December Quarter and Full Year 2025 MINISO Group Holding Ltd Earnings Call Transcript
Key Points
- MINISO Group Holding Ltd (MNSO) achieved a significant milestone by surpassing RMB6 billion in quarterly revenue for the first time.
- The company reported strong growth in its core brands, with the Minister of Brands recording its fastest growth rate in nearly eight quarters and TOP TOY boasting 112% YoY growth in Q4.
- MINISO's international operations showed robust performance, with overseas revenue reaching RMB2.78 billion, up by 31% YoY.
- The company successfully expanded its store network, with a net increase of 465 stores overseas, and achieved high same-store sales growth in key markets like the United States.
- MINISO's strategic initiatives, such as the MINISO Land store format and IP collaborations, have enhanced brand visibility and consumer engagement, contributing to sustained high-quality growth.
- Operating expenses grew by 45.3% in Q4, driven by increased costs in direct-operated stores, licensing fees, and advertising expenses.
- The gross profit margin slightly declined to 46.4% in Q4, compared to 47% in the same period last year, due to increased direct-operated store costs and licensing fees.
- The Southeast Asia market faced challenges, with performance lagging behind other international markets, requiring strategic adjustments in 2026.
- Inventory turnover increased to 100 days by the end of 2025, reflecting strategic inventory buildup ahead of anticipated tariff impacts.
- The company's investment in YH has pressured margins and financial statements, although management remains confident in YH's future potential.
Here are the results presentation. At this time, all participants are in listen-on mood. Following the management prepared remarks, we will open the floor for Q&A. Before asking a question, please identify yourself and the organization you are working for. Please also be noted the call will be recorded.
Simultaneous English translation would be available for this call. You can select your preferred language by clicking interpretation in the Zoom tool bar. Our December quarter and full year 2025 results are disclosed earlier today and are now available on our investor relationships website at ir.miniso.com. Joining us here today are Mr. Ye Guofu, our Founder and CEO, and Mr. Eason Zhang, our CFO.
Before we proceed, I would like to refer everyone to the Safe Harbor statements in our earnings press release. Which was also applied for this call, as management will be making forward-looking statements.
Please also note, we were also discussing certain non-IFRS financial measures today. Those measures are described and reconciled in their most directly comparable IFRS measures in
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