MINISO Group Announces September Quarter and First Nine Months of 2025 Unaudited Financial Results

Rhea-AI Summary

MINISO Group (NYSE: MNSO) reported unaudited results for the September quarter and first nine months of 2025.

Key September quarter metrics: revenue RMB5,796.6M (+28.2% YoY), gross profit RMB2,590.1M, adjusted operating profit RMB1,022.3M (+14.8% YoY) and adjusted EBITDA RMB1,353.8M (+18.8% YoY). The group reached 8,138 stores (+718 YoY) and MINISO brand added 102 net new stores in mainland China in the quarter. TOP TOY revenue rose 111.4% YoY. Cash position was RMB7,766.2M as of September 30, 2025.

Notable headwinds: reported profit for the period fell to RMB443.2M from RMB648.3M year ago and adjusted net margin narrowed to 13.2%.

Positive

• Revenue +28.2% YoY to RMB5,796.6M in September quarter
• TOP TOY revenue +111.4% YoY in September quarter
• Adjusted operating profit +14.8% YoY to RMB1,022.3M
• Group store count reached 8,138 (+718 YoY)
• Cash position RMB7,766.2M as of September 30, 2025

Negative

• Profit for the period down to RMB443.2M from RMB648.3M (≈31.6% decline)
• Adjusted net margin contracted to 13.2% from 15.2% (≈200 bps)
• Selling and distribution expenses +43.5% YoY in September quarter
• General and administrative expenses +45.6% YoY in September quarter

Insights

Equity Analyst

Strong top-line and cash generation with margin compression narrowing; international expansion and TOP TOY drive growth.

Revenue rose RMB5,796.6 million in the September Quarter, up 28.2% year over year, and group SSSG reached mid-single digits driven by a high-single-digit SSSG in mainland China and improving overseas SSSG. Adjusted operating profit increased 14.8% to RMB1,022.3 million, while adjusted EBITDA rose 18.8% to RMB1,353.8 million. The company generated strong operating cash flow of RMB1,299.6 million in the quarter and held a cash position of RMB7,766.2 million as of September 30, 2025.

Key dependencies include continued SSSG momentum and successful scaling of directly operated overseas stores, which increased operating expenses (selling, distribution and G&A) as reported. Margin percentages contracted versus prior year but the sequential narrowing of adjusted operating margin compression suggests operational leverage beginning to return. Notable items: TOP TOY revenue jumped 111.4% to RMB574.5 million, store count reached 8,138 with 718 net new stores year over year, and October preliminary SSSG for MINISO mainland China reached low-teens.

Watch for quarterly SSSG trends and margin trajectory over the next two quarters to confirm sustainable recovery, the integration and performance of directly operated overseas stores given higher related expenses, and any further updates to finance costs or share of losses from equity investees (notably Yonghui) that materially affect net profit. A reasonable near-term horizon to monitor is the next two fiscal quarters ending December 31, 2025 and March 31, 2026.

MINISO Group Momentum Further Accelerated: Same-Store GMV⁽¹⁾ Increased Mid-single Digit in September Quarter; Revenue Increased 28.2%; Adjusted Operating Profit Increased 14.8%;

MINISO Brand Added 102 Net New Stores in Mainland China with Strong Same-Store GMV⁽¹⁾ Growth ("SSSG") of High-single Digit for September Quarter;

TOP TOY Brand Revenue⁽²⁾ Increased 111.4%, another New Quarterly Growth Record

MINISO Group Achieved the Milestone of 8,000 Stores Globally with Quarterly Revenue Surpassed RMB5 Billion for the First Time

GUANGZHOU, China, Nov. 20, 2025 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced its unaudited financial results for the three months and the nine months ended September 30, 2025 (the "September Quarter" and the "First Nine Months", respectively).

Financial Highlights for the September Quarter

• Revenue increased 28.2% year over year to RMB5,796.6 million (US$814.3 million), above the high end of the Company's previous guidance range of 25%-28%.
•  All three of the Company's operating segments delivered an upward momentum in SSSG during the September Quarter, lifting group-level SSSG to a mid-single digit level.
  • MINISO Brand's SSSG was mid-single digit year over year, underpinned by (i) an exceptional high-single-digit growth in mainland China, and (ii) a low-single-digit growth in overseas markets.
  • TOP TOY Brand's SSSG advanced at a mid-single digit rate year over year.
• Gross profit increased 27.6% year over year to RMB2,590.1 million (US$363.8 million).
• Gross margin was 44.7%, compared to 44.9% in the same period last year.
• Operating profit was RMB846.6 million (US$118.9 million), compared to RMB852.6 million in the same period last year.
• Adjusted operating profit⁽³⁾ increased 14.8% year over year to RMB1,022.3 million (US$143.6 million), with adjusted operating margin of 17.6%.
• Profit for the period was RMB443.2 million (US$62.3 million), compared to RMB648.3 million in the same period last year. 
• Adjusted net profit⁽³⁾ increased 11.7% year over year to RMB766.8 million (US$107.7 million).
• Adjusted net margin⁽³⁾ was 13.2%, compared to 15.2% in the same period last year.
• Adjusted EBITDA⁽³⁾ increased 18.8% year over year to RMB1,353.8 million (US$190.2 million).
• Adjusted EBITDA margin⁽³⁾ was 23.4%, compared to 25.2% in the same period last year.
• Adjusted basic and diluted earnings per ADS⁽³⁾ were both RMB2.48 (US$0.35), increased by 12.7% year over year.
• Net cash from operating activities was RMB1,299.6 million (USD182.6 million) in the September Quarter, with an operating cash flow to adjusted net profit ratio of 1.7. Capital expenditure was RMB330.3 million (US$46.4 million) and free cash flow was RMB969.3 million (US$136.2 million) for the September Quarter.

