Miniso Group Holding Ltd. · HKEX:9896
Miniso — Q2 2025 Earnings Presentation
39 slides from Miniso's earnings presentation, August 2025
Slide 1: 2025 June Quarter & Interim Results Presentation
2025 June Quarter & Interim Results Presentation 2025第二季度及中期业绩发布会 August 2025
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “antici
Slide 3: MINISO Strategic Roadmap
MINISO Strategic Roadmap 名创优品战略地图 Life is for fun 为开心而生 Mission 使命 Vision To become the world's No.1 IP design retail group 愿景 成为全球第一的IP设计零售集团 Strategy Focus on affordability, globalization and product innovation (IP Design) 路径 坚持性价比，坚持全球化，坚持产品创新（IP设计） Doubling store base by 2028, compared with Goal
Slide 4: Business Updates
Mi aS aT Business Updates Sal1epdapn SsSOuISh O
Slide 5: MINISO Group Global Store Network
MINISO Group Global Store Network 名创优品集团全球门店网络 As of June 30, 2025, MINISO Group Records 7,905 Stores Globally 截止至2025年6月30日，名创优品集团全球总门店7,905家 MINISO Stores Mainland China Overseas Markets TOP TOY Stores Mainland China Overseas Markets Globally Globally 名创优品 中国内地门店 海外市场门店 中国内地门店 海外市场门店 TOP TOY 全球门店
Slide 6: MINISO Mainland China: Strategical Store Network Refinement
MINISO Mainland China: Strategical Store Network Refinement 名创优品中国内地：门店网络战略精细化 As of 截至 2024.6.30 2025.6.30 YoY Total Stores 总门店 4,115 4,305 190 By Type 按类型 -Directly operated stores 直营门店 29 20 (9) -Retail partner stores 加盟门店 4,063 4,258 195 -Distributor stores 代理门店 23 27 4 By City Tier 按城市线级 -Tier
Slide 7: MINISO Overseas Stores Network
MINISO Overseas Stores Network 名创优品海外门店网络 As of 截至 2024.6.30 2025.6.30 YoY Total Stores 总门店 2,753 3,307 554 By Type 按类型 -Directly operated stores 直营门店 343 579 236 -Retail partner stores 加盟门店 338 425 87 -Distributor stores 代理门店 2,072 2,303 231 By Region 按地区 -Asia excluding China 亚洲除中国 1,484 1,695 211
Slide 8: 2025 Q2 Financial Highlights of the Group
2025 Q2 Financial Highlights of the Group 集团核心业绩指标 Sales Growth Profitability Profit Growth 业绩增长 盈利能力 利润增长 GMV YoY1 + 20.9% GP Margin 44.3% Adj Operating YoY1 + 8.5% 销售额 RMB 8,724 M 毛利率 YoY + 40 bps Profit3 经调整经营利润 RMB 852 M YoY + 23.1% Adj OP 17.2% Adj EBITDA3 YoY1 + 14.7% Revenue Margin3 经调整EBITDA
Slide 9: MINISO Mainland China 2025 Q2: QoQ Improvement & Positive SSSG
MINISO Mainland China 2025 Q2: QoQ Improvement & Positive SSSG 名创优品中国内地2025第二季度：环比向好，同店转正 Revenue of MINISO Mainland China 名创优品中国内地收入 +13.6% YoY 2 2 Recovery rate of daily SSS per store 同店日均销恢复率 2025 Q2 2025 Q2 As of 2025.6.30 Offline SSS1G Stores Number Store GMV 同店销售额1增长率 截至2025.6.30 100% 线下门店GMV
Slide 10: MINISO Overseas 2025 Q2: QoQ Improvement
MINISO Overseas 2025 Q2: QoQ Improvement 名创优品海外2025第二季度：环比向好 Revenue of MINISO Overseas 名创优品海外收入 +28.6% YoY Recovery rate of daily SSS per store in USA 2美国同店日均销恢复率 2 2025 Q2 2025 Q2 As of 2025.6.30 Offline SSS1G Stores Number Store GMV 同店销售额1增长率 截至2025.6.30 线下门店GMV 门店数 vs 2024 Q2 100% YoY3 +22.9% -L
