MINISO Group Holding Limited (MNSO) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.419 Hello, everyone. Thank you for waiting and welcome to listen 00:00:05.419 -- 00:00:10.186 to the 4th quarter of 2020 and the annual phone call conference of 2025. 00:00:10.186 -- 00:00:13.651 Now, all participants are in the listening mode. 00:00:13.651 -- 00:00:18.699 After the management level speech, we will also conduct the Q&A session. 00:00:18.699 -- 00:00:23.707 Please mark your name and where you are and note that this event 00:00:23.707 -- 00:00:28.482 will be recorded. This phone call conference provides English voice transmission. 00:00:28.482 -- 00:00:30.344 你可以在Zoom会议中点击传译来选择语言。 00:00:30.344 -- 00:00:32.227 我们已今天公布了2025年第四季度及2025年全年业绩, 00:00:32.227 -- 00:00:34.227 可以在我们的投资者关系网站ir.minnesot.com上查阅。 00:00:37.253 -- 00:00:39.253 参加今天会议的有我们的创始人兼首席执行官叶国富先生和首席财务官张敬金先生。 00:00:54.740 -- 00:00:59.324 Before we continue, please take a look at the security statement in our financial report. 00:00:59.324 -- 00:01:03.749 This statement is also used for this phone call, because we will make a pre-published 00:01:03.749 -- 00:01:08.834 statement. Please note that we will be discussing non-IFAS financial indicators today. 00:01:08.834 -- 00:01:13.178 We have explained these indicators in the financial report of the company and the documents 00:01:13.178 -- 00:01:18.323 submitted to the U.S. Stock Exchange Commission and the Hong Kong Exchange Office, and 00:01:18.323 -- 00:01:22.853 have adjusted the most reasonable indicators according to the IFAS report. 00:01:22.853 -- 00:01:27.317 Unless there is another explanation, the currency unit is the people's currency. 00:01:27.317 -- 00:01:29.559 In addition, we have prepared a written report for today's phone conference. 00:01:29.559 -- 00:01:33.643 If you are using Zoom conference, you c...