MINISO Group Holding Limited (MNSO) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 21 2025
0mins
Should l Buy MNSO?
Source: SeekingAlpha
Revenue Revenue increased by 28.2% year-over-year, reaching RMB 5.8 billion. This growth was driven by strong performance across key brands and markets, including a 23% growth in the MINISO brand and a 111% growth in TOP TOY.
Gross Profit Margin (GP Margin) The GP margin remained stable at 44.7%, with gross profit reaching RMB 2.6 billion, a 27.6% increase year-over-year. This was attributed to increased contributions from international revenue and upgrades in IP strategy.
Adjusted Operating Profit Adjusted operating profit grew by 40.8% year-over-year, reaching RMB 1.02 billion. This marks the first time the adjusted operating profit crossed the RMB 1 billion threshold, supported by improved operational efficiency and revenue growth.
Adjusted Operating Margin Adjusted operating margin stood at 17.6%, showing sequential improvement from Q2. The decline in adjusted operating margin year-over-year was due to structural changes in revenue composition, with a higher proportion of international-directed operating revenue.
Same-Store Sales Growth (SSSG) Same-store sales growth reached mid-single digits overall. MINISO China achieved high single-digit growth, while international markets, including the U.S. and Canada, achieved low double-digit growth. This was driven by strategic product category focus and operational improvements.
MINISO China Revenue Revenue grew by 19.3% year-over-year, significantly outperforming China's total retail sales growth of 3.4% and online retail sales growth of 7.5%. Growth was driven by same-store sales increases and strategic operational enhancements.
MINISO International Revenue Revenue grew by 28% year-over-year, reaching RMB 2.3 billion. The U.S. market delivered over 65% revenue growth, with low double-digit same-store sales growth, supported by operational initiatives and store expansion.
TOP TOY Revenue Revenue surged by 111% year-over-year, reaching RMB 570 million. Growth was driven by enhanced product competitiveness, proprietary IP scaling, and significant gross margin optimization.
Inventory Turnover Inventory turnover for the MINISO brand was 87 days, an improvement from 104 days in Q1 and 94 days in Q2, reflecting efficient inventory management.
Cash Reserve Cash reserve stood at RMB 7.77 billion as of September 30, 2025, with net cash flow from operating activities reaching RMB 1.3 billion. This demonstrates strong cash flow management and operational efficiency.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy MNSO?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on MNSO
Wall Street analysts forecast MNSO stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 16.030
Low
23.00
Averages
25.33
High
27.00
Current: 16.030
Low
23.00
Averages
25.33
High
27.00
About MNSO
MINISO Group Holding Ltd is an investment holding company primarily engaged in the design, retail and wholesale of lifestyle products and toys. The brands include MINISO and TOP TOY. The MINISO brand primarily provides various lifestyle products, covering home decor, small electronics, textiles, accessories, beauty tools, toys, cosmetics, personal care, snacks, fragrance and perfumes, as well as stationery and gifts. The TOP TOY brand primarily provides toys, including blind boxes, toy bricks, model figures, three dimensional (3D) building blocks and collectible dolls. The Company primarily operates its businesses in the domestic market and overseas markets, including other parts of Asia, America and Europe.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
MINISO Stock Declines as Market Awaits Earnings Report
- Stock Performance: MINISO Group's stock closed at $15.82, down 3.06% from the previous day, underperforming the S&P 500's 0.11% decline, indicating market concerns about its short-term outlook.
- Monthly Returns: Over the past month, MINISO shares have depreciated by 2.63%, significantly lagging behind the Retail-Wholesale sector's 1.33% gain and the S&P 500's 0.51% increase, reflecting a lack of competitive strength in the industry.
- Financial Expectations: The Zacks Consensus estimates predict MINISO's earnings for the fiscal year at $1.55 per share and revenue at $3.55 billion, representing year-over-year increases of 15.67% and 17.73%, indicating potential for future profitability.
- Valuation Analysis: Currently, MINISO has a forward P/E ratio of 10.53, which is below the industry average of 16.34, suggesting that its stock is undervalued in the market, potentially attracting value investors' interest.
See More
MINISO (MNSO) Q4 2025 Earnings Call Transcript
See More
MINISO Reports Strong Q4 Earnings, Exceeds Revenue Guidance
- Significant Revenue Growth: MINISO's Q4 revenue reached RMB 6,254.1 million (approximately $894.3 million), marking a 32.7% year-over-year increase and surpassing the company's previous guidance range of 25%-30%, indicating strong market demand and brand appeal.
