Technology
DNSFilter Welcomes Cisco Veteran TK Keanini as CTO
Published
12 months agoon
By

Industry leader brings customer focus and passion to cybersecurity startup
WASHINGTON, June 6, 2024 /PRNewswire/ — DNSFilter announced today that it has hired TK Keanini as Chief Technology Officer (CTO). In his new role, Keanini will lead product management, customer experience, engineering, and security intelligence toward ongoing innovation and growth, focusing on customer needs and feedback to determine product direction.
Keanini brings to his new role more than 30 years of experience in network security. Prior to joining DNSFilter, he was the Vice President of security architecture and CTO of Cisco Secure. During his time there, he led Cisco’s Encrypted Traffic Analytics security solution, where he saw revolutionary potential in the ability to gain insights through existing network telemetry. He has also held leadership roles at security startups Lancope and nCircle Network Security, as well as at Morgan Stanley Dean Witter Online.
Keanini is driven by a goal to do right by his customers and ensure their voice is present in product decisions. He brings this passion to DNSFilter, where he will build on the company’s commitment to customer experience in everything it does.
TK Keanini, CTO, DNSFilter, said: “Cybersecurity companies that grow and succeed long-term have a few consistent properties. First, these solutions have an inherently simple design. Second, the layer protected is one critical (not optional) to both businesses and adversaries alike. And third, these solutions intercept as early in the lifecycle as possible, often the first to detect and respond to a threat. DNSFilter has all three of these properties, and I knew I wanted to join a company where I saw the potential for scale and success.”
Ken Carnesi, CEO and co-founder, DNSFilter, said: “We are thrilled to welcome TK to our team. A great CTO bridges the gap between technical innovation and business strategy, ensuring technology drives success. TK brings decades of experience and a passion for his work. He views engineers and developers as creative artists and aims to harness their inventiveness to go beyond the industry standard. With TK on board, we are enhancing our focus on security and driving innovation. Together, we will deliver features that excite our customers and strengthen our position as a key player within the cybersecurity landscape.”
About the company:
DNSFilter is redefining how organizations secure their largest threat vector: the Internet itself. DNSFilter is making the internet safer and workplaces more productive, by actively blocking an average of 12M threat queries every single day. With 79% of attacks using Domain Name System (DNS), DNSFilter provides the world’s fastest protective DNS powered by machine learning that uniquely identifies 61% more threats than competitors on an average of ten days earlier, including zero-day attacks.
Over 35 million monthly users trust DNSFilter to protect them from phishing, malware, and advanced cyber threats. DNSFilter’s brands include Webshrinker, its next generation web categorization software, and Guardian, a consumer app focused on privacy protection.
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SOURCE DNSFilter
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vivo Expert Dr. Wang Ruixin Wins 3GPP Excellence Award for Outstanding Contribution to 5G OTA Standards
Published
25 minutes agoon
May 23, 2025By

SHENZHEN, China, May 23, 2025 /CNW/ — 3GPP (3rd Generation Partnership Project) formally announced that Dr. Wang Ruixin, a leading telecommunications expert at vivo, has received the prestigious 3GPP Excellence Award 2024 during the 3GPP RAN4#115 meeting held in Malta on May 19, 2025. Presented by 3GPP, an authoritative global communication standards body, the award honors individuals who have made outstanding contributions to the development of mobile communication technology specifications. Dr. Wang’s achievement is an acknowledgment of his technical leadership and underscores vivo’s position as one of the global leaders in 5G core technology R&D and international standard setting.
Dr. Wang’s Award Recognizes Exceptional Technical Contributions
3GPP is the world’s leading telecommunication standard development body. It currently has more than 850 member companies from over 40 countries, including mobile network operators, equipment manufacturers, instrumentation manufacturers, chipmakers, universities and R&D institutions. The technical specifications produced by 3GPP directly impact the communication experience of billions of users around the world.