Financial Highlights for the First Nine Months 

• Revenue increased 23.7% year over year to RMB15,189.8 million (US$2,133.7 million).  
• Gross profit increased 24.5% year over year to RMB6,747.0 million (US$947.7 million).
• Gross margin was 44.4%, compared to 44.1% in the same period last year.
• Operating profit was RMB2,392.5 million (US$336.1 million), compared to RMB2,347.4 million in the same period last year.
• Adjusted operating profit⁽³⁾ increased 6.5% year over year to RMB2,608.8 million (US$366.5 million), with adjusted operating margin of 17.2%.
• Profit for the period was RMB1,349.2 million (US$189.5 million), compared with RMB1,825.7 million in the same period last year.
• Adjusted net profit⁽³⁾ increased 6.1% year over year to RMB2,045.5 million (US$287.3 million), compared with RMB1,928.1 million in the same period last year.
• Adjusted net margin⁽³⁾ was 13.5%, compared to 15.7% in the same period last year.
• Adjusted EBITDA⁽³⁾ increased 14.0% year over year to RMB3,540.6 million (US$497.3 million).
• Adjusted EBITDA margin⁽³⁾ was 23.3%, compared to 25.3% in the same period last year.
• Adjusted basic earnings per ADS⁽³⁾ increased 7.8% year over year to RMB6.64 (US$0.93).
• Adjusted diluted earnings per ADS⁽³⁾ increased 8.5% year over year to RMB6.64 (US$0.93).
• Cash Position⁽⁴⁾ was RMB7,766.2 million (US$1,090.9 million) as of September 30, 2025, compared to RMB6,698.1 million as of December 31, 2024.
• Net cash from operating activities was RMB2,313.8 million (US$325.0 million). Capital expenditure was RMB765.0 million (US$107.5 million) and free cash flow was RMB1,548.8 million (US$217.6 million) for the First Nine Months.

Operational Highlights

• Total number of stores on group level was 8,138 as of September 30, 2025, achieving the milestone of 8,000 stores, with a year-over-year increase of 718 net new stores.
• Number of MINISO stores was 7,831 as of September 30, 2025, representing a year-over-year increase of 645 net new stores.
  • Number of MINISO stores in mainland China was 4,407 as of September 30, 2025, representing a year-over-year increase of 157 net new stores.
  • Number of MINISO stores in overseas markets reached 3,424 as of September 30, 2025, representing a year-over-year increase of 488 net new stores.
• Number of TOP TOY stores was 307 as of September 30, 2025, representing a year-over-year increase of 73 net new stores.

Notes:

(1)     "Same-store GMV" refers to the GMV generated by those stores that opened prior to the beginning of the comparative periods and remained open as of the end of the comparative periods and closed for less than 30 days during both comparative periods. "SSSG" refers to the year-over-year growth of same-store GMV.

(2)     Represents only revenue generated from external parties.

(3)     See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information.

(4)     "Cash position" refers to the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits with original maturity over three months, and other investments recorded as current assets.

The following table provides a breakdown of the Company's store network and its changes on a year-over-year basis. The number of directly operated stores reached 700 on group level. 75.7% of new MINISO stores in the past twelve months were located in overseas markets.

 

	As of			YoY
	September 30, 2024	September 30, 2025
Number of stores on group level	7,420	8,138		718
Number of MINISO stores	7,186	7,831		645
Mainland China	4,250	4,407		157
—Directly operated stores	29	21		(8)
—Stores operated under MINISO Retail Partner model	4,196	4,358		162
—Stores operated under distributor model	25	28		3
Overseas	2,936	3,424		488
—Directly operated stores	422	637		215
—Stores operated under MINISO Retail Partner model	372	429		57
—Stores operated under distributor model	2,142	2,358		216
Number of TOP TOY stores	234	307		73
—Directly operated stores	29	42		13
—Stores operated under TOP TOY Retail Partner model(1)	205	258		53
—Stores operated under distributor model	-	7		7
Note:
(1)   TOP TOY Retail Partner model is a hybrid store operation model similar to MINISO Retail Partner model, taking advantageous elements from the franchise store model and the directly operated chain store model, both of which are industry norms.

Mr. Guofu Ye, Founder, Chairman, and CEO of MINISO, commented, "We are thrilled to see two significant milestones achieved by MINISO Group in the September Quarter: quarterly revenue surpassed RMB 5 billion for the first time, and MINISO Group's global store counts exceeded 8,000. In the September Quarter, MINISO mainland China delivered an exceptional performance, with over 100 net new stores on a quarterly basis and a high-single-digit level SSSG in this quarter. Both net store expansion and SSSG demonstrated sequential acceleration. Against the backdrop of a highly competitive physical retail environment in domestic market, MINISO mainland China's outstanding results further underscored our ability to respond agilely, execute effectively, and leverage the resilience of our business model. SSSG in MINISO mainland China from year to date reached low-single digit. We are steadily progressing toward our goal of achieving full-year positive SSSG for MINISO mainland China in 2025."

