MINISO Group Holding Limited (MNSO, 09896) released preliminary unaudited figures for the fiscal year ended 31 December 2025 (FY2025).
Revenue and operating performance • Revenue is projected at RMB 21.44–21.45 billion, up roughly 26% year on year, underpinned by a broader product mix, stronger brand recognition and ongoing channel expansion. • Operating profit is estimated at RMB 3.30–3.31 billion. • Adjusted operating profit—excluding equity-settled share-based payments—is expected at RMB 3.67 billion.
Net profit and adjustments • Statutory profit for the year is set to fall to RMB 1.32–1.33 billion from RMB 2.64 billion in FY2024. • Key drags include: – RMB 0.74 billion share of loss from Yonghui Superstores Co., Ltd., which has guided for a RMB 2.10 billion net loss in FY2025. – RMB 0.23–0.24 billion in share-based payment expenses related to TOP TOY. – RMB 0.15–0.16 billion loss from changes in redemption liabilities of TOP TOY preferred shares. – RMB 0.19 billion in interest expenses (RMB 0.17 billion non-cash) tied to January 2025 equity-linked securities. • After excluding the above items, adjusted net profit is projected at RMB 2.89–2.90 billion.
Early 2026 trading update • January–February 2026 sales momentum remained upbeat: – Mainland China GMV for the MINISO brand rose over 25% year on year, with same-store GMV in at least high-single-digit growth. – In the United States, GMV climbed more than 50%, and same-store GMV advanced at least 20%.
Board meeting and earnings call The board will meet on 31 March 2026 to approve FY2025 results, the fourth-quarter report and any dividend proposal. Management will host an earnings call at 05:00 A.M. Eastern Time (17:00 P.M. Beijing Time) the same day; access details are available on the company’s investor relations website.
All figures are based on management’s preliminary review of unaudited accounts and may differ from the audited results to be released later.
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