What is the revenue and EPS growth rate for MNSO year over year?

What factors drove the changes in MNSO's revenue and profit?

What is MNSO's gross profit margin?

What is the market's earnings forecast for MNSO next quarter?

What does MNSO do and what are its main business segments?

What guidance did MNSO's management provide for the next earnings period?

What were the key takeaways from MNSO’s earnings call?

What is MNSO's latest dividend and current dividend yield?

- **Revenue Milestone**: Q3 revenue hits RMB 5.8 billion (+28.2% YoY), with TOP TOY crossing RMB 1 billion in quarterly revenue.
- **Profit Leap**: Adjusted operating profit reaches RMB 1.02 billion (40.8% YoY growth), operating margin 17.6%.
- **U.S. Dominance**: U.S. revenue up 65% YoY, same-store sales in low double digits, new members +100% YoY.
- **IP Success**: 16 proprietary IPs signed, with Mickey Merlion driving record sales in Singapore.
- **Store Expansion**: Global store count surpasses 8,000, with 2025 net additions of 306 international stores.
- **Q4 Guidance**: Revenue +25-30% YoY, China and U.S. same-store sales in double digits.
- **TOP TOY IPO**: Prospective filing; aims to unlock trendy toy market growth while maintaining MINISO control.


**【CEO Summary Section】**
- Q3 revenue grew 28.2% YoY to RMB 5.8 billion, driven by MINISO (23% growth) and TOP TOY (111% growth). Same-store sales accelerated to mid-single digits, with MINISO China achieving high single-digit growth.
- Adjusted operating profit reached RMB 1.02 billion (40.8% YoY growth), marking the first time exceeding RMB 1 billion. Operating margin improved to 17.6%.
- TOP TOY crossed RMB 1 billion in quarterly revenue and achieved mid-single-digit same-store sales growth. Global store count surpassed 8,000.
- Introduced MINISO FRIENDS store format, emphasizing IP-driven experiences and accessible luxury positioning. Franchise network expanded to over 1,100 stores.
- U.S. market revenue grew over 65% YoY, with same-store sales in low double digits. New member acquisition in U.S. up 100% YoY.

**【CFO Financial Commentary】**
- Q3 GAAP revenue: RMB 5.8 billion (+28.2% YoY). Non-GAAP adjusted operating profit: RMB 1.02 billion (+40.8% YoY). Operating margin: 17.6%.
- SBC expenses rose 33.7% YoY to RMB 176 million, primarily due to TOP TOY equity incentives. Selling expenses grew 36.5% YoY, driven by international expansion.
- Inventory turnover improved to 87 days (vs. 104 days Q1). Cash reserves: RMB 7.77 billion. Free cash flow: RMB 970 million.
- Full-year guidance: 25% revenue growth to RMB 22.5-23.5 billion. Q4 revenue expected +25-30% YoY, with China and U.S. same-store sales in double digits.

**【Q&A Highlights】**
- **Domestic Store Renovation**: 200+ stores optimized in Q3, with same-store efficiency improvements. Target gradual expansion of MINISO FRIENDS and other formats.
- **U.S. Market Outlook**: Q4 revenue growth 50-55% YoY, driven by holiday preparedness. Q1 2026 may face seasonal declines but will leverage store openings to smooth demand.
- **IP Strategy**: Signed 16 proprietary IPs, with successful launches like Mickey Merlion in Singapore. Proprietary IPs contribute to gross margin optimization.
- **TOP TOY IPO**: Prospectus filed; IPO aims to enhance TOP TOY's growth as a standalone trendy toy brand. MINISO will maintain control and benefit from synergies.
- **Southeast Asia Challenges**: Macroeconomic headwinds in Indonesia and Thailand, but Q3 GMV growth accelerated. Focus on product assortment and channel optimization.


MINISO Group Holding Limited (MNSO) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q2 revenue up 23.1% YoY to RMB 4.97 billion, driven by 87% TOP TOY growth and U.S. sales tripling.
- **Store Recovery**: First positive same-store sales in 4 quarters, with flagship stores achieving 1.5x efficiency gains.
- **IP Breakthrough**: Yu Yu Chan IP sold out within days, with 2025 sales targeting RMB 100 million and global rollout planned.
- **Cash Return**: H1 returned 84% of net profit to shareholders, with buybacks exceeding prior-year total.
- **Growth Outlook**: Full-year 2025 GMV >RMB 38 billion, U.S. store count +80, and 500+ overseas openings.

