Miniso Group Momentum Further Accelerated: Same-Store GMV Increased Mid-single Digit in September Quarter; Revenue Increased 28.2%; Adjusted Operating Profit Increased 14.8%;

MinisoBrand Added 102 Net New Stores in Mainland China with Strong Same-Store GMV(1) Growth (“SSSG”) of High-single Digit for September Quarter;

Top Toy Brand Revenue(2) Increased 111.4%, another New Quarterly Growth Record

Miniso Group Achieved the Milestone of 8,000 Stores Globally with Quarterly Revenue Surpassed RMB5 Billion for the First Time

Guangzhou, China — Miniso Group Holding announced its unaudited financial results for the three months and the nine months ended September 30, 2025.

Quarter

Revenue increased 28.2% year over year to RMB5,796.6 million (US$814.3 million), above the high end of the Company’s previous guidance range of 25%-28%.

All three of the Company’s operating segments delivered an upward momentum in same-store sales (SSSG) during the September Quarter, lifting group-level SSSG to a mid-single digit level.

Miniso Brand’s SSSG was mid-single digit year over year, underpinned by (i) an exceptional high-single-digit growth in mainland China, and (ii) a low-single-digit growth in overseas markets.

Top Toy Brand’s SSSG advanced at a mid-single digit rate year over year.

Gross profit increased 27.6% year over year to RMB2,590.1 million (US$363.8 million).

Gross margin was 44.7%, compared to 44.9% in the same period last year.

Operating profit was RMB846.6 million (US$118.9 million), compared to RMB852.6 million in the same period last year.

Adjusted operating profit(3) increased 14.8% year over year to RMB1,022.3 million (US$143.6 million), with adjusted operating margin of 17.6%.

Profit for the period was RMB443.2 million (US$62.3 million), compared to RMB648.3 million in the same period last year.

Adjusted net profit(3) increased 11.7% year over year to RMB766.8 million (US$107.7 million).

Adjusted net margin(3) was 13.2%, compared to 15.2% in the same period last year.

Adjusted EBITDA(3) increased 18.8% year over year to RMB1,353.8 million (US$190.2 million).

Adjusted EBITDA margin(3) was 23.4%, compared to 25.2% in the same period last year.

Adjusted basic and diluted earnings per ADS(3) were both RMB2.48 (US$0.35), increased by 12.7% year over year.

Net cash from operating activities was RMB1,299.6 million (USD182.6 million) in the September Quarter, with an operating cash flow to adjusted net profit ratio of 1.7. Capital expenditure was RMB330.3 million (US$46.4 million) and free cash flow was RMB969.3 million (US$136.2 million) for the September Quarter.

Financial Highlights for the First Nine Months 

• Revenue increased 23.7% year over year to RMB15,189.8 million (US$2,133.7 million).
• Gross profit increased 24.5% year over year to RMB6,747.0 million (US$947.7 million).
• Gross margin was 44.4%, compared to 44.1% in the same period last year.
• Operating profit was RMB2,392.5 million (US$336.1 million), compared to RMB2,347.4 million in the same period last year.
• Adjusted operating profit(3) increased 6.5% year over year to RMB2,608.8 million (US$366.5 million), with adjusted operating margin of 17.2%.
• Profit for the period was RMB1,349.2 million (US$189.5 million), compared with RMB1,825.7 million in the same period last year.
• Adjusted net profit(3) increased 6.1% year over year to RMB2,045.5 million (US$287.3 million), compared with RMB1,928.1 million in the same period last year.
• Adjusted net margin(3) was 13.5%, compared to 15.7% in the same period last year.
• Adjusted EBITDA(3) increased 14.0% year over year to RMB3,540.6 million (US$497.3 million).
• Adjusted EBITDA margin(3) was 23.3%, compared to 25.3% in the same period last year.
• Adjusted basic earnings per ADS(3) increased 7.8% year over year to RMB6.64 (US$0.93).
• Adjusted diluted earnings per ADS(3) increased 8.5% year over year to RMB6.64 (US$0.93).
• Cash Position(4) was RMB7,766.2 million (US$1,090.9 million) as of September 30, 2025, compared to RMB6,698.1 million as of December 31, 2024.
• Net cash from operating activities was RMB2,313.8 million (US$325.0 million). Capital expenditure was RMB765.0 million (US$107.5 million) and free cash flow was RMB1,548.8 million (US$217.6 million) for the First Nine Months.

