MINISO Group (MNSO) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly and annual revenue in 2025, with Q4 revenue surpassing RMB 6.25 billion and full-year revenue exceeding RMB 21.44 billion, both outperforming guidance.

• Growth was driven by strong performance in China and the U.S., rapid expansion of the TOP TOY brand, and robust global store openings, with over 8,485 stores worldwide by year-end.

• Focused on high-quality growth through same-store sales improvements, store upgrades, immersive retail experiences, and proprietary IP strategy.

• Returned RMB 1,907 million to shareholders in 2025, representing 66% of adjusted net profit, through dividends and share repurchases.

• Membership programs expanded, with 95.2 million members in China and 2.6 million in the USA.

Financial highlights

• Q4 2025 revenue grew 32.7% year-over-year to RMB 6,254 million; full-year revenue up 26.2% to RMB 21,444 million.

• Adjusted net profit for 2025 was RMB 2,898 million (+6.5% YoY); adjusted net margin was 13.5%.

• Gross profit margin for 2025 was 45.0%, with quarterly gross margin reaching 46.4%.

• Adjusted operating profit for Q4 grew 11.7% to RMB 1,062 million; adjusted EBITDA for the quarter rose 15.7% to RMB 1,419 million.

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

Outlook and guidance

• 2026 revenue expected to grow at a high teens rate, with a projected 2023–2026 CAGR of no less than 22%.

• Q1 2026 revenue growth expected to be no less than 25%, with SSSG high single digits in China and mid-to-high teens in North America.

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

• H2 expected to contribute 60% of annual revenue due to retail seasonality in Western markets.

• Management emphasizes disciplined growth, operational efficiency, and balancing growth with stable shareholder returns.