Established in 2012, the 3GPP Excellence Award recognizes individuals who have made outstanding technical contributions to the 3GPP working groups. Each year, a maximum of four recipients are selected from all technical specification groups, including Radio Access Networks (RAN), Services & Systems Aspects (SA) and Core Network & Terminals (CT). According to 3GPP statistics, over 1,000 representatives participated in the standard discussions across its working groups in 2024. Dr. Wang stood out with his breakthrough contribution to the field of 5G OTA standards, becoming the second expert from the RAN4 Working Group to receive this honor since the award was established.
At the award ceremony, the 3GPP RAN4 leadership team highlighted Dr. Wang’s dedication and expertise. “His strong technical expertise, dedication and excellent leadership has made him a successful and outstanding delegate in 3GPP RAN4. Many thanks for Ruixin’s excellent work and contribution!” they stated.
Dr. Wang Ruixin has been actively engaged in 3GPP technical standardization work for many years. In the 5G era, he has served as the Rapporteur for multiple standard projects (WI/SI), leading the development of mobile terminal radiated performance and Over-the-Air (OTA) testing standards. Under his leadership, 3GPP achieved several industry milestones in this field, including the finalization of 5G UE OTA requirements in 2024 – a groundbreaking accomplishment in the industry.
Beyond his individual technical contributions, as vivo’s prime delegate of RAN4 working group, Dr. Wang has led the vivo RAN4 team participation in technical discussions across multiple topics, actively driving the development of 3GPP standards.
From Technical Breakthroughs to Ecosystem Building: vivo’s Methodology for Standard Innovation
Dr. Wang’s achievements reflect vivo’s systematic investment in the field of communication technology. As a global leader in smartphone manufacturing, vivo established the Communications Research Institute in 2016, focusing on cutting-edge mobile communication research, international/industry standard development, and core technology verification and testing for the group.
To date, vivo has submitted over 17,000 5G technical proposals to 3GPP, participated in the formulation of more than 700 technical standards, and applied for over 7,000 patents for 5G and 6G technologies. It has successfully driven projects such as UE power saving, Multi-SIM, LP-WUS, and narrowband voice satellite communication within 3GPP. vivo has also developed prototypes for 5.5G and 6G technologies, including NTN, RedCap, AI+ communication, 6G mobile computing-network integration, 6G integrated sensing and communication, 6G data plane, and 6G backscatter technologies. Additionally, vivo has published six 6G white papers and three technical books through People’s Posts & Telecommunications Press, making outstanding contributions to the formulation of global mobile communication standards and the advancement of the industry.
With its achievements and contributions in 5G standard setting, technology validation, testing, product development, and application, vivo was awarded the National Science and Technology Progress Award First Prize in June 2024, consolidating its leading position in the field of global communication technology.
Dr. Wang’s 3GPP Excellence Award marks a career milestone and demonstrates vivo’s innovation leadership. As the global communication industry steps into a new decade of “intelligent connectivity for all”, innovation pioneers like vivo are writing a new chapter in the history of world communications.
About vivo
vivo is a technology company driven by design to create exceptional products, with smart terminals and intelligent services at its core. It aims to bridge the gap between people and the digital world, offering users a more convenient and personalized mobile digital life. Guided by its corporate values of ‘Benfen’ (staying grounded), user orientation, design-driven innovation, continuous learning, and teamwork, vivo integrates sustainable development strategies across its value chain, striving to become a healthier, enduring world-class enterprise.
Headquartered in Dongguan, China, vivo taps into local talent resources and maintains an extensive R&D network spanning Shenzhen, Dongguan, Nanjing, Beijing, Hangzhou, Shanghai, and Xi’an. Its research covers a wide range of frontier areas, including 5G communication, artificial intelligence, industrial design, and imaging technology. Currently, vivo’s manufacturing network (including authorized production) boasts an annual production capacity of nearly 200 million units, with sales covering over 60 countries and regions and a user base exceeding 500 million.
For more corporate, brand, product, and technology updates, follow vivo’s official WeChat accounts: ‘vivo’ and ‘XG Detective Agency’.
