MINISO Group Holding Limited reports strong preliminary results for fiscal 2025. Based on unaudited management accounts, revenue is expected at RMB21,440 million to RMB21,445 million, about 26% higher year over year. Operating profit is estimated at RMB3,300 million to RMB3,305 million, with adjusted operating profit at RMB3,665 million to RMB3,675 million, excluding share-based payments.
The company expects FY2025 net profit of RMB1,320 million to RMB1,330 million, down from RMB2,635 million a year earlier, mainly due to an estimated RMB740 million share of loss from its Yonghui investment, TOP TOY-related share-based and preferred-share liabilities, and RMB192 million interest on equity-linked securities. Adjusted net profit is projected at RMB2,890 million to RMB2,900 million.
Early 2026 trading remains robust: in Chinese mainland, MINISO-brand GMV grew over 25% with at least high-single-digit same-store growth, while U.S. GMV rose more than 50% with at least 20% same-store growth. The board will meet on March 31, 2026 to approve FY2025 results and consider dividends, followed by an earnings call the same day.
MINISO Group Holding Limited’s major shareholders, Guofu Ye and Yunyun Yang, report beneficial ownership of 789,541,061 ordinary shares, representing 63.8% of the company’s outstanding ordinary shares as of December 31, 2025. The stake is held through several British Virgin Islands entities, including Mini Investment Limited, Mini Investments SP1 Limited, YGF MC LIMITED, YGF MN LIMITED, YY Capital Ltd., YYY MC LIMITED and YYY Development Limited.
The filing details internal restructurings among these vehicles. In September 2023, 14,000,000 ordinary shares were moved from Mini Investment Limited to its subsidiary Mini Investments SP1 Limited for a prepaid forward collar that was unwound in June 2025. In November 2025, 194,465,382 shares were transferred from YGF MC LIMITED to YGF MN LIMITED. Ye and Yang make joint decisions on voting for all these holdings, reinforcing their effective control of MINISO.