Revenue grew<\/i> 18.9<\/i> % year over year<\/i><\/p>\n
Significant sequential improvement of same-store sales(1)<\/sup> in MINISO mainland China<\/span> for March Quarter<\/i><\/p>\n Gross margin reached 44.2<\/i>%, up <\/i>0.8<\/i> ppt year over year<\/i><\/p>\n Adjusted EBITDA increased 7.5<\/i>% year over year to RMB<\/i>1,037.3<\/i> million<\/i><\/p>\n Shareholder returns reached around RMB986.9 million<\/span> year to date<\/i><\/p>\n GUANGZHOU, China<\/span><\/span>, May 23, 2025<\/span><\/span> \/PRNewswire\/ — MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) (“MINISO”, “MINISO Group” or the “Company”), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced its unaudited financial results for the quarter ended March 31, 2025<\/span> (the “March Quarter”).<\/p>\n Financial Highlights <\/b><\/p>\n Operational Highlights<\/b><\/p>\n Notes:<\/p>\n (1) “Same-store sales” refers to the daily sale on per store basis generated by those stores that opened prior to the beginning of the comparative periods and remained open as of the end of the comparative periods and closed for less than 30 days during both comparative periods.<\/span><\/p>\n<\/td>\n<\/tr>\n (2) See the sections titled “Non-IFRS Financial Measures” and “Reconciliation of Non-IFRS Financial Measures” in this press release for more information.<\/span><\/p>\n<\/td>\n<\/tr>\n (3) “Cash position” refers to the combined balance of the Company’s cash and cash equivalents, restricted cash, term deposits with original maturity over three months, and other investments recorded as current assets.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n The following table provides a breakdown of the Company’s store network and its changes on a year-over-year basis. 70% of new MINISO stores in the past twelve months were located in overseas markets.<\/p>\n As of<\/b><\/span><\/p>\n<\/td>\n March 31,<\/b><\/span><\/p>\n 2024<\/b><\/span><\/p>\n<\/td>\n March 31,<\/b><\/span><\/p>\n 2025<\/b><\/span><\/p>\n<\/td>\n YoY<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n Number of stores on group level<\/b><\/span><\/p>\n<\/td>\n 6,790<\/b><\/span><\/p>\n<\/td>\n 7,768<\/b><\/span><\/p>\n<\/td>\n 978<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n Number of MINISO stores<\/b><\/span><\/p>\n<\/td>\n 6,630<\/b><\/span><\/p>\n<\/td>\n 7,488<\/b><\/span><\/p>\n<\/td>\n 858<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n Mainland China<\/b><\/span><\/p>\n<\/td>\n 4,034<\/b><\/span><\/p>\n<\/td>\n 4,275<\/b><\/span><\/p>\n<\/td>\n 241<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n \u2014Directly operated stores<\/span><\/p>\n<\/td>\n 29<\/span><\/p>\n<\/td>\n 20<\/span><\/p>\n<\/td>\n (9)<\/span><\/p>\n<\/td>\n<\/tr>\n \u2014Stores operated under MINISO Retail Partner model <\/span><\/p>\n<\/td>\n 3,983<\/span><\/p>\n<\/td>\n 4,229<\/span><\/p>\n<\/td>\n 246<\/span><\/p>\n<\/td>\n<\/tr>\n \u2014Stores operated under distributor model<\/span><\/p>\n<\/td>\n 22<\/span><\/p>\n<\/td>\n 26<\/span><\/p>\n<\/td>\n 4<\/span><\/p>\n<\/td>\n<\/tr>\n Overseas<\/b><\/span><\/p>\n<\/td>\n 2,596<\/b><\/span><\/p>\n<\/td>\n 3,213<\/b><\/span><\/p>\n<\/td>\n 617<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n \u2014Directly operated stores<\/span><\/p>\n<\/td>\n 281<\/span><\/p>\n<\/td>\n 548<\/span><\/p>\n<\/td>\n 267<\/span><\/p>\n<\/td>\n<\/tr>\n \u2014Stores operated under MINISO Retail Partner model<\/span><\/p>\n<\/td>\n 314<\/span><\/p>\n<\/td>\n 432<\/span><\/p>\n<\/td>\n 118<\/span><\/p>\n<\/td>\n<\/tr>\n \u2014Stores operated under distributor model<\/span><\/p>\n<\/td>\n 2,001<\/span><\/p>\n<\/td>\n 2,233<\/span><\/p>\n<\/td>\n 232<\/span><\/p>\n<\/td>\n<\/tr>\n Number of TOP TOY stores<\/b><\/span><\/p>\n<\/td>\n 160<\/b><\/span><\/p>\n<\/td>\n 280<\/b><\/span><\/p>\n<\/td>\n 120<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n \u2014Directly operated stores<\/span><\/p>\n<\/td>\n 17<\/span><\/p>\n<\/td>\n 40<\/span><\/p>\n<\/td>\n 23<\/span><\/p>\n<\/td>\n<\/tr>\n \u2014Stores operated under MINISO Retail Partner model<\/span><\/p>\n<\/td>\n 143<\/span><\/p>\n<\/td>\n 240<\/span><\/p>\n<\/td>\n 97<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n Mr. Guofu Ye<\/span>, Founder, Chairman, and CEO of MINISO, commented, “We delivered a solid March Quarter to kick off 2025 and are pleased to see our revenue grow by 18.9% year over year. Our revenue growth was mainly attributable to a 9.1% revenue growth in MINISO mainland China<\/span>, an acceleration from September and December quarter last year, powered by a solid recovery in same-store sales. Through our steady progress in product mix optimization and strategical store network refinement, we are confident in achieving sustainable and high-quality growth.<\/p>\n Revenue in MINISO overseas grew by 30.3%, with a year-over-year 3 percentage points increase in contribution to our total revenue. We are forging more holistic collaborations with our overseas partners to enhance synergies, upgrade store formats to improve operational efficiency and unlock potential in store opening space.”<\/p>\n “Entering into 2025, we are facing an increasingly volatile macroeconomic environment. Yet, with over ten years’ experience of globalization, unparalleled scale and diversified footprint, we will stay resilient and agile in order to deliver long-term profitable growth.” Mr. Ye continued.