MINISO Group Holding Limited (09896) has announced its preliminary financial performance for the fiscal year ending December 31, 2025. The Group expects to achieve revenue between approximately RMB 214.40 billion and RMB 214.45 billion for the 2025 fiscal year, representing a year-on-year increase of about 26%. The Company anticipates an operating profit of approximately RMB 33.00 billion to RMB 33.05 billion and an adjusted operating profit of approximately RMB 36.65 billion to RMB 36.75 billion for the 2025 fiscal year. Adjusted operating profit is defined as operating profit for the period excluding share-based payment expenses. This performance is primarily attributed to the continuous enrichment of the product portfolio, enhanced brand recognition, and the ongoing expansion and optimization of sales channels.
For the 2025 fiscal year, the Company also expects to report a net profit for the year in the range of approximately RMB 13.2 billion to RMB 13.3 billion, compared to RMB 26.35 billion for the fiscal year ended December 31, 2024. This decrease is mainly due to the following factors: (i) Based on the latest public information disclosed by Yonghui Superstores Co., Ltd., Yonghui is expected to record a net loss of approximately RMB 21 billion for the 2025 fiscal year. Consequently, the Company expects to recognize its share of loss from the investment in Yonghui of approximately RMB 7.4 billion. As Yonghui is still preparing and finalizing its 2025 fiscal year results, this figure is a preliminary estimate and may differ from the final numbers to be published by both Yonghui and the Company; (ii) Share-based payment expenses of approximately RMB 2.3 billion to RMB 2.4 billion arising from the share awards issued to the management and employees of TOP TOY in 2025, and a loss on change in the carrying value of redemption liability of approximately RMB 1.5 billion to RMB 1.6 billion generated by the preferred shares issued by TOP TOY during its strategic financing in 2025; and (iii) Interest expenses of approximately RMB 192 million related to the equity-linked securities issued by the Company in January 2025, which includes a non-cash portion of approximately RMB 173 million. Please note that the aforementioned items are not included in the non-IFRS financial measures.
The Company estimates an adjusted net profit for the year of approximately RMB 28.9 billion to RMB 29.0 billion. Adjusted net profit is defined as profit for the period, after tax, excluding share-based payment expenses, gains or losses on fair value changes of derivative instruments, issuance costs of derivative instruments, interest expenses related to equity-linked securities, interest expenses related to bank loans used for the acquisition of Yonghui equity, changes in the carrying value of the redemption liability arising from preferred shares, and the share of loss of Yonghui.
Furthermore, the Company wishes to inform its shareholders and potential investors of the Group's latest business developments. Based on a preliminary review of sales data for the first two months of 2026, the Company continues to demonstrate positive business momentum. In the Mainland China market, the GMV for the MINISO brand increased by over 25% year-on-year, with same-store GMV achieving at least a high-single-digit percentage year-on-year growth. In the North American market, the GMV for the MINISO brand in the United States grew by over 50% year-on-year, with same-store GMV increasing by at least 20% year-on-year.
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