Exhibit 99.1

INDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

	Page
Unaudited Consolidated Statements of Profit or Loss for the Six Months ended December 31, 2020 and 2021	F-2
Unaudited Consolidated Statements of Profit or Loss and Other Comprehensive Income for the Six Months ended December 31, 2020 and 2021	F-3
Unaudited Consolidated Statements of Financial Position as at June 30, 2021 and December 31, 2021	F-4
Unaudited Consolidated Statements of Changes in Equity for the Six Months ended December 31, 2020 and 2021	F-6
Unaudited Consolidated Statements of Cash Flows for the Six Months ended December 31, 2020 and 2021	F-8
Notes to the Unaudited Condensed Interim Financial Statements	F-9

F-1

Unaudited consolidated statement of profit or loss

(Expressed in thousands of Renminbi, except for per share data)

	Note	For the six months ended December 31,
		2020	2021
		RMB’000	RMB’000
Revenue	4	4,369,860	5,426,908
Cost of sales	6	(3,204,716)	(3,835,566)
Gross profit		1,165,144	1,591,342
Other income	5	43,804	18,586
Selling and distribution expenses	6	(627,492)	(725,622)
General and administrative expenses	6	(441,163)	(432,696)
Other net (loss)/ income	7	(70,755)	45,964
Credit loss on trade and other receivables		(17,387)	(19,091)
Impairment loss on non-current assets		—	(9,536)
Operating profit		52,151	468,947
Finance income		23,044	26,437
Finance costs		(13,860)	(17,266)
Net finance income	8	9,184	9,171
Fair value changes of redeemable shares with other preferential rights		(1,625,287)	—
Share of loss of an equity-accounted investee, net of tax		—	(8,162)
(Loss)/ profit before taxation		(1,563,952)	469,956
Income tax expense	9	(91,615)	(131,338)
(Loss)/ profit for the period		(1,655,567)	338,618
Attributable to:
Equity shareholders of the Company		(1,651,857)	336,779
Non-controlling interests		(3,710)	1,839
(Loss)/profit for period		(1,655,567)	338,618
(Loss)/earnings per share
Basic (loss)/earnings per share (RMB)	10	(1.52)	0.28
Diluted (loss)/earnings per share (RMB)	10	(1.52)	0.28

The accompanying notes are an integral part of these condensed interim financial statements.

F-2

Unaudited consolidated statement of profit or loss and other comprehensive income

(Expressed in thousands of Renminbi)

	Note	For the six months ended December 31,
		2020	2021
		RMB’000	RMB’000
(Loss) / profit for the period		(1,655,567)	338,618
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of financial statements of foreign operations	11	(47,773)	9,177
Other comprehensive (loss) / income for the period		(47,773)	9,177
Total comprehensive (loss) / income for the period		(1,703,340)	347,795
Attributable to:
Equity shareholders of the Company		(1,698,955)	345,545
Non-controlling interests		(4,385)	2,250
Total comprehensive (loss) / income for the period		(1,703,340)	347,795

The accompanying notes are an integral part of these condensed interim financial statements.

F-3

Unaudited consolidated statement of financial position

(Expressed in thousands of Renminbi)

	Note	As at June 30,	As at December 31,
		2021	2021
		RMB’000	RMB’000
ASSETS
Non-current assets
Property, plant and equipment	12	76,316	376,021
Right-of-use assets	13	689,887	2,391,803
Intangible assets	14	61,005	53,319
Goodwill	15	19,640	19,640
Deferred tax assets	9(c)	168,552	161,018
Prepayments	16	138,481	203,390
Interest in an equity-accounted investee	17	352,062	—
		1,505,943	3,205,191
Current assets
Other investments	18	102,968	208,289
Inventories	19	1,496,061	1,360,994
Trade and other receivables	20	824,725	1,113,506
Cash and cash equivalents	21	6,771,653	5,151,456
Restricted cash	22	3,680	7,347
		9,199,087	7,841,592
Total assets		10,705,030	11,046,783
EQUITY
Share capital	28	92	92
Additional paid-in capital	28	8,289,160	7,982,522
Other reserves	28	928,005	999,697
Accumulated losses		(2,558,291)	(2,245,972)
Equity attributable to equity shareholders of the Company		6,658,966	6,736,339
Non-controlling interests		(6,812)	(4,562)
Total equity		6,652,154	6,731,777

