directors on December 21, 2021, the Company had repurchased 76,360 ordinary shares at an average price of USD1.69 per share for a total consideration of USD129,000 during the period from July 1, 2022 to the date of this report. Under the share repurchase program adopted in December 2021, the Company had repurchased a total of 6,187,636 ordinary shares (the “repurchased shares”). After the expiry of the program in September 2022, the board of directors rectified and approved to transfer all of the repurchased shares to the special purpose vehicles for future grants of share awards and options under the 2020 Share Incentive Plan. On September 29, 2022, the board of directors authorized a new share repurchase program under which the Company may repurchase up to USD100 million of its shares within a period of 12 months starting from September 29, 2022 (the “2022 share repurchase program”). Pursuant to the 2022 share repurchase program, the Company had repurchased a total of 821,620 ordinary shares, representing 655,620 shares in the form of ADSs repurchased on the New York Stock Exchange at an average price of USD1.27 per share for a total consideration of USD833,000, and 166,000 shares repurchased on the Hong Kong Stock Exchange at an average price of HKD10.22 per share for a total consideration of HKD1,696,000 during the period from October 1, 2022 to the date of this report. ( d) Securities class action A shareholder class action lawsuit relating to the disclosures in the Company's IPO registration and prospectus was filed against the Company and certain of the Company's officers and directors on August 17, 2022 in the United States. Plaintiffs purport to bring this action on behalf of a class of similarly situated investors and seek monetary damages on behalf of the class. This action is currently at its preliminary stage and the directors are unable to assess the outcome of the action or reliably estimate the potential losses, if any. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
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 October 19, 2022. 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 measurement | (b) Basis of measurement 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 also 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 IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, Interest rate benchmark reform - Phase 2 The adoption of the above amendments to IFRSs did not have a material impact on the consolidated financial statements of the Group. The new and revised IFRSs issued by the IASB which are not yet effective for the current accounting period are set out in Note 39. |
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 statement of profit or loss and consolidated statement of 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 (see 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 2(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)(ii)). 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. (v) Asset acquisition Groups of assets acquired and liabilities assumed are assessed to determine if they are business or asset acquisitions. On an acquisition-by-acquisition basis, the Group chooses to apply a simplified assessment of whether an acquired set of activities and assets is an asset rather than business acquisition, when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. When a group of assets acquired and liabilities assumed do not constitute a business, the overall acquisition cost is allocated to the individual identifiable assets and liabilities based on their relative fair values at the date of acquisition. An exception is when the sum of the individual fair values of the identifiable assets and liabilities differs from the overall acquisition cost. In such case, any identifiable assets and liabilities that are initially measured at an amount other than cost in accordance with the Group’s policies are measured accordingly, and the residual acquisition cost is allocated to the remaining identifiable assets and liabilities based on their relative fair values at the date of acquisition. When acquiring assets by obtaining a controlling interest in a legal entity that does not constitute a business as a step acquisition, the previously held equity interest is included as part of the cost of the acquisition and is not remeasured. |
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)). The cost of self-constructed items of property, plant and equipment includes the cost of materials, direct labor, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads. 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. No depreciation is provided in respect of the construction in progress. The estimated useful lives of property, plant and equipment are as follows: Apartments 30 years 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 Moulds 1 – 2 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 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)(v) 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 | (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 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 of 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. Contributions to the plan vest immediately. There are no forfeited contributions for the MPF Scheme as the contributions are fully vested to the employees upon payment to the scheme. 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 share-based payment 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 asset 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. 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 and Indonesia, 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 offline distributors The Group has entered into a series of agreements with certain offline 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 self-operated online stores on third-party e-commerce platforms, is recognized at the point when the products are delivered to customers. The Group has also entered into agreements with certain online distributors, who are authorized to sell products to customers through their online stores on various major e-commerce platforms. Revenue is recognized when control of the goods has transferred according to respective agreed terms of delivery, which is at the point in time when the distributor obtains control of the distinct good. (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 is 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 spend-based customer loyalty programs for MINISO and TOP TOY brand in the PRC, under which loyalty points are rewarded to end customers at a rate of 1 point per RMB1 spent in MINISO stores or 1 to 1.4 points per RMB1 spent in TOP TOY stores in the PRC based on the level of TOP TOY membership. The stores include self-operated stores and franchised stores operated by franchisees participating in the program, and through MINISO and TOP TOY WeChat Mini Programs. Each 100 points of MINISO brand or each 20 points of TOP TOY brand 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 are 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. The Group has established a premium paid membership program to cultivate customer loyalty and encourage repeat purchases. Under such membership program, customers pay membership fee in advance for subscriptions of premium members in a specific membership period, which ranges from 1 month to 1 year. Premium members are entitled to special prices for select products and additional discounts throughout membership period. The membership fee is recognized as revenue over the specific membership period. Unamortized portion of upfront membership fees received were recognized as 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 statement 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. All values are rounded to the nearest thousand except when otherwise indicated. (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 that are directly attributable to the acquisition or construction of an asset which necessarily takes a substantial period of time to get ready for its intended use are capitalized as part of the cost of that asset. Other 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, 2022 | |
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 | Place of Group’s effective incorporation / Registered/ issued interest Company name establishment and business and paid-up capital (direct or indirect) Principal activities MINISO Universal Holding Limited BVI USD1.00/- 100% Investment holding MINISO Global Holding Limited Hong Kong USD1.00/- 100% Investment holding MINISO Development HK Hong Kong HKD10,000/- 100% Investment holding and wholesale of lifestyle products MINISO Investment Hong Kong Limited Hong Kong HKD80,100,000/ HKD80,100,000 100% Investment holding MINISO HK Hong Kong HKD350,000,000/ HKD350,000,000 100% Wholesale of lifestyle products MINISO Guangzhou PRC RMB146,862,372/ RMB139,693,019 100% Wholesale and retail of lifestyle products MINISO (Hengqin) Enterprise Management Co., Ltd. PRC RMB10,000,000/- 100% Brand licensing MINISO International (Guangzhou) Co., Ltd. PRC RMB65,000,000/ RMB65,000,000 100% Wholesale of lifestyle products MINISO Youxuan Technology (Guangzhou) Co., Ltd. PRC RMB10,000,000/ RMB5,000,000 100% Online sales of lifestyle products Pt. MINISO Lifestyle Trading Indonesia Indonesia IDR53,289,350,000/ IDR53,289,350,000 67% Wholesale and retail of lifestyle products MINISO Life Style Private Limited India INR669,540,570/ INR669,540,570 100% Wholesale and retail of lifestyle products USA MINISO Depot Inc. United States USD19,737,961/ USD19,737,961 100% Wholesale and retail of lifestyle products MIHK Management Inc. Canada CAD100/CAD100 100% Wholesale and retail of lifestyle products TOP TOY (Guangdong) Cultural Creativity Co., Ltd. (Formerly known as TOP TOY (Guangdong) Technology Co., Ltd.) PRC RMB5,000,000/- 100% Wholesale and retail of pop toy products Mingyou Industrial Investment (Guangzhou) Co., Ltd. PRC RMB2,300,000,000/ RMB2,100,000,000 100% Development of headquarters building |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Significant accounting policies | |
Summary of estimated useful lives of property, plant and equipment | Apartments 30 years 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 Moulds 1 – 2 years |
Summary of estimated useful lives of intangible assets | Software 5 years |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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 pop toys Note: * Businesses of NOME and Minihome brands and MINISO brand in Africa and Germany had been disposed of during the year ended June 30, 2020 and their results for the year have been classified as discontinued operations. See Note 5 “Discontinued operations and assets and liabilities held for sale” for details. |
Summary of segment results, assets and liabilities | 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 reportable MINISO brand TOP TOY 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 As at and for the year ended June 30, 2022 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 9,468,718 446,930 9,915,648 170,001 10,085,649 Inter-segment revenue 895 501 1,396 215,183 216,579 Segment revenue 9,469,613 447,431 9,917,044 385,184 10,302,228 Segment profit/(loss) before taxation 941,037 (81,536) 859,501 97,455 956,956 Finance income 62,218 416 62,634 3,190 65,824 Finance costs (26,481) (6,904) (33,385) (11) (33,396) Depreciation and amortization (317,273) (32,528) (349,801) (1,916) (351,717) Other material non-cash items: - credit loss on trade and other receivables (27,054) (1,762) (28,816) (108) (28,924) - impairment loss on non-current assets (8,656) (4,829) (13,485) — (13,485) Segment assets 8,310,214 519,814 8,830,028 171,163 9,001,191 Segment liabilities 3,552,457 620,953 4,173,410 62,341 4,235,751 Note: * See Note 5 “Discontinued operations and assets and liabilities held for sale” for details. |
Summary of reconciliations of information on reportable segments | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 i. Revenue Total revenue for reportable segments 9,051,833 8,841,998 9,917,044 Revenue for other segment 257,416 353,172 385,184 Elimination of inter-segment revenue (47,317) (123,511) (216,579) Elimination of discontinued operations (282,946) — — Consolidated revenue 8,978,986 9,071,659 10,085,649 ii. Profit before taxation Total profit before taxation for reportable segments 575,919 354,550 859,501 Profit before taxation for other segment 44,092 58,556 97,455 Elimination of discontinued operations 140,840 — — Unallocated amounts: — Fair value changes of paid-in capital subject to redemption and other preferential rights/redeemable shares with other preferential rights (680,033) (1,625,287) — — Share of loss of an equity-accounted investee, net of tax — (4,011) (8,162) — Expenses relating to construction of headquarters building and depreciation expense of apartments for use as staff quarters — — (41,981) Consolidated profit/(loss) before taxation from continuing operations 80,818 (1,216,192) 906,813 As at June 30, 2021 2022 RMB’000 RMB’000 iii. Assets Total assets for reportable segments 10,188,040 8,830,028 Assets for other segment 164,928 171,163 Other unallocated amounts —Interest in an equity-accounted investee 352,062 — —Assets relating to construction of headquarters building — 2,028,095 —Apartments for use as staff quarters — 252,502 Consolidated total assets 10,705,030 11,281,788 iv. Liabilities Total liabilities for reportable segments 3,995,757 4,173,410 Liabilities for other segment 57,119 62,341 Other unallocated amounts —Liabilities relating to construction of headquarters building — 18,637 Consolidated total liabilities 4,052,876 4,254,388 v. Other material items For the year ended June 30, 2020 Reportable Elimination of segment Other discontinued Consolidated totals segment operations totals RMB’000 RMB’000 RMB’000 RMB’000 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 segment Other Consolidated totals segment totals RMB’000 RMB’000 RMB’000 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) For the year ended June 30, 2022 Reportable segment Other Unallocated Consolidated totals segment amount totals RMB’000 RMB’000 RMB’000 RMB’000 Finance income 62,634 3,190 520 66,344 Finance costs (33,385) (11) — (33,396) Depreciation and amortization (349,801) (1,916) (38,154) (389,871) Credit loss on trade and other receivables (28,816) (108) — (28,924) Impairment loss on non-current assets (13,485) — — (13,485) |
Summary of geographic information analyses | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 i. Revenue the PRC (place of domicile) (of which RMB202,201,000 related to discontinued operations in the year ended June 30, 2020) 6,246,301 7,291,219 7,442,156 Other Asian countries excluding the PRC 1,428,035 961,622 1,174,323 America 1,221,058 584,630 1,189,119 Europe (of which RMB11,311,000 related to discontinued operations in the year ended June 30, 2020) 183,480 117,214 174,691 Others (of which RMB69,434,000 related to discontinued operations in the year ended June 30, 2020) 183,058 116,974 105,360 Discontinued operations (282,946) — — 8,978,986 9,071,659 10,085,649 As at June 30, 2021 2022 RMB’000 RMB’000 ii. Non-current assets the PRC (place of domicile) 902,793 2,575,241 Other Asian countries excluding the PRC 82,414 63,021 America 191,304 204,459 Europe 22,399 10,490 1,198,910 2,853,211 |
Discontinued operations and a_2
Discontinued operations and assets and liabilities held for sale (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Discontinued operations and assets and liabilities held for sale | |
Summary of results of discontinued operations | For the year ended June 30, Note 2020 2021 2022 RMB’000 RMB’000 RMB’000 Revenue 289,326 — — Elimination of inter-segment revenue (6,380) — — External revenue 282,946 — — Expenses (423,786) — — External expenses (423,786) — — Results from operating activities 4 (140,840) — — Income tax — — — Results from operating activities, net of tax (140,840) — — Gain on disposal of subsidiaries 10,795 — — Loss from discontinued operations, net of tax (130,045) — — Loss per share – discontinued operations Basic (RMB) (0.14) — — Diluted (RMB) (0.14) — — |
Summary of cash flows used in discontinued operations | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Net cash used in operating activities (68,063) — — Net cash used in investing activities (7,117) — — Net cash from financing activities 10,468 — — Net cash flows for the year (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 RMB 1,000 . |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Revenue | |
Summary of reconciliation of the disaggregated revenue | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Major products/service lines —Sales of lifestyle and pop toy products — Retail sales in self-operated stores 364,638 323,775 555,226 — Product sales to franchisees 4,584,288 5,506,365 5,499,267 — Sales to offline distributors 2,683,829 1,509,840 2,072,061 — Online sales 308,455 663,197 651,039 — Other sales channels 114,204 33,499 220,069 Sub-total 8,055,414 8,036,676 8,997,662 —License fees, sales-based royalties, and sales-based management and consultation service fees — License fees 78,469 72,392 109,166 — Sales-based royalties 82,444 97,848 97,453 — Sales-based management and consultation service fees 426,731 488,138 478,775 Sub-total 587,644 658,378 685,394 —Others* 335,928 376,605 402,593 8,978,986 9,071,659 10,085,649 Note: * Others mainly represented sales of fixtures to franchisees and distributors. For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Primary geographical markets — the PRC 6,044,100 7,291,219 7,442,156 — Other Asian countries excluding the PRC 1,428,035 961,622 1,174,323 — America 1,221,058 584,630 1,189,119 — Europe 172,169 117,214 174,691 — Others 113,624 116,974 105,360 8,978,986 9,071,659 10,085,649 Timing of revenue recognition — Point in time 8,391,342 8,413,281 9,321,490 — Over time 587,644 658,378 764,159 Revenue from contracts with customers 8,978,986 9,071,659 10,085,649 |
Summary of revenue from individual customer contributing over 10% of total revenue | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Revenue from contracts with customers N/A* 941,541 N/A* Note: * Less than 10% of the Group’s revenue in the respective year. (ii) Contract balances |
Summary of receivables, contract liabilities from contracts with customers | As at June 30, 2021 2022 Note RMB’000 RMB’000 Receivables, which are included in ‘trade and other receivables’ 22 315,001 290,681 Contract liabilities —Current portion (266,919) (361,522) —Non-current portion (59,947) (51,658) Total contract liabilities (326,866) (413,180) As at June 30, 2021 2022 RMB’000 RMB’000 Contract liabilities are analyzed as follows: —Advance payments received from customers for purchase of goods 235,435 219,192 —Deferred revenue related to license fees 91,431 88,536 —Deferred revenue related to membership fees — 96,025 —Deferred revenue related to loyalty points — 9,427 326,866 413,180 |
Summary of movements in contract liabilities | Contract liabilities RMB’000 Balance at July 1, 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 year (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 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 year (266,919) Increase in contract liabilities as a result of receiving advance payment for purchase of goods 219,192 Increase in contract liabilities as a result of receiving payment of license fees 28,589 Increase in contract liabilities as a result of receiving payment of membership fees 96,025 Increase in contract liabilities as a result of loyalty points 9,427 Balance at June 30, 2022 413,180 |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Other income | |
Summary of other income | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Tax refund 606 1,279 3,231 Government grants (Note (i)) 36,602 46,587 16,663 Income from depositary bank (Note 29) — 4,274 6,037 37,208 52,140 25,931 Note: (i) Government grants mainly represented unconditional cash awards granted by the local authorities in the PRC. During the year ended June 30, 2022, government grants also included subsidies obtained by the subsidiaries in the U.S. under the Paycheck Protection Program Rule with an aggregated amount of USD 1,320,000 (equivalent to RMB 8,548,000 ) as disclosed in Note 26(a)(ii). |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Expenses by nature | |
Schedule of cost of sales, selling and distribution and general and administrative expenses | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Cost of inventories (Note 21(a)) 6,246,488 6,581,456 6,870,976 Payroll and employee benefits (Note (i)) 984,895 916,185 864,693 Rental and related expenses 45,186 12,139 33,354 Depreciation and amortization (Note (ii)) 268,669 265,019 389,871 Licensing expenses 109,488 88,063 149,612 Promotion and advertising expenses 128,447 214,788 242,681 Logistics expenses 154,763 195,593 272,363 Travelling expenses 69,290 52,966 66,172 Other expenses 226,174 332,375 384,730 Total cost of sales, selling and distribution and general and administrative expenses 8,233,400 8,658,584 9,274,452 |
Schedule of payroll and employee benefits | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Salaries, wages and bonus 515,573 543,646 666,968 Contributions to social security contribution plan 51,587 56,325 77,903 Welfare expenses 33,691 34,895 36,987 Employee compensation expenses 19,664 — — Equity-settled share-based payment expenses (Note 32) 364,380 281,319 82,835 984,895 916,185 864,693 |
Schedule of depreciation and amortization | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Property, plant and equipment (Note 14) 37,481 30,507 58,865 Right-of-use assets (Note 15) 214,117 213,490 309,606 Intangible assets (Note 16) 17,071 21,022 21,400 268,669 265,019 389,871 |
Other net income_(loss) (Tables
Other net income/(loss) (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Other net income/(loss) | |
Schedule of Other net income (loss) | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Net foreign exchange gain/(loss) * 14,193 (114,177) 14,041 Losses on disposal of property, plants and equipment and intangible assets (2,526) (2,317) (5,614) Investment income from other investments 26,387 66,837 63,801 Scrap income 8,330 11,242 11,808 Net change in fair value of other investments (1,465) 2,968 5,709 Litigation compensation — — (15,576) Gains relating to cancellation and modification of lease contracts — — 13,456 Others 1,078 (4,960) (317) 45,997 (40,407) 87,308 Note: * Net foreign exchange loss for the year ended June 30, 2021 was mainly caused by the depreciation of US dollar against Renminbi in certain subsidiaries whose functional currency are Renminbi whereas its holding net assets were mainly denominated in US dollar, which mainly comprised of the US dollar proceeds obtained from the listing on the New York Stock Exchange in October 2020. |
Net finance (costs)_income (Tab
Net finance (costs)/income (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Net finance (costs)/income | |
