Record Revenue Growth Highlights Strength in Core and New Markets
MINISO Group’s latest financial results for the December quarter and full year 2025 showcase the company’s ability to blend disciplined expansion with strong operational gains. The company reported a record revenue of RMB21.44 billion (US$3.07 billion) for the year, a 26.2% jump over last year, and hit new highs for both quarterly and annual revenues. This surge was powered by the MINISO brand, which posted its highest year-over-year revenue growth in eight quarters, and the emerging TOP TOY brand, which grew revenue by an impressive 94.8% for the year and 111.8% in the latest quarter.
Exceptional Same-Store Sales Growth Underscores Brand Strength
Both Chinese Mainland and the U.S. market were stand-out contributors, with mid-teens and low-twenties same-store sales growth (SSSG) respectively in the December quarter. Notably, revenue from MINISO’s overseas markets rose 29.3% for the year, contributing 44.2% of the brand’s total 2025 sales—a sign that the company’s appeal continues to globalize.
Operating Metrics Indicate Robust but Selective Expansion
MINISO’s global store count reached 8,485, a net increase of 705 stores year-over-year. Over 70% of new store openings were located in overseas markets, underlining the company’s global ambitions balanced by operational discipline. MINISO also achieved higher revenue growth with fewer net new stores—a clear indicator of increased store productivity and more selective, efficient expansion.
| Key Performance Metrics (Full Year 2025) | Value (RMB Millions) | YoY Change (%) |
|---|---|---|
| Total Revenue | 21,443.83 | +26.2 |
| Gross Profit | 9,648.12 | +26.3 |
| Adjusted Net Profit | 2,898.16 | +6.5 |
| Adjusted Operating Profit | 3,670.99 | +7.9 |
| Adjusted EBITDA | 4,959.95 | +14.4 |
| Number of Stores (Global) | 8,485 | +705 |
Efficient Capital Allocation and Shareholder Returns
MINISO returned RMB1,907.0 million to shareholders in 2025, equal to 66% of adjusted net profit, through record share buybacks and dividends. The company maintains a strong cash position of RMB7,087.9 million, reflecting prudent financial management and ample firepower for continued growth.
Profitability Remains Strong Despite Higher Expenses
Adjusted operating profit rose 7.9% to RMB3,671.0 million, and adjusted EBITDA reached RMB4,959.9 million—up 14.4%. Gross margin improved slightly to 45%, reflecting effective product mix management. While adjusted net margin eased to 13.5% (from 16% last year) amid higher investment in branding, store operations, and global expansion, profit growth outpaced store expansion—a positive development for efficiency-focused investors.
Geographic and Brand Highlights: Expansion at Scale
| Region/Brand | 2025 Revenue (RMB Millions) | YoY Growth (%) | 2025 Stores | Net Store Adds |
|---|---|---|---|---|
| MINISO Brand - Chinese Mainland | 10,896.15 | +16.8 | 4,568 | +182 |
| MINISO Brand - Overseas | 8,628.75 | +29.3 | 3,583 | +465 |
| TOP TOY Brand | 1,915.62 | +94.8 | 334 | +58 |
Shareholder Focus Remains a Priority
MINISO’s Board approved a final dividend amounting to approximately 50% of adjusted net profit for the second half of 2025, reinforcing its pledge to balance growth investment with attractive capital returns to its shareholders.
Takeaway: Growth Engines Running, Margin Focus Sharpening
MINISO’s 2025 performance highlights the company’s strategic execution—combining brand momentum, operational discipline, and global expansion. As overseas growth accelerates and efficiency improves, the firm’s ability to sustain margin strength and cash generation will remain in focus for investors.
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