MINISO Group Holding Limited Earnings Recaps
Q3 2025
Nov 23, 2025
MINISO Group achieved strong Q3 2025 results with a 28.2% revenue growth and first-time adjusted operating profit exceeding RMB 1 billion, signaling robust brand momentum across its domestic and international markets.
Key takeaways
- Revenue increased to RMB 3.21 billion, driven by core brands MINISO and TOP TOY, which saw growth of 23% and 111%, respectively.
- Adjusted operating profit rose 40.8% to RMB 1.02 billion, with an improved margin of 17.6%.
- Same-store sales growth reached mid-single digits, supported by successful seasonal campaigns and enhanced operational capabilities, particularly during the National Day holiday period.
- International expansion remained strong, adding 170 stores in Q3 and achieving over 65% revenue growth in the U.S. market.
- TOP TOY continued to expand rapidly, with a net addition of 40 stores, underlining its significant growth potential in the toy segment.
Q2 2025
Aug 21, 2025
The company delivered strong Q2 results with revenue growth of 23.1% and improved profitability, driven by solid performance across all business segments and an effective strategic focus on large stores and proprietary IP expansion.
Key takeaways
- Overall GMV increased by 21%, and same-store sales grew positively for the first time in four quarters.
- MINISO's revenue in mainland China grew 13.6%, outpacing broader consumer goods growth of 5.4%.
- TOP TOY achieved remarkable 87% revenue growth, supported by 30 new store additions and product differentiation strategies.
- Strong gross margin of 44.3% reflects enhanced contributions from overseas sales and improved margins at TOP TOY.
- The large store strategy continues to enhance operational efficiency, with new stores in the U.S. achieving 1.5x higher sales per square meter than existing locations.