Operational Highlights

• Total number of stores on group level was 8,138 as of September 30, 2025, achieving the milestone of 8,000 stores, with a year-over-year increase of 718 net new stores.
• Number of Miniso stores was 7,831 as of September 30, 2025, representing a year-over-year increase of 645 net new stores.
  • Number of Miniso stores in mainland China was 4,407 as of September 30, 2025, representing a year-over-year increase of 157 net new stores.
  • Number of Miniso stores in overseas markets reached 3,424 as of September 30, 2025, representing a year-over-year increase of 488 net new stores.
• Number of Top Toy was 307 as of September 30, 2025, representing a year-over-year increase of 73 net new stores.

Mr. Guofu Ye, Founder, Chairman, and CEO of Miniso, commented, “We are thrilled to see two significant milestones achieved by Miniso Group in the September Quarter: quarterly revenue surpassed RMB 5 billion for the first time, and Miniso Group’s global store counts exceeded 8,000. In the September Quarter, Miniso mainland China delivered an exceptional performance, with over 100 net new stores on a quarterly basis and a high-single-digit level SSSG in this quarter. Both net store expansion and SSSG demonstrated sequential acceleration. Against the backdrop of a highly competitive physical retail environment in domestic market, Miniso mainland China’s outstanding results further underscored our ability to respond agilely, execute effectively, and leverage the resilience of our business model. SSSG in Miniso mainland China from year to date reached low-single digit. We are steadily progressing toward our goal of achieving full-year positive SSSG for Miniso mainland China in 2025.”

“Miniso overseas had also shown sequential improvement in its same-store GMV, with growth accelerating to low-single digit in the September Quarter. Our strategic markets, such as North America and Europe, continued to deliver outstanding SSSG. We expected to see more momentum from SSSG in the growth of overseas markets, signaling a higher-quality growth that is more sustainable and carries lower operational risk. Meanwhile, we were thrilled to see that the operating margin of MINISO overseas directly operated business has year-over-year improvement, which demonstrated continuous and steady improvement in MINISO’s fundamental operational strengths. Notably, TOP TOY achieved a remarkable 111.4% year-over-year revenue increase in the September Quarter, significantly exceeding our expectations and demonstrating its strong market leadership and growth potential in the pop toy industry.” Mr. Ye continued.

Mr. Eason Zhang, CFO of Miniso, commented, “The year-over-year revenue growth on group level reached 28.2%, above our previous guidance. Adjusted operating profit increased 14.8% year over year. Adjusted operating margin was 17.6%, with year-over-year margin contraction sequentially narrowing from previous quarters, both in line with our previous guidance. Adjusted EBITDA increased 18.8% year over year, with a trend of sequential quarterly acceleration in year-over-year growth. Adjusted EBITDA margin reached 23.4%.”

” Net cash from operating cash flow was RMB1,299.6 million in this quarter, with an operating cash flow to adjusted net profit ratio of 1.7. As of September 30, our cash position reached RMB7.77 billion. Net cash from operating cash flow for the First Nine Months reached 2,313.8 million, surpassing adjusted net profit in the same period. It demonstrated our solid financial position, high-quality profitability and efficient management ability in working capital, and further underscored the resilience and robust operational cash flow generation of our business that will fuel our future high-quality growth.” Mr. Zhang concluded.

Operational Updates

October 2025: According to the Company’s preliminary estimates, the SSSG for MINISO mainland China reached a low-teens level for the whole month of October.

Financial Results for the September Quarter

Revenue was RMB5,796.6 million (US$814.3 million), representing an increase of 28.2% year over year.

Revenue from MINISO brand increased by 22.9% year over year to RMB5,221.5 million (US$733.5 million), including (i) an increase of 19.3% in revenue from MINISO brand in mainland China, accelerating sequentially by quarters in 2025, and (ii) an increase of 27.7% in revenue from MINISO brand in overseas markets. Overseas revenue contributed to 44.3% of revenue from MINISO brand.

Revenue from TOP TOY brand(1) increased by 111.4% to RMB574.5 million (US$80.7 million).

For more information on the composition and year-over-year change of revenue, please refer to the “Unaudited Additional Information” in this press release.

Cost of sales was RMB3,206.6 million (US$450.4 million), representing an increase of 28.6% year over year.