- Same-Store Sales Performance: Overall same-store GMV growth recorded mid-single-digit levels, with exceptional mid-teens and low-twenties same-store sales growth in the Chinese mainland and U.S. markets, respectively, reflecting the brand's adaptability and competitiveness across different markets.
- Gross and Net Profit Metrics: Gross profit increased by 30.8% year-over-year to RMB 2,901.1 million (approximately $414.9 million), with a gross margin of 46.4%, slightly down from 47.0% in the same period last year, yet still demonstrating solid profitability.
- Store Expansion and Brand Growth: Over 700 new stores were opened in 2025, with the TOP TOY brand achieving consecutive triple-digit revenue growth, highlighting MINISO's ongoing efforts to expand market share and enhance brand influence.
See More
MINISO Reports Record Revenue and Growth in FY 2025
- Significant Revenue Growth: MINISO's total revenue for FY 2025 reached RMB 21.44 billion, a 26.2% year-over-year increase, with MINISO brand revenue growing by 22.0%, indicating strong market demand and effective strategic execution.
- Accelerated Store Expansion: As of December 31, 2025, MINISO's total store count reached 8,485, representing a net increase of 705 stores year-over-year, with 71.9% of new openings in overseas markets, highlighting the success of the company's international expansion strategy.
- Improved Profitability: In Q4 2025, adjusted operating profit increased by 11.7% to RMB 1.06 billion, while adjusted EBITDA rose by 15.7% to RMB 1.42 billion, reflecting ongoing improvements in cost control and operational efficiency.
- Increased Shareholder Returns: In 2025, MINISO returned RMB 1.907 billion to shareholders, representing 66% of adjusted net profit, including a record share buyback of RMB 549.2 million, demonstrating the company's confidence in its intrinsic value and commitment to shareholders.
See More
MINISO Reports Record Revenue for FY 2025 Driven by Strong Brand Momentum
- Significant Revenue Growth: MINISO's total revenue for FY 2025 reached RMB 21.44 billion, a 26.2% year-over-year increase that exceeded expectations, demonstrating strong market demand and effective strategic execution.
- Strong Same-Store Sales: In the December quarter of 2025, same-store sales growth in the Chinese mainland and U.S. markets reached mid-teens and low-twenties, respectively, reflecting the company's sustained growth potential in key markets.
- Record Shareholder Returns: In 2025, MINISO returned RMB 1.907 billion to shareholders, representing 66% of adjusted net profit, highlighting the company's strong cash flow management and commitment to shareholder value.
- Accelerated Store Openings: As of December 31, 2025, MINISO's total store count reached 8,485, with a net increase of 705 stores, indicating the company's determination and capability for global market expansion.
See More
MINISO Group to Announce Q4 Earnings on March 31
- Earnings Announcement Date: MINISO Group is set to release its Q4 fiscal year 2023 earnings on March 31 after market close, with a consensus EPS estimate of $0.38, reflecting a 22.6% year-over-year increase, indicating significant improvement in profitability that could positively impact stock prices.
- Revenue Growth Expectations: The revenue for the quarter is projected at $887.01 million, representing a 28.0% year-over-year growth, which highlights MINISO's ongoing market expansion and increasing consumer demand, potentially boosting investor confidence.
- Performance Beat Record: Over the past two years, MINISO has beaten EPS and revenue estimates 88% of the time, and this consistent performance may attract more investor attention, further driving stock price appreciation.
- Estimate Revision Dynamics: In the last three months, there have been no upward revisions for EPS estimates but one downward revision, while revenue estimates saw one upward revision, indicating some market divergence in expectations for MINISO's future performance, warranting close attention to the upcoming earnings report.
See More
MINISO Stock Declines as Market Awaits Earnings Report
- Stock Performance: MINISO Group's stock closed at $15.82, down 3.06% from the previous day, underperforming the S&P 500's 0.11% decline, indicating market concerns about its short-term outlook.
- Monthly Returns: Over the past month, MINISO shares have depreciated by 2.63%, significantly lagging behind the Retail-Wholesale sector's 1.33% gain and the S&P 500's 0.51% increase, reflecting a lack of competitive strength in the industry.
- Financial Expectations: The Zacks Consensus estimates predict MINISO's earnings for the fiscal year at $1.55 per share and revenue at $3.55 billion, representing year-over-year increases of 15.67% and 17.73%, indicating potential for future profitability.
