June Quarter 2025 MINISO Group Holding Ltd Earnings Call Transcript
Key Points
- MINISO Group Holding Ltd (MNSO) reported a 23.1% increase in revenue for Q2, surpassing expectations.
- The company's gross margin improved to 44.3%, driven by increased overseas revenue and optimization of the TOP TOY brand.
- MINISO's large store strategy has been successful, with new stores in the US achieving 1.5 times higher efficiency than existing stores.
- The company has made significant progress in its proprietary IP strategy, with successful launches like the Yuyuan IP.
- MINISO returned RMB1.07 billion to shareholders through share buybacks and dividends, representing 84% of the H1 adjusted net profit.
- Despite overall growth, the Latin American market experienced a revenue decline in H1 due to inventory adjustments and currency fluctuations.
- The company's administrative expenses grew by 90%, primarily due to increased employee costs and investments in directly operated stores.
- The adjusted operating margin declined by 2.3% year-over-year, although the decline was narrowed compared to Q1.
- MINISO's overseas markets, excluding the US, still face pressure with some regions underperforming expectations.
- The company faces challenges in maintaining same-store sales growth in lower-tier cities compared to higher-tier cities in Mainland China.
If you are using Zoom meeting app, you will be able to see the slide now. You can also review it later on our IR website. Coming next, let's welcome Jack Ye to begin his remarks.
Hello, everyone. Thanks for waiting, and I also would like to welcome all of you. Hello, everyone, and welcome to join us for MINISO Group 2025 June quarter and the interim result presentation.
In Q2, our revenue, adjusted operating profit, and adjusted EPS all exceeds expectation. The growth rate across all business segments, including overseas and domestic, reached or surpassed our upper limit of the guidance. Meanwhile, we also made significant progress in two strategic directions, that is our IP strategy and the large store strategy.
Coming next, I will share with you our quarterly performance, highlights, and our future strategic planning. In Q2, the overall GMV grew by 21%. Revenue grew by 23.1%. We achieved the first positive same store sales growth in four
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