Summary of net finance (costs) / income | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Finance income —Interest income 25,608 40,433 66,344 25,608 40,433 66,344 Finance costs —Interest on loans and borrowings (5,221) (1,545) (405) —Interest on lease liabilities (26,117) (26,817) (32,991) (31,338) (28,362) (33,396) Net finance (costs)/income (5,730) 12,071 32,948 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income taxes | |
Summary of taxation recognized in consolidated profit or loss | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Amounts recognized in consolidated profit or loss Current tax Provision for the year 306,679 200,170 252,989 Deferred tax Origination and reversal of temporary differences (Note 11(c)) (95,730) 13,085 14,081 Tax expense on continuing operations 210,949 213,255 267,070 |
Summary of reconciliation between tax expense and accounting profit at applicable tax rates | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Profit/(loss) before taxation 80,818 (1,216,192) 906,813 Notional tax on profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned (48,050) 118,766 214,704 Tax effect of share-based compensation expenses and employee compensation expenses (Note 8(i)) 96,011 70,330 20,254 Tax effect of other non-deductible expenses 6,566 10,433 10,935 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)) (34,876) (34,218) (18,001) Effect of fair value changes of paid-in capital subject to redemption and other preferential rights not recognized 207,942 — — Tax effect of exempted and non-taxable interest income — (6,245) (4,044) Effect of unused tax losses not recognized 35,382 72,969 44,888 Effect of deductible temporary differences not recognized/(utilized) 34,301 (18,780) (1,666) Actual tax expenses 210,949 213,255 267,070 Note: * The loss from waiver of intercompany receivables is 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. |
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, 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 Charged to profit or loss (continuing operations) (2,536) (3,556) (8,673) — 684 (14,081) Exchange rate difference (21) (43) (101) — 27 (138) At June 30, 2022 31,696 11,097 41,573 61,548 8,419 154,333 |
Summary of unrecognized deferred tax assets | As at June 30, 2021 2022 RMB’000 RMB’000 Deductible temporary differences 127,500 107,964 Cumulative tax losses 483,437 630,807 Total 610,937 738,771 |
Summary of tax losses carried forward | As at As at June 30, June 30, 2021 Expiry date 2022 Expiry date RMB’000 RMB’000 Expire 147,928 2022-2042 278,215 2023-2043 Never expire 335,509 352,592 |
(Loss)_earnings per share (Tabl
(Loss)/earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
(Loss)/earnings per share | |
Schedule of earning per share | 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 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 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) For the year ended June 30, 2022 Continuing Discontinued operations operations Total RMB’000 RMB’000 RMB’000 Profit attributable to the equity shareholders of the Company 638,170 — 638,170 Less: Allocation of undistributed earnings to holders of unvested restricted shares (1,576) — (1,576) Profit used to determine basic earnings per share 636,594 — 636,594 |
Schedule of weighted average number of ordinary shares | For the year ended June 30, 2021 2022 Number of shares Number of shares Issued ordinary share at July 1, 2020 and 2021 865,591,398 1,204,860,715 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 2,369,454 Effect of repurchase of shares (Note 31(b)(v)) — (1,702,821) Weighted average number of ordinary shares 1,104,371,475 1,205,527,348 |
Summary of weighted average number of ordinary shares outstanding | For the year ended June 30, 2022 Number of shares Weighted average number of ordinary shares, basic 1,205,527,348 Dilutive effect of share award scheme and option plan (Note 32) 11,110,091 Weighted average number of ordinary shares, diluted 1,216,637,439 |
Other comprehensive income_(l_2
Other comprehensive income/(loss) (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Other comprehensive income/(loss) | |
Summary of amounts recognized in consolidated other comprehensive (loss) / income | 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) For the year ended June 30, 2022 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 40,494 — 40,494 Other comprehensive income 40,494 — 40,494 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Property, plant and equipment | |
Schedule of property, plant and equipment | Leasehold Office Store operating Motor Construction Apartments improvements equipment equipment vehicles Moulds in progress Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost: At July 1, 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 Acquisition of a subsidiary (Note 33(b)) — — 14 — — — 10,276 10,290 Additions 242,639 67,160 16,779 7,628 232 26,511 48,528 409,477 Disposals — (15,389) (3,183) (6,670) (622) (102) — (25,966) Exchange adjustments — 4,400 2 (636) (3) — — 3,763 At June 30, 2022 242,639 168,120 51,043 46,791 2,347 26,409 58,804 596,153 Accumulated depreciation: At July 1, 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) Charge for the year (7,538) (17,840) (7,144) (8,647) (452) (17,244) — (58,865) Written back on disposals — 4,541 1,672 4,524 500 19 — 11,256 Exchange adjustments — (1,710) 63 395 6 — — (1,246) At June 30, 2022 (7,538) (56,016) (24,035) (26,651) (1,456) (17,225) — (132,921) Impairment: At July 1, 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) Addition — (8,880) (1,380) (2,802) — — — (13,062) Written back on disposals — 7,536 — 1,231 — — — 8,767 Exchange adjustments — (940) (42) 146 — — — (836) At June 30, 2022 — (38,716) (1,422) (3,200) — — — (43,338) Net book value: At June 30, 2021 — 34,510 18,805 21,771 1,230 — — 76,316 At June 30, 2022 235,101 73,388 25,586 16,940 891 9,184 58,804 419,894 |
Right of use assets (Tables)
Right of use assets (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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 Land use Property equipment right (Note (i)) (Note (ii)) (Note (iii)) Total RMB’000 RMB’000 RMB’000 RMB’000 Cost: At July 1, 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 Acquisition of a subsidiary (Note 33(b)) — — 1,781,595 1,781,595 Additions 337,717 414 815 338,946 Derecognition (408,249) (1,470) — (409,719) Exchange adjustments 6,239 2 — 6,241 At June 30, 2022 1,013,124 10,648 1,782,410 2,806,182 Accumulated depreciation: At July 1, 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) Charge for the year (275,310) (3,765) (30,531) (309,606) Derecognition 243,575 1,470 — 245,045 Exchange adjustments (2,917) (1) — (2,918) At June 30, 2022 (394,540) (3,844) (30,531) (428,915) Impairment: At July 1, 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) Charge for the year — — — — Derecognition 4,249 — — 4,249 Exchange adjustments (1,131) — — (1,131) At June 30, 2022 (34,678) — — (34,678) Net book value: At June 30, 2021 679,733 10,154 — 689,887 At June 30, 2022 583,906 6,804 1,751,879 2,342,589 The analysis of expense items in relation to leases recognized in profit or loss is as follows: For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Depreciation charge of right-of-use assets by class of underlying asset: Property 203,662 205,344 275,310 Warehouse equipment 10,455 8,146 3,765 Land use right — — 30,531 214,117 213,490 309,606 Interest on lease liabilities (Note 10) 26,117 26,817 32,991 Expense relating to short-term leases and other leases with remaining lease term ending on or before June 30 28,486 28,656 28,384 Variable lease payments not included in the measurement of lease liabilities 3,521 2,846 4,648 COVID-19 rent concessions (12,802) (42,698) (35,548) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Intangible assets | |
Schedule of Intangible assets | Software Cost: RMB’000 At July 1, 2020 95,567 Purchases 13,805 Disposals (1,536) Exchange adjustments (253) At June 30, 2021 107,583 Purchases 3,922 Disposals (24) Exchange adjustments (63) At June 30, 2022 111,418 Accumulated amortization: At July 1, 2020 (26,115) Charge for the year (21,022) Written off on disposal 677 Exchange adjustments 223 At June 30, 2021 (46,237) Charge for the year (21,400) Written off on disposal 2 Exchange adjustments 20 At June 30, 2022 (67,615) Impairment: At July 1, 2020 (361) Charge for the year — Exchange adjustments 20 At June 30, 2021 (341) Charge for the year (423) Exchange adjustments 27 At June 30, 2022 (737) Net book value: At June 30, 2021 61,005 At June 30, 2022 43,066 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Goodwill | |
Summary of goodwill | Cost: RMB’000 At July 1, 2020 — Acquisition through business combination (Note 33) 19,640 At June 30, 2021 19,640 Exchange adjustments (252) At June 30, 2022 19,388 Impairment: At July 1, 2020, June 30, 2021 and June 30, 2022 — Carrying amount: At June 30, 2021 19,640 At June 30, 2022 19,388 |
Summary of impairment tests for cash-generating unit (CGU) containing goodwill | As at June 30, 2021 2022 RMB’000 RMB’000 MINISO SG Pte. Ltd. 19,640 19,388 Total 19,640 19,388 |
Schedule of key assumptions used in the estimation of value in use | As at June 30, 2021 2022 Pre-tax discount rate 13.2 % 16.1 % Terminal value growth rate 1.4 % 1.9 % Revenue growth rate (average of next five years) 21.8 % 15.0 % |
Description of sensitivity analysis pre tax discount rate and revenue growth rate | As at June 30, 2021 2022 RMB’000 RMB’000 Pre-tax discount rate increase by 5% 7,363 3,981 Revenue growth rate (average of next five years) decrease by 2% 151 604 |
Prepayment (Tables)
Prepayment (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Prepayments | |
Summary of prepayment | As at June 30, 2021 2022 RMB’000 RMB’000 Prepayment for construction of a new headquarters building (Note 33(b)) — 200,861 Prepayment for purchase of apartments (i) 133,458 — Others 5,023 821 Total 138,481 201,682 Note: (i) In June 2021, the Group paid first instalment of RMB 133,458,000 for the purchase of apartments, for the use of staff accommodation in future. |
Interest in an equity-account_2
Interest in an equity-accounted investee (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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 | RMB’000 Gross amounts of YGF Investment Current assets (Note ii) 1,416,584 Non-current assets 1,781,081 Current liabilities (Note i) 1,437,355 Equity (Note ii) 1,760,310 Revenue — Net loss and total comprehensive loss for the period ended June 30, 2021 (19,690) Reconciled to the Group’s interest in the equity-accounted investee Net assets of the equity-accounted investee 1,760,310 Group’s effective interest 20% Carrying amount in the consolidated financial statements 352,062 Notes: (i) The balance includes a loan of RMB319,930,000 from a fellow subsidiary of YGF MC Limited, which was guaranteed by the Controlling Shareholders. (ii) YGF MC Limited is required to invest RMB1,424,000,000 for its 80% equity interest in YGF Investment, of which RMB422,949,000 had been paid in cash as of June 30, 2021. The unpaid balance of RMB1,001,051,000 was recorded in equity in the financial statements of YGF Investment, with the corresponding receivable included in current assets. |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Other investments | |
Summary of financial assets measured at FVTPL | As at June 30, 2021 2022 RMB’000 RMB’000 Financial assets measured at FVTPL - Investment in trust investment schemes 102,968 208,649 - Others — 1,874 102,968 210,523 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Inventories | |
Schedule of inventories | As at June 30, 2021 2022 RMB’000 RMB’000 Finished goods 1,491,328 1,186,810 Low-value consumables 4,733 1,285 1,496,061 1,188,095 |
Schedule of amount of inventories recognized as an expense and included in profit or loss | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Carrying amount of inventories sold 6,178,145 6,632,530 6,915,713 Write-down/(reversal of write-down) of inventories 68,343 (51,074) (44,737) Cost of inventories recognized in consolidated statements of profit or loss 6,246,488 6,581,456 6,870,976 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Trade and other receivables | |
Schedule of trade and other receivables | As at June 30, Note 2021 2022 RMB’000 RMB’000 Current Trade receivables 374,828 375,798 Less: loss allowance 34(a) (59,827) (85,117) Trade receivables, net of loss allowance 315,001 290,681 Amounts due from related parties 37(c) 1,791 5,105 Miscellaneous expenses paid on behalf of franchisees 192,072 246,097 Value-added tax (“VAT”) recoverable 79,590 182,906 Rental deposits 94,423 101,124 Receivables due from on-line payment platforms and banks (i) 33,309 26,806 Prepayments for inventories 38,758 52,476 Prepayments for licensing expenses 11,503 35,223 Prepayments for listing expenses relating to Hong Kong public offering — 58,560 Others 58,278 57,220 824,725 1,056,198 Notes: (i) Receivables due from on-line payment platforms and banks mainly represented the proceeds of online sales through e-commerce platforms collected by and retained in third-party online payment platforms. Withdrawal of the balances retained in online payment platforms could be made anytime upon the Group’s instructions. The amounts also included those due from banks for offline sales made through customer credit/debit cards and other online payment platforms that require overnight processing by the collection banks. (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, 2022 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | As at June 30, 2021 2022 RMB’000 RMB’000 Cash on hand 549 450 Cash at bank 6,771,104 5,348,042 Cash and cash equivalents as presented in the consolidated statements of financial position and in the consolidated statements of cash flows 6,771,653 5,348,492 |
Restricted cash (Tables)
Restricted cash (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Restricted cash | |
Schedule of restricted cash | As at June 30, 2021 2022 RMB’000 RMB’000 Bank deposits held in an escrow bank account (i) 3,680 5,772 Bank deposits frozen for legal proceedings (ii) — 26,604 3,680 32,376 Notes: (i) The balance represented cash held in an escrow bank account in the PRC with designated usage of settlement with franchisees. (ii) The balance mainly represented deposits frozen for the lawsuits relating to intellectual property dispute and illicit competition as disclosed in Note 36. |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Cash flow information | |
Summary of reconciliation of loss for year to cash generated from operations | For the year ended June 30, 2020 2021 2022 Note RMB’000 RMB’000 RMB’000 (Loss)/profit for the year (260,176) (1,429,447) 639,743 Less: Loss from discontinued operations for the year 130,045 — — (Loss)/profit from continuing operations for the year (130,131) (1,429,447) 639,743 Adjustments for: Interest on lease liabilities 10 26,117 26,817 32,991 Depreciation and amortization 8 268,669 265,019 389,871 Interest on loans and borrowings 10 5,221 1,545 405 Interest income 10 (25,608) (40,433) (66,344) Investment income from other investments 9 (26,387) (66,837) (63,801) Net change in fair value of other investments 9 1,465 (2,968) (5,709) Losses on disposal of property, plant and equipment and intangible assets 9 2,526 2,317 5,614 Impairment loss on non-current assets 36,844 2,941 13,485 Unrealized foreign exchange loss/(gain) 6,064 (46,378) 6,806 Effect of lease contract cancellation 657 (2,630) (25,015) Fair value changes of paid-in capital subject to redemption and other preferential rights/redeemable shares with other preferential rights 680,033 1,625,287 — Share of loss of an equity-accounted investee, net of tax — 4,011 8,162 Equity-settled share-based payment expenses 8 364,380 281,319 82,835 Income tax 11(a) 210,949 213,255 267,070 Changes in working capital: Inventories (86,717) (93,197) 307,966 Trade and other receivables (120,235) (80,087) (190,145) Contract liabilities (29,033) 34,353 86,314 Trade and other payables 50,310 386,703 180,122 Restricted cash 1,861 3,376 (28,696) Deferred income — 26,065 (5,282) Cash generated from operations 1,236,985 1,111,031 1,636,392 |
Summary of reconciliation of liabilities arising from financing activities | 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 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 paid-in capital subject to redemption and other preferential rights/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 Loans and shares with other Interest Lease borrowings preferential 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 Loans and Interest Lease borrowings payable liabilities Total RMB’000 RMB’000 RMB’000 RMB’000 Note 26 Note 28 At July 1, 2021 20,594 667 804,412 825,673 Changes from financing cash flows: Repayment of loans and borrowings (5,295) — — (5,295) Interest of loans and borrowings paid — (1,000) — (1,000) Payment of capital element and interest element of lease liabilities — — (317,017) (317,017) Total changes from financing cash flows (5,295) (1,000) (317,017) (323,312) Exchange adjustments 197 (29) 2,260 2,428 Other changes: Increase in lease liabilities from entering into new leases during the year — — 338,131 338,131 Decrease in lease liabilities from derecognition — — (209,712) (209,712) Increase in interest expenses — 405 32,991 33,396 Forgiveness of loans and borrowings (8,548) — — (8,548) Total other changes (8,548) 405 161,410 153,267 At June 30, 2022 6,948 43 651,065 658,056 |
Summary of total cash out flow for leases | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Within operating cash flows (32,007) (31,502) (33,032) Within financing cash flows (193,827) (215,762) (317,017) (225,834) (247,264) (350,049) |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Loans and borrowings. | |
Summary of analysis of the carrying amount of loans and borrowings | As at June 30, 2021 2022 Note RMB’000 RMB’000 Non-current liabilities Borrowings from existing non-controlling interest shareholders (i) 6,612 6,503 Other borrowings 313 — 6,925 6,503 Current liabilities Current portion of unsecured bank loans (ii) 8,921 — Current portion of borrowings from former and existing non-controlling interest shareholders (i)/(iii) 4,748 133 Other borrowings — 312 13,669 445 Notes: (i) The long-term borrowings from non-controlling interest shareholders outstanding as at June 30, 2021 and 2022 represented two loans: ● a loan obtained in a subsidiary acquired during the year ended June 30, 2021 with principal amount of SGD 1,350,000 (equivalent to RMB 6,484,000 and RMB 6,503,000 on June 30, 2021 and 2022, respectively). The loan bears an interest rate of 3 % per annum. 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 and 2022, such performance conditions were not expected to be met within one year. ● a loan with principal amount of USD 20,000 (equivalent to RMB 128,000 and RMB 133,000 on June 30, 2021 and 2022, respectively) and bearing an interest rate of 9 % per annum. The loan was with a term of 5 years and will expire in December 2022. The loan was reclassified as current liability as of June 30, 2022. (ii) 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 8,921,000 on June 30, 2021). The loans bear an interest rate of 0.98% per annum with a term of 2 years and expired 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 qualified for the loan forgiveness. During the year ended June 30, 2022, the Group was assessed to be qualified for a loan forgiveness for an amount of USD 1,320,000 (equivalent to RMB 8,548,000 ) and recognized such amount in the consolidated statement of profit or loss. The remaining loan balance of USD80,000 was repaid in September 2021. (iii) The current portion of long-term borrowings from former and existing non-controlling interest shareholders outstanding as of June 30, 2021 comprised a loan with principal amount of IDR 10,600,000,000 (equivalent to RMB 4,748,000 on June 30, 2021) and bearing an interest rate of 6 %. The loan was with a term of 5 years and expired in April 2022. The loan was repaid in June 2022. |
Summary of terms and repayment schedule | As at June 30, 2021 2022 RMB’000 RMB’000 Within 1 year or on demand 13,669 445 After 1 year but within 2 years 442 650 After 2 years but within 5 years 1,297 5,853 More than 5 years 5,186 — 6,925 6,503 20,594 6,948 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Trade and other payables | |
Schedule of trade and other payables | As at June 30, 2021 2022 RMB’000 RMB’000 Trade payables 624,688 649,415 Payroll payable 63,621 68,969 Accrued expenses 155,698 264,905 Other taxes payable 20,633 52,078 Deposits 1,833,516 1,875,380 Amounts due to related parties (Note 37(c)) 7,490 13,710 Others 103,536 148,534 2,809,182 3,072,991 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Lease liabilities. | |
Schedule of remaining contractual maturities of the Group's lease liabilities | 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 As at June 30, 2022 Present value of the minimum lease Total minimum payments lease payments RMB’000 RMB’000 Within 1 year 257,997 263,332 After 1 year but within 2 years 176,047 188,172 After 2 years but within 5 years 188,031 215,398 After 5 years 28,990 39,421 393,068 442,991 651,065 706,323 Less: total future interest expenses (55,258) Present value of lease liabilities 651,065 |
Deferred income (Tables)
Deferred income (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Deferred Income | |
Schedule of deferred income from depositary bank | As at June 30, 2021 2022 RMB’000 RMB’000 Deferred income from depositary bank Non-current portion 20,005 14,488 Current portion 6,060 6,295 26,065 20,783 |
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, 2022 | |
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, 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 — |
Capital and reserves (Tables)
Capital and reserves (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Capital and reserves | |
Summary of analysis of the Company's issued shares | As of June 30, 2021 and 2022 Number of shares Share capital RMB’000 Class A ordinary shares 897,275,873 69 Class B ordinary shares 328,290,482 23 1,225,566,355 92 |
Summary of share repurchases | Number of Highest Lowest shares price paid price paid Aggregate Month repurchased per share per share price paid USD USD USD’000 December 2021 809,040 2.50 2.34 1,979 January 2022 674,036 2.48 2.23 1,624 February 2022 700,712 2.48 2.03 1,638 March 2022 1,612,600 2.48 1.58 3,371 April 2022 610,024 2.10 1.75 1,180 May 2022 702,104 1.95 1.28 1,100 June 2022 1,002,760 2.38 1.28 1,871 Total 6,111,276 12,763 Equivalent to RMB’000 82,160 |
Equity settled share-based pa_2
Equity settled share-based payments (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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, 2019 12,130,664 RMB 1.79 53.67 Forfeited under 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 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 Outstanding as of July 1, 2021 5,755,788 USD 0.036 7.67 Vested during the year (2,114,000) USD 0.036 7.67 Forfeited during the year (1,101,368) USD 0.036 7.67 Outstanding as of June 30, 2022 2,540,420 USD 0.036 7.67 |
Summary on key assumptions used in determining the fair value of restricted stock | As at grant date Weighted average cost of capital 15.1 % Risk-free interest rate 3.0 % DLOM 31.3 % |
