Document and Entity Information
Document and Entity Information | 6 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | true |
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 | Yes |
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 | false |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001815846 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Transition Report | true |
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 | 362,527 |
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 | 1,263,689,685 |
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 | 1,450,108 |
Entity Common Stock Shares Outstanding Shares Repurchased | 708,400 |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Jingjing Zhang |
Country Region | 86 |
City Area Code | 20 |
Local Phone Number | 3622 8788 |
Contact Personnel Email Address | ir@miniso.com |
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 |
Consolidated statements of prof
Consolidated statements of profit or loss - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Consolidated statements of profit or loss | ||||
Revenue | ¥ 7,632,467 | ¥ 11,473,208 | ¥ 10,085,649 | ¥ 9,071,659 |
Cost of sales | (4,391,428) | (7,030,156) | (7,015,888) | (6,640,973) |
Gross profit | 3,241,039 | 4,443,052 | 3,069,761 | 2,430,686 |
Other income | 18,993 | 17,935 | 25,931 | 52,140 |
Selling and distribution expenses | (1,363,114) | (1,716,093) | (1,442,339) | (1,206,782) |
General and administrative expenses | (357,689) | (633,613) | (816,225) | (810,829) |
Other net (loss)/income | 21,105 | 114,106 | 87,308 | (40,407) |
(Credit loss)/reversal of credit loss on trade and other receivables | (2,080) | 1,072 | (28,924) | (20,832) |
Impairment loss on non-current assets | (4,547) | (3,448) | (13,485) | (2,941) |
Operating profit | 1,553,707 | 2,223,011 | 882,027 | 401,035 |
Finance income | 123,969 | 145,225 | 66,344 | 40,433 |
Finance costs | (25,202) | (34,622) | (33,396) | (28,362) |
Net finance income | 98,767 | 110,603 | 32,948 | 12,071 |
Fair value changes of redeemable shares with other preferential rights | (1,625,287) | |||
Share of (loss)/profit of equity-accounted investees, net of tax | 268 | (8,162) | (4,011) | |
(Loss)/profit before taxation | 1,652,742 | 2,333,614 | 906,813 | (1,216,192) |
Income tax expense | (396,665) | (551,785) | (267,070) | (213,255) |
(Loss)/profit for the year/period | 1,256,077 | 1,781,829 | 639,743 | (1,429,447) |
Attributable to: | ||||
Equity shareholders of the Company | 1,248,405 | 1,768,926 | 638,170 | (1,415,010) |
Non-controlling interests | 7,672 | 12,903 | 1,573 | (14,437) |
(Loss)/profit for the year/period | ¥ 1,256,077 | ¥ 1,781,829 | ¥ 639,743 | ¥ (1,429,447) |
(Loss)/earnings per share | ||||
Basic (loss)/earnings per share (RMB) | ¥ 1 | ¥ 1.42 | ¥ 0.53 | ¥ (1.18) |
Diluted (loss)/earnings per share (RMB) | ¥ 1 | ¥ 1.41 | ¥ 0.52 | ¥ (1.18) |
Consolidated statements of pr_2
Consolidated statements of profit or loss and other comprehensive income - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Consolidated statements of profit or loss and other comprehensive income | ||||
(Loss)/profit for the year/period | ¥ 1,256,077 | ¥ 1,781,829 | ¥ 639,743 | ¥ (1,429,447) |
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translation of financial statements of foreign operations | (32,504) | 41,198 | 40,494 | (16,548) |
Other comprehensive (loss)/income for the year/period | (32,504) | 41,198 | 40,494 | (16,548) |
Total comprehensive (loss)/income for the year/period | 1,223,573 | 1,823,027 | 680,237 | (1,445,995) |
Attributable to: | ||||
Equity shareholders of the Company | 1,217,804 | 1,803,797 | 677,667 | (1,429,621) |
Non-controlling interests | 5,769 | 19,230 | 2,570 | (16,374) |
Total comprehensive (loss)/income for the year/period | ¥ 1,223,573 | ¥ 1,823,027 | ¥ 680,237 | ¥ (1,445,995) |
Consolidated statements of fina
Consolidated statements of financial position - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Non-current assets | |||
Property, plant and equipment | ¥ 769,306 | ¥ 534,634 | ¥ 419,894 |
Right-of-use assets | 2,900,860 | 2,552,600 | 2,342,589 |
Intangible assets | 19,554 | 25,277 | 43,066 |
Goodwill | 21,643 | 21,069 | 19,388 |
Deferred tax assets | 104,130 | 161,617 | 154,333 |
Other investments | 90,603 | 73,870 | |
Trade and other receivables | 135,796 | 74,641 | 28,274 |
Prepayments | 201,682 | ||
Term deposits | 100,000 | 100,000 | |
Interests in equity-accounted investees | 15,783 | ||
Total non-current assets | 4,157,675 | 3,543,708 | 3,209,226 |
Current assets | |||
Other investments | 252,866 | 205,329 | 210,523 |
Inventories | 1,922,241 | 1,450,519 | 1,188,095 |
Trade and other receivables | 1,518,357 | 1,150,156 | 1,056,198 |
Cash and cash equivalents | 6,415,441 | 6,489,213 | 5,348,492 |
Restricted cash | 7,970 | 27,073 | 32,376 |
Term deposits | 210,759 | 581,715 | 236,878 |
Total current assets | 10,327,634 | 9,904,005 | 8,072,562 |
Total assets | 14,485,309 | 13,447,713 | 11,281,788 |
EQUITY | |||
Share capital | 95 | 95 | 92 |
Additional paid-in capital | 6,331,375 | 7,254,871 | 7,982,824 |
Other reserves | 1,114,568 | 1,106,718 | 993,307 |
(Accumulated losses)/retained earnings | 1,722,157 | 539,331 | (1,944,581) |
Equity attributable to equity shareholders of the Company | 9,168,195 | 8,901,015 | 7,031,642 |
Non-controlling interests | 23,022 | 17,253 | (4,242) |
Total equity | 9,191,217 | 8,918,268 | 7,027,400 |
Non-current liabilities | |||
Contract liabilities | 40,954 | 46,754 | 51,658 |
Loans and borrowings | 6,533 | 7,215 | 6,503 |
Other payables | 12,411 | ||
Lease liabilities | 797,986 | 556,801 | 393,068 |
Deferred income | 29,229 | 33,080 | 14,488 |
Total non-current liabilities | 887,113 | 643,850 | 465,717 |
Current liabilities | |||
Loans and borrowings | 726 | 445 | |
Trade and other payables | 3,389,826 | 3,019,302 | 3,072,991 |
Contract liabilities | 324,028 | 292,887 | 361,522 |
Lease liabilities | 447,319 | 328,933 | 257,997 |
Deferred income | 6,644 | 6,778 | 6,295 |
Current taxation | 238,436 | 237,695 | 89,421 |
Total current liabilities | 4,406,979 | 3,885,595 | 3,788,671 |
Total liabilities | 5,294,092 | 4,529,445 | 4,254,388 |
Total equity and liabilities | ¥ 14,485,309 | ¥ 13,447,713 | ¥ 11,281,788 |
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)/retained earnings | Total | Non-controlling interests | Total |
Balance at the beginning 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/period ended | |||||||||||
(Loss)/profit for the year/period | (1,415,010) | (1,415,010) | (14,437) | (1,429,447) | |||||||
Other comprehensive (loss)/income for the year/period | (14,611) | (14,611) | (1,937) | (16,548) | |||||||
Total comprehensive (loss)/income for the year/period | (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/Hong Kong 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 incentive plan | 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/period ended | |||||||||||
(Loss)/profit for the year/period | 638,170 | 638,170 | 1,573 | 639,743 | |||||||
Other comprehensive (loss)/income for the year/period | 39,497 | 39,497 | 997 | 40,494 | |||||||
Total comprehensive (loss)/income for the year/period | 39,497 | 638,170 | 677,667 | 2,570 | 680,237 | ||||||
Dividend declared | (306,255) | (306,255) | (306,255) | ||||||||
Exercise of options | 589 | 589 | 589 | ||||||||
Release of ordinary shares from share incentive plan | (670) | 670 | |||||||||
Repurchase of shares | (82,160) | (82,160) | (82,160) | ||||||||
Equity settled share-based transactions | 82,835 | 82,835 | 82,835 | ||||||||
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 |
Changes in equity for the year/period ended | |||||||||||
(Loss)/profit for the year/period | 1,768,926 | 1,768,926 | 12,903 | 1,781,829 | |||||||
Other comprehensive (loss)/income for the year/period | 34,871 | 34,871 | 6,327 | 41,198 | |||||||
Total comprehensive (loss)/income for the year/period | 34,871 | 1,768,926 | 1,803,797 | 19,230 | 1,823,027 | ||||||
Issuance of ordinary shares relating to initial/Hong Kong public offering and exercise of the over-allotment option, net of underwriting commissions and other issuance costs | 3 | 408,018 | 408,021 | 408,021 | |||||||
Dividend declared | (370,787) | (370,787) | (370,787) | ||||||||
Offset of accumulated losses | (730,898) | 730,898 | |||||||||
Exercise of options and subscription of restricted share units | 380 | 380 | 380 | ||||||||
Release of ordinary shares from share incentive plan | (616) | 616 | |||||||||
Repurchase of shares | (32,711) | (32,711) | (32,711) | ||||||||
Cancellation of shares | (31,841) | 31,841 | |||||||||
Equity settled share-based transactions | 62,882 | 62,882 | 62,882 | ||||||||
Appropriation to statutory reserve | 15,912 | (15,912) | |||||||||
Acquisition of non-controlling interests | (2,209) | (2,209) | 2,166 | (43) | |||||||
Acquisition of a subsidiary with non-controlling interests | 99 | 99 | |||||||||
Balance at the end at Jun. 30, 2023 | 95 | 7,254,871 | 117,912 | (84,050) | 913,474 | 54,362 | 105,020 | 539,331 | 8,901,015 | 17,253 | 8,918,268 |
Changes in equity for the year/period ended | |||||||||||
(Loss)/profit for the year/period | 1,248,405 | 1,248,405 | 7,672 | 1,256,077 | |||||||
Other comprehensive (loss)/income for the year/period | (30,601) | (30,601) | (1,903) | (32,504) | |||||||
Total comprehensive (loss)/income for the year/period | (30,601) | 1,248,405 | 1,217,804 | 5,769 | 1,223,573 | ||||||
Dividend declared | (923,664) | (923,664) | (923,664) | ||||||||
Exercise of options and subscription of restricted share units | 168 | 168 | 168 | ||||||||
Repurchase of shares | (73,560) | (73,560) | (73,560) | ||||||||
Equity settled share-based transactions | 46,432 | 46,432 | 46,432 | ||||||||
Appropriation to statutory reserve | 65,579 | (65,579) | |||||||||
Balance at the end at Dec. 31, 2023 | ¥ 95 | ¥ 6,331,375 | ¥ 117,912 | ¥ (157,610) | ¥ 959,906 | ¥ 23,761 | ¥ 170,599 | ¥ 1,722,157 | ¥ 9,168,195 | ¥ 23,022 | ¥ 9,191,217 |
Consolidated statements of cash
Consolidated statements of cash flows - CNY (¥) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||||
Cash generated from operations | ¥ 1,448,307,000 | ¥ 2,084,952,000 | ¥ 1,636,392,000 | ¥ 1,111,031,000 |
Income tax paid | (350,766,000) | (418,922,000) | (230,130,000) | (194,711,000) |
Net cash from operating activities | 1,097,541,000 | 1,666,030,000 | 1,406,262,000 | 916,320,000 |
Cash flows from investing activities | ||||
Payment for purchases of property, plant, equipment and intangible assets | (264,766,000) | (174,147,000) | (290,108,000) | (180,279,000) |
Payment for acquisition of land use right | (944,099,000) | |||
Proceeds from disposal of property, plant and equipment and intangible assets | 427,000 | 5,224,000 | 351,000 | 4,323,000 |
Refund of prepayments | 200,000,000 | |||
Payments for purchases of other investments | (2,553,982,000) | (7,880,763,000) | (12,627,323,000) | (28,887,790,000) |
Proceeds from disposal of other investments | 2,503,982,000 | 7,808,395,000 | 12,525,477,000 | 28,787,790,000 |
Placement of term deposits | (210,405,000) | (761,371,000) | (236,878,000) | |
Release of term deposits | 581,371,000 | 316,542,000 | ||
Interest income | 122,231,000 | 145,225,000 | 66,344,000 | 40,433,000 |
Investment income from other investments | 14,281,000 | 42,921,000 | 63,801,000 | 66,837,000 |
Proceeds from repayment from related parties | 14,713,000 | |||
Payments for investments in equity-accounted investees | (16,066,000) | (356,000,000) | ||
Acquisition of subsidiaries, net of cash acquired | 4,568,000 | (683,483,000) | (8,824,000) | |
Net cash (used in)/from investing activities | 177,073,000 | (293,406,000) | (2,125,918,000) | (518,797,000) |
Cash flows from financing activities | ||||
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 Hong Kong public offering and exercise of the over-allotment option, net of underwriting commissions and other issuance costs | 469,683,000 | |||
Proceeds from capital injection from shareholders, subscription of restricted shares, restricted share units and exercise of options | 168,000 | 382,000 | 589,000 | 2,795,000 |
Proceeds from loans and borrowings | 313,000 | |||
Repayment of loans and borrowings | (206,000) | (5,295,000) | (416,588,000) | |
Repayment to the controlling shareholder | (11,946,000) | |||
Payment of capital element and interest element of lease liabilities | (236,519,000) | (346,008,000) | (317,017,000) | (215,762,000) |
Payments of repurchase of shares | (73,560,000) | (32,711,000) | (82,160,000) | |
Prepayments for repurchase of shares | (87,324,000) | (3,693,000) | (3,375,000) | |
Interest paid | (1,000,000) | (1,488,000) | ||
Dividends paid | (923,664,000) | (370,787,000) | (306,255,000) | |
Payments of listing expenses relating to Hong Kong public offering | (42,616,000) | (19,046,000) | ||
Net cash from/(used in) financing activities | (1,320,899,000) | (325,956,000) | (733,559,000) | 3,536,184,000 |
Net increase/(decrease) in cash and cash equivalents | (46,285,000) | 1,046,668,000 | (1,453,215,000) | 3,933,707,000 |
Cash and cash equivalents at the beginning of the year/period | 6,489,213,000 | 5,348,492,000 | 6,771,653,000 | 2,853,980,000 |
Effect of movements in exchange rates on cash held | (27,487,000) | 94,053,000 | 30,054,000 | (16,034,000) |
Cash and cash equivalents at the end of the year/period | ¥ 6,415,441,000 | ¥ 6,489,213,000 | ¥ 5,348,492,000 | ¥ 6,771,653,000 |
General information and list of
General information and list of principal subsidiaries | 6 Months Ended |
Dec. 31, 2023 | |
General information and list of principal subsidiaries | |
General information and list of principal subsidiaries | 1 General information and list of principal subsidiaries 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 ordinary shares have also been listed on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) since July 13, 2022. The accompanying consolidated financial statements comprise the Company and its subsidiaries (together, the “Group”). The Group is 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 List of principal subsidiaries Set out below is a list of the Company’s principal subsidiaries as at December 31, 2023: 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 USD50,000/- 100% Investment holding MINISO Global Holding Limited BVI USD50,000/- 100% Investment holding MINISO Development Hong Kong Limited Hong Kong HKD10,000/- 100% Investment holding and wholesale of lifestyle products MINISO Investment Hong Kong Limited Hong Kong HKD80,100,000/ 100% Investment holding MINISO Hong Kong Limited Hong Kong HKD350,000,000/ 100% Wholesale of lifestyle products MINISO (Guangzhou) Co., Ltd. PRC RMB146,862,372/ 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/ 100% Wholesale of lifestyle products MINISO Youxuan Technology (Guangzhou) Co., Ltd. PRC RMB10,000,000/ 100% Online sales of lifestyle products Pt. MINISO Lifestyle Trading Indonesia Indonesia IDR53,289,350,000/ 67% Wholesale and retail of lifestyle products MINISO Life Style Private Limited India INR669,540,570/ 100% Wholesale and retail of lifestyle products USA MINISO Depot Inc. United States USD67,041,441/ 100% Wholesale and retail of lifestyle products MIHK Management Inc. Canada CAD100/CAD100 100% Wholesale and retail of lifestyle products MINISO LIFESTYLE SINGAPORE PRIVATE LIMITED Singapore SGD3,000/ 100% Wholesale and retail of lifestyle products MINISO VIETNAM LIMITED LIABILITY COMPANY Vietnam VND20,000,000,000/ 90% 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/ 100% Development of headquarters building |
Material accounting policies
Material accounting policies | 6 Months Ended |
Dec. 31, 2023 | |
Material accounting policies | |
Material accounting policies | 2 Material accounting policies (a) Statement of compliance The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”), and were authorized for issue by the Company’s board of directors on April 16, 2024. Material accounting policies adopted by the Group are disclosed below. The Group has consistently applied these accounting policies to all periods presented in these consolidated financial statements, unless otherwise stated . The IASB has issued certain amendments to IFRSs that are first effective or available for early adoption for the current accounting period of the Group. Note 2(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current accounting period reflected in these financial statements. (b) Basis of preparation The Company has changed its financial year end date from June 30 to December 31. The accompanying consolidated financial statements of the Group are for the six months ended December 31, 2023. The comparable amounts presented in these consolidated financial statements for the years ended June 30, 2021, 2022 and 2023 are therefore not comparable . The measurement basis used in the preparation of the financial statements is the historical cost basis except that other investments and redeemable shares with other preferential rights are stated at their fair value as explained in Note 2(m) and Note 2(p). (c) Changes in accounting policies The Group has applied the following new and amended IFRSs issued by the IASB to the financial statements for the six months ended December 31, 2023 : ● Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies ● Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction ● IFRS 17, Insurance Contracts and Amendment to IFRS 17, Insurance Contracts ● Amendments to IAS 8, Definition of Accounting Estimates The Group has not applied any new standard or interpretation that is not yet effective for the six months ended December 31, 2023 as set out in Note 34. Impacts of the adoption of the new and amended IFRSs are discussed below: Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies The amendments require entities to disclose material accounting policy information and provide guidance on applying the concept of materiality to accounting policy disclosure. The Group has considered the accounting policy information it has been disclosing and determined that it is consistent with the requirements of the amendments. Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendments narrow the scope of the initial recognition exemption such that it does not apply to transactions that give rise to equal and offsetting temporary differences on initial recognition such as leases and decommissioning liabilities. For leases and decommissioning liabilities, the associated deferred tax assets and liabilities are required to be recognized from the beginning of the earliest comparative period presented, with any cumulative effect recognized as an adjustment to retained earnings or other components of equity at that date. For all other transactions, the amendments are applied to those transactions that occur after the beginning of the earliest period presented. Prior to the amendments, the Group did not apply the initial recognition exemption to lease transactions and had recognized the related deferred tax, except that the Group previously determined the temporary difference arising from a right-of-use asset and the related lease liability on a net basis on the basis they arise from a single transaction. Following the amendments, the Group has determined the temporary differences in relation to right-of-use assets and lease liabilities separately. The change primarily impacts disclosures of components of deferred tax assets and liabilities in Note 10(c), but does not impact the overall deferred tax balances presented in the consolidated statement of financial position as the related deferred tax balances qualify for offsetting under IAS 12. Other than the Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies Deferred Tax related to Assets and Liabilities arising from a Single Transaction (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 period 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)). (ii) Interests in equity-accounted investees The Group’s interests in equity-accounted investees comprises interests in associates. 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 interest in an associate is accounted for using the equity method.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 reporting period 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)). Unrealized gains arising from transactions with equity - accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent there is no evidence of impairment. (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 reporting period, any attributable amount of purchased goodwill is included in the calculation of the profit or loss on disposal. (iv) Business combinations Except for business combinations under common control , 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. (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, term deposits, trade and other receivables). Other financial assets measured at fair value through profit or loss, including other investments, are not subject to the ECL assessment. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material: ● fixed-rate financial assets and trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. ECLs are measured on either of the following bases: ● 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and ● lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies. Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs. ECLs on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date. For all other financial instruments, the Group recognizes a loss allowance equal to 12-month ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs. Significant increases in credit risk In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when (i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or (ii) the financial asset is 30 days past due. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition: ● failure to make payments of principal or interest on their contractually due dates; ● an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available); ● an actual or expected significant deterioration in the operating results of the debtor; and ● existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group. Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings. ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss. The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. Basis of calculation of interest income Interest income recognized in accordance with Note 2(u)(iv) is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortized cost (i.e. the gross carrying amount less loss allowance) of the financial asset. At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable events: ● significant financial difficulties of the debtor; ● a breach of contract, such as a default or past due event; ● it is becoming probable that the borrower will enter into bankruptcy or other financial reorganization; ● significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or ● the disappearance of an active market for a security because of financial difficulties of the issuer. Write-off policy The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs. (ii) Impairment of other 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; ● interests in equity-accounted investees; and ● investments in subsidiaries in the Company’s statement of financial position. If any such indication exists, an impairment assessment is performed, where the asset’s recoverable amount is estimated. Assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash - generating units (“CGU”s) (e.g. the Group’s individual self - operated stores). ● 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 CGU. ● 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 (FVTPL). 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. (p) Redeemable shares with 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. 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 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 us |
Accounting judgements and estim
Accounting judgements and estimates | 6 Months Ended |
Dec. 31, 2023 | |
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 29 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 , anticipated markdown and low demand 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 related to self-operated stores In considering the impairment losses that may be required for certain property, plant and equipment and right-of-use assets related to self-operated stores, recoverable amount of these assets needs to be determined, being the higher of fair value less costs of disposal and value in use. 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 forecasted sales. 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 forecasted sales. It is difficult to precisely estimate fair value less costs of disposal because market rentals used to estimate the self-operated stores’ fair value less costs of disposal may not be readily available. The Group evaluates market rentals with the assistance of valuation professionals. (c) 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. (d) 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 assumptions and models used for estimating the fair value of share-based payment transactions are disclosed in Note 27. (e) Fair value measurement of redeemable shares with other preferential rights The 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 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 25. 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. (f) 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 | 6 Months Ended |
Dec. 31, 2023 | |
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 two reportable segments of MINISO brand and TOP TOY brand during the years ended June 30, 2021, 2022 and 2023 and the six months ended December 31, 2023. Other operating segments 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, 2021, 2022 and 2023 and the six months ended December 31, 2023. The segment information is as follows: Reportable segments Operations MINISO brand Design, buying and sale of lifestyle products TOP TOY brand Design, buying and sale of pop toys (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, 2021 Reportable segments MINISO Total reportable Other brand TOP TOY brand segments segment Total 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 Additions to non-current assets during the year* 374,825 128,585 503,410 7,385 510,795 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 Reportable segments Total reportable Other MINISO brand TOP TOY brand segments segment Total 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 Additions to non-current assets during the year* 319,809 141,101 460,910 8,510 469,420 Segment liabilities 3,552,457 620,953 4,173,410 62,341 4,235,751 As at and for the year ended June 30, 2023 Reportable segments Total TOP TOY reportable Other MINISO brand brand segments segment Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 External revenues 10,861,222 533,367 11,394,589 78,619 11,473,208 Inter-segment revenue 71 7,946 8,017 367,032 375,049 Segment revenue 10,861,293 541,313 11,402,606 445,651 11,848,257 Segment profit/(loss) before taxation 2,354,357 (20,412) 2,333,945 17,814 2,351,759 Finance income 139,577 1,201 140,778 2,969 143,747 Finance costs (29,751) (4,863) (34,614) (8) (34,622) Depreciation and amortization (302,070) (64,405) (366,475) (4,339) (370,814) Other material non-cash items: - reversal of credit loss/(credit loss) on trade and other receivables 1,409 (246) 1,163 (91) 1,072 - impairment loss on non-current assets (1,433) (2,015) (3,448) — (3,448) Segment assets 10,573,747 361,397 10,935,144 190,366 11,125,510 Additions to non-current assets during the year* 933,768 37,434 971,202 4,221 975,423 Segment liabilities 3,937,784 493,044 4,430,828 43,699 4,474,527 As at and for the six months ended December 31, 2023 Reportable segments Total TOP TOY reportable Other MINISO brand brand segments segment Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 External revenues 7,251,610 368,842 7,620,452 12,015 7,632,467 Inter-segment revenue 2,198 4,172 6,370 93,921 100,291 Segment revenue 7,253,808 373,014 7,626,822 105,936 7,732,758 Segment profit before taxation 1,644,839 6,479 1,651,318 2,924 1,654,242 Finance income 120,064 640 120,704 1,911 122,615 Finance costs (23,042) (2,146) (25,188) (14) (25,202) Depreciation and amortization (245,796) (31,906) (277,702) (3,058) (280,760) Other material non-cash items: - (credit loss)/reversal of credit loss on trade and other receivables (2,791) 988 (1,803) (277) (2,080) - impairment loss on non-current assets (3,682) (865) (4,547) — (4,547) Segment assets 11,547,381 400,602 11,947,983 191,275 12,139,258 Additions to non-current assets during the period* 733,107 75,329 808,436 2,941 811,377 Segment liabilities 4,841,577 335,870 5,177,447 41,403 5,218,850 Note: * The additions to non-current assets do not include additions to deferred tax assets, non-current prepayments, non-current trade receivables and non-current other investments. (ii) Reconciliations of information on reportable segments to the amounts reported in the financial statements For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 i. Revenue Total revenue for reportable segments 8,841,998 9,917,044 11,402,606 7,626,822 Revenue for other segment 353,172 385,184 445,651 105,936 Elimination of inter-segment revenue (123,511) (216,579) (375,049) (100,291) Consolidated revenue 9,071,659 10,085,649 11,473,208 7,632,467 ii. Profit before taxation Total profit before taxation for reportable segments 354,550 859,501 2,333,945 1,651,318 Profit before taxation for other segment 58,556 97,455 17,814 2,924 Unallocated amounts: - Fair value changes of redeemable shares with other preferential rights (1,625,287) — — — - Share of loss of equity-accounted investees, 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) (18,145) (1,500) Consolidated (loss)/profit before taxation (1,216,192) 906,813 2,333,614 1,652,742 As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 iii. Assets Total assets for reportable segments 8,830,028 10,935,144 11,947,983 Assets for other segment 171,163 190,366 191,275 Other unallocated amounts - Assets relating to construction of headquarters building 2,028,095 2,078,833 2,107,557 - Apartments for use as staff quarters 252,502 243,370 238,494 Consolidated total assets 11,281,788 13,447,713 14,485,309 iv. Liabilities Total liabilities for reportable segments 4,173,410 4,430,828 5,177,447 Liabilities for other segment 62,341 43,699 41,403 Other unallocated amounts - Liabilities relating to construction of headquarters building 18,637 54,918 75,242 Consolidated total liabilities 4,254,388 4,529,445 5,294,092 v. Other material items 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) For the year ended June 30, 2023 Reportable segment Other Unallocated Consolidated totals segment amount totals RMB’000 RMB’000 RMB’000 RMB’000 Finance income 140,778 2,969 1,478 145,225 Finance costs (34,614) (8) — (34,622) Depreciation and amortization (366,475) (4,339) (20,353) (391,167) Reversal of credit loss/(credit loss) on trade and other receivables 1,163 (91) — 1,072 Impairment loss on non-current assets (3,448) — — (3,448) For the six months ended December 31, 2023 Reportable segment Other Unallocated Consolidated totals segment amount totals RMB’000 RMB’000 RMB’000 RMB’000 Finance income 120,704 1,911 1,354 123,969 Finance costs (25,188) (14) — (25,202) Depreciation and amortization (277,702) (3,058) (4,481) (285,241) Credit loss on trade and other receivables (1,803) (277) — (2,080) Impairment loss on non-current assets (4,547) — — (4,547) (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 six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 i. Revenue the PRC (place of domicile) 7,291,219 7,442,156 7,650,821 4,843,127 Other Asian countries excluding the PRC 961,622 1,174,323 1,821,080 1,157,261 America 584,630 1,189,119 1,738,058 1,403,936 Europe 117,214 174,691 151,496 154,737 Others 116,974 105,360 111,753 73,406 9,071,659 10,085,649 11,473,208 7,632,467 As at As at June 30, Decembr 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 ii. Non-current assets the PRC (place of domicile) 2,575,241 2,672,426 3,052,525 Other Asian countries excluding the PRC 63,021 121,614 166,623 America 204,459 512,322 644,765 Europe 10,490 1,859 99,029 2,853,211 3,308,221 3,962,942 Non-current assets exclude deferred tax assets, non-current prepayments and non-current other investments. |
Revenue
Revenue | 6 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Revenue | 5 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 self-operated online stores on WeChat Mini Program, 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 is disaggregated by major products and service lines and timing of revenue recognition. For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Major products/service lines — Sales of lifestyle and pop toy products — Retail sales in self-operated stores 323,775 555,226 990,048 1,004,114 — Product sales to franchisees 5,506,365 5,499,267 5,960,518 3,857,191 — Sales to offline distributors 1,509,840 2,072,061 2,612,742 1,660,860 — Online sales 663,197 651,039 706,397 355,380 — Other sales channels 33,499 220,069 87,530 44,149 Sub-total 8,036,676 8,997,662 10,357,235 6,921,694 — License fees, sales-based royalties, and sales-based management and consultation service fees — License fees 72,392 109,166 84,711 37,074 — Sales-based royalties 97,848 97,453 102,089 66,113 — Sales-based management and consultation service fees 488,138 478,775 500,775 323,182 Sub-total 658,378 685,394 687,575 426,369 — Others* 376,605 402,593 428,398 284,404 9,071,659 10,085,649 11,473,208 7,632,467 Timing of revenue recognition — Point in time 8,413,281 9,321,490 10,619,987 7,195,509 — Over time 658,378 764,159 853,221 436,958 Revenue from contracts with customers 9,071,659 10,085,649 11,473,208 7,632,467 Note: * Others mainly represented sales of fixtures to franchisees and distributors and membership fee income. For the years ended June 30, 2022 and 2023 and the six months ended December 31, 2023, the Group did not have any customer with revenue exceeding 10% of the Group’s total revenue for the respective reporting periods. Revenue from individual customer contributing over 10% of total revenue of the Group for the year ended June 30, 2021 is set out below: For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Customer A 941,541 N/A* N/A* N/A* Note: * Less than 10% of the Group’s revenue in the respective reporting period. (ii) Contract balances The following table provides information about receivables, contract liabilities from contracts with customers. As at As at June 30, December 31, 2022 2023 2023 Note RMB’000 RMB’000 RMB’000 Receivables, which are included in ‘trade and other receivables’ 19 — Current portion 290,681 305,963 426,937 — Non-current portion — — 17,612 Total receivables, which are included in ‘trade and other receivables’ 290,681 305,963 444,549 Contract liabilities — Current portion (361,522) (292,887) (324,028) — Non-current portion (51,658) (46,754) (40,954) Total contract liabilities (413,180) (339,641) (364,982) As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Contract liabilities are analyzed as follows: — Advance payments received from customers for purchase of goods 219,192 231,636 267,063 — Deferred revenue related to license fees 88,536 89,498 82,914 — Deferred revenue related to membership fees 96,025 5,215 210 — Deferred revenue related to loyalty points 9,427 13,292 14,795 413,180 339,641 364,982 The Group requests 20% to 100% advance payment for purchase of goods from certain domestic and 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, 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 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 (361,522) Increase in contract liabilities as a result of receiving advance payment for purchase of goods 231,636 Increase in contract liabilities as a result of receiving payment of license fees 37,840 Increase in contract liabilities as a result of receiving payment of membership fees 5,215 Increase in contract liabilities as a result of loyalty points 13,292 Balance at June 30, 2023 339,641 Decrease in contract liabilities as a result of recognizing revenue during the period that was included in the contract liabilities at the beginning of the period (292,887) Increase in contract liabilities as a result of receiving advance payment for purchase of goods 267,063 Increase in contract liabilities as a result of receiving payment of license fees 36,370 Increase in contract liabilities as a result of loyalty points 14,795 Balance at December 31, 2023 364,982 As of June 30, 2022 and 2023 and December 31, 2023, contract liabilities expected to be recognized as revenue after one year were RMB51,658,000, RMB46,754,000 and RMB40,954,000, respectively, mainly represented license fees. (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, 2022 and 2023 and December 31, 2023, the aggregated amounts of the transaction price allocated to the remaining performance obligations under the Group’s existing contracts were RMB193,988,000, RMB108,005,000 and RMB97,919,000, 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 mainly expected to occur over the next 1 to 10 years as at June 30, 2022 and 2023 and December 31, 2023, 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 during the years ended June 30, 2021, 2022 and 2023. During the year ended June 30, 2021, the emergence of new variants has adversely impacted the Group’s retail sales and product sales to franchisees in the PRC due to governmental restrictions in public places to reduce the spread of virus. The sales of stores owned by overseas distributors have also been adversely affected due to the temporary closure and reduction of operating hours on occasion, which resulted in a reduction in revenue from sales to overseas distributors during the year ended June 30, 2021. 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 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 during the year ended June 30, 2022. During the first half of the year ended June 30, 2023, the Group’s retail sales and product sales to franchisees in the PRC were negatively affected by outbreaks of the Omicron variants of COVID-19. This was due to governmental control measures and an increased number of COVID-19 cases. After control measures were eased in December 2022 and daily life returned to normal for consumers, the sales of most of the Group’s self-operated stores and stores owned by franchisees in the PRC gradually recovered in the second half of the year ended June 30, 2023. During the year ended June 30, 2023, the sales of most of the Group’s overseas self-operated stores and distributor-owned stores have returned to pre-pandemic levels, as more and more jurisdictions lifted their pandemic control measures. During the six months ended December 31, 2023, the Group’s retail sales and product sales to franchisees and distributors in both the PRC and overseas have recovered from the impact of COVID-19 pandemic with a more normalized travel over the world. |
Other income
Other income | 6 Months Ended |
Dec. 31, 2023 | |
Other income | |
Other income | 6 Other income For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Tax refund 1,279 3,231 2,660 469 Government grants (i) 46,587 16,663 8,807 8,091 Income from depositary bank (ii) 4,274 6,037 6,468 10,433 52,140 25,931 17,935 18,993 Notes: (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 ). (ii) The Company received an initial payment of USD 4,690,000 (equivalent to RMB 30,995,000 ) 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. In addition, the Company received rebate of fees from depositary bank of USD 1,107,000 (equivalent to RMB 7,940,000 ) during the six months ended December 31, 2023. |