F-4

Unaudited consolidated statement of financial position (continued)

(Expressed in thousands of Renminbi)

	Note	As at June 30,	As at December31,
		2021	2021
		RMB’000	RMB’000
LIABILITIES
Non-current liabilities
Contract liabilities		59,947	53,572
Loans and borrowings	24	6,925	6,369
Lease liabilities	26	483,144	411,304
Deferred income	27	20,005	16,729
		570,021	487,974
Current liabilities
Loans and borrowings	24	13,669	5,182
Trade and other payables	25	2,809,182	3,189,086
Contract liabilities	4	266,919	276,537
Lease liabilities	26	321,268	268,425
Deferred income	27	6,060	5,980
Current taxation		65,757	81,822
		3,482,855	3,827,032
Total liabilities		4,052,876	4,315,006
Total equity and liabilities		10,705,030	11,046,783

The accompanying notes are an integral part of these condensed interim financial statements.

F-5

Unaudited consolidated statement of changes in equity

(Expressed in thousands of Renminbi)

		Attributable to equity shareholders of the Company
			Additional			Share-based		PRC			Non-	Total
		Share	paid-in	Merger	Treasury	payment	Translation	statutory	Accumulated		controlling	(deficit)/
	Note	capital	capital	reserve	shares	reserve	reserve	reserve	losses	Total	interests	equity
		RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
Balance at July 1, 2020		69	162,373	117,912	(19,393)	486,438	(5,395)	46,422	(1,125,055)	(336,629)	13,583	(323,046)
Changes in equity for the six months ended December 31, 2020
Loss for the period		—	—	—	—	—	—	—	(1,651,857)	(1,651,857)	(3,710)	(1,655,567)
Other comprehensive loss for the period		—	—	—	—	—	(47,098)	—	—	(47,098)	(675)	(47,773)
Total comprehensive loss for the period		—	—	—	—	—	(47,098)	—	(1,651,857)	(1,698,955)	(4,385)	(1,703,340)
Capital injection from shareholders		1	1,193	—	—	—	—	—	—	1,194	—	1,194
Consolidation of special purpose vehicles		—	973	—	(973)	—	—	—	—	—	—	—
Issuance of ordinary shares relating to initial public offering and exercise of the over-allotment option, net of underwriting commissions and other issuance costs		9	4,178,851	—	—	—	—	—	—	4,178,860	—	4,178,860
Release of ordinary shares from share award scheme		5	(18,065)	—	18,060	—	—	—	—	—	—	—
Conversion of Series A preferred shares into Class A ordinary shares		8	3,963,835	—	—	—	—	—	—	3,963,843	—	3,963,843
Equity settled share-based transactions	29	—	—	—	—	216,377	—	—	—	216,377	—	216,377
Appropriation to statutory reserve		—	—	—	—	—	—	17,753	(17,753)	—	—	—
Balance at December 31, 2020		92	8,289,160	117,912	(2,306)	702,815	(52,493)	64,175	(2,794,665)	6,324,690	9,198	6,333,888

F-6

Unaudited consolidated statement of changes in equity (continued)

(Expressed in thousands of Renminbi)

		Attributable to equity shareholders of the Company
			Additional			Share-based		PRC			Non-
		Share	paid-in	Merger	Treasury	payment	Translation	statutory	Accumulated		controlling	Total
	Note	capital	capital	reserve	shares	reserve	reserve	reserve	losses	Total	interests	equity
		RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
Balance at July 1, 2021		92	8,289,160	117,912	(2,306)	767,757	(20,006)	64,648	(2,558,291)	6,658,966	(6,812)	6,652,154
Changes in equity for the six months ended December 31, 2021
Profit for the period		—	—	—	—	—	—	—	336,779	336,779	1,839	338,618
Other comprehensive income for the period		—	—	—	—	—	8,766	—	—	8,766	411	9,177
Total comprehensive income for the period		—	—	—	—	—	8,766	—	336,779	345,545	2,250	347,795
Dividend declared	28(c)	—	(306,255)	—	—	—	—	—	—	(306,255)	—	(306,255)
Exercise of options	28(a)(i)	—	287	—	—	—	—	—	—	287	—	287
Release of ordinary shares from share award scheme	28(a)(i)	—	(670)	—	670	—	—	—	—	—	—	—
Repurchase of shares	28(b)	—	—	—	(12,604)	—	—	—	—	(12,604)	—	(12,604)
Equity settled share-based transactions	29	—	—	—	—	50,400	—	—	—	50,400	—	50,400
Appropriation to statutory reserve		—	—	—	—	—	—	24,460	(24,460)	—	—	—
Balance at December 31, 2021		92	7,982,522	117,912	(14,240)	818,157	(11,240)	89,108	(2,245,972)	6,736,339	(4,562)	6,731,777

* The amount was less than RMB1,000.

