MINISO Group (MNSO) Q4 2025 earnings summary

Executive summary

• Achieved record revenue growth in 2025, with Q4 revenue up 32.7% YoY and full-year revenue reaching RMB 21.44 billion, surpassing guidance.

• Both MINISO and TOP TOY brands delivered strong growth, with TOP TOY Q4 revenue up 112% YoY and full-year revenue nearly doubling.

• Global store count reached 8,485 by year-end, with 71.9% of new stores in 2025 located overseas.

• Growth was driven by same-store sales improvements, efficient store upgrades, and proprietary IP strategy.

• Returned RMB 1,907 million to shareholders in 2025, representing 66% of adjusted net profit.

Financial highlights

• Q4 2025 revenue was RMB 6.25 billion (+32.7% YoY); full-year revenue grew 26.2% to RMB 21.44 billion.

• 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%, with Q4 gross margin at 46.4%.

• Adjusted operating profit for the year was RMB 3.67 billion; Q4 adjusted operating profit margin was 17%.

• Cash reserves at year-end were RMB 7.1 billion; net cash from operations was RMB 2.58 billion.

Outlook and guidance

• 2026 revenue expected to grow at a high teens rate; three-year CAGR (2023–2026) projected at 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.

• Plan to add 510–550 new high-quality stores globally in 2026, focusing on flagship and large-format stores.

• Adjusted operating profit and net profit expected to accelerate in 2026.

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