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Instant News and Commentaries
2026-05-26
16:35
MINISO Group Announces March Quarter 2026 Unaudited Financial Results

Group Revenue Grew by 28.5% to RMB 5,688.4 million and Surpassed Expectation Powered by Mid-single Digit SSSG(1)
MINISO Chinese Mainland Delivered its Fifth Consecutive Quarter of Accelerating Growth
Operating Profit Grew by 114.3% YoY, with Margin of 26.7%
Adjusted Operating Profit(2) Excluding FX(3) grew by 14.3% YoY, with Margin of 14.7%
Profit for the Period Grew by 199.7% YoY, with Margin of 21.9%
Adjusted Net Profit(2) Excluding FX(3) grew by 8.1% YoY, with Margin of 11.1%

GUANGZHOU, China, May 26, 2026 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs, today announced its unaudited financial results for the quarter ended March 31, 2026 ( "26Q1").

Selected Financial Information

Item


For the quarter ended March 31,


Year-over-

year

 ("YoY")

change


2025


2026



(Unaudited)


(Unaudited)




RMB million


RMB million


US$ million


Revenue


4,427.0


5,688.4


824.6


28.5 %

Gross profit


1,958.0


2,464.0


357.2


25.8 %

Operating profit


709.8


1,521.4


220.6


114.3 %

Adjusted operating

profit(2) excluding FX(3)


733.1


838.1


121.5


14.3 %

Profit for the period


416.5


1,248.1


180.9


199.7 %

Adjusted net profit(2)

excluding FX(3)


585.6


633.1


91.8


8.1 %

Store Network Expansion

As of March 31, 2026, the Company's total store count reached 8,565, representing a net increase of 797 YoY and 80 YTD(4).

  • MINISO Brand: totaled 8,210 stores (up 722 YoY and 59 YTD(4)), driven by:
    • Chinese Mainland: 4,593 stores (up 318 YoY and 25 YTD(4)).
    • Overseas Markets: 3,617 stores (up 404 YoY and 34 YTD(4)).
  • TOP TOY Brand: totaled 355 stores (up 75 YoY and 21 YTD(4)).

The following table provides a breakdown of the Company's store network and its changes on a YoY and YTD(4) basis. About 56% of new MINISO stores in the past twelve months were located in overseas markets.


As of




March 31,

2025

December

31, 2025

March 31,

2026

YoY

YTD(4)

Number of stores on group level

7,768

8,485

8,565

797

80

Number of MINISO stores

7,488

8,151

8,210

722

59

Chinese mainland

4,275

4,568

4,593

318

25

     — Directly operated stores

20

18

15

(5)

(3)

     — Stores operated under Retail

          Partner model

4,229

4,522

4,552

323

30

     — Stores operated under

          distributor model

26

28

26

-

(2)

Overseas markets

3,213

3,583

3,617

404

34

     — Directly operated stores

548

700

745

197

45

     — Stores operated under Retail

          Partner model

432

432

436

4

4

     — Stores operated under

          distributor model

2,233

2,451

2,436

203

(15)







Number of TOP TOY stores

280

334

355

75

21

Chinese mainland

276

304

316

40

12

     — Directly operated stores

38

35

35

(3)

-

     — Stores operated under Retail

          Partner model

238

269

281

43

12

Overseas markets

4

30

39

35

9

     — Directly operated stores

2

15

21

19

6

     — Stores operated under Retail

          Partner model

2

4

4

2

-

     — Stores operated under

          distributor model

-

11

14

14

3

Mr. Guofu Ye, Founder, Chairman and CEO of MINISO, commented, "Revenue on group level grew by 28.5% YoY, kicking off 2026 by outperforming our previous expectation. MINISO Chinese mainland achieved a 29.6% YoY revenue growth in 26Q1, delivering a fifth consecutive quarter of acceleration since March quarter of 2025, powered by its another solid high-single digit SSSG. Revenue from MINISO overseas grew by 21.9%, powered by low-single digit SSSG. By deepening our glocalization moat in integrating local talent, tailoring product offerings and optimizing regional execution, as well as maintaining rigorous operational discipline, we are unleashing growth momentum from our overseas markets. TOP TOY recorded a 51.4% YoY revenue growth in 26Q1, sustaining its robust growth momentum in pop toy industry.

MINISO Group's outstanding performance this quarter serves as a powerful validation of the momentum we are building. My personal intension to increase my holdings as announced in April 2026 is a direct reflection of my conviction in the Company's development prospects. I believe MINISO Group's current valuation has yet to reflect its true intrinsic potential."

"Entering the second half of 2026, we will continue to deepen our globalization and IP strategies, driving high-quality growth through continuous product mix optimization, upgrade and expansion of our store network and leveraging a multi-dimensional IP matrix. We are firmly advancing with purpose toward our long-term objectives." Mr. Ye continued.

Mr. Eason Zhang, CFO of MINISO, commented, "Our sustained top-line excellence underscore our competitive edge in capturing market share and our unwavering brand influence, powered by another strong SSSG on group level. Excluding FX(3), adjusted operating profit(2) would have increased 14.3% with a margin of 14.7%, underscoring the healthy growth of our core business."

"In April and May 2026, we distributed cash dividends of US$115.8 million, bringing our shareholders returns totaling RMB6.2 billion since our U.S. IPO in 2020. We believe that our share price has been trading below its intrinsic value and the Company is also planning to conduct share repurchases depending on market conditions. Moving forward, we will continue to exercise disciplined cost control and prudent budgeting, balancing both growth and our commitment to bringing stable and foreseeable returns to shareholders." Mr. Zhang concluded.

Financial Results for 26Q1

Revenue was RMB5,688.4 million (US$824.6 million), representing an increase of 28.5% YoY, powered by a mid-single digit SSSG on group level.

Revenue from MINISO brand increased by 26.6% YoY to RMB5,173.4 million (US$750.0 million), mainly driven by (i) an increase of 29.6% in revenue from Chinese mainland, powered by its high-single digit SSSG, and (ii) an increase of 21.9% in revenue from overseas markets, powered by its low-single digit SSSG. Overseas revenue contributed 37.5% of revenue from MINISO brand, compared to 39.0% in the same period last year.

Revenue from TOP TOY brand(5) increased by 51.4% YoY to RMB514.5 million (US$74.6 million).

For more information on the composition and YoY change of revenue, please refer to the "Unaudited Additional Information" in this press release.

Cost of sales was RMB3,224.4 million (US$467.4 million), representing an increase of 30.6% YoY.

Gross profit was RMB2,464.0 million (US$357.2 million), representing an increase of 25.8% YoY.

Gross margin was 43.3%, compared to 44.2% in the same period last year. The contraction of gross margin was due to lower revenue contribution from our higher-margin overseas business of MINISO brand, among other factors.

Selling and distribution expenses were RMB1,470.9 million (US$213.2 million), representing an increase of 44.0% YoY. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,394.7 million (US$202.2 million), representing an increase of 37.7% YoY. The increase was mainly attributable to a 34.6% increase in the directly operated stores related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses, slowing down from the YoY increase of 50.2% in the full year of 2025. Promotion and advertising expenses increased 73.7%, as a percentage of revenue at around 3%. Logistic expenses increased 43.5%, as a percentage of revenue stabilizing at around 2% in both comparative periods. Licensing expenses increased 42.0%, which was in relation to the Company's strategic commitment to IP development to pave the way for future growth, as a percentage of around 2.6% of revenue, compared to 2.4% in the same period last year.

General and administrative expenses were RMB297.3 million (US$43.1 million), representing an increase of 22.8% YoY. Excluding share-based compensation expenses, general and administrative expenses were RMB264.8 million (US$38.4 million), representing an increase of 17.4% YoY. The YoY increase was primarily due to the increase in personnel-related expenses in relation to the growth of the Company's business.

Other net income was RMB821.8 million (US$119.1 million), compared to RMB20.8 million in the same period  last year. The increase was mainly due to an unrealized mark-to-market gain of RMB874.6 million (US$126.8 million) arising from fair value changes of an investment in a limited partnership, reflecting its early stage strategic pre-IPO investment in the AI industry. This was partially offset by a net foreign exchange loss of RMB82.5 million (US$ 12.0million), compared to a net foreign exchange gain of RMB1.6 million in the same period last year.

Operating profit increased 114.3% to RMB1,521.4 million (US$220.6 million), compared with RMB709.8 million in the same period last year, mainly driven by an increase in other net income mentioned above, partially offset by higher equity-settled share-based payment expenses related to TOP TOY compared with the prior-year period.

