MINISO Group Holding Limited Q3 2025 Earnings Recap

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.