For additional media resources, high-resolution images, or videos, please visit: https://mobile.vivo.com/
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SOURCE vivo
Technology
MINISO Group Announces March Quarter 2025 Unaudited Financial Results
Published
25 minutes agoon
May 23, 2025By

Revenue grew 18.9 % year over year
Significant sequential improvement of same-store sales(1) in MINISO mainland China for March Quarter
Gross margin reached 44.2%, up 0.8 ppt year over year
Adjusted EBITDA increased 7.5% year over year to RMB1,037.3 million
Shareholder returns reached around RMB986.9 million year to date
GUANGZHOU, China, May 23, 2025 /PRNewswire/ — MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) (“MINISO”, “MINISO Group” or the “Company”), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced its unaudited financial results for the quarter ended March 31, 2025 (the “March Quarter”).
Financial Highlights
Revenue increased 18.9 % year over year to RMB4,427.0 million (US$610.1 million).Same-store sales(1) in MINISO mainland China has significantly narrowed its decline for March Quarter to mid-single digit.Gross profit increased 21.1% year over year to RMB1,958.0 million (US$269.8 million).Gross margin was 44.2%, compared to 43.4% in the same period last year.Operating profit was RMB709.8 million (US$97.8 million), compared to RMB743.3 million in the same period last year.Profit for the period was RMB416.5 million (US$57.4 million), compared to RMB586.0 million in the same period last year. Excluding other expenses and interest expenses related to issuance of equity linked securities in January 2025 (the “Equity Linked Securities”), and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*(永輝超市股份有限公司), profit for the period would have been RMB562.3 million (US$77.5 million).Adjusted net profit(2) was RMB587.2 million (US$80.9 million), compared to RMB616.9 million in the same period last year.Adjusted net margin(2) was 13.3%, compared to 16.6% in the same period last year.Adjusted EBITDA(2) increased 7.5% year over year to RMB1,037.3 million (US$142.9 million).Adjusted EBITDA margin(2) was 23.4%, compared to 25.9% in the same period of 2024.Adjusted basic and diluted earnings per ADS(2) were RMB1.92 (US$0.26) and RMB1.88 (US$0.26) respectively, compared with each of RMB1.96 in the same period last year.Cash Position(3) was RMB7,255.3 million (US$999.8 million) as of March 31, 2025, compared to RMB6,698.1 million as of December 31, 2024.
Operational Highlights
Total number of stores on group level was 7,768 as of March 31, 2025, representing a year-over-year increase of 978 net new stores.Number of MINISO stores was 7,488 as of March 31, 2025, representing a year-over-year increase of 858 net new stores.Number of MINISO stores in mainland China was 4,275 as of March 31, 2025, representing a year-over-year increase of 241 net new stores.Number of MINISO stores in overseas markets reached 3,213 as of March 31, 2025, representing a year-over-year increase of 617 net new stores.Number of TOP TOY stores was 280 as of March 31, 2025, representing a year-over-year increase of 120 net new stores. TOP TOY has also begun to expand into overseas markets since December quarter of 2024. This strategic move aligns with the Company’s plan to expand globally and strengthen its brand presence.
Notes:
(1) “Same-store sales” refers to the daily sale on per store basis 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 and closed for less than 30 days during both comparative periods.
(2) See the sections titled “Non-IFRS Financial Measures” and “Reconciliation of Non-IFRS Financial Measures” in this press release for more information.
(3) “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.
The following table provides a breakdown of the Company’s store network and its changes on a year-over-year basis. 70% of new MINISO stores in the past twelve months were located in overseas markets.
As of
March 31,
2024
March 31,
2025
YoY
Number of stores on group level
6,790
7,768
978
Number of MINISO stores
6,630
7,488
858
Mainland China
4,034
4,275
241
—Directly operated stores
29
20
(9)
—Stores operated under MINISO Retail Partner model
3,983
4,229
246
—Stores operated under distributor model
22
26
4
Overseas
2,596
3,213
617
—Directly operated stores
281
548
267
—Stores operated under MINISO Retail Partner model
314
432
118
—Stores operated under distributor model
2,001
2,233
232
Number of TOP TOY stores
160
280
120
—Directly operated stores
17
40
23
—Stores operated under MINISO Retail Partner model
143
240
97
Mr. Guofu Ye, Founder, Chairman, and CEO of MINISO, commented, “We delivered a solid March Quarter to kick off 2025 and are pleased to see our revenue grow by 18.9% year over year. Our revenue growth was mainly attributable to a 9.1% revenue growth in MINISO mainland China, an acceleration from September and December quarter last year, powered by a solid recovery in same-store sales. Through our steady progress in product mix optimization and strategical store network refinement, we are confident in achieving sustainable and high-quality growth.