Operating margin was 26.7%, compared with 16.0% in the same period last year.

Adjusted operating profit(2) was RMB755.5 million (US$109.5 million), compared with RMB734.7 million in the same period last year. If excluding FX(3), it would have been RMB838.1 million (US$121.5 million), representing an increase of 14.3% YoY.

Adjusted operating margin(2) was 13.3%, compared 16.6% in the same period last year. If excluding FX(3), it would have been 14.7%.

Net finance cost was RMB104.0 million (US$15.1 million), compared to RMB49.0 million in the same period last year. The YoY change was mainly attributable to the decrease in interest income as a result of decreased principal in bank deposit, and increased finance cost. The increase in finance cost was mainly due to (i) increased interest expenses on lease liabilities in line with the Company's investment in directly operated stores; (ii) increased interest expenses in relation to the equity linked securities issued in 2025 (the "Equity Linked Securities"), which is excluded in non-IFRS financial measures(2), and (iii) increased interest expenses in relation to a borrowing in connection with the acquisition of the equity interest in Yonghui Superstores Co., Ltd * (永輝超市股份有限公司) ("Yonghui" ), which is also excluded in non-IFRS financial measures(2), driven by the full-quarter recognition of interest on such borrowing in 26Q1 versus a pro-rated portion in the prior-year period.

Share of profit of equity-accounted investees, net of tax was RMB78.2 million (US$11.3 million), compared to share of loss of RMB2.0 million in the same period last year. The YoY increase was mainly attributable to share of profit in Yonghui of RMB77.5 million (US$11.2 million), which has been excluded in non-IFRS financial measures(2).

Changes in fair value of redemption liabilities were RMB21.4 million (US$3.1 million), which was a non-cash loss arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025 and has been excluded in non-IFRS financial measures(2).

Other expenses were RMB50.8 million (US$7.4 million), including loss from fair value change of certain derivative under mark-to-market impact, which is in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures(2).

Effective tax rate was 12.3%, compared to 26.6% in the same period last year. The decrease in effective tax rate was primarily driven by non-taxable gain at the consolidation level.

Adjusted effective tax rate(2) was 24.9%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 20.5% in the same period last year.

Profit for the period increased 199.7% YoY to RMB1,248.1 million (US$180.9 million), compared to RMB416.5 million in the same period last year. The increase was primarily attributable to the following factors: (i) the unrealized mark-to-market gain of RMB874.6 million (US$126.8 million) from fair value changes of an investment in a limited partnership investing in the AI industry, (ii) RMB77.5 million (US$11.2 million) share of profit from its investment in Yonghui, and (iii) lapping the one-off derivative issuance cost of RMB44.7 million on the Equity Linked Securities recorded in the prior-year period. Such positive contributions were partially offset by the following factors: (i) higher equity-settled share-based payment expenses related to TOP TOY compared with the prior-year period, (ii) net foreign exchange loss of RMB82.5 million (US$12.0 million), reversing the net foreign exchange gain of RMB1.6 million recorded in the same period last year, (iii) a loss arising from changes in fair value of redemption liabilities arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025; and (iv) an increase in interest expenses related to the Equity Linked Securities and bank loans used for acquisition of the equity interest of Yonghui.

Net profit margin was 21.9%, compared to 9.4% in the same period last year.

Adjusted net profit(2) was RMB550.6 million (US$79.8 million), compared to RMB587.2 million in the same period last year. If excluding FX(3), it would have been RMB633.1 million (US$91.8 million), representing an increase of 8.1% YoY.

Adjusted net margin(2) was 9.7%, compared to 13.3% in the same period  last year. If excluding FX(3), it would have been 11.1%, compared to 13.2% in the same period last year.

Adjusted EBITDA(2) increased 6.6% YoY to RMB1,105.7 million (US$160.3  million).

Adjusted EBITDA margin(2) was 19.4%, compared to 23.4% in the same period last year.

Basic earnings per ADS was RMB4.12 (US$0.60), compared to RMB1.36 in the same period last year, representing an increase of 202.9% YoY.

Diluted earnings per ADS was RMB4.08 (US$0.59), compared to RMB1.36 in the same period last year, representing an increase of 200.0% YoY.

Adjusted basic and diluted earnings per ADS(2) were both RMB1.80 (US$0.26), compared to RMB1.92 and RMB1.88 respectively in the same period last year.

Cash position(6), which was the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits, and other investments recorded as current assets was RMB7,049.1 million (US$1,021.9 million) as of March 31, 2026, compared to RMB7,087.9 million as of December 31, 2025.

Net cash from operating activities was RMB365.2 million (US$52.9 million) for 26Q1, capital expenditure was RMB270.6 million (US$39.2 million) and free cash flow was RMB94.6 million (US$13.7 million).

Notes:

(1) "SSSG" refers to the year-over-year growth of same-store GMV. "Same-store GMV" refers to the GMV generated by those stores that opened prior to the beginning of the comparative periods and remained open as of the end of the comparative periods, closed for less than 30 days during both comparative periods, and, for MINISO stores outside of China, operated for at least 15 full months at the end of the reporting period.
(2) See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information.
(3) "FX" refers to net foreign exchange gain or loss for the periods.
(4) "YTD" refers to the three months ended March 31, 2026.
(5) Revenue from TOP TOY brand only represents revenue generated from external parties.
(6) "Cash position" refers to the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits with original maturity over three months, and other investments recorded as current assets.

Conference Call

The Company's management will hold an earnings conference call at 5:00 A.M. Eastern Time on Tuesday, May 26, 2026 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. Simultaneous interpretation in English will be provided during the conference call. The conference call can be accessed by the following Zoom link or dialing the following numbers:

Access 1

Join Zoom meeting.

Zoom link: https://zoom.us/j/95725759937?pwd=eaZoICKP3u9Oc6bDEr7aBtpGzzvJ8K.1
Meeting Number: 957 2575 9937
Meeting Passcode: 9896

Access 2

Listeners may access the call by dialing the following numbers and using the same meeting number and passcode as access 1.

United States:

+1 689 278 1000 (or +1 719 359 4580)

Hong Kong, China:

+852 5803 3730 (or +852 5803 3731)

United Kingdom:

+44 203 481 5237 (or +44 131 460 1196)

France:

+33 1 7037 9729 (or +33 1 7037 2246)

Singapore:

+65 3158 7288 (or +65 3165 1065)

Canada:

+1 438 809 7799 (or +1 204 272 7920)

Access 3

Listeners can also access the meeting through the Company's investor relations website at https://ir.miniso.com/.

The replay will be available approximately two hours after the conclusion of the live event at the Company's investor relations website at https://ir.miniso.com/.

About MINISO Group

MINISO Group is a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs. Since opening our first store in Chinese mainland in 2013, the Company has successfully built two brands – "MINISO" and "TOP TOY". The Company's flagship brand "MINISO" has grown into a globally recognized retail brand that offers a frequently-refreshed assortment of lifestyle products through an extensive store network worldwide. The Company's products cover diverse consumer needs and consumers are drawn to MINISO for our products' trendiness, creativeness, high quality and affordability. For more information, please visit https://ir.miniso.com/.

Exchange Rate

The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2026, which was RMB6.8980 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts.

Non-IFRS Financial Measures 

In evaluating the business, MINISO considers and uses adjusted operating profit, adjusted operating margin, adjusted effective tax rate, adjusted net profit, adjusted net margin, adjusted EBITDA, adjusted EBITDA margin, adjusted basic and diluted net earnings per share and adjusted basic and diluted net earnings per ADS as supplemental measures to review and assess its core business performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. MINISO defines adjusted operating profit as operating profit for the period excluding (i) equity-settled share-based payment expenses and (ii) gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry. MINISO calculates adjusted operating margin by dividing adjusted operating profit by revenue for the same period. MINISO defines adjusted effective tax rate as the effective tax rate excluding the tax impact of adjusted items, under non-IFRS financial measures. MINISO defines adjusted net profit as profit for the period excluding (i) equity-settled share-based payment expenses, (ii) gain or loss from fair value change of derivatives, (iii) issuance cost of derivatives, (iv) interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui, (v) share of profit or loss of Yonghui, net of tax, (vi) changes in fair value of redemption liabilities arising from preferred shares, and (vii) gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry. MINISO calculates adjusted net margin by dividing adjusted net profit by revenue for the same period. MINISO defines adjusted EBITDA as adjusted net profit plus (i) depreciation and amortization, (ii) finance costs excluding interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui, and (iii) income tax expense. Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenue for the period. MINISO computes adjusted basic and diluted net earnings per ADS by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ADSs represented by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. MINISO computes adjusted basic and diluted net earnings per share in the same way as it calculates adjusted basic and diluted net earnings per ADS, except that it uses the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis as the denominator instead of the number of ADSs represented by these ordinary shares. Starting from 26Q1, to more accurately reflect the Company's core business performance, the Company has adopted revised definitions of adjusted operating profit and adjusted net profit by excluding gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry from the calculation of these items. The Company recorded loss of nil and RMB829.0 thousand, and gain of RMB25.4 million and RMB53.8 million from fair value changes of an investment in a limited partnership investing in the AI industry for the three months ended March 31, June 30, September 30, and December 31, 2025, respectively. To ensure comparability, the Company has retrospectively adjusted its non-IFRS financial measures for prior periods.

MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its core business performance and formulate business plans. These non-IFRS financial measures enable the management to assess its core business results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its core business performance in the future. Accordingly, MINISO believes that the use of these non-IFRS financial measures provides useful information to investors and others in understanding and evaluating its core business results in the same manner as the management and board of directors.

These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using these non-IFRS financial measures is that they do not reflect all items of income and expense that affect MINISO's core business. Further, these non-IFRS financial measures may differ from the non-IFRS information used by other companies, including peer companies, and therefore their comparability may be limited.

These non-IFRS financial measures should not be considered in isolation or construed as alternatives to operating profit, operating margin, effective tax rate, profit, net profit margin, basic and diluted earnings per share and basic and diluted earnings per ADS, as applicable, or any other measures of performance or as indicators of MINISO's core business performance. Investors are encouraged to review MINISO's historical non-IFRS financial measures in light of the most directly comparable IFRS financial measures, as shown below. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing MINISO's data comparatively. MINISO encourages you to review its financial information in its entirety and not rely on a single financial measure.

For more information on the non-IFRS financial measures, please see the table captioned "Reconciliation of Non-IFRS Financial Measures" set forth at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "aim", "estimate", "intend", "plan", "believe", "is/are likely to", "potential", "continue" or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO's strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO's mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO's products; expectations regarding MINISO's relationships with consumers, suppliers, Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO's business and the industry. Further information regarding these and other risks is included in MINISO's filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact:

MINISO Group Holding Limited
Email: [email protected]
Phone: +86 (20) 36228788 Ext.8039

 

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in thousands)




As at


As at



December 31, 2025


March 31, 2026



(Audited)


(Unaudited)



RMB'000


RMB'000


US$'000

ASSETS







Non-current assets







Property, plant and equipment


2,109,385


2,295,108


332,721

Right-of-use assets


5,121,039


5,426,807


786,722

Intangible assets


94,951


99,209


14,382

Goodwill


223,187


215,321


31,215

Deferred tax assets


288,679


289,006


41,897

Other investments


201,727


1,076,320


156,034

Trade and other receivables


247,511


280,059


40,600

Financial derivative assets


774,103


543,018


78,721

Interests in equity-accounted

investees


5,486,648


5,567,263


807,084










14,547,230


15,792,111


2,289,376








Current assets







Other investments


-


1,589,132


230,376

Inventories


3,691,238


3,568,677


517,350

Trade and other receivables


3,307,129


3,335,325


483,520

Cash and cash equivalents


6,817,129


5,221,920


757,019

Restricted cash


54,229


67,519


9,788

Term deposits


216,567


170,518


24,720










14,086,292


13,953,091


2,022,773








Total assets


28,633,522


29,745,202


4,312,149

 

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

(Expressed in thousands)




As at


As at



December 31, 2025


March 31, 2026



(Audited)


(Unaudited)



RMB'000


RMB'000


US$'000

EQUITY







Share capital


94


94


14

Additional paid-in capital


2,887,905


2,083,400


302,030

Other reserves


2,232,854


2,139,183


310,116

Retained earnings


5,497,910


6,748,647


978,348








Equity attributable to equity

shareholders of the Company


10,618,763


10,971,324


1,590,508

Non-controlling interests


100,508


104,235


15,111








Total equity


10,719,271


11,075,559


1,605,619








LIABILITIES







Non-current liabilities







Contract liabilities


22,418


21,804


3,161

Loans and borrowings


5,415,416


5,421,999


786,025

Other payables


72,586


74,626


10,818

Lease liabilities


2,713,798


3,017,729


437,479

Financial derivative liabilities


1,184,050


997,166


144,559

Deferred income


33,053


32,812


4,757










9,441,321


9,566,136


1,386,799








Current liabilities







Contract liabilities


388,746


385,298


55,856

Loans and borrowings


1,751,018


2,058,501


298,420

Trade and other payables


4,516,491


4,026,051


583,655

Lease liabilities


950,784


1,020,318


147,915

Deferred income


965


965


140

Current taxation


291,245


224,861


32,598

Dividend payables


-


801,431


116,183

Redemption liabilities arising

from preferred shares


573,681


586,082


84,964










8,472,930


9,103,507


1,319,731








Total liabilities


17,914,251


18,669,643


2,706,530








Total equity and liabilities


28,633,522


29,745,202


4,312,149

 

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

(Expressed in thousands, except for per ordinary share and per ADS data)






Three months ended March 31,



2025


2026

(Unaudited)

(Unaudited)



RMB'000


RMB'000


US$ '000

Revenue


4,427,044


5,688,388


824,643

Cost of sales


(2,469,007)


(3,224,357)


(467,434)








Gross profit


1,958,037


2,464,031


357,209

Other income


3,020


5,916


858

Selling and distribution expenses


(1,021,186)


(1,470,912)


(213,237)

General and administrative expenses


(242,144)


(297,293)


(43,098)

Other net income


20,835


821,841


119,142

Credit loss on trade and other receivables


(8,775)


(2,174)


(315)








Operating profit


709,787


1,521,409


220,559

Finance income


36,915


16,474


2,388

Finance costs


(85,945)


(120,496)


(17,468)








Net finance costs


(49,030)


(104,022)


(15,080)

Share of (loss)/profit of equity-accounted

investees, net of tax


(2,005)


78,192


11,335

Other expenses


(91,071)


(50,838)


(7,370)

Changes in fair value of redemption liabilities


-


(21,438)


(3,108)








Profit before taxation


567,681


1,423,303


206,336

Income tax expense


(151,222)


(175,201)


(25,399)








Profit for the period


416,459


1,248,102


180,937








Attributable to:







Equity shareholders of the Company


416,342


1,250,737


181,319

Non-controlling interests


117


(2,635)


(382)








Earnings per share for ordinary shares







-Basic


0.34


1.03


0.15

-Diluted


0.34


1.02


0.15








Earnings per ADS







(Each ADS represents 4 ordinary shares)

-Basic


1.36


4.12


0.60

-Diluted


1.36


4.08


0.59

 

 MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (CONTINUED)

(Expressed in thousands)










Three months ended March 31,



2025


2026

(Unaudited)

(Unaudited)



RMB'000


RMB'000


US$ '000








Profit for the period


416,459


1,248,102


180,937








Items that may be reclassified subsequently to

profit or loss:







Exchange differences on translation of financial

statements of foreign operations


(1,291)


(49,380)


(7,159)

Share of other comprehensive income of equity-

accounted investees


-


813


118








Other comprehensive loss for the period


(1,291)


(48,567)


(7,041)








Total comprehensive income for the period


415,168


1,199,535


173,896








Attributable to:







Equity shareholders of the Company


416,306


1,203,917


174,531

Non-controlling interests


(1,138)


(4,382)


(635)

 

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES

(Expressed in thousands, except for percentages)










Three months ended March 31,



2025


2026



(Unaudited)


(Unaudited)



RMB'000


RMB'000


US$'000








Reconciliation of operating profit for the period

to adjusted operating profit







Operating profit


709,787


1,521,409


220,559

Add back:







Equity-settled share-based payment expenses


24,930


108,715


15,760

Gain from fair value changes of an investment in

a limited partnership investing in the AI industry


-


(874,593)


(126,789)








Adjusted operating profit


734,717


755,531


109,530

Adjusted operating margin


16.6 %


13.3 %


13.3 %








Reconciliation of operating profit for the period

to adjusted operating profit excluding FX(1)







Adjusted operating profit


734,717


755,531


109,530

Add back:







Net foreign exchange (gain) or loss


(1,577)


82,548


11,967








Adjusted operating profit excluding FX(1)


733,140


838,079


121,497

Adjusted operating margin excluding FX(1)


16.6 %


14.7 %


14.7 %


Note:

(1)  "FX" refers to net foreign exchange gain or loss for the period.

