MINISO Group Holding Ltd (MEX:MNSON)

September Quarter 2025 MINISO Group Holding Ltd Earnings Call (Chinese, English) Transcript

Nov 21, 2025 / 09:00 AM GMT

Release Date Price: MXN352.5 (-2.70%)

Transcript

Key Points

Positve

MINISO Group Holding Ltd (MNSO) reported a 28.2% increase in revenue, surpassing expectations and supporting the high end of their guidance.
The company achieved a significant milestone with adjusted operating profit crossing the RMB1 billion threshold for the first time, growing by 40.8%.
MINISO's international market, particularly in the United States, showed strong performance with revenue growth exceeding 65% and same-store sales growth in low double digits.
The company successfully expanded its store network, adding a net 170 international stores and 102 domestic stores during the quarter.
MINISO's proprietary IP strategy and product innovation have been effective, with the TopToy brand delivering exceptional revenue growth of 111%.

Negative

The adjusted operating margin declined by 2.1%, attributed to structural changes in revenue composition and increased international direct operating revenue proportion.
The effective tax rate increased to 33.9% from 24.8% the previous year, primarily due to share-based compensation and YH losses.
The company faces challenges in Southeast Asia and Latin America due to microeconomic fluctuations and social unrest, impacting performance.
Selling expenses grew by 33.7%, driven by international direct operational store investments, including labor costs and leasing.
The company anticipates continued pressure on profit margins due to revenue structural changes, despite efforts to improve operational efficiency.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

9896.HK - MINISO Group Holding Ltd
September Quarter 2025 MINISO Group Holding Ltd Earnings Call (Chinese, English)
Nov 21, 2025 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Hello everyone.

Thank you very much. Thanks for your patience and also welcome to join us for Mining Group 2025 September quarter earnings result presentation. Now all participants are listen unmoved. After the presentation, we will have the Q&A session. Please make sure you state yourself before you raise any questions and please make sure that we do.

Record this webcast. We provide you simultaneous translation service for this conference call. You can click on interpretation to choose your preferred language. We have already announced the 2025 September quarter performance early today and you can also check our slides on investor relationship websites. First of all, we

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