Revenue in MINISO overseas grew by 30.3%, with a year-over-year 3 percentage points increase in contribution to our total revenue. We are forging more holistic collaborations with our overseas partners to enhance synergies, upgrade store formats to improve operational efficiency and unlock potential in store opening space.”
“Entering into 2025, we are facing an increasingly volatile macroeconomic environment. Yet, with over ten years’ experience of globalization, unparalleled scale and diversified footprint, we will stay resilient and agile in order to deliver long-term profitable growth.” Mr. Ye continued.
Mr. Eason Zhang, CFO of MINISO, commented, “Gross margin for March Quarter reached 44.2%, which was the highest for the past March quarters ever, thanks to our solid performance from overseas markets and TOP TOY. Adjusted EBITDA grew by 7.5% year over year to RMB1,037.3 million, with an adjusted EBITDA margin of 23.4%. Our mainland franchise segment achieved a stable operating margin year over year amid a challenging environment while our investments into new businesses will open up growth opportunities over the long term.”
“MINISO Group remains steadfast in our consumer-centric strategy driving business transformation and market expansion through continuous innovation. We are committed to delivering high-quality, creatively designed products and services to our customers while generating sustainable value for shareholders. We maintained a strong cash position of RMB7,255.3 million as of March 31, 2025 and distributed cash dividends of US$101.4 million this April. Supplemented by year-to-date share repurchase of about RMB255.7 million, our returns to shareholders totaled RMB986.9 million. Moving forward, we will continue to exert effort on disciplined cost control and moderate budgeting, and balance both growth and our commitment to bringing stable and foreseeable returns to shareholders.” Mr. Zhang concluded.
Financial Results for the March Quarter
Revenue was RMB4,427.0 million (US$610.1 million), representing an increase of 18.9% year over year, primarily driven by an 16.5% year-over-year increase in average store count.
Revenue from MINISO brand increased by 16.5% to RMB4,085.8 million (US$563.0 million), driven by (i) an increase of 9.1% in mainland China, and (ii) an increase of 30.3% in overseas markets. The year-over-year increase was primarily due to an increase of 24.6% in average store count in overseas. Overseas revenue contributed to 39.0% of revenue from MINISO brand, compared to 34.8% in the same period of 2024.
Revenue from TOP TOY brand increased by 58.9% to RMB339.9 million (US$46.8 million), primarily powered by its rapid growth in average store count.
For more information on the composition and year-over-year change of revenue, please refer to the “Unaudited Additional Information” in this press release.
Cost of sales was RMB2,469.0 million (US$340.2 million), representing an increase of 17.2% year over year.
Gross profit was RMB1,958.0 million (US$269.8 million), representing an increase of 21.1% year over year.
Gross margin reached 44.2%, representing an increase of 0.8 percentage point. The year-over-year increase in gross margin was primarily due to (i) higher revenue contribution of MINISO brand from overseas markets, (ii) higher gross margin of TOP TOY due to a shift in revenue mix towards more profitable products.
Other income was RMB3.0 million (US$0.4 million), compared to RMB3.6 million in the same period of 2024.
Selling and distribution expenses were RMB1,021.2 million (US$140.7 million), increased by 46.7% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,012.8 million (US$139.6 million), increased by 50.7% year over year. The year-over-year increase was mainly attributable to the Company’s investments into directly operated stores to pursue the future success of the Company’s business. As of March 31, 2025, total number of directly operated stores in overseas markets was 608, compared with 327 in the same period last year. In the March Quarter, revenue from directly operated stores has increased 85.5% year over year, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 71.4%. Licensing expenses increased by 39.6%, mainly attributable to our growing IP library and enriched offerings of IP products, as a percentage of revenue stabilizing at around 2% in both comparative periods. Logistics expenses increased by 31.3% year over year.