 

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)

(Expressed in percentages)








Three months ended March 31,



2025


2026



(Unaudited)


(Unaudited)






Reconciliation of effective tax rate to adjusted effective tax rate:





Effective tax rate


26.6 %


12.3 %






Impact on effective tax rate as a result of adjusted items


(6.1) %


12.6 %

Adjusted effective tax rate


20.5 %


24.9 %

 

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)

(Expressed in thousands, except for per share, per ADS data and percentages)










Three months ended March 31,



2025


2026

(Unaudited)

(Unaudited)



RMB'000


RMB'000


US$'000








Reconciliation of profit for the period to adjusted

net profit:







Profit for the period


416,459


1,248,102


180,937

Add back:







Equity-settled share-based payment expenses


24,930


108,715


15,760

Loss from fair value change of

derivatives(1)(2)


46,407


50,838


7,370

Issuance cost of derivatives(1)(3)


44,664


-


-

Interest expenses related to the Equity Linked

Securities and the bank loans used for

acquisition of the equity interest in Yonghui(1)


54,745


73,515


10,657

-Interest expenses related to the Equity

Linked Securities(4)


40,527


50,380


7,303

-Interest expenses related to the bank loans

used for acquisition of the equity interest in 

Yonghui


14,218


23,135


3,354

Share of profit of Yonghui, net of tax(1)


-


(77,458)


(11,229)

Changes in fair value of redemption liabilities(1)


-


21,438


3,108

Gain from fair value changes of an investment in

a limited partnership investing in the AI

industry(5)


-


(874,593)


(126,789)








Adjusted net profit


587,205


550,557


79,814

Adjusted net margin


13.3 %


9.7 %


9.7 %








Attributable to:







Equity shareholders of the Company


586,999


552,340


80,072

Non-controlling interests


206


(1,783)


(258)








Adjusted net earnings per share(6)







-Basic


0.48


0.45


0.07

-Diluted


0.47


0.45


0.07








Adjusted net earnings per ADS (Each

ADS represents 4 ordinary shares)







-Basic


1.92


1.80


0.26

-Diluted


1.88


1.80


0.26

 

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)

(Expressed in thousands, except for percentages)




Three months ended March 31,



2025


2026



(Unaudited)


(Unaudited)



RMB'000


RMB'000


US$'000








Reconciliation of adjusted net profit for the

period to adjust net profit excluding FX(7):







Adjusted net profit


587,205


550,557


79,814

Add back:







Net foreign exchange (gain) or loss


(1,577)


82,548


11,967








Adjusted net profit excluding FX(7)


585,628


633,105


91,781

Adjusted net margin excluding FX(7)


13.2 %


11.1 %


11.1 %








Reconciliation of adjusted net profit for

the period to adjusted EBITDA:







Adjusted net profit


587,205


550,557


79,814

Add back:







Depreciation and amortization


267,672


332,990


48,273

Finance costs excluding interest expenses related

to the Equity Linked Securities


31,200


46,981


6,811

Income tax expense


151,222


175,201


25,399








Adjusted EBITDA


1,037,299


1,105,729


160,297

Adjusted EBITDA margin


23.4 %


19.4 %


19.4 %


Notes:

(1)  These adjustment items have been excluded from the calculation of adjusted net profit as the Company does not

consider such items to be indicative of its performance of core business in the future.

 

(2)  The gain or loss from fair value change of derivatives was a non-cash gain or expense that was related to the fair

value of the Equity Linked Securities and call spread. It was determined primarily by movements in the underlying share

price.

 

(3)  The issuance cost of derivatives was a one-off expense that was related to the Equity Linked Securities.

 

(4)  For 26Q1, the RMB50.4 million interest expenses related to the Equity Linked Securities included RMB45.7 million

non-cash portion and RMB4.7 million cash expense.

 

(5)  Gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry was

included in other net income or expense, which was an unrealized gains or loss arising from fair value changes of an

investment in a limited partnership investing in the AI industry.

 

(6)  Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the

equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share

calculation on an IFRS basis.

 

(7)  "FX" refers to net foreign exchange gain or loss for the period.

 

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

(Expressed in thousands, except for percentages)








Three months ended March 31,





2025


2026


YoY



RMB'000


RMB'000


US$'000


Revenue









MINISO Brand


4,085,778


5,173,402


749,985


26.6 %

-Chinese mainland


2,493,775


3,232,254


468,578


29.6 %

-Overseas markets


1,592,003


1,941,148


281,407


21.9 %

TOP TOY Brand(1)


339,850


514,485


74,585


51.4 %

Others


1,416


501


73


(64.6) %



4,427,044


5,688,388


824,643


28.5 %


Note:

(1) Revenue from TOP TOY brand only represents revenue generated from external parties.

 

 

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

NUMBER OF MINISO STORES IN CHINESE MAINLAND








As of







March 31,

2025


December 31,

2025


March 31,

2026


YoY


YTD(1)

By City Tiers










First-tier cities


569


609


605


36


(4)

Second-tier cities


1,773


1,881


1,894


121


13

Third- and lower-tier cities


1,933


2,078


2,094


161


16

Total


4,275


4,568

4,593


318

25


Note:

(1) "YTD" refers to the three months ended March 31, 2026.

 

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

NUMBER OF MINISO STORES IN OVERSEAS MARKETS












As of





By Regions


March 31,
2025


December 31,

2025


March 31,
2026


YoY


YTD(1)










Asia excluding China


1,663


1,793


1,801


138


8

North America


375


461


499


124


38

Latin America


646


722


722


76


-

Europe


301


361


355


54


(6)

Others


228


246


240


12


(6)

Total

3,213


3,583


3,617


404

34














Note:

(1) "YTD" refers to the three months ended March 31, 2026.

 

*For identification purpose only

Information Provided by PR Newswire [Disclaimer]
15:06
HopeGoo兩週年慶推出「機票盲盒」 以創新互動與夏日特惠回饋香港用戶

香港2026年5月26日 /美通社/ -- 為慶祝成立兩週年,同程旅行(0780.HK)旗下國際旅行平台HopeGoo今日正式啟動主題為「驚喜啟程,暢遊世界」的週年慶活動。由即日起至5月30日,平台將以創新的「機票盲盒」抽獎為核心,透過趣味互動,為香港用戶提供高性價比的夏日旅遊產品,回饋用戶並刺激本地旅遊消費。

HopeGoo两週年慶推出「機票盲盒」
HopeGoo两週年慶推出「機票盲盒」

夏日盲盒驚喜登場:解鎖19條熱門航線 點燃暑期外遊靈感

是次週年慶重點推出 HKD$288機票盲盒。活動期間,所有HopeGoo APP登記用戶每日登入活動頁面即可獲得一次開盲盒機會,完成簡單的互動任務更可額外獲得[開盒]機會。開啟盲盒即有機會贏取HKD$288特價機票購買資格、G-Coins旅遊積分及酒店優惠券等的多重獎賞。

其中,HKD$288特價機票資格覆蓋19條精選熱門航線,覆蓋香港旅行愛好者喜愛的熱門及小眾目的地,出發時間涵蓋2026年6月1日至7月31日的暑假出行高峰期,為用戶規劃夏日休閒之旅提供了豐富選擇。航線涵蓋(但不限於)香港出發前往三亞、高雄、布吉島、曼谷、大阪、首爾等備受港人青睞的度假勝地,同時覆蓋泰國、印尼、馬來西亞等地的區域航線,全面滿足用戶探索亞洲不同風情的出行需求。

HopeGoo平台負責人沈文靖表示:「香港用戶一向追求高價值與充滿驚喜的旅行體驗。在平台成立兩週年的特別時刻,我們希望透過『機票盲盒』這種新穎、有趣的互動方式,將實實在在的旅行優惠帶給我們的用戶。這不僅是一場慶祝,更是我們與香港旅行者共同開啟夏日旅程的邀請,期待為本地旅行市場增添更多活力。」

