MINISO Group (MNSO) Q3 2025 earnings summary

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.