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The call reported strong top-line outperformance, record revenue and GMV milestones, successful international execution (notably the U.S.) and rapid proprietary-IP traction (Youyou), supported by robust cash generation and shareholder returns. However, profitability has near-term pressure from accelerated operating expenses, direct-operated expansion, increased licensing and financing-related adjustments (notably a large YH loss and higher SBC), plus elevated overseas inventory and mixed results in parts of Southeast Asia. Management expects continued high-quality growth and plans significant store upgrades and IP investment in 2026, while acknowledging near-term investment-related margin headwinds.
Management guided 2026 toward continued high‑quality growth, targeting group revenue growth in the high‑teens (management also stated at one point a floor of ≥25%) and a 3‑year CAGR (2023–2026) of no less than 22%; they plan 510–550 net new store adds globally (≈120 in China, ~250 internationally) while driving same‑store sales improvement—China expected to be low‑ to high‑single‑digit and North America mid‑ to high‑double‑digit growth—and expect adjusted operating profit and adjusted net profit growth to accelerate. Management reiterated seasonality (~60% of revenue in H2, 40% in H1), will exclude an RMB 850–900 million Q1 investment gain from adjusted metrics, and emphasized a push for profitability and cash‑flow‑backed growth via store upgrades (290 renovations in 2025 drove ~40–50% sales uplifts) and a focus on MINISO Land large‑format openings.
Q4 revenue rose 32.7% YoY to a quarterly record (RMB 6.25 billion+), single-quarter GMV exceeded RMB 10 billion for the first time, and full-year 2025 revenue crossed RMB 21.44 billion (group revenue growth ~26.2% for the year).
MINISO Q4 revenue reached RMB 5.65 billion (≈+27.7% YoY); Mainland China contributed RMB 2.87 billion (+25% YoY, 51% of Q4) and overseas MINISO Q4 revenue was RMB 2.78 billion (+30.5% YoY, ~50% of Q4), demonstrating balanced domestic and international expansion.
TOPTOY delivered exceptional momentum with Q4 revenue ~RMB 600 million (+112% YoY) and full-year TOPTOY revenue of RMB 1.9 billion; store footprint reached 334 stores (30 international).
U.S. full-year growth >60% and Q4 same-store sales >20%; membership in the U.S. grew 150% YoY and member-driven sales exceeded 50% of U.S. revenue, with improving unit economics, higher AOV, lower labor cost as % of sales and improved warehouse/logistics efficiency.
Total store count ~8,500 by year-end; MINISO Land large-format stores expanded to 26 in China. Renovation of 290 stores in 2025 produced strong results — renovated stores saw average sales uplifts of 40–50%. Large-format/flagship stores (~10% of domestic count) contributed nearly 20% of domestic GMV.
Youyou proprietary IP ramped rapidly: >RMB 100 million in revenue within six months and early 2026 sales of RMB 165 million (Jan–Mar), with management projecting Youyou revenue of RMB 600M–1,000M in 2026 including international sales; pipeline of 30–40 proprietary IPs underway.
Q4 adjusted operating margin was 17%; full-year adjusted operating profit RMB 670 million. Q4 adjusted net profit grew ~7.6% to RMB 850 million and adjusted diluted EPS rose 9.4% in Q4. Net cash from operating activities for 2025 was RMB 2.58 billion; cash reserves RMB 7.1 billion. Board returned RMB 1.9 billion to shareholders in 2025 (≈66% of adjusted net profit) including dividends and buybacks.
Overseas net store adds were 465 in 2025 (bringing overseas total to 3,583); full-year overseas revenue grew ~30–33% and management plans ~250 net new overseas stores in 2026 as part of 510–550 total net new stores guidance.
At this time, participants are in listen-only mode. Following management’s 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 note the call will be recorded. Simultaneous English translation will be available for this call. You can select your preferred language by clicking Interpretation in the Zoom toolbar. Our December quarter and full year 2025 results were released earlier today and are now available on our investor relations website at ir.miniso.com. Joining us here today are Guofu Ye, our Founder and CEO, and Eason Zhang, our CFO.
Before we proceed, I would like to refer everyone to the Safe Harbor statements in our earnings press release, which also apply to this call, as management will be making forward-looking statements. Please also note, we will be discussing certain non-IFRS financial measures today. These measures are described and reconciled to their most directly comparable IFRS measures in our earnings release, and in our filings to the SEC and the Hong Kong Stock Exchange. Unless otherwise stated, all figures are in RMB. In addition, we have prepared a presentation featuring financial and operational highlights for today's call. If you are joining via Zoom, you will be able to see the slides. They will also be available on our IR website. I will now turn the floor over to Guofu Ye.
Good day, everyone. Welcome to MINISO Group Holding Limited’s 2025 December quarter and full year earnings presentation. 2025 was a year of steady growth and continued breakt...