- Valuation Analysis: Currently, MINISO has a forward P/E ratio of 10.53, which is below the industry average of 16.34, suggesting that its stock is undervalued in the market, potentially attracting value investors' interest.
See More
MINISO (MNSO) Q4 2025 Earnings Call Transcript
See More
MINISO Reports Strong Q4 Earnings, Exceeds Revenue Guidance
- Significant Revenue Growth: MINISO's Q4 revenue reached RMB 6,254.1 million (approximately $894.3 million), marking a 32.7% year-over-year increase and surpassing the company's previous guidance range of 25%-30%, indicating strong market demand and brand appeal.
- Same-Store Sales Performance: Overall same-store GMV growth recorded mid-single-digit levels, with exceptional mid-teens and low-twenties same-store sales growth in the Chinese mainland and U.S. markets, respectively, reflecting the brand's adaptability and competitiveness across different markets.
- Gross and Net Profit Metrics: Gross profit increased by 30.8% year-over-year to RMB 2,901.1 million (approximately $414.9 million), with a gross margin of 46.4%, slightly down from 47.0% in the same period last year, yet still demonstrating solid profitability.
- Store Expansion and Brand Growth: Over 700 new stores were opened in 2025, with the TOP TOY brand achieving consecutive triple-digit revenue growth, highlighting MINISO's ongoing efforts to expand market share and enhance brand influence.
See More
MINISO Reports Record Revenue and Growth in FY 2025
- Significant Revenue Growth: MINISO's total revenue for FY 2025 reached RMB 21.44 billion, a 26.2% year-over-year increase, with MINISO brand revenue growing by 22.0%, indicating strong market demand and effective strategic execution.
- Accelerated Store Expansion: As of December 31, 2025, MINISO's total store count reached 8,485, representing a net increase of 705 stores year-over-year, with 71.9% of new openings in overseas markets, highlighting the success of the company's international expansion strategy.
- Improved Profitability: In Q4 2025, adjusted operating profit increased by 11.7% to RMB 1.06 billion, while adjusted EBITDA rose by 15.7% to RMB 1.42 billion, reflecting ongoing improvements in cost control and operational efficiency.
- Increased Shareholder Returns: In 2025, MINISO returned RMB 1.907 billion to shareholders, representing 66% of adjusted net profit, including a record share buyback of RMB 549.2 million, demonstrating the company's confidence in its intrinsic value and commitment to shareholders.
See More
MINISO Reports Record Revenue for FY 2025 Driven by Strong Brand Momentum
- Significant Revenue Growth: MINISO's total revenue for FY 2025 reached RMB 21.44 billion, a 26.2% year-over-year increase that exceeded expectations, demonstrating strong market demand and effective strategic execution.
- Strong Same-Store Sales: In the December quarter of 2025, same-store sales growth in the Chinese mainland and U.S. markets reached mid-teens and low-twenties, respectively, reflecting the company's sustained growth potential in key markets.
- Record Shareholder Returns: In 2025, MINISO returned RMB 1.907 billion to shareholders, representing 66% of adjusted net profit, highlighting the company's strong cash flow management and commitment to shareholder value.
- Accelerated Store Openings: As of December 31, 2025, MINISO's total store count reached 8,485, with a net increase of 705 stores, indicating the company's determination and capability for global market expansion.
See More
MINISO Group to Announce Q4 Earnings on March 31
- Earnings Announcement Date: MINISO Group is set to release its Q4 fiscal year 2023 earnings on March 31 after market close, with a consensus EPS estimate of $0.38, reflecting a 22.6% year-over-year increase, indicating significant improvement in profitability that could positively impact stock prices.
- Revenue Growth Expectations: The revenue for the quarter is projected at $887.01 million, representing a 28.0% year-over-year growth, which highlights MINISO's ongoing market expansion and increasing consumer demand, potentially boosting investor confidence.
- Performance Beat Record: Over the past two years, MINISO has beaten EPS and revenue estimates 88% of the time, and this consistent performance may attract more investor attention, further driving stock price appreciation.
- Estimate Revision Dynamics: In the last three months, there have been no upward revisions for EPS estimates but one downward revision, while revenue estimates saw one upward revision, indicating some market divergence in expectations for MINISO's future performance, warranting close attention to the upcoming earnings report.
See More
