MINISO Breaks Through 8,000 Stores and Posts Record Revenue: Global Expansion Powers Strong September Quarter

Record Revenue and Store Expansion Drive Growth Momentum

MINISO Group continued its upward trajectory in the September quarter, surpassing two key milestones: global store count exceeded 8,000 and revenue crossed RMB 5.8 billion (US$814 million) for the first time. Both accomplishments reflect not only MINISO’s aggressive global push but also the resonance of its affordable lifestyle products model, particularly as same-store sales growth and overseas markets gathered momentum.

Strong Performance Across Brands and Regions

For the three months ended September 30, 2025, group revenue rose by 28.2% year-over-year—topping management’s guidance—with each segment delivering solid same-store growth. MINISO’s flagship brand posted mid-single-digit SSSG overall, with mainland China achieving a standout high-single-digit pace. Meanwhile, international MINISO stores reported a 27.7% revenue boost, now accounting for over 44% of the MINISO brand’s revenue, indicating healthy diversification beyond China.

TOP TOY, MINISO’s pop-toy brand, was a star performer, with revenue soaring by 111.4% year-over-year in the quarter. This growth demonstrates MINISO’s capacity to capture new retail niches and highlights the brand’s potential in the rapidly evolving toy market.

Financials Reflect Accelerated Growth—With Margin Compression

MINISO’s headline growth figures come with both operational successes and margin pressures. Gross profit climbed 27.6% year-over-year to RMB 2.59 billion (US$364 million), with gross margin remaining relatively stable at 44.7% (down 0.2 percentage points). However, rising selling, distribution, and administrative costs—driven by aggressive store openings and investments in key overseas markets—continued to compress operating and net margins. Adjusted operating margin for the quarter narrowed to 17.6% from 19.7% a year ago, while adjusted net margin dropped to 13.2% from 15.2%.

Global Footprint Expands as Overseas Markets Accelerate

Store network expansion remained robust: MINISO opened a net 718 stores globally over the past year, with over three-quarters of new outlets located outside mainland China. Overseas MINISO stores grew by 488 year-over-year to 3,424, while mainland China’s count rose by 157. Notably, the pace in North America (up by 127 stores) and Europe (up by 77) stands out—aligning with management’s strategy to pursue quality, sustainable growth with lower operational risk.

Cash Generation and Financial Strength Remain Robust

MINISO’s ability to generate cash continues to be a key strength. Net cash from operating activities for the quarter hit RMB 1.3 billion, with an operating cash flow to adjusted net profit ratio of 1.7—evidence of efficient working capital management and high-quality profitability. The group’s cash position climbed to RMB 7.77 billion as of September 30, 2025, up from RMB 6.70 billion at year-end 2024.

Quality Growth Paired with Margin Headwinds: What Lies Ahead?

While topline and store network metrics indicate strong business health and brand resonance globally, margin compression from increased investments remains a headwind. Nonetheless, management emphasizes narrowing sequential margin declines and expects the expanding base of overseas directly operated stores—now more profitable than a year ago—to deliver further operating leverage in coming quarters. Notably, October preliminary data show SSSG in China climbing to low-teens, suggesting ongoing growth acceleration.

Investors tracking MINISO may want to focus on two key areas in the coming quarters: whether accelerating overseas performance can offset further margin pressure, and if margin recovery in core markets can emerge as growth investment plateaus. For now, MINISO’s scale and global brand expansion position it well for further gains, though disciplined cost management will be crucial to sustaining high-quality growth as competition intensifies worldwide.

Contact Information:

If you have feedback or concerns about the content, please feel free to reach out to us via email at support@marketchameleon.com.

About the Publisher - Marketchameleon.com:

Marketchameleon is a comprehensive financial research and analysis website specializing in stock and options markets. We leverage extensive data, models, and analytics to provide valuable insights into these markets. Our primary goal is to assist traders in identifying potential market developments and assessing potential risks and rewards.

NOTE: Stock and option trading involves risk that may not be suitable for all investors. Examples contained within this report are simulated and may have limitations. Average returns and occurrences are calculated from snapshots of market mid-point prices and were not actually executed, so they do not reflect actual trades, fees, or execution costs. This report is for informational purposes only, and is not intended to be a recommendation to buy or sell any security. Neither Market Chameleon nor any other party makes warranties regarding results from its usage. Past performance does not guarantee future results. Please consult a financial advisor before executing any trades. You can read more about option risks and characteristics at theocc.com.

The information is provided for informational purposes only and should not be construed as investment advice. All stock price information is provided and transmitted as received from independent third-party data sources. The Information should only be used as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments and trading strategies. The Company does not guarantee the accuracy, completeness or timeliness of the Information.

Disclosure: This article was generated with the assistance of AI