Expenses by nature
Expenses by nature | 6 Months Ended |
Dec. 31, 2023 | |
Expenses by nature | |
Expenses by nature | 7 Expenses by nature For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Cost of inventories (Note 18(a)) 6,581,456 6,870,976 6,859,362 4,292,806 Payroll and employee benefits (i) 916,185 864,693 819,592 580,801 Rental and related expenses 12,139 33,354 69,174 80,847 Depreciation and amortization (ii) 265,019 389,871 391,167 285,241 Licensing expenses 88,063 149,612 249,437 178,241 Promotion and advertising expenses 214,788 242,681 315,976 246,883 Logistics expenses 195,593 272,363 295,933 203,024 Travelling expenses 52,966 66,172 66,544 45,827 Other expenses 332,375 384,730 312,677 198,561 Total cost of sales, selling and distribution and general and administrative expenses 8,658,584 9,274,452 9,379,862 6,112,231 Notes: (i) Payroll and employee benefits are analyzed as follows: For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Salaries, wages and bonus 543,646 666,968 657,236 463,208 Contributions to social security contribution plan 56,325 77,903 75,168 53,977 Welfare expenses 34,895 36,987 24,306 17,184 Equity-settled share-based payment expenses (Note 27) 281,319 82,835 62,882 46,432 916,185 864,693 819,592 580,801 (ii) Depreciation and amortization are analyzed as follows: For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Property, plant and equipment (Note 13) 30,507 58,865 70,706 59,652 Right-of-use assets (Note 14) 213,490 309,606 334,193 239,787 Less: amount capitalized as construction in progress — — (33,907) (22,604) Intangible assets (Note 15) 21,022 21,400 20,175 8,406 265,019 389,871 391,167 285,241 |
Other net (loss)_income
Other net (loss)/income | 6 Months Ended |
Dec. 31, 2023 | |
Other net (loss)/income | |
Other net (loss)/income | 8 Other net (loss)/income For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Net foreign exchange (loss)/gain (i) (114,177) 14,041 109,095 (15,025) Losses on disposal of property, plants and equipment and intangible assets (2,317) (5,614) (5,350) (1,632) Investment income from other investments 66,837 63,801 42,921 14,281 Scrap income 11,242 11,808 12,137 5,912 Net change in fair value of other investments 2,968 5,709 (3,692) 14,270 (Provision)/reversal of litigation compensation (ii) — (15,576) (37,710) 408 Gains relating to cancellation and modification of lease contracts — 13,456 193 4,821 Others (4,960) (317) (3,488) (1,930) (40,407) 87,308 114,106 21,105 Notes: (i) 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 foreign exchange gain for the year ended June 30, 2023 was mainly caused by the appreciation 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 cash and cash equivalents and trade and other receivables. (ii) Litigation compensation for the years ended June 30, 2022 and 2023 mainly represented the provisions made for the lawsuits relating to employees’ compensation and illicit competition . |
Net finance income
Net finance income | 6 Months Ended |
Dec. 31, 2023 | |
Net finance income | |
Net finance income | 9 Net finance income For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Finance income —Interest income 40,433 66,344 145,225 123,969 Finance costs —Interest on loans and borrowings (1,545) (405) (226) (90) —Interest on lease liabilities (26,817) (32,991) (34,396) (25,112) (28,362) (33,396) (34,622) (25,202) Net finance income 12,071 32,948 110,603 98,767 |
Income taxes
Income taxes | 6 Months Ended |
Dec. 31, 2023 | |
Income taxes | |
Income taxes | 10 Income taxes (a) Taxation recognized in consolidated profit or loss: For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Amounts recognized in consolidated profit or loss Current tax Provision for the year/period 200,170 252,989 557,630 339,409 Deferred tax Origination and reversal of temporary differences (Note 10(c)) 13,085 14,081 (5,845) 57,256 Tax expense 213,255 267,070 551,785 396,665 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% prior to December 31, 2022. A subsidiary established in Guangzhou Nansha, a pilot free trade zone in the PRC, met the criteria for a preferential income tax rate of 15%. A subsidiary established in Guangzhou, the PRC, is qualified as high and new technology enterprise and is entitled to a preferential income tax rate of 15% for three years ending December 31, 2024. 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 states of California and Texas, and thus they will be subject to state income tax rate of 8.84% and 0.75%, respectively. Other subsidiaries in United States mainly are subject to state income tax rates ranging from 4.9% 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. The statutory tax rate was 25% for fiscal year ended December 31, 2020 and 22% from fiscal year ended December 31, 2021 and 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% for fiscal year ended March 31, 2022 and 29.12% from fiscal year ended March 31, 2023 and onwards. 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. 9) Vietnam Under the Law on Corporate Income Tax enacted in Vietnam, the subsidiary incorporated in Vietnam is subject to a tax rate of 20% on its assessable income. (b) Reconciliation between tax expense and accounting profit at applicable tax rates: For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 (Loss)/profit before taxation (1,216,192) 906,813 2,333,614 1,652,742 Notional tax on (loss)/profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned 118,766 214,704 566,955 394,856 Tax effect of share-based compensation expenses (Note 7(i)) 70,330 20,254 15,435 11,401 Tax effect of other non-deductible expenses 10,433 10,935 13,666 7,310 Effect of preferential tax treatments on assessable profits of certain subsidiaries (Note 10(a)(3)) (34,218) (18,001) (42,739) (10,756) Tax effect of additional deduction on research and development costs — — (4,217) (3,476) Tax effect of exempted and non-taxable income (6,245) (4,044) (7,421) (12,481) Withholding tax on income of non-PRC resident entities derived from mainland China — — — 4,095 Effect of unused tax losses not recognized/(being utilized) 72,969 44,888 22,956 (8,002) Effect of deductible temporary differences (being utilized)/not recognized (18,780) (1,666) (12,850) 13,718 Actual tax expenses 213,255 267,070 551,785 396,665 (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 Right-of-use Lease losses profits impairment operations assets Liabilities Others Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax assets arising from: At July 1, 2021 34,253 14,696 50,347 61,548 (151,106) 155,949 2,865 168,552 Charged to profit or loss (2,536) (3,556) (8,673) — 33,926 (28,651) (4,591) (14,081) Exchange rate difference (21) (43) (101) — (138) 123 42 (138) At June 30, 2022 31,696 11,097 41,573 61,548 (117,318) 127,421 (1,684) 154,333 Charged to profit or loss (8,499) 11,944 (3,519) (675) 9,543 (11,976) 9,027 5,845 Exchange rate difference 239 111 628 — (162) 175 448 1,439 At June 30, 2023 23,436 23,152 38,682 60,873 (107,937) 115,620 7,791 161,617 Charged to profit or loss (392) 4,781 (7,574) (54,048) 8,770 (6,563) (2,230) (57,256) Exchange rate difference (31) (113) 73 — 363 (370) (153) (231) At December 31, 2023 23,013 27,820 31,181 6,825 (98,804) 108,687 5,408 104,130 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 As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Deductible temporary differences 107,964 49,375 54,416 Cumulative tax losses 630,807 751,256 774,584 Total 738,771 800,631 829,000 (e) Tax losses carried forward Tax losses for which no deferred tax asset was recognized will expire as follows: As at As at As at June 30, June 30, December 31, 2022 Expiry date 2023 Expiry date 2023 Expiry date RMB’000 RMB’000 RMB’000 Expire 278,215 2023-2043 361,627 2024-2044 432,759 2024-2044 Never expire 352,592 389,629 341,825 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. (f) 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, 2022 and 2023 and December 31, 2023, 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 | 6 Months Ended |
Dec. 31, 2023 | |
(Loss)/earnings per share | |
(Loss)/earnings per share | 11 (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 six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 (Loss)/profit attributable to the equity shareholders of the Company (1,415,010) 638,170 1,768,926 1,248,405 Less: Allocation of undistributed earnings to holders of unvested restricted shares 116,929 (1,576) (424) — (Loss)/profit used to determine basic earnings per share (1,298,081) 636,594 1,768,502 1,248,405 The unvested restricted shares granted to employees under the 2020 Share Incentive Plan (see Note 27) are entitled to non-forfeitable dividends during the vesting period. For the purpose of calculating basic loss/earnings 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 weighted average number of ordinary shares of 1,104,371,475 , 1,205,527,348 , 1,243,320,377 and 1,244,926,865 in For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 Number of shares Number of shares Number of shares Number of shares Issued ordinary share at the beginning of the year/period 865,591,398 1,204,860,715 1,202,646,619 1,244,854,689 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 issued relating to Hong Kong public offering and exercise of the over-allotment option — — 40,181,685 — Effect of shares released from share incentive plan (Note 27) 64,373,834 2,369,454 2,878,812 281,729 Effect of repurchase of shares (Note 26(b)(v)) — (1,702,821) (2,386,739) (209,553) Weighted average number of ordinary shares 1,104,371,475 1,205,527,348 1,243,320,377 1,244,926,865 (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 for the year ended June 30, 2021 as the effect of the restricted shares granted to employees (see Note 27(a)) and share options granted to employees (see Note 27(b)) would be anti-dilutive. For the years ended June 30, 2022 and 2023 and the six months ended December 31, 2023, the calculation of diluted earnings per share were based on the profit attributable to ordinary equity shareholders of the Company of RMB638,170,000, RMB1,768,926,000 and RMB1,248,405,000 and the weighted average number of ordinary shares of 1,216,637,439, 1,250,545,116 and 1,251,635,862 shares, respectively, after adjusting by the dilutive effect of share incentive plan, calculated as follows: For the six months ended For the year ended June 30, December 31, 2022 2023 2023 Number of shares Number of shares Number of shares Weighted average number of ordinary shares, basic 1,205,527,348 1,243,320,377 1,244,926,865 Dilutive effect of share incentive plan (Note 27) 11,110,091 7,224,739 6,708,997 Weighted average number of ordinary shares, diluted 1,216,637,439 1,250,545,116 1,251,635,862 |
Other comprehensive (loss)_inco
Other comprehensive (loss)/income | 6 Months Ended |
Dec. 31, 2023 | |
Other comprehensive (loss)/income | |
Other comprehensive (loss)/income | 12 Other comprehensive (loss)/income 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 For the year ended June 30, 2023 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 41,198 — 41,198 Other comprehensive income 41,198 — 41,198 For the six months ended December 31, 2023 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 (32,504) — (32,504) Other comprehensive loss (32,504) — (32,504) |
Property, plant and equipment
Property, plant and equipment | 6 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment | |
Property, plant and equipment | 13 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, 2021 — 111,949 37,431 46,469 2,740 — — 198,589 Acquisition of a subsidiary (Note 28(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 Acquisition of a subsidiary (Note 28(a)) — 451 888 — — — — 1,339 Additions — 8,710 7,348 5,348 675 19,585 155,331 196,997 Transfer from construction in progress — 36,419 — — — — (36,419) — Disposals — (75,541) (5,611) (5,191) — (253) (2,084) (88,680) Exchange adjustments — 9,112 380 (225) 67 — 757 10,091 At June 30, 2023 242,639 147,271 54,048 46,723 3,089 45,741 176,389 715,900 Additions — 18,980 9,177 10,479 306 11,607 254,784 305,333 Transfer from construction in progress — 75,184 — — — — (75,184) — Disposals — (12,467) (791) (6,830) — (6,445) — (26,533) Exchange adjustments — (2,685) (596) (541) (26) — (504) (4,352) At December 31, 2023 242,639 226,283 61,838 49,831 3,369 50,903 355,485 990,348 Accumulated depreciation: At July 1, 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) Charge for the year (8,712) (24,270) (10,981) (4,690) (475) (21,578) — (70,706) Written back on disposals — 44,866 3,058 3,857 — 63 — 51,844 Exchange adjustments — (3,084) (887) 587 (18) — — (3,402) At June 30, 2023 (16,250) (38,504) (32,845) (26,897) (1,949) (38,740) — (155,185) Charge for the period (4,357) (39,815) (5,530) (1,206) (232) (8,512) — (59,652) Written back on disposals — 9,226 322 3,866 — 6,100 — 19,514 Exchange adjustments — (270) 510 236 14 — — 490 At December 31, 2023 (20,607) (69,363) (37,543) (24,001) (2,167) (41,152) — (194,833) Impairment: At July 1, 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) Addition — (5,640) (591) (1,017) — — — (7,248) Written back on disposals — 24,875 — 1,140 — — — 26,015 Exchange adjustments — (2,031) 197 324 — — — (1,510) At June 30, 2023 — (21,512) (1,816) (2,753) — — — (26,081) Addition — (3,459) — (1,088) — — — (4,547) Written back on disposals — 2,701 — 1,167 — — — 3,868 Exchange adjustments — 351 158 42 — — — 551 At December 31, 2023 — (21,919) (1,658) (2,632) — — — (26,209) Net book value: At June 30, 2022 235,101 73,388 25,586 16,940 891 9,184 58,804 419,894 At June 30, 2023 226,389 87,255 19,387 17,073 1,140 7,001 176,389 534,634 At December 31, 2023 222,032 135,001 22,637 23,198 1,202 9,751 355,485 769,306 The Group had leasehold improvements and store operating equipment related to self-operated stores amounting to RMB51,900,000, RMB71,990,000 and RMB128,879,000 as at June 30, 2022, 2023 and December 31, 2023, respectively. |
Right-of-use assets
Right-of-use assets | 6 Months Ended |
Dec. 31, 2023 | |
Right-of-use assets | |
Right-of-use assets | 14 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 Total RMB’000 RMB’000 RMB’000 RMB’000 (i) (ii) (iii) Cost: At July 1, 2021 1,077,417 11,702 — 1,089,119 Acquisition of a subsidiary (Note 28(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 Acquisition of a subsidiary (Note 28(a)) 10,467 — — 10,467 Additions 718,845 143 — 718,988 Derecognition (620,305) — — (620,305) Exchange adjustments 35,218 — — 35,218 At June 30, 2023 1,157,349 10,791 1,782,410 2,950,550 Additions 622,913 — — 622,913 Derecognition (113,564) (143) — (113,707) Exchange adjustments (14,294) — — (14,294) At December 31, 2023 1,652,404 10,648 1,782,410 3,445,462 Accumulated depreciation: At July 1, 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) Charge for the year (285,393) (3,592) (45,208) (334,193) Derecognition 384,771 — — 384,771 Exchange adjustments (11,660) — — (11,660) At June 30, 2023 (306,822) (7,436) (75,739) (389,997) Charge for the period (215,399) (1,784) (22,604) (239,787) Derecognition 79,886 48 — 79,934 Exchange adjustments 5,248 — — 5,248 At December 31, 2023 (437,087) (9,172) (98,343) (544,602) Impairment: At July 1, 2021 (37,796) — — (37,796) Derecognition 4,249 — — 4,249 Exchange adjustments (1,131) — — (1,131) At June 30, 2022 (34,678) — — (34,678) Reversal 3,800 — — 3,800 Derecognition 24,439 — — 24,439 Exchange adjustments (1,514) — — (1,514) At June 30, 2023 (7,953) — — (7,953) Derecognition 7,858 — — 7,858 Exchange adjustments 95 — — 95 At December 31, 2023 — — — — Net book value: At June 30, 2022 583,906 6,804 1,751,879 2,342,589 At June 30, 2023 842,574 3,355 1,706,671 2,552,600 At December 31, 2023 1,215,317 1,476 1,684,067 2,900,860 The analysis of expense items in relation to leases recognized in profit or loss is as follows: For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Depreciation charge of right-of-use assets by class of underlying asset: Property 205,344 275,310 285,393 215,399 Warehouse equipment 8,146 3,765 3,592 1,784 Land use right — 30,531 45,208 22,604 213,490 309,606 334,193 239,787 Interest on lease liabilities (Note 9) 26,817 32,991 34,396 25,112 Expense relating to short-term leases and other leases with remaining lease term ending on or before June 30/December 31 28,656 28,384 15,322 13,729 Variable lease payments not included in the measurement of lease liabilities 2,846 4,648 18,614 24,802 COVID-19 rent concessions (42,698) (35,548) — — Details of total cash outflow for leases and the maturity analysis of lease liabilities are set out in Note 22(c) and Note 24, respectively. Notes: (i) Property – right-of-use assets The Group leases properties for its self-operated stores, warehouse storage and office space. The leases of self-operated stores and warehouse storage typically run for two two As at June 30, 2022, 2023 and December 31, 2023, right-of-use assets related to leased properties for self-operated stores amounted to RMB333,649,000, RMB585,231,000 and RMB998,032,000, respectively. Variable lease payments based on sales Some leases of self-operated stores contain variable lease payments, which typically range from 1% to 18% of the annual or monthly 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. (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 28(b), with an original 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 The Group has early adopted the 2020 Amendment to IFRS 16, Leases, COVID-19-Related Rent Concessions and the 2021 Amendment to IFRS16, |
Intangible assets
Intangible assets | 6 Months Ended |
Dec. 31, 2023 | |
Intangible assets | |
Intangible assets | 15 Intangible assets Software Cost: RMB’000 At July 1, 2021 107,583 Purchases 3,922 Disposals (24) Exchange adjustments (63) At June 30, 2022 111,418 Purchases 2,450 Exchange adjustments (61) At June 30, 2023 113,807 Purchases 2,689 Exchange adjustments (68) At December 31,2023 116,428 Accumulated amortization: At July 1, 2021 (46,237) Charge for the year (21,400) Written off on disposal 2 Exchange adjustments 20 At June 30, 2022 (67,615) Charge for the year (20,175) Exchange adjustments (7) At June 30, 2023 (87,797) Charge for the period (8,406) Exchange adjustments 54 At December 31, 2023 (96,149) Impairment: At July 1, 2021 (341) Charge for the year (423) Exchange adjustments 27 At June 30, 2022 (737) Exchange adjustments 4 At June 30, 2023 (733) Exchange adjustments 8 At December 31, 2023 (725) Net book value: At June 30, 2022 43,066 At June 30, 2023 25,277 At December 31, 2023 19,554 |
Prepayments
Prepayments | 6 Months Ended |
Dec. 31, 2023 | |
Prepayments | |
Prepayments | 16 Prepayments As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Prepayment for construction of a new headquarters building (Note 28(b)) 200,861 — — Others 821 — — Total 201,682 — — |
Other investments
Other investments | 6 Months Ended |
Dec. 31, 2023 | |
Other investments | |
Other investments | 17 Other investments As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Financial assets measured at FVTPL: Non-current - Investment in an unlisted limited partnership enterprise — 73,870 90,603 Current - Investments in trust investment schemes 208,649 205,329 202,866 - Investment in a wealth management product — — 50,000 - Others 1,874 — — 210,523 205,329 252,866 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 November 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, 2022 and 2023 was estimated to be RMB103,537,000 and RMB101,600,000, respectively. As of December 31, 2023, the above investment in Trust Scheme A has been redeemed. 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. The Group subsequently extended the investment period to January 2024. 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 and 2023 and December 31, 2023 was estimated to be RMB105,112,000, RMB103,729,000 and RMB101,437,000, respectively. In July 2023, the Group invested in another trust investment scheme (“Trust Scheme C”) established and managed by a trust company as the trustee with the principal of RMB100,000,000 and an initial investment period of within six months. Pursuant to the agreement, the Trust Scheme C is designated to make the majority of its investments in debt securities and funds, while the principal and return of the investment are not guaranteed. Fair value of this investment as of December 31, 2023 was estimated to be RMB On December 26, 2023, the Group invested in a wealth management product managed by a bank in the PRC, with the principal amount of RMB50,000,000, which is with an original maturity of 35 days. The underlying investment portfolio of the wealth management product mainly includes money market instruments and other financial instruments with fixed return. The principal and return of the investment in the wealth management product are not guaranteed. Fair value of this investment as at December 31, 2023 is estimated to be RMB50,000,000. In June 2023, the Group invested in an unlisted limited partnership enterprise (the “Partnership Enterprise”) with consideration of USD10,409,000 (equivalent to RMB73,870,000 ). The Partnership Enterprise is specialized in equity investment. According to the partnership agreement, the Partnership Enterprise is managed by its general partner. The Group participates in the Partnership Enterprise as one of the limited partners who does not have power on selection nor removal of assets manager or general partner of the Partnership Enterprise. In addition, the Group does not have any right on making operating, investing and financing decision of the Partnership Enterprise. The director is of the opinion that the Group does not have any control nor significant influence to affect the variable returns through its investment in the Partnership Enterprise, and the investment’s contractual cash flows are not solely payments of principal and interest on the principal amount outstanding, therefore, this investment is accounted for as a financial asset measured at FVTPL. The Group has an intention of holding such investment as a long-term investment. Information about the Group’s fair value measurement is included in Note 29(e). |
Inventories
Inventories | 6 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Inventories | 18 Inventories As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Finished goods 1,186,810 1,447,799 1,917,133 Low-value consumables 1,285 2,720 5,108 1,188,095 1,450,519 1,922,241 (a) The analysis of the amount of inventories recognized as an expense and included in profit or loss is as follows: For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Carrying amount of inventories sold 6,632,530 6,915,713 6,879,212 4,290,874 (Reversal of write-down)/write-down of inventories (51,074) (44,737) (19,850) 1,932 Cost of inventories recognized in consolidated statements of profit or loss 6,581,456 6,870,976 6,859,362 4,292,806 |
Trade and other receivables
Trade and other receivables | 6 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables | |
Trade and other receivables | 19 Trade and other receivables As at As at June 30, December 31, Note 2022 2023 2023 RMB’000 RMB’000 RMB’000 Non-current Trade receivables — — 18,045 Less:loss allowance 29(a) — — (433) Trade receivables,net of loss allowance (iii) — — 17,612 Amounts due from related parties 32(c) — 10,647 10,760 Deposits 10,000 41,834 81,153 Value-added tax (“VAT”) recoverable 18,274 22,160 26,271 28,274 74,641 135,796 Current Trade receivables 375,798 394,727 504,938 Less: loss allowance 29(a) (85,117) (88,764) (78,001) Trade receivables, net of loss allowance 290,681 305,963 426,937 Amounts due from related parties 32(c) 5,105 5,602 27,836 Miscellaneous expenses paid on behalf of franchisees 246,097 265,335 336,497 VAT recoverable 182,906 270,298 251,162 Rental deposits 101,124 86,600 98,141 Receivables due from on-line payment platforms and banks (i) 26,806 34,726 103,406 Prepayments for inventories 52,476 49,631 51,084 Prepayments for licensing expenses 35,223 40,934 43,996 Prepayments for listing expenses relating to Hong Kong public offering 58,560 — — Prepayments for promotion and advertising expenses 9,302 17,374 11,577 Prepayments for repurchase of shares 3,375 3,693 87,324 Others 44,543 70,000 80,397 1,056,198 1,150,156 1,518,357 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 receivables relating to certain sales of fixtures to franchisees are collected by installments within the periods ranging from 32 to 36 months and the portion which is expected to be recovered after one year are classified as non - current. All other trade debtors are due within 20 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 29(a). |
Cash and cash equivalents
Cash and cash equivalents | 6 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents | |
Cash and cash equivalents | 20 Cash and cash equivalents Cash and cash equivalents comprise: As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Cash on hand 450 576 783 Cash at bank 5,348,042 6,488,637 6,414,658 Cash and cash equivalents as presented in the consolidated statements of financial position and in the consolidated statements of cash flows 5,348,492 6,489,213 6,415,441 |
Restricted cash
Restricted cash | 6 Months Ended |
Dec. 31, 2023 | |
Restricted cash | |
Restricted cash | 21 Restricted cash As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Bank deposits held in an escrow bank account (i) 5,772 1,391 4,462 Bank deposits frozen for legal proceedings (ii) 26,604 25,682 3,508 32,376 27,073 7,970 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 lawsuit relating to illicit competition as disclosed in Note 31(b). |
Cash flow information
Cash flow information | 6 Months Ended |
Dec. 31, 2023 | |
Cash flow information | |
Cash flow information | 22 Cash flow information (a) Reconciliation of (loss)/profit for the reporting period to cash generated from operations: For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 Note RMB’000 RMB’000 RMB’000 RMB’000 (Loss)/profit for the year/period (1,429,447) 639,743 1,781,829 1,256,077 Adjustments for: Interest on lease liabilities 9 26,817 32,991 34,396 25,112 Depreciation and amortization 7 265,019 389,871 391,167 285,241 Interest on loans and borrowings 9 1,545 405 226 90 Interest income 9 (40,433) (66,344) (145,225) (123,969) Investment income from other investments 8 (66,837) (63,801) (42,921) (14,281) Net change in fair value of other investments 8 (2,968) (5,709) 3,692 (14,270) Losses on disposal of property, plant and equipment and intangible assets 8 2,317 5,614 5,350 1,632 Impairment loss on non-current assets 2,941 13,485 3,448 4,547 Unrealized foreign exchange (gain)/loss (46,378) 6,806 (45,522) (25,410) Effect of lease contract cancellation (2,630) (25,015) 3,681 (4,821) Fair value changes of redeemable shares with other preferential rights 1,625,287 — — — Share of loss/(profit) of equity-accounted investees, net of tax 4,011 8,162 — (268) Equity-settled share-based payment expenses 7 281,319 82,835 62,882 46,432 Income tax 10(a) 213,255 267,070 551,785 396,665 Changes in working capital: Inventories (93,197) 307,966 (250,851) (471,722) Trade and other receivables (80,087) (190,145) (185,768) (316,534) Contract liabilities 34,353 86,314 (73,539) 25,341 Trade and other payables 386,703 180,122 (34,055) 363,327 Restricted cash 3,376 (28,696) 5,303 19,103 Deferred income 26,065 (5,282) 19,074 (3,985) Cash generated from operations 1,111,031 1,636,392 2,084,952 1,448,307 (b) Reconciliation of liabilities arising from financing activities: 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 24 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 24 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 Loans and Interest Lease borrowings payable liabilities Total RMB’000 RMB’000 RMB’000 RMB’000 Note 24 At July 1, 2022 6,948 43 651,065 658,056 Additions through business combination (Note 28(a)) — — 15,313 15,313 Changes from financing cash flows: Repayment of loans and borrowings (206) — — (206) Payment of capital element and interest element of lease liabilities — — (346,008) (346,008) Total changes from financing cash flows (206) — (346,008) (346,214) Exchange adjustments 576 — 25,267 25,843 Other changes: Increase in lease liabilities from entering into new leases during the year — — 718,985 718,985 Decrease in lease liabilities from derecognition — — (213,284) (213,284) Increase in interest expenses — 226 34,396 34,622 Forgiveness of loans and borrowings (103) — — (103) Total other changes (103) 226 540,097 540,220 At June 30, 2023 7,215 269 885,734 893,218 Loans and Interest Lease borrowings payable liabilities Total RMB’000 RMB’000 RMB’000 RMB’000 Note 24 At July 1, 2023 7,215 269 885,734 893,218 Changes from financing cash flows: Repayment of loans and borrowings — — — — Payment of capital element and interest element of lease liabilities — — (236,519) (236,519) Total changes from financing cash flows — — (236,519) (236,519) Exchange adjustments 44 — (21,071) (21,027) Other changes: Increase in lease liabilities from entering into new leases during the period — — 622,916 622,916 Decrease in lease liabilities from derecognition — — (30,867) (30,867) Increase in interest expenses — 90 25,112 25,202 Total other changes — 90 617,161 617,251 At December 31, 2023 7,259 359 1,245,305 1,252,923 (c) Total cash out flow for leases: For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Within operating cash flows (31,502) (33,032) (71,185) (38,531) Within financing cash flows (215,762) (317,017) (346,008) (236,519) (247,264) (350,049) (417,193) (275,050) (d) Non-cash transactions 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 years ended June 30, 2022 and 2023 and the six months ended December 31, 2023. |
Trade and other payables
Trade and other payables | 6 Months Ended |
Dec. 31, 2023 | |
Trade and other payables | |
Trade and other payables | 23 Trade and other payables As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Non-current Payable relating to construction projects — — 12,411 Current Trade payables 649,415 653,713 855,914 Payroll payable 68,969 93,065 166,079 Accrued expenses 264,905 236,594 309,951 Other taxes payable 52,078 49,072 43,850 Deposits 1,875,380 1,785,405 1,782,181 Payable relating to leasehold improvements 37,109 47,654 59,653 Payable relating to construction projects 29,776 25,835 33,051 Amounts due to related parties (Note 32(c)) 13,710 6,371 7,334 Others 81,649 121,593 131,813 3,072,991 3,019,302 3,389,826 Information about the Group’s exposure to currency and liquidity risks is included in Note 29. The credit period granted by suppliers is 30 to 90 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 | 6 Months Ended |
Dec. 31, 2023 | |
Lease liabilities | |
Lease Liabilities | 24 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, 2022 As at June 30, 2023 As at December 31,2023 Present Present Present value of the value of the value of the minimum lease Total minimum minimum lease Total minimum minimum lease Total minimum payments lease payments payments lease payments payments lease payments RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Within 1 year 257,997 263,332 328,933 334,778 447,319 457,747 After 1 year but within 2 years 176,047 188,172 251,844 259,948 373,712 403,679 After 2 years but within 5 years 188,031 215,398 227,048 260,188 350,181 399,187 After 5 years 28,990 39,421 77,909 110,215 74,093 102,502 393,068 442,991 556,801 630,351 797,986 905,368 651,065 706,323 885,734 965,129 1,245,305 1,363,115 Less: total future interest expenses (55,258) (79,395) (117,810) Present value of lease liabilities 651,065 885,734 1,245,305 |
Redeemable shares with other pr
Redeemable shares with other preferential rights | 6 Months Ended |
Dec. 31, 2023 | |
Redeemable shares with other preferential rights | |
Redeemable shares with other preferential rights | 25 Redeemable shares with other preferential rights Pursuant to the shareholders agreement enter into on February 26, 2020, two investors, HH SPR-XIV Holdings Limited (“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 Mr. Ye Guofu and his spouse Ms. Yang Yunyun (the “Controlling Shareholders”) and Mr. Li Minxin (collectively, 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 7 th anniversary of December 27, 2018; (4) the Company 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) 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 issue price (USD72,683,000 (equivalent to RMB491,514,000) and RMB500,000,000 for Hillhouse and Tencent, respectively, the “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 Issue Price 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 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 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 Issue Price 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 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 Group classified these redeemable shares with other preferential rights as financial liabilities at fair value through profit or loss with the changes in the fair value recorded in the consolidated statement of profit or loss for the year ended June 30, 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 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 USD5.00 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 redeemable shares with other preferential rights were recorded as “fair value changes of redeemable shares with other preferential rights” in the consolidated statement of profit or loss for the year ended June 30, 2021. |
Capital and reserves
Capital and reserves | 6 Months Ended |
Dec. 31, 2023 | |
Capital and reserves | |
Capital and reserves | 26 Capital and reserves (a) Share capital and additional paid-in capital As at June 30, 2022 and 2023 and December 31, 2023, the Company authorized 5,000,000,000 ordinary shares, with a par value of USD0.00001 each. As of June 30, 2022 and 2023 and December 31, 2023, analysis of the Company’s issued shares including treasury shares reserved for the share incentive plan, was as follows: As at June 30, 2022 As at June 30, 2023 As at December 31, 2023 Number of Number of Number of shares Share capital shares Share capital shares Share capital RMB’000 RMB’000 RMB’000 Class A ordinary shares 897,275,873 69 — — — — Class B ordinary shares 328,290,482 23 — — — — Ordinary shares — — 1,263,689,685 95 1,263,689,685 95 1,225,566,355 92 1,263,689,685 95 1,263,689,685 95 (i) Prior to the Company’s listing on the Hong Kong Stock Exchange, the Company adopted a dual-class share structure, including Class A ordinary shares and Class B ordinary shares. 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. (ii) Pursuant to the annual general meeting of shareholders of the Company held on July 11, 2022, upon and with effect from the Company’s listing on the Hong Kong Stock Exchange, 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 USD0.00001 each. (iii) On July 13, 2022, the Company completed its dual primary listing on the Hong Kong Stock Exchange. In connection with the dual primary listing, the Company completed a global offering and issued 41,586,200 ordinary shares, including (iv) During the years ended June 30, 2022 and 2023 and the six months ended December 31, 2023, 3,897,180, 4,161,100 and 636,608 of restricted shares, restricted shares units and options were vested and exercised, and were released from treasury shares into ordinary shares. (v) During the year ended June 30, 2023, 3,462,870 shares were cancelled, which mainly including 3,462,868 shares repurchased under 2022 share repurchase program (see Note 26(b)(v)). (vi) As at June 30, 2022 and 2023 and December 31, 2023, among the ordinary shares issued, 22,919,736, 18,834,996 and 20,356,896 shares were recognized as treasury shares (see Note 26(b)(v)), respectively. (vii) Pursuant to a resolution approved by the board of directors of the Company on May 16, 2023, the Company transferred RMB730,898,000 (equivalent to USD105 million) of additional paid-in capital to set off its accumulated losses. (b) Nature and purposes of reserves (i) Merger reserve The merger reserve mainly represents the difference between the consideration paid and the paid-in capital acquired arising from business combinations involving entities under common control during the year ended June 30, 2019. (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, share options and restricted share units 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 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 The 2020 Share Incentive Plan was administered by twelve special purpose vehicles, and the Group has the power to govern the relevant activities of the twelve special purpose vehicles and can derive benefits from the contributions of the employees who were awarded with the shares under 2020 Share Incentive Plan, therefore, the twelve special purpose vehicles were consolidated. The balance of treasury shares mainly include the considerations received from special purpose vehicles for unvested and forfeited restricted shares, and the cost of the Company’s shares held by the Group. 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 (the “2021 Share Repurchase Program”). During the period from December 21, 2021 to June 30, 2022, the Company repurchased 6,111,276 Class A ordinary shares under the 2021 Share Repurchase Program for a total consideration of USD12,763,000 (equivalent to RMB82,160,000). 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”). During the year ended June 30, 2023, the Company repurchased 3,373,228 ordinary shares on the New York Stock Exchange and 166,000 ordinary shares on the Hong Kong Stock Exchange under the 2021 and 2022 Share Repurchase Programs for total considerations of USD4,370,000 (equivalent to RMB31,175,000) and HKD1,696,000 (equivalent to RMB1,536,000), respectively. Pursuant to 2021 Share Repurchase Program, the Company had repurchased a total of 6,187,636 ordinary shares on the New York Stock Exchange as of September 21, 2022, the expiry date of the program. In October 2022, the board of directors of the Company approved to transfer all these 6,187,636 repurchased shares to special purpose vehicles for future grants of share awards under the 2020 Share Incentive Plan. Under the 2022 Share Repurchase Program, 166,000 shares repurchased on the Hong Kong Stock Exchange and 3,296,868 shares repurchased on the New York Stock Exchange were cancelled as of June 30, 2023. On September 15, 2023, the board of directors authorized a new share repurchase program under which the Company may repurchase up to USD200 million of its shares within a period of 12 months starting from September 15, 2023 (the “2023 Share Repurchase Program”). During the six months ended December 31, 2023, the Company repurchased ordinary shares under the 2023 Share Repurchase Program as follows, and the cost of these shares held by the Group was recorded in treasury shares: Shares repurchased on the New York Stock Exchange Shares repurchased on the Hong Kong Stock Exchange Number of Highest Lowest Number of Highest Lowest shares price paid price paid Aggregate shares price paid price paid Aggregate Month repurchased per share per share price paid repurchased per share per share price paid USD USD USD’000 HKD HKD HKD’000 December 2023 1,450,108 4.98 4.57 6,981 708,400 37.85 36.35 26,290 Equivalent to RMB’000 49,630 23,930 (c) Capital management The Group defines “capital” as including all components of equity. 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 reporting periods. The Group is not subject to any externally imposed capital requirements. (d) Dividends During the year ended June 30, 2021, no dividend was paid During the year ended June 30, 2022, dividends of USD0.039 per ordinary share, amounting to USD47,178,000 (equivalent to RMB306,255,000), in respect of the fiscal year ended June 30, 2021 were declared and paid by the Company. The dividends were distributed from additional paid-in capital. During the year ended June 30, 2023, special cash dividends of USD0.043 per ordinary share, amounting to USD53,640,000 (equivalent to RMB370,787,000), were declared and paid by the Company. The dividends were distributed from additional paid-in capital. During the six months ended December 31, 2023, final dividends of USD0.103 per ordinary share, amounting to USD128,758,000 (equivalent to RMB923,664,000), in respect of the year ended June 30, 2023, were declared and paid by the Company. The dividends were distributed from additional paid-in capital. Special cash dividends of USD0.0725 per ordinary share, amounting to USD90.5 million, were proposed and approved by the board of directors of the Company in March 2024. The dividends will be distributed from additional paid-in capital and have not been recognized as liabilities as of December 31, 2023. |
