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Jun 30
MINISO Q2 2025 Earnings Report
MINISO reported strong Q2 results, with double-digit revenue growth and a surge in adjusted earnings.
Key Takeaways
MINISO delivered a solid quarter with 23.1% revenue growth, driven by record-high performance from its TOP TOY brand. Adjusted EPS and net income remained strong despite a dip in GAAP earnings due to non-operating losses.
Revenue grew 23.1% YoY to $693.2M, above guidance range.
Adjusted net profit reached $96.5M with 12% growth in adjusted EPS.
TOP TOY brand revenue surged 87% YoY to $56.1M.
MINISO resumed net store expansion in China with 30 new stores opened.
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 acceleration and positive momentum, especially from its directly operated and international markets.
Positive Outlook
- Expecting continued acceleration in revenue growth in H2 2025.
- Mainland China same-store GMV turned positive and is expected to remain positive for full year.
- Overseas markets, especially Europe and North America, showing stronger performance.
- Investments in directly operated stores expected to optimize margin profile.
- TOP TOY received strategic funding, reinforcing long-term growth potential.
Challenges Ahead
- Adjusted net margin decreased from 15.5% to 13.9% YoY.
- Finance costs increased significantly due to debt and equity-linked securities.
- Losses from equity-accounted investees (e.g. Yonghui) impacted GAAP net income.
- EBITDA margin declined from 24.8% to 23.1% YoY.
- Higher selling and distribution expenses driven by overseas expansion.
Revenue & Expenses
Visualization of income flow from segment revenue to net income