Slide 11: TOP TOY
TOP TOY in RMB million 人民币 百万元 2024 Q2 2025 Q2 2024 H1 2025 H1 YoY in Q2 YoY in H1 Revenue 收入 215 402 429 742 87.0% 73.0% As of 截至 As of 截至 2024.6.30 2025.6.30 YoY Total Stores 总门店 195 293 98 Stores By Type 门店按类型 -Directly operated stores 直营门店 21 38 17 -Retail partner stores 加盟门店 174 250 76 -Distrib
Slide 12: First-9-month GMV Exceeded RMB 100 Million
“Flagship Strategy”Obtained Milestone Achievement MINISO LAND Global Flagship Store at Shanghai Nanjing East Rd First-9-month GMV Exceeded RMB 100 Million “大店战略”里程碑式突破 上海南京东路MINISO LAND全球壹号店 开店9个月单店销售额破1亿 TIANJIN SHANGHAI GUIYANG SHANGHAI 12
Slide 13: MINISO SPACE Grand Opening at Nanjing Deji Plaza
MINSO SPACE Grand Opening at Nanjing Deji Plaza MINISO SPACE南京德基广场盛大开幕 13 Photo: MINISO SPACE NANJING DEJI PLAZA 南京德基广场店
Slide 14: Photo: MINISO SPACE Nanjing Deji Plaza
14 Photo: MINISO SPACE NANJING DEJI PLAZA 南京德基广场店
Slide 15: Photo: MINISO LAND Shanghai CP Jingan
15 Photo: MINISO LAND SHANGHAI CP JINGAN 上海CP静安店
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Slide 19: MINISO - IP Collaboration
MINISO - IP Collaboration 名创优品IP联名 19
Slide 20: MINISO - IP Artists Collaboration
MINISO - IP Artists Collaboration 名创优品签约潮玩艺术家 Established collaboration with 9 artists, commencing a new chapter for pop toy 签约首批9位潮玩艺术家，开启名创优品潮玩版块新篇章 20
Slide 21: MINISO - IP Artists Collaboration
MINISO - IP Artists Collaboration 名创优品签约潮玩艺术家 21
Slide 22: MINISO - IP Artists Collaboration
MINISO - IP Artists Collaboration 名创优品签约潮玩艺术家 22
Slide 23: TOP TOY completed new strategic financing led by Temasek
TOP TOY completed a new round of strategic financing lend by Temasek, a well-known global investment company TOP TOY 完成新一轮融资，全球知名投资机构淡马锡领投 23
Slide 24: Continuous Expansion of Self-owned IP
Continuous Expansion of Self-owned IP 自有IP矩阵持续扩大 24
Slide 25: Financial Highlights
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Slide 26: Revenue Breakdown
Revenue Breakdown 营业收入明细 in RMB million 人民币 百万元 2024 Q2 2025 Q2 2024 H1 2025 H1 YoY in Q2 YoY in H1 Revenue 营业收入 4,035 4,966 7,759 9,393 23.1% 21.1% MINISO Brand 名创优品品牌 3,818 4,563 7,325 8,649 19.5% 18.1% MINISO Mainland China 名创优品中国内地 2,308 2,621 4,593 5,115 13.6% 11.4% -Offline Business 线下业务 2,103
Slide 27: Q2 Guidance Review
Q2 Guidance Review Q2指引回顾 Guidance 指引 Actual 实际 Review 完成情况 18-21% +23.1% Revenue 营业收入 2-yr CAGR 20%+ 2-yr CAGR 23.6% Flat or Slight Decline YoY Adj OP 经调整经营利润 +8.5% 持平或略有下降 Narrowing YoY gap 17.2% Adj OPM 经调整经营利润率 (Q1: -4pt) YoY -2.3pt 低于Q1的4pt降幅 27
Slide 28: MINISO Group Revenue—By Region
MINISO Group Revenue—By Region 名创优品集团海外收入—按地区 28 1. Revenue is denominated in RMB million 收入与GMV以人民币百万元计
Slide 29: Channel Revenue Mix