"MINISO overseas had also shown sequential improvement in its same-store GMV, with growth accelerating to low-single digit in the September Quarter. Our strategic markets, such as North America and Europe, continued to deliver outstanding SSSG. We expected to see more momentum from SSSG in the growth of overseas markets, signaling a higher-quality growth that is more sustainable and carries lower operational risk. Meanwhile, we were thrilled to see that the operating margin of MINISO overseas directly operated business has year-over-year improvement, which demonstrated continuous and steady improvement in MINISO's fundamental operational strengths. Notably, TOP TOY achieved a remarkable 111.4% year-over-year revenue increase in the September Quarter, significantly exceeding our expectations and demonstrating its strong market leadership and growth potential in the pop toy industry." Mr. Ye continued.

Mr. Eason Zhang, CFO of MINISO, commented, "The year-over-year revenue growth on group level reached 28.2%, above our previous guidance. Adjusted operating profit increased 14.8% year over year. Adjusted operating margin was 17.6%, with year-over-year margin contraction sequentially narrowing from previous quarters, both in line with our previous guidance. Adjusted EBITDA increased 18.8% year over year, with a trend of sequential quarterly acceleration in year-over-year growth. Adjusted EBITDA margin reached 23.4%."

" Net cash from operating cash flow was RMB1,299.6 million in this quarter, with an operating cash flow to adjusted net profit ratio of 1.7. As of September 30, our cash position reached RMB7.77 billion. Net cash from operating cash flow for the First Nine Months reached 2,313.8 million, surpassing adjusted net profit in the same period. It demonstrated our solid financial position, high-quality profitability and efficient management ability in working capital, and further underscored the resilience and robust operational cash flow generation of our business that will fuel our future high-quality growth." Mr. Zhang concluded.

Operational Updates

October 2025: According to the Company's preliminary estimates, the SSSG for MINISO mainland China reached a low-teens level for the whole month of October.

Financial Results for the September Quarter

Revenue was RMB5,796.6 million (US$814.3 million), representing an increase of 28.2% year over year.

Revenue from MINISO brand increased by 22.9% year over year to RMB5,221.5 million (US$733.5 million), including (i) an increase of 19.3% in revenue from MINISO brand in mainland China, accelerating sequentially by quarters in 2025, and (ii) an increase of 27.7% in revenue from MINISO brand in overseas markets. Overseas revenue contributed to 44.3% of revenue from MINISO brand.

Revenue from TOP TOY brand⁽¹⁾ increased by 111.4% to RMB574.5 million (US$80.7 million).

For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release.

Cost of sales was RMB3,206.6 million (US$450.4 million), representing an increase of 28.6% year over year.

Gross profit was RMB2,590.1 million (US$363.8 million), representing an increase of 27.6% year over year.

Gross margin was 44.7%, compared to 44.9% in the same period last year.

Selling and distribution expenses were RMB1,429.9 million (US$200.9 million), representing an increase of 43.5% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,333.9 million (US$187.4 million), representing an increase of 36.5% year over year. The year-over-year increase was mainly attributable to the Company's investments into directly operated stores to pursue the future success of the Company's business, especially in strategic overseas markets such as the U.S. market. As of September 30, 2025, total number of directly operated stores on the group level was 700, compared to 480 as of September 30, 2024. In the September Quarter, revenue from directly operated stores increased 69.9%, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 40.7%, decelerating from the year-over-year increase of 71.4% and 56.3% in March and June quarter of 2025, respectively. Promotion and advertising expenses increased 43.3%, as a percentage of revenue stabilizing at around 3% in both comparative periods. Licensing expenses increased 20.8%, as a percentage of revenue stabilizing at around 3% in both comparative periods as well. Logistics expenses increased 23.3% year over year.

General and administrative expenses were RMB343.8 million (US$48.3 million), representing an increase of 45.6% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB264.0 million (US$37.1 million), representing an increase of 21.4% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company's business. The increase in equity-settled share-based payment expenses was mainly related  to TOP TOY brand.

Other net income was RMB34.3 million (US$4.8 million), compared to RMB36.8 million in the same period last year. The year-over-year decrease was mainly due to a larger net foreign exchange loss compared with the same period last year, partially offset by an increase in investment income from wealth management products.

Operating profit was RMB846.6 million (US$118.9 million), compared with RMB852.6 million in the same period last year.

Adjusted operating profit⁽²⁾ was RMB1,022.3 million (US$143.6 million), representing an increase of 14.8% year over year, with adjusted operating margin of 17.6%. The year-over-year contraction in adjusted operating margin has narrowed sequentially from 4.2 percentage points in the March quarter, to 2.3 percentage points in the June quarter and further narrowed down to 2.1 percentage points in the September Quarter.

