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

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

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

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

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

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

What is MNSO's gross profit margin?

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

- **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.


MNSO

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