成立兩年穩健成長,科技創新驅動全球服務升級

自成立以來,HopeGoo始終致力於服務全球旅行者,同時深耕香港及粵港澳大灣區市場,形成本地化營運與全球拓展並行的發展格局。目前,其服務網絡已覆蓋多國市場,尤其在粵港澳台、日韓、泰國、馬來西亞等熱門目的地的業務增長顯著。2026年首季數據顯示,平台消費用戶數按年增長達2.9倍,上述熱門目的地相關產品預訂人次增幅超過5倍。

圍繞用戶旅行場景的延伸,HopeGoo已從交通票務擴展至本地休閒、特色住宿、親子活動、主題探店等多元場景,逐步構建起覆蓋行前、行中、行後的旅行生態。為支持全球用戶的順暢預訂,平台整合了機票、酒店、景區門票、當地玩樂等全品類資源,並支援多種主流國際支付方式,顯著降低了跨境出行的操作難度。

在此背景下,HopeGoo持續深化技術應用,以創新驅動服務體驗持續升級。平台深度整合的AI旅行助手DeepTrip,支援17種語言的實時互動能力,能夠準確理解用戶以自然語言表達的複雜出行需求,生成融合交通、住宿與景點活動的個性化行程方案。用戶可一鍵完成全程預訂,真正實現從「靈感啟發」到「行程落實」的無縫體驗。

在提升交易效率與用戶體驗方面,AI透過持續學習用戶行為與偏好,實現產品智能匹配與精準推薦,從而提升用戶的決策效率與預訂滿意度,充分展現科技重塑旅遊體驗的潛力。

關於HopeGoo:

HopeGoo是同程旅行(0780.HK)旗下的一站式國際旅行平台,總部位於香港。平台致力透過科技與創新,為全球旅行者提供便捷、智能、高價值的旅行產品預訂與服務,連接旅行者與精彩世界。

週年慶活動參與方式:

活動於2026年5月26日上午10時正式開啟,持續至5月30日晚上11時59分(GMT+8)。所有HopeGoo APP登記用戶均可參與。用戶可開啟HopeGoo APP,進入週年慶活動頁面了解詳情並參與「機票盲盒」抽獎。

Information Provided by PR Newswire [Disclaimer]
15:00
Venus Medtech Hosts Inaugural Global Partner Summit in Paris

Company highlights international growth strategy, expanding structural heart portfolio, and commercialization priorities

PARIS, May 26, 2026 /PRNewswire/ -- Venus Medtech convened its inaugural Global Partner Summit in Paris under the theme "Insights, Innovation, Impact," bringing together distributors and commercial partners to discuss the company's international growth strategy, structural heart portfolio expansion, and long-term commercialization priorities.

The event marked a milestone in Venus Medtech's efforts to strengthen alignment with its global partner network as the company continues to expand its presence across international markets.

Opening the summit, David Bréant, Vice President of Sales and Marketing at Venus Medtech, reflected on the company's evolution from an emerging innovator to a growing player in the global structural heart market, emphasizing the importance of clinical collaboration, product quality, and long-term execution.

Hou-Sen Lim, General Manager and CEO of Venus Medtech, outlined the company's strategic roadmap, highlighting progress across its transcatheter valve portfolio as well as upcoming regulatory and commercial milestones. He said the company is continuing to evolve from a product-focused organization into a multi-platform structural heart company spanning multiple valve therapies.

A featured session led by Prof. Francesco Maisano, Chief of Cardiac Surgery and Director of the Valve Clinic at IRCCS San Raffaele University Hospital, focused on the development of Cardiovalve and the growing demand for transcatheter treatment options for mitral regurgitation (MR) and tricuspid regurgitation (TR).

The presentation highlighted several design features of the Cardiovalve system, including single-step transfemoral access, a unified platform for both mitral and tricuspid procedures, a low-profile design intended to reduce left ventricular outflow tract (LVOT) obstruction risk, and an adaptive sealing mechanism designed to minimize paravalvular leak (PVL). According to the presentation, current device sizing is expected to address approximately 85% of the target patient population.

The session also underscored increasing clinical and commercial interest in therapies targeting the tricuspid valve, often referred to within the industry as the "forgotten valve" due to historically limited treatment options.

"International expansion remains a core strategic priority for Venus Medtech," said Hou-Sen Lim. "Following the international commercialization of Venus P-Valve, we are advancing the clinical, regulatory, and commercialization pathways for Venus-PowerX, Venus-Vitae, and Cardiovalve. We remain focused on building long-term clinical credibility and strengthening our presence in the global structural heart market through a broader and increasingly diversified product portfolio."

He added that the company continues to invest in local commercial capabilities, service infrastructure, and market-specific expertise to support growth across key international markets.

About Venus Medtech 

Venus Medtech (Hangzhou) Inc. (2500.HK) develops transcatheter heart valve technologies and treatment solutions for structural heart disease. The company's pipeline includes products and candidates across transcatheter aortic, pulmonary, mitral, and tricuspid valve therapies, along with related accessory products. Venus Medtech operates research and development centers in China, the United States, and Israel.

Information Provided by PR Newswire [Disclaimer]
12:35
Over 40 Studies Featuring Akeso's Innovative Oncology Agents to Be Presented at ASCO 2026: Ivonescimab's HARMONi-6 Overall Survival Data Selected for Plenary Session

HONG KONG, May 26, 2026 /PRNewswire/ -- Akeso, Inc. (9926.HK) ("Akeso" or the "Company") announced that more than 40 clinical studies of its oncology portfolio will be presented at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting, taking place May 29 – June 2 in Chicago, Illinois. Notably, the presentations include one Late-Breaking Abstract (LBA) selected for the prestigious Plenary Session, alongside four Oral or Rapid Oral presentations.

The datasets featured at ASCO 2026 primarily highlight the Company's core first-in-class bispecific antibodies — cadonilimab (PD-1/CTLA-4) and ivonescimab (PD-1/VEGF) — along with other novel therapeutic antibodies such as ligufalimab, a next-generation CD47 monoclonal antibody. These presentations include several potentially practice-changing datasets across multiple tumor types.

A pivotal highlight will be the Phase III overall survival (OS) results from the HARMONi-6 study, evaluating the survival advantage of ivonescimab combined with chemotherapy versus a PD-1 inhibitor combined with chemotherapy in the first-line setting for advanced squamous non-small cell lung cancer (sq-NSCLC). Additional notable presentations feature ivonescimab in small-cell lung cancer (SCLC) that has progressed after first-line chemoimmunotherapy, ivonescimab plus chemotherapy in first-line metastatic colorectal cancer (mCRC) from a global Phase II interim analysis, alongside cadonilimab-based regimens in renal cell carcinoma, melanoma, colorectal cancer, head and neck cancer, gynecologic malignancies, and biliary tract cancer.

The maturity and breadth of these datasets underscore the success of Akeso's innovation engine, demonstrating the clinical benefits of the Company's differentiated bispecific antibody platform to the international oncology community.

Key Presentations

Plenary Session

Ivonescimab plus chemotherapy versus tislelizumab plus chemotherapy in previously untreated advanced squamous non-small cell lung cancer: Overall survival results of the Phase 3 HARMONi-6 study

  • Abstract: LBA4
  • Session: Plenary Session
  • Date/Time (CDT): May 31, 2026, 2:47 PM–2:59 PM
  • Presenter: Professor Shun Lu, Shanghai Chest Hospital

Oral Presentation

Efficacy and safety of ivonescimab combined with liposomal irinotecan in patients with small-cell lung cancer (SCLC) progressing after first-line chemoimmunotherapy: A multicenter, Phase 2 study

  • Abstract: 8007
  • Date: June 2, 2026
  • Presenter: Professor Yun Fan, Zhejiang Cancer Hospital

Oral Presentation

A prospective, multicenter, Phase Ib/II trial of first-line cadonilimab plus axitinib in advanced non–clear cell renal cell carcinoma

  • Abstract: 4501
  • Date: June 2, 2026
  • Presenter: Dr. Junru Chen, West China Hospital, Sichuan University

Rapid Oral Presentation

Neoadjuvant ivonescimab (AK112, a PD-1/VEGF bispecific antibody) combined with nab-paclitaxel and cisplatin for resectable locally advanced head and neck squamous cell carcinoma (LA-HNSCC): An exploratory Phase II study

  • Abstract: 6014
  • Date: June 2, 2026
  • Presenter: Professor Kunyu Yang, Union Hospital, Tongji Medical College, Huazhong University of Science and Technology

Rapid Oral Presentation

Cadonilimab or ivonescimab plus axitinib in metastatic mucosal melanoma: Results from a Phase Ib trial