**【CEO Summary Section】**
- **Q2 Revenue Growth**: Total revenue reached RMB 4.97 billion, up 23.1% YoY, exceeding guidance. MINISO brand grew 20%, TOP TOY surged 87%. GMV rose 21%.
- **Same-Store Sales Recovery**: First positive same-store sales growth in 4 quarters, driven by product mix optimization and channel upgrades. MINISO mainland China saw 13.6% revenue growth vs. 5.4% national retail growth.
- **Overseas Momentum**: U.S. revenue grew over 80%, with new stores achieving 1.5x higher efficiency. Europe and North America same-store sales improved to mid-single-digit growth.
- **IP and Large Store Strategy**: 11 MINISO LAND stores opened, with flagship store in Shanghai hitting RMB 100 million in 9 months. 9 artist IPs signed, including Yu Yu Chan, which sold out within days.
- **Future Targets**: Full-year 2025 GMV >RMB 38 billion, revenue >RMB 21 billion. 100-150 new mainland China stores, 500+ overseas additions. Proprietary IP to become key growth driver.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted operating margin 17.2% (up 0.6ppts QoQ), gross margin 44.3%. U.S. directly operated stores achieved 30% higher sales per sq.meter.
- **Cash Flow**: RMB 7.47 billion cash reserves, RMB 1.01 billion operating cash flow. H1 returned RMB 1.07 billion to shareholders (84% of net profit).
- **Dividend Policy**: 50% annual adjusted net profit distributed as dividends, with dynamic share buybacks.

**【Q&A Highlights】**
- **U.S. Strategy**: Concentrated store openings (e.g., 3 in Austin), trendy toy focus (Sanrio, Disney), and localized teams driving 80%+ revenue growth. 80 new stores planned for 2025.
- **Same-Store Drivers**: ASP improvement, traffic recovery, and O2O integration. Higher-tier cities outperformed lower-tier by mid-single-digit margin.
- **IP Success**: Yu Yu Chan IP products sold RMB 100 million in 2025, targeting RMB 600 million in 2026. 9 artist IPs contracted, with global expansion plans.
- **Overseas Performance**: Latin America lagged due to inventory adjustments, while Canada and Australia exceeded expectations with triple-digit growth.

MINISO Group Holding Limited (MNSO) Q4 2025 Earnings Call Transcript

- **Revenue Surge**: Q1 2025 revenue up 90% YoY to RMB4.43B, driven by 9% China growth and 30% Overseas expansion.
- **Same-Store Turnaround**: Domestic same-store decline narrowed to mid-single digits, with May Day holiday sales positive.
- **IP Payoff**: IP collaborations (e.g., Chip and Dale) generated RMB400-500M in Q1, with 40%+ self-developed products in TOP TOY.
- **Overseas Momentum**: US focus on 24-state clustering and 40% local sourcing; Overseas gross margin up 1ppt to 44.2%.
- **Shareholder Value**: RMB740M dividend paid in April; RMB260M shares repurchased since Jan 2025.

**【CEO Summary Section】**
- **Revenue Growth**: Total Q1 2025 revenue reached RMB4.43 billion, up 90% YoY, driven by 9% growth in China Mainland and 30% in Overseas. MINISO LAND and flagship stores (8 operational, 50 in pipeline) saw 27% higher efficiency than 2024 stores.
- **Same-Store Optimization**: Domestic same-store sales decline narrowed to mid-single digits (vs. 20%+ in Q4 2024), with May Day holiday sales positive. Franchisee ROI improved due to 40%+ self-developed products in TOP TOY.
- **IP Strategy Success**: IP collaborations (e.g., CHIIKAWA Lunar New Year, Chip and Dale) generated RMB400-500 million in Q1, with 40%+ self-developed products in TOP TOY. Disposable products featured third-party testing reports to build safety trust.
- **Channel Upgrade**: Closed 111 underperforming China stores (avg. 200 sqm, <RMB200k/month sales) and opened 95 new overseas stores. Directly-operated stores (22% revenue) grew 86% YoY, offsetting franchise/agent margin decline.
- **Overseas Expansion**: US focus on 24 states (76% US pop.), cluster-based openings, and 40% local sourcing. Tariff prep included 3-month inventory buffer and tax optimization.
- **Shareholder Returns**: RMB740 million dividend paid in April; RMB260 million shares repurchased (0.7% of total) since Jan 2025.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: MINISO China (RMB2.49B, +9%), Overseas (RMB1.59B, +30%), TOP TOY (RMB340M, +59%). Directly-operated revenue (22% of total) grew 86% YoY.
- **Gross Margin**: 44.2% (vs. 43.2% Q1 2024), driven by overseas expansion and IP strategy.
- **Expense Management**: Selling/Admin expenses rose 45% YoY (28% of revenue), due to new store costs. Adjusted EBITDA margin 23.4% (vs. 15.9% Q1 2024), despite 4.2ppt op margin decline (due to direct-store dilution).
- **Profitability**: Adjusted net profit RMB590M (30.3% margin). Financial expenses (convertible bonds, YH loans) caused 26.6% effective tax rate (vs. 21.2% operational rate).
- **2025 Outlook**: Target 20% operating margin for directly-operated stores. YH to consolidate P&L from Q2, with 78 stores retrofitted and 250-350 closures planned.

