MINISO Group Holding Limited (MNSO) Cash Flow Statement

NYSE: MNSOOperating cash, capex, free cash flow and buybacks.

Where MNSO’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥2.62B
+21.0% vs 2024
Capital expenditures
CN¥970.5M
4.5% of revenue
Free cash flow
CN¥1.65B
7.7% margin
Returned to shareholders
CN¥1.84B
111% of free cash flow
Change in cash
CN¥812.5M
cash at year-end CN¥6.88B
Cash from operations: CN¥2.62BCash from operationsCN¥2.62BInvestments (net): CN¥373.1MInvestments (net)CN¥373.1MBorrowing: CN¥3.24BBorrowingCN¥3.24BShares issued: CN¥4.27BShares issuedCN¥4.27BCurrency & other: CN¥283.6MCurrency & otherCN¥283.6MAcquisitions & other: CN¥6.42BAcquisitions & otherCN¥6.42B · 59%Dividends: CN¥1.32BDividendsCN¥1.32B · 12%Capital expenditures: CN¥970.5MCapital expendituresCN¥970.5M · 9%Other financing: CN¥746.3MOther financingCN¥746.3M · 7%Share buybacks: CN¥520.7MShare buybacksCN¥520.7M · 5%Added to cash: CN¥812.5MAdded to cashCN¥812.5M · 8%CN¥10.79B
Cash from operations
CN¥2.62B
Capital expenditures
−CN¥970.5M
Investments (net)
+CN¥373.1M
Acquisitions & other
−CN¥6.42B
Dividends
−CN¥1.32B
Share buybacks (net)
−CN¥520.7M
Net borrowing (repayment)
+CN¥3.24B
Shares issued
+CN¥4.27B
Other financing
−CN¥746.3M
Currency & other
+CN¥283.6M
Change in cash
CN¥812.5M

Drawn to scale: where the cash came from and how it was used. Hover for values.

MNSO operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

MNSO cash flow trends, 2018–2025

MetricTrendThenLatestChange
Operating cash flowCN¥1.04B2018CN¥2.62B2025+14.2%/yr
Capital expendituresCN¥116.1M2018CN¥970.5M2025+35.4%/yr
Free cash flowCN¥922.3M2018CN¥1.65B2025+8.7%/yr
Free cash flow margin9.8%20187.7%2025−2.1 pts
Operating cash flow / net income2.2020222.242025+0.04
Stock-based compensationCN¥122.1M2018CN¥367.9M2025+17.1%/yr
Dividends paidCN¥330.3M2018CN¥1.32B2025+21.9%/yr
Share buybacks (net)CN¥02019CN¥520.7M2025—
Capex / revenue1.2%20184.5%2025+3.3 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