  • Abstract: 9516
  • Date: May 31, 2026
  • Presenter: Professor Lili Mao, Peking University Cancer Hospital

International Multicenter Phase II Study

Ivonescimab (ivo) with oxaliplatin + fluorouracil (5-FU) + leucovorin calcium (mFOLFOX6) for patients (pts) with unresectable metastatic colorectal cancer (mCRC): A phase II study

  • Abstract: 3576
  • Date: May 30, 2026
  • First Author: David Berz, MD, PhD,  Department of Oncology, Valkyrie Clinical Trials, Inc

About Akeso
Akeso (HKEX: 9926.HK) is a leading biopharmaceutical company committed to the research, development, manufacturing and commercialization of the world's first or best-in-class innovative biological medicines. Founded in 2012, the company has established a robust R&D innovation ecosystem centered on its Tetrabody antibody technology platform, AI-powered drug R&D platform, Dual-Shield ADC technology platform, Dual-Lock T-cell engager (TCE) technology platform, Tissue-Smart siRNA/mRNA technology platform, and cell therapy technology platforms. Supported by a global-standard GMP manufacturing infrastructure and a highly efficient, integrated commercialization model, the company has evolved into a globally competitive biopharmaceutical focused on innovative solutions. With fully integrated multi-functional platform, Akeso is internally working on a robust pipeline of over 50 innovative assets in the fields of cancer, autoimmune disease, inflammation, metabolic disease and other major diseases. Among them, 27 candidates have entered clinical trials (including 15 bispecific/multispecific antibodies and bispecific ADCs. Additionally, 7 new drugs are commercially available. Through efficient and breakthrough R&D innovation, Akeso always integrates superior global resources, develops the first-in-class and best-in-class new drugs, provides affordable therapeutic antibodies for patients worldwide, and continuously creates more commercial and social values to become a global leading biopharmaceutical enterprise.

Forward-Looking Statements
This announcement by Akeso, Inc. (9926.HK, "Akeso") contains "forward-looking statements". These statements reflect the current beliefs and expectations of Akeso's management and are subject to significant risks and uncertainties. These statements are not intended to form the basis of any investment decision or any decision to purchase securities of Akeso. There can be no assurance that the drug candidate(s) indicated in this announcement or Akeso's other pipeline candidates will obtain the required regulatory approvals or achieve commercial success. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in P.R.China, the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Akeso's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Akeso's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

Akeso does not undertake any obligation to publicly revise these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

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10:38
SK Hynix Unveils iHBM Tech to Enhance AI Chip Cooling Efficiency, XL2CSOPHYNIX (07709.HK) Leaps 14%+

Shares of SK Hynix ballooned more than 6% in South Korea this morning (26th), lifting the KOSPI to a record high after the company unveiled its next-generation high-bandwidth memory technology, iHBM.

The new solution integrates a cooling component (ICE) into high-bandwidth memory (HBM) packaging, structurally addressing the most critical heat dissipation challenge faced by AI chips.

One of the key advantages of the new technology is improved product compatibility. Major tech clients such as NVIDIA Corporation (NVDA.US) can immediately adopt iHBM in their next-generation systems without significant standalone design modifications.

In Hong Kong, XL2CSOPHYNIX (07709.HK) last quoted at HKD110.75, up 14.15%, with turnover of HKD2.505 billion. XL2CSOPSMSN (07747.HK) last quoted at HKD158.95, up 4.5%.
~

AASTOCKS Financial News
Website: www.aastocks.com

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2026-05-22
15:32
Zoomlion Highlights Advanced, Green and Intelligent Mining Solutions at 2026 Global Mining Machinery Expo

CHANGSHA, China, May 22, 2026 /PRNewswire/ -- Zoomlion Heavy Industry Science & Technology Co., Ltd. ("Zoomlion") hosted its 2026 Global Mining Machinery Expo in Changsha on May 16, drawing more than 500 customers and industry partners from nearly 30 countries and regions to view its latest mining equipment and solutions.

Zoomlion Highlights Advanced, Green and Intelligent Mining Solutions at 2026 Global Mining Machinery Expo
Zoomlion Highlights Advanced, Green and Intelligent Mining Solutions at 2026 Global Mining Machinery Expo

The event, held at the Earthmoving Machinery Park of Zoomlion Smart City, highlighted Zoomlion's advances across three areas: heavy-load machinery for open-pit mines, electric and hybrid equipment for green mining operations, and autonomous haulage and mine management systems.

Three flagship models headlined the equipment display, including the ZWL360 hybrid wheeled loader, the ZTE450HEV hybrid electric-drive mining truck and the ZE1650G dual-engine mining excavator.

The ZWL360 is the world's largest hybrid wheeled loader, with a rated load of 36 tons and 1,495 kilowatts of combined power. It delivers more than 15% energy savings compared with comparable machines. The ZTE450HEV carries a 240-ton payload and is powered by a diesel-electric drivetrain with energy recovery systems. The ZE1650G excavator runs two QSM15 engines in tandem and is designed to operate in harsh conditions.

Zoomlion displayed more than 40 new-energy mining products and components, including the ZT160HEV hybrid and ZT165EV pure electric mining trucks. Its electric and hybrid machines are now operating across dozens of mines globally, with individual units logging more than 8,000 hours of service.

The company highlighted several proprietary green technologies at the event. The ZM-i Adaptive Super Energy Management System, for example, powers its hybrid machines through a "true hybrid" architecture that runs a diesel engine and electric motor simultaneously under heavy load, rather than alternating between the two. Company testing recorded a 20% reduction in fuel consumption and an 11.2% improvement in operating efficiency.

Autonomous haulage was another major focus. Zoomlion has put nearly 100 driverless mining trucks into operation across multiple sites in China, where they are capable of autonomous navigation, obstacle avoidance and coordinated work with excavators. At the expo, the company demonstrated that capability live, running the ZE985G remote-controlled excavator, ZT118EV pure electric mining truck and ZT160HEV hybrid mining truck through a coordinated dig-load-haul demonstration combining remote operation and autonomous haulage.

Zoomlion also unveiled two software platforms at the event: Mine Smart Supervision Platform 2.0 and Mine Operation & Diagnosis Platform 2.0. The systems stream equipment data from the field to the cloud, enabling real-time monitoring, fault prediction and maintenance tracking.

The company also introduced an intelligent mine assessment system that analyzes site conditions, models energy consumption and recommends equipment configurations on a mine-by-mine basis. It has already been deployed across more than 150 mines and completed more than 200 customized project plans.

Yuan Ye, vice president of Zoomlion, said the company would keep investing in its technical foundations to drive innovation and deepen its partnerships with customers worldwide.

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15:20
Shanghai Electric Marks International Day for Biological Diversity with Localized Green Practices

SHANGHAI, May 22, 2026 /PRNewswire/ -- On the occasion of International Day for Biological Diversity on May 22, Shanghai Electric (SEHK: 02727, SSE: 601727) is highlighting localized green practices across its factories and project sites, underscoring how industrial projects can reduce environmental impact and support biodiversity through site-specific actions.

 

This year's theme, "Acting locally for global impact", calls for global sustainability commitments to be translated into local action. For industrial enterprises, biodiversity protection starts with practical steps at the project and site levels, from cleaner energy use to stronger environmental management. Shanghai Electric's projects in China and Malaysia demonstrate how this approach can be applied in different operating environments.

The Mianchuan Wind Power Project — China's Yangtze River basin's first large-scale renewable-energy-powered "Zero-Carbon Island" — reflects this localized approach. In May 2025, the project, featuring 18 EW5.6N-202 wind turbines custom-designed by Shanghai Electric Wind Power Group for local island conditions, was fully connected to the grid and became commercially operational in September.

The turbines, integrated with energy storage and photovoltaics to form a clean microgrid, generate 244 million kWh annually to power 32,000 residents while delivering more than 200 million kWh of green electricity to areas beyond the island. The project saves 96,000 tons of standard coal and cuts CO₂ emissions by 240,000 tons per year, creates 500 local jobs, and contributes 200 million yuan in annual output value and 15 million yuan (USD 2.2 million) in taxes and profits.

Customized low-wind-speed turbines adapted to complex island conditions enable a coordinated "wind-solar-storage" system, creating a replicable zero-carbon transformation model for Yangtze River islands and resolving the island's long-standing single-power-source challenge while preserving the ecological environment and biodiversity.

