MNSO · MINISO Group Holding Limited

MINISO Group delivered a robust finish to fiscal 2025, with Q4 revenue growth of 32.7% year-over-year significantly exceeding the company's previous guidance of 25%-30%. This performance was driven by strong momentum in the MINISO brand, particularly in the Chinese Mainland which posted its highest revenue growth in eight quarters at 25.0%, and the U.S. market which achieved low-twenties same-store sales growth despite tariff headwinds. The company's adjusted operating profit grew 11.7% in the quarter, reflecting operational leverage, while adjusted EBITDA margin remained healthy at 22.7%. However, GAAP net income swung to a loss of RMB139.4 million, primarily attributable to a RMB547.5 million share of loss from Yonghui Superstores and significant non-cash expenses related to equity-settled share-based payments and fair value changes. For the full year, the company crossed the RMB20 billion revenue milestone, with adjusted net profit rising 6.5% to RMB2.9 billion. The company demonstrated disciplined capital allocation, returning RMB1,907 million to shareholders in 2025 through buybacks and dividends, representing 66% of adjusted net profit. The newly declared final dividend of approximately US$115.8 million underscores management's commitment to shareholder returns. Operationally, the company added 705 net new stores, with 71.9% of new MINISO store openings located in overseas markets, signaling a continued pivot toward global expansion.