Equity settled share-based paym
Equity settled share-based payments | 6 Months Ended |
Dec. 31, 2023 | |
Equity settled share-based payments | |
Equity settled share-based payments | 27 Equity settled share-based payments The Group has adopted share-based compensation arrangements to incentivize outstanding performance. Pursuant to the 2020 Share Incentive Plan, as amended in June 2022, restricted shares, options, restricted share units or other approved awards may be granted to the Group’s employees, directors, and consultants. As at June 30, 2022, the maximum aggregate number of shares that could be issued under the 2020 Share Incentive Plan was 92,586,048. In October 2022, 6,187,636 repurchased shares were transferred to special purpose vehicles and reserved for future grants of share awards under the 2020 Share Incentive Plan (Note 26(b)(v)). As at June 30, 2023 and December 31, 2023, the maximum aggregate number of shares that could be issued under the 2020 Share Incentive Plan was 98,773,684. The 2020 Share Incentive Plan will remain in effect for a period of 103 months, commencing on January 7, 2020, unless terminated earlier by the Company’s board of directors. (a) Share awards On August 27, 2018, the board of directors approved the grant of restricted shares of the Company to certain employees of the Group. Some of the restricted shares granted were immediately vested upon grant, while the remaining shares will vest according to individual vesting schedules ranging from two If employees leave the Group before a qualified IPO takes place, the awarded shares will be forfeited. The forfeited shares will be repurchased by a shareholder designated by the Group at the original exercise price, and with an additional 10% per annum interest, where applicable. As such, the actual vesting period of the restricted shares is dependent on the occurrence of an IPO. The Group considered that an IPO was probable to occur and has recognized the share-based compensation expenses over the estimated actual vesting period, which is based on the estimate of when an IPO will occur or the Specified Service Period, whichever is longer. Movements in the number of restricted shares granted to employees and the respective weighted-average grant date fair values are as follows: Weighted- Weighted- average average grant date exercise price fair value Number of USD per USD per restricted restricted restricted shares share share Outstanding as of July 1, 2020 79,224,019 0.036 7.67 Vested during the year (71,132,744) 0.036 7.67 Forfeited during the year (2,335,487) 0.036 7.67 Outstanding as of June 30, 2021 5,755,788 0.036 7.67 Outstanding as of July 1, 2021 5,755,788 0.036 7.67 Vested during the year (2,114,000) 0.036 7.67 Forfeited during the year (1,101,368) 0.036 7.67 Outstanding as of June 30, 2022 2,540,420 0.036 7.67 Outstanding as of July 1, 2022 2,540,420 0.036 7.67 Vested during the year (2,496,668) 0.036 7.67 Forfeited during the year (43,752) 0.036 7.67 Outstanding as of June 30, 2023 and December 31, 2023 — — — 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 these share awards granted to the Group’s employees were RMB155,171,000, RMB5,067,000 and RMB613,000 for the years ended June 30, 2021, 2022 and 2023, respectively. (b) Share options The board of directors approved the grants of share options to purchase ordinary shares of the Company to certain employees of the Group on January 16, 2020 and September 27, 2020. Each of 20% of the options granted The option activities during the years ended June 30, 2021, 2022 and 2023 and the six months ended December 31, 2023 are summarized as follows: Weighted- Weighted- average Number of average grant date options exercise price fair value USD per share USD 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 Outstanding at July 1, 2022 8,918,492 0.036 3.67 Exercised (1,376,096) 0.035 3.90 Forfeited (1,841,000) 0.036 3.33 Outstanding at June 30, 2023 5,701,396 0.036 3.72 Exercisable at June 30, 2023 2,114,496 0.036 3.36 Non-vested at June 30, 2023 3,586,900 0.036 3.94 Outstanding at July 1, 2023 5,701,396 0.036 3.72 Exercised (427,492) 0.036 4.20 Forfeited (104,800) 0.036 4.74 Outstanding at December 31, 2023 5,169,104 0.036 3.66 Exercisable at December 31, 2023 2,237,104 0.036 3.57 Non-vested at December 31, 2023 2,932,000 0.036 3.73 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, RMB77,768,000,RMB33,306,000 and RMB7,593,000 for the years ended June 30, 2021, 2022 and 2023 and the six months ended December 31, 2023, respectively. (c) Restricted share units (i) Granted during the year ended June 30, 2023 In October 2022, the board of directors approved the grant of restricted shares units (“RSUs”) to purchase 143,436 ordinary shares of the Company to an independent non-executive director of the Group at nil purchase price. The RSUs were divided into two tranches. The first tranche immediately vested on the grant date, and the remaining tranche will vest in one year from the grant date, on the condition that director remains in service without any performance conditions. The board of directors also approved the grant of RSUs to purchase 1,333,360 ordinary shares of the Company in aggregate to certain employees of the Group at purchase price of USD0.036 per share during the year ended June 30, 2023. These RSUs were divided into three to five tranches. Certain portions of these RSUs were immediately vested on the grant date, and the remaining tranches will vest based on individual vesting schedules ranging from two In addition, the board of directors approved the grant of RSUs to purchase 5,084,800 ordinary shares of the Company to an employee of the Group at purchase price of USD0.036 per share in March 2023. Each of 20% of these RSUs granted will vest on the 1 st st nd rd th th (ii) Granted during the six months ended December 31, 2023 In October 2023, the board of directors approved the grant of RSUs to purchase 22,472 ordinary shares of the Company to an independent non-executive director of the Group at nil purchase price. The RSUs were divided into four tranches. The first tranche immediately vested on the grant date, and the remaining tranches will vest on January 15, 2014, April 15, 2024 and July 15, 2024, respectively, on the condition that director remains in service without any performance conditions. The board of directors also approved the grant of RSUs to purchase 103,200 ordinary shares of the Company in aggregate to certain employees of the Group at purchase price of USD0.036 per share during the six months ended December 31, 2023. These RSUs were divided into three to five tranches. Each tranche will vest based on individual vesting schedules ranging from three (iii) Movements in the number of RSUs granted and the respective weighted-average grant date fair values are as follows: Weighted-average Weighted-average grant date Number of purchase price fair value RSUs USD per RSU USD per RSU Outstanding as of July 1, 2022 — — — Granted 6,561,596 0.035 4.12 Vested (288,336) 0.026 2.42 Forfeited (107,800) 0.036 2.89 Outstanding as of June 30, 2023 6,165,460 0.036 4.22 Granted 125,672 0.030 5.37 Vested (209,116) 0.024 3.55 Forfeited (123,760) 0.036 3.16 Outstanding as of December 31, 2023 5,958,256 0.036 4.32 The fair value of RSUs was determined with reference to the market prices of the Company’s ordinary shares at the respective grant dates. The fair value of RSUs granted during the year ended June 30, 2023 and the six months ended December 31, 2023 was USD27,004,000 (equivalent to RMB186,116,000) and USD674,000 (equivalent to RMB4,812,000) in aggregate. 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 RSUs granted were RMB28,963,000 and RMB38,839,000 for the year ended June 30, 2023 and the six months ended December 31, 2023. |
Acquisition of subsidiaries
Acquisition of subsidiaries | 6 Months Ended |
Dec. 31, 2023 | |
Acquisition of subsidiaries | |
Acquisition of subsidiaries | 28 Acquisition of subsidiaries (a) Business combination On November 30, 2022, the Group acquired 90% of shares and voting rights in MINISO VIETNAM LIMITED LIABILITY COMPANY from a third party, at a cash consideration of VND3,097,377,000 (equivalent to RMB893,000). The following summarizes the recognized amounts of assets acquired and liabilities assumed at the date of acquisition: RMB’000 Property, plant and equipment 1,339 Right-of-use assets 10,467 Inventories 11,573 Trade and other receivables 12,852 Cash and cash equivalents 5,461 Trade and other payables (25,387) Lease liabilities (15,313) Total identifiable net assets acquired 992 Less: non-controlling interest (99) Total consideration transferred 893 The revenue and profit included in the consolidated statement of profit or loss from the acquisition date to June 30, 2023 contributed by MINISO VIETNAM LIMITED LIABILITY COMPANY was RMB44,036,000 and RMB274,000 respectively. (b) Acquisition of assets and liabilities through acquisition of a subsidiary 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. 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, 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 | 6 Months Ended |
Dec. 31, 2023 | |
Financial risk management and fair values | |
Financial risk management and fair values | 29 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, restricted cash and term deposits 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 and franchisees.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, 2022 and 2023 and December 31, 2023, 53%, 40% and 40% 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 relating to certain sales of fixtures to franchisees are collected by instalments within the periods ranging from 32 to 36 months. All other trade receivables are due within 20 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, 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) As at June 30, 2023 Gross Expected carrying Loss loss rate amount allowance % RMB’000 RMB’000 Current (not past due) 2 % 288,057 (6,547) Less than 90 days past due 10 % 22,419 (2,306) 91 - 270 days past due 28 % 3,223 (890) 271 - 450 days past due 53 % 2,267 (1,194) 451 - 810 days past due 58 % 2,223 (1,289) More than 810 days past due 100 % 1,419 (1,419) 319,608 (13,645) Additional loss allowance due to specific consideration on certain distributors 75,119 (75,119) 394,727 (88,764) As at December 31, 2023 Gross Expected carrying Loss loss rate amount allowance % RMB’000 RMB’000 Non-current portion 2 % 18,045 (433) Current portion Current (not past due) 2 % 376,711 (8,828) Less than 90 days past due 11 % 58,127 (6,600) 91 - 270 days past due 27 % 9,791 (2,647) 271 - 450 days past due 75 % 317 (237) 451 - 810 days past due 79 % 1,445 (1,142) More than 810 days past due 100 % 1,010 (1,010) 447,401 (20,464) Additional loss allowance due to specific consideration on certain distributors 57,537 (57,537) 504,938 (78,001) 522,983 (78,434) Loss allowances of RMB53,752,000,RMB75,119,000 and RMB57,537,000 for trade receivables mainly from certain overseas distributors were made during the years ended June 30, 2022 and 2023 and the six months ended December 31,2023 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, 2021 (59,827) Credit loss recognized during the year (28,924) Exchange adjustment 3,634 Balance at June 30, 2022 (85,117) Credit loss recognized during the year (908) Exchange adjustment (2,739) Balance at June 30, 2023 (88,764) Credit loss recognized during the period (2,080) Written off during the period 10,476 Exchange adjustment 1,934 Balance at December 31, 2023 (78,434) 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 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, 2023: ● Decrease in receivables past due resulted in a decrease in loss allowance of RMB 20,300,000 . ● Increase in loss allowance of RMB 21,367,000 for trade receivables mainly due from certain overseas distributors and franchisees due to deterioration of their financial condition. The following significant changes in the gross carrying amounts of trade receivables and changes in additional loss allowance due to specific consideration on certain distributors contributed to the decrease in the loss allowance during the six months ended December 31, 2023: ● Increase in the gross carrying amounts of trade receivables not past due and past due but less than 270 days resulted in an increase in loss allowance of RMB 8,332,000 . ● Reversal of additional loss allowance of RMB 7,106,000 for trade receivables due from a distributor upon collection of receivables. ● Write-off of RMB 10,476,000 of trade receivables due from certain distributors with loss allowance fully provided. 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, 2022 and 2023 and the six months ended December 31, 2023. (b) Liquidity risk As at June 30, 2022 and 2023 and December 31, 2023, the Group’s net current assets amounted to RMB4,283,891,000,RMB6,018,410,000 and RMB5,920,655,000, 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, 2022 and 2023 and the six months ended December 31, 2023, the Group had net cash generated from operating activities of approximately RMB1,406,262,000,RMB1,666,030,000 and RMB1,097,541,000 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 each reporting period 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 each reporting period 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 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 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 2023 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other payables 3,019,302 — — — 3,019,302 3,019,302 Loans and borrowings 216 918 6,716 — 7,850 7,215 Lease liabilities 334,778 259,948 260,188 110,215 965,129 885,734 3,354,296 260,866 266,904 110,215 3,992,281 3,912,251 More than More than Carrying Within 1 year but 2 years but amount at 1 year or less than less than More than December 31, on demand 2 years 5 years 5 years Total 2023 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other payables 3,389,826 — 12,411 — 3,402,237 3,402,237 Loans and borrowings 935 2,360 4,497 — 7,792 7,259 Lease liabilities 457,747 403,679 399,187 102,502 1,363,115 1,245,305 3,848,508 406,039 416,095 102,502 4,773,144 4,654,801 (c) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group does not account for any fixed-rate financial instruments at fair value through profit or loss at the end of each reporting periods. Therefore, interest-bearing financial instruments at fixed rates do not expose the Group to fair value interest rate risk. The Group’s interest rate risk arises primarily from restricted cash and cash at bank at variable rates, which exposes the Group to cash flow interest rate risk. 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 interest-bearing financial instruments at the end of each reporting period presented: As at June 30, As at June 30, As at December 31, Interest rates 2022 Interest rates 2023 Interest rates 2023 % RMB‘000 % RMB‘000 % RMB‘000 Fixed rate instrument: Loans and borrowings 0%~9.0% (6,948) 3.0% (7,215) 3.0% (7,259) Cash at bank (Note 20) 1.3%~2.5% 565,402 3.08%~5.25% 1,040,921 3.75% 103,207 Term deposits 0.3%~2.2% 236,878 0.9%~5.5% 681,715 0.9%~6.02% 310,759 795,332 1,715,421 406,707 Variable rate instrument: Restricted cash (Note 21) 0.3%~1.9% 32,376 0.3%~1.8% 27,073 0.2%~1.8% 7,970 Cash at bank (Note 20) 0%~3.5% 4,782,640 0%~3.5% 5,447,716 0%~5.2% 6,311,451 4,815,016 5,474,789 6,319,421 (ii) Sensitivity analysis At June 30, 2022, it is estimated that a general increase/ decrease increased/decreased year and decreased/increased accumulated losses by approximately At June 30, 2023 and December 31, 2023, it is estimated that a general increase/decrease of 100 basis points in interest rates, with all other variable held constant, would have increased/decreased the Group’s profit for the reporting periods and retained earnings by approximately RMB42,401,000 and RMB24,363,000, respectively. (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 end of the reporting periods. 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, 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 Exposure to foreign currencies (Expressed in thousands of Renminbi) As at June 30, 2023 United States Hong Kong Dollars Euros Dollars Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 61,922 — — — — Cash and cash equivalents 455,032 6,677 5,100 2,429 3 Term deposits 344 — — — — Trade and other payables (83,094) (4,664) (13,950) — — Net exposure arising from recognized assets and liabilities 434,204 2,013 (8,850) 2,429 3 Exposure to foreign currencies (Expressed in thousands of Renminbi) As at December 31, 2023 United States Hong Kong Dollars Euros Dollars Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 141,973 20 23,814 — 3,889 Cash and cash equivalents 309,966 37,492 7,868 3,068 19 Term deposits 35,712 — — — — Trade and other payables (82,669) (5,151) (11,401) (820) (930) Net exposure arising from recognized assets and liabilities 404,982 32,361 20,281 2,248 2,978 (ii) Sensitivity analysis The following table indicates the instantaneous change in the Group’s profit after tax (and accumulated loss/retained earnings) 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, 2022 As at June 30, 2023 As at December 31, 2023 Effect on Effect on Effect on Increase/ profit for the Increase/ profit for the Increase/ profit for the (decrease) in year and (decrease) in year and (decrease) in period and foreign accumulated foreign retained foreign retained exchange rates losses exchange rates earnings exchange rates earnings RMB’000 RMB’000 RMB’000 United States Dollars 1 % 4,744 1 % 4,324 1 % 3,375 (1) % (4,744) (1) % (4,324) (1) % (3,375) Euros 1 % 28 1 % 19 1 % 270 (1) % (28) (1) % (19) (1) % (270) Hong Kong Dollars 1 % (65) 1 % (89) 1 % 208 (1) % 65 (1) % 89 (1) % (208) Renminbi 1 % 16 1 % 20 1 % 19 (1) % (16) (1) % (20) (1) % (19) Others 1 % — * 1 % — * 1 % 25 (1) % — * (1) % — * (1) % (25) 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, and then 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 each reporting period 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, 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: - Investments in trust investment schemes 208,649 — 208,649 — - Investment in a monetary fund 1,874 1,874 — — Fair value at Fair value measurements as at June 30, June 30, 2023 categorized into 2023 Level 1 Level 2 Level 3 RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurement Assets: Other investments: - Investments in trust investment schemes 205,329 — 205,329 — - Investment in an unlisted Partnership Enterprise 73,870 — 73,870 — Fair value at Fair value measurements as at December 31, December 31, 2023 categorized into 2023 Level 1 Level 2 Level 3 RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurement Assets: Other investments: - Investments in trust investment schemes 202,866 — 202,866 — - Investment in a wealth management product 50,000 — 50,000 — - Investment in an unlisted Partnership Enterprise 90,603 — — 90,603 During the years ended June 30, 2021, 2022 and 2023, there were no transfers between Level 1 and Level 2, or transfer into or out of Level 3. During the six months ended December 31, 2023, the investment in an unlisted Partnership Enterprise was transferred from Level 2 to Level 3. The Group’s policy is to recognize transfers 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, 2022 and 2023 and December 31, 2023 mainly represented investments in trust investment schemes and a wealth management product.The fair value of these investments was determined by the Group with reference to the fair value quoted by the trust companies or bank, that established and managed the investments (see Note 17), using expected return rates currently available for instruments with similar terms, credit risk, remaining terms and other market data. The Group invested in an unlisted Partnership Enterprise in late June 2023 with a consideration of USD10,409,000 (equivalent to RMB73,870,000). As at June 30, 2023, the fair value of this investment was measured at the investment consideration, which represented the recent transaction price, and was classified as Level 2. At December 31, 2023, the fair value of the investment in unlisted Partnership Enterprise was determined using summation method of cost approach with the assistance of an independent valuer, based on recent transaction price of the underlying enterprise invested by this Partnership Enterprise and the predetermined distribution mechanism of returns set out in the agreement of the Partnership Enterprise. This investment was classified as Level 3 as no observable inputs for which market data could be used to measure the fair value. 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, 2022 and 2023 and December 31, 2023 because of the short-term maturities of these financial instruments. |
Commitments
Commitments | 6 Months Ended |
Dec. 31, 2023 | |
Commitments | |
Commitments | 30 Commitments (a) Capital commitments outstanding as at the end of each reporting period presented not provided for in the financial statements were as follows: As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Contracted purchase of software 1,000 — — Contracted for construction projects 830,573 472,038 570,840 Contracted for 831,573 472,038 570,840 Authorized but not contracted for construction projects 11,279 510,608 266,333 Total 842,852 982,646 837,173 |
Contingencies
Contingencies | 6 Months Ended |
Dec. 31, 2023 | |
Contingencies | |
Contingencies | 31 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) Co., Ltd. (“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, with RMB160,000,000 in 2021, RMB175,000,000 in 2022, RMB190,000,000 in 2023, RMB210,000,000 in 2024 and RMB230,000,000 in 2025. If the above entities fail to meet such commitment, MINISO Guangzhou will be liable to compensate for the shortfall. In January 2021 and April 2022, MINISO Guangzhou had provided performance guarantees of RMB In March 2023, MINISO Guangzhou provided a performance guarantee of RMB190,000,000 issued by a commercial bank to this local government in respect of the commitment of tax payments for the calendar year of 2023, which is valid from April 1, 2023 to March 31, 2024. The directors have assessed that, based on the projection of and actual relevant taxes and surcharges paid and payable during the calendar year of 2023, the above entities are expected to meet and have met the commitment for the calendar year of 2023 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, 2023 or December 31, 2023. (b) 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 an illicit competition dispute. The total amount claimed against the PRC subsidiaries was approximately RMB30 million. No provision was made in respect of this claim as of June 30, 2022 as the directors believed the probability of losing the case was low based on the assessment of the Group’s litigation counsel at that time. During the year ended June 30, 2023, a provision amounting to RMB30,000,000 was made based on the first instance judgment made by the court despite that the Group had filed an application of appeal to the court. As of December 31, 2023, the final judgment has been made by the court that the first instance judgment should be upheld, and the application of appeal filed by the Group has been dismissed. RMB30,000,000 has been paid to the plaintiff during the six months ended December 31, 2023. (c) Securities class action A putative securities 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. The lead plaintiff was appointed in November 2022 and has filed the complaint to the court. As of June 30, 2023, the Company and other defendants has filed the motion to dismiss the complaint and a decision was pending. This action remained at its preliminary stage and the directors are unable to assess the outcome of the action or reliably estimate the potential losses, if any. As of December 31, 2023, the Company and other defendants has completed briefing on the motion to dismiss and a decision was still pending.The directors and the Group’s litigation counsel were still unable to assess the outcome of the action or reliably estimate the potential losses, if any. Subsequently on February 23, 2024, the motion to dismiss the complaint was granted by the court with leave to amend. Plaintiffs have filed a motion for reconsideration of the court’s decision and intended to file a further amended complaint. |
Material related party transact
Material related party transactions | 6 Months Ended |
Dec. 31, 2023 | |
Material related party transactions | |
Material related party transactions | 32 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 MINI Investment Holding Limited Under common control of the controlling shareholder Wow Colour Beauty Guangdong Technology Limited Under common control of the controlling shareholder Nome Design (Guangzhou) Limited Under common control of the controlling shareholder Haydon (Shanghai) Technology Co., Ltd. Under common control of the controlling shareholder MINISO Technology (Guangzhou) Co., Ltd. Under common control of the controlling shareholder 199 Global Holding (Guangzhou) Limited Under common control of the controlling shareholder Mingyou (i) 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 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 Miniso Lifestyle Nigeria Limited Under common control of the controlling shareholder Shanghai Kerong Networks Limited Significantly influenced by the controlling shareholder Shenzhen Zhizhi Brand Incubation Limited (ii) Significantly influenced by the controlling shareholder ACC Super Accessories Shenzhen Technology Limited Significantly influenced by the controlling shareholder ACC Super Accessories International Trade (Shenzhen) Co., Ltd. Significantly influenced by the controlling shareholder Guangzhou Mingyou Business Development Co., Ltd. (formerly known as Guangzhou Mingchuang Business Development Co., Ltd.) Significantly influenced by the controlling shareholder Guangzhou Mingyou Business Management Co., Ltd. Significantly influenced by the controlling shareholder KOURITEN LIMITED (iii) Subsidiary of an equity accounted investee of the Group Notes: (i) 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 28(b)). (ii) 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. (iii) On October 26, 2023, the Group invested in the parent company of KOURITEN LIMITED and acquired 25% of its interest. KOURITEN LIMITED became a subsidiary of an equity accounted investee of the Group since then. The transactions between the Group and KOURITEN LIMITED from October 26, 2023 to December 31, 2023 and the balances with KOURITEN LIMITED as at December 31, 2023 were included in Notes 32 (b) and 32 (c), respectively. (b) Transactions with related parties (i) Key management personnel compensation Key management personnel compensation comprised the following: For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Short-term employee benefits 8,795 13,018 13,069 8,171 Equity-settled share-based payment expenses (Note 27) 39,727 — 718 508 48,522 13,018 13,787 8,679 (ii) Other transactions with related parties For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Proceeds from repayment from related parties - MINI Investment Holding Limited (i) 9,508 — — — - Nome Design (Guangzhou) Limited (ii) 5,205 — — — Repayment to the controlling shareholder - Mr. Ye Guofu (iii) 11,946 — — — Sales of products - Miniso Lifestyle Nigeria Limited 5,312 — 18,046 11,577 - OasVision International Limited 9,914 16,979 — — - MINISO Technology (Guangzhou) Co., Ltd. 1,271 — — — - Haydon (Shanghai) Technology Co., Ltd. — 11 — — - Miniso (Zhaoqing) Industrial Investment Co., Ltd. — — 4,020 3,026 - Wow Colour Beauty Guangdong Technology Limited — — 85 — - KOURITEN LIMITED — — — 10,048 Provision of information technology support and consulting services - Haydon (Shanghai) Technology Co., Ltd. (v) 3,050 5,688 916 26 - Wow Colour Beauty Guangdong Technology Limited (iv) 9,912 7,080 2,714 1,466 - ACC Super Accessories Shenzhen Technology Limited (iv) — 2,651 207 138 - Henhaohe Tea Guangdong Limited (v) — 8,410 230 — License fee income - KOURITEN LIMITED — — — 87 Purchase of products - Shanghai Kerong Networks Limited 38,148 15,465 12,125 2,286 - Shenzhen Zhizhi Brand Incubation Limited 22,220 4,407 — — - Wow Colour Beauty Guangdong Technology Limited 19 1,029 1 23 - Nome Design (Guangzhou) Limited 581 112 — — - Haydon (Shanghai) Technology Co., Ltd. 894 53 — — - 199 Global Holding (Guangzhou) Limited 135 190 — — - ACC Super Accessories Shenzhen Technology Limited — 48 206 — - ACC Super Accessories International Trade (Shenzhen) Co., Ltd. — — 452 — - Guangzhou Mingyou Business Development Co., Ltd. — — 367 — Provision of guarantee for a subsidiary of the then equity-accounted investee - Mingyou (v) 160,000 160,000 — — Purchase of catering services - Guangzhou Chuyunju Catering Service Co., Ltd. 8,334 8,816 — — - Guangzhou Chuyunju Catering Management Co., Ltd. — 3,104 6,078 3,888 Rental and related expenses - Guangzhou Mingyou Business Development Co., Ltd. (vii) — — 2,359 4,016 - Miniso (Zhaoqing) Industrial Investment Co., Ltd. — — — 200 - Guangzhou Mingyou Business Management Co., Ltd. — — — 347 Payment of lease liabilities - Miniso (Zhaoqing) Industrial Investment Co., Ltd.(vi) — 4,147 26,583 19,271 Payment of rental deposits - Miniso (Zhaoqing) Industrial Investment Co., Ltd. (vi) — — 10,647 113 - Guangzhou Mingyou Business Development Co., Ltd. (vii) — — 1,710 — Payment of earnest money in connection with lease of a property - Guangzhou Mingyou Business Management Co., Ltd. — — — 1,000 Notes: (i) The Group provided interest-free cash advance to MINI Investment Holding Limited amounting to RMB9,508,000 during the year ended June 30, 2019. The amount was fully repaid in July 2020. (ii) The Group provided interest-free cash advances to Nome Design (Guangzhou) Limited amounting to RMB5,205,000 during the period from March to June 2020. The amount was subsequently fully repaid in July 2020. (iii) The Group settled other payables to Mr. Ye Guofu amounting to RMB11,946,000 during the year ended June 30, 2021. (iv) Pursuant to the information technology support and consulting services agreements entered into between the Group and Haydon (Shanghai) Technology Co., Ltd., Wow Colour Beauty Guangdong Technology Limited, ACC Super Accessories Shenzhen Technology Limited and Henhaohe Tea Guangdong Limited, the Group provided business management systems deployment and support services to these entities during the years ended June 30, 2021, 2022 and 2023 and the six months ended December 31, 2023. (v) On January 25, 2021, MINISO Guangzhou provided a performance guarantee of RMB160,000,000 to a local government for the commitment of tax levies paid by the subsidiaries of MINISO Guangzhou in that district and Mingyou 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. (vi) 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 During the year ended June 30, 2023, the Group entered into additional lease agreements with Miniso (Zhaoqing) Industrial Investment Co., Ltd. for lease of additional properties for storage of inventories with fixed lease payments ranging from two three years right-of-use assets During the six months ended December 31, 2023, the Group entered into another lease agreement with Miniso (Zhaoqing) Industrial Investment Co., Ltd. for lease of properties as employee dormitories with fixed lease payments for five years. The Group recognized a right-of-use asset During the years ended June 30, 2022 and 2023 and the six months ended December 31, 2023, the Group made payments of lease liabilities of RMB4,147,000, RMB26,583,000 and RMB19,271,000 respectively to Miniso (Zhaoqing) Industrial Investment Co., Ltd. in connection with the lease of properties. (vii) In March 2023, the Group entered into a five-year right-of-use asset (c) Balances with related parties As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Trade related: Included in non-current trade and other receivables from related parties: - Miniso (Zhaoqing) Industrial Investment Co., Ltd. — 10,647 10,760 Included in current trade and other receivables from related parties: - Haydon (Shanghai) Technology Co., Ltd. 2,150 46 54 - Wow Colour Beauty Guangdong Technology Limited 2,189 767 1,508 - ACC Super Accessories Shenzhen Technology Limited 527 293 277 - Henhaohe Tea Guangdong Limited 239 — — - Miniso Lifestyle Nigeria Limited — 2,484 12,427 - Miniso (Zhaoqing) Industrial Investment Co., Ltd. — — 3,339 - Guangzhou Mingyou Business Development Co., Ltd. — 2,012 1,710 - Guangzhou Mingyou Business Management Co., Ltd. — — 1,000 - KOURITEN LIMITED — — 7,521 5,105 5,602 27,836 Included in trade and other payables to related parties: - Shanghai Kerong Networks Limited 1,241 1,102 319 - Wow Colour Beauty Guangdong Technology Limited 70 — — - Haydon (Shanghai) Technology Co., Ltd. 53 — — - Nome Design (Guangzhou) Limited 126 126 126 - ACC Super Accessories Shenzhen Technology Limited 145 9 9 - Guangzhou Chuyunju Catering Service Co., Ltd. 8,971 4,204 4,204 - Guangzhou Chuyunju Catering Management Co., Ltd. 3,104 880 1,676 - Guangzhou Mingyou Business Development Co., Ltd. — 50 — - KOURITEN LIMITED — — 1,000 13,710 6,371 7,334 Included in prepayment to related parties: - Miniso Corporation 69 — — Included in lease liabilities due to related parties: - Miniso (Zhaoqing) Industrial Investment Co., Ltd. 31,426 78,914 68,406 Included in contract liabilities due to related parties: - KOURITEN LIMITED — — 2,388 |
Company level financial informa
Company level financial information | 6 Months Ended |
Dec. 31, 2023 | |
Company level financial information | |
Company level financial information | 33 Company level financial information The following presents condensed parent company financial information of the Group. (i) Condensed statement of profit or loss For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Other income 4,274 6,038 6,468 10,433 General and administrative expenses (9,734) (19,038) (37,854) (20,345) Other net income/(loss) 52,056 6,607 (11,418) 5,558 Operating profit/(loss) 46,596 (6,393) (42,804) (4,354) Finance income 1,030 2,930 25,608 44,400 Finance costs (2) — — — Net finance income 1,028 2,930 25,608 44,400 Fair value changes of redeemable shares with other preferential rights (1,625,287) — — — Share of loss of equity-accounted investee, net of tax (4,011) (8,162) — — (Loss)/profit before taxation (1,581,674) (11,625) (17,196) 40,046 Income tax expense — — — (3,137) (Loss)/profit for the year/period (1,581,674) (11,625) (17,196) 36,909 (ii) Condensed statement of profit or loss and other comprehensive income For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 (Loss)/profit for the year/period (1,581,674) (11,625) (17,196) 36,909 Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of the Company (191,443) 174,150 383,743 (86,224) Other comprehensive (loss)/income for the year/period (191,443) 174,150 383,743 (86,224) Total comprehensive (loss)/income for the year/period (1,773,117) 162,525 366,547 (49,315) (iii) Condensed statement of financial position As at Note As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 ASSETS Non-current assets Investments in subsidiaries - Cost-accounted investments in subsidiaries 2,112,276 2,300,637 2,259,187 - Amounts due from subsidiaries 1,968,572 1,443,759 1,508,405 4,080,848 3,744,396 3,767,592 Current assets Other investments 1,874 — — Other receivables 65,907 7,703 2,450 Cash and cash equivalents 646,921 1,225,474 372,459 Term deposits 201,342 361,371 145,587 916,044 1,594,548 520,496 Total assets 4,996,892 5,338,944 4,288,088 EQUITY Share capital 26(a) 92 95 95 Additional paid-in capital 26(a) 7,982,824 7,257,080 6,333,584 Other reserves (1,627,210) (1,242,585) (1,401,580) Accumulated losses (1,440,512) (726,810) (689,901) Total equity 4,915,194 5,287,780 4,242,198 LIABILITIES Non-current liabilities Deferred income 14,488 8,821 5,297 14,488 8,821 5,297 Current liabilities Other payables 60,915 35,565 33,950 Deferred income 6,295 6,778 6,643 67,210 42,343 40,593 Total liabilities 81,698 51,164 45,890 Total equity and liabilities 4,996,892 5,338,944 4,288,088 (iv) Condensed statement of cash flow For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Net cash from/(used in) operating activities 28,366 (16,177) (43,240) (22,277) Net cash (used in)/from investing activities (3,432,692) 120,173 528,830 259,852 Net cash from/(used in) financing activities 4,181,655 (395,322) 43,396 (1,083,077) Net increase/(decrease) in cash and cash equivalents 777,329 (291,326) 528,986 (845,502) Cash and cash equivalents at beginning of the year/period 153,889 925,638 646,921 1,225,474 Effect of movements in exchange rates on cash held (5,580) 12,609 49,567 (7,513) Cash and cash equivalents at end of the year/period 925,638 646,921 1,225,474 372,459 |
Amendments and new standards is
Amendments and new standards issued but not yet effective | 6 Months Ended |
Dec. 31, 2023 | |
Amendments and new standards issued but not yet effective | |
Amendments and new standards issued but not yet effective | 34 Amendments and new standards issued but not yet effective A number of new standards are effective for the annual periods beginning after January 1, 2024 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 - Classification of liabilities as current or non-current (Amendments to IAS 1) January 1, 2024 - Non-current liabilities with covenants (Amendments to IAS 1) January 1, 2024 - Lease liability in a sale and leaseback (Amendments to IAS 16) January 1, 2024 - Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) January 1, 2024 - Lack of Exchangeability (Amendments to IAS 21) January 1, 2025 - 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 |
Material accounting policies (P
Material accounting policies (Policies) | 6 Months Ended |
Dec. 31, 2023 | |
Material accounting policies | |
Statement of compliance | (a) Statement of compliance The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”), and were authorized for issue by the Company’s board of directors on April 16, 2024. Material accounting policies adopted by the Group are disclosed below. The Group has consistently applied these accounting policies to all periods presented in these consolidated financial statements, unless otherwise stated . The IASB has issued certain amendments to IFRSs that are first effective or available for early adoption for the current accounting period of the Group. Note 2(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current accounting period reflected in these financial statements. |