The accompanying notes are an integral part of these condensed interim financial statements.

F-7

Unaudited consolidated statement of cash flows

(Expressed in thousands of Renminbi)

	Note	For the six months ended December 31,
		2020	2021
		RMB’000	RMB’000
Cash flows from operating activities
Cash generated from operations	23(a)	892,872	840,842
Income tax paid		(86,449)	(109,101)
Net cash from operating activities		806,423	731,741
Cash flows from investing activities
Payment for purchase of property, plant and equipment and intangible assets		(29,108)	(228,585)
Payment for acquisition of land use right		—	(891,428)
Proceeds from disposal of property, plant and equipment and intangible assets		3,324	—
Payment for purchase of other investments		(10,178,770)	(9,213,034)
Proceeds from disposal of other investments		10,078,770	9,113,034
Interest income		23,044	26,437
Investment income from other investments		14,965	40,446
Proceeds from repayment from related parties		14,713	—
Payments for investment in an equity-accounted investee		(355,927)	—
Acquisition of a subsidiary, net of cash acquired	30	—	(683,483)
Net cash used in investing activities		(428,989)	(1,836,613)
Cash flows from financing activities
Proceeds from capital injection from shareholders, subscription of restricted shares and exercise of options		2,619	287
Proceeds from initial public offering and exercise of the over-allotment option, net of underwriting commissions and other issuance costs		4,178,860	—
Repayment of loans and borrowings	23(b)	(400,267)	(503)
Payment of capital element and interest element of lease liabilities	23(b)	(140,082)	(163,716)
Payments for repurchase of shares		—	(12,604)
Prepayment for repurchase of shares		—	(13,042)
Interest paid	23(b)	(1,488)	(881)
Dividends paid	28(c)	—	(306,255)
Net cash from/(used in) financing activities		3,639,642	(496,714)
Net increase/(decrease) in cash and cash equivalents		4,017,076	(1,601,586)
Cash and cash equivalents at the beginning of the period		2,853,980	6,771,653
Effect of movements in exchange rates on cash held		(30,582)	(18,611)
Cash and cash equivalents at the end of the period	21	6,840,474	5,151,456

F-8

Notes to the unaudited condensed interim financial statements

(Expressed in thousands of Renminbi, unless otherwise indicated)

1 General information and basis of preparation

1.1General information

MINISO Group Holding Limited (the “Company”) was incorporated in the Cayman Islands on January 7, 2020, as an exempted company with limited liability under the Companies Law, Cap.22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The Company completed its initial public offering (“IPO”) on October 15, 2020 and the Company’s American Depositary Shares (“ADSs”) have been listed on the New York Stock Exchange since then. Each ADS of the Company represents four ordinary shares.

The Company and its subsidiaries (together, the “Group”) are principally engaged in the retail and wholesale of lifestyle and pop toy products across the People’s Republic of China (the “PRC”) and other countries in Asia, America, and Europe, etc. The Company does not conduct any substantive operations of its own but conducts its primary business operations through its subsidiaries.

1.2Basis of preparation

These condensed interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting issued by the International Accounting Standards Board. It has also been prepared in accordance with the same accounting policies adopted in the Group’s last annual consolidated financial statements as at and for the year ended June 30, 2021 (“Annual Financial Statements”) and should be read in conjunction with the Annual Financial Statements. They do not include all of the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards (“IFRSs”). However, selected explanatory notes are included to explain events and transactions that are significant for understanding of the changes in the Group’s financial position and performance since the Annual Financial Statements.

2 Accounting judgements and estimates

In preparing these condensed interim financial statements, management has made judgements and estimates that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the Annual Financial Statements.