**【Q&A Highlights】**
- **Domestic Same-Store**: East/South China Tier 1-2 cities saw positive growth; Northeast/Northwest lagging. Franchisees optimistic on MINISO LAND (5 operational, 43 flagship in pipeline).
- **US Strategy**: 40% local sourcing, 3-month inventory buffer, and tax planning to mitigate tariffs. 2025 focus on 24-state clustering and best-seller R&D.
- **IP Differentiation**: Exclusive licensing (e.g., Disney) and in-house IPs (Chip and Dale) balance third-party product diversification (e.g., toys, drinks) without margin erosion.
- **YH Impact**: 78 retrofitted stores generated RMB100M+ profit Jan-May. Full YH P&L impact to be assessed post-Q2 adjustments.

MINISO Group Holding Limited (MNSO) Q1 2025 Earnings Call Transcript

- **Global Expansion Triumph**: Overseas revenue surges 42% to RMB6.68 billion, US stores reach 275 locations, UK GMV triples.
- **China Resilience**: Domestic +11% growth, e-commerce +25%, new stores outperform 2023 by low double digits.
- **Profit Margin Boost**: GP margin climbs 3.7pts to 44.9%, driven by overseas localization (40% US sourcing) and IP innovation.
- **TOP TOY Milestone**: First-year profitability with 45% growth, 7.3pt margin improvement, 35% self-developed products.
- **YH Synergy**: 29.4% stake acquisition to enhance product quality and cost efficiency in retail.

**【CEO Key Highlights】**
- **Global Expansion Success**: Total stores reached 7,780 (+1,219 YoY), with overseas stores contributing 40% of revenue (RMB6.68 billion, +42%). US stores grew to 275 locations, while UK GMV tripled.
- **China Market Resilience**: Domestic revenue +11% (offline +10%, e-commerce +25%), driven by IP collaboration (e.g., Chiikawa plush toys) and store quality upgrades (new stores outperformed 2023 by low double digits).
- **Overseas Strategy**: Accelerated localization (100% Thai store managers, 40% US sourcing), IP-driven product innovation, and direct-store expansion (directly operated revenue +66% YoY).
- **TOP TOY Growth**: +45% YoY, first year of profitability with 128 new stores. Gross margin improved 7.3pts, self-developed products +3.5% share.
- **YH Acquisition**: 29.4% stake acquired, aiming to leverage YH's retail network for quality products and cost optimization.

**【CFO Financial Breakdown】**
- **Revenue & Margin**: Total revenue RMB17 billion (+23%), GP margin 44.9% (+3.7pts YoY). Overseas directly operated stores drove margin expansion, despite tariffs (US sourcing +40% YoY).
- **Cost Control**: Operating expenses rose 52% YoY due to store expansion, but Q4 growth moderated to 66% vs. 75% H1. 2025 focus on expense efficiency and same-store sales growth.
- **Profitability**: Adjusted net profit RMB2.72 billion (+15%), EBITDA margin 25.5%. Free cash flow RMB1.4 billion, with RMB6.7 billion cash reserves.
- **Capital Allocation**: 50% dividend payout (RMB1.24 billion in 2024), +US$550M convertible bonds for overseas growth and shareholder returns.

**【Q&A Key Takeaways】**
- **China Same-Store Pressure**: Small stores (-low single digits) vs. large stores (+mid-single digits). 2025 plans to replace 100-200 small stores with flagship/IP Land stores.
- **US Market Profitability**: Directly operated stores in high-growth phase (2025 revenue +triple digits), targeting 20%+ operating margin long-term. 2025 focus on 24 key states (76% US pop.) for logistics efficiency.
- **IP Strategy**: 90+ IP launches in 2025, balancing evergreen IPs with local collaborations. TOP TOY's self-developed products now 35% of mix.
- **YH Integration**: 2025 goals include doubling YH store performance, reducing low-margin products, and optimizing supply chain.


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