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Sep 30, 2025
MINISO Q3 2025 Earnings Report
MINISO reported strong Q3 2025 results with record quarterly revenue exceeding $800 million.
Key Takeaways
MINISO delivered robust top-line growth in Q3 2025, led by gains in both domestic and international markets. The company posted a net income of $62.3 million despite a slight decline from the previous year, while its adjusted EBITDA and operating margins remained healthy.
Revenue surpassed $800 million for the first time.
TOP TOY brand revenue grew over 111% YoY.
Over 100 net new MINISO stores added in mainland China.
Operating cash flow reached $182.6 million, with strong free cash flow.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
MINISO expects continued growth driven by store expansion and overseas market momentum, though margin pressures and operational risks remain.
Positive Outlook
- Strong same-store sales growth in mainland China.
- Improving profitability in overseas directly operated business.
- Sequential acceleration in adjusted EBITDA growth.
- Robust free cash flow generation.
- Over 8,000 global stores milestone achieved.
Challenges Ahead
- Net income declined compared to previous year.
- Gross margin slightly contracted YoY.
- Adjusted net margin narrowed to 13.2%.
- Higher operating expenses due to expansion.
- Finance costs increased due to recent financing activities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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