At a time when the global consumer market still faces numerous uncertainties, MINISO Group Holding Limited released its annual results announcement for the fiscal year ended December 31, 2025, on March 31.
During the reporting period, the company achieved total revenue of RMB 21.444 billion, a year-on-year increase of 26.2% compared to 2024. Revenue from the core MINISO brand reached RMB 19.525 billion, growing by 22%, while revenue from the sub-brand TOP TOY amounted to RMB 1.916 billion, surging by 94.8%.
On the surface, these figures represent a report card showing growth in both scale and speed.
However, behind the robust revenue growth lies a contradiction of "increased revenue without increased profit" on the earnings side. The financial report shows that net profit attributable to the parent company was only RMB 1.205 billion, a significant decrease of 53.96% year-on-year. This sharp profit decline was primarily due to substantial losses from the company's heavy investment in Yonghui Superstores, in which it holds a 29.4% stake.
Nevertheless, after excluding such non-recurring gains and losses, the adjusted net profit was RMB 2.898 billion, an increase of 6.53% year-on-year, demonstrating that the profitability of its core business remains intact.
Looking beyond the surface-level high growth rate and examining the evolution of the revenue structure reveals the true commercial context MINISO currently faces: its domestic market has entered a phase of competition for market share, overseas markets have taken on the role of "pioneering" new growth, and new business lines are seeking a balance between scale expansion and profit models.
Within the RMB 19.525 billion revenue of the main brand, a significant signal is the shift in growth momentum externally. The financial report specifically notes that this growth was primarily driven by both the Chinese mainland and overseas markets, with overseas market revenue surging 29.3% year-on-year, significantly outpacing the main brand's overall growth rate of 22%.
Objectively, overseas markets are indeed becoming the core growth driver for MINISO at this stage. Against the backdrop of intense competition in domestic retail channels and diminishing dividends from lower-tier markets, seeking incremental growth in North America, Europe, and Southeast Asia is a necessary strategy for MINISO. Leveraging the cost advantages of its domestic supply chain to compete effectively overseas is the fundamental logic behind maintaining nearly 30% revenue growth internationally.
However, the other side of this equation involves the marginal costs and potential risks of multinational operations. High growth in overseas markets often accompanies heavy investments in company-owned store construction, more complex localization and compliance costs, and persistently high logistics and storage expenses. In 2025, amid escalating global trade friction and complex geopolitics, the model reliant solely on a Chinese supply chain to serve global markets faces dual pressures from tariff barriers and exchange rate fluctuations. For MINISO to transition from "channel expansion" to "brand cultivation" overseas, its capabilities in精细化 operation and cross-cultural management are being tested more rigorously than ever before.
The most eye-catching metric in the financial report is TOP TOY's remarkable 94.8% revenue growth. Its annual revenue of RMB 1.916 billion indicates that this sub-brand has fully moved beyond its early conceptual incubation phase and now possesses the ability to materially impact the group's total revenue. The capital market has also highly valued its阶段性成果. It is reported that TOP TOY has secured strategic investment from Temasek, reaching a valuation of approximately HKD 10 billion. In terms of channels, its global store count has expanded to 334, including 30 overseas stores, marking the initial formation of its international footprint.
Yet, for the潮玩 industry, doubling revenue does not equate to building a sustainable moat. TOP TOY's rapid growth still largely depends on the quick expansion of its store network—a channel-driven growth model—and a broad product portfolio strategy encompassing blind boxes, building blocks, and action figures. Unlike leading players in the sector that rely on strong proprietary IPs, TOP TOY still retains strong characteristics of a "潮玩集合店" with a high dependency on externally licensed, well-known IPs. Although its proprietary IPs have recently begun to gain traction and create buzz in certain niche markets, licensed IPs still dominate its overall product portfolio, and it has yet to establish a definitive原创 barrier.
This leads to a core financial and strategic concern: the procurement costs associated with external licensed IPs will continue to suppress its gross margin. As revenue approaches the RMB 2 billion mark, the marginal benefits derived solely from store expansion will gradually diminish. If TOP TOY cannot demonstrate to the market within the next year or two its ability to consistently incubate blockbuster proprietary IPs, the quality of its high growth and its long-term profitability will be called into question.
MINISO is indeed striving to tell a new story to the capital markets: it is no longer a "ten-yuan store" reliant on extreme value-for-money volume sales, but rather a global "IP Design and Consumer Products Operator." Its revenue base of RMB 21.444 billion proves the initial success of this strategic transformation. However, in the coming cycle, the metrics by which the market evaluates it will become more stringent.
First, is the high growth in overseas markets achieved at the cost of cash flow or excessively high marketing expenses? Are the sales per square foot of individual stores healthy? Second, after achieving scale, can TOP TOY establish a viable profit model and successfully transition from a "channel operator" to an "IP originator"?
The 2025 fiscal year represented a breakthrough for MINISO amidst shifting consumer cycles. It succeeded through its decisive push into untapped overseas markets and its early positioning to capture the value of emotional consumption. But after crossing the RMB 20 billion threshold, the real test has just begun. How it stabilizes its foundation amid complex and volatile global conditions will determine the future course of this retail giant.
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