MINISO Group (MNSO) investor relations material

Executive summary

• Achieved record quarterly revenue of RMB 6.25 billion in Q4 2025 and full-year revenue of RMB 21.44 billion, up 26.2% year-over-year, surpassing guidance.

• Q4 revenue grew 32.7% year-over-year, with both domestic and international operations contributing about half each.

• Adjusted operating profit and EBITDA posted robust double-digit growth in Q4; adjusted net profit for 2025 was RMB 2,898 million (+6.5% YoY).

• Global store count reached 8,485, with net new stores exceeding 700 in 2025 and 71.9% of new MINISO stores overseas.

• Strategic focus on immersive retail transformation, proprietary IP development, and large-format store expansion.

Financial highlights

• Q4 2025 revenue: RMB 6,254 million (+32.7% YoY); full-year revenue: RMB 21,444 million (+26.2% YoY), both exceeding guidance.

• Adjusted operating profit for Q4 grew 11.7% to RMB 1,062 million; adjusted net profit up 7.6% to RMB 852.7 million; adjusted diluted EPS up 9.4%.

• Gross profit margin for 2025 was 45%, with Q4 at 46.4%.

• Cash reserves at year-end were RMB 7,088 million; net cash from operations was RMB 2,578 million.

• Return to shareholders in 2025 was RMB 1,907 million (66% of adjusted net profit), including RMB 549 million in share repurchases and RMB 1,358 million in dividends.

Outlook and guidance

• 2026 revenue expected to grow at a high teens rate; three-year CAGR (2023–2026) projected at no less than 22%.

• Q1 2026 revenue growth projected at no less than 25%; SSSG for Q1: high single digits in China, mid-to-high teens in North America.

• Net store openings in 2026 projected at 510–550 globally.

• Profit growth expected to accelerate in 2026, with H2 as the peak retail season for North America and Europe.

• Management remains focused on high-quality, disciplined growth, operational efficiency, and balancing growth with stable shareholder returns.