3 Segment reporting

The Group manages its businesses by divisions, which are organized by a mixture of both brands and geography. In a manner consistent with the way in which information is reported internally to the Group’s most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the two reportable segments, MINISO brand and TOP TOY brand, during the sixth months ended December 31, 2020 and 2021.

No other operating segments have been aggregated to these two reportable segments, but have been aggregated and presented as “other segment”. Business included as other segment did not meet the quantitative thresholds for reportable segments for the six months ended December 31, 2020 and 2021. The segment information is as follows:

Reportable segments	Operations
MINISO brand	Design, buying and sale of lifestyle products
TOP TOY brand	Design, buying and sale of pop toys

F-9

(i) Segment results, assets and liabilities

Information related to each reportable segment is set out below. Segment profit/(loss) before taxation is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments.

	As at and for the six months ended December 31, 2020
				Other
	Reportable segments			segment	Total
			Total
		TOP TOY	reportable
	MINISO brand	brand	segments
	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
External revenues	4,237,663	2,617	4,240,280	129,580	4,369,860
Inter-segment revenue	—	—	—	30,474	30,474
Segment revenue	4,237,663	2,617	4,240,280	160,054	4,400,334
Segment profit/(loss) before taxation	39,401	(2,667)	36,734	24,601	61,335
Finance income	22,449	1	22,450	594	23,044
Finance costs	(13,437)	(413)	(13,850)	(10)	(13,860)
Depreciation and amortization	(123,249)	(1,956)	(125,205)	(178)	(125,383)
Other material non-cash items:
- credit loss on trade and other receivables	(17,397)	(5)	(17,402)	15	(17,387)
- impairment loss on non-current assets	—	—	—	—	—
Segment assets	9,684,209	85,413	9,769,622	181,285	9,950,907
Segment liabilities	3,786,289	87,417	3,873,706	99,313	3,973,019

	As at and for the six months ended December 31, 2021
				Other
	Reportable segments			segment	Total
			Total
		TOP TOY	reportable
	MINISO brand	brand	segments
	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
External revenues	5,074,106	240,328	5,314,434	112,474	5,426,908
Inter-segment revenue	—	—	—	81,600	81,600
Segment revenue	5,074,106	240,328	5,314,434	194,074	5,508,508
Segment profit/(loss) before taxation	527,792	(65,062)	462,730	27,808	490,538
Finance income	24,527	25	24,552	1,626	26,178
Finance costs	(13,623)	(3,634)	(17,257)	(9)	(17,266)
Depreciation and amortization	(166,002)	(5,235)	(171,237)	(279)	(171,516)
Other material non-cash items:
- credit loss on trade and other receivables	(17,567)	(1,498)	(19,065)	(26)	(19,091)
- impairment loss on non-current assets	(6,072)	(3,464)	(9,536)	—	(9,536)
Segment assets	8,031,709	500,871	8,532,580	179,021	8,711,601
Segment liabilities	3,633,069	567,821	4,200,890	50,319	4,251,209

F-10

(ii) Reconciliations of information on reportable segments to the amounts reported in the condensed interim financial statements

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
i. Revenue
Total revenue for reportable segments	4,240,280	5,314,434
Revenue for other segment	160,054	194,074
Elimination of inter-segment revenue	(30,474)	(81,600)
Consolidated revenue	4,369,860	5,426,908
ii. (Loss)/profit before taxation
Total profit before taxation for reportable segments	36,734	462,730
Profit before taxation for other segment	24,601	27,808
Unallocated amounts:
—Fair value changes of redeemable shares with other preferential rights	(1,625,287)	—
—Share of loss of an equity-accounted investee, net of tax expense	—	(8,162)
—Expenses relating to construction of headquarter building and depreciation expense of apartments for use as staff quarters	—	(12,420)
Consolidated (loss)/profit before taxation	(1,563,952)	469,956

	As at June 30,	As at December 31,
	2021	2021
	RMB’000	RMB’000
iii. Assets
Total assets for reportable segments	10,188,040	8,532,580
Assets for other segment	164,928	179,021
Other unallocated amounts
—Interest in an equity-accounted investee	352,062	—
—Assets relating to construction of headquarter building	—	2,079,826
—Apartments for use as staff quarters	—	255,356
Consolidated total assets	10,705,030	11,046,783
iv. Liabilities
Total liabilities for reportable segments	3,995,757	4,200,890
Liabilities for other segments	57,119	50,319
Other unallocated amounts
—Liabilities relating to construction of headquarter building	—	63,797
Consolidated total liabilities	4,052,876	4,315,006

