MINISO Group (MNSO) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly and annual revenue, surpassing RMB6 billion and RMB20 billion, respectively, with both exceeding guidance.

• Adjusted operating profit and EBITDA posted robust double-digit growth in the December quarter.

• MINISO brand delivered its highest year-over-year revenue growth in eight quarters; TOP TOY brand revenue more than doubled.

• Net new stores exceeded 700 in 2025, with 71.9% of new MINISO stores in overseas markets.

• Returned RMB1,907.0 million to shareholders in 2025, representing 66% of adjusted net profit.

Financial highlights

• December quarter revenue rose 32.7% year-over-year to RMB6,254.1 million; full-year revenue up 26.2% to RMB21,443.8 million.

• Gross profit for the quarter increased 30.8% to RMB2,901.1 million; gross margin was 46.4%.

• Adjusted operating profit for the quarter grew 11.7% to RMB1,062.2 million; adjusted net profit up 7.6% to RMB852.7 million.

• Adjusted EBITDA for the quarter rose 15.7% to RMB1,419.3 million; adjusted EBITDA margin was 22.7%.

• Adjusted basic and diluted earnings per ADS for the quarter were RMB2.80, up 9.4% year-over-year.

• Net cash from operating activities was RMB264.1 million in the quarter and RMB2,577.9 million for the year.

Outlook and guidance

• Management remains focused on high-quality, disciplined growth and operational efficiency.

• Emphasis on creative-driven momentum and resilient brand ecosystem to sustain growth through global cycles.

• Strategy includes balancing growth with stable shareholder returns and capital discipline.