In Sarawak, Malaysia, Shanghai Electric also commissioned the 500-kV Similajau‑Bunut transmission line, a 106-kilometer project that demonstrates how infrastructure development can be carried out with attention to local ecosystems and communities.

Throughout the project, Shanghai Electric implemented a systematic HSSE management approach and reported zero environmental liability events or major community conflicts. The project achieved 100% compliance in wastewater discharge and waste segregation, with no pollution incidents, wildlife casualties, or harm to the surrounding ecosystem, demonstrating harmonious coexistence with nature.

Looking ahead, Shanghai Electric will continue to apply localized green practices across its operations and project sites, supporting biodiversity protection while helping industrial projects reduce their environmental footprint. More biodiversity conservation practices can be found in the video.

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10:40
【2026 ASCO】亞盛醫藥公佈多項臨床進展,三項獲快速口頭報告

美國馬里蘭州羅克維爾市和中國蘇州2026年5月22日 /美通社/ -- 致力於在腫瘤等領域開發創新藥物的領先的生物醫藥企業——亞盛醫藥(納斯達克代碼:AAPG;香港聯交所代碼:6855)宣佈,公司六項入選2026年美國臨床腫瘤學會(ASCO)年會的臨床研究的摘要已於ASCO官網公佈。此次入選的研究中,有三項獲快速口頭報告、三項獲壁報展示,涉及中國首個獲批上市的第三代BCR-ABL抑制劑奧雷巴替尼(商品名:耐立克®)、中國首個獲批上市的國產原創Bcl-2選擇性抑制劑利沙托克拉(商品名:利生妥®)和MDM2-p53抑制劑alrizomadlin(APG-115)三個重點品種。

本屆ASCO年會將於5月29日至6月2日(美國當地時間)在芝加哥McCormick會議中心以線上線下結合的形式舉辦。一年一度的ASCO年會是全球腫瘤領域最重要、最權威的學術交流盛會,將展示當前國際最前沿的臨床腫瘤學科研成果和腫瘤治療技術。

亞盛醫藥入選2026ASCO年會的摘要核心信息如下:
快速口頭報告
Olverembatinib (HQP1351) combined with blinatumomab in patients with lymphoid blast phase chronic myeloid leukemia (CML-LBP) or Philadelphia chromosome-positive B-cell precursor acute lymphoblastic leukemia (Ph+ BCP-ALL)
奧雷巴替尼(HQP1351)聯合貝林妥歐單抗治療淋系急變期慢性髓細胞白血病(CML-LBP)或費城染色體陽性B細胞前體急性淋巴細胞白血病(Ph+ BCP-ALL)患者
摘要編號:6513
展示形式:快速口頭報告
分會場標題:血液系統惡性腫瘤——白血病、骨髓增生異常綜合征及同種異體移植(Hematologic Malignancies—Leukemia, Myelodysplastic Syndromes, and Allotransplant)
報告時間:
2026年5月30日 13:51–13:57(美國中部時間)
2026年5月31日 凌晨2:51 - 2:57(北京時間)
第一作者:Elias Jabbour, MD,美國德克薩斯大學MD安德森癌症中心白血病科
核心要點:

  • 這項多中心、開放標簽的Ib期研究探索了奧雷巴替尼與貝林妥歐單抗聯合方案在復發/難治(R/R)Ph+ BCP-ALL或CML-LBP患者中的應用。
  • 入組時存在陽性可測量的殘留疾病(MRD)且非完全緩解(CR)的5例患者組中,4例達到CR,2例實現MRD轉陰,整體安全性可控。
  • 這項研究首次在國際患者群體中驗證了奧雷巴替尼聯合免疫療法在CML-LBP與R/R Ph+ BCP- ALL中的可行性。

Updated efficacy and safety of olverembatinib (HQP1351) as second-line therapy in patients with chronic-phase chronic myeloid leukemia (CP-CML)
奧雷巴替尼(HQP1351)二線治療慢性期慢性髓細胞白血病(CP-CML)患者的最新療效和安全性數據
摘要編號:6510
展示形式:快速口頭報告
分會場標題:血液系統惡性腫瘤——白血病、骨髓增生異常綜合征及同種異體移植(Hematologic Malignancies—Leukemia, Myelodysplastic Syndromes, and Allotransplant)
報告時間:
2026年5月30日 13:21–13:27(美國中部時間)
2026年5月31日 凌晨2:21 – 2:27(北京時間)
第一作者:黎緯明教授,華中科技大學同濟醫學院附屬協和醫院血液科
核心要點:

  • 這是一項在中國開展的單臂、多中心、開放標簽研究,評估了奧雷巴替尼作為二線治療方案的有效性與安全性。
  • 在42例可評估患者中,第24周期時,完全細胞遺傳學反應(CCyR)率達91.3%,主要分子學反應(MMR)率達60.9%。在32例一線使用二代TKI失敗的患者中,仍有81.3%獲得了CCyR,50%達到MMR,且安全性良好。
  • 奧雷巴替尼在對一線TKI耐藥/不耐受且無T315I突變的CP-CML患者中顯示出良好的耐受性,並帶來較高的MMR和CCyR率。

Alrizomadlin (APG-115) alone or in combination with Lisaftoclax (APG-2575) for the treatment of pediatric patients with relapsed/metastatic rhabdomyosarcoma (RMS) or other soft-tissue sarcomas (STSs)
AlrizomadlinAPG-115)單藥或聯合利沙托克拉(APG-2575)治療復發/轉移性橫紋肌肉瘤(RMS)或其他軟組織肉瘤(STSs)兒童患者
摘要編號:10012
展示形式:快速口頭報告
分會場標題:兒童腫瘤II(Pediatric Oncology II)
報告時間:
2026年5月30日 8:00 - 8:06(美國中部時間)
2026年5月30日 21:00–21:06(北京時間)
第一作者:張翼鷟教授,中山大學腫瘤防治中心兒童腫瘤科,華南腫瘤學國家重點實驗室,腫瘤醫學協同創新中心
核心要點:

  • 這是一項國內多中心臨床試驗,評估了Alrizomadlin(APG-115)單藥或聯合利沙托克拉,用於經多線重度治療的復發/轉移性兒童橫紋肌肉瘤、尤文肉瘤、神經母細胞瘤及其他軟組織肉瘤的安全性與初步療效。
  • 結果顯示單藥及聯合組均無劑量限制性毒性(DLT),不良反應以胃腸道、血液學毒性為主,嚴重不良事件少見,無治療相關死亡及停藥。療效方面,單藥組 1 例難治性橫紋肌肉瘤達CR;聯合組客觀緩解率(ORR)達 30%、疾病控制率(DCR)達 80%。
  • 該方案安全性可控,在兒童相關實體瘤中初步展現抗腫瘤活性,值得進一步研究。

壁報展示
Updated clinical and translational results of olverembatinib (HQP1351) in patients with succinate dehydrogenase (SDH)-deficient tumors
奧雷巴替尼(HQP1351)治療琥珀酸脫氫酶缺陷型(SDH-)腫瘤患者的最新臨床和轉化研究結果
摘要編號:11539
展示形式:壁報展示
分會場標題:肉瘤(Sarcoma)
報告時間:
2026年6月1日 13:30–16:30(美國中部時間)
2026年6月2日 凌晨2:30–5:30(北京時間)
第一作者:邱海波教授,中山大學腫瘤防治中心,華南腫瘤學國家重點實驗室,腫瘤醫學協同創新中心
核心要點:

  • 這是一項在SDH缺陷型腫瘤中的研究,評估了奧雷巴替尼在SDH缺陷型GIST和副神經節瘤患者中的療效。
  • 在26例SDH缺陷型GIST患者中,6例(23.1%)患者的最佳療效為PR,中位無進展生存期(PFS)長達25.7個月;在6例SDH缺陷型副神經節瘤患者中,4例患者觀察到最佳療效,SD持續≥4個周期(CBR,66.7%),中位PFS為8.25個月。
  • 該研究首次闡明了奧雷巴替尼通過p38-CD36通路抑制脂肪酸促進的腫瘤細胞遷移的新機制,為SDH缺陷型腫瘤的治療提供了全新思路。