Net finance cost was RMB104.5 million (US$14.7 million), compared to net finance income of RMB7.8 million in the same period last year. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the equity linked securities issued by the Company in January 2025 ( the "Equity Linked Securities") and the bank loans used for the acquisition of the equity interest of Yonghui Superstores Co., Ltd*(永輝超市股份有限公司) ("Yonghui"), both of which have been excluded in non-IFRS financial measures⁽²⁾, and (ii) increased interest expenses on lease liabilities corresponding to the Company's investment in directly operated stores.

Share of loss of equity-accounted investees, net of tax was RMB145.1 million (US$20.4 million), compared to share of profit of RMB2.0 million in the same period last year. The year-over-year change was mainly attributable to share of loss in Yonghui, which has been excluded in non-IFRS financial measures⁽²⁾.

Other gain was RMB73.2 million (US$10.3 million), mainly attributable to gain from fair value change of derivatives under mark-to-market impact, which was in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures⁽²⁾.

Effective tax rate was 33.9%, compared to 24.8% in the same period last year.

Adjusted effective tax rate⁽²⁾ was 22.8%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 23.8% in the same period last year.

Profit for the period was RMB443.2 million (US$62.3 million), compared to RMB648.3 million in the same period last year.

Adjusted net profit⁽²⁾ was RMB766.8 million (US$107.7 million), increased by 11.7% year over year.

Adjusted net margin⁽²⁾ was 13.2%, compared to 15.2% in the same period last year.

Adjusted EBITDA⁽²⁾ was RMB1,353.8 million (US$190.2 million), representing an increase of 18.8% year over year.

Adjusted EBITDA margin⁽²⁾ was 23.4%, compared to 25.2% in the same period last year.

Basic and diluted earnings per ADS were both RMB1.44 (US$0.20) in the September Quarter, compared with RMB2.08 in the same period last year.  

Adjusted basic and diluted earnings per ADS⁽²⁾ were both RMB2.48 (US$0.35) in the September Quarter, representing an increase of 12.7% year over year from RMB2.20 in the same period last year.

Net cash from operating activities was RMB1,299.6 million (USD182.6 million) in the September Quarter, with an operating cash flow to adjusted net profit ratio of 1.7. Capital expenditure was RMB330.3 million (US$46.4 million) and free cash flow was RMB969.3 million (US$136.2 million) for the September Quarter.

Financial Results for the First Nine Months

Revenue was RMB15,189.8 million (US$2,133.7 million), representing an increase of 23.7% year over year.

Revenue from MINISO brand increased by 19.8% to RMB13,870.5 million (US$1,948.4 million), including (i) an increase of 14.1% in revenue from MINISO brand in mainland China, and (ii) an increase of 28.7% in revenue from MINISO brand in overseas markets. The overseas revenue contributed to 42.1% of revenue from MINISO brand, compared to 39.2% in the same period last year.

Revenue from TOP TOY brand⁽¹⁾ increased by 87.9% to RMB1,316.6 million (US$184.9 million).

For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release.

Cost of sales was RMB8,442.8 million (US$1,185.9 million), representing an increase of 23.0% year over year.

Gross profit was RMB6,747.0 million (US$947.7 million), representing an increase of 24.5% year over year.

Gross margin reached 44.4%, representing a year-over-year  increase of 0.3 percentage point.

Selling and distribution expenses were RMB3,610.9 million (US$507.2 million), increased by 43.4% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB3,501.0 million (US$491.8 million), increased by 42.4% year over year.

General and administrative expenses were RMB847.5 million (US$119.0 million), increased by 29.4% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB741.1 million (US$104.1 million), increased by 20.9% year over year.

Other net income was RMB132.5 million (US$18.6 million), compared to RMB78.5 million in the same period last year. The year-over-year increase was mainly due to (i) a net foreign exchange gain compared with a net foreign exchange loss in the same period last year, and (ii) an increase in investment income from wealth management products.

Operating profit was RMB2,392.5 million (US$336.1 million), compared to RMB2,347.4 million in the same period last year.

Adjusted operating profit⁽²⁾ was RMB2,608.8 million (US$366.5 million), representing an increase of 6.5% year over year.

Net finance cost was RMB232.9 million (US$32.7 million), compared to net finance income of RMB41.9 million in the same period last year. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for the acquisition of the equity interest of Yonghui, both of which have been excluded in non-IFRS financial measures⁽²⁾, and (ii) increased interest expenses on lease liabilities corresponding to the Company's investment in directly operated stores.

Share of loss of equity-accounted investees, net of tax was RMB284.1 million (US$39.9 million), compared with share of profit of RMB2.3 million in the same period last year. The year-over-year change was mainly attributable to share of loss in Yonghui, which has been excluded in non-IFRS financial measures⁽²⁾.

Other expenses was RMB11.2 million (US$1.6 million), mainly attributable to loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives, which were in relation to the Equity Linked Securities and have been excluded in non-IFRS financial measures⁽²⁾.

Effective tax rate was 27.6%, compared to 23.7% in the same period last year.

Adjusted effective tax rate⁽²⁾ was 20.1%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 22.7% in the same period last year.

Profit for the period was RMB1,349.2 million (US$189.5 million), compared to RMB1,825.7 million in the same period last year.

Adjusted net profit⁽²⁾ was RMB2,045.5 million (US$287.3 million), compared to RMB1,928.1 million in the same period last year. 