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, 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 Outstanding at July 1, 2021 12,400,836 0.036 3.71 Exercised (1,783,180) 0.036 3.64 Forfeited (1,699,164) 0.036 4.01 Outstanding at June 30, 2022 8,918,492 0.036 3.67 Exercisable at June 30, 2022 1,888,574 0.036 3.39 Non-vested at June 30, 2022 7,029,918 0.036 3.74 |
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 subsidiaries (Ta
Acquisition of subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Acquisition of subsidiaries | |
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 liabilities 9,383 Goodwill (Note 17) 19,640 RMB’000 Consideration for 80% equity interest in YGF Investment 1,375,600 Less: the amount of unpaid share capital of YGF MC Limited (1,001,051) Net consideration for 80% equity (via payment to YGF MC Limited) 374,549 Settlement of the amount due to fellow subsidiary of YGF MC Limited (via additional capital injection into YGF Investment by the Company) 319,930 694,479 RMB’000 Property, plant and equipment 10,290 Right-of-use assets 1,781,595 Prepayments for construction project 200,000 Trade and other receivables 58 Cash and cash equivalents 10,996 Trade and other payables (964,558) Total identifiable net assets acquired 1,038,381 Total acquisition cost for the above net assets: RMB’000 Cash consideration 694,479 Add: carrying amount of the Group’s previously held equity interest in YGF Investment at the date of acquisition 343,902 1,038,381 Analysis of net cash outflow of cash and cash equivalents in respect of the acquisition of YGF Investment: RMB’000 Cash considerations paid 694,479 Less: cash and cash equivalents acquired (10,996) Net cash outflow 683,483 |
Financial risk management and_2
Financial risk management and fair values (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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, 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) As at June 30, 2022 Gross Expected carrying Loss loss rate amount allowance % RMB’000 RMB’000 Current (not past due) 2 % 186,151 (3,967) Less than 90 days past due 8 % 96,508 (7,458) 91 - 270 days past due 23 % 10,554 (2,446) 271 - 450 days past due 38 % 18,224 (6,991) 451 - 810 days past due 75 % 416 (310) More than 810 days past due 100 % 10,193 (10,193) 322,046 (31,365) Additional loss allowance due to specific consideration on certain distributors 53,752 (53,752) 375,798 (85,117) |
Schedule of movement in the loss allowance account in respect of trade receivables | RMB’000 Balance at July 1, 2020 (43,183) Credit loss recognized during the year (19,870) Exchange adjustment 3,226 Balance at June 30, 2021 (59,827) Credit loss recognized during the year (28,924) Exchange adjustment 3,634 Balance at June 30, 2022 (85,117) |
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, 2021 2022 RMB’000 RMB’000 Within 1 year or on demand 13,669 445 After 1 year but within 2 years 442 650 After 2 years but within 5 years 1,297 5,853 More than 5 years 5,186 — 6,925 6,503 20,594 6,948 |
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, 2021 2022 RMB‘000 RMB‘000 Fixed rate instrument: Loans and borrowings (Note 26) 0%~9% (20,594) 0%~9.0% (6,948) Cash at bank (Note 23) 2%~2.2% 201,488 1.3%~2.5% 565,402 Term deposits — — 0.3%~2.2% 236,878 180,894 795,332 Variable rate instrument: Restricted cash (Note 24) 0.3% 3,680 0.3%~1.9% 32,376 Cash at bank (Note 23) 0%~3% 6,569,616 0%~3.5% 4,782,640 6,573,296 4,815,016 |
Schedule of exposure to foreign currencies | 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 Exposure to foreign currencies (Expressed in thousands of Renminbi) As at June 30, 2022 United States Hong Kong Dollars Euros Dollars Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 54,944 5,021 — — — Cash and cash equivalents 486,139 7,516 2,852 2,094 2 Term deposits 336 — — — — Trade and other payables (63,576) (8,909) (9,364) — — Loans and borrowings (133) — — — — Net exposure arising from recognized assets and liabilities 477,710 3,628 (6,512) 2,094 2 |
Schedule of Group's financial assets that are measured at fair value | 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 102,968 — 102,968 — Fair value at Fair value measurements as at June 30, June 30, 2022 categorized into 2022 Level 1 Level 2 Level 3 RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurement Assets: —Other investments 210,523 1,874 208,649 — |
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, 2021 As at June 30, 2022 Effect on Effect on Increase/ loss for the Increase/ profit 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 % 3,242 1 % 4,744 (1) % (3,242) (1) % (4,744) Euros 1 % 128 1 % 28 (1) % (128) (1) % (28) Hong Kong Dollars 1 % (177) 1 % (65) (1) % 177 (1) % 65 Renminbi 1 % 6,015 1 % 16 (1) % (6,015) (1) % (16) Others 1 % 27 1 % — * (1) % (27) (1) % — * Note: * The amount was less than RMB1,000. |
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 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 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 2022 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other payables 3,072,991 — — — 3,072,991 3,072,991 Loans and borrowings 645 845 6,204 — 7,694 6,948 Lease liabilities 263,332 188,172 215,398 39,421 706,323 651,065 3,336,968 189,017 221,602 39,421 3,787,008 3,731,004 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Commitments | |
Summary of capital commitments outstanding not provided for in the financial statements | As at June 30, 2021 2022 RMB’000 RMB’000 Contracted purchase of software 5,182 1,000 Contracted purchase of property 101,779 — Contracted purchase of construction projects — 830,573 Contracted purchase of property improvements 21,679 — Contracted for 128,640 831,573 Authorized but not contracted for — 11,279 Total 128,640 842,852 |
Material related party transa_2
Material related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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 (iii) Significantly influenced of the controlling shareholder Miniso Lifestyle Nigeria Limited (i) Under common control of the controlling shareholder MINISO Lifestyle Proprietary Limited (i) Under common control of the controlling shareholder YGF MC LIMITED Under common control of the controlling shareholder Minihome Hong Kong Limited (i) Under common control of the controlling shareholder Wow Colour Beauty Guangdong Technology Limited Under common control of the controlling shareholder Nome Design (Guangzhou) Limited (i) 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 (ii) Under common control of the controlling shareholder Guangzhou Chuyunju Catering Service Co., Ltd. Under common control of the controlling shareholder Guangzhou Chuyunju Catering Management Co., Ltd. Under common control of the controlling shareholder ACC Super Accessories Shenzhen Technology Limited Significantly influenced by the controlling shareholder Henhaohe Tea Guangdong limited Under common control of the controlling shareholder OasVision International Limited Under common control of the controlling shareholder Miniso (Zhaoqing) Industrial Investment Co., Ltd. Under common control of the controlling shareholder Miniso Corporation Under common control of the controlling shareholder Note: (i) 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 have become related parties of the Group since then (see Note 5). (ii) Mingyou is a subsidiary of YGF Investment, which was an equity accounted investee of the group prior to October 27, 2021. On October 27, 2021, the Group acquired the remaining 80% interest in YGF investment, YGF investment and Mingyou became wholly-owned subsidiaries of the Group since then (see Note 19). (iii) The controlling shareholder sold its equity interests in Shenzhen Zhizhi Brand Incubation Limited to a third party on September 25, 2021. Shenzhen Zhizhi Brand Incubation Limited was no longer a related party of the Group since then. |
Schedule of Key management personnel compensation | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Short-term employee benefits 5,431 8,795 13,018 Employee compensation expense (Note 8(i) and Note 32) 4,771 — — Equity-settled share-based payment expenses (Note 32) 79,021 39,727 — 89,223 48,522 13,018 |
Schedule of transactions with related parties | For the year ended June 30, 2020 2021 2022 RMB’000 RMB’000 RMB’000 Continuing operations Proceeds from repayment from the controlling shareholder —Mr. Ye Guofu (i) 297,105 — — Cash advances to related parties —Mr. Ye Guofu (iii) 101,462 — — —Nome Design (Guangzhou) Limited (iv) 5,205 — — Proceeds from repayment from related parties —MINI Investment Holding Limited (ii) — 9,508 — —Nome Design (Guangzhou) Limited (iv) — 5,205 — Repayment to the controlling shareholder —Mr. Ye Guofu (v) — 11,946 — Sales of lifestyle products —Miniso Lifestyle Nigeria Limited 201 5,312 — —OasVision International Limited — 9,914 16,979 —MINISO Technology (Guangzhou) Co., Ltd. — 1,271 — —Haydon (Shanghai) Technology Co., Ltd. — — 11 Provision of information technology support and consulting services —Haydon (Shanghai) Technology Co., Ltd. (vi) — 3,050 5,688 —Wow Colour Beauty Guangdong Technology Limited (vi) — 9,912 7,080 —ACC Super Accessories Shenzhen Technology Limited (vi) — — 2,651 —Henhaohe Tea Guangdong Limited (vi) — — 8,410 Purchase of lifestyle products —Shanghai Kerong Networks Limited 177,367 38,148 15,465 —Shenzhen Zhizhi Brand Incubation Limited 52,385 22,220 4,407 —Wow Colour Beauty Guangdong Technology Limited 13,339 19 1,029 —Nome Design (Guangzhou) Limited 648 581 112 —Haydon (Shanghai) Technology Co., Ltd. — 894 53 —199 Global Holding (Guangzhou) Limited — 135 190 —ACC Super Accessories Shenzhen Technology Limited — — 48 Advanced payments received for purchase of lifestyle products —Miniso Lifestyle Nigeria Limited (vii) 4,005 — — Provision of guarantee for a subsidiary of the then equity-accounted investee —Mingyou (viii) — 160,000 160,000 Purchase of catering services —Guangzhou Chuyunju Catering Service Co., Ltd. 10,241 8,334 8,816 —Guangzhou Chuyunju Catering Management Co., Ltd. — — 3,104 Payment of lease liabilities —Miniso (Zhaoqing) Industrial Investment Co., Ltd.(ix) — — 4,147 Discontinued operations Disposal of discontinued operations to —YGF MC LIMITED — * — — —Minihome Hong Kong Limited — * — — —MINI Investment Holding Limited — * — — Notes: * The amounts were considerations in connection with the disposal of discontinued operations, each of which was less than RMB1,000. See Note 5 “Discontinued operations and assets and liabilities held for sale” for details. (i) Interest-free cash advances to the controlling shareholder amounting to RMB 297,105,000 were repaid during the year ended June 30, 2020. (ii) 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. (iii) 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. (iv) 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. (v) The Group settled other payables to Mr. Ye Guofu amounting to RMB 11,946,000 during the year ended June 30, 2021. (vi) The Group entered into information technology support and consulting services agreements with Haydon (Shanghai) Technology Co., Ltd., Wow Colour Beauty Guangdong Technology Limited, ACC Super Accessories Shenzhen Technology Limited and Henhaohe Tea Guangdong limited during the years ended June 30, 2021 and 2022, under which the Group provided business management systems deployment and support services. (vii) 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. (viii) 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). (ix) In June 2022, the Group entered into a three-year lease agreement with fixed lease payments in respect of certain properties from Miniso (Zhaoqing) Industrial Investment Co., Ltd. for storage of inventories. At the commencement date of the lease, the Group recognized a right-of-use asset and a lease liability of RMB 35,438,000 . |
Schedule of balances with related parties | As at June 30, 2021 2022 RMB’000 RMB’000 Included in trade and other receivables from related parties: Trade related: —Haydon (Shanghai) Technology Co., Ltd. — 2,150 —Wow Colour Beauty Guangdong Technology Limited — 2,189 —ACC Super Accessories Shenzhen Technology Limited 996 527 —Henhaohe Tea Guangdong Limited 795 239 1,791 5,105 Included in trade and other payables to related parties: Trade related: —Shanghai Kerong Networks Limited 1,438 1,241 —Shenzhen Zhizhi Brand Incubation Limited 1,135 — —Wow Colour Beauty Guangdong Technology Limited — 70 —Haydon (Shanghai) Technology Co., Ltd. 1,010 53 —Nome Design (Guangzhou) Limited — 126 —ACC Super Accessories Shenzhen Technology Limited — 145 —199 Global Holding (Guangzhou) Limited 94 — —Guangzhou Chuyunju Catering Service Co., Ltd. 3,813 8,971 —Guangzhou Chuyunju Catering Management Co., Ltd. — 3,104 7,490 13,710 Included in prepayment to related parties: —Miniso Corporation — 69 — 69 Included in lease liabilities due to related parties: —Miniso (Zhaoqing) Industrial Investment Co., Ltd. — 31,426 — 31,426 |
Company level financial infor_2
Company level financial information (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Company level financial information | |
Summary of condensed statement of profit or loss | For the period from January 7, 2020 (date of incorporation) For the For the to June 30, year ended year ended 2020 June 30, 2021 June 30, 2022 RMB’000 RMB’000 RMB’000 Other income — 4,274 6,038 General and administrative expenses (37) (9,734) (19,038) Other net income 1,091 52,056 6,607 Operating profit 1,054 46,596 (6,393) Finance income — 1,030 2,930 Finance costs — (2) — Net finance income — 1,028 2,930 Fair value changes of Paid-in capital subject to redemption and other preferential rights/redeemable shares with other preferential rights 151,733 (1,625,287) — Share of profit of equity-accounted investee, net of tax — (4,011) (8,162) Profit/(loss) before taxation 152,787 (1,581,674) (11,625) Income tax expense — — — Profit/(loss) for the period/year 152,787 (1,581,674) (11,625) |
Summary of condensed statement of profit or loss and other comprehensive income | For the period from January 7, 2020 (date of For the For the incorporation) to year ended year ended June 30, 2020 June 30, 2021 June 30, 2022 RMB’000 RMB’000 RMB’000 Profit/(loss) for the period/year 152,787 (1,581,674) (11,625) Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of the Company 13,606 (191,443) 174,149 Other comprehensive income/(loss) for the period/year 13,606 (191,443) 174,149 Total comprehensive income/(loss) for the period/year 166,393 (1,773,117) 162,524 |
Summary of condensed statement of financial position | Note As at June 30, 2021 2022 RMB’000 RMB’000 ASSETS Non-current assets Interest in an equity-accounted investee 352,062 — Investments in subsidiaries —Cost-accounted investments in subsidiaries — * 2,112,276 —Amounts due from subsidiaries 3,887,724 1,968,572 4,239,786 4,080,848 Current assets Other investments — 1,874 Other receivables 3,031 65,907 Cash and cash equivalents 925,638 646,921 Term deposits — 201,342 928,669 916,044 Total assets 5,168,455 4,996,892 EQUITY Share capital 31(a) 92 92 Additional paid-in capital 31(a) 8,289,160 7,982,824 Other reserves (1,721,689) (1,627,210) Accumulated losses (1,428,887) (1,440,512) Total equity 5,138,676 4,915,194 LIABILITIES Non-current liabilities Deferred income 20,005 14,488 20,005 14,488 Current liabilities Other payables 3,714 60,915 Deferred income 6,060 6,295 9,774 67,210 Total liabilities 29,779 81,698 Total equity and liabilities 5,168,455 4,996,892 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 For the incorporation) to year ended year ended June 30, 2020 June 30, 2021 June 30, 2022 RMB’000 RMB’000 RMB’000 Net cash (used in)/from operating activities (36) 28,366 (16,177) Net cash (used in)/from investing activities (972,092) (3,432,692) 120,173 Net cash from/(used in) financing activities 1,127,145 4,181,655 (395,322) Net increase/(decrease) in cash and cash equivalents 155,017 777,329 (291,326) Cash and cash equivalents at beginning of the period/year — 153,889 925,638 Effect of movements in exchange rates on cash held (1,128) (5,580) 12,609 Cash and cash equivalents at end of the period/year 153,889 925,638 646,921 |
Amendments and new standards _2
Amendments and new standards issued but not yet effective (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Amendments and new 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 —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 and amendments to IFRS 17 Insurance Contracts January 1, 2023 —Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) January 1, 2023 —Definition of Accounting Estimates (Amendments to IAS 8) January 1, 2023 —Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) January 1, 2023 —Sale or contribution of assets between an investor and its associate or joint venture (Amendments to IFRS 10 and IAS 28) Will be determined at a future date |
General information and basis_3
General information and basis of preparation - Reorganization of the China Business (Details) | 12 Months Ended | 13 Months Ended | |
Jan. 07, 2020 shares | Jun. 30, 2022 item | Nov. 30, 2018 item | |
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 (¥) ¥ in Thousands | Dec. 01, 2018 | Jun. 30, 2022 | Jun. 30, 2021 |
Current assets: | |||
Amounts due from the controlling shareholder | ¥ 5,105 | ¥ 1,791 | |
Other receivables | 57,220 | 58,278 | |
Non-current assets: | |||
Intangible assets | 43,066 | 61,005 | |
Total assets | 11,281,788 | 10,705,030 | |
Liabilities | |||
Other payables | 148,534 | 103,536 | |
Current taxation | 89,421 | 65,757 | |
Total liabilities | ¥ 4,254,388 | ¥ 4,052,876 | |
Reorganization | |||
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 |
General information and basis_5
General information and basis of preparation - Additional information (Details) - CNY (¥) | 1 Months Ended | |||||
May 31, 2019 | Oct. 27, 2021 | Mar. 11, 2021 | Jun. 30, 2020 | Mar. 18, 2020 | Dec. 31, 2018 | |
General information, reorganization and basis of presentation | ||||||
Aggregate consideration for acquisition | ¥ 694,479,000 | ¥ 10,257,000 | ||||
Equity interests acquired | 20% | |||||
Threshold period to dispose businesses | 1 year | |||||
Overseas Entities | MINISO Hong Kong | ||||||
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% |
General information and basis_6
General information and basis of preparation - Subsidiaries (Details) - 12 months ended Jun. 30, 2022 | USD ($) | HKD ($) | CNY (¥) | IDR (Rp) | INR (₨) | CAD ($) |
MINISO Universal Holding Limited | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | $ 1 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
MINISO Global Holding Limited | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | $ 1 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
MINISO Development HK | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | $ 10,000 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
MINISO Investment Hong Kong Limited | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | 80,100,000 | |||||
Issued and paid up capital | 80,100,000 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
MINISO HK | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | 350,000,000 | |||||
Issued and paid up capital | $ 350,000,000 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
MINISO Guangzhou | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | ¥ | ¥ 146,862,372 | |||||
Issued and paid up capital | ¥ | 139,693,019 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
MINISO (Hengqin) Enterprise Management Co., Ltd. | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | ¥ | 10,000,000 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
MINISO International (Guangzhou) Co., Ltd. | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | ¥ | 65,000,000 | |||||
Issued and paid up capital | ¥ | 65,000,000 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
MINISO Youxuan Technology (Guangzhou) Co., Ltd. | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | ¥ | 10,000,000 | |||||
Issued and paid up capital | ¥ | 5,000,000 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
Pt. MINISO Lifestyle Trading Indonesia | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | Rp | Rp 53,289,350,000 | |||||
Issued and paid up capital | Rp | Rp 53,289,350,000 | |||||
Group's effective interest (direct or indirect) | 67% | |||||
MINISO Life Style Private Limited | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | ₨ | ₨ 669,540,570 | |||||
Issued and paid up capital | ₨ | ₨ 669,540,570 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
USA MINISO Depot Inc. | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | $ 19,737,961 | |||||
Issued and paid up capital | $ 19,737,961 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
MIHK Management Inc. | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | $ 100 | |||||
Issued and paid up capital | $ 100 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
TOP TOY (Guangdong) Technology Co., Ltd. | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | ¥ | 5,000,000 | |||||
Group's effective interest (direct or indirect) | 100% | |||||
Mingyou Industrial Investment (Guangzhou) Co., Ltd. | ||||||
General information, reorganization and basis of presentation | ||||||
Registered Capital | ¥ | 2,300,000,000 | |||||
Issued and paid up capital | ¥ | ¥ 2,100,000,000 | |||||
Group's effective interest (direct or indirect) | 100% |
Significant accounting polici_4
Significant accounting policies - Property, plant and equipment (Details) | 12 Months Ended |
Jun. 30, 2022 | |
Apartments | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 30 years |
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 |
Maximum | Moulds | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 2 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 |
Minimum | Moulds | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 1 year |
Significant accounting polici_5
Significant accounting policies - Intangible assets (Details) | 12 Months Ended |
Jun. 30, 2022 | |
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, 2022 CNY (¥) | |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment reporting | |||
Number of reportable segments | 2 | 2 | 4 |
Segment reporting - Segment inf
Segment reporting - Segment information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of operating segments [line items] | |||
External revenues | ¥ 10,085,649 | ¥ 9,071,659 | ¥ 8,978,986 |
Segment profit/(loss) before taxation | 906,813 | (1,216,192) | 80,818 |
Finance income | 66,344 | 40,433 | 25,608 |
Finance costs | (33,396) | (28,362) | (31,338) |
Depreciation and amortization | (389,871) | (265,019) | (268,669) |
Other material non-cash items: | |||
- credit loss on trade and other receivables | (28,924) | (20,832) | (25,366) |
- impairment loss on non-current assets | (13,485) | (2,941) | (36,844) |
Segment assets | 11,281,788 | 10,705,030 | |
Segment liabilities | 4,254,388 | 4,052,876 | |
Reportable segments | |||
Disclosure of operating segments [line items] | |||
Segment profit/(loss) before taxation | 859,501 | 354,550 | 575,919 |
Finance income | 62,634 | 38,867 | 25,189 |
Finance costs | (33,385) | (28,345) | (32,997) |
Depreciation and amortization | (349,801) | (263,950) | (271,017) |
Other material non-cash items: | |||