General and administrative expenses were RMB242.1 million (US$33.4 million), increased by 26.6% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB225.6 million (US$31.1 million), increased by 22.3% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company’s business.
Other net income was RMB20.8 million (US$2.9 million), compared to RMB14.8 million in the same period of 2024. The year-over-year increase was mainly due to an increase in investment income in wealth management products, and a net foreign exchange gain compared with a net foreign exchange loss in the same period last year.
Operating profit was RMB709.8 million (US$97.8 million), compared with RMB743.3 million in the same period last year.
Net finance cost was RMB49.0 million (US$6.8 million), compared to net finance income of RMB25.0 million in the same period of 2024. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for acquisition of the equity interest of Yonghui Superstores Co., Ltd*, both of which have been excluded in non-IFRS financial measures(1), and (ii) increased interest expenses on lease liabilities corresponding to the Company’s investment in directly operated stores.
Other expenses was RMB91.1 million (US$12.6 million), including loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives, which is in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures(1).
Profit for the period was RMB416.5 million (US$57.4 million), compared to RMB586.0 million in the same period of 2024. Excluding other expenses and interest expenses related to issuance of the Equity Linked Securities, and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*, profit for the period would have been RMB562.3 million (US$77.5 million).
Adjusted net profit(1) was RMB587.2 million (US$80.9 million), compared to RMB616.9 million in the same period last year.
Adjusted net margin(1) was 13.3%, compared to 16.6% in the same period of 2024.
Adjusted EBITDA(1) increased 7.5% year over year to RMB1,037.3 million (US$142.9 million).
Adjusted EBITDA margin(1) was 23.4%, compared to 25.9% in the same period of 2024.
Basic and diluted earnings per ADS were both RMB1.36 (US$0.19), compared to RMB1.88 in the same period of 2024.
Adjusted basic earnings per ADS(1) was RMB1.92 (US$0.26), compared to RMB1.96 in the same period of 2024.
Adjusted diluted earnings per ADS(1) was RMB1.88 (US$0.26), compared to RMB1.96 in the same period of 2024.
Cash position, 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 RMB7,255.3 million (US$999.8 million) as of March 31, 2025, compared to RMB6,698.1 million as of December 31, 2024.
Notes:
(1) See the sections titled “Non-IFRS Financial Measures” and “Reconciliation of Non-IFRS Financial Measures” in this press release for more information.
Conference Call
The Company’s management will hold an earnings conference call at 5:00 A.M. Eastern Time on Friday, May 23, 2025 (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/91867561429?pwd=O6gp0PI5MebbwUIlZ9K0Z1obVLjp0U.1
Meeting Number: 918 6756 1429
Meeting Passcode: 9896
Access 2
Listeners may access the call by dialing the following numbers with the same meeting number and passcode with 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 call 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 value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO’s wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand “MINISO” as a globally recognized retail brand and established a massive store network worldwide. 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, 2025, which was RMB7.2567 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 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 operating 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 net profit as profit for the period excluding equity-settled share-based payment expenses, gain or loss from fair value change of derivatives, issuance cost of derivatives and interest expenses related to equity linked securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd. 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 depreciation and amortization, finance costs excluding interest expenses related to equity linked securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd. and 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.
MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its operating performance and formulate business plans. These non-IFRS financial measures enable the management to assess its operating results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its operating 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 operating 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 operations. 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 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 operating performance. Investors are encouraged to review MINISO’s historical non-IFRS financial measures in light of the most directly comparable IFRS 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, MINISO 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 Contacts:
MINISO Group Holding Limited
Email: ir@miniso.com
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, 2024
March 31, 2025
(Audited)
(Unaudited)
RMB’000
RMB’000
US$’000
ASSETS
Non-current assets
Property, plant and equipment
1,436,939
1,535,840
211,644
Right-of-use assets
4,172,083
4,319,605
595,257
Intangible assets
8,802
8,379
1,155
Goodwill
21,418
21,586
2,975
Deferred tax assets
181,948
202,417
27,894
Other investments
123,399
123,062
16,958
Trade and other receivables
341,288
288,455
39,750
Term deposits
140,183
105,592
14,551
Financial derivative assets
—
810,192
111,647
Interests in equity-accounted investees
38,567
6,307,379
869,180
6,464,627
13,722,507
1,891,011
Current assets
Other investments
100,000
150,946
20,801
Inventories
2,750,389
2,833,354
390,447
Trade and other receivables
2,207,013
2,375,133
327,302
Cash and cash equivalents
6,328,121
6,839,406
942,495
Restricted cash
1,026
1,959
270
Term deposits
268,952
262,962
36,237
11,655,501
12,463,760
1,717,552
Total assets
18,120,128
26,186,267
3,608,563
MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
(Expressed in thousands)
As at
As at
December 31, 2024
March 31, 2025
(Audited)
(Unaudited)
RMB’000
RMB’000
US$’000
EQUITY
Share capital
94
94
13
Additional paid-in capital
4,683,577
3,954,863
544,995
Other reserves
1,329,126
1,959,579
270,037
Retained earnings
4,302,177
4,718,519
650,229
Equity attributable to equity shareholders of the Company
10,314,974
10,633,055
1,465,274
Non-controlling interests
40,548
45,411
6,258
Total equity
10,355,522
10,678,466
1,471,532
LIABILITIES
Non-current liabilities
Contract liabilities
35,145
33,381
4,600
Loans and borrowings
4,310
5,776,316
795,998
Other payables
59,842
74,844
10,314
Lease liabilities
1,903,137
2,066,649
284,792
Financial derivative liabilities
—
1,249,266
172,153
Deferred income
34,983
34,742
4,788
2,037,417
9,235,198
1,272,645
Current liabilities
Contract liabilities
323,292
344,665
47,496
Loans and borrowings
566,955
649,401
89,490
Trade and other payables
3,943,988
3,632,572
500,580
Lease liabilities
635,357
722,607
99,578
Deferred income
5,376
3,708
511
Current taxation
252,221
191,508
26,391
Dividend payables
–
728,142
100,340
5,727,189
6,272,603
864,386
Total liabilities
7,764,606
15,507,801
2,137,031
Total equity and liabilities
18,120,128
26,186,267
3,608,563
MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
(Expressed in thousands, except for per ordinary share and per ADS data)
Three months ended March 31,
2024
2025
(Unaudited)
(Unaudited)
RMB’000
RMB’000
US$ ‘000
Revenue
3,723,531
4,427,044
610,063
Cost of sales
(2,107,073)
(2,469,007)
(340,238)
Gross profit
1,616,458
1,958,037
269,825
Other income
3,645
3,020
416
Selling and distribution expenses
(696,027)
(1,021,186)
(140,723)
General and administrative expenses
(191,341)
(242,144)
(33,368)
Other net income
14,829
20,835
2,871
Credit loss on trade and other receivables
(667)
(8,775)
(1,209)
Impairment loss on non-current assets
(3,612)
—
—
Operating profit
743,285
709,787
97,812
Finance income
40,890
36,915
5,087
Finance costs
(15,909)
(85,945)
(11,844)
Net finance income/(cost)
24,981
(49,030)
(6,757)
Share of profit of equity-accounted investees, net of tax
120
(2,005)
(276)
Other expenses
—
(91,071)
(12,550)
Profit before taxation
768,386
567,681
78,229
Income tax expense
(182,432)
(151,222)
(20,839)
Profit for the period
585,954
416,459
57,390
Attributable to:
Equity shareholders of the Company
582,472
416,342
57,374
Non-controlling interests
3,482
117
16
Earnings per share for ordinary shares
-Basic
0.47
0.34
0.05
-Diluted
0.47
0.34
0.05
Earnings per ADS
(Each ADS represents 4 ordinary shares)
-Basic
1.88
1.36
0.19
-Diluted
1.88
1.36
0.19
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,
2024
2025
(Unaudited)
(Unaudited)
RMB’000
RMB’000
US$ ‘000
Profit for the period
585,954
416,459
57,390
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of financial statements
of foreign operations
3,855
(1,291)
(178)
Other comprehensive income/(loss) for the period
3,855
(1,291)
(178)
Total comprehensive income for the period
589,809
415,168
57,212
Attributable to:
Equity shareholders of the Company
586,166
416,306
57,369
Non-controlling interests
3,643
(1,138)
(157)
MINISO GROUP HOLDING LIMITED
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES
(Expressed in thousands, except for per share, per ADS data and percentages)
Three months ended March 31,
2024
2025
(Unaudited)
(Unaudited)
RMB’000
RMB’000
US$’000
Reconciliation of profit for the period to adjusted net profit:
Profit for the period
585,954
416,459
57,390
Add back:
Equity-settled share-based payment expenses
30,937
24,930
3,435
Loss from fair value change of derivatives
—
46,407
6,395
Issuance cost of derivatives
—
44,664
6,155
Interest expenses related to equity linked securities and
the bank loans used for acquisition of the equity interest
in Yonghui Superstores Co., Ltd.
