MINISO Reports Strong Revenue Growth for 2025, But Net Profit Significantly Impacted by Strategic Investments and Finance Costs
MNSO is trading near its 52-week low of $14.49 (3.7% above the low).
Summary
MINISO reported 26.2% revenue growth for 2025, reaching US$3.07 billion, and 6.5% adjusted net profit growth. However, reported net profit fell 54% to US$173.0 million, largely due to a US$119.3 million loss from the Yonghui Superstores acquisition and increased finance costs from new debt. The company also announced a potential TOP TOY spin-off and declared a US$115.8 million dividend.
Key Events · Earnings and Guidance · MNSO
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Strong Revenue Growth
Revenue increased by 26.2% year-over-year to RMB21,443.8 million (US$3,066.4 million) for the fiscal year ended December 31, 2025.
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Significant Decline in Reported Net Profit
Reported net profit decreased by 54% to RMB1,209.8 million (US$173.0 million) in 2025, primarily driven by non-operating items.
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Adjusted Net Profit Shows Growth
Adjusted net profit (non-IFRS) increased by 6.5% to RMB2,898.2 million (US$414.4 million) in 2025, reflecting strong core operational performance.
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Impact from Yonghui Superstores Acquisition
The company recorded a significant share of loss from equity-accounted investees of RMB834.5 million (US$119.3 million) in 2025, mainly attributable to the acquisition of Yonghui Superstores Co., Ltd.
Analysis · MNSO · Trade & Services
MINISO Group Holding Ltd. reported robust operational growth for the fiscal year ended December 31, 2025, with revenue increasing by 26.2% and gross profit by 26.3%. However, the company's reported net profit saw a substantial 54% decline, primarily due to significant non-operating items. These include a large share of loss from its equity-accounted investee, Yonghui Superstores Co., Ltd., increased net finance costs related to a US$550 million equity-linked securities issuance, and losses from fair value changes of TOP TOY preferred shares. The company's adjusted net profit, which excludes these non-recurring and non-cash items, showed a healthy 6.5% increase, indicating a strong underlying business performance. Investors should differentiate between the core operational profitability and the impact of strategic investments and financing activities on the reported bottom line. The ongoing class action lawsuit saw a positive development with the motion to dismiss granted, though an appeal is possible. The potential spin-off of TOP TOY and the amended dividend policy are also key strategic developments to monitor.
At the time of this filing, MNSO was trading at $15.03 on NYSE in the Trade & Services sector, with a market capitalization of approximately $4.6B. The 52-week trading range was $14.49 to $26.74. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.