A phase 3 study of olverembatinib (HQP1351) in patients with chronic-phase chronic myeloid leukemia: POLARIS-2 trial in progress
奧雷巴替尼(HQP1351)治療慢性期慢性髓細胞白血病患者的III期臨床研究:正在進行中的POLARIS-2試驗
摘要編號:TPS6608
展示形式:壁報展示
分會場標題:血液系統惡性腫瘤——白血病、骨髓增生異常綜合征及同種異體移植(Hematologic Malignancies—Leukemia, Myelodysplastic Syndromes, and Allotransplant)
報告時間:
2026年6月1日 9:00–12:00(美國中部時間)
2026年6月1日 22:00–次日凌晨1:00(北京時間)
第一作者:Elias Jabbour, MD,美國德克薩斯大學MD安德森癌症中心白血病科
核心要點:

  • POLARIS-2是一項全球性、多中心、隨機、開放標簽的III期註冊研究。
  • 該研究包含兩個獨立隊列。Part A將至少接受過兩種TKI治療的慢性期CML患者按2:1隨機分配至奧雷巴替尼組或博舒替尼組;Part B為單臂研究,評估奧雷巴替尼在攜帶T315I突變的患者中的療效。主要終點均為24周的主要分子學反應率。

A global multicenter, open-label, randomized, phase 3 registrational study of lisaftoclax (APG-2575) in previously treated chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL): GLORA trial in progress
利沙托克拉(APG-2575)治療既往經治慢性淋巴細胞白血病/小淋巴細胞淋巴瘤(CLL/SLL)患者的全球多中心、開放性、隨機、III期註冊臨床研究:正在進行中的GLORA試驗
摘要編號:TPS7101
展示形式:壁報展示
分會場標題:血液系統惡性腫瘤——淋巴瘤和慢性淋巴細胞白血病(Hematologic Malignancies—Lymphoma and Chronic Lymphocytic Leukemia)
報告時間:
2026年6月1日 9:00–12:00(美國中部時間)
2026年6月1日 22:00–次日凌晨1:00(北京時間)
第一作者:Matthew Steven Davids, MD,美國丹娜法伯癌症研究院
核心要點:

  • GLORA是一項全球性、多中心、開放標簽的III期註冊研究。
  • 該研究旨在評估經≥12 個月 BTK 抑制劑單藥治療後未達完全緩解且無疾病進展的CLL/SLL患者,在接受利沙托克拉聯合BTK抑制劑治療後的療效與安全性。研究計劃納入約 440 例患者,在 18 個國家 126 個中心開展,目前正在招募中。

關於亞盛醫藥
亞盛醫藥(納斯達克代碼:AAPG;香港聯交所代碼:6855)是一家綜合性的全球生物醫藥企業,致力於研發、生產和商業化創新藥,以解決腫瘤領域全球患者尚未滿足的臨床需求。公司已建立豐富的創新藥產品管線,包括抑制Bcl-2和 MDM2-p53 等細胞凋亡通路關鍵蛋白的抑制劑、新一代針對癌症治療中出現的激酶突變體的抑制劑以及蛋白降解劑。

公司核心品種耐立克®是中國首個獲批上市的第三代BCR-ABL抑制劑,已獲批用於治療伴有T315I突變的慢性髓細胞白血病慢性期(CML-CP)和加速期(CML-AP)患者,以及對一代和二代TKI耐藥和/或不耐受的CML-CP成年患者。該藥物所有獲批適應症均已被納入中國國家醫保藥品目錄(NRDL)。目前,亞盛醫藥正在開展耐立克®三項全球註冊III期臨床研究,分別為:獲美國FDA和歐洲EMA許可的評估耐立克®治療新診斷費城染色體陽性急性淋巴細胞白血病(Ph+ ALL)患者POLARIS-1研究;獲美國FDA和歐洲EMA許可的評估耐立克®治療經治CML-CP成年患者的POLARIS-2研究;評估耐立克®治療SDH-缺陷型GIST患者的POLARIS-3研究。

公司另一重磅品種利生妥®是一款用於治療多種血液系統惡性腫瘤的新型Bcl-2抑制劑。利生妥®已獲中國國家藥品監督管理局(NMPA)批准,用於治療既往至少接受過一種包括布魯頓酪氨酸激酶(BTK)抑制劑在內的系統治療的成人慢性淋巴細胞白血病/小淋巴細胞淋巴瘤(CLL/SLL)患者。目前,亞盛醫藥正在開展利生妥®四項全球註冊III期臨床研究,分別為:獲美國FDA和歐洲MEA許可的評估利生妥®聯合BTK抑制劑治療既往接受BTK抑制劑治療超過12個月且應答不佳的CLL/SLL患者的GLORA研究;評估利生妥®一線治療初治CLL/SLL患者的GLORA-2研究;評估利生妥®一線治療新診斷老年或不耐受的AML患者的GLORA-3研究;以及獲美國FDA和歐洲EMA許可的評估利生妥®一線治療新診斷中高危MDS患者的GLORA-4研究。

憑借強大的研發能力,亞盛醫藥已在全球範圍內進行知識產權佈局,並與武田、阿斯利康、默沙東、輝瑞、信達等眾多領先的生物製藥公司達成全球合作,同時與丹娜法伯癌症研究院、梅奧醫學中心、美國國家癌症研究所和密西根大學等學術機構建立研發合作關係。如需了解更多信息,請訪問 https://ascentage.com/

前瞻性聲明
本新聞稿包含根據美國《1995年私人證券訴訟改革法案》,以及經修訂的《1933年證券法》第27A條和《1934年證券交易法》第21E條所界定的前瞻性陳述。除歷史事實陳述外,本新聞稿中的所有內容均可能構成前瞻性陳述,包括亞盛醫藥對未來事件、經營成果或財務狀況所發表的意見、預期、信念、計劃、目標、假設或預測。

這些前瞻性陳述受到諸多風險和不確定性的影響,具體內容已在亞盛醫藥向美國證券交易委員會(SEC)提交的文件中詳細說明,包括2025年1月21日提交的經修訂的F-1表格註冊說明書和2025年4月16日提交的20-F表格中的「風險因素」和「關於前瞻性聲明的警示聲明」章節、2019年10月16日提交的首次發行上市招股書中的「前瞻性聲明」、「風險因素」章節,以及我們不時向SEC或HKEX提交的其他文件。這些因素可能導致實際業績、運營水平、經營成果或成就與前瞻性陳述中明示或暗示的信息存在重大差異。本前瞻性聲明中的陳述不構成公司管理層的利潤預測。

因此,該等前瞻性陳述不應被視為對未來事件的預測。本新聞稿中的前瞻性陳述僅基於亞盛醫藥當前對未來發展及其潛在影響的預期和判斷,且僅代表截至陳述發表之日的觀點。無論出現新信息、未來事件或其他情況,亞盛醫藥均無義務更新或修訂任何前瞻性陳述。

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10:26
BofAS Raises NVIDIA TP to USD350; Strong Results and Outlook

NVIDIA Corporation (NVDA.US) once again delivered impressive results and raised its guidance, BofA Securities said in its report. Although the midpoint of revenue guidance for 2FQ at USD91 billion was in line with market bullish expectations - leading to typical post-earnings volatility, with the stock having declined three out of the past four post-results sessions - the broker advised investors to look beyond such noise and focus on NVIDIA's key strengths.

The total addressable market (TAM) for AI was projected to expand fourfold over the next four years, exceeding USD3 trillion by 2030, compared with the broker's previous estimate of USD1.7 trillion. NVIDIA holds a unique full-stack positioning within this market. The company boasts industry-leading gross margins of 75% and a FCF margin of approximately 48%. It also increased its dividend by 25 times to 0.45% and planned to repurchase approximately USD120 billion worth of shares.

Overall, BofA Securities raised its EPS forecasts for FY2027 and FY2028 by 9% and 15% to USD9.09 and USD13.27, respectively. The TP was lifted to USD350 from USD320, with a Buy rating.
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AASTOCKS Financial News
Website: www.aastocks.com

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10:19
BOE A (000725.SZ): No Biz Ties with NVIDIA at Present

BOE A (000725.SZ) announced that the company has so far not commenced any business cooperation with NVIDIA Corporation (NVDA.US), and certain media speculation lacks factual basis.

In addition, the company stated that its glass-based packaging substrate business, perovskite business, and optical interconnect business are still in the technical discussion and verification stages. They have not yet entered mass production nor generated mass production revenue.

There is significant uncertainty as to whether and when the company will achieve mass production and realize the expected benefits in these areas. Based on current business development, it is expected that the above businesses will not have a material impact on the company's operating results over the next two to three years.
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AASTOCKS Financial News
Website: www.aastocks.com

Information Provided by AAStocks Financial News [Disclaimer]
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