F-11

v. Other material items

	For the six months ended December 31, 2020
	Reportable
	segment	Other	Unallocated	Consolidated
	totals	segment	amounts	totals
	RMB’000	RMB’000	RMB’000	RMB’000
Finance income	22,450	594	—	23,044
Finance costs	(13,850)	(10)	—	(13,860)
Depreciation and amortization	(125,205)	(178)	—	(125,383)
Credit loss on trade and other receivables	(17,402)	15	—	(17,387)

	For the six months ended December 31, 2021
	Reportable
	segment	Other	Unallocated	Consolidated
	totals	segment	amounts	totals
	RMB’000	RMB’000	RMB’000	RMB’000
Finance income	24,552	1,626	259	26,437
Finance costs	(17,257)	(9)	—	(17,266)
Depreciation and amortization	(171,237)	(279)	(11,110)	(182,626)
Credit loss on trade and other receivables	(19,065)	(26)	—	(19,091)
Impairment loss on non-current assets	(9,536)	—	—	(9,536)

(iii) Geographic information

The geographic information analyses the Group’s revenue and non-current assets by the Group’s country of domicile and other regions. In presenting the geographic information, segment revenue has been based on the geographic location of customers and segment assets are based on the geographic location of the assets.

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
i. Revenue
the PRC (place of domicile)	3,556,678	4,086,285
Other Asian countries excluding the PRC	424,878	571,636
America	277,743	595,630
Europe	64,260	119,013
Others	46,301	54,344
	4,369,860	5,426,908

	As at June 30,	As at December 31,
	2021	2021
	RMB’000	RMB’000
ii. Non-current assets
the PRC (place of domicile)	902,793	2,564,864
Other Asian countries excluding the PRC	82,414	75,735
America	191,304	185,016
Europe	22,399	15,168
	1,198,910	2,840,783

Non-current assets exclude deferred tax assets and non-current prepayments.

F-12

4 Revenue

The Group’s revenue is primarily derived from the sale of lifestyle and pop toy products through self-operated stores, franchised stores, offline distributors in the PRC and overseas and online sales conducted through the Group’s own mobile applications and self-operated online stores on third-party e-commerce platforms and through online distributors. Other sources of revenue mainly include license fees, sales-based royalties and sales-based management and consultation service fees from franchisees and distributors.

(i) Disaggregation of revenue

In the following table, revenue from contracts with customers is disaggregated by major products and service lines, primary geographical markets and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the Group’s reportable segments (see Note 3).

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
Major products / service lines
— Sales of lifestyle and pop toy products
— Retail sales in self- operated stores	168,398	291,238
— Product sales to franchisees	2,712,007	2,988,169
— Sales to offline distributors	684,296	1,073,836
— Online sales	295,690	367,075
— Other sales channels	12,804	97,293
Sub-total	3,873,195	4,817,611
—License fees, sales-based royalties, and sales-based management and consultation service fees
— License fees	30,694	51,372
— Sales-based royalties	48,093	53,392
— Sales-based management and consultation service fees	240,465	263,002
Sub-total	319,252	367,766
— Others*	177,413	241,531
	4,369,860	5,426,908

Note:

^* Others mainly represented sales of fixtures to franchisees and distributors.

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
Primary geographical markets
— the PRC	3,556,678	4,086,285
— Other Asian countries excluding the PRC	424,878	571,636
— America	277,743	595,630
— Europe	64,260	119,013
— Others	46,301	54,344
	4,369,860	5,426,908
Timing of revenue recognition
— Products transferred at a point of time	4,050,608	5,059,142
— Services transferred over time	319,252	367,766
Revenue from contracts with customers	4,369,860	5,426,908

F-13

(ii) Contract balances

The following table provides information about receivables and contract liabilities from contracts with customers.