Basis of preparation | (b) Basis of preparation The Company has changed its financial year end date from June 30 to December 31. The accompanying consolidated financial statements of the Group are for the six months ended December 31, 2023. The comparable amounts presented in these consolidated financial statements for the years ended June 30, 2021, 2022 and 2023 are therefore not comparable . The measurement basis used in the preparation of the financial statements is the historical cost basis except that other investments and redeemable shares with other preferential rights are stated at their fair value as explained in Note 2(m) and Note 2(p). |
Changes in accounting policies | (c) Changes in accounting policies The Group has applied the following new and amended IFRSs issued by the IASB to the financial statements for the six months ended December 31, 2023 : ● Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies ● Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction ● IFRS 17, Insurance Contracts and Amendment to IFRS 17, Insurance Contracts ● Amendments to IAS 8, Definition of Accounting Estimates The Group has not applied any new standard or interpretation that is not yet effective for the six months ended December 31, 2023 as set out in Note 34. Impacts of the adoption of the new and amended IFRSs are discussed below: Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies The amendments require entities to disclose material accounting policy information and provide guidance on applying the concept of materiality to accounting policy disclosure. The Group has considered the accounting policy information it has been disclosing and determined that it is consistent with the requirements of the amendments. Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendments narrow the scope of the initial recognition exemption such that it does not apply to transactions that give rise to equal and offsetting temporary differences on initial recognition such as leases and decommissioning liabilities. For leases and decommissioning liabilities, the associated deferred tax assets and liabilities are required to be recognized from the beginning of the earliest comparative period presented, with any cumulative effect recognized as an adjustment to retained earnings or other components of equity at that date. For all other transactions, the amendments are applied to those transactions that occur after the beginning of the earliest period presented. Prior to the amendments, the Group did not apply the initial recognition exemption to lease transactions and had recognized the related deferred tax, except that the Group previously determined the temporary difference arising from a right-of-use asset and the related lease liability on a net basis on the basis they arise from a single transaction. Following the amendments, the Group has determined the temporary differences in relation to right-of-use assets and lease liabilities separately. The change primarily impacts disclosures of components of deferred tax assets and liabilities in Note 10(c), but does not impact the overall deferred tax balances presented in the consolidated statement of financial position as the related deferred tax balances qualify for offsetting under IAS 12. Other than the Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies Deferred Tax related to Assets and Liabilities arising from a Single Transaction |
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 period 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)). (ii) Interests in equity-accounted investees The Group’s interests in equity-accounted investees comprises interests in associates. 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 interest in an associate is accounted for using the equity method.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 reporting period 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)). Unrealized gains arising from transactions with equity - accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent there is no evidence of impairment. (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 reporting period, any attributable amount of purchased goodwill is included in the calculation of the profit or loss on disposal. (iv) Business combinations Except for business combinations under common control , 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. (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, term deposits, trade and other receivables). Other financial assets measured at fair value through profit or loss, including other investments, are not subject to the ECL assessment. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material: ● fixed-rate financial assets and trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. ECLs are measured on either of the following bases: ● 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and ● lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies. Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs. ECLs on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date. For all other financial instruments, the Group recognizes a loss allowance equal to 12-month ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs. Significant increases in credit risk In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when (i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or (ii) the financial asset is 30 days past due. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition: ● failure to make payments of principal or interest on their contractually due dates; ● an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available); ● an actual or expected significant deterioration in the operating results of the debtor; and ● existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group. Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings. ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss. The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. Basis of calculation of interest income Interest income recognized in accordance with Note 2(u)(iv) is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortized cost (i.e. the gross carrying amount less loss allowance) of the financial asset. At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable events: ● significant financial difficulties of the debtor; ● a breach of contract, such as a default or past due event; ● it is becoming probable that the borrower will enter into bankruptcy or other financial reorganization; ● significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or ● the disappearance of an active market for a security because of financial difficulties of the issuer. Write-off policy The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs. (ii) Impairment of other 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; ● interests in equity-accounted investees; and ● investments in subsidiaries in the Company’s statement of financial position. If any such indication exists, an impairment assessment is performed, where the asset’s recoverable amount is estimated. Assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash - generating units (“CGU”s) (e.g. the Group’s individual self - operated stores). ● 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 CGU. ● 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 (FVTPL). 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. |
Redeemable shares with other preferential rights | (p) Redeemable shares with 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. 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 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 period 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 does not give rise to equal taxable and deductible temporary differences; ● 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 ; and ● those related to the income taxes arising from tax laws enacted or substantively enacted to implement the Pillar Two model rules published by the Organization for Economic Co – operation and Development. The Group recognized deferred tax assets and deferred tax liabilities separately in relation to its lease liabilities and right-of-use assets. 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, Indonesia and Vietnam, 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 self-operated online stores on WeChat Mini Program and 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 maintains spend-based customer loyalty programs for MINISO and TOP TOY brands, under which loyalty points are rewarded to end customers based on the spend level and are redeemable in future purchases when certain criteria is 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 Governmccsition 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”). The functional currency of the Company is United States Dollars (“USD”). 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 reporting period 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. |
Related parties | (x) 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: ● 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). ● 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). ● Both entities are joint ventures of the same third party. ● One entity is a joint venture of a third entity and the other entity is an associate of the third entity. ● The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. ● The entity is controlled or jointly controlled by a person identified in (a). ● 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). ● 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 | (y) 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 list _2
General information and list of principal subsidiaries (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
General information and list of principal subsidiaries | |
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 USD50,000/- 100% Investment holding MINISO Global Holding Limited BVI USD50,000/- 100% Investment holding MINISO Development Hong Kong Limited Hong Kong HKD10,000/- 100% Investment holding and wholesale of lifestyle products MINISO Investment Hong Kong Limited Hong Kong HKD80,100,000/ 100% Investment holding MINISO Hong Kong Limited Hong Kong HKD350,000,000/ 100% Wholesale of lifestyle products MINISO (Guangzhou) Co., Ltd. PRC RMB146,862,372/ 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/ 100% Wholesale of lifestyle products MINISO Youxuan Technology (Guangzhou) Co., Ltd. PRC RMB10,000,000/ 100% Online sales of lifestyle products Pt. MINISO Lifestyle Trading Indonesia Indonesia IDR53,289,350,000/ 67% Wholesale and retail of lifestyle products MINISO Life Style Private Limited India INR669,540,570/ 100% Wholesale and retail of lifestyle products USA MINISO Depot Inc. United States USD67,041,441/ 100% Wholesale and retail of lifestyle products MIHK Management Inc. Canada CAD100/CAD100 100% Wholesale and retail of lifestyle products MINISO LIFESTYLE SINGAPORE PRIVATE LIMITED Singapore SGD3,000/ 100% Wholesale and retail of lifestyle products MINISO VIETNAM LIMITED LIABILITY COMPANY Vietnam VND20,000,000,000/ 90% 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/ 100% Development of headquarters building |
Material accounting policies (T
Material accounting policies (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Material 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) | 6 Months Ended |
Dec. 31, 2023 | |
Segment reporting | |
Summary of segment information | Reportable segments Operations MINISO brand Design, buying and sale of lifestyle products TOP TOY brand Design, buying and sale of pop toys (i) Segment results, assets and liabilities |
Summary of segment results, assets and liabilities | As at and for the year ended June 30, 2021 Reportable segments MINISO Total reportable Other brand TOP TOY brand segments segment Total 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 Additions to non-current assets during the year* 374,825 128,585 503,410 7,385 510,795 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 Reportable segments Total reportable Other MINISO brand TOP TOY brand segments segment Total 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 Additions to non-current assets during the year* 319,809 141,101 460,910 8,510 469,420 Segment liabilities 3,552,457 620,953 4,173,410 62,341 4,235,751 As at and for the year ended June 30, 2023 Reportable segments Total TOP TOY reportable Other MINISO brand brand segments segment Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 External revenues 10,861,222 533,367 11,394,589 78,619 11,473,208 Inter-segment revenue 71 7,946 8,017 367,032 375,049 Segment revenue 10,861,293 541,313 11,402,606 445,651 11,848,257 Segment profit/(loss) before taxation 2,354,357 (20,412) 2,333,945 17,814 2,351,759 Finance income 139,577 1,201 140,778 2,969 143,747 Finance costs (29,751) (4,863) (34,614) (8) (34,622) Depreciation and amortization (302,070) (64,405) (366,475) (4,339) (370,814) Other material non-cash items: - reversal of credit loss/(credit loss) on trade and other receivables 1,409 (246) 1,163 (91) 1,072 - impairment loss on non-current assets (1,433) (2,015) (3,448) — (3,448) Segment assets 10,573,747 361,397 10,935,144 190,366 11,125,510 Additions to non-current assets during the year* 933,768 37,434 971,202 4,221 975,423 Segment liabilities 3,937,784 493,044 4,430,828 43,699 4,474,527 As at and for the six months ended December 31, 2023 Reportable segments Total TOP TOY reportable Other MINISO brand brand segments segment Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 External revenues 7,251,610 368,842 7,620,452 12,015 7,632,467 Inter-segment revenue 2,198 4,172 6,370 93,921 100,291 Segment revenue 7,253,808 373,014 7,626,822 105,936 7,732,758 Segment profit before taxation 1,644,839 6,479 1,651,318 2,924 1,654,242 Finance income 120,064 640 120,704 1,911 122,615 Finance costs (23,042) (2,146) (25,188) (14) (25,202) Depreciation and amortization (245,796) (31,906) (277,702) (3,058) (280,760) Other material non-cash items: - (credit loss)/reversal of credit loss on trade and other receivables (2,791) 988 (1,803) (277) (2,080) - impairment loss on non-current assets (3,682) (865) (4,547) — (4,547) Segment assets 11,547,381 400,602 11,947,983 191,275 12,139,258 Additions to non-current assets during the period* 733,107 75,329 808,436 2,941 811,377 Segment liabilities 4,841,577 335,870 5,177,447 41,403 5,218,850 Note: * The additions to non-current assets do not include additions to deferred tax assets, non-current prepayments, non-current trade receivables and non-current other investments. |
Summary of reconciliations of information on reportable segments | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 i. Revenue Total revenue for reportable segments 8,841,998 9,917,044 11,402,606 7,626,822 Revenue for other segment 353,172 385,184 445,651 105,936 Elimination of inter-segment revenue (123,511) (216,579) (375,049) (100,291) Consolidated revenue 9,071,659 10,085,649 11,473,208 7,632,467 ii. Profit before taxation Total profit before taxation for reportable segments 354,550 859,501 2,333,945 1,651,318 Profit before taxation for other segment 58,556 97,455 17,814 2,924 Unallocated amounts: - Fair value changes of redeemable shares with other preferential rights (1,625,287) — — — - Share of loss of equity-accounted investees, 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) (18,145) (1,500) Consolidated (loss)/profit before taxation (1,216,192) 906,813 2,333,614 1,652,742 As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 iii. Assets Total assets for reportable segments 8,830,028 10,935,144 11,947,983 Assets for other segment 171,163 190,366 191,275 Other unallocated amounts - Assets relating to construction of headquarters building 2,028,095 2,078,833 2,107,557 - Apartments for use as staff quarters 252,502 243,370 238,494 Consolidated total assets 11,281,788 13,447,713 14,485,309 iv. Liabilities Total liabilities for reportable segments 4,173,410 4,430,828 5,177,447 Liabilities for other segment 62,341 43,699 41,403 Other unallocated amounts - Liabilities relating to construction of headquarters building 18,637 54,918 75,242 Consolidated total liabilities 4,254,388 4,529,445 5,294,092 v. Other material items 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) For the year ended June 30, 2023 Reportable segment Other Unallocated Consolidated totals segment amount totals RMB’000 RMB’000 RMB’000 RMB’000 Finance income 140,778 2,969 1,478 145,225 Finance costs (34,614) (8) — (34,622) Depreciation and amortization (366,475) (4,339) (20,353) (391,167) Reversal of credit loss/(credit loss) on trade and other receivables 1,163 (91) — 1,072 Impairment loss on non-current assets (3,448) — — (3,448) For the six months ended December 31, 2023 Reportable segment Other Unallocated Consolidated totals segment amount totals RMB’000 RMB’000 RMB’000 RMB’000 Finance income 120,704 1,911 1,354 123,969 Finance costs (25,188) (14) — (25,202) Depreciation and amortization (277,702) (3,058) (4,481) (285,241) Credit loss on trade and other receivables (1,803) (277) — (2,080) Impairment loss on non-current assets (4,547) — — (4,547) |
Summary of geographic information analyses | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 i. Revenue the PRC (place of domicile) 7,291,219 7,442,156 7,650,821 4,843,127 Other Asian countries excluding the PRC 961,622 1,174,323 1,821,080 1,157,261 America 584,630 1,189,119 1,738,058 1,403,936 Europe 117,214 174,691 151,496 154,737 Others 116,974 105,360 111,753 73,406 9,071,659 10,085,649 11,473,208 7,632,467 As at As at June 30, Decembr 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 ii. Non-current assets the PRC (place of domicile) 2,575,241 2,672,426 3,052,525 Other Asian countries excluding the PRC 63,021 121,614 166,623 America 204,459 512,322 644,765 Europe 10,490 1,859 99,029 2,853,211 3,308,221 3,962,942 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Summary of reconciliation of the disaggregated revenue | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Major products/service lines — Sales of lifestyle and pop toy products — Retail sales in self-operated stores 323,775 555,226 990,048 1,004,114 — Product sales to franchisees 5,506,365 5,499,267 5,960,518 3,857,191 — Sales to offline distributors 1,509,840 2,072,061 2,612,742 1,660,860 — Online sales 663,197 651,039 706,397 355,380 — Other sales channels 33,499 220,069 87,530 44,149 Sub-total 8,036,676 8,997,662 10,357,235 6,921,694 — License fees, sales-based royalties, and sales-based management and consultation service fees — License fees 72,392 109,166 84,711 37,074 — Sales-based royalties 97,848 97,453 102,089 66,113 — Sales-based management and consultation service fees 488,138 478,775 500,775 323,182 Sub-total 658,378 685,394 687,575 426,369 — Others* 376,605 402,593 428,398 284,404 9,071,659 10,085,649 11,473,208 7,632,467 Timing of revenue recognition — Point in time 8,413,281 9,321,490 10,619,987 7,195,509 — Over time 658,378 764,159 853,221 436,958 Revenue from contracts with customers 9,071,659 10,085,649 11,473,208 7,632,467 Note: * Others mainly represented sales of fixtures to franchisees and distributors and membership fee income. |
Summary of revenue from individual customer contributing over 10% of total revenue | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Customer A 941,541 N/A* N/A* N/A* Note: * Less than 10% of the Group’s revenue in the respective reporting period. |
Summary of receivables, contract liabilities from contracts with customers | As at As at June 30, December 31, 2022 2023 2023 Note RMB’000 RMB’000 RMB’000 Receivables, which are included in ‘trade and other receivables’ 19 — Current portion 290,681 305,963 426,937 — Non-current portion — — 17,612 Total receivables, which are included in ‘trade and other receivables’ 290,681 305,963 444,549 Contract liabilities — Current portion (361,522) (292,887) (324,028) — Non-current portion (51,658) (46,754) (40,954) Total contract liabilities (413,180) (339,641) (364,982) As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Contract liabilities are analyzed as follows: — Advance payments received from customers for purchase of goods 219,192 231,636 267,063 — Deferred revenue related to license fees 88,536 89,498 82,914 — Deferred revenue related to membership fees 96,025 5,215 210 — Deferred revenue related to loyalty points 9,427 13,292 14,795 413,180 339,641 364,982 |
Summary of movements in contract liabilities | Contract liabilities RMB’000 Balance at July 1, 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 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 (361,522) Increase in contract liabilities as a result of receiving advance payment for purchase of goods 231,636 Increase in contract liabilities as a result of receiving payment of license fees 37,840 Increase in contract liabilities as a result of receiving payment of membership fees 5,215 Increase in contract liabilities as a result of loyalty points 13,292 Balance at June 30, 2023 339,641 Decrease in contract liabilities as a result of recognizing revenue during the period that was included in the contract liabilities at the beginning of the period (292,887) Increase in contract liabilities as a result of receiving advance payment for purchase of goods 267,063 Increase in contract liabilities as a result of receiving payment of license fees 36,370 Increase in contract liabilities as a result of loyalty points 14,795 Balance at December 31, 2023 364,982 |
Other income (Tables)
Other income (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Other income | |
Summary of other income | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Tax refund 1,279 3,231 2,660 469 Government grants (i) 46,587 16,663 8,807 8,091 Income from depositary bank (ii) 4,274 6,037 6,468 10,433 52,140 25,931 17,935 18,993 Notes: (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 ). (ii) The Company received an initial payment of USD 4,690,000 (equivalent to RMB 30,995,000 ) 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. In addition, the Company received rebate of fees from depositary bank of USD 1,107,000 (equivalent to RMB 7,940,000 ) during the six months ended December 31, 2023. |
Expenses by nature (Tables)
Expenses by nature (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Expenses by nature | |
Schedule of cost of sales, selling and distribution and general and administrative expenses | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Cost of inventories (Note 18(a)) 6,581,456 6,870,976 6,859,362 4,292,806 Payroll and employee benefits (i) 916,185 864,693 819,592 580,801 Rental and related expenses 12,139 33,354 69,174 80,847 Depreciation and amortization (ii) 265,019 389,871 391,167 285,241 Licensing expenses 88,063 149,612 249,437 178,241 Promotion and advertising expenses 214,788 242,681 315,976 246,883 Logistics expenses 195,593 272,363 295,933 203,024 Travelling expenses 52,966 66,172 66,544 45,827 Other expenses 332,375 384,730 312,677 198,561 Total cost of sales, selling and distribution and general and administrative expenses 8,658,584 9,274,452 9,379,862 6,112,231 Notes: (i) Payroll and employee benefits are analyzed as follows: (ii) Depreciation and amortization are analyzed as follows: |
Schedule of payroll and employee benefits | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Salaries, wages and bonus 543,646 666,968 657,236 463,208 Contributions to social security contribution plan 56,325 77,903 75,168 53,977 Welfare expenses 34,895 36,987 24,306 17,184 Equity-settled share-based payment expenses (Note 27) 281,319 82,835 62,882 46,432 916,185 864,693 819,592 580,801 |
Schedule of depreciation and amortization | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Property, plant and equipment (Note 13) 30,507 58,865 70,706 59,652 Right-of-use assets (Note 14) 213,490 309,606 334,193 239,787 Less: amount capitalized as construction in progress — — (33,907) (22,604) Intangible assets (Note 15) 21,022 21,400 20,175 8,406 265,019 389,871 391,167 285,241 |
Other net (loss)_income (Tables
Other net (loss)/income (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Other net (loss)/income | |
Schedule of other net (loss)/income | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Net foreign exchange (loss)/gain (i) (114,177) 14,041 109,095 (15,025) Losses on disposal of property, plants and equipment and intangible assets (2,317) (5,614) (5,350) (1,632) Investment income from other investments 66,837 63,801 42,921 14,281 Scrap income 11,242 11,808 12,137 5,912 Net change in fair value of other investments 2,968 5,709 (3,692) 14,270 (Provision)/reversal of litigation compensation (ii) — (15,576) (37,710) 408 Gains relating to cancellation and modification of lease contracts — 13,456 193 4,821 Others (4,960) (317) (3,488) (1,930) (40,407) 87,308 114,106 21,105 Notes: (i) 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 foreign exchange gain for the year ended June 30, 2023 was mainly caused by the appreciation 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 cash and cash equivalents and trade and other receivables. (ii) Litigation compensation for the years ended June 30, 2022 and 2023 mainly represented the provisions made for the lawsuits relating to employees’ compensation and illicit competition . |
Net finance income (Tables)
Net finance income (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Net finance income | |
Schedule of net finance income | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Finance income —Interest income 40,433 66,344 145,225 123,969 Finance costs —Interest on loans and borrowings (1,545) (405) (226) (90) —Interest on lease liabilities (26,817) (32,991) (34,396) (25,112) (28,362) (33,396) (34,622) (25,202) Net finance income 12,071 32,948 110,603 98,767 |
Income taxes (Tables)
Income taxes (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Income taxes | |
Summary of taxation recognized in consolidated profit or loss | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Amounts recognized in consolidated profit or loss Current tax Provision for the year/period 200,170 252,989 557,630 339,409 Deferred tax Origination and reversal of temporary differences (Note 10(c)) 13,085 14,081 (5,845) 57,256 Tax expense 213,255 267,070 551,785 396,665 |
Summary of reconciliation between tax expense and accounting profit at applicable tax rates | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 (Loss)/profit before taxation (1,216,192) 906,813 2,333,614 1,652,742 Notional tax on (loss)/profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned 118,766 214,704 566,955 394,856 Tax effect of share-based compensation expenses (Note 7(i)) 70,330 20,254 15,435 11,401 Tax effect of other non-deductible expenses 10,433 10,935 13,666 7,310 Effect of preferential tax treatments on assessable profits of certain subsidiaries (Note 10(a)(3)) (34,218) (18,001) (42,739) (10,756) Tax effect of additional deduction on research and development costs — — (4,217) (3,476) Tax effect of exempted and non-taxable income (6,245) (4,044) (7,421) (12,481) Withholding tax on income of non-PRC resident entities derived from mainland China — — — 4,095 Effect of unused tax losses not recognized/(being utilized) 72,969 44,888 22,956 (8,002) Effect of deductible temporary differences (being utilized)/not recognized (18,780) (1,666) (12,850) 13,718 Actual tax expenses 213,255 267,070 551,785 396,665 |
Summary of movement in deferred tax assets | Loss from waiver of intercompany receivables Unused Intra-group of tax unrealized Credit loss and discontinued Right-of-use Lease losses profits impairment operations assets Liabilities Others Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax assets arising from: At July 1, 2021 34,253 14,696 50,347 61,548 (151,106) 155,949 2,865 168,552 Charged to profit or loss (2,536) (3,556) (8,673) — 33,926 (28,651) (4,591) (14,081) Exchange rate difference (21) (43) (101) — (138) 123 42 (138) At June 30, 2022 31,696 11,097 41,573 61,548 (117,318) 127,421 (1,684) 154,333 Charged to profit or loss (8,499) 11,944 (3,519) (675) 9,543 (11,976) 9,027 5,845 Exchange rate difference 239 111 628 — (162) 175 448 1,439 At June 30, 2023 23,436 23,152 38,682 60,873 (107,937) 115,620 7,791 161,617 Charged to profit or loss (392) 4,781 (7,574) (54,048) 8,770 (6,563) (2,230) (57,256) Exchange rate difference (31) (113) 73 — 363 (370) (153) (231) At December 31, 2023 23,013 27,820 31,181 6,825 (98,804) 108,687 5,408 104,130 |
Summary of unrecognized deferred tax assets | As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Deductible temporary differences 107,964 49,375 54,416 Cumulative tax losses 630,807 751,256 774,584 Total 738,771 800,631 829,000 |
Summary of tax losses carried forward | As at As at As at June 30, June 30, December 31, 2022 Expiry date 2023 Expiry date 2023 Expiry date RMB’000 RMB’000 RMB’000 Expire 278,215 2023-2043 361,627 2024-2044 432,759 2024-2044 Never expire 352,592 389,629 341,825 |
(Loss)_earnings per share (Tabl
(Loss)/earnings per share (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
(Loss)/earnings per share | |
Schedule of earning per share | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 (Loss)/profit attributable to the equity shareholders of the Company (1,415,010) 638,170 1,768,926 1,248,405 Less: Allocation of undistributed earnings to holders of unvested restricted shares 116,929 (1,576) (424) — (Loss)/profit used to determine basic earnings per share (1,298,081) 636,594 1,768,502 1,248,405 |
Schedule of weighted average number of ordinary shares | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 Number of shares Number of shares Number of shares Number of shares Issued ordinary share at the beginning of the year/period 865,591,398 1,204,860,715 1,202,646,619 1,244,854,689 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 issued relating to Hong Kong public offering and exercise of the over-allotment option — — 40,181,685 — Effect of shares released from share incentive plan (Note 27) 64,373,834 2,369,454 2,878,812 281,729 Effect of repurchase of shares (Note 26(b)(v)) — (1,702,821) (2,386,739) (209,553) Weighted average number of ordinary shares 1,104,371,475 1,205,527,348 1,243,320,377 1,244,926,865 |
Summary of weighted average number of ordinary shares outstanding | For the six months ended For the year ended June 30, December 31, 2022 2023 2023 Number of shares Number of shares Number of shares Weighted average number of ordinary shares, basic 1,205,527,348 1,243,320,377 1,244,926,865 Dilutive effect of share incentive plan (Note 27) 11,110,091 7,224,739 6,708,997 Weighted average number of ordinary shares, diluted 1,216,637,439 1,250,545,116 1,251,635,862 |
Other comprehensive (loss)_in_2
Other comprehensive (loss)/income (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Other comprehensive (loss)/income | |
Summary of amounts recognized in consolidated other comprehensive (loss) / income | 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 For the year ended June 30, 2023 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 41,198 — 41,198 Other comprehensive income 41,198 — 41,198 For the six months ended December 31, 2023 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 (32,504) — (32,504) Other comprehensive loss (32,504) — (32,504) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
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, 2021 — 111,949 37,431 46,469 2,740 — — 198,589 Acquisition of a subsidiary (Note 28(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 Acquisition of a subsidiary (Note 28(a)) — 451 888 — — — — 1,339 Additions — 8,710 7,348 5,348 675 19,585 155,331 196,997 Transfer from construction in progress — 36,419 — — — — (36,419) — Disposals — (75,541) (5,611) (5,191) — (253) (2,084) (88,680) Exchange adjustments — 9,112 380 (225) 67 — 757 10,091 At June 30, 2023 242,639 147,271 54,048 46,723 3,089 45,741 176,389 715,900 Additions — 18,980 9,177 10,479 306 11,607 254,784 305,333 Transfer from construction in progress — 75,184 — — — — (75,184) — Disposals — (12,467) (791) (6,830) — (6,445) — (26,533) Exchange adjustments — (2,685) (596) (541) (26) — (504) (4,352) At December 31, 2023 242,639 226,283 61,838 49,831 3,369 50,903 355,485 990,348 Accumulated depreciation: At July 1, 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) Charge for the year (8,712) (24,270) (10,981) (4,690) (475) (21,578) — (70,706) Written back on disposals — 44,866 3,058 3,857 — 63 — 51,844 Exchange adjustments — (3,084) (887) 587 (18) — — (3,402) At June 30, 2023 (16,250) (38,504) (32,845) (26,897) (1,949) (38,740) — (155,185) Charge for the period (4,357) (39,815) (5,530) (1,206) (232) (8,512) — (59,652) Written back on disposals — 9,226 322 3,866 — 6,100 — 19,514 Exchange adjustments — (270) 510 236 14 — — 490 At December 31, 2023 (20,607) (69,363) (37,543) (24,001) (2,167) (41,152) — (194,833) Impairment: At July 1, 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) Addition — (5,640) (591) (1,017) — — — (7,248) Written back on disposals — 24,875 — 1,140 — — — 26,015 Exchange adjustments — (2,031) 197 324 — — — (1,510) At June 30, 2023 — (21,512) (1,816) (2,753) — — — (26,081) Addition — (3,459) — (1,088) — — — (4,547) Written back on disposals — 2,701 — 1,167 — — — 3,868 Exchange adjustments — 351 158 42 — — — 551 At December 31, 2023 — (21,919) (1,658) (2,632) — — — (26,209) Net book value: At June 30, 2022 235,101 73,388 25,586 16,940 891 9,184 58,804 419,894 At June 30, 2023 226,389 87,255 19,387 17,073 1,140 7,001 176,389 534,634 At December 31, 2023 222,032 135,001 22,637 23,198 1,202 9,751 355,485 769,306 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
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 Total RMB’000 RMB’000 RMB’000 RMB’000 (i) (ii) (iii) Cost: At July 1, 2021 1,077,417 11,702 — 1,089,119 Acquisition of a subsidiary (Note 28(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 Acquisition of a subsidiary (Note 28(a)) 10,467 — — 10,467 Additions 718,845 143 — 718,988 Derecognition (620,305) — — (620,305) Exchange adjustments 35,218 — — 35,218 At June 30, 2023 1,157,349 10,791 1,782,410 2,950,550 Additions 622,913 — — 622,913 Derecognition (113,564) (143) — (113,707) Exchange adjustments (14,294) — — (14,294) At December 31, 2023 1,652,404 10,648 1,782,410 3,445,462 Accumulated depreciation: At July 1, 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) Charge for the year (285,393) (3,592) (45,208) (334,193) Derecognition 384,771 — — 384,771 Exchange adjustments (11,660) — — (11,660) At June 30, 2023 (306,822) (7,436) (75,739) (389,997) Charge for the period (215,399) (1,784) (22,604) (239,787) Derecognition 79,886 48 — 79,934 Exchange adjustments 5,248 — — 5,248 At December 31, 2023 (437,087) (9,172) (98,343) (544,602) Impairment: At July 1, 2021 (37,796) — — (37,796) Derecognition 4,249 — — 4,249 Exchange adjustments (1,131) — — (1,131) At June 30, 2022 (34,678) — — (34,678) Reversal 3,800 — — 3,800 Derecognition 24,439 — — 24,439 Exchange adjustments (1,514) — — (1,514) At June 30, 2023 (7,953) — — (7,953) Derecognition 7,858 — — 7,858 Exchange adjustments 95 — — 95 At December 31, 2023 — — — — Net book value: At June 30, 2022 583,906 6,804 1,751,879 2,342,589 At June 30, 2023 842,574 3,355 1,706,671 2,552,600 At December 31, 2023 1,215,317 1,476 1,684,067 2,900,860 The analysis of expense items in relation to leases recognized in profit or loss is as follows: For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Depreciation charge of right-of-use assets by class of underlying asset: Property 205,344 275,310 285,393 215,399 Warehouse equipment 8,146 3,765 3,592 1,784 Land use right — 30,531 45,208 22,604 213,490 309,606 334,193 239,787 Interest on lease liabilities (Note 9) 26,817 32,991 34,396 25,112 Expense relating to short-term leases and other leases with remaining lease term ending on or before June 30/December 31 28,656 28,384 15,322 13,729 Variable lease payments not included in the measurement of lease liabilities 2,846 4,648 18,614 24,802 COVID-19 rent concessions (42,698) (35,548) — — Notes: (i) Property – right-of-use assets The Group leases properties for its self-operated stores, warehouse storage and office space. The leases of self-operated stores and warehouse storage typically run for two two As at June 30, 2022, 2023 and December 31, 2023, right-of-use assets related to leased properties for self-operated stores amounted to RMB333,649,000, RMB585,231,000 and RMB998,032,000, respectively. Variable lease payments based on sales Some leases of self-operated stores contain variable lease payments, which typically range from 1% to 18% of the annual or monthly 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. (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 28(b), with an original lease term of 40 years. |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Intangible assets | |
Schedule of Intangible assets | Software Cost: RMB’000 At July 1, 2021 107,583 Purchases 3,922 Disposals (24) Exchange adjustments (63) At June 30, 2022 111,418 Purchases 2,450 Exchange adjustments (61) At June 30, 2023 113,807 Purchases 2,689 Exchange adjustments (68) At December 31,2023 116,428 Accumulated amortization: At July 1, 2021 (46,237) Charge for the year (21,400) Written off on disposal 2 Exchange adjustments 20 At June 30, 2022 (67,615) Charge for the year (20,175) Exchange adjustments (7) At June 30, 2023 (87,797) Charge for the period (8,406) Exchange adjustments 54 At December 31, 2023 (96,149) Impairment: At July 1, 2021 (341) Charge for the year (423) Exchange adjustments 27 At June 30, 2022 (737) Exchange adjustments 4 At June 30, 2023 (733) Exchange adjustments 8 At December 31, 2023 (725) Net book value: At June 30, 2022 43,066 At June 30, 2023 25,277 At December 31, 2023 19,554 |
Prepayments (Tables)
Prepayments (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Prepayments | |
Schedule of prepayments | As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Prepayment for construction of a new headquarters building (Note 28(b)) 200,861 — — Others 821 — — Total 201,682 — — |
Other investments (Tables)
Other investments (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Other investments | |
Schedule of financial assets measured at FVTPL | As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Financial assets measured at FVTPL: Non-current - Investment in an unlisted limited partnership enterprise — 73,870 90,603 Current - Investments in trust investment schemes 208,649 205,329 202,866 - Investment in a wealth management product — — 50,000 - Others 1,874 — — 210,523 205,329 252,866 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Schedule of inventories | As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Finished goods 1,186,810 1,447,799 1,917,133 Low-value consumables 1,285 2,720 5,108 1,188,095 1,450,519 1,922,241 |
Schedule of amount of inventories recognized as an expense and included in profit or loss | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Carrying amount of inventories sold 6,632,530 6,915,713 6,879,212 4,290,874 (Reversal of write-down)/write-down of inventories (51,074) (44,737) (19,850) 1,932 Cost of inventories recognized in consolidated statements of profit or loss 6,581,456 6,870,976 6,859,362 4,292,806 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables | |
Schedule of trade and other receivables | As at As at June 30, December 31, Note 2022 2023 2023 RMB’000 RMB’000 RMB’000 Non-current Trade receivables — — 18,045 Less:loss allowance 29(a) — — (433) Trade receivables,net of loss allowance (iii) — — 17,612 Amounts due from related parties 32(c) — 10,647 10,760 Deposits 10,000 41,834 81,153 Value-added tax (“VAT”) recoverable 18,274 22,160 26,271 28,274 74,641 135,796 Current Trade receivables 375,798 394,727 504,938 Less: loss allowance 29(a) (85,117) (88,764) (78,001) Trade receivables, net of loss allowance 290,681 305,963 426,937 Amounts due from related parties 32(c) 5,105 5,602 27,836 Miscellaneous expenses paid on behalf of franchisees 246,097 265,335 336,497 VAT recoverable 182,906 270,298 251,162 Rental deposits 101,124 86,600 98,141 Receivables due from on-line payment platforms and banks (i) 26,806 34,726 103,406 Prepayments for inventories 52,476 49,631 51,084 Prepayments for licensing expenses 35,223 40,934 43,996 Prepayments for listing expenses relating to Hong Kong public offering 58,560 — — Prepayments for promotion and advertising expenses 9,302 17,374 11,577 Prepayments for repurchase of shares 3,375 3,693 87,324 Others 44,543 70,000 80,397 1,056,198 1,150,156 1,518,357 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 receivables relating to certain sales of fixtures to franchisees are collected by installments within the periods ranging from 32 to 36 months and the portion which is expected to be recovered after one year are classified as non - current. All other trade debtors are due within 20 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 29(a). |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Cash on hand 450 576 783 Cash at bank 5,348,042 6,488,637 6,414,658 Cash and cash equivalents as presented in the consolidated statements of financial position and in the consolidated statements of cash flows 5,348,492 6,489,213 6,415,441 |
Restricted cash (Tables)
Restricted cash (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Restricted cash | |
Schedule of restricted cash | As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Bank deposits held in an escrow bank account (i) 5,772 1,391 4,462 Bank deposits frozen for legal proceedings (ii) 26,604 25,682 3,508 32,376 27,073 7,970 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 lawsuit relating to illicit competition as disclosed in Note 31(b). |
Cash flow information (Tables)
Cash flow information (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Cash flow information | |
Summary of reconciliation of loss for year to cash generated from operations | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 Note RMB’000 RMB’000 RMB’000 RMB’000 (Loss)/profit for the year/period (1,429,447) 639,743 1,781,829 1,256,077 Adjustments for: Interest on lease liabilities 9 26,817 32,991 34,396 25,112 Depreciation and amortization 7 265,019 389,871 391,167 285,241 Interest on loans and borrowings 9 1,545 405 226 90 Interest income 9 (40,433) (66,344) (145,225) (123,969) Investment income from other investments 8 (66,837) (63,801) (42,921) (14,281) Net change in fair value of other investments 8 (2,968) (5,709) 3,692 (14,270) Losses on disposal of property, plant and equipment and intangible assets 8 2,317 5,614 5,350 1,632 Impairment loss on non-current assets 2,941 13,485 3,448 4,547 Unrealized foreign exchange (gain)/loss (46,378) 6,806 (45,522) (25,410) Effect of lease contract cancellation (2,630) (25,015) 3,681 (4,821) Fair value changes of redeemable shares with other preferential rights 1,625,287 — — — Share of loss/(profit) of equity-accounted investees, net of tax 4,011 8,162 — (268) Equity-settled share-based payment expenses 7 281,319 82,835 62,882 46,432 Income tax 10(a) 213,255 267,070 551,785 396,665 Changes in working capital: Inventories (93,197) 307,966 (250,851) (471,722) Trade and other receivables (80,087) (190,145) (185,768) (316,534) Contract liabilities 34,353 86,314 (73,539) 25,341 Trade and other payables 386,703 180,122 (34,055) 363,327 Restricted cash 3,376 (28,696) 5,303 19,103 Deferred income 26,065 (5,282) 19,074 (3,985) Cash generated from operations 1,111,031 1,636,392 2,084,952 1,448,307 |
Summary of reconciliation of liabilities arising from financing activities | 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 24 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 24 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 Loans and Interest Lease borrowings payable liabilities Total RMB’000 RMB’000 RMB’000 RMB’000 Note 24 At July 1, 2022 6,948 43 651,065 658,056 Additions through business combination (Note 28(a)) — — 15,313 15,313 Changes from financing cash flows: Repayment of loans and borrowings (206) — — (206) Payment of capital element and interest element of lease liabilities — — (346,008) (346,008) Total changes from financing cash flows (206) — (346,008) (346,214) Exchange adjustments 576 — 25,267 25,843 Other changes: Increase in lease liabilities from entering into new leases during the year — — 718,985 718,985 Decrease in lease liabilities from derecognition — — (213,284) (213,284) Increase in interest expenses — 226 34,396 34,622 Forgiveness of loans and borrowings (103) — — (103) Total other changes (103) 226 540,097 540,220 At June 30, 2023 7,215 269 885,734 893,218 Loans and Interest Lease borrowings payable liabilities Total RMB’000 RMB’000 RMB’000 RMB’000 Note 24 At July 1, 2023 7,215 269 885,734 893,218 Changes from financing cash flows: Repayment of loans and borrowings — — — — Payment of capital element and interest element of lease liabilities — — (236,519) (236,519) Total changes from financing cash flows — — (236,519) (236,519) Exchange adjustments 44 — (21,071) (21,027) Other changes: Increase in lease liabilities from entering into new leases during the period — — 622,916 622,916 Decrease in lease liabilities from derecognition — — (30,867) (30,867) Increase in interest expenses — 90 25,112 25,202 Total other changes — 90 617,161 617,251 At December 31, 2023 7,259 359 1,245,305 1,252,923 |
Summary of total cash out flow for leases | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Within operating cash flows (31,502) (33,032) (71,185) (38,531) Within financing cash flows (215,762) (317,017) (346,008) (236,519) (247,264) (350,049) (417,193) (275,050) |
Trade and other payables (Table
Trade and other payables (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Trade and other payables | |
Schedule of trade and other payables | As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Non-current Payable relating to construction projects — — 12,411 Current Trade payables 649,415 653,713 855,914 Payroll payable 68,969 93,065 166,079 Accrued expenses 264,905 236,594 309,951 Other taxes payable 52,078 49,072 43,850 Deposits 1,875,380 1,785,405 1,782,181 Payable relating to leasehold improvements 37,109 47,654 59,653 Payable relating to construction projects 29,776 25,835 33,051 Amounts due to related parties (Note 32(c)) 13,710 6,371 7,334 Others 81,649 121,593 131,813 3,072,991 3,019,302 3,389,826 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Lease liabilities | |
Schedule of remaining contractual maturities of the Group's lease liabilities | As at June 30, 2022 As at June 30, 2023 As at December 31,2023 Present Present Present value of the value of the value of the minimum lease Total minimum minimum lease Total minimum minimum lease Total minimum payments lease payments payments lease payments payments lease payments RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Within 1 year 257,997 263,332 328,933 334,778 447,319 457,747 After 1 year but within 2 years 176,047 188,172 251,844 259,948 373,712 403,679 After 2 years but within 5 years 188,031 215,398 227,048 260,188 350,181 399,187 After 5 years 28,990 39,421 77,909 110,215 74,093 102,502 393,068 442,991 556,801 630,351 797,986 905,368 651,065 706,323 885,734 965,129 1,245,305 1,363,115 Less: total future interest expenses (55,258) (79,395) (117,810) Present value of lease liabilities 651,065 885,734 1,245,305 |
Redeemable shares with other _2
Redeemable shares with other preferential rights (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
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) | 6 Months Ended |
Dec. 31, 2023 | |
Capital and reserves | |
Schedule of analysis of the Company's issued shares including treasury shares reserved for the share incentive plan | As at June 30, 2022 As at June 30, 2023 As at December 31, 2023 Number of Number of Number of shares Share capital shares Share capital shares Share capital RMB’000 RMB’000 RMB’000 Class A ordinary shares 897,275,873 69 — — — — Class B ordinary shares 328,290,482 23 — — — — Ordinary shares — — 1,263,689,685 95 1,263,689,685 95 1,225,566,355 92 1,263,689,685 95 1,263,689,685 95 |
Schedule of the Company repurchased ordinary shares under the 2021 and 2022 share repurchase programs | Shares repurchased on the New York Stock Exchange Shares repurchased on the Hong Kong Stock Exchange Number of Highest Lowest Number of Highest Lowest shares price paid price paid Aggregate shares price paid price paid Aggregate Month repurchased per share per share price paid repurchased per share per share price paid USD USD USD’000 HKD HKD HKD’000 December 2023 1,450,108 4.98 4.57 6,981 708,400 37.85 36.35 26,290 Equivalent to RMB’000 49,630 23,930 |
Equity settled share-based pa_2
Equity settled share-based payments (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
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- Weighted- average average grant date exercise price fair value Number of USD per USD per restricted restricted restricted shares share share Outstanding as of July 1, 2020 79,224,019 0.036 7.67 Vested during the year (71,132,744) 0.036 7.67 Forfeited during the year (2,335,487) 0.036 7.67 Outstanding as of June 30, 2021 5,755,788 0.036 7.67 Outstanding as of July 1, 2021 5,755,788 0.036 7.67 Vested during the year (2,114,000) 0.036 7.67 Forfeited during the year (1,101,368) 0.036 7.67 Outstanding as of June 30, 2022 2,540,420 0.036 7.67 Outstanding as of July 1, 2022 2,540,420 0.036 7.67 Vested during the year (2,496,668) 0.036 7.67 Forfeited during the year (43,752) 0.036 7.67 Outstanding as of June 30, 2023 and December 31, 2023 — — — |
Summary on option activities | Weighted- Weighted- average Number of average grant date options exercise price fair value USD per share USD 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 Outstanding at July 1, 2022 8,918,492 0.036 3.67 Exercised (1,376,096) 0.035 3.90 Forfeited (1,841,000) 0.036 3.33 Outstanding at June 30, 2023 5,701,396 0.036 3.72 Exercisable at June 30, 2023 2,114,496 0.036 3.36 Non-vested at June 30, 2023 3,586,900 0.036 3.94 Outstanding at July 1, 2023 5,701,396 0.036 3.72 Exercised (427,492) 0.036 4.20 Forfeited (104,800) 0.036 4.74 Outstanding at December 31, 2023 5,169,104 0.036 3.66 Exercisable at December 31, 2023 2,237,104 0.036 3.57 Non-vested at December 31, 2023 2,932,000 0.036 3.73 |
Movements in number of RSUs granted and respective weighted-average grant date fair values | Weighted-average Weighted-average grant date Number of purchase price fair value RSUs USD per RSU USD per RSU Outstanding as of July 1, 2022 — — — Granted 6,561,596 0.035 4.12 Vested (288,336) 0.026 2.42 Forfeited (107,800) 0.036 2.89 Outstanding as of June 30, 2023 6,165,460 0.036 4.22 Granted 125,672 0.030 5.37 Vested (209,116) 0.024 3.55 Forfeited (123,760) 0.036 3.16 Outstanding as of December 31, 2023 5,958,256 0.036 4.32 |
Acquisition of subsidiaries (Ta
Acquisition of subsidiaries (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Acquisition of subsidiaries | |
Summary the recognized amounts of assets acquired and liabilities assumed at the date of acquisition | The following summarizes the recognized amounts of assets acquired and liabilities assumed at the date of acquisition: RMB’000 Property, plant and equipment 1,339 Right-of-use assets 10,467 Inventories 11,573 Trade and other receivables 12,852 Cash and cash equivalents 5,461 Trade and other payables (25,387) Lease liabilities (15,313) Total identifiable net assets acquired 992 Less: non-controlling interest (99) Total consideration transferred 893 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 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 |
Financial risk management and_2
Financial risk management and fair values (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Financial Risk Management And Fair Values | |
Schedule of Group's exposure to credit risk and ECLs for trade receivables | 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) As at June 30, 2023 Gross Expected carrying Loss loss rate amount allowance % RMB’000 RMB’000 Current (not past due) 2 % 288,057 (6,547) Less than 90 days past due 10 % 22,419 (2,306) 91 - 270 days past due 28 % 3,223 (890) 271 - 450 days past due 53 % 2,267 (1,194) 451 - 810 days past due 58 % 2,223 (1,289) More than 810 days past due 100 % 1,419 (1,419) 319,608 (13,645) Additional loss allowance due to specific consideration on certain distributors 75,119 (75,119) 394,727 (88,764) As at December 31, 2023 Gross Expected carrying Loss loss rate amount allowance % RMB’000 RMB’000 Non-current portion 2 % 18,045 (433) Current portion Current (not past due) 2 % 376,711 (8,828) Less than 90 days past due 11 % 58,127 (6,600) 91 - 270 days past due 27 % 9,791 (2,647) 271 - 450 days past due 75 % 317 (237) 451 - 810 days past due 79 % 1,445 (1,142) More than 810 days past due 100 % 1,010 (1,010) 447,401 (20,464) Additional loss allowance due to specific consideration on certain distributors 57,537 (57,537) 504,938 (78,001) 522,983 (78,434) |
Schedule of movement in the loss allowance account in respect of trade receivables | RMB’000 Balance at July 1, 2021 (59,827) Credit loss recognized during the year (28,924) Exchange adjustment 3,634 Balance at June 30, 2022 (85,117) Credit loss recognized during the year (908) Exchange adjustment (2,739) Balance at June 30, 2023 (88,764) Credit loss recognized during the period (2,080) Written off during the period 10,476 Exchange adjustment 1,934 Balance at December 31, 2023 (78,434) |
Schedule of interest rate profile of the Group's loans and borrowings and cash and cash equivalents | As at June 30, As at June 30, As at December 31, Interest rates 2022 Interest rates 2023 Interest rates 2023 % RMB‘000 % RMB‘000 % RMB‘000 Fixed rate instrument: Loans and borrowings 0%~9.0% (6,948) 3.0% (7,215) 3.0% (7,259) Cash at bank (Note 20) 1.3%~2.5% 565,402 3.08%~5.25% 1,040,921 3.75% 103,207 Term deposits 0.3%~2.2% 236,878 0.9%~5.5% 681,715 0.9%~6.02% 310,759 795,332 1,715,421 406,707 Variable rate instrument: Restricted cash (Note 21) 0.3%~1.9% 32,376 0.3%~1.8% 27,073 0.2%~1.8% 7,970 Cash at bank (Note 20) 0%~3.5% 4,782,640 0%~3.5% 5,447,716 0%~5.2% 6,311,451 4,815,016 5,474,789 6,319,421 |
Schedule of exposure to foreign currencies | 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 Exposure to foreign currencies (Expressed in thousands of Renminbi) As at June 30, 2023 United States Hong Kong Dollars Euros Dollars Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 61,922 — — — — Cash and cash equivalents 455,032 6,677 5,100 2,429 3 Term deposits 344 — — — — Trade and other payables (83,094) (4,664) (13,950) — — Net exposure arising from recognized assets and liabilities 434,204 2,013 (8,850) 2,429 3 Exposure to foreign currencies (Expressed in thousands of Renminbi) As at December 31, 2023 United States Hong Kong Dollars Euros Dollars Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 141,973 20 23,814 — 3,889 Cash and cash equivalents 309,966 37,492 7,868 3,068 19 Term deposits 35,712 — — — — Trade and other payables (82,669) (5,151) (11,401) (820) (930) Net exposure arising from recognized assets and liabilities 404,982 32,361 20,281 2,248 2,978 |
Schedule of Group's financial assets that are measured at fair value | 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: - Investments in trust investment schemes 208,649 — 208,649 — - Investment in a monetary fund 1,874 1,874 — — Fair value at Fair value measurements as at June 30, June 30, 2023 categorized into 2023 Level 1 Level 2 Level 3 RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurement Assets: Other investments: - Investments in trust investment schemes 205,329 — 205,329 — - Investment in an unlisted Partnership Enterprise 73,870 — 73,870 — Fair value at Fair value measurements as at December 31, December 31, 2023 categorized into 2023 Level 1 Level 2 Level 3 RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurement Assets: Other investments: - Investments in trust investment schemes 202,866 — 202,866 — - Investment in a wealth management product 50,000 — 50,000 — - Investment in an unlisted Partnership Enterprise 90,603 — — 90,603 |
Currency risk | |
Disclosure Of Financial Risk Management And Fair Values | |
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, 2022 As at June 30, 2023 As at December 31, 2023 Effect on Effect on Effect on Increase/ profit for the Increase/ profit for the Increase/ profit for the (decrease) in year and (decrease) in year and (decrease) in period and foreign accumulated foreign retained foreign retained exchange rates losses exchange rates earnings exchange rates earnings RMB’000 RMB’000 RMB’000 United States Dollars 1 % 4,744 1 % 4,324 1 % 3,375 (1) % (4,744) (1) % (4,324) (1) % (3,375) Euros 1 % 28 1 % 19 1 % 270 (1) % (28) (1) % (19) (1) % (270) Hong Kong Dollars 1 % (65) 1 % (89) 1 % 208 (1) % 65 (1) % 89 (1) % (208) Renminbi 1 % 16 1 % 20 1 % 19 (1) % (16) (1) % (20) (1) % (19) Others 1 % — * 1 % — * 1 % 25 (1) % — * (1) % — * (1) % (25) Note: * The amount was less than RMB1,000. |
Liquidity risk | |
Disclosure Of Financial Risk Management And Fair Values | |
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 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 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 2023 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other payables 3,019,302 — — — 3,019,302 3,019,302 Loans and borrowings 216 918 6,716 — 7,850 7,215 Lease liabilities 334,778 259,948 260,188 110,215 965,129 885,734 3,354,296 260,866 266,904 110,215 3,992,281 3,912,251 More than More than Carrying Within 1 year but 2 years but amount at 1 year or less than less than More than December 31, on demand 2 years 5 years 5 years Total 2023 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade and other payables 3,389,826 — 12,411 — 3,402,237 3,402,237 Loans and borrowings 935 2,360 4,497 — 7,792 7,259 Lease liabilities 457,747 403,679 399,187 102,502 1,363,115 1,245,305 3,848,508 406,039 416,095 102,502 4,773,144 4,654,801 |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Commitments | |
Summary of capital commitments outstanding not provided for in the financial statements | As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Contracted purchase of software 1,000 — — Contracted for construction projects 830,573 472,038 570,840 Contracted for 831,573 472,038 570,840 Authorized but not contracted for construction projects 11,279 510,608 266,333 Total 842,852 982,646 837,173 |
Material related party transa_2
Material related party transactions (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
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 MINI Investment Holding Limited Under common control of the controlling shareholder Wow Colour Beauty Guangdong Technology Limited Under common control of the controlling shareholder Nome Design (Guangzhou) Limited Under common control of the controlling shareholder Haydon (Shanghai) Technology Co., Ltd. Under common control of the controlling shareholder MINISO Technology (Guangzhou) Co., Ltd. Under common control of the controlling shareholder 199 Global Holding (Guangzhou) Limited Under common control of the controlling shareholder Mingyou (i) 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 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 Miniso Lifestyle Nigeria Limited Under common control of the controlling shareholder Shanghai Kerong Networks Limited Significantly influenced by the controlling shareholder Shenzhen Zhizhi Brand Incubation Limited (ii) Significantly influenced by the controlling shareholder ACC Super Accessories Shenzhen Technology Limited Significantly influenced by the controlling shareholder ACC Super Accessories International Trade (Shenzhen) Co., Ltd. Significantly influenced by the controlling shareholder Guangzhou Mingyou Business Development Co., Ltd. (formerly known as Guangzhou Mingchuang Business Development Co., Ltd.) Significantly influenced by the controlling shareholder Guangzhou Mingyou Business Management Co., Ltd. Significantly influenced by the controlling shareholder KOURITEN LIMITED (iii) Subsidiary of an equity accounted investee of the Group Notes: (i) 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 28(b)). (ii) 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. (iii) On October 26, 2023, the Group invested in the parent company of KOURITEN LIMITED and acquired 25% of its interest. KOURITEN LIMITED became a subsidiary of an equity accounted investee of the Group since then. The transactions between the Group and KOURITEN LIMITED from October 26, 2023 to December 31, 2023 and the balances with KOURITEN LIMITED as at December 31, 2023 were included in Notes 32 (b) and 32 (c), respectively. |
Schedule of key management personnel compensation | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Short-term employee benefits 8,795 13,018 13,069 8,171 Equity-settled share-based payment expenses (Note 27) 39,727 — 718 508 48,522 13,018 13,787 8,679 |
Schedule of other transactions with related parties | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Proceeds from repayment from related parties - MINI Investment Holding Limited (i) 9,508 — — — - Nome Design (Guangzhou) Limited (ii) 5,205 — — — Repayment to the controlling shareholder - Mr. Ye Guofu (iii) 11,946 — — — Sales of products - Miniso Lifestyle Nigeria Limited 5,312 — 18,046 11,577 - OasVision International Limited 9,914 16,979 — — - MINISO Technology (Guangzhou) Co., Ltd. 1,271 — — — - Haydon (Shanghai) Technology Co., Ltd. — 11 — — - Miniso (Zhaoqing) Industrial Investment Co., Ltd. — — 4,020 3,026 - Wow Colour Beauty Guangdong Technology Limited — — 85 — - KOURITEN LIMITED — — — 10,048 Provision of information technology support and consulting services - Haydon (Shanghai) Technology Co., Ltd. (v) 3,050 5,688 916 26 - Wow Colour Beauty Guangdong Technology Limited (iv) 9,912 7,080 2,714 1,466 - ACC Super Accessories Shenzhen Technology Limited (iv) — 2,651 207 138 - Henhaohe Tea Guangdong Limited (v) — 8,410 230 — License fee income - KOURITEN LIMITED — — — 87 Purchase of products - Shanghai Kerong Networks Limited 38,148 15,465 12,125 2,286 - Shenzhen Zhizhi Brand Incubation Limited 22,220 4,407 — — - Wow Colour Beauty Guangdong Technology Limited 19 1,029 1 23 - Nome Design (Guangzhou) Limited 581 112 — — - Haydon (Shanghai) Technology Co., Ltd. 894 53 — — - 199 Global Holding (Guangzhou) Limited 135 190 — — - ACC Super Accessories Shenzhen Technology Limited — 48 206 — - ACC Super Accessories International Trade (Shenzhen) Co., Ltd. — — 452 — - Guangzhou Mingyou Business Development Co., Ltd. — — 367 — Provision of guarantee for a subsidiary of the then equity-accounted investee - Mingyou (v) 160,000 160,000 — — Purchase of catering services - Guangzhou Chuyunju Catering Service Co., Ltd. 8,334 8,816 — — - Guangzhou Chuyunju Catering Management Co., Ltd. — 3,104 6,078 3,888 Rental and related expenses - Guangzhou Mingyou Business Development Co., Ltd. (vii) — — 2,359 4,016 - Miniso (Zhaoqing) Industrial Investment Co., Ltd. — — — 200 - Guangzhou Mingyou Business Management Co., Ltd. — — — 347 Payment of lease liabilities - Miniso (Zhaoqing) Industrial Investment Co., Ltd.(vi) — 4,147 26,583 19,271 Payment of rental deposits - Miniso (Zhaoqing) Industrial Investment Co., Ltd. (vi) — — 10,647 113 - Guangzhou Mingyou Business Development Co., Ltd. (vii) — — 1,710 — Payment of earnest money in connection with lease of a property - Guangzhou Mingyou Business Management Co., Ltd. — — — 1,000 Notes: (i) The Group provided interest-free cash advance to MINI Investment Holding Limited amounting to RMB9,508,000 during the year ended June 30, 2019. The amount was fully repaid in July 2020. (ii) The Group provided interest-free cash advances to Nome Design (Guangzhou) Limited amounting to RMB5,205,000 during the period from March to June 2020. The amount was subsequently fully repaid in July 2020. (iii) The Group settled other payables to Mr. Ye Guofu amounting to RMB11,946,000 during the year ended June 30, 2021. (iv) Pursuant to the information technology support and consulting services agreements entered into between the Group and Haydon (Shanghai) Technology Co., Ltd., Wow Colour Beauty Guangdong Technology Limited, ACC Super Accessories Shenzhen Technology Limited and Henhaohe Tea Guangdong Limited, the Group provided business management systems deployment and support services to these entities during the years ended June 30, 2021, 2022 and 2023 and the six months ended December 31, 2023. (v) On January 25, 2021, MINISO Guangzhou provided a performance guarantee of RMB160,000,000 to a local government for the commitment of tax levies paid by the subsidiaries of MINISO Guangzhou in that district and Mingyou 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. (vi) 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 During the year ended June 30, 2023, the Group entered into additional lease agreements with Miniso (Zhaoqing) Industrial Investment Co., Ltd. for lease of additional properties for storage of inventories with fixed lease payments ranging from two three years right-of-use assets During the six months ended December 31, 2023, the Group entered into another lease agreement with Miniso (Zhaoqing) Industrial Investment Co., Ltd. for lease of properties as employee dormitories with fixed lease payments for five years. The Group recognized a right-of-use asset During the years ended June 30, 2022 and 2023 and the six months ended December 31, 2023, the Group made payments of lease liabilities of RMB4,147,000, RMB26,583,000 and RMB19,271,000 respectively to Miniso (Zhaoqing) Industrial Investment Co., Ltd. in connection with the lease of properties. (vii) In March 2023, the Group entered into a five-year right-of-use asset |
Schedule of balances with related parties | As at As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 Trade related: Included in non-current trade and other receivables from related parties: - Miniso (Zhaoqing) Industrial Investment Co., Ltd. — 10,647 10,760 Included in current trade and other receivables from related parties: - Haydon (Shanghai) Technology Co., Ltd. 2,150 46 54 - Wow Colour Beauty Guangdong Technology Limited 2,189 767 1,508 - ACC Super Accessories Shenzhen Technology Limited 527 293 277 - Henhaohe Tea Guangdong Limited 239 — — - Miniso Lifestyle Nigeria Limited — 2,484 12,427 - Miniso (Zhaoqing) Industrial Investment Co., Ltd. — — 3,339 - Guangzhou Mingyou Business Development Co., Ltd. — 2,012 1,710 - Guangzhou Mingyou Business Management Co., Ltd. — — 1,000 - KOURITEN LIMITED — — 7,521 5,105 5,602 27,836 Included in trade and other payables to related parties: - Shanghai Kerong Networks Limited 1,241 1,102 319 - Wow Colour Beauty Guangdong Technology Limited 70 — — - Haydon (Shanghai) Technology Co., Ltd. 53 — — - Nome Design (Guangzhou) Limited 126 126 126 - ACC Super Accessories Shenzhen Technology Limited 145 9 9 - Guangzhou Chuyunju Catering Service Co., Ltd. 8,971 4,204 4,204 - Guangzhou Chuyunju Catering Management Co., Ltd. 3,104 880 1,676 - Guangzhou Mingyou Business Development Co., Ltd. — 50 — - KOURITEN LIMITED — — 1,000 13,710 6,371 7,334 Included in prepayment to related parties: - Miniso Corporation 69 — — Included in lease liabilities due to related parties: - Miniso (Zhaoqing) Industrial Investment Co., Ltd. 31,426 78,914 68,406 Included in contract liabilities due to related parties: - KOURITEN LIMITED — — 2,388 |
Company level financial infor_2
Company level financial information (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Company level financial information | |
Summary of condensed statement of profit or loss | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Other income 4,274 6,038 6,468 10,433 General and administrative expenses (9,734) (19,038) (37,854) (20,345) Other net income/(loss) 52,056 6,607 (11,418) 5,558 Operating profit/(loss) 46,596 (6,393) (42,804) (4,354) Finance income 1,030 2,930 25,608 44,400 Finance costs (2) — — — Net finance income 1,028 2,930 25,608 44,400 Fair value changes of redeemable shares with other preferential rights (1,625,287) — — — Share of loss of equity-accounted investee, net of tax (4,011) (8,162) — — (Loss)/profit before taxation (1,581,674) (11,625) (17,196) 40,046 Income tax expense — — — (3,137) (Loss)/profit for the year/period (1,581,674) (11,625) (17,196) 36,909 |
Summary of condensed statement of profit or loss and other comprehensive income | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 (Loss)/profit for the year/period (1,581,674) (11,625) (17,196) 36,909 Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of the Company (191,443) 174,150 383,743 (86,224) Other comprehensive (loss)/income for the year/period (191,443) 174,150 383,743 (86,224) Total comprehensive (loss)/income for the year/period (1,773,117) 162,525 366,547 (49,315) |
Summary of condensed statement of financial position | As at Note As at June 30, December 31, 2022 2023 2023 RMB’000 RMB’000 RMB’000 ASSETS Non-current assets Investments in subsidiaries - Cost-accounted investments in subsidiaries 2,112,276 2,300,637 2,259,187 - Amounts due from subsidiaries 1,968,572 1,443,759 1,508,405 4,080,848 3,744,396 3,767,592 Current assets Other investments 1,874 — — Other receivables 65,907 7,703 2,450 Cash and cash equivalents 646,921 1,225,474 372,459 Term deposits 201,342 361,371 145,587 916,044 1,594,548 520,496 Total assets 4,996,892 5,338,944 4,288,088 EQUITY Share capital 26(a) 92 95 95 Additional paid-in capital 26(a) 7,982,824 7,257,080 6,333,584 Other reserves (1,627,210) (1,242,585) (1,401,580) Accumulated losses (1,440,512) (726,810) (689,901) Total equity 4,915,194 5,287,780 4,242,198 LIABILITIES Non-current liabilities Deferred income 14,488 8,821 5,297 14,488 8,821 5,297 Current liabilities Other payables 60,915 35,565 33,950 Deferred income 6,295 6,778 6,643 67,210 42,343 40,593 Total liabilities 81,698 51,164 45,890 Total equity and liabilities 4,996,892 5,338,944 4,288,088 |
Summary of condensed statement of cash flow | For the six months ended For the year ended June 30, December 31, 2021 2022 2023 2023 RMB’000 RMB’000 RMB’000 RMB’000 Net cash from/(used in) operating activities 28,366 (16,177) (43,240) (22,277) Net cash (used in)/from investing activities (3,432,692) 120,173 528,830 259,852 Net cash from/(used in) financing activities 4,181,655 (395,322) 43,396 (1,083,077) Net increase/(decrease) in cash and cash equivalents 777,329 (291,326) 528,986 (845,502) Cash and cash equivalents at beginning of the year/period 153,889 925,638 646,921 1,225,474 Effect of movements in exchange rates on cash held (5,580) 12,609 49,567 (7,513) Cash and cash equivalents at end of the year/period 925,638 646,921 1,225,474 372,459 |
Amendments and new standards _2
Amendments and new standards issued but not yet effective (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
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 - Classification of liabilities as current or non-current (Amendments to IAS 1) January 1, 2024 - Non-current liabilities with covenants (Amendments to IAS 1) January 1, 2024 - Lease liability in a sale and leaseback (Amendments to IAS 16) January 1, 2024 - Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) January 1, 2024 - Lack of Exchangeability (Amendments to IAS 21) January 1, 2025 - 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 list _3
General information and list of principal subsidiaries - Reorganization of the China Business (Details) | Jan. 07, 2020 shares |
MINISO Corporation (the "predecessor entity") | |
General information and list of principal subsidiaries | |
Number of shares issued during the period | 4 |
General information and list _4
General information and list of principal subsidiaries - Subsidiaries (Details) | 6 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) | Jun. 30, 2023 | Dec. 31, 2023 HKD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 IDR (Rp) | Dec. 31, 2023 INR (₨) | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2023 VND (₫) | |
MINISO Universal Holding Limited | |||||||||
General information, reorganization and basis of presentation | |||||||||
Registered Capital | $ 50,000 | ||||||||
Group's effective interest (direct or indirect) | 100% | ||||||||
MINISO Global Holding Limited | |||||||||
General information, reorganization and basis of presentation | |||||||||
Registered Capital | $ 50,000 | ||||||||
Group's effective interest (direct or indirect) | 100% | ||||||||
MINISO Development Hong Kong Limited | |||||||||
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 Hong Kong Limited | |||||||||
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) Co., Ltd. | |||||||||
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 | $ 67,041,441 | ||||||||
Issued and paid up capital | $ 67,041,441 | ||||||||
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% | ||||||||
MINISO LIFESTYLE SINGAPORE PRIVATE LIMITED | |||||||||
General information, reorganization and basis of presentation | |||||||||
Registered Capital | $ 3,000 | ||||||||
Issued and paid up capital | $ 3,000 | ||||||||
Group's effective interest (direct or indirect) | 100% | ||||||||
MINISO VIETNAM LIMITED LIABILITY COMPANY | |||||||||
General information, reorganization and basis of presentation | |||||||||
Registered Capital | ₫ | ₫ 20,000,000,000 | ||||||||
Issued and paid up capital | ₫ | ₫ 20,000,000,000 | ||||||||
Group's effective interest (direct or indirect) | 90% | ||||||||
TOP TOY (Guangdong) Cultural Creativity Co., Ltd. (Formerly known as 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 | ¥ | ¥ 2,126,000,000 | ||||||||
Group's effective interest (direct or indirect) | 100% |
Material accounting policies -
Material accounting policies - Property, plant and equipment (Details) | 6 Months Ended |
Dec. 31, 2023 | |
Apartments | |
Material accounting policies | |
Estimated useful lives of property, plant and equipment | 30 years |
Office equipment | Minimum | |
Material accounting policies | |
Estimated useful lives of property, plant and equipment | 2 years |
Office equipment | Maximum | |
Material accounting policies | |
Estimated useful lives of property, plant and equipment | 5 years |
Store operating equipment | Minimum | |
Material accounting policies | |
Estimated useful lives of property, plant and equipment | 2 years |
Store operating equipment | Maximum | |
Material accounting policies | |
Estimated useful lives of property, plant and equipment | 5 years |
Motor vehicles | Minimum | |
Material accounting policies | |
Estimated useful lives of property, plant and equipment | 3 years |
Motor vehicles | Maximum | |
Material accounting policies | |
Estimated useful lives of property, plant and equipment | 5 years |
Moulds | Minimum | |
Material accounting policies | |
Estimated useful lives of property, plant and equipment | 1 year |
Moulds | Maximum | |
Material accounting policies | |
Estimated useful lives of property, plant and equipment | 2 years |
Material accounting policies _2
Material accounting policies - Intangible assets (Details) | 6 Months Ended |
Dec. 31, 2023 | |
Software | |
Material accounting policies | |
Estimated useful lives of intangible assets | 5 years |
Material accounting policies _3
Material accounting policies - Additional information (Details) | 6 Months Ended |
Dec. 31, 2023 CNY (¥) | |
Credit losses and impairment of assets | |
Impairment loss recognized in prior periods | ¥ 0 |
Segment reporting - Additional
Segment reporting - Additional information (Details) - segment | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment reporting | ||||
Number of reportable segments | 2 | 2 | 2 | 2 |
Segment reporting - Segment inf
Segment reporting - Segment information (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of operating segments [line items] | ||||
Revenue | ¥ 7,632,467 | ¥ 11,473,208 | ¥ 10,085,649 | ¥ 9,071,659 |
Segment profit/(loss) before taxation | 1,652,742 | 2,333,614 | 906,813 | (1,216,192) |
Finance income | 123,969 | 145,225 | 66,344 | 40,433 |
Finance costs | (25,202) | (34,622) | (33,396) | (28,362) |
Depreciation and amortization | (285,241) | (391,167) | (389,871) | (265,019) |
Other material non-cash items: | ||||
(Credit loss)/reversal of credit loss on trade and other receivables | (2,080) | 1,072 | (28,924) | (20,832) |
impairment loss on non-current assets | (4,547) | (3,448) | (13,485) | (2,941) |
Segment assets | 14,485,309 | 13,447,713 | 11,281,788 | |
Segment liabilities | 5,294,092 | 4,529,445 | 4,254,388 | |
Reportable segments | ||||
Disclosure of operating segments [line items] | ||||
Segment profit/(loss) before taxation | 1,651,318 | 2,333,945 | 859,501 | 354,550 |
Finance income | 120,704 | 140,778 | 62,634 | 38,867 |
Finance costs | (25,188) | (34,614) | (33,385) | (28,345) |
Depreciation and amortization | (277,702) | (366,475) | (349,801) | (263,950) |
Other material non-cash items: | ||||
(Credit loss)/reversal of credit loss on trade and other receivables | (1,803) | 1,163 | (28,816) | (20,815) |
impairment loss on non-current assets | (4,547) | (3,448) | (13,485) | (2,941) |
Segment assets | 11,947,983 | 10,935,144 | 8,830,028 | 10,188,040 |
Additions to non-current assets during the year/period | 808,436 | 971,202 | 460,910 | 503,410 |
Segment liabilities | 5,177,447 | 4,430,828 | 4,173,410 | 3,995,757 |
Reportable segments | Segment revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 7,626,822 | 11,402,606 | 9,917,044 | 8,841,998 |
Reportable segments | External revenues | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 7,620,452 | 11,394,589 | 9,915,648 | 8,834,188 |
Reportable segments | Inter-segment revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 6,370 | 8,017 | 1,396 | 7,810 |
MINISO brand | ||||
Disclosure of operating segments [line items] | ||||
Segment profit/(loss) before taxation | 1,644,839 | 2,354,357 | 941,037 | 378,926 |
Finance income | 120,064 | 139,577 | 62,218 | 38,858 |
Finance costs | (23,042) | (29,751) | (26,481) | (26,324) |
Depreciation and amortization | (245,796) | (302,070) | (317,273) | (252,721) |
Other material non-cash items: | ||||
(Credit loss)/reversal of credit loss on trade and other receivables | (2,791) | 1,409 | (27,054) | (20,208) |
impairment loss on non-current assets | (3,682) | (1,433) | (8,656) | (1,850) |
Segment assets | 11,547,381 | 10,573,747 | 8,310,214 | 9,873,002 |
Additions to non-current assets during the year/period | 733,107 | 933,768 | 319,809 | 374,825 |
Segment liabilities | 4,841,577 | 3,937,784 | 3,552,457 | 3,662,661 |
MINISO brand | Segment revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 7,253,808 | 10,861,293 | 9,469,613 | 8,737,925 |
MINISO brand | External revenues | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 7,251,610 | 10,861,222 | 9,468,718 | 8,735,947 |
MINISO brand | Inter-segment revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 2,198 | 71 | 895 | 1,978 |
TOP TOY brand | ||||
Disclosure of operating segments [line items] | ||||
Segment profit/(loss) before taxation | 6,479 | (20,412) | (81,536) | (24,376) |
Finance income | 640 | 1,201 | 416 | 9 |
Finance costs | (2,146) | (4,863) | (6,904) | (2,021) |
