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- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MNSO

MNSO fundamentals

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