Adjusted net margin⁽²⁾ was 13.5%, compared to 15.7% in the same period last year. 

Adjusted EBITDA⁽²⁾ increased 14.0% year over year to RMB3,540.6 million (US$497.3 million).

Adjusted EBITDA margin⁽²⁾ was 23.3%, compared to 25.3% in the same period last year.

Basic earnings per ADS was RMB4.40 (US$0.62), compared to RMB5.84 in the same period last year.

Diluted earnings per ADS was RMB4.36 (US$0.61), compared to RMB5.80 in the same period last year.

Adjusted basic earnings per ADS⁽²⁾ increased 7.8% year over year to RMB6.64 (US$0.93), compared to RMB6.16 in the same period last year.

Adjusted diluted earnings per ADS⁽²⁾ increased 8.5% year over year to RMB6.64 (US$0.93), compared to RMB6.12 in the same period last year.

Cash position, which was the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits, and other investments recorded as current assets was RMB7,766.2 million (US$1,090.9 million) as of September 30, 2025, compared to RMB6,698.1 million as of December 31, 2024.

Net cash from operating activities was RMB2,313.8 million (US$325.0 million). Capital expenditure was RMB765.0 million (US$107.5 million) and free cash flow was RMB1,548.8 million (US$217.6 million) for the First Nine Months.

Notes:

(1) Revenue from TOP TOY brand only represents revenue generated from external parties.

(2) See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information.

Conference Call

The Company's management will hold an earnings conference call at 4:00 A.M. Eastern Time on Friday, November 21, 2025 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. Simultaneous interpretation in English will be provided during the conference call. The conference call can be accessed via the following methods:

Access 1

Join Zoom meeting.

Zoom link: https://zoom.us/j/97158482833?pwd=msvkC9gwjBFY7o1WCnQWqSJ4cpKEAD.1
Meeting Number: 971 5848 2833
Meeting Passcode: 9896

Access 2

Listeners of the meeting may access the call by dialing the following numbers and using the same meeting number and passcode as access 1.

United States:	+1 689 278 1000 (or +1 719 359 4580)
Hong Kong, China:	+852 5803 3730 (or +852 5803 3731)
United Kingdom:	+44 203 481 5237 (or +44 131 460 1196)
France:	+33 1 7037 9729 (or +33 1 7037 2246)
Singapore:	+65 3158 7288 (or +65 3165 1065)
Canada:	+1 438 809 7799 (or +1 204 272 7920)

Access 3

Listeners of the meeting can also access the call through the Company's investor relations website at https://ir.miniso.com/.

The replay will be available approximately two hours after the conclusion of the live event at the Company's investor relations website at https://ir.miniso.com/.

About MINISO Group

MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO's wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand "MINISO" as a globally recognized retail brand and established a massive store network worldwide. For more information, please visit https://ir.miniso.com/.

Exchange Rate

The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2025, which was RMB7.1190 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts.

Non-IFRS Financial Measures

In evaluating the business, MINISO considers and uses adjusted operating profit, adjusted operating margin, adjusted effective tax rate, adjusted net profit, adjusted net margin, adjusted EBITDA, adjusted EBITDA margin, adjusted basic and diluted net earnings per share and adjusted basic and diluted net earnings per ADS as supplemental measures to review and assess its operating performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. MINISO defines adjusted operating profit as operating profit for the period excluding equity-settled share-based payment expenses. MINISO calculates adjusted operating margin by dividing adjusted operating profit by revenue for the same period. MINISO defines adjusted effective tax rate as the effective tax rate excluding the tax impact of adjusted items under non-IFRS financial measures. MINISO defines adjusted net profit as profit for the period excluding equity-settled share-based payment expenses, gain or loss from fair value change of derivatives, issuance cost of derivatives and interest expenses related to the Equity Linked Securities, interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui, and share of profit or loss of Yonghui, net of tax. MINISO calculates adjusted net margin by dividing adjusted net profit by revenue for the same period. MINISO defines adjusted EBITDA as adjusted net profit plus depreciation and amortization, finance costs excluding interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui and income tax expense. Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenue for the period. MINISO computes adjusted basic and diluted net earnings per ADS by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ADSs represented by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. MINISO computes adjusted basic and diluted net earnings per share in the same way as it calculates adjusted basic and diluted net earnings per ADS, except that it uses the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis as the denominator instead of the number of ADSs represented by these ordinary shares.

MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its operating performance and formulate business plans. These non-IFRS financial measures enable the management to assess its operating results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its operating performance in the future. Accordingly, MINISO believes that the use of these non-IFRS financial measures provides useful information to investors and others in understanding and evaluating its operating results in the same manner as the management and board of directors.

These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using these non-IFRS financial measures is that they do not reflect all items of income and expense that affect MINISO's operations. Further, these non-IFRS financial measures may differ from the non-IFRS information used by other companies, including peer companies, and therefore their comparability may be limited.

These non-IFRS financial measures should not be considered in isolation or construed as alternatives to profit, net profit margin, basic and diluted earnings per share and basic and diluted earnings per ADS, as applicable, or any other measures of performance or as indicators of MINISO's operating performance. Investors are encouraged to review MINISO's historical non-IFRS financial measures in light of the most directly comparable IFRS measures, as shown below. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing MINISO's data comparatively. MINISO encourages you to review its financial information in its entirety and not rely on a single financial measure.