Depreciation and amortization | (31,906) | (64,405) | (32,528) | (11,229) |
Other material non-cash items: | ||||
(Credit loss)/reversal of credit loss on trade and other receivables | 988 | (246) | (1,762) | (607) |
impairment loss on non-current assets | (865) | (2,015) | (4,829) | (1,091) |
Segment assets | 400,602 | 361,397 | 519,814 | 315,038 |
Additions to non-current assets during the year/period | 75,329 | 37,434 | 141,101 | 128,585 |
Segment liabilities | 335,870 | 493,044 | 620,953 | 333,096 |
TOP TOY brand | Segment revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 373,014 | 541,313 | 447,431 | 104,073 |
TOP TOY brand | External revenues | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 368,842 | 533,367 | 446,930 | 98,241 |
TOP TOY brand | Inter-segment revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 4,172 | 7,946 | 501 | 5,832 |
Other segment | ||||
Disclosure of operating segments [line items] | ||||
Segment profit/(loss) before taxation | 2,924 | 17,814 | 97,455 | 58,556 |
Finance income | 1,911 | 2,969 | 3,190 | 1,566 |
Finance costs | (14) | (8) | (11) | (17) |
Depreciation and amortization | (3,058) | (4,339) | (1,916) | (1,069) |
Other material non-cash items: | ||||
(Credit loss)/reversal of credit loss on trade and other receivables | (277) | (91) | (108) | (17) |
Segment assets | 191,275 | 190,366 | 171,163 | 164,928 |
Additions to non-current assets during the year/period | 2,941 | 4,221 | 8,510 | 7,385 |
Segment liabilities | 41,403 | 43,699 | 62,341 | 57,119 |
Other segment | Segment revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 105,936 | 445,651 | 385,184 | 353,172 |
Other segment | External revenues | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 12,015 | 78,619 | 170,001 | 237,471 |
Other segment | Inter-segment revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 93,921 | 367,032 | 215,183 | 115,701 |
Reportable and other segments before elimination of discontinued operations | ||||
Disclosure of operating segments [line items] | ||||
Segment profit/(loss) before taxation | 1,654,242 | 2,351,759 | 956,956 | 413,106 |
Finance income | 122,615 | 143,747 | 65,824 | 40,433 |
Finance costs | (25,202) | (34,622) | (33,396) | (28,362) |
Depreciation and amortization | (280,760) | (370,814) | (351,717) | (265,019) |
Other material non-cash items: | ||||
(Credit loss)/reversal of credit loss on trade and other receivables | (2,080) | 1,072 | (28,924) | (20,832) |
impairment loss on non-current assets | (4,547) | (3,448) | (13,485) | (2,941) |
Segment assets | 12,139,258 | 11,125,510 | 9,001,191 | 10,352,968 |
Additions to non-current assets during the year/period | 811,377 | 975,423 | 469,420 | 510,795 |
Segment liabilities | 5,218,850 | 4,474,527 | 4,235,751 | 4,052,876 |
Reportable and other segments before elimination of discontinued operations | Segment revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 7,732,758 | 11,848,257 | 10,302,228 | 9,195,170 |
Reportable and other segments before elimination of discontinued operations | External revenues | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 7,632,467 | 11,473,208 | 10,085,649 | 9,071,659 |
Reportable and other segments before elimination of discontinued operations | Inter-segment revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | ¥ 100,291 | ¥ 375,049 | ¥ 216,579 | ¥ 123,511 |
Segment reporting - Reconciliat
Segment reporting - Reconciliation of information on reportable segments (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of operating segments [line items] | ||||
Revenue | ¥ 7,632,467 | ¥ 11,473,208 | ¥ 10,085,649 | ¥ 9,071,659 |
(Loss)/profit before taxation | 1,652,742 | 2,333,614 | 906,813 | (1,216,192) |
Assets | 14,485,309 | 13,447,713 | 11,281,788 | |
Liabilities | 5,294,092 | 4,529,445 | 4,254,388 | |
Finance income | 123,969 | 145,225 | 66,344 | 40,433 |
Finance costs | (25,202) | (34,622) | (33,396) | (28,362) |
Depreciation and amortization | (285,241) | (391,167) | (389,871) | (265,019) |
(Credit loss)/reversal of credit loss on trade and other receivables | (2,080) | 1,072 | (28,924) | (20,832) |
Impairment loss on non-current assets | (4,547) | (3,448) | (13,485) | (2,941) |
Reportable segments | ||||
Disclosure of operating segments [line items] | ||||
(Loss)/profit before taxation | 1,651,318 | 2,333,945 | 859,501 | 354,550 |
Assets | 11,947,983 | 10,935,144 | 8,830,028 | 10,188,040 |
Liabilities | 5,177,447 | 4,430,828 | 4,173,410 | 3,995,757 |
Finance income | 120,704 | 140,778 | 62,634 | 38,867 |
Finance costs | (25,188) | (34,614) | (33,385) | (28,345) |
Depreciation and amortization | (277,702) | (366,475) | (349,801) | (263,950) |
(Credit loss)/reversal of credit loss on trade and other receivables | (1,803) | 1,163 | (28,816) | (20,815) |
Impairment loss on non-current assets | (4,547) | (3,448) | (13,485) | (2,941) |
Other segment | ||||
Disclosure of operating segments [line items] | ||||
(Loss)/profit before taxation | 2,924 | 17,814 | 97,455 | 58,556 |
Assets | 191,275 | 190,366 | 171,163 | 164,928 |
Liabilities | 41,403 | 43,699 | 62,341 | 57,119 |
Finance income | 1,911 | 2,969 | 3,190 | 1,566 |
Finance costs | (14) | (8) | (11) | (17) |
Depreciation and amortization | (3,058) | (4,339) | (1,916) | (1,069) |
(Credit loss)/reversal of credit loss on trade and other receivables | (277) | (91) | (108) | (17) |
Elimination of inter-segment revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | (100,291) | (375,049) | (216,579) | (123,511) |
Unallocated amounts | ||||
Disclosure of operating segments [line items] | ||||
Finance income | 1,354 | 1,478 | 520 | |
Depreciation and amortization | (4,481) | (20,353) | (38,154) | |
Fair value changes of redeemable shares with other preferential rights | ||||
Disclosure of operating segments [line items] | ||||
(Loss)/profit before taxation | (1,625,287) | |||
Share of loss of equity-accounted investees, net of tax | ||||
Disclosure of operating segments [line items] | ||||
(Loss)/profit before taxation | (8,162) | (4,011) | ||
Expenses relating to construction of headquarters building and depreciation expense of apartments for use as staff quarters | ||||
Disclosure of operating segments [line items] | ||||
(Loss)/profit before taxation | (1,500) | (18,145) | (41,981) | |
construction of headquarters building | ||||
Disclosure of operating segments [line items] | ||||
Assets | 2,107,557 | 2,078,833 | 2,028,095 | |
Liabilities | 75,242 | 54,918 | 18,637 | |
Apartments for use as staff quarters | ||||
Disclosure of operating segments [line items] | ||||
Assets | 238,494 | 243,370 | 252,502 | |
Segment revenue | Reportable segments | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 7,626,822 | 11,402,606 | 9,917,044 | 8,841,998 |
Segment revenue | Other segment | ||||
Disclosure of operating segments [line items] | ||||
Revenue | ¥ 105,936 | ¥ 445,651 | ¥ 385,184 | ¥ 353,172 |
Segment reporting - Geographic
Segment reporting - Geographic information (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of geographical areas [line items] | ||||
Revenue | ¥ 7,632,467 | ¥ 11,473,208 | ¥ 10,085,649 | ¥ 9,071,659 |
Non-current assets | 3,962,942 | 3,308,221 | 2,853,211 | |
the PRC (place of domicile) | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 4,843,127 | 7,650,821 | 7,442,156 | 7,291,219 |
Non-current assets | 3,052,525 | 2,672,426 | 2,575,241 | |
Other Asian countries excluding the PRC | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 1,157,261 | 1,821,080 | 1,174,323 | 961,622 |
Non-current assets | 166,623 | 121,614 | 63,021 | |
America | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 1,403,936 | 1,738,058 | 1,189,119 | 584,630 |
Non-current assets | 644,765 | 512,322 | 204,459 | |
Europe | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 154,737 | 151,496 | 174,691 | 117,214 |
Non-current assets | 99,029 | 1,859 | 10,490 | |
Other countries | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | ¥ 73,406 | ¥ 111,753 | ¥ 105,360 | ¥ 116,974 |
Revenue - Disaggregated revenue
Revenue - Disaggregated revenue (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | ¥ 7,632,467 | ¥ 11,473,208 | ¥ 10,085,649 | ¥ 9,071,659 |
- Sales of lifestyle and pop toy products | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 6,921,694 | 10,357,235 | 8,997,662 | 8,036,676 |
- Retail sales in self-operated stores | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 1,004,114 | 990,048 | 555,226 | 323,775 |
- Product sales to franchisees | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 3,857,191 | 5,960,518 | 5,499,267 | 5,506,365 |
- Sales to offline distributors | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 1,660,860 | 2,612,742 | 2,072,061 | 1,509,840 |
- Online sales | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 355,380 | 706,397 | 651,039 | 663,197 |
- Other sales channels | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 44,149 | 87,530 | 220,069 | 33,499 |
- 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 from contracts with customers | 426,369 | 687,575 | 685,394 | 658,378 |
- License fees | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 37,074 | 84,711 | 109,166 | 72,392 |
- Sales-based royalties | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 66,113 | 102,089 | 97,453 | 97,848 |
- Sales-based management and consultation service fees | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 323,182 | 500,775 | 478,775 | 488,138 |
- Others | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 284,404 | 428,398 | 402,593 | 376,605 |
Timing of revenue recognition | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 7,632,467 | 11,473,208 | 10,085,649 | 9,071,659 |
- Point in time | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 7,195,509 | 10,619,987 | 9,321,490 | 8,413,281 |
- Over time | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | ¥ 436,958 | ¥ 853,221 | ¥ 764,159 | ¥ 658,378 |
Revenue - Summary of individual
Revenue - Summary of individual customer contributing total revenue (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | ¥ 7,632,467 | ¥ 11,473,208 | ¥ 10,085,649 | ¥ 9,071,659 |
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 - Receivables, contract
Revenue - Receivables, contract liabilities from contracts with customers (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Receivables, which are included in 'trade and other receivables' | ||||
- Current portion | ¥ 426,937 | ¥ 305,963 | ¥ 290,681 | |
- Non-current portion | 17,612 | |||
Total receivables, which are included in 'trade and other receivables' | 444,549 | 305,963 | 290,681 | |
Contract liabilities | ||||
- Current portion | (324,028) | (292,887) | (361,522) | |
- Non-current portion | (40,954) | (46,754) | (51,658) | |
Total contract liabilities | ¥ (364,982) | ¥ (339,641) | ¥ (413,180) | ¥ (326,866) |
Revenue - Contract liabilities
Revenue - Contract liabilities are analyzed as follows (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | |||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Contract liabilities [abstract] | ||||
Advance payments received from customers for purchase of goods | ¥ 267,063 | ¥ 231,636 | ¥ 219,192 | |
Total contract liabilities | 364,982 | 339,641 | 413,180 | ¥ 326,866 |
- License fees | ||||
Contract liabilities [abstract] | ||||
Deferred revenue related to | 82,914 | 89,498 | 88,536 | |
- membership fees | ||||
Contract liabilities [abstract] | ||||
Deferred revenue related to | 210 | 5,215 | 96,025 | |
- loyalty points | ||||
Contract liabilities [abstract] | ||||
Deferred revenue related to | ¥ 14,795 | ¥ 13,292 | ¥ 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 | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Movements in contract liabilities | |||
Contract liabilities at beginning of period | ¥ 339,641 | ¥ 413,180 | ¥ 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 | (292,887) | (361,522) | (266,919) |
Increase in contract liabilities as a result of receiving advance payment for purchase of goods | 267,063 | 231,636 | 219,192 |
Increase in contract liabilities as a result of receiving payment of license fees | 36,370 | 37,840 | 28,589 |
Increase in contract liabilities as a result of receiving payment of membership fees | 5,215 | 96,025 | |
Increase in contract liabilities as a result of loyalty points | 14,795 | 13,292 | 9,427 |
Contract liabilities at end of period | ¥ 364,982 | ¥ 339,641 | ¥ 413,180 |
Revenue - Additional informatio
Revenue - Additional information (Details) - CNY (¥) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
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 | ¥ 97,919,000 | ¥ 108,005,000 | ¥ 193,988,000 |
Minimum | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Remaining licensing period | 1 year | 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 | 10 years | 10 years | 10 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 | ¥ 40,954,000 | ¥ 46,754,000 | ¥ 51,658,000 |
Other income (Details)
Other income (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other income | ||||
Tax refund | ¥ 469 | ¥ 2,660 | ¥ 3,231 | ¥ 1,279 |
Government grants (i) | 8,091 | 8,807 | 16,663 | 46,587 |
Income from depositary bank (ii) | 10,433 | 6,468 | 6,037 | 4,274 |
Other income | ¥ 18,993 | ¥ 17,935 | ¥ 25,931 | ¥ 52,140 |
Other income - Additional infor
Other income - Additional information (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 CNY (¥) | |
Other income | ||||||
Initial payment from depositary | $ 4,690,000 | ¥ 30,995,000 | ||||
Arrangement period for amortization | 5 years | 5 years | ||||
Rebate of fees received | $ 1,107,000 | ¥ 7,940,000 | ||||
Paycheck Protection Program | 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 | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Expenses by nature | ||||
Cost of inventories (Note 18(a)) | ¥ 4,292,806 | ¥ 6,859,362 | ¥ 6,870,976 | ¥ 6,581,456 |
Payroll and employee benefits (i) | 580,801 | 819,592 | 864,693 | 916,185 |
Rental and related expenses | 80,847 | 69,174 | 33,354 | 12,139 |
Depreciation and amortization (ii) | 285,241 | 391,167 | 389,871 | 265,019 |
Licensing expenses | 178,241 | 249,437 | 149,612 | 88,063 |
Promotion and advertising expenses | 246,883 | 315,976 | 242,681 | 214,788 |
Logistics expenses | 203,024 | 295,933 | 272,363 | 195,593 |
Travelling expenses | 45,827 | 66,544 | 66,172 | 52,966 |
Other expenses | 198,561 | 312,677 | 384,730 | 332,375 |
Total cost of sales, selling and distribution and general and administrative expenses | ¥ 6,112,231 | ¥ 9,379,862 | ¥ 9,274,452 | ¥ 8,658,584 |
Expenses by nature - Payroll an
Expenses by nature - Payroll and employee benefits (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Expenses by nature | ||||
Salaries, wages and bonus | ¥ 463,208 | ¥ 657,236 | ¥ 666,968 | ¥ 543,646 |
Contributions to social security contribution plan | 53,977 | 75,168 | 77,903 | 56,325 |
Welfare expenses | 17,184 | 24,306 | 36,987 | 34,895 |
Equity-settled share-based payment expenses (Note 27) | 46,432 | 62,882 | 82,835 | 281,319 |
Total | ¥ 580,801 | ¥ 819,592 | ¥ 864,693 | ¥ 916,185 |
Expenses by nature - Depreciati
Expenses by nature - Depreciation and amortization (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Expenses by nature | ||||
Property, plant and equipment (Note 13) | ¥ 59,652 | ¥ 70,706 | ¥ 58,865 | ¥ 30,507 |
Right-of-use assets (Note 14) | 239,787 | 334,193 | 309,606 | 213,490 |
Less: amount capitalized as construction in progress | (22,604) | (33,907) | ||
Intangible assets (Note 15) | 8,406 | 20,175 | 21,400 | 21,022 |
Total | ¥ 285,241 | ¥ 391,167 | ¥ 389,871 | ¥ 265,019 |
Other net (loss)_income (Detail
Other net (loss)/income (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other net (loss)/income | ||||
Net foreign exchange (loss)/gain (i) | ¥ (15,025) | ¥ 109,095 | ¥ 14,041 | ¥ (114,177) |
Losses on disposal of property, plants and equipment and intangible assets | (1,632) | (5,350) | (5,614) | (2,317) |
Investment income from other investments | 14,281 | 42,921 | 63,801 | 66,837 |
Scrap income | 5,912 | 12,137 | 11,808 | 11,242 |
Net change in fair value of other investments | 14,270 | (3,692) | 5,709 | 2,968 |
(Provision)/reversal of litigation compensation (ii) | 408 | (37,710) | (15,576) | |
Gains relating to cancellation and modification of lease contracts | 4,821 | 193 | 13,456 | |
Others | (1,930) | (3,488) | (317) | (4,960) |
Total | ¥ 21,105 | ¥ 114,106 | ¥ 87,308 | ¥ (40,407) |
Net finance income (Details)
Net finance income (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Finance income | ||||
Interest income | ¥ 123,969 | ¥ 145,225 | ¥ 66,344 | ¥ 40,433 |
Finance income | 123,969 | 145,225 | 66,344 | 40,433 |
Finance costs | ||||
Interest on loans and borrowings | (90) | (226) | (405) | (1,545) |
Interest on lease liabilities | (25,112) | (34,396) | (32,991) | (26,817) |
Finance costs | (25,202) | (34,622) | (33,396) | (28,362) |
Net finance income | ¥ 98,767 | ¥ 110,603 | ¥ 32,948 | ¥ 12,071 |
Income taxes - Amounts recogniz
Income taxes - Amounts recognized in consolidated profit or loss (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Current tax | ||||
Provision for the year/period | ¥ 339,409 | ¥ 557,630 | ¥ 252,989 | ¥ 200,170 |
Deferred tax | ||||
Origination and reversal of temporary differences (Note 10(c)) | 57,256 | (5,845) | 14,081 | 13,085 |
Tax expense | ¥ 396,665 | ¥ 551,785 | ¥ 267,070 | ¥ 213,255 |
Income taxes - Income tax rates
Income taxes - Income tax rates (Details) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Hong Kong | |||||
Income taxes | |||||
Income tax rate | 16.50% | ||||
Hong Kong | Tax rate for first HKD2 million of assessable profits | |||||
Income taxes | |||||
Income tax rate | 8.25% | ||||
Hong Kong | Tax rate for profit after first HKD2 million | |||||
Income taxes | |||||
Income tax rate | 16.50% | ||||
Mainland China | |||||
Income taxes | |||||
Income tax rate | 25% | ||||
Zhuhai | Tax rate for pilot free trade zone | |||||
Income taxes | |||||
Income tax rate | 15% | ||||
Nansha | Tax rate for pilot free trade zone | |||||
Income taxes | |||||
Income tax rate | 15% | ||||
Guangzhou, the PRC | |||||
Income taxes | |||||
Income tax rate | 15% | ||||
United States | |||||
Income taxes | |||||
Income tax rate | 21% | ||||
United States | Minimum | |||||
Income taxes | |||||
State income tax rate | 4.90% | ||||
United States | Maximum | |||||
Income taxes | |||||
State income tax rate | 11.50% | ||||
California | |||||
Income taxes | |||||
State income tax rate | 8.84% | ||||
Texas | |||||
Income taxes | |||||
State income tax rate | 0.75% | ||||
Indonesia | |||||
Income taxes | |||||
Income tax rate | 22% | 22% | 25% | ||
India | |||||
Income taxes | |||||
Income tax rate | 29.12% | 29.12% | 26% | ||
Canada | Minimum | |||||
Income taxes | |||||
Income tax rate | 23% | ||||
Canada | Maximum | |||||
Income taxes | |||||
Income tax rate | 31% | ||||
Singapore | |||||
Income taxes | |||||
Income tax rate | 17% | ||||
Vietnam | |||||
Income taxes | |||||
Income tax rate | 20% |
Income taxes - Reconciliation b
Income taxes - Reconciliation between tax expense and accounting profit at applicable tax rates (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation between tax expense and accounting profit at applicable tax rates | ||||
(Loss)/profit before taxation | ¥ 1,652,742 | ¥ 2,333,614 | ¥ 906,813 | ¥ (1,216,192) |
Notional tax on (loss)/profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned | 394,856 | 566,955 | 214,704 | 118,766 |
Tax effect of share-based compensation expenses (Note 7(i)) | 11,401 | 15,435 | 20,254 | 70,330 |
Tax effect of other non-deductible expenses | 7,310 | 13,666 | 10,935 | 10,433 |
Effect of preferential tax treatments on assessable profits of certain subsidiaries (Note 10(a)(3)) | (10,756) | (42,739) | (18,001) | (34,218) |
Tax effect of additional deduction on research and development costs | (3,476) | (4,217) | ||
Tax effect of exempted and non-taxable income | (12,481) | (7,421) | (4,044) | (6,245) |
Withholding tax on income of non-PRC resident entities derived from mainland China | 4,095 | |||
Effect of unused tax losses not recognized/(being utilized) | (8,002) | 22,956 | 44,888 | 72,969 |
Effect of deductible temporary differences (being utilized)/not recognized | 13,718 | (12,850) | (1,666) | (18,780) |
Tax expense | ¥ 396,665 | ¥ 551,785 | ¥ 267,070 | ¥ 213,255 |
Income taxes - Movement in defe
Income taxes - Movement in deferred tax assets (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Movement in deferred tax assets | |||
At the beginning | ¥ 161,617 | ¥ 154,333 | ¥ 168,552 |
Charged to profit or loss | (57,256) | 5,845 | (14,081) |
Exchange rate difference | (231) | 1,439 | (138) |
At the end | 104,130 | 161,617 | 154,333 |
Unused tax losses | |||
Movement in deferred tax assets | |||
At the beginning | 23,436 | 31,696 | 34,253 |
Charged to profit or loss | (392) | (8,499) | (2,536) |
Exchange rate difference | (31) | 239 | (21) |
At the end | 23,013 | 23,436 | 31,696 |
Intra-group unrealized profits | |||
Movement in deferred tax assets | |||
At the beginning | 23,152 | 11,097 | 14,696 |
Charged to profit or loss | 4,781 | 11,944 | (3,556) |
Exchange rate difference | (113) | 111 | (43) |
At the end | 27,820 | 23,152 | 11,097 |
Credit loss and impairment | |||
Movement in deferred tax assets | |||
At the beginning | 38,682 | 41,573 | 50,347 |
Charged to profit or loss | (7,574) | (3,519) | (8,673) |
Exchange rate difference | 73 | 628 | (101) |
At the end | 31,181 | 38,682 | 41,573 |
Loss from waiver of intercompany receivables of discontinued operations | |||
Movement in deferred tax assets | |||
At the beginning | 60,873 | 61,548 | 61,548 |
Charged to profit or loss | (54,048) | (675) | |
At the end | 6,825 | 60,873 | 61,548 |
Right-of-use assets | |||
Movement in deferred tax assets | |||
At the beginning | (107,937) | (117,318) | (151,106) |
Charged to profit or loss | 8,770 | 9,543 | 33,926 |
Exchange rate difference | 363 | (162) | (138) |
At the end | (98,804) | (107,937) | (117,318) |
Lease liabilities | |||
Movement in deferred tax assets | |||
At the beginning | 115,620 | 127,421 | 155,949 |
Charged to profit or loss | (6,563) | (11,976) | (28,651) |
Exchange rate difference | (370) | 175 | 123 |
At the end | 108,687 | 115,620 | 127,421 |
Others | |||
Movement in deferred tax assets | |||
At the beginning | 7,791 | (1,684) | 2,865 |
Charged to profit or loss | (2,230) | 9,027 | (4,591) |
Exchange rate difference | (153) | 448 | 42 |
At the end | ¥ 5,408 | ¥ 7,791 | ¥ (1,684) |
Income taxes - Unrecognized def
Income taxes - Unrecognized deferred tax assets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Income taxes | |||
Unrecognized deferred tax assets | ¥ 829,000 | ¥ 800,631 | ¥ 738,771 |
Deductible temporary differences | |||
Income taxes | |||
Unrecognized deferred tax assets | 54,416 | 49,375 | 107,964 |
Cumulative tax losses | |||
Income taxes | |||
Unrecognized deferred tax assets | ¥ 774,584 | ¥ 751,256 | ¥ 630,807 |
Income taxes - Tax losses carri
Income taxes - Tax losses carried forward (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Income taxes | |||
Expire | ¥ 432,759 | ¥ 361,627 | ¥ 278,215 |
Never expire | ¥ 341,825 | ¥ 389,629 | ¥ 352,592 |
(Loss)_earnings per share (Deta
(Loss)/earnings per share (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
(Loss)/earnings per share | ||||
(Loss)/profit attributable to the equity shareholders of the Company | ¥ 1,248,405 | ¥ 1,768,926 | ¥ 638,170 | ¥ (1,415,010) |
Less: Allocation of undistributed earnings to holders of unvested restricted shares | (424) | (1,576) | 116,929 | |
(Loss)/profit used to determine basic earnings per share | ¥ 1,248,405 | ¥ 1,768,502 | ¥ 636,594 | ¥ (1,298,081) |
Weighted-average number of ordinary (basic) | ||||
Number of weighted average ordinary shares outstanding | 1,244,926,865 | 1,243,320,377 | 1,205,527,348 | 1,104,371,475 |
(Loss)_earnings per share - Ord
(Loss)/earnings per share - Ordinary shares (Details) - shares | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Weighted-average number of ordinary | ||||
Issued ordinary share at the beginning of the year/period | 1,244,854,689 | 1,202,646,619 | 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 issued relating to Hong Kong public offering and exercise of the over-allotment option | 40,181,685 | |||
Effect of shares released from share incentive plan (Note 27) | 281,729 | 2,878,812 | 2,369,454 | 64,373,834 |
Effect of repurchase of shares (Note 26(b)(v)) | (209,553) | (2,386,739) | (1,702,821) | |
Weighted average number of ordinary shares | 1,244,926,865 | 1,243,320,377 | 1,205,527,348 | 1,104,371,475 |
(Loss)_earnings per share - Dil
(Loss)/earnings per share - Diluted (loss)/earnings per share (Details) - CNY (¥) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
(Loss)/earnings per share | ||||
Profit attributable to equity shareholders | ¥ 1,248,405,000 | ¥ 1,768,926,000 | ¥ 638,170,000 | |
Weighted average number of ordinary shares, basic | 1,244,926,865 | 1,243,320,377 | 1,205,527,348 | 1,104,371,475 |
Dilutive effect of share incentive plan (Note 27) | 6,708,997 | 7,224,739 | 11,110,091 | |
Weighted average number of ordinary shares, diluted | 1,251,635,862 | 1,250,545,116 | 1,216,637,439 |
Other comprehensive (loss)_in_3
Other comprehensive (loss)/income (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other comprehensive (loss)/income | ||||
Exchange differences on translation of financial statements of overseas subsidiaries | ¥ (32,504) | ¥ 41,198 | ¥ 40,494 | ¥ (16,548) |
Other comprehensive loss | ¥ (32,504) | ¥ 41,198 | ¥ 40,494 | ¥ (16,548) |
Property, plant and equipment_2
Property, plant and equipment (Details) - CNY (¥) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, plant and equipment | ||||
Balance, at beginning of the period | ¥ 534,634,000 | ¥ 419,894,000 | ||
Charge for the year | (285,241,000) | (391,167,000) | ¥ (389,871,000) | ¥ (265,019,000) |
Balance, at end of the period | 769,306,000 | 534,634,000 | 419,894,000 | |
Gross carrying amount | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 715,900,000 | 596,153,000 | 198,589,000 | |
Acquisitions through business combination | 1,339,000 | 10,290,000 | ||
Additions | 305,333,000 | 196,997,000 | 409,477,000 | |
Disposals | (26,533,000) | (88,680,000) | (25,966,000) | |
Exchange adjustments | (4,352,000) | 10,091,000 | 3,763,000 | |
Balance, at end of the period | 990,348,000 | 715,900,000 | 596,153,000 | 198,589,000 |
Accumulated depreciation | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | (155,185,000) | (132,921,000) | (84,066,000) | |
Charge for the year | (59,652,000) | (70,706,000) | (58,865,000) | |
Written back on disposals | 19,514,000 | 51,844,000 | 11,256,000 | |
Exchange adjustments | 490,000 | (3,402,000) | (1,246,000) | |
Balance, at end of the period | (194,833,000) | (155,185,000) | (132,921,000) | (84,066,000) |
Loss allowance | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | (26,081,000) | (43,338,000) | (38,207,000) | |
Addition | (4,547,000) | (7,248,000) | (13,062,000) | |
Written back on disposals | 3,868,000 | 26,015,000 | 8,767,000 | |
Exchange adjustments | 551,000 | (1,510,000) | 836,000 | |
Balance, at end of the period | (26,209,000) | (26,081,000) | (43,338,000) | (38,207,000) |
Apartments | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 226,389,000 | 235,101,000 | ||
Balance, at end of the period | 222,032,000 | 226,389,000 | 235,101,000 | |
Apartments | Gross carrying amount | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 242,639,000 | 242,639,000 | ||
Additions | 242,639,000 | |||
Balance, at end of the period | 242,639,000 | 242,639,000 | 242,639,000 | |
Apartments | Accumulated depreciation | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | (16,250,000) | (7,538,000) | ||
Charge for the year | (4,357,000) | (8,712,000) | (7,538,000) | |
Written back on disposals | 0 | |||
Balance, at end of the period | (20,607,000) | (16,250,000) | (7,538,000) | |
Leasehold improvements | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 87,255,000 | 73,388,000 | ||
Balance, at end of the period | 135,001,000 | 87,255,000 | 73,388,000 | |
Leasehold improvements | Gross carrying amount | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 147,271,000 | 168,120,000 | 111,949,000 | |
Acquisitions through business combination | 451,000 | |||
Additions | 18,980,000 | 8,710,000 | 67,160,000 | |
Transfer from construction in progress | 75,184,000 | (36,419,000) | ||
Disposals | (12,467,000) | (75,541,000) | (15,389,000) | |
Exchange adjustments | (2,685,000) | 9,112,000 | 4,400,000 | |
Balance, at end of the period | 226,283,000 | 147,271,000 | 168,120,000 | 111,949,000 |
Leasehold improvements | Accumulated depreciation | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | (38,504,000) | (56,016,000) | (41,007,000) | |
Charge for the year | (39,815,000) | (24,270,000) | (17,840,000) | |
Written back on disposals | 9,226,000 | 44,866,000 | 4,541,000 | |
Exchange adjustments | (270,000) | (3,084,000) | (1,710,000) | |
Balance, at end of the period | (69,363,000) | (38,504,000) | (56,016,000) | (41,007,000) |
Leasehold improvements | Loss allowance | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | (21,512,000) | (38,716,000) | (36,432,000) | |
Addition | (3,459,000) | (5,640,000) | (8,880,000) | |
Written back on disposals | 2,701,000 | 24,875,000 | 7,536,000 | |
Exchange adjustments | 351,000 | (2,031,000) | 940,000 | |
Balance, at end of the period | (21,919,000) | (21,512,000) | (38,716,000) | (36,432,000) |
Office equipment | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 19,387,000 | 25,586,000 | ||
Balance, at end of the period | 22,637,000 | 19,387,000 | 25,586,000 | |
Office equipment | Gross carrying amount | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 54,048,000 | 51,043,000 | 37,431,000 | |
Acquisitions through business combination | 888,000 | 14,000 | ||
Additions | 9,177,000 | 7,348,000 | 16,779,000 | |
Disposals | (791,000) | (5,611,000) | (3,183,000) | |
Exchange adjustments | (596,000) | 380,000 | 2,000 | |
Balance, at end of the period | 61,838,000 | 54,048,000 | 51,043,000 | 37,431,000 |
Office equipment | Accumulated depreciation | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | (32,845,000) | (24,035,000) | (18,626,000) | |
Charge for the year | (5,530,000) | (10,981,000) | (7,144,000) | |
Written back on disposals | 322,000 | 3,058,000 | 1,672,000 | |
Exchange adjustments | 510,000 | (887,000) | 63,000 | |
Balance, at end of the period | (37,543,000) | (32,845,000) | (24,035,000) | (18,626,000) |
Office equipment | Loss allowance | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | (1,816,000) | (1,422,000) | ||
Addition | (591,000) | (1,380,000) | ||
Exchange adjustments | 158,000 | 197,000 | 42,000 | |
Balance, at end of the period | (1,658,000) | (1,816,000) | (1,422,000) | |
Store operating equipment | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 17,073,000 | 16,940,000 | ||
Balance, at end of the period | 23,198,000 | 17,073,000 | 16,940,000 | |
Store operating equipment | Gross carrying amount | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 46,723,000 | 46,791,000 | 46,469,000 | |
Additions | 10,479,000 | 5,348,000 | 7,628,000 | |
Disposals | (6,830,000) | (5,191,000) | (6,670,000) | |
Exchange adjustments | (541,000) | (225,000) | (636,000) | |
Balance, at end of the period | 49,831,000 | 46,723,000 | 46,791,000 | 46,469,000 |
Store operating equipment | Accumulated depreciation | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | (26,897,000) | (26,651,000) | (22,923,000) | |
Charge for the year | (1,206,000) | (4,690,000) | (8,647,000) | |
Written back on disposals | 3,866,000 | 3,857,000 | 4,524,000 | |
Exchange adjustments | 236,000 | 587,000 | 395,000 | |
Balance, at end of the period | (24,001,000) | (26,897,000) | (26,651,000) | (22,923,000) |
Store operating equipment | Loss allowance | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | (2,753,000) | (3,200,000) | (1,775,000) | |
Addition | (1,088,000) | (1,017,000) | (2,802,000) | |
Written back on disposals | 1,167,000 | 1,140,000 | 1,231,000 | |
Exchange adjustments | 42,000 | 324,000 | (146,000) | |
Balance, at end of the period | (2,632,000) | (2,753,000) | (3,200,000) | (1,775,000) |
Motor vehicles | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 1,140,000 | 891,000 | ||
Balance, at end of the period | 1,202,000 | 1,140,000 | 891,000 | |
Motor vehicles | Gross carrying amount | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 3,089,000 | 2,347,000 | 2,740,000 | |
Additions | 306,000 | 675,000 | 232,000 | |
Disposals | (622,000) | |||
Exchange adjustments | (26,000) | 67,000 | (3,000) | |
Balance, at end of the period | 3,369,000 | 3,089,000 | 2,347,000 | 2,740,000 |
Motor vehicles | Accumulated depreciation | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | (1,949,000) | (1,456,000) | (1,510,000) | |
Charge for the year | (232,000) | (475,000) | (452,000) | |
Written back on disposals | 0 | 500,000 | ||
Exchange adjustments | 14,000 | (18,000) | 6,000 | |
Balance, at end of the period | (2,167,000) | (1,949,000) | (1,456,000) | ¥ (1,510,000) |
Moulds | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 7,001,000 | 9,184,000 | ||
Balance, at end of the period | 9,751,000 | 7,001,000 | 9,184,000 | |
Moulds | Gross carrying amount | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 45,741,000 | 26,409,000 | ||
Additions | 11,607,000 | 19,585,000 | 26,511,000 | |
Disposals | (6,445,000) | (253,000) | (102,000) | |
Balance, at end of the period | 50,903,000 | 45,741,000 | 26,409,000 | |
Moulds | Accumulated depreciation | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | (38,740,000) | (17,225,000) | ||
Charge for the year | (8,512,000) | (21,578,000) | (17,244,000) | |
Written back on disposals | 6,100,000 | 63,000 | 19,000 | |
Balance, at end of the period | (41,152,000) | (38,740,000) | (17,225,000) | |
Construction in progress | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 176,389,000 | 58,804,000 | ||
Balance, at end of the period | 355,485,000 | 176,389,000 | 58,804,000 | |
Construction in progress | Gross carrying amount | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 176,389,000 | 58,804,000 | ||
Acquisitions through business combination | 10,276,000 | |||
Additions | 254,784,000 | 155,331,000 | 48,528,000 | |
Transfer from construction in progress | (75,184,000) | 36,419,000 | ||
Disposals | (2,084,000) | |||
Exchange adjustments | (504,000) | 757,000 | ||
Balance, at end of the period | 355,485,000 | 176,389,000 | 58,804,000 | |
Construction in progress | Accumulated depreciation | ||||
Property, plant and equipment | ||||
Written back on disposals | 0 | |||
Leasehold improvements and store operating equipment | Self operated stores | ||||
Property, plant and equipment | ||||
Balance, at beginning of the period | 71,990,000 | 51,900,000 | ||
Balance, at end of the period | ¥ 128,879,000 | ¥ 71,990,000 | ¥ 51,900,000 |
Right-of-use assets (Details)
Right-of-use assets (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Right-of-use assets | ||||
Balance, at beginning of the period | ¥ 2,552,600 | ¥ 2,342,589 | ||
Depreciation of right of use assets | 239,787 | 334,193 | ¥ 309,606 | ¥ 213,490 |
Balance, at end of the period | 2,900,860 | 2,552,600 | 2,342,589 | |
Net book value | 2,900,860 | 2,552,600 | 2,342,589 | |
Property | ||||
Right-of-use assets | ||||
Depreciation of right of use assets | 215,399 | 285,393 | 275,310 | 205,344 |
Net book value | 1,215,317 | 842,574 | 583,906 | |
Warehouse equipment | ||||
Right-of-use assets | ||||
Depreciation of right of use assets | 1,784 | 3,592 | 3,765 | 8,146 |
Net book value | 1,476 | 3,355 | 6,804 | |
Land use right | ||||
Right-of-use assets | ||||
Depreciation of right of use assets | 22,604 | 45,208 | 30,531 | |
Net book value | 1,684,067 | 1,706,671 | 1,751,879 | |
Gross carrying amount | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | 2,950,550 | 2,806,182 | 1,089,119 | |
Acquisition of a subsidiary | 10,467 | 1,781,595 | ||
Additions | 622,913 | 718,988 | 338,946 | |
Derecognition | (113,707) | (620,305) | (409,719) | |
Exchange adjustments | (14,294) | 35,218 | 6,241 | |
Balance, at end of the period | 3,445,462 | 2,950,550 | 2,806,182 | 1,089,119 |
Gross carrying amount | Property | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | 1,157,349 | 1,013,124 | 1,077,417 | |
Acquisition of a subsidiary | 10,467 | |||
Additions | 622,913 | 718,845 | 337,717 | |
Derecognition | (113,564) | (620,305) | (408,249) | |
Exchange adjustments | (14,294) | 35,218 | 6,239 | |
Balance, at end of the period | 1,652,404 | 1,157,349 | 1,013,124 | 1,077,417 |
Gross carrying amount | Warehouse equipment | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | 10,791 | 10,648 | 11,702 | |
Additions | 143 | 414 | ||
Derecognition | (143) | (1,470) | ||
Exchange adjustments | 2 | |||
Balance, at end of the period | 10,648 | 10,791 | 10,648 | 11,702 |
Gross carrying amount | Land use right | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | 1,782,410 | 1,782,410 | ||
Acquisition of a subsidiary | 1,781,595 | |||
Additions | 815 | |||
Balance, at end of the period | 1,782,410 | 1,782,410 | 1,782,410 | |
Accumulated depreciation | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | (389,997) | (428,915) | (361,436) | |
Depreciation of right of use assets | (239,787) | (334,193) | (309,606) | |
Derecognition | 79,934 | 384,771 | 245,045 | |
Exchange adjustments | 5,248 | (11,660) | (2,918) | |
Balance, at end of the period | (544,602) | (389,997) | (428,915) | (361,436) |
Accumulated depreciation | Property | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | (306,822) | (394,540) | (359,888) | |
Depreciation of right of use assets | (215,399) | (285,393) | (275,310) | |
Derecognition | 79,886 | 384,771 | 243,575 | |
Exchange adjustments | 5,248 | (11,660) | (2,917) | |
Balance, at end of the period | (437,087) | (306,822) | (394,540) | (359,888) |
Accumulated depreciation | Warehouse equipment | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | (7,436) | (3,844) | (1,548) | |
Depreciation of right of use assets | (1,784) | (3,592) | (3,765) | |
Derecognition | 48 | 1,470 | ||
Exchange adjustments | (1) | |||
Balance, at end of the period | (9,172) | (7,436) | (3,844) | (1,548) |
Accumulated depreciation | Land use right | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | (75,739) | (30,531) | ||
Depreciation of right of use assets | (22,604) | (45,208) | (30,531) | |
Balance, at end of the period | (98,343) | (75,739) | (30,531) | |
Loss allowance | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | (7,953) | (34,678) | (37,796) | |
Reversal | 3,800 | |||
Derecognition | 7,858 | 24,439 | 4,249 | |
Exchange adjustments | 95 | (1,514) | (1,131) | |
Balance, at end of the period | (7,953) | (34,678) | (37,796) | |
Loss allowance | Property | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | (7,953) | (34,678) | (37,796) | |
Reversal | 3,800 | |||
Derecognition | 7,858 | 24,439 | 4,249 | |
Exchange adjustments | 95 | (1,514) | (1,131) | |
Balance, at end of the period | (7,953) | ¥ (34,678) | ¥ (37,796) | |
Loss allowance | Warehouse equipment | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | 0 | |||
Derecognition | 0 | |||
Exchange adjustments | 0 | |||
Balance, at end of the period | 0 | |||
Loss allowance | Land use right | ||||
Right-of-use assets | ||||
Balance, at beginning of the period | ¥ 0 | |||
Derecognition | 0 | |||
Exchange adjustments | 0 | |||
Balance, at end of the period | ¥ 0 |
Right-of-use assets - Depreciat
Right-of-use assets - Depreciation charge of right-of-use assets by class of underlying asset (Details) - CNY (¥) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Right-of-use assets | ||||