- credit loss on trade and other receivables | (28,816) | (20,815) | (68,827) |
- impairment loss on non-current assets | (13,485) | (2,941) | (41,059) |
Segment assets | 8,830,028 | 10,188,040 | 5,727,281 |
Segment liabilities | 4,173,410 | 3,995,757 | 3,732,134 |
Reportable segments | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 9,917,044 | 8,841,998 | 9,051,833 |
Segment profit/(loss) before taxation | 859,501 | 354,550 | 575,919 |
Other material non-cash items: | |||
Segment assets | 8,830,028 | 10,188,040 | |
Segment liabilities | 4,173,410 | 3,995,757 | |
Reportable segments | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 9,915,648 | 8,834,188 | 9,004,566 |
Reportable segments | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 1,396 | 7,810 | 47,267 |
MINISO brand (excluding Africa and Germany) | |||
Disclosure of operating segments [line items] | |||
Segment profit/(loss) before taxation | 716,759 | ||
Finance income | 24,842 | ||
Finance costs | (31,273) | ||
Depreciation and amortization | (268,359) | ||
Other material non-cash items: | |||
- credit loss on trade and other receivables | (25,357) | ||
- impairment loss on non-current assets | (36,844) | ||
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 | ||
MINISO brand (excluding Africa and Germany) | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 8,721,620 | ||
MINISO brand (excluding Africa and Germany) | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 40,887 | ||
MINISO brand in Africa and Germany (discontinued)* | |||
Disclosure of operating segments [line items] | |||
Segment profit/(loss) before taxation | (29,884) | ||
Finance income | 92 | ||
Finance costs | (1,616) | ||
MINISO brand in Africa and Germany (discontinued)* | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 80,746 | ||
MINISO brand in Africa and Germany (discontinued)* | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 80,746 | ||
NOME brand (discontinued)* | |||
Disclosure of operating segments [line items] | |||
Segment profit/(loss) before taxation | (98,308) | ||
Finance income | 250 | ||
Finance costs | (108) | ||
Depreciation and amortization | (828) | ||
Other material non-cash items: | |||
- credit loss on trade and other receivables | (43,470) | ||
- impairment loss on non-current assets | (1,059) | ||
NOME brand (discontinued)* | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 193,426 | ||
NOME brand (discontinued)* | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 187,046 | ||
NOME brand (discontinued)* | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 6,380 | ||
Minihome brand (discontinued)* | |||
Disclosure of operating segments [line items] | |||
Segment profit/(loss) before taxation | (12,648) | ||
Finance income | 5 | ||
Depreciation and amortization | (1,830) | ||
Other material non-cash items: | |||
- impairment loss on non-current assets | (3,156) | ||
Minihome brand (discontinued)* | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 15,154 | ||
Minihome brand (discontinued)* | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 15,154 | ||
MINISO brand | |||
Disclosure of operating segments [line items] | |||
Segment profit/(loss) before taxation | 941,037 | 378,926 | |
Finance income | 62,218 | 38,858 | |
Finance costs | (26,481) | (26,324) | |
Depreciation and amortization | (317,273) | (252,721) | |
Other material non-cash items: | |||
- credit loss on trade and other receivables | (27,054) | (20,208) | |
- impairment loss on non-current assets | (8,656) | (1,850) | |
Segment assets | 8,310,214 | 9,873,002 | |
Segment liabilities | 3,552,457 | 3,662,661 | |
MINISO brand | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 9,469,613 | 8,737,925 | |
MINISO brand | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 9,468,718 | 8,735,947 | |
MINISO brand | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 895 | 1,978 | |
TOP TOY brand | |||
Disclosure of operating segments [line items] | |||
Segment profit/(loss) before taxation | (81,536) | (24,376) | |
Finance income | 416 | 9 | |
Finance costs | (6,904) | (2,021) | |
Depreciation and amortization | (32,528) | (11,229) | |
Other material non-cash items: | |||
- credit loss on trade and other receivables | (1,762) | (607) | |
- impairment loss on non-current assets | (4,829) | (1,091) | |
Segment assets | 519,814 | 315,038 | |
Segment liabilities | 620,953 | 333,096 | |
TOP TOY brand | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 447,431 | 104,073 | |
TOP TOY brand | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 446,930 | 98,241 | |
TOP TOY brand | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 501 | 5,832 | |
Other segment | |||
Disclosure of operating segments [line items] | |||
Segment profit/(loss) before taxation | 97,455 | 58,556 | 44,092 |
Finance income | 3,190 | 1,566 | 766 |
Finance costs | (11) | (17) | (65) |
Depreciation and amortization | (1,916) | (1,069) | (310) |
Other material non-cash items: | |||
- credit loss on trade and other receivables | (108) | (17) | (9) |
Segment assets | 171,163 | 164,928 | 108,970 |
Segment liabilities | 62,341 | 57,119 | 45,836 |
Other segment | Segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 385,184 | 353,172 | 257,416 |
Segment profit/(loss) before taxation | 97,455 | 58,556 | 44,092 |
Other material non-cash items: | |||
Segment assets | 171,163 | 164,928 | |
Segment liabilities | 62,341 | 57,119 | |
Other segment | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 170,001 | 237,471 | 257,366 |
Other segment | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | 215,183 | 115,701 | 50 |
Reportable and other segments before elimination of discontinued operations | |||
Disclosure of operating segments [line items] | |||
Segment profit/(loss) before taxation | 956,956 | 413,106 | 620,011 |
Finance income | 65,824 | 40,433 | 25,955 |
Finance costs | (33,396) | (28,362) | (33,062) |
Depreciation and amortization | (351,717) | (265,019) | (271,327) |
Other material non-cash items: | |||
- credit loss on trade and other receivables | (28,924) | (20,832) | (68,836) |
- impairment loss on non-current assets | (13,485) | (2,941) | (41,059) |
Segment assets | 9,001,191 | 10,352,968 | 5,836,251 |
Segment liabilities | 4,235,751 | 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 | 10,302,228 | 9,195,170 | 9,309,249 |
Reportable and other segments before elimination of discontinued operations | External revenues | |||
Disclosure of operating segments [line items] | |||
External revenues | 10,085,649 | 9,071,659 | 9,261,932 |
Reportable and other segments before elimination of discontinued operations | Inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
External revenues | ¥ 216,579 | ¥ 123,511 | ¥ 47,317 |
Segment reporting - Reconciliat
Segment reporting - Reconciliation of information on reportable segments (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of operating segments [line items] | |||
Revenue | ¥ 10,085,649 | ¥ 9,071,659 | ¥ 8,978,986 |
Profit / (loss) before taxation | 906,813 | (1,216,192) | 80,818 |
Assets | 11,281,788 | 10,705,030 | |
Liabilities | 4,254,388 | 4,052,876 | |
Finance income | 66,344 | 40,433 | 25,608 |
Finance costs | (33,396) | (28,362) | (31,338) |
Depreciation and amortization | (389,871) | (265,019) | (268,669) |
Credit loss on trade and other receivables | (28,924) | (20,832) | (25,366) |
Impairment loss on non-current assets | (13,485) | (2,941) | (36,844) |
Reportable segments | |||
Disclosure of operating segments [line items] | |||
Profit / (loss) before taxation | 859,501 | 354,550 | 575,919 |
Assets | 8,830,028 | 10,188,040 | 5,727,281 |
Liabilities | 4,173,410 | 3,995,757 | 3,732,134 |
Finance income | 62,634 | 38,867 | 25,189 |
Finance costs | (33,385) | (28,345) | (32,997) |
Depreciation and amortization | (349,801) | (263,950) | (271,017) |
Credit loss on trade and other receivables | (28,816) | (20,815) | (68,827) |
Impairment loss on non-current assets | (13,485) | (2,941) | (41,059) |
Other segment | |||
Disclosure of operating segments [line items] | |||
Profit / (loss) before taxation | 97,455 | 58,556 | 44,092 |
Assets | 171,163 | 164,928 | 108,970 |
Liabilities | 62,341 | 57,119 | 45,836 |
Finance income | 3,190 | 1,566 | 766 |
Finance costs | (11) | (17) | (65) |
Depreciation and amortization | (1,916) | (1,069) | (310) |
Credit loss on trade and other receivables | (108) | (17) | (9) |
Elimination of inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
Revenue | (216,579) | (123,511) | (47,317) |
Unallocated amounts | |||
Disclosure of operating segments [line items] | |||
Finance income | 520 | ||
Depreciation and amortization | (38,154) | ||
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) | |
Share of loss of an equity-accounted investee, net of tax | |||
Disclosure of operating segments [line items] | |||
Profit / (loss) before taxation | (8,162) | (4,011) | |
Expenses relating to construction of headquarter building and depreciation expense of apartments for use as staff quarters | |||
Disclosure of operating segments [line items] | |||
Profit / (loss) before taxation | (41,981) | ||
Interest in an equity-accounted investee | |||
Disclosure of operating segments [line items] | |||
Assets | 352,062 | ||
Construction of headquarter building | |||
Disclosure of operating segments [line items] | |||
Assets | 2,028,095 | ||
Liabilities | 18,637 | ||
Apartments for use as staff quarters | |||
Disclosure of operating segments [line items] | |||
Assets | 252,502 | ||
Segment revenue | Reportable segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 9,917,044 | 8,841,998 | 9,051,833 |
Profit / (loss) before taxation | 859,501 | 354,550 | 575,919 |
Assets | 8,830,028 | 10,188,040 | |
Liabilities | 4,173,410 | 3,995,757 | |
Segment revenue | Other segment | |||
Disclosure of operating segments [line items] | |||
Revenue | 385,184 | 353,172 | 257,416 |
Profit / (loss) before taxation | 97,455 | 58,556 | 44,092 |
Assets | 171,163 | 164,928 | |
Liabilities | ¥ 62,341 | ¥ 57,119 | |
Elimination of discontinued operations | |||
Disclosure of operating segments [line items] | |||
Revenue | (282,946) | ||
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 | |||
Disclosure of operating segments [line items] | |||
Revenue | 282,946 | ||
Profit / (loss) before taxation | 140,840 | ||
Discontinued operations | Reportable segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 289,326 | ||
Discontinued operations | Elimination of inter-segment revenue | |||
Disclosure of operating segments [line items] | |||
Revenue | ¥ (6,380) |
Segment reporting - Geographic
Segment reporting - Geographic information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of geographical areas [line items] | |||
Revenue | ¥ 10,085,649 | ¥ 9,071,659 | ¥ 8,978,986 |
Non-current assets | 2,853,211 | 1,198,910 | |
Elimination of discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | (282,946) | ||
Discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 282,946 | ||
the PRC | |||
Disclosure of geographical areas [line items] | |||
Revenue | 7,442,156 | 7,291,219 | 6,044,100 |
Non-current assets | 2,575,241 | 902,793 | |
the PRC | Continuing and discontinuing operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 7,442,156 | 7,291,219 | 6,246,301 |
the PRC | Discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 202,201,000 | ||
Other Asian countries excluding the PRC | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,174,323 | 961,622 | 1,428,035 |
Non-current assets | 63,021 | 82,414 | |
Other Asian countries excluding the PRC | Continuing and discontinuing operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,174,323 | 961,622 | 1,428,035 |
America | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,189,119 | 584,630 | 1,221,058 |
Non-current assets | 204,459 | 191,304 | |
America | Continuing and discontinuing operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,189,119 | 584,630 | 1,221,058 |
Europe | |||
Disclosure of geographical areas [line items] | |||
Revenue | 174,691 | 117,214 | 172,169 |
Non-current assets | 10,490 | 22,399 | |
Europe | Continuing and discontinuing operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 174,691 | 117,214 | 183,480 |
Europe | Discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 11,311,000 | ||
Other countries | |||
Disclosure of geographical areas [line items] | |||
Revenue | 105,360 | 116,974 | 113,624 |
Other countries | Continuing and discontinuing operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | ¥ 105,360 | ¥ 116,974 | 183,058 |
Other countries | Discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | ¥ 69,434,000 |
Discontinued operations and a_3
Discontinued operations and assets and liabilities held for sale - Additional Information (Details) - CNY (¥) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | |
Jan. 31, 2020 | May 31, 2019 | Mar. 31, 2020 | Apr. 30, 2020 | Jun. 30, 2020 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Threshold period to dispose the NOME Business, Minihome Business, MINISO African Business and MINISO German Business | 1 year | ||||
Aggregate share value of consideration | ¥ 1,000 | ¥ 4,000 | ¥ 7,000 | ||
Less: Loss from discontinued operations for the year | ¥ 130,045,000 | ||||
Discontinued operations | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Less: Loss from discontinued operations for the year | ¥ 130,045,000 |
Discontinued operations and a_4
Discontinued operations and assets and liabilities held for sale - Results of discontinued operations (Details) - CNY (¥) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenue | ¥ 10,085,649,000 | ¥ 9,071,659,000 | ¥ 8,978,986,000 |
External expenses | (7,015,888,000) | (6,640,973,000) | (6,246,488,000) |
Operating profit | 882,027,000 | 401,035,000 | 766,581,000 |
Loss from discontinued operations, net of tax | (130,045,000) | ||
Elimination of inter-segment revenue | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenue | (216,579,000) | ¥ (123,511,000) | (47,317,000) |
Discontinued operations | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenue | 282,946,000 | ||
External expenses | (423,786,000) | ||
Operating profit | (140,840,000) | ||
Results from operating activities, net of tax | (140,840,000) | ||
Gain on disposal of subsidiaries | ¥ 10,795,000 | 10,795,000 | |
Loss from discontinued operations, net of tax | ¥ (130,045,000) | ||
Basic | ¥ (0.14) | ||
Diluted | ¥ (0.14) | ||
Discontinued operations | Elimination of inter-segment revenue | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenue | ¥ (6,380,000) | ||
Discontinued operations | Reportable segments | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenue | 289,326,000 | ||
External expenses | ¥ (423,786,000) |
Discontinued operations and a_5
Discontinued operations and assets and liabilities held for sale - Cash flows used in discontinued operations (Details) ¥ in Thousands | 12 Months Ended |
Jun. 30, 2020 CNY (¥) | |
Cash flows used in discontinued operations | |
Net cash used in operating activities | ¥ (68,063) |
Net cash used in investing activities | (7,117) |
Net cash from financing activities | 10,468 |
Net cash flows for the year | ¥ (64,712) |
Discontinued operations and a_6
Discontinued operations and assets and liabilities held for sale - Effect of disposal of financial position (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2020 | Jun. 30, 2021 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Property, plant and equipment | ¥ 419,894 | ¥ 76,316 | |
Inventories | 1,188,095 | 1,496,061 | |
Cash and cash equivalents | 5,348,492 | 6,771,653 | |
Loans and borrowings | (6,948) | (20,594) | |
Lease liabilities | (651,065) | ¥ (804,412) | |
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 | (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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ¥ 10,085,649 | ¥ 9,071,659 | ¥ 8,978,986 |
- Sales of lifestyle and pop toy products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 8,997,662 | 8,036,676 | 8,055,414 |
- Retail sales in self-operated stores | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 555,226 | 323,775 | 364,638 |
- Product sales to franchisees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 5,499,267 | 5,506,365 | 4,584,288 |
- Sales to offline distributors | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 2,072,061 | 1,509,840 | 2,683,829 |
- Online sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 651,039 | 663,197 | 308,455 |
- Other sales channels | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 220,069 | 33,499 | 114,204 |
-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 | 685,394 | 658,378 | 587,644 |
- License fees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 109,166 | 72,392 | 78,469 |
- Sales-based royalties | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 97,453 | 97,848 | 82,444 |
- Sales-based management and consultation service fees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 478,775 | 488,138 | 426,731 |
-Others | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ¥ 402,593 | ¥ 376,605 | ¥ 335,928 |
Revenue - Franchisees and distr
Revenue - Franchisees and distributors (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ¥ 10,085,649 | ¥ 9,071,659 | ¥ 8,978,986 |
Point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 9,321,490 | 8,413,281 | 8,391,342 |
Over time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 764,159 | 658,378 | 587,644 |
the PRC | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 7,442,156 | 7,291,219 | 6,044,100 |
Other Asian countries excluding the PRC | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 1,174,323 | 961,622 | 1,428,035 |
America | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 1,189,119 | 584,630 | 1,221,058 |
Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 174,691 | 117,214 | 172,169 |
Other countries | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ¥ 105,360 | ¥ 116,974 | ¥ 113,624 |
Revenue - Summary of individual
Revenue - Summary of individual customer contributing total revenue (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | ¥ 10,085,649 | ¥ 9,071,659 | ¥ 8,978,986 |
Individual customer contributing over 10% of total revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | ¥ 941,541 |
Revenue - Contract liabilities
Revenue - Contract liabilities from contracts with customers (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Contract liabilities | |||
-Current portion | ¥ (361,522) | ¥ (266,919) | |
-Non-current portion | (51,658) | (59,947) | |
Total contract liabilities | (413,180) | (326,866) | ¥ (292,513) |
Trade and other receivables | |||
Receivables, Contract Liabilities From Contracts With Customers [Line Items] | |||
Receivables | ¥ 290,681 | ¥ 315,001 |
Revenue - Contract liabilitie_2
Revenue - Contract liabilities are analyzed as follows (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Contract liabilities [abstract] | |||
Advance payments received from customers for purchase of goods | ¥ 219,192 | ¥ 235,435 | |
Total contract liabilities | 413,180 | 326,866 | ¥ 292,513 |
- License fees | |||
Contract liabilities [abstract] | |||
Deferred revenue related to | 88,536 | ¥ 91,431 | |
- membership fees | |||
Contract liabilities [abstract] | |||
Deferred revenue related to | 96,025 | ||
- loyalty points | |||
Contract liabilities [abstract] | |||
Deferred revenue related to | ¥ 9,427 | ||
Minimum. | |||
Contract liabilities [abstract] | |||
Percentage of advance payment for purchase of goods from certain overseas distributors prior to delivery of goods | 20% | ||
Maximum. | |||
Contract liabilities [abstract] | |||
Percentage of advance payment for purchase of goods from certain overseas distributors prior to delivery of goods | 100% |
Revenue - Movements in contract
Revenue - Movements in contracts liabilities (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Movements in contract liabilities | ||
Contract liabilities at beginning of period | ¥ 326,866 | ¥ 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 year | (266,919) | (218,287) |
Increase in contract liabilities as a result of receiving advance payment for purchase of goods | 219,192 | 235,435 |
Increase in contract liabilities as a result of receiving payment of license fees | 28,589 | 17,205 |
Increase in contract liabilities as a result of receiving payment of membership fees | 96,025 | |
Increase in contract liabilities as a result of loyalty points | 9,427 | |
Contract liabilities at end of period | ¥ 413,180 | ¥ 326,866 |
Revenue - Additional informatio
Revenue - Additional information (Details) - CNY (¥) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
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 | ¥ 193,988,000 | ¥ 91,431,000 |
Minimum. | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Remaining licensing period | 1 year | 1 year |
Membership fee income recognition period | 1 month | |
Maximum. | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Remaining licensing period | 46 years | 47 years |
Membership fee income recognition period | 1 year | |
Loyalty points revenue recognition period | 1 year | |
- License fees | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Amount expected to be recognized as revenue | ¥ 51,658,000 | ¥ 59,947,000 |
Other income (Details)
Other income (Details) - CNY (¥) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other income | |||
Tax refund | ¥ 3,231,000 | ¥ 1,279,000 | ¥ 606,000 |
Government grants (Note (i)) | 16,663,000 | 46,587,000 | 36,602,000 |
Income from depositary bank (Note 29) | 6,037,000 | 4,274,000 | |
Other income | ¥ 25,931,000 | ¥ 52,140,000 | ¥ 37,208,000 |
Other income - Additional infor
Other income - Additional information (Details) - 12 months ended Jun. 30, 2022 - Paycheck Protection Program | USD ($) | CNY (¥) |
Other income | ||
Subsidy amount received | $ 1,320,000 | ¥ 8,548,000 |
Subsidiaries | ||
Other income | ||
Subsidy amount received | $ 1,320,000 | ¥ 8,548,000 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Expenses by nature | |||
Cost of inventories (Note 21(a)) | ¥ 6,870,976 | ¥ 6,581,456 | ¥ 6,246,488 |
Payroll and employee benefits (Note (i)) | 864,693 | 916,185 | 984,895 |
Rental and related expenses | 33,354 | 12,139 | 45,186 |
Depreciation and amortization (Note (ii)) | 389,871 | 265,019 | 268,669 |
Licensing expenses | 149,612 | 88,063 | 109,488 |
Promotion and advertising expenses | 242,681 | 214,788 | 128,447 |
Logistics expenses | 272,363 | 195,593 | 154,763 |
Travelling expenses | 66,172 | 52,966 | 69,290 |
Other expenses | 384,730 | 332,375 | 226,174 |
Total cost of sales, selling and distribution and general and administrative expenses | ¥ 9,274,452 | ¥ 8,658,584 | ¥ 8,233,400 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Expenses by nature | ||||
Salaries, wages and bonus | ¥ 666,968,000 | ¥ 543,646,000 | ¥ 515,573,000 | |
Contributions to social security contribution plan | 77,903,000 | 56,325,000 | 51,587,000 | |
Welfare expenses | 36,987,000 | 34,895,000 | 33,691,000 | |
Employee compensation expenses | ¥ 19,664,000 | 19,664,000 | ||
Equity-settled share-based payment expenses (Note 32) | 82,835,000 | 281,319,000 | 364,380,000 | |
Total | ¥ 864,693,000 | ¥ 916,185,000 | ¥ 984,895,000 |
Expenses by nature - Depreciati