		As at June 30,	As at December 31,
	Note	2021	2021
		RMB’000	RMB’000
Receivables, which are included in ‘trade and other receivables’	20	315,001	360,720
Contract liabilities
—Current portion		(266,919)	(276,537)
—Non-current portion		(59,947)	(53,572)
Total contract liabilities		(326,866)	(330,109)

	As at June 30,	As at December 31,
	2021	2021
	RMB’000	RMB’000
Contract liabilities are analyzed as follows:
—Advance payments received from customers for purchase of goods	235,435	216,110
—Deferred revenue related to license fees	91,431	95,462
—Deferred revenue related to membership fees	—	18,537
Total contract liabilities	326,866	330,109

The Group requests 20% to 100% advance payment for purchase of goods from certain overseas distributors prior to delivery of goods. This gives rise to contract liabilities at the start of a sales order, until the revenue of sales of products recognized on the corresponding sale order exceeds the amount of payments received in advance.

Unamortized portion of upfront license fees and membership fees received was recognized as contract liability.

Movements in contract liabilities are as follows:

	Contract
	liabilities
	RMB’000
Balance at July 1, 2021	326,866
Decrease in contract liabilities as a result of recognizing revenue during the period that was included in the contract liabilities at the beginning of the period	(248,074)
Increase in contract liabilities as a result of receiving advance payment for purchase of goods	197,265
Increase in contract liabilities as a result of receiving payment of license fees	35,515
Increase in contract liabilities as a result of receiving payment of membership fees	18,537
Balance at December 31, 2021	330,109

As of June 30, 2021 and December 31, 2021, license fees expected to be recognized as revenue after one year were RMB 59,947,000 and RMB 53,572,000, respectively.

(iii) Revenue expected to be recognized in the future arising from contracts with customers in existence at the reporting dates

Contracts within the scope of IFRS 15

As at June 30, 2021 and December 31, 2021, the aggregated amounts of the transaction price allocated to the remaining performance obligations under the Group’s existing contracts were RMB 91,431,000 and RMB 113,999,000, respectively. These amounts represented revenue of license fees and membership fees income expected to be recognized in the future from license agreements entered into with the franchisees and distributors and membership agreements. The Group will recognize the expected revenue in future over the remaining licensing period, which is expected to occur over the next 1 to 47  years and the next 1 to 46.5  years as at June 30, 2021 and December 31, 2021, respectively.

F-14

(iv) COVID-19 impact on revenue

During the six months ended December 31, 2021, the emergence of new variants of COVID-19 in certain PRC areas has adversely impacted the Group’s retail sales and product sales to franchisees due to governmental restrictions in public places to reduce the spread of virus, while the sales of stores owned by overseas distributors gradually recovered although many of those stores that resumed operations also had reduced operating hours due to regional resurgences of COVID-19. The impact on sales in each overseas market has been dependent on the timing, severity and duration of the outbreak and measures implemented by government authorities to reduce the spread of COVID-19.

5 Other income

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
Tax refund	203	1,610
Government grants (Note (i))	42,344	13,920
Income from depositary bank (Note 27)	1,257	3,056
	43,804	18,586

Note:

(i) Government grants mainly represented unconditional cash awards granted by the local authorities in the PRC during the six months ended December 31, 2020 and 2021.

During the six months ended December 31, 2021, government grants also included subsidies obtained by the subsidiaries in the U.S. under the Paycheck Protection Program Rule with an aggregated amount of USD1,320,000 (equivalent to RMB8,550,000) as disclosed in Note 24(a)(i).

6 Expenses by nature

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
Cost of inventories (Note 19(a))	3,179,451	3,762,590
Payroll and employee benefits (Note (i))	523,397	451,593
Rental and related expenses	11,800	9,170
Depreciation and amortization (Note (ii))	125,383	182,626
Licensing expenses	43,114	73,946
Promotion and advertising expenses	95,643	137,067
Logistics expenses	102,879	150,679
Travelling expenses	28,095	37,400
Other expenses	163,609	188,813
Total cost of sales, selling and distribution and general and administrative expenses	4,273,371	4,993,884

Notes:

(i) Payroll and employee benefits are analyzed as follows:

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
Salaries, wages and bonus	267,217	341,161
Contributions to social security contribution plan	22,800	38,482
Welfare expenses	17,003	21,550
Equity-settled share-based payment expenses (Note 29)	216,377	50,400

F-15

523,397 451,593

(ii) Depreciation and amortization are analyzed as follows:

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
Property, plant and equipment (Note 12)	14,147	25,937
Right-of-use assets (Note 13)	101,350	145,841
Intangible assets (Note 14)	9,886	10,848
	125,383	182,626