Gross profit was RMB2,590.1 million (US$363.8 million), representing an increase of 27.6% year over year.

Gross margin was 44.7%, compared to 44.9% in the same period last year.

Selling and distribution expenses were RMB1,429.9 million (US$200.9 million), representing an increase of 43.5% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,333.9 million (US$187.4 million), representing an increase of 36.5% year over year. The year-over-year increase was mainly attributable to the Company’s investments into directly operated stores to pursue the future success of the Company’s business, especially in strategic overseas markets such as the U.S. market. As of September 30, 2025, total number of directly operated stores on the group level was 700, compared to 480 as of September 30, 2024. In the September Quarter, revenue from directly operated stores increased 69.9%, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 40.7%, decelerating from the year-over-year increase of 71.4% and 56.3% in March and June quarter of 2025, respectively. Promotion and advertising expenses increased 43.3%, as a percentage of revenue stabilizing at around 3% in both comparative periods. Licensing expenses increased 20.8%, as a percentage of revenue stabilizing at around 3% in both comparative periods as well. Logistics expenses increased 23.3% year over year.

General and administrative expenses were RMB343.8 million (US$48.3 million), representing an increase of 45.6% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB264.0 million (US$37.1 million), representing an increase of 21.4% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company’s business. The increase in equity-settled share-based payment expenses was mainly related  to Top Toy brand.

Other net income was RMB34.3 million (US$4.8 million), compared to RMB36.8 million in the same period last year. The year-over-year decrease was mainly due to a larger net foreign exchange loss compared with the same period last year, partially offset by an increase in investment income from wealth management products.

Operating profit was RMB846.6 million (US$118.9 million), compared with RMB852.6 million in the same period last year.

Adjusted operating profit(2) was RMB1,022.3 million (US$143.6 million), representing an increase of 14.8% year over year, with adjusted operating margin of 17.6%. The year-over-year contraction in adjusted operating margin has narrowed sequentially from 4.2 percentage points in the March quarter, to 2.3 percentage points in the June quarter and further narrowed down to 2.1 percentage points in the September Quarter.

Net finance cost was RMB104.5 million (US$14.7 million), compared to net finance income of RMB7.8 million in the same period last year. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the equity linked securities issued by the Company in January 2025 ( the “Equity Linked Securities“) and the bank loans used for the acquisition of the equity interest of Yonghui Superstores Co., Ltd*(永輝超市股份有限公司) (“Yonghui“), both of which have been excluded in non-IFRS financial measures(2), and (ii) increased interest expenses on lease liabilities corresponding to the Company’s investment in directly operated stores.

Share of loss of equity-accounted investees, net of tax was RMB145.1 million (US$20.4 million), compared to share of profit of RMB2.0 million in the same period last year. The year-over-year change was mainly attributable to share of loss in Yonghui, which has been excluded in non-IFRS financial measures(2).

Other gain was RMB73.2 million (US$10.3 million), mainly attributable to gain from fair value change of derivatives under mark-to-market impact, which was in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures(2).

Effective tax rate was 33.9%, compared to 24.8% in the same period last year.

Adjusted effective tax rate(2) was 22.8%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 23.8% in the same period last year.

Profit for the period was RMB443.2 million (US$62.3 million), compared to RMB648.3 million in the same period last year.

Adjusted net profit(2) was RMB766.8 million (US$107.7 million), increased by 11.7% year over year.

Adjusted net margin(2) was 13.2%, compared to 15.2% in the same period last year.

Adjusted EBITDA(2) was RMB1,353.8 million (US$190.2 million), representing an increase of 18.8% year over year.

Adjusted EBITDA margin(2) was 23.4%, compared to 25.2% in the same period last year.

Basic and diluted earnings per ADS were both RMB1.44 (US$0.20) in the September Quarter, compared with RMB2.08 in the same period last year.

Adjusted basic and diluted earnings per ADS(2) were both RMB2.48 (US$0.35) in the September Quarter, representing an increase of 12.7% year over year from RMB2.20 in the same period last year.

Net cash from operating activities was RMB1,299.6 million (USD182.6 million) in the September Quarter, with an operating cash flow to adjusted net profit ratio of 1.7. Capital expenditure was RMB330.3 million (US$46.4 million) and free cash flow was RMB969.3 million (US$136.2 million) for the September Quarter.