Expenses by nature - Depreciation and amortization (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Expenses by nature | |||
Property, plant and equipment (Note 14) | ¥ 58,865 | ¥ 30,507 | ¥ 37,481 |
Right-of-use assets (Note 15) | 309,606 | 213,490 | 214,117 |
Intangible assets (Note 16) | 21,400 | 21,022 | 17,071 |
Total | ¥ 389,871 | ¥ 265,019 | ¥ 268,669 |
Other net income_(loss) (Detail
Other net income/(loss) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other net income/(loss) | |||
Net foreign exchange gain/(loss) | ¥ 14,041 | ¥ (114,177) | ¥ 14,193 |
Losses on disposal of property, plants and equipment and intangible assets | (5,614) | (2,317) | (2,526) |
Investment income from other investments | 63,801 | 66,837 | 26,387 |
Scrap income | 11,808 | 11,242 | 8,330 |
Net change in fair value of other investments | 5,709 | 2,968 | (1,465) |
Litigation compensation | (15,576) | ||
Gains relating to cancellation and modification of lease contracts | 13,456 | ||
Others | 1,078 | ||
Others | (317) | (4,960) | |
Total | ¥ 87,308 | ¥ (40,407) | ¥ 45,997 |
Net finance (costs)_income (Det
Net finance (costs)/income (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finance income | |||
Interest income | ¥ 66,344 | ¥ 40,433 | ¥ 25,608 |
Finance income | 66,344 | 40,433 | 25,608 |
Finance costs | |||
Interest on loans and borrowings | (405) | (1,545) | (5,221) |
Interest on lease liabilities | (32,991) | (26,817) | (26,117) |
Finance costs | (33,396) | (28,362) | (31,338) |
Net finance (costs)/income | ¥ 32,948 | ¥ 12,071 | ¥ (5,730) |
Income taxes - Amounts recogniz
Income taxes - Amounts recognized in consolidated profit or loss (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Current tax | |||
Provision for the year | ¥ 252,989 | ¥ 200,170 | ¥ 306,679 |
Deferred tax | |||
Origination and reversal of temporary differences (Note 11(c)) | 14,081 | 13,085 | (95,730) |
Tax expense on continuing operations | ¥ 267,070 | ¥ 213,255 | ¥ 210,949 |
Income taxes - Income tax rates
Income taxes - Income tax rates (Details) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
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% | ||
Mainland China | Tax rate for pilot free trade zone | |||
Income Tax Disclosure [Line Items] | |||
Income tax rate | 15% | ||
United States | |||
Income Tax Disclosure [Line Items] | |||
Income tax rate | 21% | ||
State income tax rate | 8.84% | ||
United States | Minimum. | |||
Income Tax Disclosure [Line Items] | |||
State income tax rate | 6.25% | ||
United States | Maximum. | |||
Income Tax Disclosure [Line Items] | |||
State income tax rate | 11.50% | ||
Indonesia | |||
Income Tax Disclosure [Line Items] | |||
Income tax rate | 22% | 22% | 25% |
India | |||
Income Tax Disclosure [Line Items] | |||
Income tax rate | 26% | ||
Canada | Minimum. | |||
Income Tax Disclosure [Line Items] | |||
Income tax rate | 23% | ||
Canada | Maximum. | |||
Income Tax Disclosure [Line Items] | |||
Income tax rate | 31% | ||
Singapore | |||
Income Tax Disclosure [Line Items] | |||
Income tax rate | 17% |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reconciliation between tax expense and accounting profit at applicable tax rates | |||
Profit / (loss) before taxation | ¥ 906,813 | ¥ (1,216,192) | ¥ 80,818 |
Notional tax on profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned | 214,704 | 118,766 | (48,050) |
Tax effect of share-based compensation expenses and employee compensation expenses (Note 8(i)) | 20,254 | 70,330 | 96,011 |
Tax effect of other non-deductible expenses | 10,935 | 10,433 | 6,566 |
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)) | (18,001) | (34,218) | (34,876) |
Effect of fair value changes of paid-in capital subject to redemption and other preferential rights not recognized | 207,942 | ||
Tax effect of exempted and non-taxable interest income | (4,044) | (6,245) | |
Effect of unused tax losses not recognized | 44,888 | 72,969 | 35,382 |
Effect of deductible temporary differences not recognized / (utilized) | (1,666) | (18,780) | 34,301 |
Tax expense on continuing operations | ¥ 267,070 | ¥ 213,255 | ¥ 210,949 |
Income taxes - Movement in defe
Income taxes - Movement in deferred tax assets (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | ¥ 168,552 | ¥ 183,520 |
Charged to profit or loss (continuing operations) | (14,081) | (13,085) |
Exchange rate difference | (138) | (1,883) |
At the end | 154,333 | 168,552 |
Unused tax losses | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | 34,253 | 28,567 |
Charged to profit or loss (continuing operations) | (2,536) | 6,278 |
Exchange rate difference | (21) | (592) |
At the end | 31,696 | 34,253 |
Intra-group unrealized profits | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | 14,696 | 37,709 |
Charged to profit or loss (continuing operations) | (3,556) | (22,931) |
Exchange rate difference | (43) | (82) |
At the end | 11,097 | 14,696 |
Credit loss and impairment | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | 50,347 | 50,881 |
Charged to profit or loss (continuing operations) | (8,673) | 683 |
Exchange rate difference | (101) | (1,217) |
At the end | 41,573 | 50,347 |
Loss from waiver of intercompany receivables of discontinued operations | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | 61,548 | 61,548 |
Charged to profit or loss (continuing operations) | 0 | |
At the end | 61,548 | 61,548 |
Others | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning | 7,708 | 4,815 |
Charged to profit or loss (continuing operations) | 684 | 2,885 |
Exchange rate difference | 27 | 8 |
At the end | ¥ 8,419 | ¥ 7,708 |
Income taxes - Unrecognized def
Income taxes - Unrecognized deferred tax assets (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | ¥ 738,771 | ¥ 610,937 |
Deductible temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 107,964 | 127,500 |
Unused tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | ¥ 630,807 | ¥ 483,437 |
Income taxes - Tax losses carri
Income taxes - Tax losses carried forward (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Income taxes | ||
Tax losses for which no deferred tax asset was recognized, subject to expiration | ¥ 278,215 | ¥ 147,928 |
Tax losses for which no deferred tax asset was recognized, not subject to expiration | ¥ 352,592 | ¥ 335,509 |
(Loss)_earnings per share (Deta
(Loss)/earnings per share (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Jan. 07, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Loss per share | ||||
Effect of deductible temporary differences not recognized / (utilized) | ¥ 638,170 | ¥ (1,415,010) | ¥ (262,267) | |
Less: Allocation of undistributed earnings to holders of unvested restricted shares | (1,576) | 116,929 | 33,294 | |
Profit / (loss) used to determine basic earnings per share | ¥ 636,594 | ¥ (1,298,081) | (228,973) | |
Weighted-average number of ordinary (basic) | ||||
Number of weighted average ordinary shares outstanding | 865,591,398 | 1,205,527,348 | 1,104,371,475 | |
Treasury shares | 111,043,373 | |||
Continuing operations member | ||||
Loss per share | ||||
Effect of deductible temporary differences not recognized / (utilized) | ¥ 638,170 | ¥ (1,415,010) | (132,222) | |
Less: Allocation of undistributed earnings to holders of unvested restricted shares | (1,576) | 116,929 | 25,988 | |
Profit / (loss) used to determine basic earnings per share | ¥ 636,594 | ¥ (1,298,081) | (106,234) | |
Discontinued operations | ||||
Loss per share | ||||
Effect of deductible temporary differences not recognized / (utilized) | (130,045) | |||
Less: Allocation of undistributed earnings to holders of unvested restricted shares | 7,306 | |||
Profit / (loss) used to determine basic earnings per share | ¥ (122,739) |
(Loss)_earnings per share - Ord
(Loss)/earnings per share - Ordinary shares (Details) - shares | 12 Months Ended | ||
Jan. 07, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | |
Weighted-average number of ordinary | |||
Issued ordinary share | 1,204,860,715 | 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 | 2,369,454 | 64,373,834 | |
Effect of repurchase of shares | (1,702,821) | ||
Weighted average number of ordinary shares | 865,591,398 | 1,205,527,348 | 1,104,371,475 |
(Loss)_earnings per share - Dil
(Loss)/earnings per share - Diluted (loss)/earnings per share (Details) - USD ($) | 12 Months Ended | ||
Jan. 07, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | |
(Loss)/earnings per share | |||
Profit attributable to equity shareholders | $ 638,170,000 | ||
Weighted average number of ordinary shares | 865,591,398 | 1,205,527,348 | 1,104,371,475 |
Dilutive effect of share award scheme and option plan (Note 32) | 11,110,091 | ||
Weighted average number of ordinary shares, diluted | 1,216,637,439 |
Other comprehensive income_(l_3
Other comprehensive income/(loss) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other comprehensive income/(loss) | |||
Exchange differences on translation of financial statements of overseas subsidiaries | ¥ 40,494 | ¥ (16,548) | ¥ 6,361 |
Other comprehensive loss | ¥ 40,494 | ¥ (16,548) | ¥ 6,361 |
Property, plant and equipment_2
Property, plant and equipment (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | ¥ 76,316 | ||
Charge for the year | (389,871) | ¥ (265,019) | ¥ (268,669) |
Balance, at end of the period | 419,894 | 76,316 | |
Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 198,589 | 200,171 | |
Additions | 409,477 | 33,016 | |
Acquisitions through business combination | 10,290 | 1,539 | |
Disposals | (25,966) | (21,587) | |
Exchange adjustments | 3,763 | (14,550) | |
Balance, at end of the period | 596,153 | 198,589 | 200,171 |
Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (84,066) | (66,828) | |
Charge for the year | (58,865) | (30,507) | |
Written back on disposals | 11,256 | 8,526 | |
Exchange adjustments | 1,246 | (4,743) | |
Balance, at end of the period | (132,921) | (84,066) | (66,828) |
Loss allowance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (38,207) | (45,281) | |
Addition | (13,062) | (2,941) | |
Written back on disposals | 8,767 | 6,179 | |
Exchange adjustments | (836) | (3,836) | |
Balance, at end of the period | (43,338) | (38,207) | (45,281) |
Apartments | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 0 | ||
Balance, at end of the period | 235,101 | 0 | |
Apartments | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 242,639 | ||
Balance, at end of the period | 242,639 | ||
Apartments | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Charge for the year | (7,538) | ||
Written back on disposals | 0 | ||
Balance, at end of the period | (7,538) | ||
Apartments | Loss allowance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exchange adjustments | 0 | ||
Balance, at end of the period | 0 | ||
Leasehold Improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 34,510 | ||
Balance, at end of the period | 73,388 | 34,510 | |
Leasehold Improvements | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 111,949 | 111,279 | |
Additions | 67,160 | 12,484 | |
Acquisitions through business combination | 413 | ||
Disposals | (15,389) | (1,392) | |
Exchange adjustments | 4,400 | (10,835) | |
Balance, at end of the period | 168,120 | 111,949 | 111,279 |
Leasehold Improvements | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (41,007) | (33,195) | |
Charge for the year | (17,840) | (11,097) | |
Written back on disposals | 4,541 | 395 | |
Exchange adjustments | 1,710 | (2,890) | |
Balance, at end of the period | (56,016) | (41,007) | (33,195) |
Leasehold Improvements | Loss allowance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (36,432) | (38,162) | |
Addition | (8,880) | (1,742) | |
Written back on disposals | 7,536 | ||
Exchange adjustments | (940) | (3,472) | |
Balance, at end of the period | (38,716) | (36,432) | (38,162) |
Office equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 18,805 | ||
Balance, at end of the period | 25,586 | 18,805 | |
Office equipment | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 37,431 | 30,642 | |
Additions | 16,779 | 11,710 | |
Acquisitions through business combination | 14 | 7 | |
Disposals | (3,183) | (3,675) | |
Exchange adjustments | 2 | (1,253) | |
Balance, at end of the period | 51,043 | 37,431 | 30,642 |
Office equipment | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (18,626) | (12,728) | |
Charge for the year | (7,144) | (7,538) | |
Written back on disposals | 1,672 | 3,026 | |
Exchange adjustments | (63) | 1,386 | |
Balance, at end of the period | (24,035) | (18,626) | (12,728) |
Office equipment | Loss allowance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Addition | (1,380) | ||
Exchange adjustments | (42) | ||
Balance, at end of the period | (1,422) | ||
Store operating equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 21,771 | ||
Balance, at end of the period | 16,940 | 21,771 | |
Store operating equipment | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 46,469 | 55,315 | |
Additions | 7,628 | 8,822 | |
Acquisitions through business combination | 215 | ||
Disposals | (6,670) | (15,508) | |
Exchange adjustments | (636) | (2,375) | |
Balance, at end of the period | 46,791 | 46,469 | 55,315 |
Store operating equipment | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (22,923) | (19,835) | |
Charge for the year | (8,647) | (11,303) | |
Written back on disposals | 4,524 | 5,028 | |
Exchange adjustments | (395) | (3,187) | |
Balance, at end of the period | (26,651) | (22,923) | (19,835) |
Store operating equipment | Loss allowance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (1,775) | (7,119) | |
Addition | (2,802) | (1,199) | |
Written back on disposals | 1,231 | 6,179 | |
Exchange adjustments | 146 | (364) | |
Balance, at end of the period | (3,200) | (1,775) | (7,119) |
Motor vehicles | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 1,230 | ||
Balance, at end of the period | 891 | 1,230 | |
Motor vehicles | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 2,740 | 2,935 | |
Additions | 232 | ||
Acquisitions through business combination | 904 | ||
Disposals | (622) | (1,012) | |
Exchange adjustments | (3) | (87) | |
Balance, at end of the period | 2,347 | 2,740 | 2,935 |
Motor vehicles | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | (1,510) | (1,070) | |
Charge for the year | (452) | (569) | |
Written back on disposals | 500 | 77 | |
Exchange adjustments | (6) | (52) | |
Balance, at end of the period | (1,456) | (1,510) | ¥ (1,070) |
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 | ||
Moulds | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 0 | ||
Balance, at end of the period | 9,184 | 0 | |
Moulds | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 26,511 | ||
Disposals | (102) | ||
Balance, at end of the period | 26,409 | ||
Moulds | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Charge for the year | (17,244) | ||
Written back on disposals | 19 | ||
Balance, at end of the period | (17,225) | ||
Moulds | Loss allowance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exchange adjustments | 0 | ||
Balance, at end of the period | 0 | ||
Construction projects | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, at beginning of the period | 0 | ||
Balance, at end of the period | 58,804 | ¥ 0 | |
Construction projects | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 48,528 | ||
Acquisitions through business combination | 10,276 | ||
Balance, at end of the period | 58,804 | ||
Construction projects | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Written back on disposals | 0 | ||
Balance, at end of the period | 0 | ||
Construction projects | 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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | ¥ 689,887 | ||
Acquisitions through business combination | 1,781,595 | ||
Depreciation, right-of-use assets | 309,606 | ¥ 213,490 | ¥ 214,117 |
Balance, at end of the period | 2,342,589 | 689,887 | |
Net book value at June 30, 2020 | 689,887 | ||
Net book value at June 30, 2021 | 2,342,589 | 689,887 | |
Property | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | 275,310 | 205,344 | 203,662 |
Net book value at June 30, 2020 | 679,733 | ||
Net book value at June 30, 2021 | 583,906 | 679,733 | |
Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | 3,765 | 8,146 | 10,455 |
Net book value at June 30, 2020 | 10,154 | ||
Net book value at June 30, 2021 | 6,804 | 10,154 | |
Land use right | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Acquisitions through business combination | 1,781,595 | ||
Depreciation, right-of-use assets | 30,531 | ||
Net book value at June 30, 2020 | 0 | ||
Net book value at June 30, 2021 | 1,751,879 | 0 | |
Gross carrying amount | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | 1,089,119 | 857,514 | |
Acquisitions through business combination | 36,632 | ||
Additions | 338,946 | 403,953 | |
Derecognition | (409,719) | (179,657) | |
Exchange adjustments | 6,241 | (29,323) | |
Balance, at end of the period | 2,806,182 | 1,089,119 | 857,514 |
Gross carrying amount | Property | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | 1,077,417 | 832,657 | |
Acquisitions through business combination | 36,632 | ||
Additions | 337,717 | 392,648 | |
Derecognition | (408,249) | (155,478) | |
Exchange adjustments | 6,239 | (29,042) | |
Balance, at end of the period | 1,013,124 | 1,077,417 | 832,657 |
Gross carrying amount | Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | 11,702 | 24,857 | |
Additions | 414 | 11,305 | |
Derecognition | (1,470) | (24,179) | |
Exchange adjustments | 2 | (281) | |
Balance, at end of the period | 10,648 | 11,702 | 24,857 |
Gross carrying amount | Land use right | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | 0 | ||
Additions | 815 | ||
Derecognition | 0 | ||
Exchange adjustments | 0 | ||
Balance, at end of the period | 1,782,410 | 0 | |
Accumulated depreciation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | (361,436) | (312,019) | |
Depreciation, right-of-use assets | (309,606) | (213,490) | |
Derecognition | 245,045 | 150,849 | |
Exchange adjustments | (2,918) | 13,224 | |
Balance, at end of the period | (428,915) | (361,436) | (312,019) |
Accumulated depreciation | Property | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | (359,888) | (299,001) | |
Depreciation, right-of-use assets | (275,310) | (205,344) | |
Derecognition | 243,575 | 131,424 | |
Exchange adjustments | (2,917) | 13,033 | |
Balance, at end of the period | (394,540) | (359,888) | (299,001) |
Accumulated depreciation | Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | (1,548) | (13,018) | |
Depreciation, right-of-use assets | (3,765) | (8,146) | |
Derecognition | 1,470 | 19,425 | |
Exchange adjustments | (1) | 191 | |
Balance, at end of the period | (3,844) | (1,548) | (13,018) |
Accumulated depreciation | Land use right | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | 0 | 0 | |
Depreciation, right-of-use assets | (30,531) | 0 | |
Derecognition | 0 | 0 | |
Exchange adjustments | 0 | 0 | |
Balance, at end of the period | (30,531) | 0 | 0 |
Loss allowance | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | (37,796) | (42,628) | |
Impairment Loss Recognized In Profit Or Loss Right Of Use Assets | 0 | 0 | |
Derecognition | 4,249 | 1,759 | |
Exchange adjustments | (1,131) | 3,073 | |
Balance, at end of the period | (34,678) | (37,796) | (42,628) |
Loss allowance | Property | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | (37,796) | (42,628) | |
Impairment Loss Recognized In Profit Or Loss Right Of Use Assets | 0 | 0 | |
Derecognition | 4,249 | 1,759 | |
Exchange adjustments | (1,131) | 3,073 | |
Balance, at end of the period | (34,678) | (37,796) | (42,628) |
Loss allowance | Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | 0 | ||
Impairment Loss Recognized In Profit Or Loss Right Of Use Assets | 0 | 0 | |
Derecognition | 0 | ||
Exchange adjustments | 0 | ||
Balance, at end of the period | 0 | 0 | |
Loss allowance | Land use right | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, at beginning of the period | 0 | ||
Impairment Loss Recognized In Profit Or Loss Right Of Use Assets | 0 | ¥ 0 | |
Derecognition | 0 | ||
Exchange adjustments | 0 | ||
Balance, at end of the period | ¥ 0 | ¥ 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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right of use assets | ¥ 309,606 | ¥ 213,490 | ¥ 214,117 |
Interest on lease liabilities (Note 10) | 32,991 | 26,817 | 26,117 |
Expense relating to short-term leases and other leases with remaining lease term ending on or before June 30 | 28,384 | 28,656 | 28,486 |
Variable lease payments not included in the measurement of lease liabilities | 4,648 | 2,846 | 3,521 |
COVID-19 rent concessions | (35,548) | (42,698) | (12,802) |
Property | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right of use assets | 275,310 | 205,344 | 203,662 |
Warehouse equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right of use assets | 3,765 | ¥ 8,146 | ¥ 10,455 |
Land use right | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right of use assets | ¥ 30,531 | ||
Minimum. | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Variable lease payments (as a percentage) | 1% | ||
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. | 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) | 15% | ||
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 | 14 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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill at beginning of period | ¥ 61,005 | ||
Amortisation expense | 21,400 | ¥ 21,022 | ¥ 17,071 |
Intangible assets other than goodwill at end of period | 43,066 | 61,005 | |
Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill at beginning of period | 61,005 | ||
Intangible assets other than goodwill at end of period | 43,066 | 61,005 | |
Gross carrying amount | Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill at beginning of period | 107,583 | 95,567 | |
Purchases | 3,922 | 13,805 | |
Disposals | (24) | (1,536) | |
Exchange adjustments | (63) | (253) | |
Intangible assets other than goodwill at end of period | 111,418 | 107,583 | 95,567 |
Accumulated depreciation | Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill at beginning of period | (46,237) | (26,115) | |
Disposals | 2 | 677 | |
Amortisation expense | (21,400) | (21,022) | |
Exchange adjustments | 20 | (223) | |
Intangible assets other than goodwill at end of period | (67,615) | (46,237) | (26,115) |
Loss allowance | Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill at beginning of period | (341) | (361) | |
Impairment, charge for the year | (423) | 0 | |
Exchange adjustments | 27 | 20 | |
Intangible assets other than goodwill at end of period | ¥ (737) | ¥ (341) | ¥ (361) |
Goodwill (Details)
Goodwill (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation of changes in goodwill [abstract] | ||
Balance at the beginning | ¥ 19,640 | |
Balance at the end | 19,388 | ¥ 19,640 |
Gross carrying amount | ||
Reconciliation of changes in goodwill [abstract] | ||
Balance at the beginning | 19,640 | |
Acquisition through business combination | 19,640 | |
Exchange adjustments | (252) | |
Balance at the end | ¥ 19,388 | ¥ 19,640 |
Goodwill - Impairment Testing (