7 Other net (loss)/income

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
Net foreign exchange loss	(85,366)	(11,489)
Losses on disposal of property, plants and equipment and intangible assets	(795)	(1,898)
Investment income from other investments (Note 18)	14,965	40,446
Scrap income	5,262	6,387
Net change in fair value of other investments	437	5,321
Others	(5,258)	7,197
	(70,755)	45,964

8 Net finance income

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
Finance income
—Interest income	23,044	26,437
	23,044	26,437
Finance costs
—Interest on loans and borrowings	(1,062)	(302)
—Interest on lease liabilities	(12,798)	(16,964)
	(13,860)	(17,266)
	9,184	9,171

9 Income taxes

(a) Taxation recognized in consolidated profit or loss:

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
Amounts recognized in consolidated profit or loss
Current tax
Provision for the period	96,177	124,979
Deferred tax
Origination and reversal of temporary differences (Note 9(c))	(4,562)	6,359
Tax expense	91,615	131,338

1)Cayman Islands and the BVI

F-16

Pursuant to the rules and regulations of the Cayman Islands and the BVI, the Group is not subject to any income tax in the Cayman Islands and the BVI.

2) Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiaries are subject to Hong Kong Profits Tax at the rate of 16.5% on their taxable income generated from the operations in Hong Kong. A two-tiered profits tax rates regime was introduced in 2018 where the first HKD 2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the Group to benefit from the progressive rates.

3) Mainland China

Under the Corporate Income Tax (“CIT”) Law, the subsidiaries established in mainland China are subject to a unified statutory CIT rate of 25%.

A subsidiary established in Hengqin New Area of Zhuhai, a pilot free trade zone in the PRC, met the criteria for a preferential income tax rate of 15%.

4) United States

Under United States Internal Revenue Code, the subsidiaries established in United States are subject to a unified Federal CIT rate of 21% and variable state income and franchise tax depends on which state the subsidiaries has nexus with. Most of subsidiaries in United States are operated in the state of California, and thus they will be subject to state income tax rate of 8.84%.

5) Indonesia

The subsidiary incorporated in Indonesia is subject to the prevailing statutory tax rate on taxable income. In response to the COVID-19 outbreak, the statutory tax rate was progressively lowered from 25% to 22% for fiscal years ended December 31, 2020 and 2021, and will be further lowered to 20% starting from fiscal year ended December 31, 2022 onwards.

6) India

Under the Income Tax Act 1961 enacted in India, the subsidiary incorporated in India is subject to a profit tax rate of 26%.

7) Canada

Under the Canadian federal and provincial tax rules, the subsidiaries incorporated in Canada are subject to the combined Canadian federal and provincial statutory income tax rates ranging from 23% to 31% depending on the location of the operation.

8) Singapore

Under the Income Tax Act enacted in Singapore, the subsidiaries incorporated in Singapore are subject to a tax rate of 17% on its chargeable income.

F-17

(b) Reconciliation between tax expense and accounting profit at applicable tax rates:

	For the six months ended December 31,
	2020	2021
	RMB’000	RMB’000
(Loss)/profit before taxation	(1,563,952)	469,956
Notional tax on (loss)/profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned	26,089	119,697
Tax effect of share-based compensation expenses and employee compensation expenses (Note 6(i))	54,094	12,600
Tax effect of other non-deductible expenses	4,915	1,662
Effect of preferential tax treatments on assessable profits of a subsidiary (Note 9(a)(3))	(19,362)	(10,080)
Tax effect of exempted and non-taxable interest income	(1,525)	(2,105)
Effect of unused tax losses not recognized	27,193	10,093
Effect of deductible temporary differences not recognized/(utilized)	211	(529)
Actual tax expenses	91,615	131,338

(c) Movement in deferred tax assets

The components of deferred tax assets recognized in the consolidated statement of financial position and the movements during the reporting period presented are as follows:

				Loss from waiver of
				intercompany
		Intra-group		receivables of
	Unused	unrealized	Credit loss and	discontinued
	tax losses	profits	impairment	operations	Others	Total
	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
Deferred tax arising from:
At July 1, 2021	34,253	14,696	50,347	61,548	7,708	168,552
Charged to profit or loss	2,443	(4,351)	(5,645)	—	1,194	(6,359)
Exchange rate difference	(799)	(42)	(317)	—	(17)	(1,175)
At December 31, 2021	35,897	10,303	44,385	61,548	8,885	161,018

The Group only recognizes deferred income tax assets for cumulative tax losses if it is probable that future taxable amounts will be available to utilize those tax losses.