Depreciation of right of use assets | ¥ 239,787,000 | ¥ 334,193,000 | ¥ 309,606,000 | ¥ 213,490,000 |
Interest on lease liabilities | 25,112,000 | 34,396,000 | 32,991,000 | 26,817,000 |
Expense relating to short-term leases and other leases with remaining lease term ending on or before June 30/December 31 | 13,729,000 | 15,322,000 | 28,384,000 | 28,656,000 |
Variable lease payments not included in the measurement of lease liabilities | 24,802,000 | 18,614,000 | 4,648,000 | 2,846,000 |
COVID-19 rent concessions | (35,548,000) | (42,698,000) | ||
Right-of-use assets | 2,900,860,000 | 2,552,600,000 | 2,342,589,000 | |
Property | ||||
Right-of-use assets | ||||
Depreciation of right of use assets | 215,399,000 | 285,393,000 | 275,310,000 | 205,344,000 |
Warehouse equipment | ||||
Right-of-use assets | ||||
Depreciation of right of use assets | 1,784,000 | 3,592,000 | 3,765,000 | ¥ 8,146,000 |
Land use right | ||||
Right-of-use assets | ||||
Depreciation of right of use assets | 22,604,000 | 45,208,000 | 30,531,000 | |
Self operated stores | ||||
Right-of-use assets | ||||
Right-of-use assets | ¥ 998,032,000 | ¥ 585,231,000 | ¥ 333,649,000 | |
Minimum | ||||
Right-of-use assets | ||||
Variable lease payments (as a percentage) | 1% | |||
Minimum | Warehouse equipment | ||||
Right-of-use assets | ||||
Lease term of right of use assets | 2 years | |||
Minimum | Office space | ||||
Right-of-use assets | ||||
Lease term of right of use assets | 2 years | |||
Minimum | Self operated stores and warehouse storage | ||||
Right-of-use assets | ||||
Lease term of right of use assets | 2 years | |||
Maximum | ||||
Right-of-use assets | ||||
Variable lease payments (as a percentage) | 18% | |||
Maximum | Warehouse equipment | ||||
Right-of-use assets | ||||
Lease term of right of use assets | 3 years | |||
Maximum | Office space | ||||
Right-of-use assets | ||||
Lease term of right of use assets | 5 years | |||
Maximum | Self operated stores and warehouse storage | ||||
Right-of-use assets | ||||
Lease term of right of use assets | 10 years |
Intangible assets (Details)
Intangible assets (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Intangible assets | |||
Intangible assets other than goodwill at beginning of period | ¥ 25,277 | ¥ 43,066 | |
Intangible assets other than goodwill at end of period | 19,554 | 25,277 | ¥ 43,066 |
Software | |||
Intangible assets | |||
Intangible assets other than goodwill at beginning of period | 25,277 | 43,066 | |
Intangible assets other than goodwill at end of period | 19,554 | 25,277 | 43,066 |
Gross carrying amount | Software | |||
Intangible assets | |||
Intangible assets other than goodwill at beginning of period | 113,807 | 111,418 | 107,583 |
Purchases | 2,689 | 2,450 | 3,922 |
Disposals | (24) | ||
Exchange adjustments | (68) | (61) | (63) |
Intangible assets other than goodwill at end of period | 116,428 | 113,807 | 111,418 |
Accumulated amortization: | Software | |||
Intangible assets | |||
Intangible assets other than goodwill at beginning of period | (87,797) | (67,615) | (46,237) |
Disposals | 2 | ||
Charge for the year | (8,406) | (20,175) | (21,400) |
Exchange adjustments | 54 | (7) | (20) |
Intangible assets other than goodwill at end of period | (96,149) | (87,797) | (67,615) |
Impairment | Software | |||
Intangible assets | |||
Intangible assets other than goodwill at beginning of period | (733) | (737) | (341) |
Charge for the year | (423) | ||
Exchange adjustments | 8 | 4 | 27 |
Intangible assets other than goodwill at end of period | ¥ (725) | ¥ (733) | ¥ (737) |
Prepayments (Details)
Prepayments (Details) ¥ in Thousands | Jun. 30, 2022 CNY (¥) |
Prepayments | |
Prepayment for construction of a new headquarters building (Note 28(b)) | ¥ 200,861 |
Others | 821 |
Total | ¥ 201,682 |
Other investments - Financial a
Other investments - Financial assets measured at FVTPL (Details) | Dec. 31, 2023 CNY (¥) | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) |
Other investments | ||||
Non-current | ¥ 90,603,000 | ¥ 73,870,000 | ||
Investment in an unlisted enterprise | ||||
Other investments | ||||
Non-current | 73,870,000 | $ 10,409,000 | ||
Financial assets measured at FVTPL | ||||
Other investments | ||||
Current | 252,866,000 | 205,329,000 | ¥ 210,523,000 | |
Financial assets measured at FVTPL | Investment in an unlisted limited partnership enterprise | ||||
Other investments | ||||
Non-current | 90,603,000 | 73,870,000 | 0 | |
Financial assets measured at FVTPL | Investments in trust investment schemes | ||||
Other investments | ||||
Current | 202,866,000 | ¥ 205,329,000 | 208,649,000 | |
Financial assets measured at FVTPL | Investment in a wealth management product | ||||
Other investments | ||||
Current | ¥ 50,000,000 | 0 | ||
Financial assets measured at FVTPL | Others | ||||
Other investments | ||||
Current | ¥ 1,874,000 |
Other investments - Asset manag
Other investments - Asset management scheme (Details) | Dec. 26, 2023 CNY (¥) | Dec. 31, 2023 CNY (¥) | Jul. 31, 2023 CNY (¥) | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | Jul. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Other investments | ||||||||
Other investments | ¥ 90,603,000 | ¥ 73,870,000 | ||||||
Investment in Trust Scheme A | ||||||||
Other investments | ||||||||
Minimum initial investment | ¥ 100,000,000 | |||||||
Fair value of investment | 101,600,000 | ¥ 103,537,000 | ||||||
Investment in Trust Scheme B | ||||||||
Other investments | ||||||||
Minimum initial investment | ¥ 100,000,000 | |||||||
Fair value of investment | 101,437,000 | 103,729,000 | ¥ 105,112,000 | |||||
Investment in Trust Scheme C | ||||||||
Other investments | ||||||||
Minimum initial investment | ¥ 100,000,000 | |||||||
Fair value of investment | 101,429,000 | |||||||
Investment in an unlisted enterprise | ||||||||
Other investments | ||||||||
Other investments | ¥ 73,870,000 | $ 10,409,000 | ||||||
Investment in a wealth management product | ||||||||
Other investments | ||||||||
Minimum initial investment | ¥ 50,000,000,000 | |||||||
Fair value of investment | ¥ 50,000,000,000 | |||||||
Investment maturity term duration | 35 days |
Inventories (Details)
Inventories (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Inventories | |||
Finished goods | ¥ 1,917,133 | ¥ 1,447,799 | ¥ 1,186,810 |
Low-value consumables | 5,108 | 2,720 | 1,285 |
Inventories | ¥ 1,922,241 | ¥ 1,450,519 | ¥ 1,188,095 |
Inventories - Amount of invento
Inventories - Amount of inventories recognized as an expense and included in profit or loss (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Inventories | ||||
Carrying amount of inventories sold | ¥ 4,290,874 | ¥ 6,879,212 | ¥ 6,915,713 | ¥ 6,632,530 |
(Reversal of write-down)/write-down of inventories | 1,932 | (19,850) | (44,737) | (51,074) |
Cost of inventories recognized in consolidated statements of profit or loss | ¥ 4,292,806 | ¥ 6,859,362 | ¥ 6,870,976 | ¥ 6,581,456 |
Trade and other receivables (De
Trade and other receivables (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Non-current | |||
Trade receivables | ¥ 17,612 | ||
Amounts due from related parties | 10,760 | ¥ 10,647 | |
Deposits | 81,153 | 41,834 | ¥ 10,000 |
Value-added tax ("VAT") recoverable | 26,271 | 22,160 | 18,274 |
Trade and other receivables | 135,796 | 74,641 | 28,274 |
Current | |||
Trade receivables, net of loss allowance | 426,937 | 305,963 | 290,681 |
Amounts due from related parties | 27,836 | 5,602 | 5,105 |
Miscellaneous expenses paid on behalf of franchisees | 336,497 | 265,335 | 246,097 |
VAT recoverable | 251,162 | 270,298 | 182,906 |
Rental deposits | 98,141 | 86,600 | 101,124 |
Receivables due from on-line payment platforms and banks (i) | 103,406 | 34,726 | 26,806 |
Prepayments for inventories | 51,084 | 49,631 | 52,476 |
Prepayments for licensing expenses | 43,996 | 40,934 | 35,223 |
Prepayments for listing expenses relating to Hong Kong public offering | 58,560 | ||
Prepayments for promotion and advertising expenses | 11,577 | 17,374 | 9,302 |
Prepayments for repurchase of shares | 87,324 | 3,693 | 3,375 |
Others | 80,397 | 70,000 | 44,543 |
Trade and other receivables | ¥ 1,518,357 | 1,150,156 | 1,056,198 |
Minimum | |||
Current | |||
Period of other trade receivables is due | 20 days | ||
Instalments within the periods ranging | 32 months | ||
Maximum | |||
Current | |||
Period of other trade receivables is due | 180 days | ||
Instalments within the periods ranging | 36 months | ||
Gross carrying amount | |||
Non-current | |||
Trade receivables | ¥ 18,045 | ||
Current | |||
Trade receivables, net of loss allowance | 504,938 | 394,727 | 375,798 |
Loss allowance | |||
Non-current | |||
Trade receivables | (433) | ||
Current | |||
Trade receivables, net of loss allowance | ¥ (78,001) | ¥ (88,764) | ¥ (85,117) |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Cash and cash equivalents | |||
Cash on hand | ¥ 783 | ¥ 576 | ¥ 450 |
Cash at bank | 6,414,658 | 6,488,637 | 5,348,042 |
Cash and cash equivalents as presented in the consolidated statements of financial position and in the consolidated statements of cash flows | ¥ 6,415,441 | ¥ 6,489,213 | ¥ 5,348,492 |
Restricted cash (Details)
Restricted cash (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Restricted cash | |||
Bank deposits held in an escrow bank account | ¥ 4,462 | ¥ 1,391 | ¥ 5,772 |
Bank deposits frozen for legal proceedings | 3,508 | 25,682 | 26,604 |
Restricted cash | ¥ 7,970 | ¥ 27,073 | ¥ 32,376 |
Cash flow information - Reconci
Cash flow information - Reconciliation of loss for year to cash generated from operations (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from (used in) operating activities [abstract] | ||||
(Loss)/profit for the year/period | ¥ 1,256,077 | ¥ 1,781,829 | ¥ 639,743 | ¥ (1,429,447) |
Adjustments for: | ||||
Interest on lease liabilities | 25,112 | 34,396 | 32,991 | 26,817 |
Depreciation and amortization | 285,241 | 391,167 | 389,871 | 265,019 |
Interest on loans and borrowings | 90 | 226 | 405 | 1,545 |
Interest income | (123,969) | (145,225) | (66,344) | (40,433) |
Investment income from other investments | (14,281) | (42,921) | (63,801) | (66,837) |
Net change in fair value of other investments | (14,270) | 3,692 | (5,709) | (2,968) |
Losses on disposal of property, plant and equipment and intangible assets | 1,632 | 5,350 | 5,614 | 2,317 |
Impairment loss on non-current assets | 4,547 | 3,448 | 13,485 | 2,941 |
Unrealized foreign exchange (gain)/loss | (25,410) | (45,522) | 6,806 | (46,378) |
Effect of lease contract cancellation | (4,821) | 3,681 | (25,015) | (2,630) |
Fair value changes of redeemable shares with other preferential rights | 1,625,287 | |||
Share of loss/(profit) of equity accounted investees, net of tax | (268) | 8,162 | 4,011 | |
Equity-settled share-based payment expenses | 46,432 | 62,882 | 82,835 | 281,319 |
Income tax | 396,665 | 551,785 | 267,070 | 213,255 |
Changes in working capital: | ||||
Inventories | (471,722) | (250,851) | 307,966 | (93,197) |
Trade and other receivables | (316,534) | (185,768) | (190,145) | (80,087) |
Contract liabilities | 25,341 | (73,539) | 86,314 | 34,353 |
Trade and other payables | 363,327 | (34,055) | 180,122 | 386,703 |
Restricted cash | 19,103 | 5,303 | (28,696) | 3,376 |
Deferred income | (3,985) | 19,074 | (5,282) | 26,065 |
Cash generated from operations | ¥ 1,448,307 | ¥ 2,084,952 | ¥ 1,636,392 | ¥ 1,111,031 |
Cash flow information - Recon_2
Cash flow information - Reconciliation of liabilities arising from financing activities (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flow information | ||||
At the beginning | ¥ 893,218 | ¥ 658,056 | ¥ 825,673 | ¥ 3,401,300 |
Additions through business combination | 15,313 | 60,692 | ||
Changes from financing cash flows: | ||||
Proceeds from loans and borrowings | 313 | |||
Repayment of loans and borrowings | (206) | (5,295) | (416,588) | |
Interest of loans and borrowings paid | (1,000) | (1,488) | ||
Payment of capital element and interest element of lease liabilities | (236,519) | (346,008) | (317,017) | (215,762) |
Total changes from financing cash flows | (236,519) | (346,214) | (323,312) | (633,525) |
Exchange adjustments | (21,027) | 25,843 | 2,428 | (66,877) |
Other changes: | ||||
Fair value changes of redeemable shares with other preferential rights | 1,625,287 | |||
Decrease in redeemable shares with other preferential rights | (3,963,843) | |||
Increase in lease liabilities from entering into new leases during the year | 622,916 | 718,985 | 338,131 | 403,955 |
Decrease in lease liabilities from derecognition | (30,867) | (213,284) | (209,712) | (29,678) |
Increase in interest expenses | 25,202 | 34,622 | 33,396 | 28,362 |
Forgiveness of loans and borrowings | (103) | (8,548) | ||
Total other changes | 617,251 | 540,220 | 153,267 | (1,935,917) |
At the end | 1,252,923 | 893,218 | 658,056 | 825,673 |
Loans and borrowings | ||||
Cash flow information | ||||
At the beginning | 7,215 | 6,948 | 20,594 | 416,389 |
Additions through business combination | 21,979 | |||
Changes from financing cash flows: | ||||
Proceeds from loans and borrowings | 313 | |||
Repayment of loans and borrowings | (206) | (5,295) | (416,588) | |
Total changes from financing cash flows | (206) | (5,295) | (416,275) | |
Exchange adjustments | 44 | 576 | 197 | (1,499) |
Other changes: | ||||
Forgiveness of loans and borrowings | (103) | (8,548) | ||
Total other changes | (103) | (8,548) | ||
At the end | 7,259 | 7,215 | 6,948 | 20,594 |
Redeemable shares with other preferential rights | ||||
Cash flow information | ||||
At the beginning | 2,381,327 | |||
Changes from financing cash flows: | ||||
Exchange adjustments | (42,771) | |||
Other changes: | ||||
Fair value changes of redeemable shares with other preferential rights | 1,625,287 | |||
Decrease in redeemable shares with other preferential rights | (3,963,843) | |||
Total other changes | (2,338,556) | |||
Interest payable | ||||
Cash flow information | ||||
At the beginning | 269 | 43 | 667 | 610 |
Changes from financing cash flows: | ||||
Interest of loans and borrowings paid | (1,000) | (1,488) | ||
Total changes from financing cash flows | (1,000) | (1,488) | ||
Exchange adjustments | (29) | |||
Other changes: | ||||
Increase in interest expenses | 90 | 226 | 405 | 1,545 |
Total other changes | 90 | 226 | 405 | 1,545 |
At the end | 359 | 269 | 43 | 667 |
Lease liabilities | ||||
Cash flow information | ||||
At the beginning | 885,734 | 651,065 | 804,412 | 602,974 |
Additions through business combination | 15,313 | 38,713 | ||
Changes from financing cash flows: | ||||
Payment of capital element and interest element of lease liabilities | (236,519) | (346,008) | (317,017) | (215,762) |
Total changes from financing cash flows | (236,519) | (346,008) | (317,017) | (215,762) |
Exchange adjustments | (21,071) | 25,267 | 2,260 | (22,607) |
Other changes: | ||||
Increase in lease liabilities from entering into new leases during the year | 622,916 | 718,985 | 338,131 | 403,955 |
Decrease in lease liabilities from derecognition | (30,867) | (213,284) | (209,712) | (29,678) |
Increase in interest expenses | 25,112 | 34,396 | 32,991 | 26,817 |
Total other changes | 617,161 | 540,097 | 161,410 | 401,094 |
At the end | ¥ 1,245,305 | ¥ 885,734 | ¥ 651,065 | ¥ 804,412 |
Cash flow information - Total c
Cash flow information - Total cash out flow for leases (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flow information | ||||
Within operating cash flows | ¥ (38,531) | ¥ (71,185) | ¥ (33,032) | ¥ (31,502) |
Within financing cash flows | (236,519) | (346,008) | (317,017) | (215,762) |
Total cash out flow for leases | ¥ (275,050) | ¥ (417,193) | ¥ (350,049) | ¥ (247,264) |
Cash flow information - Non-cas
Cash flow information - Non-cash transactions (Details) | 12 Months Ended |
Jun. 30, 2021 CNY (¥) | |
Cash flow information | |
Redeemable shares with other preferential rights, amount | ¥ 3,963,843,000 |
Trade and other payables (Detai
Trade and other payables (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Trade and other payables | |||
Trade payables | ¥ 855,914 | ¥ 653,713 | ¥ 649,415 |
Payroll payable | 166,079 | 93,065 | 68,969 |
Accrued expenses | 309,951 | 236,594 | 264,905 |
Other taxes payable | 43,850 | 49,072 | 52,078 |
Deposits | 1,782,181 | 1,785,405 | 1,875,380 |
Amounts due to related parties (Note 32(c)) | 7,334 | 6,371 | 13,710 |
Others | 131,813 | 121,593 | 81,649 |
Total | ¥ 3,389,826 | 3,019,302 | 3,072,991 |
Credit period granted by the suppliers, minimum | 30 days | ||
Credit period granted by the suppliers, maximum | 90 days | ||
Construction projects | |||
Trade and other payables | |||
Payable relating to construction projects | ¥ 12,411 | ||
Payable relating to purchase of non- current assets | 33,051 | 25,835 | 29,776 |
Leasehold improvements | |||
Trade and other payables | |||
Payable relating to purchase of non- current assets | ¥ 59,653 | ¥ 47,654 | ¥ 37,109 |
Lease liabilities (Details)
Lease liabilities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Present value of the minimum lease payments, current | ¥ 447,319 | ¥ 328,933 | ¥ 257,997 |
Present value of the minimum lease payments, noncurrent | 797,986 | 556,801 | 393,068 |
Total minimum lease payments | 1,363,115 | 965,129 | 706,323 |
Less: total future interest expenses | (117,810) | (79,395) | (55,258) |
Lease liabilities | 1,245,305 | 885,734 | 651,065 |
Within 1 year or on demand | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Present value of the minimum lease payments, current | 447,319 | 328,933 | 257,997 |
Total minimum lease payments, current | 457,747 | 334,778 | 263,332 |
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 | 797,986 | 556,801 | 393,068 |
Total minimum lease payments, non-current | 905,368 | 630,351 | 442,991 |
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 | 373,712 | 251,844 | 176,047 |
Total minimum lease payments, non-current | 403,679 | 259,948 | 188,172 |
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 | 350,181 | 227,048 | 188,031 |
Total minimum lease payments, non-current | 399,187 | 260,188 | 215,398 |
More than 5 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Present value of the minimum lease payments, noncurrent | 74,093 | 77,909 | 28,990 |
Total minimum lease payments, non-current | ¥ 102,502 | ¥ 110,215 | ¥ 39,421 |
Redeemable shares with other _3
Redeemable shares with other preferential rights (Details) | Feb. 26, 2020 item shares |
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 | shares | 58,833,418 |
MINISO Guangzhou | |
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |
Number of investors | item | 2 |
MINISO Guangzhou | Hillhouse | |
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |
Equity interest acquired | 5.3763% |
MINISO Guangzhou | Tencent | |
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | |
Equity interest acquired | 5.3763% |
Redeemable shares with other _4
Redeemable shares with other preferential rights - Redemption rights (Details) - Dec. 27, 2018 | USD ($) | CNY (¥) |
Hillhouse | ||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | ||
Original Issue Price | $ 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] | ||
Original Issue Price | ¥ 500,000,000 | |
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% |
Redeemable shares with other _5
Redeemable shares with other preferential rights - Liquidation preferences (Details) - $ / shares | Oct. 15, 2020 | Dec. 27, 2018 |
Class A ordinary shares | IPO | ||
Paid in Capital Subject To Redemption And Other Preferential Rights Or Redeemable Shares With Other Preferential Rights [Line Items] | ||
Number of shares issued 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 | ||
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 |
Redeemable shares with other _6
Redeemable shares with other preferential rights - Movement of paid-in capital subject to redemption (Details) ¥ in Thousands | 12 Months Ended |
Jun. 30, 2021 CNY (¥) | |
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) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | |||||||||
Jul. 13, 2022 $ / shares $ / shares shares | Dec. 31, 2023 CNY (¥) shares Vote | Jun. 30, 2023 CNY (¥) shares | Jun. 30, 2022 CNY (¥) shares | Dec. 31, 2023 $ / shares | Jun. 30, 2023 $ / shares | May 16, 2023 CNY (¥) | May 16, 2023 USD ($) | Dec. 31, 2022 shares | Jul. 11, 2022 $ / shares | Jun. 30, 2022 $ / shares | |
Capital and reserves | |||||||||||
Number of shares authorized | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | ||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||
Share capital | ¥ | ¥ 95,000 | ¥ 95,000 | ¥ 92,000 | ||||||||
Number of shares issued | 1,263,689,685 | 1,263,689,685 | 1,225,566,355 | ||||||||
Decrease in number of shares outstanding | (3,462,870) | ||||||||||
2022 share repurchase program | |||||||||||
Capital and reserves | |||||||||||
Number of shares repurchased | 3,462,868 | ||||||||||
Treasury shares | |||||||||||
Capital and reserves | |||||||||||
Number of shares issued | 20,356,896 | 18,834,996 | 22,919,736 | ||||||||
Additional paid-in capital | |||||||||||
Capital and reserves | |||||||||||
Cash transferred | ¥ 730,898,000 | $ 105 | |||||||||
Ordinary shares | |||||||||||
Capital and reserves | |||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | |||||||||
Share capital | ¥ | ¥ 95,000 | ¥ 95,000 | |||||||||
Number of shares issued | 41,586,200 | 1,263,689,685 | 1,263,689,685 | ||||||||
Number of over allotment shares | 486,200 | ||||||||||
Price per share | $ / shares | $ 13.80 | ||||||||||
Ordinary shares | Treasury shares | |||||||||||
Capital and reserves | |||||||||||
Number of restricted shares became vested | 636,608 | 4,161,100 | 3,897,180 | ||||||||
Class A ordinary shares | |||||||||||
Capital and reserves | |||||||||||
Share capital | ¥ | ¥ 69,000 | ||||||||||
Number of shares issued | 897,275,873 | ||||||||||
Number of votes | Vote | 1 | ||||||||||
Conversion of ordinary shares | 1 | ||||||||||
Class A ordinary shares | Treasury shares | |||||||||||
Capital and reserves | |||||||||||
Number of shares repurchased | 6,111,276 | ||||||||||
Class B ordinary shares | |||||||||||
Capital and reserves | |||||||||||
Share capital | ¥ | ¥ 23,000 | ||||||||||
Number of shares issued | 328,290,482 | ||||||||||
Number of votes | Vote | 3 |
Capital and reserves - Treasury
Capital and reserves - Treasury shares (Details) | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 CNY (¥) item shares | Jun. 30, 2023 CNY (¥) shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 HKD ($) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Jun. 30, 2022 CNY (¥) shares | Sep. 15, 2023 USD ($) | Oct. 31, 2022 shares | Sep. 29, 2022 USD ($) | Sep. 21, 2022 shares | Dec. 21, 2021 USD ($) | |
Capital and reserves | ||||||||||||
Number of shares issued | 1,263,689,685 | 1,263,689,685 | 1,263,689,685 | 1,263,689,685 | 1,225,566,355 | |||||||
Repurchase of shares | ¥ | ¥ 73,560,000 | ¥ 32,711,000 | ¥ 82,160,000 | |||||||||
2022 share repurchase program | ||||||||||||
Capital and reserves | ||||||||||||
Number of shares repurchased | 3,462,868 | 3,462,868 | 3,462,868 | |||||||||
2021 share repurchase program | ||||||||||||
Capital and reserves | ||||||||||||
Amount authorized under share repurchase program | $ | $ 200,000,000 | |||||||||||
2023 share repurchase program 2023 | ||||||||||||
Capital and reserves | ||||||||||||
Amount authorized under share repurchase program | $ | $ 200,000,000 | |||||||||||
Hong Kong Stock Exchange | ||||||||||||
Capital and reserves | ||||||||||||
Number of shares repurchased | 166,000 | 166,000 | 166,000 | |||||||||
Repurchase of shares | 23,930,000 | ¥ 1,536,000 | $ 1,696,000 | |||||||||
Hong Kong Stock Exchange | 2022 share repurchase program | ||||||||||||
Capital and reserves | ||||||||||||
Number of shares repurchased | 166,000 | 166,000 | 166,000 | |||||||||
New York Stock Exchange | ||||||||||||
Capital and reserves | ||||||||||||
Number of shares repurchased | 3,373,228 | 3,373,228 | 3,373,228 | |||||||||
Repurchase of shares | ¥ 49,630,000 | ¥ 31,175,000 | $ 4,370,000 | |||||||||
New York Stock Exchange | 2022 share repurchase program | ||||||||||||
Capital and reserves | ||||||||||||
Number of shares repurchased | 3,296,868 | 3,296,868 | 3,296,868 | |||||||||
New York Stock Exchange | 2021 share repurchase program | ||||||||||||
Capital and reserves | ||||||||||||
Number of shares repurchased | 6,187,636 | |||||||||||
Treasury shares | ||||||||||||
Capital and reserves | ||||||||||||
Number of shares issued | 20,356,896 | 18,834,996 | 18,834,996 | 18,834,996 | 22,919,736 | |||||||
Repurchase of shares | ¥ | ¥ 73,560,000 | ¥ 32,711,000 | ¥ 82,160,000 | |||||||||
Class A ordinary shares | ||||||||||||
Capital and reserves | ||||||||||||
Number of shares issued | 897,275,873 | |||||||||||
Class A ordinary shares | Treasury shares | ||||||||||||
Capital and reserves | ||||||||||||
Amount authorized under share repurchase program | $ | $ 100,000,000 | |||||||||||
Number of shares repurchased | 6,111,276 | 6,111,276 | ||||||||||
Repurchase of shares | ¥ 82,160,000 | $ 12,763,000 | ||||||||||
2020 Share Award Scheme | ||||||||||||
Capital and reserves | ||||||||||||
Number of special purpose vehicles | item | 12 | |||||||||||
2020 Share Incentive Plan | ||||||||||||
Capital and reserves | ||||||||||||
Number of shares issued | 98,773,684 | 98,773,684 | 98,773,684 | 98,773,684 | 92,586,048 | |||||||
Transfer of repurchased shares | 6,187,636 |
Capital and reserves - Company
Capital and reserves - Company repurchased (Details) | 6 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 HKD ($) | Jun. 30, 2023 CNY (¥) shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 HKD ($) shares | Jun. 30, 2022 CNY (¥) | Dec. 31, 2023 $ / shares shares | |
Capital and reserves | ||||||||
Aggregate price paid | ¥ | ¥ 73,560,000 | ¥ 32,711,000 | ¥ 82,160,000 | |||||
Hong Kong Stock Exchange | ||||||||
Capital and reserves | ||||||||
Number of shares repurchased | shares | 166,000 | 166,000 | 166,000 | |||||
Aggregate price paid | 23,930,000 | ¥ 1,536,000 | $ 1,696,000 | |||||
Hong Kong Stock Exchange | December 2023 | ||||||||
Capital and reserves | ||||||||
Number of shares repurchased | shares | 708,400 | 708,400 | ||||||
Aggregate price paid | $ | $ 26,290,000 | |||||||
New York Stock Exchange | ||||||||
Capital and reserves | ||||||||
Number of shares repurchased | shares | 3,373,228 | 3,373,228 | 3,373,228 | |||||
Aggregate price paid | ¥ 49,630,000 | ¥ 31,175,000 | $ 4,370,000 | |||||
New York Stock Exchange | December 2023 | ||||||||
Capital and reserves | ||||||||
Number of shares repurchased | shares | 1,450,108 | 1,450,108 | ||||||
Aggregate price paid | $ | $ 6,981,000 | |||||||
Minimum | Hong Kong Stock Exchange | December 2023 | ||||||||
Capital and reserves | ||||||||
Price paid per share | $ / shares | $ 36.35 | |||||||
Minimum | New York Stock Exchange | December 2023 | ||||||||
Capital and reserves | ||||||||
Price paid per share | $ / shares | $ 4.57 | |||||||
Maximum | Hong Kong Stock Exchange | December 2023 | ||||||||
Capital and reserves | ||||||||
Price paid per share | $ / shares | $ 37.85 | |||||||
Maximum | New York Stock Exchange | December 2023 | ||||||||
Capital and reserves | ||||||||
Price paid per share | $ / shares | $ 4.98 |
Capital and reserves - Dividend
Capital and reserves - Dividends (Details) | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) $ / shares | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2022 CNY (¥) | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 CNY (¥) | |
Capital and reserves | |||||||
Dividends declared | $ 90,500,000 | ¥ 306,255,000 | $ 47,178,000 | ¥ 0 | |||
Dividends paid | ¥ 923,664,000 | $ 128,758,000 | ¥ 370,787,000 | $ 53,640,000 | ¥ 0 | ||
Dividends per share | $ 0.103 | $ 0.043 | $ 0.039 | ||||
Final dividends per share | $ 0.0725 |
Equity settled share-based pa_3
Equity settled share-based payments (Details) - shares | Dec. 31, 2023 | Jun. 30, 2023 | Oct. 31, 2022 | Jun. 30, 2022 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares issued | 1,263,689,685 | 1,263,689,685 | 1,225,566,355 | |
2020 Share Incentive Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares issued | 98,773,684 | 98,773,684 | 92,586,048 | |
Repurchase of shares | 6,187,636 |
Equity settled share-based pa_4
Equity settled share-based payments - Share awards (Details) - CNY (¥) | 6 Months Ended | 12 Months Ended | |||
Aug. 27, 2018 | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Equity-settled share-based payment expenses | ¥ 613,000 | ¥ 5,067,000 | ¥ 155,171,000 | ||
Restricted share units | Minimum | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted-average remaining contract life of restricted shares | 2 years | 3 years | 2 years | ||
Restricted share units | Maximum | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted-average remaining contract life of restricted shares | 4 years | 5 years | 4 years | ||
MINISO Guangzhou | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Maximum percentage of registered capital of shares could be awarded | 10% |
Equity settled share-based pa_5
Equity settled share-based payments - Number of restricted shares and the respective weighted-average grant date fair value (Details) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Jun. 30, 2023 shares $ / shares | Jun. 30, 2022 shares $ / shares | Jun. 30, 2021 shares $ / shares | |
Equity settled share-based payments | ||||
Number of shares, outstanding at the beginning | shares | 0 | 2,540,420 | 5,755,788 | 79,224,019 |
Number of shares, vested during the year | shares | (2,496,668) | (2,114,000) | (71,132,744) | |
Number of shares, forfeited during the year | shares | (43,752) | (1,101,368) | (2,335,487) | |
Number of shares, outstanding at the end | shares | 0 | 0 | 2,540,420 | 5,755,788 |
Weighted-average exercise price, outstanding at the beginning (in dollars per share) | $ 0 | $ 0.036 | $ 0.036 | $ 0.036 |
Weighted-average exercise price, vested during the year (in dollars per share) | 0.036 | 0.036 | 0.036 | |
Weighted-average exercise price, forfeited during the year (in dollars per share) | 0.036 | 0.036 | 0.036 | |
Weighted-average exercise price, outstanding at the end (in dollars per share) | 0 | 0 | 0.036 | 0.036 |
Weighted-average grant date fair value, outstanding at the beginning (in dollars per share) | 0 | 7.67 | 7.67 | 7.67 |
Weighted-average grant date fair value, vested during the year (in dollars per share) | 7.67 | 7.67 | 7.67 | |
Weighted-average grant date fair value, forfeited during the year (in dollars per share) | 7.67 | 7.67 | 7.67 | |
Weighted-average grant date fair value, outstanding at the end (in dollars per share) | $ 0 | $ 0 | $ 7.67 | $ 7.67 |
Equity settled share-based pa_6
Equity settled share-based payments - Share options (Details) - CNY (¥) | 6 Months Ended | 12 Months Ended | |||
Jan. 16, 2020 | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Equity-settled share-based payment expenses | ¥ 613,000 | ¥ 5,067,000 | ¥ 155,171,000 | ||
Share option | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Equity-settled share-based payment expenses | ¥ 7,593,000 | ¥ 33,306,000 | ¥ 77,768,000 | ¥ 126,148,000 | |
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 (Details) - Share option | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Jun. 30, 2023 shares $ / shares | Jun. 30, 2022 shares $ / shares | Jun. 30, 2021 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of options, outstanding at the beginning | shares | 5,701,396 | 8,918,492 | 12,400,836 | 11,014,000 |
Number of options, granted | shares | 4,703,500 | |||
Number of options, exercised | shares | (427,492) | (1,376,096) | (1,783,180) | (747,664) |
Number of options, forfeited | shares | (104,800) | (1,841,000) | (1,699,164) | (2,569,000) |
Number of options, outstanding at the end | shares | 5,169,104 | 5,701,396 | 8,918,492 | 12,400,836 |
Number of options, exercisable at the end | shares | 2,237,104 | 2,114,496 | 1,888,574 | 1,128,336 |
Number of options, non-vested at the end | shares | 2,932,000 | 3,586,900 | 7,029,918 | 11,272,500 |
Weighted-average exercise price, outstanding at the beginning (in dollars per share) | $ 0.036 | $ 0.036 | $ 0.036 | $ 0.036 |
Weighted-average exercise price, granted (in dollars per share) | 0.036 | |||
Weighted-average exercise price, exercised (in dollars per share) | 0.036 | 0.035 | 0.036 | 0.036 |
Weighted-average exercise price, forfeited (in dollars per share) | 0.036 | 0.036 | 0.036 | 0.036 |
Weighted-average exercise price, outstanding at the end (in dollars per share) | 0.036 | 0.036 | 0.036 | 0.036 |
Weighted-average exercise price, exercisable at the end (in dollars per share) | 0.036 | 0.036 | 0.036 | 0.036 |
Weighted-average exercise price, non-vested at the end (in dollars per share) | 0.036 | 0.036 | 0.036 | 0.036 |
Weighted-average grant date fair value, outstanding at the beginning (in dollars per share) | 3.72 | 3.67 | 3.71 | 3.08 |
Weighted-average grant date fair value, granted (in dollars per share) | 4.89 | |||
Weighted-average grant date fair value, exercised (in dollars per share) | 4.20 | 3.90 | 3.64 | 3.08 |
Weighted-average grant date fair value, forfeited (in dollars per share) | 4.74 | 3.33 | 4.01 | 3.10 |
Weighted-average grant date fair value, outstanding at the end (in dollars per share) | 3.66 | 3.72 | 3.67 | 3.71 |
Weighted-average grant date fair value, exercisable at the end (in dollars per share) | 3.57 | 3.36 | 3.39 | 3.08 |
Weighted-average grant date fair value, non-vested at the end (in dollars per share) | $ 3.73 | $ 3.94 | $ 3.74 | $ 3.78 |
Equity settled share-based pa_8
Equity settled share-based payments - Restricted share units (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Aug. 27, 2018 | Oct. 31, 2023 shares | Mar. 31, 2023 shares $ / shares | Oct. 31, 2022 shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 CNY (¥) $ / shares | Jun. 30, 2023 CNY (¥) shares | Jun. 30, 2023 CNY (¥) $ / shares | Jun. 30, 2022 CNY (¥) | Jun. 30, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Total compensation expense | ¥ | ¥ 46,432,000 | ¥ 62,882,000 | ¥ 82,835,000 | ¥ 281,319,000 | ||||||||
Restricted share units | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | shares | 22,472 | 5,084,800 | 143,436 | 125,672 | 6,561,596 | |||||||
Weighted-average exercise price, granted during the year (in dollars per share) | $ / shares | $ 0.036 | $ 5.37 | $ 4.12 | |||||||||
Vesting percentage | 20% | |||||||||||
Granted fair value share option | ¥ 4,812,000 | $ 4,812,000 | ¥ 186,116,000 | $ 186,116,000 | $ 674,000 | $ 27,004,000 | ||||||
Total compensation expense | ¥ | ¥ 38,839,000 | ¥ 28,963,000 | ||||||||||
Restricted share units | Minimum | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Weighted-average remaining contract life of restricted shares | 2 years | 3 years | 2 years | |||||||||
Restricted share units | Maximum | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Weighted-average remaining contract life of restricted shares | 4 years | 5 years | 4 years | |||||||||
Restricted share units | Board of directors | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | shares | 103,200 | 1,333,360 | ||||||||||
Weighted-average exercise price, granted during the year (in dollars per share) | $ / shares | $ 0.036 | $ 0.036 |
Equity settled share-based pa_9
Equity settled share-based payments - Weighted average grant date fair values (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Oct. 31, 2023 shares | Mar. 31, 2023 shares $ / shares | Oct. 31, 2022 shares | Dec. 31, 2023 shares $ / shares | Jun. 30, 2023 shares $ / shares | Jun. 30, 2022 shares $ / shares | Jun. 30, 2021 $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Weighted-average exercise price, outstanding at the beginning (in dollars per share) | $ 0 | $ 0.036 | $ 0.036 | $ 0.036 | |||
Weighted-average exercise price, forfeited during the year (in dollars per share) | 0.036 | 0.036 | 0.036 | ||||
Weighted-average exercise price, outstanding at the end (in dollars per share) | $ 0 | $ 0 | $ 0.036 | $ 0.036 | |||
IFRS Restricted Share Units [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of options, outstanding at the beginning | shares | 6,165,460 | 0 | |||||
Number of options, granted | shares | 22,472 | 5,084,800 | 143,436 | 125,672 | 6,561,596 | ||
Number of options, vested | shares | (209,116) | (288,336) | |||||
Number of options, forfeited | shares | (123,760) | (107,800) | |||||
Number of options, outstanding at the end | shares | 5,958,256 | 6,165,460 | 0 | ||||
Weighted-average exercise price, outstanding at the beginning (in dollars per share) | $ 0.036 | $ 0 | |||||
Weighted-average exercise price, granted during the year (in dollars per share) | 0.030 | 0.035 | |||||
Weighted-average exercise price, vested during the year (in dollars per share) | 0.024 | 0.026 | |||||
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 | ||||
Weighted-average exercise price, outstanding at the beginning (in dollars per share) | 4.22 | 0 | |||||
Weighted-average exercise price, granted (in dollars per share) | $ 0.036 | 5.37 | 4.12 | ||||
Weighted-average exercise price, vested (in dollars per share) | 3.55 | 2.42 | |||||
Weighted-average exercise price, forfeited (in dollars per share) | 3.16 | 2.89 | |||||
Weighted-average exercise price, outstanding at the end (in dollars per share) | $ 4.32 | $ 4.22 | $ 0 |
Acquisition of subsidiaries (De
Acquisition of subsidiaries (Details) | 12 Months Ended | ||||
Oct. 27, 2021 CNY (¥) | Jun. 30, 2023 CNY (¥) | Nov. 30, 2022 VND (₫) | Nov. 30, 2022 CNY (¥) | Jun. 30, 2021 CNY (¥) | |
Disclosure of detailed information about business combination [line items] | |||||
Percentage of shares and voting interests acquired | 20% | ||||
Consideration transferred | ¥ 694,479,000 | ¥ 356,000,000 | |||
YGF Investment V Limited | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of shares and voting interests acquired | 80% | ||||
Proportion of ownership interest previously owned | 20% | ||||
MINISO VIETNAM LIMITED LIABILITY COMPANY | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of shares and voting interests acquired | 90% | 90% | |||
Consideration transferred | ₫ 3,097,377,000 | ¥ 893,000 | |||
Revenue acquired | ¥ 44,036,000 | ||||
Profit and loss | ¥ 274,000 | ||||
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 (¥) ¥ in Thousands | 12 Months Ended | |||
Nov. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2021 | Oct. 27, 2021 | |
Recognized amounts of assets acquired and liabilities assumed at the date of acquisition | ||||
Less: non-controlling interest | ¥ 99 | ¥ (4,021) | ||
MINISO SG Pte. Ltd | ||||
Recognized amounts of assets acquired and liabilities assumed at the date of acquisition | ||||
Property, plant and equipment | ¥ 1,339 | |||
Right-of-use assets | 10,467 | |||
Inventories | 11,573 | |||
Trade and other receivables | 12,852 | |||
Cash and cash equivalents | 5,461 | |||
Trade and other payables | (25,387) | |||
Lease liabilities | (15,313) | |||
Total identifiable net assets acquired | 992 | |||
Less: non-controlling interest | (99) | |||
Total consideration transferred | ¥ 893 | |||
YGF Investment | ||||
Recognized amounts of assets acquired and liabilities assumed at the date of acquisition | ||||
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 |
Acquisition of subsidiaries - G
Acquisition of subsidiaries - Goodwill (Details) - CNY (¥) | Oct. 27, 2021 | Jun. 30, 2021 |
Disclosure of detailed information about business combination [line items] | ||
Consideration transferred | ¥ 694,479,000 | ¥ 356,000,000 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of subsidiaries [line items] | ||||