Goodwill - Impairment Testing (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure of information for cash-generating units [line items] | ||
Goodwill | ¥ 19,388 | ¥ 19,640 |
MINISO SG Pte. Ltd | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | ¥ 19,388 | ¥ 19,640 |
Goodwill - Key Assumptions Used
Goodwill - Key Assumptions Used in Estimation of Value in Use (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill | ||
Pre-tax discount rate | 16.10% | 13.20% |
Terminal value growth rate | 1.90% | 1.40% |
Revenue growth rate (average of next five years) | 15% | 21.80% |
Cash flow projection period | 5 years | |
Recoverable amount of asset or cash-generating unit | ¥ 19,363,000 | ¥ 10,741,000 |
Goodwill - Sensitivity analysis
Goodwill - Sensitivity analysis (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill | ||
Pre-tax discount rate increase by 5% | ¥ 3,981 | ¥ 7,363 |
Percentage Of Discount Rate Other Provisions | 5% | 5% |
Revenue growth rate (average of next five years) decrease by 2% | ¥ 604 | ¥ 151 |
Percentage of entity's revenue | 2% | 2% |
Prepayment (Details)
Prepayment (Details) - CNY (¥) | Jun. 30, 2022 | Jun. 30, 2021 |
Prepayments | ||
Prepayment for construction of a new headquarters building | ¥ 200,861,000 | |
Prepayment for purchase of apartments | ¥ 133,458,000 | |
Others | 821,000 | 5,023,000 |
Total | ¥ 201,682,000 | ¥ 138,481,000 |
Interest in an equity-account_3
Interest in an equity-accounted investee (Details) - CNY (¥) | 1 Months Ended | 12 Months Ended | ||
Oct. 27, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2022 | |
Disclosure of associates [line items] | ||||
Investment in the entity by cash | ¥ 356,000,000 | |||
Loan from related party | ¥ 7,490,000 | 13,710,000 | ||
Carrying amount in the consolidated financial statements | 352,062,000 | |||
Unpaid balance | ¥ 1,791,000 | ¥ 5,105,000 | ||
YGF Investment V Limited | ||||
Disclosure of associates [line items] | ||||
Proportion of ownership interest acquired | 80% | |||
Proportion of ownership interest previously owned | 20% | |||
YGF Investment V Limited | ||||
Disclosure of associates [line items] | ||||
Ownership interest | 20% | 20% | ||
Carrying amount in the consolidated financial statements | ¥ 352,062,000 | |||
YGF Investment V Limited | YGF MC LIMITED | ||||
Disclosure of associates [line items] | ||||
Ownership interest | 80% | |||
YGF Investment V Limited | YGF MC LIMITED | ||||
Disclosure of associates [line items] | ||||
Ownership interest | 80% | |||
Loan from related party | ¥ 319,930,000 | |||
Carrying amount in the consolidated financial statements | 1,424,000,000 | |||
Amount paid in cash | 422,949,000 | |||
Unpaid balance | ¥ 1,001,051,000 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of associates [line items] | |||||
Current assets | ¥ 8,072,562 | ¥ 9,199,087 | |||
Non-current assets | 3,209,226 | 1,505,943 | |||
Current liabilities | 3,788,671 | 3,482,855 | |||
Equity | 7,027,400 | 6,652,154 | ¥ (323,046) | ¥ (113,974) | |
Revenue | 10,085,649 | 9,071,659 | 8,978,986 | ||
Net loss and total comprehensive loss for the period ended June 30, 2021 | ¥ 680,237 | (1,445,995) | ¥ (253,815) | ||
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 | ||||
Net loss and total comprehensive loss for the period ended June 30, 2021 | (19,690) | ||||
Net assets of the equity-accounted investee | ¥ 1,760,310 | ||||
Group's effective interest | 20% | 20% | |||
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, 2022 | Jun. 30, 2021 |
Disclosure of financial assets [line items] | ||
Financial assets measured at FVTPL | ¥ 210,523 | ¥ 102,968 |
Financial assets measured at FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets measured at FVTPL | 210,523 | 102,968 |
Financial assets measured at FVTPL | Investment in a trust investment scheme | ||
Disclosure of financial assets [line items] | ||
Financial assets measured at FVTPL | 208,649 | 102,968 |
Financial assets measured at FVTPL | Other | ||
Disclosure of financial assets [line items] | ||
Financial assets measured at FVTPL | ¥ 1,874 | ¥ 0 |
Other investments - Asset manag
Other investments - Asset management scheme (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2022 | Jul. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Investment In Trust Scheme A | ||||
Disclosure of financial assets [line items] | ||||
Minimum initial investment | ¥ 100,000,000 | |||
Fair value of investment | ¥ 103,537,000 | ¥ 102,968,000 | ||
Investment In Trust Scheme B | ||||
Disclosure of financial assets [line items] | ||||
Minimum initial investment | ¥ 100,000,000 | |||
Fair value of investment | ¥ 105,112,000 |
Inventories (Details)
Inventories (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Inventories | ||
Finished goods | ¥ 1,186,810 | ¥ 1,491,328 |
Low-value consumables | 1,285 | 4,733 |
Inventories | ¥ 1,188,095 | ¥ 1,496,061 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Inventories | |||
Carrying amount of inventories sold | ¥ 6,915,713 | ¥ 6,632,530 | ¥ 6,178,145 |
Write-down/(reversal of write-down) of inventories | (44,737) | (51,074) | 68,343 |
Cost of inventories recognized in consolidated statements of profit or loss | ¥ 6,870,976 | ¥ 6,581,456 | ¥ 6,246,488 |
Trade and other receivables (De
Trade and other receivables (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Current | ||
Trade receivables, net of loss allowance | ¥ 290,681 | ¥ 315,001 |
Amounts due from related parties | 5,105 | 1,791 |
Miscellaneous expenses paid on behalf of franchisees | 246,097 | 192,072 |
Value-added tax ("VAT") recoverable | 182,906 | 79,590 |
Rental deposits | 101,124 | 94,423 |
Receivables due from on-line payment platforms and banks (i) | 26,806 | 33,309 |
Prepayments for inventories | 52,476 | 38,758 |
Prepayments for licensing expenses | 35,223 | 11,503 |
Prepayments for listing expenses relating to Hong Kong public offering | 58,560 | |
Others | 57,220 | 58,278 |
Trade and other receivables | ¥ 1,056,198 | 824,725 |
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 | ¥ 375,798 | 374,828 |
Loss allowance | ||
Current | ||
Trade receivables, net of loss allowance | ¥ (85,117) | ¥ (59,827) |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Cash and cash equivalents | ||
Cash on hand | ¥ 450 | ¥ 549 |
Cash at bank | 5,348,042 | 6,771,104 |
Cash and cash equivalents as presented in the consolidated statements of financial position and in the consolidated statements of cash flows | ¥ 5,348,492 | ¥ 6,771,653 |
Restricted cash (Details)
Restricted cash (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Restricted cash | ||
Bank deposits held in an escrow bank account | ¥ 5,772 | ¥ 3,680 |
Bank deposits frozen for legal proceedings | 26,604 | |
Restricted cash | ¥ 32,376 | ¥ 3,680 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from (used in) operating activities [abstract] | |||
(Loss)/profit for the year | ¥ 639,743 | ¥ (1,429,447) | ¥ (260,176) |
Less: Loss from discontinued operations for the year | 130,045 | ||
(Loss)/profit from continuing operations for the year | 639,743 | (1,429,447) | (130,131) |
Adjustments for: | |||
Interest on lease liabilities | 32,991 | 26,817 | 26,117 |
Depreciation and amortization | 389,871 | 265,019 | 268,669 |
Interest on loans and borrowings | 405 | 1,545 | 5,221 |
Interest income | (66,344) | (40,433) | (25,608) |
Investment income from other investments | (63,801) | (66,837) | (26,387) |
Net change in fair value of other investments | (5,709) | (2,968) | 1,465 |
Losses on disposal of property, plant and equipment and intangible assets | 5,614 | 2,317 | 2,526 |
Impairment loss on non-current assets | 13,485 | 2,941 | 36,844 |
Unrealized foreign exchange loss/(gain) | 6,806 | (46,378) | 6,064 |
Effect of lease contract cancellation | (25,015) | (2,630) | 657 |
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 | |
Share of loss of an equity-accounted investee, net of tax | 8,162 | 4,011 | |
Equity-settled share-based payment expenses | 82,835 | 281,319 | 364,380 |
Income tax | 267,070 | 213,255 | 210,949 |
Changes in working capital: | |||
Inventories | 307,966 | (93,197) | (86,717) |
Trade and other receivables | (190,145) | (80,087) | (120,235) |
Contract liabilities | 86,314 | 34,353 | (29,033) |
Trade and other payables | 180,122 | 386,703 | 50,310 |
Restricted cash | (28,696) | 3,376 | 1,861 |
Deferred income | (5,282) | 26,065 | |
Cash generated from operations | ¥ 1,636,392 | ¥ 1,111,031 | ¥ 1,236,985 |
Cash flow information - Recon_2
Cash flow information - Reconciliation of liabilities arising from financing activities (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning | ¥ 825,673 | ¥ 3,401,300 | ¥ 2,218,050 |
Additions through business combination | 60,692 | ||
Changes from financing cash flows: | |||
Proceeds from loans and borrowings | 313 | 410,734 | |
Repayment of loans and borrowings | (5,295) | (416,588) | (2,889) |
Interest of loans and borrowings paid | (1,000) | (1,488) | (6,266) |
Payment of capital element and interest element of lease liabilities | (317,017) | (215,762) | (193,827) |
Payments for acquisition of subsidiaries under common control | (10,471) | ||
Total changes from financing cash flows | (323,312) | (633,525) | 197,281 |
Exchange adjustments | 2,428 | (66,877) | (9,455) |
Other changes: | |||
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 | |
Decrease in redeemable shares with other preferential rights | (3,963,843) | ||
Increase in lease liabilities from entering into new leases during the year | 338,131 | 403,955 | 298,516 |
Decrease in lease liabilities from derecognition | (209,712) | (29,678) | (14,463) |
Increase in interest expenses | 33,396 | 28,362 | 31,338 |
Forgiveness of loans and borrowings | (8,548) | ||
Total other changes | 153,267 | (1,935,917) | 995,424 |
At the end | 658,056 | 825,673 | 3,401,300 |
Longterm loans and borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning | 20,594 | 416,389 | 8,060 |
Additions through business combination | 21,979 | ||
Changes from financing cash flows: | |||
Proceeds from loans and borrowings | 313 | 410,734 | |
Repayment of loans and borrowings | (5,295) | (416,588) | (2,889) |
Total changes from financing cash flows | (5,295) | (416,275) | 407,845 |
Exchange adjustments | 197 | (1,499) | 484 |
Other changes: | |||
Forgiveness of loans and borrowings | (8,548) | ||
Total other changes | (8,548) | ||
At the end | 6,948 | 20,594 | 416,389 |
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: | |||
Exchange adjustments | (42,771) | ||
Other changes: | |||
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 | |
Decrease in redeemable shares with other preferential rights | (3,963,843) | ||
Total other changes | (2,338,556) | 680,033 | |
At the end | 2,381,327 | ||
Interest payable | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning | 667 | 610 | 1,655 |
Changes from financing cash flows: | |||
Interest of loans and borrowings paid | (1,000) | (1,488) | (6,266) |
Total changes from financing cash flows | (1,000) | (1,488) | (6,266) |
Exchange adjustments | (29) | ||
Other changes: | |||
Increase in interest expenses | 405 | 1,545 | 5,221 |
Total other changes | 405 | 1,545 | 5,221 |
At the end | 43 | 667 | 610 |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning | 804,412 | 602,974 | 496,570 |
Additions through business combination | 38,713 | ||
Changes from financing cash flows: | |||
Payment of capital element and interest element of lease liabilities | (317,017) | (215,762) | (193,827) |
Total changes from financing cash flows | (317,017) | (215,762) | (193,827) |
Exchange adjustments | 2,260 | (22,607) | (9,939) |
Other changes: | |||
Increase in lease liabilities from entering into new leases during the year | 338,131 | 403,955 | 298,516 |
Decrease in lease liabilities from derecognition | (209,712) | (29,678) | (14,463) |
Increase in interest expenses | 32,991 | 26,817 | 26,117 |
Total other changes | 161,410 | 401,094 | 310,170 |
At the end | ¥ 651,065 | ¥ 804,412 | 602,974 |
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 under common control | (10,471) | ||
Total changes from financing cash flows | ¥ (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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flow information | |||
Within operating cash flows | ¥ (33,032) | ¥ (31,502) | ¥ (32,007) |
Within financing cash flows | (317,017) | (215,762) | (193,827) |
Total cash out flow for leases | ¥ (350,049) | ¥ (247,264) | ¥ (225,834) |
Cash flow information - Non-cas
Cash flow information - Non-cash transactions (Details) | 12 Months Ended |
Jun. 30, 2022 CNY (¥) | |
Cash flow information | |
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, 2022 | Jun. 30, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Non-current liabilities | ¥ 6,503 | ¥ 6,925 |
Current liabilities | 445 | 13,669 |
Unsecured bank loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Current liabilities | 8,921 | |
Borrowings from non-controlling interest shareholders | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-current liabilities | 6,503 | 6,612 |
Current liabilities | 133 | 4,748 |
Other borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-current liabilities | ¥ 313 | |
Current liabilities | ¥ 312 |
Loans and borrowings - Long ter
Loans and borrowings - Long term borrowings (Details) | 12 Months Ended | ||||
Jun. 30, 2022 CNY (¥) | Jun. 30, 2022 IDR (Rp) | Jun. 30, 2021 SGD ($) | Jun. 30, 2021 CNY (¥) | Jun. 30, 2021 USD ($) | |
Borrowings from non-controlling interest shareholders | |||||
Disclosure of detailed information about borrowings | |||||
Aggregated amount | ¥ 4,748,000 | Rp 10,600,000,000 | |||
Interest rate | 6% | 6% | |||
Term of debt | 5 years | ||||
Borrowings from non-controlling interest shareholder one | |||||
Disclosure of detailed information about borrowings | |||||
Aggregated amount | ¥ 6,503,000 | $ 1,350,000 | ¥ 6,484,000 | ||
Interest rate | 3% | 3% | |||
Borrowings from non-controlling interest shareholder two | |||||
Disclosure of detailed information about borrowings | |||||
Aggregated amount | ¥ 133,000 | ¥ 128,000 | $ 20,000 | ||
Interest rate | 9% | 9% | |||
Term of debt | 5 years |
Loans and borrowings - Non - cu
Loans and borrowings - Non - current liabilities - Pay Protection Program (Details) - Paycheck Protection Program | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 CNY (¥) | Jun. 30, 2022 CNY (¥) | |
Disclosure of detailed information about borrowings | |||
Aggregated amount | $ 1,381,000 | ¥ 8,921,000 | |
Interest rate | 0.98% | 0.98% | |
Term of debt | 2 years | 2 years | |
Subsidy amount received | $ 1,320,000 | ¥ 8,548,000 |
Loans and borrowings - Terms an
Loans and borrowings - Terms and repayment schedule (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure of detailed information about borrowings | ||
Carrying amount of loans and borrowings | ¥ 6,948 | ¥ 20,594 |
Within 1 year or on demand | ||
Disclosure of detailed information about borrowings | ||
Carrying amount of loans and borrowings | 445 | 13,669 |
More than 1 year but less than 2 years | ||
Disclosure of detailed information about borrowings | ||
Carrying amount of loans and borrowings | 650 | 442 |
More than 2 years but less than 5 years | ||
Disclosure of detailed information about borrowings | ||
Carrying amount of loans and borrowings | 5,853 | 1,297 |
After 1 year but within 5 years | ||
Disclosure of detailed information about borrowings | ||
Carrying amount of loans and borrowings | ¥ 6,503 | 6,925 |
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, 2022 | Jun. 30, 2021 | |
Trade and other payables | ||
Trade payables | ¥ 649,415 | ¥ 624,688 |
Payroll payable | 68,969 | 63,621 |
Accrued expenses | 264,905 | 155,698 |
Other taxes payable | 52,078 | 20,633 |
Deposits | 1,875,380 | 1,833,516 |
Amount due to related parties (Note 37(c)) | 13,710 | 7,490 |
Others | 148,534 | 103,536 |
Total | ¥ 3,072,991 | ¥ 2,809,182 |
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, 2022 | Jun. 30, 2021 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Present value of the minimum lease payments, current | ¥ 257,997 | ¥ 321,268 |
Present value of the minimum lease payments, noncurrent | 393,068 | 483,144 |
Total minimum lease payments | 706,323 | 892,014 |
Less: total future interest expenses | (55,258) | (87,602) |
Lease liabilities | 651,065 | 804,412 |
Within 1 year or on demand | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Present value of the minimum lease payments, current | 257,997 | 321,268 |
Total minimum lease payments, current | 263,332 | 342,211 |
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 | 393,068 | 483,144 |
Total minimum lease payments, non-current | 442,991 | 549,803 |
More than 1 year but less than 2 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Present value of the minimum lease payments, noncurrent | 176,047 | 203,467 |
Total minimum lease payments, non-current | 188,172 | 217,229 |
More than 2 years but less than 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Present value of the minimum lease payments, noncurrent | 188,031 | 239,995 |
Total minimum lease payments, non-current | 215,398 | 277,726 |
More than 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Present value of the minimum lease payments, noncurrent | 28,990 | 39,682 |
Total minimum lease payments, non-current | ¥ 39,421 | ¥ 54,848 |
Deferred income (Details)
Deferred income (Details) - CNY (¥) | Jun. 30, 2022 | Jun. 30, 2021 |
Deferred Income | ||
Non-current portion | ¥ 14,488,000 | ¥ 20,005,000 |
Current portion | 6,295,000 | 6,060,000 |
Deferred income | ¥ 20,783,000 | ¥ 26,065,000 |
Deferred income -Additional inf
Deferred income -Additional information (Details) | 12 Months Ended | |||
Jun. 30, 2022 CNY (¥) | Jun. 30, 2021 CNY (¥) | Jun. 30, 2020 USD ($) | Jun. 30, 2020 CNY (¥) | |
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 | ¥ 6,037,000 | ¥ 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, 2018 - MINISO Guangzhou | USD ($) item | CNY (¥) item |
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 |
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 | $ 72,683,000 | ¥ 491,514,000 |
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 (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% |
Redemption return rate, exercise under redemption events (1) and (4) to (7) | 25% |
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% |
Redemption return rate, exercise under redemption events (1) and (4) to (7) | 25% |
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 ($) | 1 Months Ended | 12 Months Ended | ||||
Jul. 13, 2022 | Oct. 15, 2020 | Sep. 29, 2018 | Feb. 29, 2020 | Jun. 30, 2022 | 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% | |||||
Class A ordinary shares member | ||||||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | ||||||
Price per share | $ 13.80 | $ 5 | ||||
Class A ordinary shares member | 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 | 41,100,000 | 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% | |||||
MINISO Guangzhou | Class A ordinary shares member | ||||||
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) ¥ in Thousands | 12 Months Ended |
Jun. 30, 2021 CNY (¥) | |
Paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights | |
At the beginning | ¥ 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 the end | ¥ 0 |
Capital and reserves - Share ca
Capital and reserves - Share capital and additional paid-in capital (Details) | 12 Months Ended | |||||||||
Jul. 13, 2022 USD ($) $ / shares shares | Oct. 15, 2020 shares | Jun. 30, 2022 CNY (¥) Vote shares | Jun. 30, 2022 USD ($) Vote $ / shares shares | Jun. 30, 2021 CNY (¥) USD ($) | Jul. 11, 2022 $ / shares | Jun. 30, 2022 CNY (¥) shares | Jun. 30, 2020 CNY (¥) | Jun. 30, 2020 USD ($) | Jan. 31, 2020 $ / shares shares | |
Disclosure of classes of share capital [line items] | ||||||||||
Number of ordinary shares issued | 1,225,566,355 | 976,634,771 | ||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | |||||||||
Ordinary shares outstanding | 865,591,398 | |||||||||
Treasury shares | 6,111,276 | 111,043,373 | ||||||||
Aggregated par value of ordinary shares outstanding | ¥ | ¥ 92,000 | ¥ 92,000 | ||||||||
Number of shares authorized | 5,000,000,000 | |||||||||
Class A ordinary shares member | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ordinary shares issued | 897,275,873 | |||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||||
Aggregated par value of ordinary shares outstanding | ¥ 69,000 | ¥ 69,000 | $ 8,656,000 | |||||||
Ordinary shares including treasury shares issued | 766,011,125 | |||||||||
Number of votes | Vote | 1 | 1 | ||||||||
Price per share | $ | $ 13.80 | $ 5 | ||||||||
Net proceeds received | ¥ 4,178,860,000 | $ 625,274,000 | ||||||||
Number of restricted shares became vested | $ | 3,897,180 | 71,880,408 | ||||||||
Class A ordinary shares member | IPO | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of shares issued during the period | 41,100,000 | 121,600,000 | 121,600,000 | |||||||
Number of shares issued upon conversion of each preferred share | 1 | |||||||||
Class A ordinary shares member | Over-allotment option | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of shares issued during the period | 486,200 | 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, 2022 CNY (¥) shares | Jun. 30, 2021 CNY (¥) | Jun. 30, 2020 CNY (¥) | Jun. 30, 2020 USD ($) | Jan. 31, 2020 shares |
Disclosure of classes of share capital [line items] | |||||
Ordinary shares issued | 1,225,566,355 | 976,634,771 | |||
Share capital | ¥ | ¥ 92,000 | ¥ 92,000 | |||
Class A ordinary shares member | |||||
Disclosure of classes of share capital [line items] | |||||
Ordinary shares issued | 897,275,873 | ||||
Share capital | ¥ 69,000 | ¥ 69,000 | $ 8,656 | ||
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, 2020 | Oct. 27, 2021 | Mar. 11, 2021 | Dec. 31, 2018 | |
Disclosure of classes of share capital [line items] | ||||
Aggregate consideration for acquisition | ¥ 694,479,000 | ¥ 10,257,000 | ||
MINISO Hong Kong | Overseas Entities | ||||
Disclosure of classes of share capital [line items] | ||||
Aggregate consideration for acquisition | ¥ 133,394,000 | ¥ 133,394,000 | ||
MINISO Hong Kong | 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) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jan. 07, 2020 item $ / shares shares | Aug. 27, 2018 item | Aug. 31, 2018 CNY (¥) item | Jun. 30, 2020 CNY (¥) item | Jun. 30, 2022 CNY (¥) shares | Dec. 31, 2021 USD ($) | Jun. 30, 2021 CNY (¥) | Jan. 31, 2020 $ / shares shares | |
Disclosure of classes of share capital [line items] | ||||||||
Ordinary shares issued | shares | 1,225,566,355 | 976,634,771 | ||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | |||||||
Considerations received credited to additional paid-in capital | ¥ 10,699,000 | ¥ 0 | ¥ 973,000 | |||||
Amount authorized under share repurchase program | $ | $ 200 | |||||||
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 - Company
Capital and reserves - Company repurchased (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2022 CNY (¥) | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2022 CNY (¥) | Jan. 31, 2020 shares | |
Disclosure of classes of share capital [line items] | |||||
Number of shares repurchased | shares | 6,111,276 | 6,111,276 | 111,043,373 | ||
Aggregate price paid | $ 12,763 | ¥ 82,160 | ¥ 82,160 | ||