MNSO cash flow by activity

OperatingInvestingFinancingChange in cash

MNSO net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

MNSO cash flow statement in Chinese yuan

20252024202320222021202020192018
Operating activities
Net incomeCN¥1.17BCN¥2.64BCN¥1.78BCN¥639.7M−CN¥1.43B−CN¥1.43B−CN¥130.1M−CN¥290.6M
Depreciation & amortizationCN¥1.25BCN¥853.9MCN¥425.1MCN¥389.9MCN¥265.0MCN¥265.0MCN¥268.7MCN¥191.8M
Stock-based compensationCN¥367.9MCN¥85.2MCN¥62.9MCN¥82.8MCN¥281.3MCN¥281.3MCN¥364.4MCN¥122.1M
Change in working capital−CN¥1.31B−CN¥1.10B−CN¥519.8MCN¥350.3MCN¥277.2MCN¥277.2M−CN¥183.8M−CN¥315.4M
Other non-cash itemsCN¥1.14B−CN¥307.5M−CN¥83.9M−CN¥56.5MCN¥1.52BCN¥1.52BCN¥507.4MCN¥1.33B
Cash from operating activitiesCN¥2.62BCN¥2.17BCN¥1.67BCN¥1.41BCN¥916.3MCN¥916.3MCN¥826.5MCN¥1.04B
Investing activities
Capital expenditures−CN¥970.5M−CN¥762.5M−CN¥174.1M−CN¥1.23B−CN¥180.3M−CN¥180.3M−CN¥57.0M−CN¥116.1M
Investments (net)CN¥373.1M−CN¥533.3M−CN¥293.4M−CN¥2.13B−CN¥2.13B−CN¥456.0MCN¥462.8M−CN¥210.9M
Acquisitions & other investing−CN¥6.42BCN¥762.5MCN¥174.1MCN¥1.23BCN¥1.79BCN¥117.5MCN¥57.0MCN¥116.1M
Cash from investing activities−CN¥7.02B−CN¥533.3M−CN¥293.4M−CN¥2.13B−CN¥518.8M−CN¥518.8MCN¥462.8M−CN¥210.9M
Financing activities
Dividends paid−CN¥1.32B−CN¥1.24B−CN¥370.8M−CN¥306.3M−CN¥306.3M−CN¥330.3M−CN¥330.3M−CN¥330.3M
Share repurchases & issuance (net)−CN¥520.7M−CN¥313.4M−CN¥36.4M−CN¥85.5MCN¥330.3MCN¥330.3MCN¥0—
Net borrowing (repayment)CN¥3.24B−CN¥162.0M−CN¥346.2M−CN¥322.3M−CN¥322.3M−CN¥644.0MCN¥214.0M−CN¥180.2M
Shares issuedCN¥4.27BCN¥0CN¥382,000CN¥469.7MCN¥0CN¥4.18BCN¥0CN¥0
Other financing−CN¥746.3M−CN¥963,000CN¥427.1M−CN¥489.1MCN¥3.83BCN¥1.3M−CN¥1.4MCN¥1.13B
Cash from financing activitiesCN¥4.92B−CN¥1.72B−CN¥326.0M−CN¥733.6MCN¥3.54BCN¥3.54B−CN¥117.7MCN¥619.9M
Summary
Net change in cashCN¥812.5M−CN¥87.3MCN¥1.14B−CN¥1.42BCN¥3.92BCN¥3.92BCN¥1.17BCN¥1.69B
Cash at end of periodCN¥6.88BCN¥6.33BCN¥6.49BCN¥5.35BCN¥6.77BCN¥6.77BCN¥2.85BCN¥1.69B
Free cash flowCN¥1.65BCN¥1.41BCN¥1.49BCN¥172.1MCN¥736.0MCN¥736.0MCN¥769.5MCN¥922.3M
Free cash flow margin7.7%8.3%9.8%1.7%8.1%8.1%8.6%9.8%
Capex / revenue4.5%4.5%1.1%12.2%2.0%2.0%0.6%1.2%
Operating cash flow / net income2.240.820.942.20————

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.

MNSO cash generation

In fiscal 2025 (ended December 31, 2025), MINISO generated CN¥2.6 billion of cash from operations (up 21.0%) and spent CN¥970.5 million on capital expenditures, leaving free cash flow of CN¥1.7 billion, 7.7% of revenue. It returned CN¥1.8 billion to shareholders through dividends (CN¥1.3 billion) and net share buybacks (CN¥520.7 million). Cash and equivalents rose by CN¥812.5 million over the year.

Related: MNSO income statement, MNSO balance sheet, MNSO dividend history. See the MNSO stock overview for the latest quote and news.

MNSO cash flow FAQ

What is MINISO's free cash flow?

MINISO's free cash flow was CN¥1.7 billion in fiscal 2025: CN¥2.6 billion of operating cash flow minus CN¥970.5 million of capital expenditures It was CN¥1.4 billion a year earlier..

How much cash does MINISO generate from operations?

MINISO generated CN¥2.6 billion of cash from operating activities in fiscal 2025, 2.24 times its net income of CN¥1.2 billion.

How much does MINISO spend on capital expenditures?

MINISO spent CN¥970.5 million on capital expenditures in fiscal 2025, 4.5% of revenue, compared with CN¥762.5 million the year before.

How much stock does MINISO buy back?

MINISO spent CN¥520.7 million on net share repurchases in fiscal 2025.

How much does MINISO pay in dividends?

MINISO paid CN¥1.3 billion in dividends in fiscal 2025, 79.9% of free cash flow.

Specialty Retail: cash flow