—
54,745
7,544
Adjusted net profit
616,891
587,205
80,919
Adjusted net margin
16.6 %
13.3 %
13.3 %
Attributable to:
Equity shareholders of the Company
613,409
586,999
80,891
Non-controlling interests
3,482
206
28
Adjusted net earnings per share(1)
-Basic
0.49
0.48
0.07
-Diluted
0.49
0.47
0.06
Adjusted net earnings per ADS (Each ADS represents
4 ordinary shares)
-Basic
1.96
1.92
0.26
-Diluted
1.96
1.88
0.26
Reconciliation of adjusted net profit for the period to
adjusted EBITDA:
Adjusted net profit
616,891
587,205
80,919
Add back:
Depreciation and amortization
150,102
267,672
36,886
Finance costs excluding interest expenses related
to equity linked securities and the bank loans used
for acquisition of the equity interest in Yonghui
Superstores Co., Ltd.
15,909
31,200
4,300
Income tax expense
182,432
151,222
20,839
Adjusted EBITDA
965,334
1,037,299
142,944
Adjusted EBITDA margin
25.9 %
23.4 %
23.4 %
Note:
(1) Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis.
MINISO GROUP HOLDING LIMITED
UNAUDITED ADDITIONAL INFORMATION
(Expressed in thousands, except for percentages)
Three months ended March 31,
2024
2025
YoY
RMB’000
RMB’000
US$’000
Revenue
MINISO Brand
3,506,657
4,085,778
563,035
16.5 %
-Mainland China
2,284,791
2,493,775
343,651
9.1 %
-Overseas
1,221,866
1,592,003
219,384
30.3 %
TOP TOY Brand
213,820
339,850
46,833
58.9 %
Others(1)
3,054
1,416
195
(53.6) %
3,723,531
4,427,044
610,063
18.9 %
Note:
(1) “Others” refers to revenue generated from other operating segments such as “WonderLife”, which was a secondary brand targeting on lower-tier cities in mainland China, aggregated and presented as “others”. As the MINISO brand increasingly penetrated into lower-tier cities in mainland China, “WonderLife” has become marginalized.
MINISO GROUP HOLDING LIMITED
UNAUDITED ADDITIONAL INFORMATION
NUMBER OF MINISO STORES IN MAINLAND CHINA
As of
March 31,
2024
March 31,
2025
YoY
By City Tiers
First-tier cities
532
569
37
Second-tier cities
1,664
1,773
109
Third- or lower-tier cities
1,838
1,933
95
Total
4,034
4,275
241
MINISO GROUP HOLDING LIMITED
UNAUDITED ADDITIONAL INFORMATION
NUMBER OF MINISO STORES IN OVERSEAS MARKETS
As of
By Regions
March 31,
2024
March 31,
2025
YoY
Asia excluding China
1,402
1,663
261
North America
191
375
184
Latin America
563
646
83
Europe
237
301
64
Others
203
228
25
Total
2,596
3,213
617
*For identification purpose only
View original content:https://www.prnewswire.com/news-releases/miniso-group-announces-march-quarter-2025-unaudited-financial-results-302464112.html
SOURCE MINISO Group Holding Limited
Technology
B2BROKER Launches First-Ever Turnkey Liquidity Provider Solution
Published
25 minutes agoon
May 23, 2025By

DUBAI, UAE, May 23, 2025 /PRNewswire/ — B2BROKER, a leading global fintech solutions provider, has announced the launch of Liquidity Provider Turnkey, a comprehensive solution designed to help financial institutions seamlessly enter the Prime-of-Prime (PoP) space. The product arrives at a time when market activity in both forex and digital assets continues to rise, the financial market becomes more inclusive, and brokers and other financial market players are searching for new business models, which will allow them to grow and become successful serving professional clients.