(d) Unrecognized deferred tax assets

Deferred tax assets have not been recognized in respect of the following items, because it is not probable that future taxable profit against which the losses can be utilized will be available in the relevant tax jurisdiction.

	As at June 30,	As at December 31,
	2021	2021
	RMB’000	RMB’000
Deductible temporary differences	127,500	108,909
Cumulative tax losses	483,437	515,739
Total	610,937	624,648

F-18

(e) Tax losses carried forward

Tax losses for which no deferred tax asset was recognized will expire as follows:

	As at June 30, 2021		As at December 31, 2021
		Expiry date		Expiry date
	RMB’000		RMB’000
Expire	147,928	2022-2042	187,778	2022-2042
Never expire	335,509		327,961

Tax losses for which no deferred tax asset was recognized are related to subsidiaries that were established in recent years, which are not expected to derive sufficient taxable profits in the foreseeable future before unused tax losses expired.

(f) Uncertain tax position

The Group evaluates whether it is probable that tax authority will accept the tax treatment for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of June 30, 2021 and December 31, 2021, the Group did not have any significant unrecognized uncertain tax positions. The Group does not anticipate any significant increase to unrecognized tax benefit within the next 12 months. Interest and penalties related to income tax matters, if any, is included in income tax expense.

10 (Loss)/earnings per share

(a) Basic (loss)/earnings per share

The calculation of basic (loss)/earnings per share has been based on the following (loss)/profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding.

(i) (Loss)/profit attributable to ordinary shareholders (basic):

	For the six months ended
	December 31,
	2020	2021
	RMB’000	RMB’000
(Loss)/profit attributable to the equity shareholders of the Company	(1,651,857)	336,779
Less: Allocation of undistributed earnings to holders of unvested restricted shares	118,054	(944)
(Loss)/profit used to determine basic (loss)/earnings per share	(1,533,803)	335,835

The unvested restricted shares granted to employees under the 2018 and 2020 Share Award Scheme are entitled to non-forfeitable dividends during the vesting period. For the purpose of calculating basic loss per share, the numerators are thus be adjusted for the undistributed earnings attributed to these unvested shares in accordance with their participating rights, which have not been recognized in profit or loss.

F-19

(ii) Weighted-average number of ordinary shares (basic):

The weighted average number of ordinary shares of 1,006,270,877 and 1,206,451,996, respectively in issue for the six months ended December 31, 2020 and 2021 was calculated as follows:

	For the six months ended
	December 31,
	2020	2021
	Number of shares
Issued ordinary share at July 1, 2020 and 2021	865,591,398	1,204,860,715
Effect of shares issued upon IPO and exercise of the over-allotment option	51,215,483	—
Effect of shares converted from Series A preferred shares	49,880,507	—
Effect of shares released from share award scheme and option plan (Note 29)	39,583,489	1,615,808
Effect of repurchase of shares (Note 28(b))	—	(24,527)
Weighted average number of ordinary shares	1,006,270,877	1,206,451,996

(b) Diluted (loss)/earnings per share

Diluted (loss)/earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potential dilutive ordinary shares.

There was no difference between basic and diluted loss per share during the six months ended December 31, 2020 as the effect of the restricted shares granted to employees and share options granted to employees would be anti-dilutive.

During the six months ended December 31, 2021, the calculation of diluted earnings per share was based on the profit attributable to ordinary equity shareholders of the Company of RMB336,779,000 and the weighted average number of ordinary shares of 1,217,411,723 shares, after adjusting by the dilutive effect of share award scheme and option plan, calculated as follows:

	For the six months ended
	December 31, 2021
	Number of shares
Weighted average number of ordinary shares, basic	1,206,451,996
Dilutive effect of share award scheme and option plan (Note 29)	10,959,727
Weighted average number of ordinary shares, diluted	1,217,411,723

11 Other comprehensive (loss)/income

Amounts recognized in consolidated other comprehensive (loss)/income