For more information on the non-IFRS financial measures, please see the table captioned "Reconciliation of Non-IFRS Financial Measures" set forth at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "aim", "estimate", "intend", "plan", "believe", "is/are likely to", "potential", "continue" or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO's strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO's mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO's products; expectations regarding MINISO's relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO's business and the industry. Further information regarding these and other risks is included in MINISO's filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact:

MINISO Group Holding Limited
Email: ir@miniso.com
Phone: +86 (20) 36228788 Ext.8039

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in thousands)
		As at		As at
		December 31, 2024		September 30, 2025
		(Audited)		(Unaudited)
		RMB'000		RMB'000		US$'000
ASSETS
Non-current assets
Property, plant and equipment		1,436,939		1,919,666		269,654
Right-of-use assets		4,172,083		5,008,473		703,536
Intangible assets		8,802		98,185		13,792
Goodwill		21,418		225,840		31,724
Deferred tax assets		181,948		216,410		30,399
Other investments		123,399		147,944		20,782
Trade and other receivables		341,288		149,312		20,974
Term deposits		140,183		-		-
Financial derivative assets		-		1,108,926		155,770
Interests in equity-accounted investees		38,567		6,030,265		847,066
		6,464,627		14,905,021		2,093,697
Current assets
Other investments		100,000		4,396,781		617,612
Inventories		2,750,389		3,287,721		461,823
Trade and other receivables		2,207,013		2,709,889		380,656
Cash and cash equivalents		6,328,121		3,099,079		435,325
Restricted cash		1,026		7,138		1,003
Term deposits		268,952		263,182		36,969
		11,655,501		13,763,790		1,933,388
Total assets		18,120,128		28,668,811		4,027,085

 

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
(Expressed in thousands)
		As at		As at
		December 31, 2024		September 30, 2025
		(Audited)		(Unaudited)
		RMB'000		RMB'000		US$'000
EQUITY
Share capital		94		94		13
Additional paid-in capital		4,683,577		2,902,595		407,725
Other reserves		1,329,126		2,204,724		309,696
Retained earnings		4,302,177		5,636,230		791,717
Equity attributable to equity shareholders of the Company		10,314,974		10,743,643		1,509,151
Non-controlling interests		40,548		84,197		11,827
Total equity		10,355,522		10,827,840		1,520,978
LIABILITIES
Non-current liabilities
Contract liabilities		35,145		23,271		3,269
Loans and borrowings		4,310		5,622,289		789,758
Other payables		59,842		71,585		10,055
Lease liabilities		1,903,137		2,308,889		324,328
Financial derivative liabilities		-		1,464,479		205,714
Deferred income		34,983		33,294		4,677
		2,037,417		9,523,807		1,337,801

 

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
(Expressed in thousands)
		As at		As at
		December 31, 2024		September 30, 2025
		(Audited)		(Unaudited)
		RMB'000		RMB'000		US$'000
Current liabilities
Contract liabilities		323,292		287,242		40,349
Loans and borrowings		566,955		1,886,022		264,928
Trade and other payables		3,943,988		4,292,129		602,913
Lease liabilities		635,357		1,168,637		164,157
Deferred income		5,376		1,294		182
Current taxation		252,221		252,315		35,442
Redemption liabilities arising from preferred shares		-		429,525		60,335
		5,727,189		8,317,164		1,168,306
Total liabilities		7,764,606		17,840,971		2,506,107
Total equity and liabilities		18,120,128		28,668,811		4,027,085

 

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS  AND OTHER COMPREHENSIVE INCOME
(Expressed in thousands, except for per ordinary share and per ADS data)
		Three months ended September 30,						Nine months ended September 30,
		2024		2025				2024		2025
		(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
		RMB'000		RMB'000		US$'000		RMB'000		RMB'000		US$'000
Revenue		4,522,577		5,796,645		814,250		12,281,320		15,189,757		2,133,693
Cost of sales		(2,492,601)		(3,206,573)		(450,425)		(6,861,558)		(8,442,767)		(1,185,948)
Gross profit		2,029,976		2,590,072		363,825		5,419,762		6,746,990		947,745
Other income		5,327		3,549		499		18,025		8,919		1,253
Selling and distribution expenses		(996,461)		(1,429,853)		(200,850)		(2,518,549)		(3,610,875)		(507,217)
General and administrative expenses		(236,208)		(343,802)		(48,294)		(654,781)		(847,458)		(119,042)
Other net income		36,758		34,280		4,815		78,454		132,519		18,615
Reversal of credit loss/(credit loss) on trade and other receivables		13,170		(7,678)		(1,079)		9,564		(21,128)		(2,968)
Impairment loss on non-current assets		-		-		-		(5,104)		(16,450)		(2,311)
Operating profit		852,562		846,568		118,916		2,347,371		2,392,517		336,075
Finance income		25,067		20,276		2,848		99,673		86,112		12,096
Finance costs		(17,227)		(124,805)		(17,531)		(57,822)		(319,041)		(44,815)
Net finance income/(cost)		7,840		(104,529)		(14,683)		41,851		(232,929)		(32,719)
Share of profit/(loss) of equity-accounted investees, net of tax		2,009		(145,105)		(20,383)		2,310		(284,051)		(39,900)
Other gain/(expenses)		-		73,214		10,284		-		(11,198)		(1,573)
Profit before taxation		862,411		670,148		94,134		2,391,532		1,864,339		261,883
Income tax expense		(214,090)		(226,950)		(31,879)		(565,832)		(515,151)		(72,363)
Profit for the period		648,321		443,198		62,255		1,825,700		1,349,188		189,520
Attributable to:
Equity shareholders of the Company		641,765		440,539		61,881		1,811,867		1,346,569		189,152
Non-controlling interests		6,556		2,659		374		13,833		2,619		368
Earnings per share for ordinary shares
-Basic		0.52		0.36		0.05		1.46		1.10		0.15
-Diluted		0.52		0.36		0.05		1.45		1.09		0.15
Earnings per ADS
(Each ADS represents 4 ordinary shares)
-Basic		2.08		1.44		0.20		5.84		4.40		0.62
-Diluted		2.08		1.44		0.20		5.80		4.36		0.61

