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MINISO Group Holding (MNSO) investor relations material
MINISO Group Holding Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Nov, 2025
Executive summary
Achieved group revenue of RMB 5,797M in Q3 2025, up 28.2% YoY, surpassing RMB5 billion for the first time, with strong growth in both Mainland China and overseas markets.
Adjusted operating profit rose 14.8% YoY to RMB 1,022M, with adjusted net profit at RMB 767M and adjusted EBITDA at RMB 1,354M.
Global store count reached 8,138 as of September 30, 2025, with 718 net new stores YoY and 4,407 in Mainland China.
Strong same-store sales growth: high-single digit in Mainland China and mid-single digit group-wide for the quarter.
TOP TOY brand revenue surged 111.4% YoY in Q3 to RMB 575M, setting a new record.
Financial highlights
Q3 revenue: RMB 5,796.6M (+28.2% YoY); gross profit: RMB 2,590.1M (+27.6% YoY); gross margin: 44.7%, down 20 bps YoY.
Adjusted operating margin: 17.6% in Q3, down 210 bps YoY; adjusted EBITDA margin: 23.4%, down 180 bps YoY.
Adjusted net profit: RMB 766.8M (+11.7% YoY); adjusted net margin: 13.2%, down from 15.2% YoY.
Net cash from operating activities for the first nine months was RMB 2,314M; cash position at end of September 2025 was RMB 7,766M.
Mainland China revenue grew 25.0% YoY to RMB 3,390M; overseas revenue up 32.9% YoY to RMB 2,407M.
Outlook and guidance
Q4 revenue guidance: 25–30% YoY growth; full-year revenue expected to grow ~25% YoY.
Mainland China and US SSSG expected at low double digits for Q4, mid-single digits for full year.
Adjusted operating profit for full year guided to double-digit YoY growth, with margin contraction narrowing in H2.
Management expects continued SSSG momentum, with October SSSG in Mainland China reaching low-teens.
Overseas markets, especially North America and Europe, are expected to drive further high-quality, sustainable growth.
What drives MINISO China SSSG acceleration?
Assess overseas direct store strategy's returns
Yonghui acquisition: strategic value vs. loss
How will Q4 store strategy mitigate seasonality?
What specific measures address U.S. market weakness?
Provide U.S. full-year revenue and profit guidance
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Next MINISO Group Holding earnings date
Q4 202520 Mar, 2026
Next MINISO Group Holding earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
MINISO Group Holding Limited (MNSO) is an investment holding company that specializes in the retail and wholesale of a broad range of lifestyle products. Established in 2013 and based in Guangzhou, China, MINISO operates globally, offering products in diverse categories such as home décor, small electronics, textiles, accessories, beauty tools, toys, cosmetics, personal care items, snacks, and stationeries. The company markets these products under the MINISO and WonderLife brands. Additionally, it offers a variety of toys including blind boxes and collectible dolls under its TOP TOY brand. MINISO is known for its design-driven approach, catering to consumers in Asia, the United States, and Europe. The company is headquartered in Guangzhou, China, and its shares are listed on the New York Stock Exchange.
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