<\/p>\n Mr. Eason Zhang<\/span>, CFO of MINISO, commented, “Gross margin for March Quarter reached 44.2%, which was the highest for the past March quarters ever, thanks to our solid performance from overseas markets and TOP TOY. Adjusted EBITDA grew by 7.5% year over year to RMB1,037.3 million<\/span>, with an adjusted EBITDA margin of 23.4%. Our mainland franchise segment achieved a stable operating margin year over year amid a challenging environment while our investments into new businesses will open up growth opportunities over the long term.”<\/p>\n “MINISO Group remains steadfast in our consumer-centric strategy driving business transformation and market expansion through continuous innovation. We are committed to delivering high-quality, creatively designed products and services to our customers while generating sustainable value for shareholders. We maintained a strong cash position of RMB7,255.3 million<\/span> as of March 31, 2025<\/span> and distributed cash dividends of US$101.4 million<\/span> this April. Supplemented by year-to-date share repurchase of about RMB255.7 million<\/span>, our returns to shareholders totaled RMB986.9 million<\/span>. Moving forward, we will continue to exert effort on disciplined cost control and moderate budgeting, and balance both growth and our commitment to bringing stable and foreseeable returns to shareholders.” Mr. Zhang concluded.<\/p>\n Financial Results for the March Quarter<\/b><\/p>\n Revenue<\/b> was RMB4,427<\/span>.0 million (US$610<\/span>.1 million), representing an increase of 18.9% year over year, primarily driven by an 16.5% year-over-year increase in average store count.<\/p>\n Revenue from MINISO brand increased by 16.5% to RMB4,085<\/span>.8 million (US$563.0 million<\/span>), driven by (i) an increase of 9.1% in mainland China<\/span>, and (ii) an increase of 30.3% in overseas markets. The year-over-year increase was primarily due to an increase of 24.6% in average store count in overseas. Overseas revenue contributed to 39.0% of revenue from MINISO brand, compared to 34.8% in the same period of 2024.<\/p>\n Revenue from TOP TOY brand increased by 58.9% to RMB339<\/span>.9 million (US$46<\/span>.8 million), primarily powered by its rapid growth in average store count.<\/p>\n For more information on the composition and year-over-year change of revenue, please refer to the “Unaudited Additional Information” in this press release.<\/p>\n Cost of sales<\/b> was RMB2,469<\/span>.0 million (US$340.2 million<\/span>), representing an increase of 17.2% year over year.<\/p>\n Gross profit<\/b> was RMB1,958<\/span>.0 million (US$269.8 million<\/span>), representing an increase of 21.1% year over year.<\/p>\n Gross margin<\/b> reached 44.2%, representing an increase of 0.8 percentage point. The year-over-year increase in gross margin was primarily due to (i) higher revenue contribution of MINISO brand from overseas markets<\/span>, (ii) higher<\/span> gross margin of TOP TOY due to a shift in revenue mix towards more profitable products.<\/p>\n Other income<\/b> was RMB3<\/span>.0 million (US$0.4 million<\/span>), compared to RMB3<\/span>.6 million in the same period of 2024.<\/p>\n Selling and distribution expenses <\/b>were RMB1,021<\/span>.2 million (US$140.7 million<\/span>), increased by 46.7% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,012<\/span>.8 million (US$139<\/span>.6 million), increased by 50.7% year over year. The year-over-year increase was mainly attributable to the Company’s investments into directly operated stores to pursue the future success of the Company’s business. As of March 31, 2025<\/span>, total number of directly operated stores in overseas markets was 608, compared with 327 in the same period last year. In the March Quarter, revenue from directly operated stores has increased 85.5% year over year, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 71.4%. Licensing expenses increased by 39.6%, mainly attributable to our growing IP library and enriched offerings of IP products, as a percentage of revenue stabilizing at around 2% in both comparative periods. Logistics expenses increased by 31.3% year over year.<\/p>\n General and administrative expenses <\/b>were RMB242<\/span>.1 million (US$33<\/span>.4 million), increased by 26.6% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB225<\/span>.6 million (US$31<\/span>.1 million), increased by 22.3% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company’s business.<\/p>\n Other net income <\/b>was RMB20.8 million<\/span> (US$2<\/span>.9 million), compared to RMB14.8 million<\/span> in the same period of 2024. The year-over-year increase was mainly due to an increase in investment income in wealth management products, and a net foreign exchange gain compared with a net foreign exchange loss in the same period last year.<\/p>\n Operating profit <\/b>was RMB709<\/span>.8 million (US$97<\/span>.8 million), compared with RMB743.3 million<\/span> in the same period last year.<\/p>\n Net finance cost <\/b>was RMB49<\/span>.0 million (US$6<\/span>.8 million), compared to net finance income of RMB25.0 million<\/span> in the same period of 2024. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for acquisition of the equity interest of Yonghui Superstores Co., Ltd*<\/span>, both of which have been excluded in non-IFRS financial measures(1)<\/span><\/sup>, and (ii) increased interest expenses on lease liabilities corresponding to the Company’s investment in directly operated stores.<\/p>\n Other expenses<\/b> was RMB91<\/span>.1 million (US$12<\/span>.6 million), including loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives, which is in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures(1)<\/span><\/sup>.<\/p>\n\n
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