Channel Revenue Mix 分渠道收入组合 For 2025 H1, revenue from overseas market 54% under MINISO brand accounted for 38% of 59% total revenue while it accounted for 35% in 67% 64% 2024 H1, up 3 percentage points. 2025上半年，名创优品海外收入占集团总收入 38%，而2024年同期占35%，提升了3个百分点。 For 2025 H1, revenue from mainland China
Slide 30: GPM Analysis
GPM Analysis 毛利率分析 Revenue 收入 GPM 毛利率 43.7% 44.3% 39.6% 31.7% 26.9% 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 30
Slide 31: Expenses by Nature
Expenses by Nature 按性质划分的开支 2024 Q2 2025 Q2 2024 H1 2025 H1 YoY in Q2 YoY in H1 in RMB million 人民币百万元 Total expenses1 1,020 1,406 1,876 2,644 37.9% 40.9% 总开支1 Payroll and employee benefits1 323 453 621 889 40.3% 43.2% 工资及雇员福利1 Depreciation and rental and related 237 371 437 725 56.5% 65.8% expenses
Slide 32: Segment Margins
Segment Margins 分部利润率 Segment GPM 分部毛利率 MINISO mainland China MINISO overseas markets 名创优品中国内地 名创优品海外市场 TOP TOY GPM 毛利率 GPM 毛利率 GPM 毛利率 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 Segment OPM 分部经营率 MINISO mainland China MINISO overseas markets TOP TOY 名创优品中国内地 名创优品海外市场 OPM 经营利润率 OPM 经营利润率 OPM 经营
Slide 33: MINISO Brand Overseas GMV—By Region
MINISO Brand Overseas GMV—By Region 名创优品品牌海外GMV—按地区 2-year CAGR 2023 H1 2024 H1 2025 H1 YoY ex FX1 in RMB million 人民币 百万 ex FX1 GMV from MINISO Overseas 名创优品海外GMV 4,538 6,401 7,330 18.6% 27.2% By Region 按地区 -Asia excluding China 亚洲除中国 1,777 2,353 2,567 9.0% 19.9% -Latin America 拉丁美洲 1,730 2,383 2,25
Slide 34: Reconciliation of Non-IFRS Financial Measures
Reconciliation of Non-IFRS Financial Measures 非《国际财务报告准则》财务指标的对账 34
Slide 35: Reconciliation of Non-IFRS Financial Measures (Continued)
Reconciliation of Non-IFRS Financial Measures (Continued) 非《国际财务报告准则》财务指标的对账（续） 35
Slide 36: MINISO Group Five Year Financial Performance Highlights
MINISO Group Five Year Financial Performance Highlights 名创优品集团五年财务业绩摘要 2020-2024 Revenue CAGR 2020-2024年收入复合增长率: 22% 2020-2024 Adjusted net profit 1 CAGR 2020-2024年经调整净利润1五年复合增长率： 70% For the year ended December 31 截至12月31日止年度 2020 2021 2022 2023 2024 (RMB in million) （人民币百万元） Revenue 收入 7,556 10,12
Slide 37: Balanced Capital Allocation and Foreseeable Shareholder Return
Balanced Capital Allocation and Foreseeable Shareholder Return 平衡的资本分配与具备可预见性的股东回报 In RMB million 人民币百万元 2022 2023 2024 2024 H1 2025 H1 Cash position, end of the period 期末现金情况 6,160 6,887 6,698 6,869 7,466 Adjusted net profit 经调整净利润 1,124 2,357 2,721 1,242 1,279 Return to shareholders 股东回报 473 998 1
Slide 38: Q3 and Revised Full-Year Guidance
Q3 and Revised Full-Year Guidance Q3指引与全年指引更新 Q3 Guidance FY Guide（Updated） FY Guide（Prev.） 三季度指引 全年指引（更新后） 全年指引（更新前） ~25% YoY >22.8% 25%-28% Revenue 营业收入 Accelerate Q by Q Accelerate Q by Q SSSG +LSD% 收入增速逐季度加速 收入增速逐季度加速 Double-Digit YoY growth Adj OP 经调整经营利润 RMB 3.65-3.85 billion RMB 3.60-3.80 bil
Slide 39: About MINISO
About MINISO 关于名创优品集团 MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of del