 

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS  AND OTHER COMPREHENSIVE INCOME (CONTINUED)
(Expressed in thousands)
		Three months ended September 30,						Nine months ended September 30,
		2024		2025				2024		2025
		(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
		RMB'000		RMB'000		US$'000		RMB'000		RMB'000		US$'000
Profit for the period		648,321		443,198		62,255		1,825,700		1,349,188		189,520
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of financial statements of foreign operations		8,863		(17,451)		(2,451)		15,708		(5,776)		(811)
Other comprehensive income/(loss) for the period		8,863		(17,451)		(2,451)		15,708		(5,776)		(811)
Total comprehensive income for the period		657,184		425,747		59,804		1,841,408		1,343,412		188,709
Attributable to:
Equity shareholders of the Company		645,096		425,972		59,836		1,823,139		1,343,373		188,704
Non-controlling interests		12,088		(225)		(32)		18,269		39		5

 

MINISO GROUP HOLDING LIMITED
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES
(Expressed in thousands, except for percentages)
		Three months ended September 30,						Nine months ended September 30,
		2024		2025				2024		2025
		(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
		RMB'000		RMB'000		US$'000		RMB'000		RMB'000		US$'000
Reconciliation of operating profit for the period to adjusted operating profit
Operating profit		852,562		846,568		118,916		2,347,371		2,392,517		336,075
Add back:
Equity-settled share-based payment expenses		37,883		175,728		24,684		102,390		216,314		30,385
Adjusted operating profit		890,445		1,022,296		143,600		2,449,761		2,608,831		366,460
Adjusted operating margin		19.7 %		17.6 %		17.6 %		19.9 %		17.2 %		17.2 %

 

MINISO GROUP HOLDING LIMITED
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)
(Expressed in percentages)
		Three months ended September 30,				Nine months ended September 30,
		2024		2025		2024		2025
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Reconciliation of effective tax rate to adjusted effective tax rate:
Effective tax rate		24.8 %		33.9 %		23.7 %		27.6 %
Impact on effective tax rate as a result of adjusted items		(1.0) %		(11.1) %		(1.0) %		(7.5) %
Adjusted effective tax rate		23.8 %		22.8 %		22.7 %		20.1 %

 

MINISO GROUP HOLDING LIMITED
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)
(Expressed in thousands, except for per share, per ADS data and percentages)
		Three months ended September 30,						Nine months ended September 30,
		2024		2025				2024		2025
		(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
		RMB'000		RMB'000		US$'000		RMB'000		RMB'000		US$'000
Reconciliation of profit for the period to adjusted net profit:
Profit for the period		648,321		443,198		62,255		1,825,700		1,349,188		189,520
Add back:
Equity-settled share-based payment expenses		37,883		175,728		24,684		102,390		216,314		30,385
Gain from fair value change of derivatives(1)		-		(73,214)		(10,284)		-		(33,466)		(4,701)
Issuance cost of derivatives(2)		-		-		-		-		44,664		6,274
Interest expenses related to the Equity Linked Securities and the bank loans used for acquisition of the equity interest in Yonghui		-		75,306		10,578		-		203,657		28,608
—Interest expenses related to the Equity Linked Securities(3)		-		51,092		7,177		-		140,977		19,803
—Interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui		-		24,214		3,401		-		62,680		8,805
Share of loss of Yonghui, net of tax		-		145,804		20,481		-		265,139		37,244
Adjusted net profit		686,204		766,822		107,714		1,928,090		2,045,496		287,330
Adjusted net margin		15.2 %		13.2 %		13.2 %		15.7 %		13.5 %		13.5 %
Attributable to:
Equity shareholders of the Company		679,461		763,224		107,209		1,913,891		2,041,853		286,818
Non-controlling interests		6,743		3,598		505		14,199		3,643		512
Adjusted net earnings per share(4)
-Basic		0.55		0.62		0.09		1.54		1.66		0.23
-Diluted		0.55		0.62		0.09		1.53		1.66		0.23
Adjusted net earnings per ADS (Each ADS represents 4 ordinary shares)
-Basic		2.20		2.48		0.35		6.16		6.64		0.93
-Diluted		2.20		2.48		0.35		6.12		6.64		0.93

