MINISO Group (MNSO) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 4,427 million, up 18.9% year-over-year, with global store count rising 16.5% to 7,768 locations and 70% of new stores overseas.

• Mainland China revenue grew 9.1% to RMB 2.49 billion, while overseas revenue surged 30.3% to RMB 1.59 billion, now accounting for up to 39% of brand revenue.

• Gross margin reached a record 44.2%, supported by overseas and TOP TOY segments.

• Adjusted EBITDA margin was 23.4%, with adjusted net profit at RMB 587 million and net margin of 13.3%.

• Same-store sales decline in China narrowed to mid-single digits, with positive trends expected.

Financial highlights

• Revenue: RMB 4,427 million, up 18.9% year-over-year; gross profit: RMB 1,958 million, up 21.1%.

• Adjusted EBITDA: RMB 1,037 million, margin 23.4%; adjusted net profit: RMB 587 million, margin 13.3%.

• Gross margin improved by nearly 1 percentage point to 44.2%.

• Cash position was RMB 7,255.3 million as of March 31, 2025.

• Selling and administrative expenses rose 45%, mainly from direct store expansion.

Outlook and guidance

• Full-year guidance maintained for double-digit revenue growth in China and continued overseas expansion.

• Targeting a 2024–2028 revenue CAGR of at least 20% and plans to double global store base by 2028.

• Operating profit margin expected to improve mid- to long-term, targeting around 20%.

• H1 revenue growth to be slower, accelerating in H2 due to 2024 comparison base.

• Focus on resilience, agility, and product innovation amid macroeconomic volatility.