As regulatory standards tighten and technology demands intensify, the market for ready-made solutions is rapidly expanding. While turnkey solutions for launching retail brokerages have become relatively common, there has been no comparable infrastructure for setting up a liquidity provider business – until recently. B2BROKER’s new offering fills this gap by delivering the industry’s first fully-integrated, ready-to-deploy solution for financial companies looking to become institutional liquidity providers.
Traditionally, this path has required significant capital investment — often in the millions — along with deep technical expertise, robust risk controls, and strong executive oversight. This development will significantly lower the barrier to entry and eliminate the need to build infrastructure from scratch.
Liquidity Provider Turnkey enables brokers to launch their own PoP liquidity business with a suite of institutional-grade features, including access to over 1,500 trading instruments across 10 asset classes such as forex, crypto, equities, and commodities. The solution includes a unified margin account, robust NOP, and deep integration with key technology providers including PrimeXM, oneZero, Centroid, FXCubic, and B2CONNECT.
Built for simplicity and speed, the product removes the technical and operational barriers traditionally associated with launching a liquidity provider business. Features include dynamic margining, real-time balance monitoring, and built-in KYC, all underpinned by 24/7 technical support and compliance consulting for Tier-1 and Tier-2 jurisdictions.
“We see growing demand from financial companies looking to move into the institutional liquidity space, and our turnkey solution provides them with the tools and infrastructure to make that transition successfully,” said John Murillo, Chief Dealing Officer at B2BROKER. “Our aim is to make institutional expansion accessible, fast, and scalable.”
The solution is built for financial institutions seeking a fast operational launch without building infrastructure from the ground up. This includes:
Retail brokers expanding into institutional markets;Proprietary trading firms looking to internalize liquidity and monetize trading flow;Asset managers and hedge funds leveraging market expertise for liquidity provision;IB and agent networks transitioning to full-service liquidity providers;Fintechs entering the B2B trading infrastructure space;Banks diversifying their business models and revenue streams.
Beyond core trading infrastructure, Liquidity Provider Turnkey includes a customizable website, SEO optimization, payment integrations, and a centralized CRM system for full operational control. It’s also bundled with B2BROKER’s industry-leading payment technology, including B2BINPAY and EQWIRE, which support multi-currency accounts, automated deposit/withdrawal flows, and crypto processing.
The business model enables clients to generate revenue through spreads, swaps, commissions, and treasury operations, while maintaining a risk-free LP model. Additional cross-selling opportunities through B2BROKER’s product ecosystem—such as B2CORE, B2TRADER, and B2COPY—further enhance monetization and long-term business development.
With Liquidity Provider Turnkey, B2BROKER poses itself as a market innovator, offering brokers a fast, compliant, and tech-forward path to becoming institutional liquidity providers.
About B2BROKER
B2BROKER is a global fintech solutions provider for financial institutions. It delivers liquidity, trading technology, payment solutions, and brokerage infrastructure through a network of specialised entities. Founded in 2014, with key hubs in London, Limassol, Hong Kong, and Dubai, the company operates in 11 countries, serving clients across Europe, the Middle East, and Asia. B2BROKER serves brokers, exchanges, hedge funds, proprietary trading firms, and other financial institutions. Leveraging its extensive network and ecosystem-driven approach, the company provides scalable solutions that help clients streamline operations, maximise efficiency, and drive growth.
Contact
Chief Dealing Officer
John Murillo
B2BROKER
john.m@b2broker.net
Photo – https://mma.prnewswire.com/media/2694988/B2BROKER.jpg
View original content to download multimedia:https://www.prnewswire.com/news-releases/b2broker-launches-first-ever-turnkey-liquidity-provider-solution-302464122.html
SOURCE B2BROKER


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