December 2021 | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares repurchased | shares | 809,040 | 809,040 | |||
Aggregate price paid | $ | $ 1,979 | ||||
January 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares repurchased | shares | 674,036 | 674,036 | |||
Aggregate price paid | $ | $ 1,624 | ||||
February 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares repurchased | shares | 700,712 | 700,712 | |||
Aggregate price paid | $ | $ 1,638 | ||||
March 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares repurchased | shares | 1,612,600 | 1,612,600 | |||
Aggregate price paid | $ | $ 3,371 | ||||
April 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares repurchased | shares | 610,024 | 610,024 | |||
Aggregate price paid | $ | $ 1,180 | ||||
May 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares repurchased | shares | 702,104 | 702,104 | |||
Aggregate price paid | $ | $ 1,100 | ||||
June 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares repurchased | shares | 1,002,760 | 1,002,760 | |||
Aggregate price paid | $ | $ 1,871 | ||||
Minimum. | December 2021 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | $ 2.34 | $ 2.34 | |||
Minimum. | January 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 2.23 | 2.23 | |||
Minimum. | February 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 2.03 | 2.03 | |||
Minimum. | March 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 1.58 | 1.58 | |||
Minimum. | April 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 1.75 | 1.75 | |||
Minimum. | May 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 1.28 | 1.28 | |||
Minimum. | June 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 1.28 | 1.28 | |||
Maximum. | December 2021 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 2.50 | 2.50 | |||
Maximum. | January 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 2.48 | 2.48 | |||
Maximum. | February 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 2.48 | 2.48 | |||
Maximum. | March 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 2.48 | 2.48 | |||
Maximum. | April 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 2.10 | 2.10 | |||
Maximum. | May 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | 1.95 | 1.95 | |||
Maximum. | June 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Price paid per share | $ 2.38 | $ 2.38 |
Capital and reserves - Deemed d
Capital and reserves - Deemed distribution (Details) ¥ in Thousands | Dec. 01, 2018 CNY (¥) |
Reorganization | |
General Information, Reorganization And Basis Of Presentation [Line Items] | |
Deemed distribution | ¥ 493,860 |
Capital and reserves - Dividend
Capital and reserves - Dividends (Details) | 12 Months Ended | |||
Jun. 30, 2022 CNY (¥) | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 CNY (¥) | Jun. 30, 2020 CNY (¥) | |
Disclosure of classes of share capital [line items] | ||||
Dividends declared | ¥ 306,255,000 | $ 47,178,000 | ¥ 0 | |
Dividends per share | $ / shares | $ 0.172 | |||
Dividends paid | ¥ 360,800,000 | $ 53,500,000 | ¥ 0 | |
Dividends declared per share | $ / shares | $ 0.039 | |||
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) | 1 Months Ended | 12 Months Ended | ||||||||||
Jan. 16, 2020 | Jan. 07, 2020 item | Aug. 27, 2018 USD ($) item ¥ / shares | Aug. 24, 2018 USD ($) | Dec. 31, 2019 CNY (¥) | Aug. 31, 2018 item | Jun. 30, 2022 $ / shares shares | Jun. 30, 2020 CNY (¥) item | Jun. 30, 2021 shares | Sep. 30, 2020 shares | Jan. 31, 2020 shares | Aug. 25, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of share-based compensation plans | 2 | |||||||||||
Restricted stock granted | $ | 12,130,664,000 | |||||||||||
Restricted stock, exercise price | ¥ / shares | ¥ 1.79 | |||||||||||
Interest on price to purchase back forfeited shares | 10% | |||||||||||
Non-forfeitable dividends paid recognized as employee compensation expenses | ¥ | ¥ 19,664,000 | ¥ 19,664,000 | ||||||||||
Ordinary shares per share | $ / shares | $ 0.172 | |||||||||||
Vesting tranche one | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Vesting percentage | 40% | |||||||||||
Vesting tranche three | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Vesting percentage | 30% | |||||||||||
Vesting tranche two | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Vesting percentage | 30% | |||||||||||
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% | |||||||||||
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% | |||||||||||
Share option | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Maximum aggregate number of shares that can be awarded | 14,057,500 | 31,618,125 | ||||||||||
Share option | Vesting tranche one | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Vesting percentage | 20% | |||||||||||
Share option | Vesting tranche three | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Vesting percentage | 20% | |||||||||||
Share option | Vesting tranche two | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Vesting percentage | 20% |
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 | 12 Months Ended | ||||
Aug. 27, 2018 CNY (¥) USD ($) ¥ / shares | Jun. 30, 2022 CNY (¥) USD ($) $ / shares shares | Jun. 30, 2021 CNY (¥) USD ($) $ / shares shares | Jun. 30, 2020 CNY (¥) USD ($) ¥ / shares shares | Jun. 30, 2020 CNY (¥) USD ($) $ / shares shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares, outstanding at the beginning | 5,755,788 | 79,224,019,000 | 12,130,664,000 | 12,130,664,000 | |
Number of shares, granted during the year | $ | 12,130,664 | ||||
Number of shares, vested during the year | shares | (2,114,000) | (71,132,744) | |||
Number of shares, forfeited during the year | $ | (1,101,368) | (2,335,487) | |||
Number of shares, effect of restricted share split | shares | 68,078,784 | 68,078,784 | |||
Number of shares, outstanding at the end | 2,540,420 | 5,755,788 | 79,224,019,000 | 79,224,019,000 | |
Weighted-average exercise price, outstanding at the beginning (in dollars per share) | (per share) | $ 0.036 | $ 0.036 | ¥ 1.79 | ||
Weighted-average exercise price, granted during the year (in dollars per share) | ¥ / shares | ¥ 1.79 | ||||
Weighted-average exercise price, vested during the year (in dollars per share) | 0.036 | 0.036 | |||
Weighted-average exercise price, forfeited during the year (in dollars per share) | 0.036 | 0.036 | |||
Weighted-average exercise price, outstanding at the end (in dollars per share) | 0.036 | 0.036 | $ 0.036 | ||
Weighted-average grant date fair value, outstanding at the beginning (in dollars per share) | (per share) | 7.67 | 7.67 | ¥ 53.67 | ||
Weighted-average grant date fair value, vested during the year (in dollars per share) | 7.67 | 7.67 | |||
Weighted-average grant date fair value, forfeited during the year (in dollars per share) | 7.67 | 7.67 | |||
Weighted-average grant date fair value, outstanding at the end (in dollars per share) | $ 7.67 | $ 7.67 | $ 7.67 | ||
Weighted-average remaining contract life of restricted shares | 73 months | 85 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) | (784,200,000) | |||
Weighted-average exercise price, forfeited during the year (in dollars per share) | ¥ / shares | ¥ 1.79 | ||||
Weighted-average grant date fair value, forfeited during the year (in dollars per share) | ¥ / shares | ¥ 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) | (201,229) | |||
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, 2022 CNY (¥) | Jun. 30, 2021 CNY (¥) | Jun. 30, 2020 CNY (¥) | Aug. 27, 2018 CNY (¥) | |
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) | ¥ 5,067,000 | ¥ 155,171,000 | ¥ 316,229,000 | |
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 | Sep. 30, 2020 | Jan. 31, 2020 |
Vesting tranche one | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 40% | |||
Vesting tranche two | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 30% | |||
Vesting tranche three | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 30% | |||
Share option | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Maximum aggregate number of shares that can be awarded | 14,057,500 | 31,618,125 | ||
Share option | Vesting tranche one | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 20% | |||
Share option | Vesting tranche two | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 20% | |||
Share option | Vesting tranche three | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 20% | |||
Share option | Vesting tranche four | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 20% | |||
Share option | Vesting tranche five | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 20% |
Equity settled share-based pa_7
Equity settled share-based payments - Option activities during years ended June 30, 2019 and 2020 (Details) - Share option | 12 Months Ended | |||
Sep. 27, 2020 USD ($) $ / shares | Jan. 16, 2020 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of options, outstanding at the beginning | $ | 12,400,836 | 11,014,000 | ||
Number of options, granted | $ | 4,703,500 | 11,035,000 | 4,703,500 | |
Number of options, exercised | $ | (1,783,180) | (747,664) | ||
Number of options, forfeited | $ | (1,699,164) | (2,569,000) | ||
Number of options, outstanding at the end | $ | 8,918,492 | 12,400,836 | ||
Number of options, exercisable at the end | $ | 1,888,574 | 1,128,336 | ||
Number of options, non-vested at the end | shares | 7,029,918 | 11,272,500 | ||
Weighted-average exercise price, outstanding at the beginning (in dollars per share) | $ 0.036 | $ 0.036 | ||
Weighted-average exercise price, granted (in dollars per share) | $ 0.036 | $ 0.036 | 0.036 | |
Weighted-average exercise price, exercised (in dollars per share) | 0.036 | 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 | 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) | 3.71 | 3.08 | ||
Weighted-average grant date fair value, granted (in dollars per share) | $ 4.89 | $ 3.08 | 4.89 | |
Weighted-average grant date fair value, exercised (in dollars per share) | 3.64 | 3.08 | ||
Weighted-average grant date fair value, forfeited (in dollars per share) | 4.01 | 3.10 | ||
Weighted-average grant date fair value, outstanding at the end (in dollars per share) | 3.67 | 3.71 | ||
Weighted-average grant date fair value, exercisable at the end (in dollars per share) | 3.39 | 3.08 | ||
Weighted-average grant date fair value, non-vested at the end (in dollars per share) | $ 3.74 | $ 3.78 |
Equity settled share-based pa_8
Equity settled share-based payments - Binominal option-pricing model (Details) | 12 Months Ended | |||||||
Sep. 27, 2020 CNY (¥) item $ / shares | Jan. 16, 2020 CNY (¥) Y $ / shares | Jun. 30, 2022 CNY (¥) | Jun. 30, 2021 CNY (¥) | Jun. 30, 2021 $ / shares | Jun. 30, 2020 CNY (¥) | Sep. 27, 2020 USD ($) | Jan. 16, 2020 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Equity-settled share-based payment expenses (Note 32) | ¥ | ¥ 5,067,000 | ¥ 155,171,000 | ¥ 316,229,000 | |||||
Share option | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Fair value per share | $ 4.89 | $ 3.08 | $ 4.89 | |||||
Risk-free interest rate | 0.60% | 1.80% | ||||||
Expected dividend yield | 0% | 0% | ||||||
Expected volatility | 35% | 33.20% | ||||||
Expected multiples | $ 2.2 | |||||||
Contractual life | 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) | ¥ | ¥ 77,768,000 | ¥ 126,148,000 | ||||||
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 subsidiaries (De
Acquisition of subsidiaries (Details) | 12 Months Ended | ||||
Oct. 27, 2021 CNY (¥) | Jul. 01, 2020 CNY (¥) | Jun. 30, 2021 CNY (¥) | Mar. 11, 2021 CNY (¥) | Mar. 11, 2021 SGD ($) | |
Disclosure of detailed information about business combination [line items] | |||||
Percentage of shares and voting interests acquired | 20% | ||||
Consideration transferred | ¥ 694,479,000 | ¥ 10,257,000 | |||
YGF Investment V Limited | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of ownership interest previously owned | 20% | ||||
MINISO SG Pte. Ltd | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of shares and voting interests acquired | 70% | 70% | |||
Consideration transferred | ¥ 10,257,000 | $ 2,100,000 | |||
Revenue acquired | ¥ 19,073,000 | ||||
Profit and loss | ¥ 8,236,000 | ||||
Consolidated revenue | ¥ 9,117,348,000 | ||||
Consolidated loss | ¥ 1,445,632,000 | ||||
YGF Investment | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of shares and voting interests acquired | 80% | ||||
Consideration transferred | ¥ 1,038,381,000 |
Acquisition of subsidiaries - a
Acquisition of subsidiaries - assets and liabilities (Details) - CNY (¥) | Oct. 27, 2021 | Mar. 11, 2021 |
MINISO SG Pte. Ltd | ||
Recognized amounts of assets acquired and liabilities assumed at the date of acquisition | ||
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) | |
YGF Investment | ||
Recognized amounts of assets acquired and liabilities assumed at the date of acquisition | ||
Property, plant and equipment | ¥ 10,290,000 | |
Right-of-use assets | 1,781,595,000 | |
Prepayments for construction project | 200,000,000 | |
Trade and other receivables | 58,000 | |
Cash and cash equivalents | 10,996,000 | |
Trade and other payables | (964,558,000) | |
Total identifiable net liabilities acquired | ¥ 1,038,381,000 |
Acquisition of subsidiaries - G
Acquisition of subsidiaries - Goodwill (Details) | Oct. 27, 2021 CNY (¥) | Mar. 11, 2021 CNY (¥) | Mar. 11, 2021 SGD ($) | Mar. 11, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | ||||
Consideration transferred | ¥ 694,479,000 | ¥ 10,257,000 | ||
MINISO SG Pte. Ltd | ||||
Disclosure of detailed information about business combination [line items] | ||||
Consideration transferred | 10,257,000 | $ 2,100,000 | ||
Share of fair value of identifiable net liabilities | $ | $ 9,383,000 | |||
Goodwill (Note 17) | 19,640,000 | |||
Less: cash and cash equivalents acquired | ¥ (1,433) | |||
YGF Investment | ||||
Disclosure of detailed information about business combination [line items] | ||||
Consideration transferred | 1,038,381,000 | |||
Cash considerations paid | 694,479,000 | |||
Add: carrying amount of the Group's previously held equity interest in YGF Investment at the date of acquisition | 343,902,000 | |||
Less: cash and cash equivalents acquired | (10,996,000) | |||
Net cash outflow | ¥ 683,483,000 |
Acquisition of subsidiaries - c
Acquisition of subsidiaries - cash consideration (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Oct. 27, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of subsidiaries [line items] | |||
Cash consideration | ¥ 683,483 | ¥ 8,824 | |
YGF Investment V Limited | |||
Disclosure of subsidiaries [line items] | |||
Consideration for 80% equity interest in YGF Investment | ¥ 1,375,600 | ||
Less: the amount of unpaid share capital of YGF MC Limited | (1,001,051) | ||
Net consideration for 80% equity (via payment to YGF MC Limited) | 374,549 | ||
Settlement of the amount due to fellow subsidiary of YGF MC Limited (via additional capital injection into YGF Investment by the Company) | 319,930 | ||
Cash consideration | ¥ 694,479 | ||
Proportion of ownership interest acquired | 80% |
Financial risk management and_3
Financial risk management and fair values - Credit risk (Details) - debtor | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of credit risk exposure [line items] | ||
Percentage of total trade receivables due from the Group's five largest debtors | 53% | 30% |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Trade receivables | Minimum | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate, basis period | 2 years | ||
Trade receivables | Maximum | |||
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 | ¥ 322,046,000 | ¥ 356,796,000 | |
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 | (31,365,000) | (41,795,000) | |
Trade receivables | Gross carrying amount, Additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | 53,752,000 | 18,032,000 | ¥ 18,032,000 |
Trade receivables | Additional loss allowance due to specific consideration on certain distributors | |||
Disclosure of provision matrix [line items] | |||
Financial assets | (53,752,000) | (18,032,000) | |
Trade receivables | Gross carrying amount | |||
Disclosure of provision matrix [line items] | |||
Financial assets | 375,798,000 | 374,828,000 | |
Trade receivables | Loss allowance | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ (85,117,000) | ¥ (59,827,000) | ¥ (43,183,000) |
Current (not past due) | Trade receivables | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 2% | 2% | |
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 | ¥ 186,151,000 | ¥ 236,210,000 | |
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 | ¥ (3,967,000) | ¥ (4,827,000) | |
Less than 90 days past due | Trade receivables | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 8% | 5% | |
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 | ¥ 96,508,000 | ¥ 38,141,000 | |
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 | ¥ (7,458,000) | ¥ (1,907,000) | |
91 - 270 days past due | Trade receivables | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 23% | 12% | |
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 | ¥ 10,554,000 | ¥ 27,838,000 | |
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 | ¥ (2,446,000) | ¥ (3,341,000) | |
271 - 450 days past due | Trade receivables | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 38% | 26% | |
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 | ¥ 18,224,000 | ¥ 25,055,000 | |
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 | ¥ (6,991,000) | ¥ (6,514,000) | |
451 - 810 days past due | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 75% | ||
451 - 810 days past due | Trade receivables | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 58% | ||
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 | ¥ 416,000 | ¥ 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 | ¥ (310,000) | ¥ (6,001,000) | |
More than 810 days past due | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 100% | ||
More than 810 days past due | Trade receivables | |||
Disclosure of provision matrix [line items] | |||
Expected loss rate (as a percent) | 100% | ||
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 | ¥ 10,193,000 | ¥ 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 | ¥ (10,193,000) | ¥ (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, 2022 | Jun. 30, 2021 | |
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 | ¥ (59,827,000) | ¥ (43,183,000) |
Credit loss recognized during the year | (28,924,000) | (19,870,000) |
Exchange adjustment | 3,634,000 | 3,226,000 |
Balance at the end of period | (85,117,000) | (59,827,000) |
Increase through increase in days past due days | 5,551,000 | 25,206,000 |
Decrease through decrease in days past due days | 14,703,000 | 15,287,000 |
Increase due to deterioration of financial status of certain overseas distributor | 35,720,000 | 5,704,000 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financial risk management and fair values | |||
Net Current assets | ¥ 4,283,891,000 | ¥ 5,716,232,000 | |
Net cash generated from operating activities | ¥ 1,406,262,000 | ¥ 916,320,000 | ¥ 826,484,000 |
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, 2022 | Jun. 30, 2021 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables, undiscounted cash flows | ¥ 3,072,991 | ¥ 2,809,182 |
Trade and other payables | 3,072,991 | 2,809,182 |
Loans and borrowings, undiscounted cash flows | 7,694 | 22,235 |
Loans and borrowings | 6,948 | 20,594 |
Lease liabilities, undiscounted cash flows | 706,323 | 892,014 |
Lease liabilities | 651,065 | 804,412 |
Total | 3,787,008 | 3,723,431 |
Total carrying amount | 3,731,004 | 3,634,188 |
Within 1 year or on demand | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables, undiscounted cash flows | 3,072,991 | 2,809,182 |
Loans and borrowings, undiscounted cash flows | 645 | 13,944 |
Loans and borrowings | 445 | 13,669 |
Lease liabilities, undiscounted cash flows | 263,332 | 342,211 |
Total | 3,336,968 | 3,165,337 |
More than 1 year but less than 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Loans and borrowings, undiscounted cash flows | 845 | 641 |
Loans and borrowings | 650 | 442 |
Lease liabilities, undiscounted cash flows | 188,172 | 217,229 |
Total | 189,017 | 217,870 |
More than 2 years but less than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Loans and borrowings, undiscounted cash flows | 6,204 | 1,880 |
Loans and borrowings | 5,853 | 1,297 |
Lease liabilities, undiscounted cash flows | 215,398 | 277,726 |
Total | 221,602 | 279,606 |
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 | 5,186 | |
Lease liabilities, undiscounted cash flows | 39,421 | 54,848 |
Total | ¥ 39,421 | ¥ 60,618 |
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, 2022 | Jun. 30, 2021 |
Fixed rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial liabilities | ¥ 795,332 | ¥ 180,894 |
Fixed rate | Loans and borrowings | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial liabilities | ¥ (6,948) | ¥ (20,594) |
Fixed rate | Loans and borrowings | Minimum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 0% | 0% |
Fixed rate | Loans and borrowings | Maximum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 9% | 9% |
Fixed rate | Term deposits | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial liabilities | ¥ 236,878 | |
Fixed rate | Term deposits | Minimum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 0.30% | |
Fixed rate | Term deposits | Maximum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 2.20% | |
Fixed rate | Cash at bank (Note 23) | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial liabilities | ¥ 565,402 | ¥ 201,488 |
Fixed rate | Cash at bank (Note 23) | Minimum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 1.30% | 2% |
Fixed rate | Cash at bank (Note 23) | Maximum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 2.50% | 2.20% |
Variable rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | ¥ 4,815,016 | ¥ 6,573,296 |
Variable rate | Cash at bank (Note 23) | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | ¥ 4,782,640 | ¥ 6,569,616 |
Variable rate | Cash at bank (Note 23) | Minimum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 0% | 0% |
Variable rate | Cash at bank (Note 23) | Maximum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 3.50% | 3% |
Variable rate | Restricted cash | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 0.30% | |
Financial assets | ¥ 32,376 | ¥ 3,680 |
Variable rate | Restricted cash | Minimum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 0.30% | |
Variable rate | Restricted cash | Maximum | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 1.90% |
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, 2022 | Jun. 30, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Percentage of reasonably possible increase in risk assumption | 1% | 1% |
Percentage of reasonably possible decrease in risk assumption | 1% | 1% |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ (37,397,000) | ¥ (55,880,000) |
Decrease in current year losses due to reasonably possible increase in designated risk component | 37,397,000 | 55,880,000 |
Increase in current year losses due to reasonably possible decrease in designated risk component | (37,397,000) | (55,880,000) |