Financial Results for the First Nine Months

Revenue was RMB15,189.8 million (US$2,133.7 million), representing an increase of 23.7% year over year.

Revenue from Miniso brand increased by 19.8% to RMB13,870.5 million (US$1,948.4 million), including (i) an increase of 14.1% in revenue from MINISO brand in mainland China, and (ii) an increase of 28.7% in revenue from Miniso brand in overseas markets. The overseas revenue contributed to 42.1% of revenue from Miniso brand, compared to 39.2% in the same period last year.

Revenue from Top Toy brand(1) increased by 87.9% to RMB1,316.6 million (US$184.9 million).

For more information on the composition and year-over-year change of revenue, please refer to the “Unaudited Additional Information” in this press release.

Cost of sales was RMB8,442.8 million (US$1,185.9 million), representing an increase of 23.0% year over year.

Gross profit was RMB6,747.0 million (US$947.7 million), representing an increase of 24.5% year over year.

Gross margin reached 44.4%, representing a year-over-year  increase of 0.3 percentage point.

Selling and distribution expenses were RMB3,610.9 million (US$507.2 million), increased by 43.4% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB3,501.0 million (US$491.8 million), increased by 42.4% year over year.

General and administrative expenses were RMB847.5 million (US$119.0 million), increased by 29.4% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB741.1 million (US$104.1 million), increased by 20.9% year over year.

Other net income was RMB132.5 million (US$18.6 million), compared to RMB78.5 million in the same period last year. The year-over-year increase was mainly due to (i) a net foreign exchange gain compared with a net foreign exchange loss in the same period last year, and (ii) an increase in investment income from wealth management products.

Operating profit was RMB2,392.5 million (US$336.1 million), compared to RMB2,347.4 million in the same period last year.

Adjusted operating profit(2) was RMB2,608.8 million (US$366.5 million), representing an increase of 6.5% year over year.

Net finance cost was RMB232.9 million (US$32.7 million), compared to net finance income of RMB41.9 million in the same period last year. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for the acquisition of the equity interest of Yonghui, both of which have been excluded in non-IFRS financial measures(2), and (ii) increased interest expenses on lease liabilities corresponding to the Company’s investment in directly operated stores.

Share of loss of equity-accounted investees, net of tax was RMB284.1 million (US$39.9 million), compared with share of profit of RMB2.3 million in the same period last year. The year-over-year change was mainly attributable to share of loss in Yonghui, which has been excluded in non-IFRS financial measures(2).

Other expenses was RMB11.2 million (US$1.6 million), mainly attributable to loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives, which were in relation to the Equity Linked Securities and have been excluded in non-IFRS financial measures(2).

Effective tax rate was 27.6%, compared to 23.7% in the same period last year.

Adjusted effective tax rate(2) was 20.1%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 22.7% in the same period last year.

Profit for the period was RMB1,349.2 million (US$189.5 million), compared to RMB1,825.7 million in the same period last year.

Adjusted net profit(2) was RMB2,045.5 million (US$287.3 million), compared to RMB1,928.1 million in the same period last year.

Adjusted net margin(2) was 13.5%, compared to 15.7% in the same period last year.

Adjusted EBITDA(2) increased 14.0% year over year to RMB3,540.6 million (US$497.3 million).

Adjusted EBITDA margin(2) was 23.3%, compared to 25.3% in the same period last year.

Basic earnings per ADS was RMB4.40 (US$0.62), compared to RMB5.84 in the same period last year.

Diluted earnings per ADS was RMB4.36 (US$0.61), compared to RMB5.80 in the same period last year.

Adjusted basic earnings per ADS(2) increased 7.8% year over year to RMB6.64 (US$0.93), compared to RMB6.16 in the same period last year.

Adjusted diluted earnings per ADS(2) increased 8.5% year over year to RMB6.64 (US$0.93), compared to RMB6.12 in the same period last year.

Cash position, which was the combined balance of the Company’s cash and cash equivalents, restricted cash, term deposits, and other investments recorded as current assets was RMB7,766.2 million (US$1,090.9 million) as of September 30, 2025, compared to RMB6,698.1 million as of December 31, 2024.

Net cash from operating activities was RMB2,313.8 million (US$325.0 million). Capital expenditure was RMB765.0 million (US$107.5 million) and free cash flow was RMB1,548.8 million (US$217.6 million) for the First Nine Months.