MINISO Group (MNSO) Q2 2025 earnings summary

Executive summary

• Global store count reached 7,905 as of June 30, 2025, with strong expansion in both China and overseas markets.

• Revenue for Q2 2025 was RMB 4,966 million, up 23.1% year-over-year; H1 2025 revenue reached RMB 9,393 million, up 21.1%.

• Adjusted net profit for H1 2025 was RMB 1,279 million, with an adjusted net margin of 13.6%.

• Gross profit margin improved to 44.3% in Q2 2025.

• Announced unaudited financial results for the June 2025 quarter and interim period.

Financial highlights

• Q2 2025 revenue grew 23.1% year-over-year to RMB 4,966 million.

• Adjusted operating profit margin was 17.2%, down 2.3 percentage points year-over-year.

• Adjusted EBITDA margin for H1 2025 was 23.3%.

• Mainland China revenue grew 13.6% year-over-year; overseas revenue grew 28.6%.

• TOP TOY segment revenue surged 87% year-over-year in Q2 2025.

Outlook and guidance

• Q3 2025 revenue expected to grow 25–28% year-over-year, with full-year guidance updated to ~25% YoY growth.

• Adjusted operating profit for FY 2025 guided at RMB 3.65–3.85 billion.

• Management expects sequential improvement in operating profit margin and narrowing year-over-year declines in H2.