Decrease in current year losses due to reasonably possible decrease in designated risk component | 37,397,000 | 55,880,000 |
Increase in accumulated losses due to reasonably possible increase in designated risk component | (37,397,000) | (55,880,000) |
Decrease in accumulated losses due to reasonably possible increase in designated risk component | 55,880,000 | 55,880,000 |
Increase in accumulated losses due to reasonably possible decrease in designated risk component | (37,397,000) | (55,880,000) |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ 37,397,000 | ¥ 55,880,000 |
Financial risk management an_10
Financial risk management and fair values - Exposure to currency risk (Details) - Currency risk - CNY (¥) ¥ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
United States Dollars | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | ¥ 477,710 | ¥ 391,613 |
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 | 54,944 | 20,423 |
United States Dollars | Cash and cash equivalents member | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 486,139 | 402,563 |
United States Dollars | Term deposits | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 336 | |
United States Dollars | Trade and other payables member | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | (63,576) | (24,760) |
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 | (133) | (6,613) |
Euros | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 3,628 | 15,401 |
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 | 5,021 | |
Euros | Cash and cash equivalents member | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 7,516 | 19,927 |
Euros | Trade and other payables member | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | (8,909) | (4,526) |
Hong Kong Dollars | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | (6,512) | (21,240) |
Hong Kong Dollars | Cash and cash equivalents member | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 2,852 | 2,728 |
Hong Kong Dollars | Trade and other payables member | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | (9,364) | (23,968) |
Renminbi | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 2,094 | 601,491 |
Renminbi | Cash and cash equivalents member | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 2,094 | 601,491 |
Other currencies | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | 2 | 3,107 |
Other currencies | 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 | |
Other currencies | Cash and cash equivalents member | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | ¥ 2 | 1,306 |
Other currencies | Trade and other payables member | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net exposure arising from recognized assets and liabilities | ¥ (17) |
Financial risk management an_11
Financial risk management and fair values - Currency risk - Sensitivity analysis (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Other currencies | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ 1,000 | |
Currency risk | United States Dollars | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase in foreign exchange rates | 1% | 1% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 4,744 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (4,744) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ 3,242 | |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ (3,242) | |
Currency risk | Euros | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase in foreign exchange rates | 1% | 1% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 28 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (28) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ (128) | |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ 128 | |
Currency risk | Hong Kong Dollars | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase in foreign exchange rates | 1% | 1% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 65 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (65) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ 177 | |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ (177) | |
Currency risk | Renminbi | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase in foreign exchange rates | 1% | 1% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 16 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (16) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ (6,015) | |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ 6,015 | |
Currency risk | Other currencies | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase in foreign exchange rates | 1% | 1% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ (27) | |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ 27 |
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, 2022 | Jun. 30, 2021 | |
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 | Other investments member | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 210,523 | 102,968 |
Recurring | Level 1 | Other investments member | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 1,874 | |
Recurring | Level 2 | Other investments member | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | ¥ 208,649 | ¥ 102,968 |
Commitments (Details)
Commitments (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Contracted purchase | ¥ 831,573 | ¥ 128,640 |
Authorized but not contracted for | 11,279 | |
Total | 842,852 | 128,640 |
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 | |
Construction projects | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Contracted purchase | 830,573 | |
Software | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Contracted purchase | ¥ 1,000 | ¥ 5,182 |
Contingencies (Details)
Contingencies (Details) $ in Thousands | 12 Months Ended | ||||
Nov. 26, 2020 CNY (¥) | Mar. 31, 2023 CNY (¥) | Jun. 30, 2022 CNY (¥) item | Mar. 31, 2022 CNY (¥) | Jun. 30, 2022 USD ($) item | |
Ruimin Industry (Shanghai) Co., Ltd | |||||
Disclosure of contingent liabilities [line items] | |||||
Number Of Legal Proceedings | 2 | 2 | |||
Number of suppliers relating to dispute | 2 | 2 | |||
Settlement made | ¥ 50,000,000 | ||||
Provision made | $ | $ 0 | ||||
Shenzhen Purcotton Technology Co., Ltd | |||||
Disclosure of contingent liabilities [line items] | |||||
Number of suppliers relating to dispute | item | 1 | 1 | |||
Settlement made | ¥ 30,000,000 | ||||
Provision made | ¥ 0 | ||||
Tax contingencies | |||||
Disclosure of contingent liabilities [line items] | |||||
Minimum total tax payment committed to local government | ¥ 965,000,000 | ||||
Tax contingencies | Forecast | |||||
Disclosure of contingent liabilities [line items] | |||||
Taxation commitment for year one | ¥ 175,000,000 | ¥ 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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Material related party transactions | |||
Short-term employee benefits | ¥ 13,018 | ¥ 8,795 | ¥ 5,431 |
Employee compensation expense (Note 8(i) and Note 32) | 4,771 | ||
Equity-settled share-based payment expenses (Note 32) | 39,727 | 79,021 | |
Total | ¥ 13,018 | ¥ 48,522 | ¥ 89,223 |
Material related party transa_4
Material related party transactions - Other transactions with related parties (Details) - CNY (¥) | 12 Months Ended | ||||
Oct. 27, 2021 | Jun. 30, 2022 | 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 | ||||
Cash advances to related parties | 5,205,000 | ||||
Proceeds from repayment from related parties | ¥ 14,713,000 | ||||
Lease Agreement Period | 3 years | ||||
Right-of-use assets | ¥ 2,342,589,000 | 689,887,000 | |||
Lease liabilities | 257,997,000 | 321,268,000 | |||
Mr. Ye Guofu | |||||
Disclosure of transactions between related parties [line items] | |||||
Proceeds from repayment from the controlling shareholder | 297,105,000 | ||||
Cash advances to related parties | 101,462,000 | ||||
Repayment to the controlling shareholder | 11,946,000 | ||||
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 | 1,000,000 | 1,000,000 | 1,000,000 | ||
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 | 112,000 | 581,000 | 648,000 | ||
Miniso Lifestyle Nigeria Limited | |||||
Disclosure of transactions between related parties [line items] | |||||
Sales of lifestyle products | 5,312,000 | 201,000 | |||
Advanced payments received for purchase of lifestyle products | 4,005,000 | ||||
OasVision International Limited | |||||
Disclosure of transactions between related parties [line items] | |||||
Sales of lifestyle products | 16,979,000 | 9,914,000 | |||
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] | |||||
Sales of lifestyle products | 11,000 | ||||
Purchase of lifestyle products | 53,000 | 894,000 | |||
Provision of information technology support and consulting services | 5,688,000 | 3,050,000 | |||
199 Global Holding (Guangzhou) Limited | |||||
Disclosure of transactions between related parties [line items] | |||||
Purchase of lifestyle products | 190,000 | 135,000 | |||
Guangzhou Chuyunju Catering Service Co., Ltd. | |||||
Disclosure of transactions between related parties [line items] | |||||
Purchase of catering services | 8,816,000 | 8,334,000 | 10,241,000 | ||
Guangzhou Chuyunju Catering Management Co. Ltd. | |||||
Disclosure of transactions between related parties [line items] | |||||
Purchase of catering services | 3,104,000 | ||||
Shanghai Kerong Networks Limited | |||||
Disclosure of transactions between related parties [line items] | |||||
Purchase of lifestyle products | 15,465,000 | 38,148,000 | 177,367,000 | ||
Shenzhen Zhizhi Brand Incubation Limited | |||||
Disclosure of transactions between related parties [line items] | |||||
Purchase of lifestyle products | 4,407,000 | 22,220,000 | 52,385,000 | ||
Wow Colour Beauty Guangdong Technology Limited | |||||
Disclosure of transactions between related parties [line items] | |||||
Purchase of lifestyle products | 1,029,000 | 19,000 | 13,339,000 | ||
Provision of information technology support and consulting services | 7,080,000 | 9,912,000 | |||
ACC Super Accessories Shenzhen Technology Limited | |||||
Disclosure of transactions between related parties [line items] | |||||
Purchase of lifestyle products | 48,000 | ||||
Provision of information technology support and consulting services | 2,651,000 | ||||
Henhaohe Tea Guangdong Limited | |||||
Disclosure of transactions between related parties [line items] | |||||
Provision of information technology support and consulting services | 8,410,000 | ||||
Miniso (Zhaoqing) Industrial Investment Co., Ltd. | |||||
Disclosure of transactions between related parties [line items] | |||||
Payment of lease liabilities | 4,147,000 | ||||
YGF MC LIMITED | Discontinued operations | |||||
Disclosure of transactions between related parties [line items] | |||||
Disposal of discontinued operations | 1,000,000 | 1,000,000 | 1,000,000 | ||
Minihome Hong Kong Limited | Discontinued operations | |||||
Disclosure of transactions between related parties [line items] | |||||
Disposal of discontinued operations | 1,000,000 | 1,000,000 | ¥ 1,000,000 | ||
Mingyou Industrial Investment (Guangzhou) Limited | |||||
Disclosure of transactions between related parties [line items] | |||||
Right-of-use assets | 35,438,000 | ||||
Mingyou | |||||
Disclosure of transactions between related parties [line items] | |||||
Provision of guarantee for a subsidiary of the equity-accounted investee | ¥ 160,000,000 | ¥ 160,000,000 | |||
Ownership interest in subsidiary | 80% |
Material related party transa_5
Material related party transactions - Balances with related parties (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of transactions between related parties [line items] | ||
Included in trade and other receivables from related parties | ¥ 5,105 | ¥ 1,791 |
Included in trade and other payables to related parties | 13,710 | 7,490 |
Included in prepayment to related parties | 69 | |
Included in lease liabilities due to related parties | 31,426 | |
Haydon (Shanghai) Technology Co., Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other receivables from related parties | 2,150 | |
Included in trade and other payables to related parties | 53 | 1,010 |
Wow Colour Beauty Guangdong Technology Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other receivables from related parties | 2,189 | |
Included in trade and other payables to related parties | 70 | |
ACC Super Accessories Shenzhen Technology Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other receivables from related parties | 527 | 996 |
Included in trade and other payables to related parties | 145 | |
Henhaohe Tea Guangdong Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other receivables from related parties | 239 | 795 |
Shanghai Kerong Networks Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other payables to related parties | 1,241 | 1,438 |
Shenzhen Zhizhi Brand Incubation Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other payables to related parties | 1,135 | |
Nome Design Guangzhou Limited | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other payables to related parties | 126 | |
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 | 8,971 | ¥ 3,813 |
Guangzhou Chuyunju Catering Management Co. Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Included in trade and other payables to related parties | 3,104 | |
MINISO Corporation (the "predecessor entity") | ||
Disclosure of transactions between related parties [line items] | ||
Included in prepayment to related parties | 69 | |
Miniso (Zhaoqing) Industrial Investment Co., Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Included in lease liabilities due to related parties | ¥ 31,426 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Condensed statement of profit or loss | ||||
Other income. | ¥ 25,931 | ¥ 52,140 | ¥ 37,208 | |
General and administrative expenses | (816,225) | (810,829) | (796,435) | |
Other net income | 87,308 | (40,407) | 45,997 | |
Operating profit | 882,027 | 401,035 | 766,581 | |
Finance income | 66,344 | 40,433 | 25,608 | |
Finance costs | (33,396) | (28,362) | (31,338) | |
Net finance income | 32,948 | 12,071 | (5,730) | |
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) | ||
Share of profit of equity-accounted investee, net of tax | (8,162) | (4,011) | ||
Profit/(loss) before taxation | 906,813 | (1,216,192) | 80,818 | |
Income tax expense | 267,070 | 213,255 | 210,949 | |
(Loss)/profit for the year | 639,743 | (1,429,447) | ¥ (260,176) | |
Parent company | ||||
Condensed statement of profit or loss | ||||
Other income. | ¥ 0 | 6,038 | 4,274 | |
General and administrative expenses | (37) | (19,038) | (9,734) | |
Other net income | 1,091 | 6,607 | 52,056 | |
Operating profit | 1,054 | (6,393) | 46,596 | |
Finance income | 0 | 2,930 | 1,030 | |
Finance costs | 0 | 0 | (2) | |
Net finance income | 0 | 2,930 | 1,028 | |
Fair value changes of Paid-in capital subject to redemption and other preferential rights/redeemable shares with other preferential rights | 151,733 | 0 | (1,625,287) | |
Share of profit of equity-accounted investee, net of tax | 0 | (8,162) | (4,011) | |
Profit/(loss) before taxation | 152,787 | (11,625) | (1,581,674) | |
Income tax expense | 0 | 0 | ||
(Loss)/profit for the year | ¥ 152,787 | ¥ (11,625) | ¥ (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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Condensed statement of profit or loss and other comprehensive income | ||||
Profit/(loss) for the period/year | ¥ 639,743 | ¥ (1,429,447) | ¥ (260,176) | |
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translation of financial statements of foreign operations | 40,494 | (16,548) | 6,361 | |
Other comprehensive income/(loss) for the year | 40,494 | (16,548) | 6,361 | |
Total comprehensive (loss)/income for the year | 680,237 | (1,445,995) | ¥ (253,815) | |
Parent company | ||||
Condensed statement of profit or loss and other comprehensive income | ||||
Profit/(loss) for the period/year | ¥ 152,787 | (11,625) | (1,581,674) | |
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translation of financial statements of foreign operations | 13,606 | 174,149 | (191,443) | |
Other comprehensive income/(loss) for the year | 13,606 | 174,149 | (191,443) | |
Total comprehensive (loss)/income for the year | ¥ 166,393 | ¥ 162,524 | ¥ (1,773,117) |
Company level financial infor_5
Company level financial information - Condensed statement of financial position (Details) - CNY (¥) | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jan. 06, 2020 |
Non-current assets | ||||
Interest in an equity-accounted investee | ¥ 352,062,000 | |||
Investments in subsidiaries | ||||
Non-current assets | ¥ 3,209,226,000 | 1,505,943,000 | ||
Current assets | ||||
Other investments | 210,523,000 | 102,968,000 | ||
Other receivables | 57,220,000 | 58,278,000 | ||
Cash and cash equivalents | 5,348,492,000 | 6,771,653,000 | ||
Term deposits | 236,878,000 | |||
Total current assets | 8,072,562,000 | 9,199,087,000 | ||
Total assets | 11,281,788,000 | 10,705,030,000 | ||
EQUITY. | ||||
Share capital | 92,000 | 92,000 | ||
Additional paid-in capital | 7,982,824,000 | 8,289,160,000 | ||
Other reserves | 993,307,000 | 928,005,000 | ||
Accumulated losses | (1,944,581,000) | (2,558,291,000) | ||
Equity attributable to equity shareholders of the Company | 7,031,642,000 | 6,658,966,000 | ||
Non-current liabilities | ||||
Deferred income | 14,488,000 | 20,005,000 | ||
Total non-current liabilities | 465,717,000 | 570,021,000 | ||
Current liabilities | ||||
Other payables | 3,072,991,000 | 2,809,182,000 | ||
Deferred income | 6,295,000 | 6,060,000 | ||
Total current liabilities | 3,788,671,000 | 3,482,855,000 | ||
Total liabilities | 4,254,388,000 | 4,052,876,000 | ||
Total equity and liabilities | 11,281,788,000 | 10,705,030,000 | ||
Parent company | ||||
Non-current assets | ||||
Interest in an equity-accounted investee | 352,062,000 | |||
Investments in subsidiaries | ||||
-Cost-accounted investments in subsidiaries | 2,112,276,000 | |||
-Amounts due from subsidiaries | 1,968,572,000 | 3,887,724,000 | ||
Non-current assets | 4,080,848,000 | 4,239,786,000 | ||
Current assets | ||||
Other investments | 1,874,000 | |||
Other receivables | 65,907,000 | 3,031,000 | ||
Cash and cash equivalents | 646,921,000 | 925,638,000 | ¥ 153,889,000 | ¥ 0 |
Term deposits | 201,342,000 | |||
Total current assets | 916,044,000 | 928,669,000 | ||
Total assets | 4,996,892,000 | 5,168,455,000 | ||
EQUITY. | ||||
Share capital | 92,000 | 92,000 | ||
Additional paid-in capital | 7,982,824,000 | 8,289,160,000 | ||
Other reserves | (1,627,210,000) | (1,721,689,000) | ||
Accumulated losses | (1,440,512,000) | (1,428,887,000) | ||
Equity attributable to equity shareholders of the Company | 4,915,194,000 | 5,138,676,000 | ||
Non-current liabilities | ||||
Deferred income | 14,488,000 | 20,005,000 | ||
Total non-current liabilities | 14,488,000 | 20,005,000 | ||
Current liabilities | ||||
Other payables | 60,915,000 | 3,714,000 | ||
Deferred income | 6,295,000 | 6,060,000 | ||
Total current liabilities | 67,210,000 | 9,774,000 | ||
Total liabilities | 81,698,000 | 29,779,000 | ||
Total equity and liabilities | 4,996,892,000 | ¥ 5,168,455,000 | ||
Parent company | Maximum | ||||
Investments in subsidiaries | ||||
-Cost-accounted investments in subsidiaries | ¥ 1,000,000 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Condensed statement of cash flow | ||||
Net cash (used in)/from operating activities | ¥ 1,406,262,000 | ¥ 916,320,000 | ¥ 826,484,000 | |
Net cash (used in)/from investing activities | (2,125,918,000) | (518,797,000) | 462,815,000 | |
Net cash from/(used in) financing activities | (733,559,000) | 3,536,184,000 | (117,706,000) | |
Net increase/(decrease) in cash and cash equivalents | (1,453,215,000) | 3,933,707,000 | 1,171,593,000 | |
Cash and cash equivalents at beginning of the period/year | 6,771,653,000 | |||
Effect of movements in exchange rates on cash held | 30,054,000 | (16,034,000) | (3,831,000) | |
Cash and cash equivalents at the end of the period/year | 5,348,492,000 | 6,771,653,000 | ||
Parent company | ||||
Condensed statement of cash flow | ||||
Net cash (used in)/from operating activities | ¥ (36,000) | (16,177,000) | 28,366,000 | |
Net cash (used in)/from investing activities | (972,092,000) | 120,173,000 | (3,432,692,000) | |
Net cash from/(used in) financing activities | 1,127,145,000 | (395,322,000) | 4,181,655,000 | |
Net increase/(decrease) in cash and cash equivalents | 155,017,000 | (291,326,000) | 777,329,000 | |
Cash and cash equivalents at beginning of the period/year | 0 | 925,638,000 | 153,889,000 | |
Effect of movements in exchange rates on cash held | (1,128,000) | 12,609,000 | (5,580,000) | |
Cash and cash equivalents at the end of the period/year | ¥ 153,889,000 | ¥ 646,921,000 | ¥ 925,638,000 | ¥ 153,889,000 |
Subsequent events (Details)
Subsequent events (Details) $ / shares in Units, $ / shares in Units, ¥ in Thousands | 4 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Oct. 19, 2022 USD ($) $ / shares shares | Oct. 19, 2022 HKD ($) | Jul. 13, 2022 HKD ($) | Oct. 19, 2022 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 CNY (¥) shares | Jun. 30, 2022 CNY (¥) shares | Oct. 20, 2022 $ / shares | Oct. 19, 2022 $ / shares shares | Sep. 30, 2022 shares | Sep. 29, 2022 USD ($) | Jul. 13, 2022 $ / shares shares | Jul. 11, 2022 $ / shares | Jan. 31, 2020 $ / shares shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | |||||||||||||
Number of ordinary shares issued | 1,225,566,355 | 1,225,566,355 | 1,225,566,355 | 976,634,771 | ||||||||||
Number of shares repurchased | 6,111,276 | 6,111,276 | 6,111,276 | 111,043,373 | ||||||||||
Purchase of treasury shares | $ 12,763,000 | ¥ 82,160 | ¥ 82,160 | |||||||||||
Ordinary share transactions | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | |||||||||||||
Price per share | $ | $ 13.80 | |||||||||||||
Share repurchase program | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of shares repurchased | 76,360 | 76,360 | 76,360 | 6,187,636 | ||||||||||
Average price | $ / shares | $ 1.69 | |||||||||||||
Purchase of treasury shares | $ | $ 129,000 | |||||||||||||
Share repurchase program | 2022 share repurchase program | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Maximum repurchase amount | $ | $ 100,000,000 | |||||||||||||
Number of shares repurchased | 821,620 | 821,620 | 821,620 | |||||||||||
Average price | (per share) | $ 1.27 | $ 1.27 | $ 10.22 | |||||||||||
Purchase of treasury shares | $ 833,000 | $ 1,696,000 | ||||||||||||
Dual primary listing | Ordinary share transactions | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of ordinary shares issued | 41,100,000 | |||||||||||||
Over-allotment option | Ordinary share transactions | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of ordinary shares issued | 486,200 | |||||||||||||
American depositary shares | Share repurchase program | 2022 share repurchase program | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of shares repurchased | 655,620 | 655,620 | 655,620 | |||||||||||
Ordinary shares | Share repurchase program | 2022 share repurchase program | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of shares repurchased | 166,000 | 166,000 | 166,000 | |||||||||||
Class A ordinary shares | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | |||||||||||||
Class B Ordinary shares | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 |