Cash consideration | ¥ (4,568) | ¥ 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 | 6 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of credit risk exposure | |||
Percentage of total trade receivables due from the Group's five largest debtors | 40% | 40% | 53% |
Number of Group's largest debtors | 5 | 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 | |||
Instalments within the periods ranging | 32 months | ||
Period of other trade receivables is due | 20 days | ||
Maximum | |||
Disclosure of credit risk exposure | |||
Instalments within the periods ranging | 36 months | ||
Period of other 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) - Trade receivables - CNY (¥) | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Maximum | ||||
Disclosure of provision matrix | ||||
Expected loss rate, basis period | 3 years | |||
Minimum | ||||
Disclosure of provision matrix | ||||
Expected loss rate, basis period | 2 years | |||
Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ 319,608,000 | ¥ 447,401,000 | ¥ 322,046,000 | |
Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | (13,645,000) | (20,464,000) | (31,365,000) | |
Gross carrying amount, Additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | 75,119,000 | 57,537,000 | 53,752,000 | |
Additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | (75,119,000) | (57,537,000) | (53,752,000) | |
Gross carrying amount | ||||
Disclosure of provision matrix | ||||
Financial assets | 394,727,000 | 375,798,000 | ||
Gross carrying amount | Maximum | ||||
Disclosure of provision matrix | ||||
Financial assets | 522,983,000 | |||
Gross carrying amount | Minimum | ||||
Disclosure of provision matrix | ||||
Financial assets | 504,938,000 | |||
Loss allowance | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ (88,764,000) | (78,434,000) | ¥ (85,117,000) | ¥ (59,827,000) |
Loss allowance | Maximum | ||||
Disclosure of provision matrix | ||||
Financial assets | (78,434,000) | |||
Loss allowance | Minimum | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ (78,001,000) | |||
Non-current portion | ||||
Disclosure of provision matrix | ||||
Expected loss rate (as a percent) | 2% | |||
Non-current portion | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ 18,045,000 | |||
Non-current portion | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ (433,000) | |||
Current (not past due) | ||||
Disclosure of provision matrix | ||||
Expected loss rate (as a percent) | 2% | 2% | 2% | |
Current (not past due) | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ 288,057,000 | ¥ 376,711,000 | ¥ 186,151,000 | |
Current (not past due) | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ (6,547,000) | ¥ (8,828,000) | ¥ (3,967,000) | |
Less than 90 days past due | ||||
Disclosure of provision matrix | ||||
Expected loss rate (as a percent) | 10% | 11% | 8% | |
Less than 90 days past due | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ 22,419,000 | ¥ 58,127,000 | ¥ 96,508,000 | |
Less than 90 days past due | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ (2,306,000) | ¥ (6,600,000) | ¥ (7,458,000) | |
91 - 270 days past due | ||||
Disclosure of provision matrix | ||||
Expected loss rate (as a percent) | 28% | 27% | 23% | |
91 - 270 days past due | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ 3,223,000 | ¥ 9,791,000 | ¥ 10,554,000 | |
91 - 270 days past due | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ (890,000) | ¥ (2,647,000) | ¥ (2,446,000) | |
271 - 450 days past due | ||||
Disclosure of provision matrix | ||||
Expected loss rate (as a percent) | 53% | 75% | 38% | |
271 - 450 days past due | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ 2,267,000 | ¥ 317,000 | ¥ 18,224,000 | |
271 - 450 days past due | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ (1,194,000) | ¥ (237,000) | ¥ (6,991,000) | |
451 - 810 days past due | ||||
Disclosure of provision matrix | ||||
Expected loss rate (as a percent) | 58% | 79% | 75% | |
451 - 810 days past due | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ 2,223,000 | ¥ 1,445,000 | ¥ 416,000 | |
451 - 810 days past due | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ (1,289,000) | ¥ (1,142,000) | ¥ (310,000) | |
More than 810 days past due | ||||
Disclosure of provision matrix | ||||
Expected loss rate (as a percent) | 100% | 100% | 100% | |
More than 810 days past due | Gross carrying amount before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ 1,419,000 | ¥ 1,010,000 | ¥ 10,193,000 | |
More than 810 days past due | Loss allowance before adjustment for additional loss allowance due to specific consideration on certain distributors | ||||
Disclosure of provision matrix | ||||
Financial assets | ¥ (1,419,000) | ¥ (1,010,000) | ¥ (10,193,000) |
Financial risk management and_5
Financial risk management and fair values - Movement in loss allowance account in respect of trade receivables (Details) - CNY (¥) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Trade receivables | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments | |||
Written off during the period | ¥ 10,476,000 | ||
Decrease Through Collection Of Receivables | 7,106,000 | ||
Trade receivables | Loss allowance | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments | |||
Balance at the beginning of period | (88,764,000) | ¥ (85,117,000) | ¥ (59,827,000) |
Written off during the period | 10,476,000 | ||
Credit loss recognized during the year | (2,080,000) | (908,000) | (28,924,000) |
Exchange adjustment | 1,934,000 | (2,739,000) | 3,634,000 |
Balance at the end of period | (78,434,000) | (88,764,000) | (85,117,000) |
Increase (decrease) through origination of new financial assets | (8,332,000) | ||
Increase through increase in days past due days | (5,551,000) | ||
Decrease through decrease in days past due days | 20,300,000 | 14,703,000 | |
Increase due to deterioration of financial status of certain overseas distributor | 21,367,000 | 35,720,000 | |
Other receivables | Loss allowance | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments | |||
Credit loss recognized during the year | ¥ 0 | ¥ 0 | ¥ 0 |
Financial risk management and_6
Financial risk management and fair values - Liquidity risk (Details) - CNY (¥) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financial risk management and fair values | ||||
Net Current assets | ¥ 5,920,655,000 | ¥ 6,018,410,000 | ¥ 4,283,891,000 | |
Net cash generated from operating activities | ¥ 1,097,541,000 | ¥ 1,666,030,000 | ¥ 1,406,262,000 | ¥ 916,320,000 |
Financial risk management and_7
Financial risk management and fair values - Remaining Contractual Maturities Of Group's Financial Liabilities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of maturity analysis for non-derivative financial liabilities | |||
Trade and other payables, undiscounted cash flows | ¥ 3,402,237 | ¥ 3,019,302 | ¥ 3,072,991 |
Trade and other payables | 3,402,237 | 3,019,302 | 3,072,991 |
Loans and borrowings, undiscounted cash flows | 7,792 | 7,850 | 7,694 |
Loans and borrowings | 7,259 | 7,215 | 6,948 |
Lease liabilities, undiscounted cash flows | 1,363,115 | 965,129 | 706,323 |
Lease liabilities | 1,245,305 | 885,734 | 651,065 |
Total | 4,773,144 | 3,992,281 | 3,787,008 |
Total carrying amount | 4,654,801 | 3,912,251 | 3,731,004 |
Within 1 year or on demand | |||
Disclosure of maturity analysis for non-derivative financial liabilities | |||
Trade and other payables, undiscounted cash flows | 3,389,826 | 3,019,302 | 3,072,991 |
Loans and borrowings, undiscounted cash flows | 935 | 216 | 645 |
Lease liabilities, undiscounted cash flows | 457,747 | 334,778 | 263,332 |
Total | 3,848,508 | 3,354,296 | 3,336,968 |
More than 1 year but less than 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities | |||
Loans and borrowings, undiscounted cash flows | 2,360 | 918 | 845 |
Lease liabilities, undiscounted cash flows | 403,679 | 259,948 | 188,172 |
Total | 406,039 | 260,866 | 189,017 |
More than 2 years but less than 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities | |||
Trade and other payables, undiscounted cash flows | 12,411 | ||
Loans and borrowings, undiscounted cash flows | 4,497 | 6,716 | 6,204 |
Lease liabilities, undiscounted cash flows | 399,187 | 260,188 | 215,398 |
Total | 416,095 | 266,904 | 221,602 |
More than 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities | |||
Lease liabilities, undiscounted cash flows | 102,502 | 110,215 | 39,421 |
Total | ¥ 102,502 | ¥ 110,215 | ¥ 39,421 |
Financial risk management and_8
Financial risk management and fair values - Interest Rate Risk - Interest rate profile (Details) - Interest rate risk - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Fixed rate | |||
Disclosure of financial instruments by type of interest rate | |||
Financial liabilities | ¥ 406,707 | ¥ 1,715,421 | ¥ 795,332 |
Fixed rate | Loans and borrowings | |||
Disclosure of financial instruments by type of interest rate | |||
Financial liabilities | ¥ (7,259) | ¥ (7,215) | ¥ (6,948) |
Fixed rate | Loans and borrowings | Maximum | |||
Disclosure of financial instruments by type of interest rate | |||
Interest rate | 9% | ||
Fixed rate | Loans and borrowings | Minimum | |||
Disclosure of financial instruments by type of interest rate | |||
Interest rate | 3% | 3% | 0% |
Fixed rate | Term deposits | |||
Disclosure of financial instruments by type of interest rate | |||
Financial liabilities | ¥ 310,759 | ¥ 681,715 | ¥ 236,878 |
Fixed rate | Term deposits | Maximum | |||
Disclosure of financial instruments by type of interest rate | |||
Interest rate | 6.02% | 5.50% | 2.20% |
Fixed rate | Term deposits | Minimum | |||
Disclosure of financial instruments by type of interest rate | |||
Interest rate | 0.90% | 0.90% | 0.30% |
Fixed rate | Cash at bank | |||
Disclosure of financial instruments by type of interest rate | |||
Financial liabilities | ¥ 103,207 | ¥ 1,040,921 | ¥ 565,402 |
Fixed rate | Cash at bank | Maximum | |||
Disclosure of financial instruments by type of interest rate | |||
Interest rate | 5.25% | 2.50% | |
Fixed rate | Cash at bank | Minimum | |||
Disclosure of financial instruments by type of interest rate | |||
Interest rate | 3.75% | 3.08% | 1.30% |
Variable rate | |||
Disclosure of financial instruments by type of interest rate | |||
Financial assets | ¥ 6,319,421 | ¥ 5,474,789 | ¥ 4,815,016 |
Variable rate | Cash at bank | |||
Disclosure of financial instruments by type of interest rate | |||
Financial assets | ¥ 6,311,451 | ¥ 5,447,716 | ¥ 4,782,640 |
Variable rate | Cash at bank | Maximum | |||
Disclosure of financial instruments by type of interest rate | |||
Interest rate | 5.20% | 3.50% | 3.50% |
Variable rate | Cash at bank | Minimum | |||
Disclosure of financial instruments by type of interest rate | |||
Interest rate | 0% | 0% | 0% |
Variable rate | Restricted cash | |||
Disclosure of financial instruments by type of interest rate | |||
Financial assets | ¥ 7,970 | ¥ 27,073 | ¥ 32,376 |
Variable rate | Restricted cash | Maximum | |||
Disclosure of financial instruments by type of interest rate | |||
Interest rate | 1.80% | 1.80% | 1.90% |
Variable rate | Restricted cash | Minimum | |||
Disclosure of financial instruments by type of interest rate | |||
Interest rate | 0.20% | 0.30% | 0.30% |
Financial risk management and_9
Financial risk management and fair values - Interest Rate Risk - Sensitivity analysis (Details) - Interest rate risk - CNY (¥) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments | |||
Percentage of reasonably possible increase in risk assumption | 1% | 1% | 1% |
Percentage of reasonably possible decrease in risk assumption | 1% | 1% | 1% |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ (42,401,000) | ¥ (42,401,000) | ¥ (37,397,000) |
Decrease in current year losses due to reasonably possible increase in designated risk component | 24,363,000 | 42,401,000 | 37,397,000 |
Increase in current year losses due to reasonably possible decrease in designated risk component | (42,401,000) | (42,401,000) | (37,397,000) |
Decrease in current year losses due to reasonably possible decrease in designated risk component | 42,401,000 | 42,401,000 | 37,397,000 |
Increase in accumulated losses due to reasonably possible increase in designated risk component | (37,397,000) | ||
Decrease in accumulated losses due to reasonably possible increase in designated risk component | 37,397,000 | ||
Increase in accumulated losses due to reasonably possible decrease in designated risk component | (42,401,000) | (42,401,000) | (37,397,000) |
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ 42,401,000 | ¥ 42,401,000 | ¥ 37,397,000 |
Financial risk management an_10
Financial risk management and fair values - Exposure to currency risk (Details) - Currency risk - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
United States Dollars | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | ¥ 404,982 | ¥ 434,204 | ¥ 477,710 |
United States Dollars | Trade and other receivables | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 141,973 | 61,922 | 54,944 |
United States Dollars | Cash and cash equivalents member | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 309,966 | 455,032 | 486,139 |
United States Dollars | Term deposits | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 35,712 | 344 | 336 |
United States Dollars | Trade and other payables member | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | (82,669) | (83,094) | (63,576) |
United States Dollars | Loans and borrowings | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | (133) | ||
Euros | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 32,361 | 2,013 | 3,628 |
Euros | Trade and other receivables | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 20 | 5,021 | |
Euros | Cash and cash equivalents member | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 37,492 | 6,677 | 7,516 |
Euros | Trade and other payables member | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | (5,151) | (4,664) | (8,909) |
Hong Kong Dollars | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 20,281 | (8,850) | (6,512) |
Hong Kong Dollars | Trade and other receivables | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 23,814 | ||
Hong Kong Dollars | Cash and cash equivalents member | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 7,868 | 5,100 | 2,852 |
Hong Kong Dollars | Trade and other payables member | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | (11,401) | (13,950) | (9,364) |
Renminbi | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 2,248 | 2,429 | 2,094 |
Renminbi | Cash and cash equivalents member | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 3,068 | 2,429 | 2,094 |
Renminbi | Trade and other payables member | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | (820) | ||
Other currencies | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 2,978 | 3 | 2 |
Other currencies | Trade and other receivables | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 3,889 | ||
Other currencies | Cash and cash equivalents member | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | 19 | ¥ 3 | ¥ 2 |
Other currencies | Trade and other payables member | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Net exposure arising from recognized assets and liabilities | ¥ (930) |
Financial risk management an_11
Financial risk management and fair values - Currency risk - Sensitivity analysis (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other currencies | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
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 | |||
Increase in foreign exchange rates | 1% | 1% | 1% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 3,375 | ¥ 4,324 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (3,375) | ¥ (4,324) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ 4,744 | ||
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ (4,744) | ||
Currency risk | Euros | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Increase in foreign exchange rates | 1% | 1% | 1% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 270 | ¥ 19 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (270) | ¥ (19) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ (28) | ||
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ 28 | ||
Currency risk | Hong Kong Dollars | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Increase in foreign exchange rates | 1% | 1% | 1% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 208 | ¥ 89 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (208) | ¥ (89) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ 65 | ||
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ (65) | ||
Currency risk | Renminbi | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Increase in foreign exchange rates | 1% | 1% | 1% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 19 | ¥ 20 | |
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (19) | ¥ (20) | |
Increase in accumulated losses due to reasonably possible increase in designated risk component | ¥ (16) | ||
Decrease in accumulated losses due to reasonably possible decrease in designated risk component | ¥ 16 | ||
Currency risk | Other currencies | |||
Disclosure of nature and extent of risks arising from financial instruments | |||
Increase in foreign exchange rates | 1% | 1% | 1% |
Decrease in foreign exchange rates | (1.00%) | (1.00%) | (1.00%) |
Increase in current year losses due to reasonably possible increase in designated risk component | ¥ 25 | ||
Decrease in current year losses due to reasonably possible decrease in designated risk component | ¥ (25) |
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) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Jun. 30, 2023 CNY (¥) | Jun. 30, 2022 CNY (¥) | Jun. 30, 2021 CNY (¥) | Jun. 30, 2023 USD ($) | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Transfers from level 1 to level 2, assets | ¥ 0 | ¥ 0 | ¥ 0 | ||
Transfers from level 2 to level 1, assets | 0 | 0 | 0 | ||
Transfers into level 3, assets | ¥ 0 | 0 | 0 | 0 | |
Transfers out of level 3, assets | 0 | 0 | 0 | ||
Transfers from level 1 to level 2, liabilities | 0 | 0 | 0 | ||
Transfers from level 2 to level 1, liabilities | 0 | 0 | 0 | ||
Transfers into level 3, liabilities | 0 | 0 | ¥ 0 | ||
Other non-current financial assets | 90,603,000 | 73,870,000 | |||
Investment in an unlisted enterprise | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Other non-current financial assets | 73,870,000 | $ 10,409,000 | |||
Level 2 | Investment in a wealth management product | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | 50,000,000 | ||||
Level 2 | Investments in trust investment schemes | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | 202,866,000 | ||||
Level 3 | Investment in an unlisted limited partnership enterprise | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | 90,603,000 | ||||
Recurring | Investment in an unlisted limited partnership enterprise | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | 73,870,000 | ||||
Recurring | Investments in trust investment schemes | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | 205,329,000 | 208,649,000 | |||
Recurring | Investment in monetary fund | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | 1,874,000 | ||||
Recurring | Other investments | Investment in an unlisted limited partnership enterprise | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | 90,603,000 | ||||
Recurring | Other investments | Investment in a wealth management product | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | 50,000,000 | ||||
Recurring | Other investments | Investments in trust investment schemes | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | ¥ 202,866,000 | ||||
Recurring | Level 1 | Investment in monetary fund | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | 1,874,000 | ||||
Recurring | Level 2 | Investment in an unlisted limited partnership enterprise | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | 73,870,000 | ||||
Recurring | Level 2 | Investments in trust investment schemes | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities | |||||
Financial assets | ¥ 205,329,000 | ¥ 208,649,000 |
Commitments (Details)
Commitments (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers | |||
Contracted purchase | ¥ 570,840 | ¥ 472,038 | ¥ 831,573 |
Authorized but not contracted for | 266,333 | 510,608 | 11,279 |
Total | 837,173 | 982,646 | 842,852 |
Construction projects | |||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers | |||
Contracted purchase | ¥ 570,840 | ¥ 472,038 | 830,573 |
Software | |||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers | |||
Contracted purchase | ¥ 1,000 |
Contingencies (Details)
Contingencies (Details) - CNY (¥) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Nov. 26, 2020 | Mar. 31, 2023 | Apr. 30, 2022 | Jan. 31, 2021 | Dec. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | |
Ruimin Industry (Shanghai) Co., Ltd | |||||||
Contingencies | |||||||
Settlement made | ¥ 30,000,000 | ||||||
Shenzhen Purcotton Technology Co., Ltd | |||||||
Contingencies | |||||||
Provision made | ¥ 30,000,000 | ||||||
Settlement amount paid to the plaintiff | ¥ 30,000,000 | ||||||
Tax contingencies | |||||||
Contingencies | |||||||
Minimum total tax payment committed to local government | ¥ 965,000,000 | ||||||
Taxation commitment for year one | ¥ 190,000,000 | ¥ 175,000,000 | ¥ 160,000,000 | ||||
Tax contingencies | 2021 | |||||||
Contingencies | |||||||
Minimum total tax payment committed to local government | 160,000,000 | ||||||
Tax contingencies | 2022 | |||||||
Contingencies | |||||||
Minimum total tax payment committed to local government | 175,000,000 | ||||||
Tax contingencies | 2023 | |||||||
Contingencies | |||||||
Minimum total tax payment committed to local government | 190,000,000 | ||||||
Tax contingencies | 2024 | |||||||
Contingencies | |||||||
Minimum total tax payment committed to local government | 210,000,000 | ||||||
Tax contingencies | 2025 | |||||||
Contingencies | |||||||
Minimum total tax payment committed to local government | ¥ 230,000,000 |
Material related party transa_3
Material related party transactions - Key management personnel compensation (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Material related party transactions | ||||
Short-term employee benefits | ¥ 8,171 | ¥ 13,069 | ¥ 13,018 | ¥ 8,795 |
Equity-settled share-based payment expenses (Note 27) | 508 | 718 | 39,727 | |
Total | ¥ 8,679 | ¥ 13,787 | ¥ 13,018 | ¥ 48,522 |
Material related party transa_4
Material related party transactions - Other transactions with related parties (Details) - CNY (¥) | 1 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Oct. 26, 2023 | Oct. 27, 2021 | Jan. 25, 2021 | Apr. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2020 | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2019 | |
Material related party transactions | ||||||||||||
Proceeds from repayment from related parties | ¥ 14,713,000 | |||||||||||
Rental and related expenses | ¥ 80,847,000 | ¥ 69,174,000 | ¥ 33,354,000 | 12,139,000 | ||||||||
Right-of-use assets | ¥ 2,342,589,000 | 2,900,860,000 | 2,552,600,000 | 2,342,589,000 | ||||||||
Lease liabilities | ¥ 257,997,000 | 447,319,000 | 328,933,000 | 257,997,000 | ||||||||
Tax levied | ¥ 160,000,000 | |||||||||||
Mr. Ye Guofu | ||||||||||||
Material related party transactions | ||||||||||||
Repayment to the controlling shareholder | 11,946,000 | |||||||||||
MINI Investment Holding Limited | ||||||||||||
Material related party transactions | ||||||||||||
Cash advances to related parties | ¥ 9,508,000 | |||||||||||
Proceeds from repayment from related parties | 9,508,000 | |||||||||||
Nome Design Guangzhou Limited | ||||||||||||
Material related party transactions | ||||||||||||
Cash advances to related parties | ¥ 5,205,000 | |||||||||||
Proceeds from repayment from related parties | 5,205,000 | |||||||||||
Purchase of products | 112,000 | 581,000 | ||||||||||
Miniso Lifestyle Nigeria Limited | ||||||||||||
Material related party transactions | ||||||||||||
Sales of products | 11,577,000 | 18,046,000 | 5,312,000 | |||||||||
OasVision International Limited | ||||||||||||
Material related party transactions | ||||||||||||
Sales of products | 16,979,000 | 9,914,000 | ||||||||||
Miniso Technology (Guangzhou) Co., Ltd. | ||||||||||||
Material related party transactions | ||||||||||||
Sales of products | 1,271,000 | |||||||||||
Haydon (Shanghai) Technology Co., Ltd | ||||||||||||
Material related party transactions | ||||||||||||
Sales of products | 11,000 | |||||||||||
Provision of information technology support and consulting services | 26,000 | 916,000 | 5,688,000 | 3,050,000 | ||||||||
Purchase of products | 53,000 | 894,000 | ||||||||||
199 Global Holding (Guangzhou) Limited | ||||||||||||
Material related party transactions | ||||||||||||
Purchase of products | 190,000 | 135,000 | ||||||||||
Guangzhou Chuyunju Catering Service Co., Ltd. | ||||||||||||
Material related party transactions | ||||||||||||
Purchase of catering services | 8,816,000 | 8,334,000 | ||||||||||
Guangzhou Chuyunju Catering Management Co. Ltd. | ||||||||||||
Material related party transactions | ||||||||||||
Purchase of catering services | 3,888,000 | 6,078,000 | 3,104,000 | |||||||||
Guangzhou Mingchuang Business Development Co., Ltd. | ||||||||||||
Material related party transactions | ||||||||||||
Right-of-use assets | ¥ 35,993,000 | |||||||||||
Guangzhou Mingyou Business Development Co., Ltd. | ||||||||||||
Material related party transactions | ||||||||||||
Rental and related expenses | 4,016,000 | 2,359,000 | ||||||||||
Payment of rental deposits | 1,710,000 | |||||||||||
Lease agreement period | 9 months | 5 years | ||||||||||
Lease liabilities | ¥ 35,993,000 | |||||||||||
Guangzhou Mingyou Business Management Co., Ltd. | ||||||||||||
Material related party transactions | ||||||||||||
Purchase of products | 367,000 | |||||||||||
Rental and related expenses | 347,000 | |||||||||||
Payment of earnest money in connection with lease of a property | 1,000,000 | |||||||||||
Shanghai Kerong Networks Limited | ||||||||||||
Material related party transactions | ||||||||||||
Purchase of products | 2,286,000 | 12,125,000 | 15,465,000 | 38,148,000 | ||||||||
Shenzhen Zhizhi Brand Incubation Limited | ||||||||||||
Material related party transactions | ||||||||||||
Purchase of products | 4,407,000 | 22,220,000 | ||||||||||
Wow Colour Beauty Guangdong Technology Limited | ||||||||||||
Material related party transactions | ||||||||||||
Sales of products | 85,000 | |||||||||||
Provision of information technology support and consulting services | 1,466,000 | 2,714,000 | 7,080,000 | 9,912,000 | ||||||||
Purchase of products | 23,000 | 1,000 | 1,029,000 | 19,000 | ||||||||
KOURITEN LIMITED | ||||||||||||
Material related party transactions | ||||||||||||
Sales of products | 10,048,000 | |||||||||||
Licence fee income | 87,000 | |||||||||||
Ownership interest in subsidiary | 25% | |||||||||||
ACC Super Accessories Shenzhen Technology Limited | ||||||||||||
Material related party transactions | ||||||||||||
Provision of information technology support and consulting services | 138,000 | 207,000 | 2,651,000 | |||||||||
Purchase of products | 206,000 | 48,000 | ||||||||||
ACC Super Accessories International Trade (Shenzhen) Co., Ltd. | ||||||||||||
Material related party transactions | ||||||||||||
Purchase of products | 452,000 | |||||||||||
Henhaohe Tea Guangdong Limited | ||||||||||||
Material related party transactions | ||||||||||||
Provision of information technology support and consulting services | 230,000 | 8,410,000 | ||||||||||
Miniso (Zhaoqing) Industrial Investment Co., Ltd. | ||||||||||||
Material related party transactions | ||||||||||||
Sales of products | 3,026,000 | 4,020,000 | ||||||||||
Rental and related expenses | 200,000 | |||||||||||
Payment of lease liabilities | 19,271,000 | 26,583,000 | 4,147,000 | |||||||||
Payment of rental deposits | ¥ 113,000 | 10,647,000 | ||||||||||
Lease agreement period | 5 years | |||||||||||
Right-of-use assets | ¥ 2,065,000 | |||||||||||
Lease liabilities | ¥ 2,065,000 | |||||||||||
Mingyou Industrial Investment (Guangzhou) Limited | ||||||||||||
Material related party transactions | ||||||||||||
Payment of rental deposits | 10,647,000 | |||||||||||
Lease agreement period | 3 years | |||||||||||
Right-of-use assets | ¥ 35,438,000 | 69,295,000 | 35,438,000 | |||||||||
Lease liabilities | ¥ 35,438,000 | ¥ 69,295,000 | 35,438,000 | |||||||||
Mingyou Industrial Investment (Guangzhou) Limited | Maximum | ||||||||||||
Material related party transactions | ||||||||||||
Lease agreement period | 3 years | |||||||||||
Mingyou Industrial Investment (Guangzhou) Limited | Minimum | ||||||||||||
Material related party transactions | ||||||||||||
Lease agreement period | 2 years | |||||||||||
Mingyou | ||||||||||||
Material related party transactions | ||||||||||||
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 | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Material related party transactions | |||
Included in trade and other receivables from related parties | ¥ 27,836 | ¥ 5,602 | ¥ 5,105 |
Included in trade and other payables to related parties | 7,334 | 6,371 | 13,710 |
Haydon (Shanghai) Technology Co., Ltd | |||
Material related party transactions | |||
Included in trade and other receivables from related parties | 54 | 46 | 2,150 |
Included in trade and other payables to related parties | 53 | ||
Wow Colour Beauty Guangdong Technology Limited | |||
Material related party transactions | |||
Included in trade and other receivables from related parties | 1,508 | 767 | 2,189 |
Included in trade and other payables to related parties | 70 | ||
ACC Super Accessories Shenzhen Technology Limited | |||
Material related party transactions | |||
Included in trade and other receivables from related parties | 277 | 293 | 527 |
Included in trade and other payables to related parties | 9 | 9 | 145 |
Henhaohe Tea Guangdong Limited | |||
Material related party transactions | |||
Included in trade and other receivables from related parties | 239 | ||
Miniso Lifestyle Nigeria Limited | |||
Material related party transactions | |||
Included in trade and other receivables from related parties | 12,427 | 2,484 | |
Guangzhou Mingyou Business Development Co., Ltd. | |||
Material related party transactions | |||
Included in trade and other receivables from related parties | 1,710 | 2,012 | |
Guangzhou Mingyou Business Management Co., Ltd. | |||
Material related party transactions | |||
Included in trade and other receivables from related parties | 1,000 | ||
KOURITEN LIMITED | |||
Material related party transactions | |||
Included in trade and other receivables from related parties | 7,521 | ||
Included in trade and other payables to related parties | 1,000 | ||
Included in contract liabilities due to related parties | 2,388 | ||
Shanghai Kerong Networks Limited | |||
Material related party transactions | |||
Included in trade and other payables to related parties | 319 | 1,102 | 1,241 |
Nome Design Guangzhou Limited | |||
Material related party transactions | |||
Included in trade and other payables to related parties | 126 | 126 | 126 |
Guangzhou Chuyunju Catering Service Co., Ltd. | |||
Material related party transactions | |||
Included in trade and other payables to related parties | 4,204 | 4,204 | 8,971 |
Guangzhou Chuyunju Catering Management Co. Ltd. | |||
Material related party transactions | |||
Included in trade and other payables to related parties | 1,676 | 880 | 3,104 |
MINISO Corporation (the "predecessor entity") | |||
Material related party transactions | |||
Included in prepayment to related parties | 69 | ||
Miniso (Zhaoqing) Industrial Investment Co., Ltd. | |||
Material related party transactions | |||
Included in non-current trade and other receivables from related parties: | 10,760 | 10,647 | |
Included in trade and other receivables from related parties | 3,339 | ||
Included in lease liabilities due to related parties | ¥ 68,406 | 78,914 | ¥ 31,426 |
Guangzhou Mingchuang Business Development Co., Ltd. | |||
Material related party transactions | |||
Included in trade and other payables to related parties | ¥ 50 |
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 | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed statement of profit or loss | ||||
Other income | ¥ 18,993 | ¥ 17,935 | ¥ 25,931 | ¥ 52,140 |
General and administrative expenses | (357,689) | (633,613) | (816,225) | (810,829) |
Other net income/(loss) | 21,105 | 114,106 | 87,308 | (40,407) |
Operating profit/(loss) | 1,553,707 | 2,223,011 | 882,027 | 401,035 |
Finance income | 123,969 | 145,225 | 66,344 | 40,433 |
Finance costs | (25,202) | (34,622) | (33,396) | (28,362) |
Net finance income | 98,767 | 110,603 | 32,948 | 12,071 |
Fair value changes of redeemable shares with other preferential rights | (1,625,287) | |||
Share of loss of equity-accounted investee, net of tax | 268 | (8,162) | (4,011) | |
(Loss)/profit before taxation | 1,652,742 | 2,333,614 | 906,813 | (1,216,192) |
Income tax expense | 396,665 | 551,785 | 267,070 | 213,255 |
(Loss)/profit for the year/period | 1,256,077 | 1,781,829 | 639,743 | (1,429,447) |
Parent company | ||||
Condensed statement of profit or loss | ||||
Other income | 10,433 | 6,468 | 6,038 | 4,274 |
General and administrative expenses | (20,345) | (37,854) | (19,038) | (9,734) |
Other net income/(loss) | 5,558 | (11,418) | 6,607 | 52,056 |
Operating profit/(loss) | (4,354) | (42,804) | (6,393) | 46,596 |
Finance income | 44,400 | 25,608 | 2,930 | 1,030 |
Finance costs | (2) | |||
Net finance income | 44,400 | 25,608 | 2,930 | 1,028 |
Fair value changes of redeemable shares with other preferential rights | (1,625,287) | |||
Share of loss of equity-accounted investee, net of tax | (8,162) | (4,011) | ||
(Loss)/profit before taxation | 40,046 | (17,196) | (11,625) | (1,581,674) |
Income tax expense | (3,137) | |||
(Loss)/profit for the year/period | ¥ 36,909 | ¥ (17,196) | ¥ (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 | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed statement of profit or loss and other comprehensive income | ||||
(Loss)/profit for the year/period | ¥ 1,256,077 | ¥ 1,781,829 | ¥ 639,743 | ¥ (1,429,447) |
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translation of financial statements of foreign operations | (32,504) | 41,198 | 40,494 | (16,548) |
Other comprehensive (loss)/income for the year/period | (32,504) | 41,198 | 40,494 | (16,548) |
Total comprehensive (loss)/income for the year/period | 1,223,573 | 1,823,027 | 680,237 | (1,445,995) |
Parent company | ||||
Condensed statement of profit or loss and other comprehensive income | ||||
(Loss)/profit for the year/period | 36,909 | (17,196) | (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 | (86,224) | 383,743 | 174,150 | (191,443) |
Other comprehensive (loss)/income for the year/period | (86,224) | 383,743 | 174,150 | (191,443) |
Total comprehensive (loss)/income for the year/period | ¥ (49,315) | ¥ 366,547 | ¥ 162,525 | ¥ (1,773,117) |
Company level financial infor_5
Company level financial information - Condensed statement of financial position (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Non-current assets | |||||
Interests in equity-accounted investees | ¥ 15,783 | ||||
Investments in subsidiaries | |||||
Total non-current assets | 4,157,675 | ¥ 3,543,708 | ¥ 3,209,226 | ||
Current assets | |||||
Other investments | 252,866 | 205,329 | 210,523 | ||
Other receivables | 80,397 | 70,000 | 44,543 | ||
Cash and cash equivalents | 6,415,441 | 6,489,213 | 5,348,492 | ||
Term deposits | 210,759 | 581,715 | 236,878 | ||
Total current assets | 10,327,634 | 9,904,005 | 8,072,562 | ||
Total assets | 14,485,309 | 13,447,713 | 11,281,788 | ||
EQUITY | |||||
Share capital | 95 | 95 | 92 | ||
Additional paid-in capital | 6,331,375 | 7,254,871 | 7,982,824 | ||
Other reserves | 1,114,568 | 1,106,718 | 993,307 | ||
Accumulated losses | 1,722,157 | 539,331 | (1,944,581) | ||
Total equity | 9,191,217 | 8,918,268 | 7,027,400 | ¥ 6,652,154 | ¥ (323,046) |
Non-current liabilities | |||||
Deferred income | 29,229 | 33,080 | 14,488 | ||
Total non-current liabilities | 887,113 | 643,850 | 465,717 | ||
Current liabilities | |||||
Other payables | 3,389,826 | 3,019,302 | 3,072,991 | ||
Deferred income | 6,644 | 6,778 | 6,295 | ||
Total current liabilities | 4,406,979 | 3,885,595 | 3,788,671 | ||
Total liabilities | 5,294,092 | 4,529,445 | 4,254,388 | ||
Total equity and liabilities | 14,485,309 | 13,447,713 | 11,281,788 | ||
Parent company | |||||
Investments in subsidiaries | |||||
- Cost-accounted investments in subsidiaries | 2,259,187 | 2,300,637 | 2,112,276 | ||
- Amounts due from subsidiaries | 1,508,405 | 1,443,759 | 1,968,572 | ||
Total non-current assets | 3,767,592 | 3,744,396 | 4,080,848 | ||
Current assets | |||||
Other investments | 1,874 | ||||
Other receivables | 2,450 | 7,703 | 65,907 | ||
Cash and cash equivalents | 372,459 | 1,225,474 | 646,921 | ¥ 925,638 | ¥ 153,889 |
Term deposits | 145,587 | 361,371 | 201,342 | ||
Total current assets | 520,496 | 1,594,548 | 916,044 | ||
Total assets | 4,288,088 | 5,338,944 | 4,996,892 | ||
EQUITY | |||||
Share capital | 95 | 95 | 92 | ||
Additional paid-in capital | 6,333,584 | 7,257,080 | 7,982,824 | ||
Other reserves | (1,401,580) | (1,242,585) | (1,627,210) | ||
Accumulated losses | (689,901) | (726,810) | (1,440,512) | ||
Total equity | 4,242,198 | 5,287,780 | 4,915,194 | ||
Non-current liabilities | |||||
Deferred income | 5,297 | 8,821 | 14,488 | ||
Total non-current liabilities | 5,297 | 8,821 | 14,488 | ||
Current liabilities | |||||
Other payables | 33,950 | 35,565 | 60,915 | ||
Deferred income | 6,643 | 6,778 | 6,295 | ||
Total current liabilities | 40,593 | 42,343 | 67,210 | ||
Total liabilities | 45,890 | 51,164 | 81,698 | ||
Total equity and liabilities | ¥ 4,288,088 | ¥ 5,338,944 | ¥ 4,996,892 |
Company level financial infor_6
Company level financial information - condensed statement of cash flow (Details) - CNY (¥) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed statement of cash flow | ||||
Net cash from/(used in) operating activities | ¥ 1,097,541,000 | ¥ 1,666,030,000 | ¥ 1,406,262,000 | ¥ 916,320,000 |
Net cash (used in)/from investing activities | 177,073,000 | (293,406,000) | (2,125,918,000) | (518,797,000) |
Net cash from/(used in) financing activities | (1,320,899,000) | (325,956,000) | (733,559,000) | 3,536,184,000 |
Net increase/(decrease) in cash and cash equivalents | (46,285,000) | 1,046,668,000 | (1,453,215,000) | 3,933,707,000 |
Cash and cash equivalents at beginning of the year | 6,489,213,000 | 5,348,492,000 | ||
Effect of movements in exchange rates on cash held | (27,487,000) | 94,053,000 | 30,054,000 | (16,034,000) |
Cash and cash equivalents at end of the year | 6,415,441,000 | 6,489,213,000 | 5,348,492,000 | |
Parent company | ||||
Condensed statement of cash flow | ||||
Net cash from/(used in) operating activities | (22,277,000) | (43,240,000) | (16,177,000) | 28,366,000 |
Net cash (used in)/from investing activities | 259,852,000 | 528,830,000 | 120,173,000 | (3,432,692,000) |
Net cash from/(used in) financing activities | (1,083,077,000) | 43,396,000 | (395,322,000) | 4,181,655,000 |
Net increase/(decrease) in cash and cash equivalents | (845,502,000) | 528,986,000 | (291,326,000) | 777,329,000 |
Cash and cash equivalents at beginning of the year | 1,225,474,000 | 646,921,000 | 925,638,000 | 153,889,000 |
Effect of movements in exchange rates on cash held | (7,513,000) | 49,567,000 | 12,609,000 | (5,580,000) |
Cash and cash equivalents at end of the year | ¥ 372,459,000 | ¥ 1,225,474,000 | ¥ 646,921,000 | ¥ 925,638,000 |