MINISO (MNSO.US) Reports Q3 2025 Revenue Beat and Strong Profit Growth

MINISO (MNSO.US) announced its unaudited financial results for the third quarter of 2025 (September Quarter), exceeding revenue expectations. The company reported revenue of RMB5,796.6 million (US$814.3 million), marking a 28.2% year-over-year increase. This figure surpassed the company’s own guidance range of 25%-28% and also exceeded analyst estimates of RMB5,649.3 million (US$794.0 million).

Adjusted net profit for the quarter rose by 11.7% year-over-year to RMB766.8 million (US$107.7 million). Adjusted basic and diluted earnings per ADS were RMB2.48 (US$0.35), representing a 12.7% year-over-year increase and beating analyst EPS estimates of US$0.3313.

Strong Segment Performance and Store Expansion

MINISO Group achieved significant milestones in the September Quarter, with quarterly revenue surpassing RMB5 billion for the first time and global store counts exceeding 8,000. The MINISO brand demonstrated strong performance, with a mid-single-digit same-store GMV growth year-over-year, driven by exceptional high-single-digit growth in mainland China and low-single-digit growth in overseas markets. The company added 102 net new stores for the MINISO brand in mainland China, further accelerating its expansion.

The TOP TOY brand delivered a remarkable performance, with revenue increasing by 111.4% year-over-year to RMB574.5 million (US$80.7 million), setting a new quarterly growth record. This segment's same-store GMV also advanced at a mid-single-digit rate. Overall, the total number of stores on a group level reached 8,138 as of September 30, 2025, reflecting a year-over-year increase of 718 net new stores.

Management Outlook and Financial Health

Management highlighted sequential improvements in same-store GMV for MINISO overseas, with growth accelerating to low-single digits in the September Quarter, particularly in strategic markets like North America and Europe. The operating margin of MINISO overseas directly operated business also showed year-over-year improvement, demonstrating continuous operational strength. Furthermore, the company reported robust financial health with net cash from operating activities reaching RMB1,299.6 million (US$182.6 million) for the quarter, and a cash position of RMB7.77 billion (US$1,090.9 million) as of September 30, 2025.

For October 2025, preliminary estimates indicate that the same-store GMV for MINISO mainland China reached a low-teens level, signaling continued positive momentum. The CFO noted that the year-over-year contraction in adjusted operating margin has sequentially narrowed from previous quarters, aligning with previous guidance, and that adjusted EBITDA increased 18.8% year-over-year, showing a trend of sequential quarterly acceleration.