MINISO Group Holding Limited Q2 2025 Earnings Recap

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.