MINISO Reports RMB6 Billion Q4 Revenue with 465 New Overseas Stores
MINISO posted record Q4 2025 revenue above RMB6 billion while gross profit margin fell to 46.4% from 47% year-over-year due to higher store and licensing costs. The company added 465 overseas outlets and saw TOP TOY sales surge 112% year-over-year as core brands gained traction.
1. Q4 Financial Results
MINISO reported Q4 2025 revenue surpassing RMB6 billion and gross profit margin declined to 46.4% from 47% year-over-year, reflecting increased costs from direct-operated stores, licensing fees and its investment in YH.
2. Overseas Expansion
The company achieved a net increase of 465 overseas stores, driving high same-store sales growth in key markets such as the United States through expanded formats like MINISO Land.
3. Brand Performance
Core brands outperformed, with TOP TOY delivering 112% year-over-year growth and Minister of Brands attaining its fastest expansion rate in nearly eight quarters, while proprietary IP 'UU' generated over RMB100 million in its first six months.
4. Strategic Initiatives
Management plans to enhance same-store sales via IP collaborations, optimize SKU architecture to improve margins in 2026, and develop immersive store formats to elevate transaction values and repeat purchases.