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Mar 31
MINISO Q1 2025 Earnings Report
MINISO reported steady revenue growth and store expansion in Q1 FY2025, supported by overseas performance and higher gross margin.
Key Takeaways
Revenue grew to $610.1 million, driven by a 16.5% increase in MINISO brand sales and strong growth from TOP TOY. Net income was $57.4 million, and gross margin improved to 44.2%.
Revenue reached $610.1 million, up from $512.9 million a year earlier.
Adjusted net income was $80.9 million; reported net income was $57.4 million.
TOP TOY revenue surged 58.9% YoY to $46.8 million.
Gross margin expanded to 44.2%, the highest for March quarters historically.
MINISO
MINISO
MINISO Revenue by Segment
MINISO Revenue by Geographic Location
Revenue by Segment
MINISO Brand Revenue
CapyFin.comTOP TOY Brand Revenue
CapyFin.comRevenue by Geographic Location
Mainland China Revenue
CapyFin.comOverseas Revenue
CapyFin.com Forward Guidance
MINISO expects continued revenue growth through global expansion and product innovation, while managing macroeconomic headwinds.
Positive Outlook
- Strong overseas revenue momentum
- TOP TOY global expansion in progress
- Improved gross margin performance
- Steady franchise profitability in China
- Strong cash position enables strategic investments
Challenges Ahead
- Macroeconomic volatility continues
- Increased finance costs due to acquisitions
- Higher logistics and licensing expenses
- Lower adjusted net margin YoY
- Growth investments impacting short-term operating margins
Revenue & Expenses
Visualization of income flow from segment revenue to net income