 

MINISO GROUP HOLDING LIMITED
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)
(Expressed in thousands, except for percentages)
		Three months ended September 30,						Nine months ended September 30,
		2024		2025				2024		2025
		(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
		RMB'000		RMB'000		US$'000		RMB'000		RMB'000		US$'000
Reconciliation of adjusted net profit for the period to adjusted EBITDA:
Adjusted net profit		686,204		766,822		107,714		1,928,090		2,045,496		287,330
Add back:
Depreciation and amortization		222,259		310,554		43,623		555,390		864,570		121,445
Finance costs excluding interest expenses  related to the Equity Linked Securities and the bank loans used for acquisition  of the equity interest in Yonghui		17,227		49,499		6,953		57,822		115,384		16,207
Income tax expense		214,090		226,950		31,879		565,832		515,151		72,363
Adjusted EBITDA		1,139,780		1,353,825		190,169		3,107,134		3,540,601		497,345
Adjusted EBITDA margin		25.2 %		23.4 %		23.4 %		25.3 %		23.3 %		23.3 %

 

Notes:

(1)     The gain or loss from fair value change of derivatives was a non-cash gain or expense that was related to the fair value of the Equity Linked Securities and call spread. It was determined primarily by movements in the underlying share price.

(2)     The issuance cost of derivatives was a one-off expense that was related to the Equity Linked Securities.

(3)     For the three months ended September 30, 2025, the RMB51.1 million interest expenses related to the Equity Linked Securities included RMB46.2 million non-cash portion and RMB4.9 million cash expense.

For the nine months ended September 30, 2025, the RMB141.0 million interest expenses related to the Equity Linked Securities included RMB127.0 million non-cash portion and RMB14.0 million cash expense.

(4)   Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis.

 

MINISO GROUP HOLDING LIMITED
UNAUDITED ADDITIONAL INFORMATION
(Expressed in thousands, except for percentages)
		Three months ended September 30,								Nine months ended September 30,
		2024		2025				YoY		2024		2025				YoY
		RMB'000		RMB'000		US$'000				RMB'000		RMB'000		US$'000
Revenue
MINISO Brand		4,249,307		5,221,476		733,456		22.9 %		11,573,972		13,870,480		1,948,375		19.8 %
-Mainland China		2,438,555		2,909,171		408,648		19.3 %		7,031,354		8,024,158		1,127,147		14.1 %
-Overseas		1,810,752		2,312,305		324,808		27.7 %		4,542,618		5,846,322		821,228		28.7 %
TOP TOY Brand		271,797		574,523		80,703		111.4 %		700,717		1,316,581		184,939		87.9 %
Others(1)		1,473		646		91		(56.1) %		6,631		2,696		379		(59.3) %
		4,522,577		5,796,645		814,250		28.2 %		12,281,320		15,189,757		2,133,693		23.7 %

 

Note:

(1) "Others" refers to revenue generated from other operating segments such as "WonderLife", which was a secondary brand targeting on lower-tier cities in mainland China, aggregated and presented as "others". As the MINISO brand increasingly penetrated into lower-tier cities in mainland China, "WonderLife" has become marginalized.

 

MINISO GROUP HOLDING LIMITED
UNAUDITED ADDITIONAL INFORMATION
NUMBER OF MINISO STORES IN MAINLAND CHINA
		As of
		September 30, 2024		September 30, 2025		YoY
By City Tiers
First-tier cities		563		584		21
Second-tier cities		1,771		1,817		46
Third- or lower-tier cities		1,916		2,006		90
Total		4,250		4,407		157

 

MINISO GROUP HOLDING LIMITED
UNAUDITED ADDITIONAL INFORMATION
NUMBER OF MINISO STORES IN OVERSEAS MARKETS
		As of
		September 30, 2024		September 30, 2025		YoY
By Regions
Asia excluding China		1,572		1,748		176
North America		294		421		127
Latin America		598		684		86
Europe		260		337		77
Others		212		234		22
Total		2,936		3,424		488

 

*For identification purpose only

 

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SOURCE MINISO Group Holding Limited

FAQ

What were MINISO (MNSO) revenues for the September quarter 2025?

MINISO reported RMB5,796.6 million revenue for the September quarter 2025, up 28.2% YoY.

How much did TOP TOY revenue grow for MINISO in Q3 2025 (MNSO)?

TOP TOY revenue increased 111.4% YoY to RMB574.5 million in the September quarter 2025.

What store growth did MINISO (MNSO) report as of September 30, 2025?

MINISO Group reached 8,138 stores as of September 30, 2025, a net increase of 718 stores YoY.

Did MINISO (MNSO) generate positive cash flow in Q3 2025?

Yes — net cash from operating activities was RMB1,299.6 million in the September quarter 2025.

How did MINISO's profitability metrics change in Q3 2025 (MNSO)?

Adjusted operating profit rose 14.8% YoY, but reported profit fell to RMB443.2M from RMB648.3M and adjusted net margin narrowed to 13.2%.

What was MINISO's cash position at September 30, 2025 (MNSO)?

Cash position was RMB7,766.2 million as of September 30, 2025.