Miniso Group Holding Ltd. · HKEX:9896
Miniso — Q3 2025 Earnings Presentation
34 slides from Miniso's earnings presentation, November 2025
Slide 1: 2025 September Quarter Earnings Result Presentation
2025 September Quarter Earnings Result Presentation 2025第三季度业绩发布会 November 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: Business Updates
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Slide 4: 2025 Q3 Financial Highlights of the Group
2025 Q3 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 + 28.3% GP Margin 44.7% Adj Operating YoY1 + 14.8% 销售额 RMB 9,776 M 毛利率 YoY - 20 bps Profit3 经调整经营利润 RMB 1,022 M YoY + 28.2% Adj OP 17.6% Adj EBITDA3 YoY1 + 18.8% Revenue Margin3 经调整EBI
Slide 5: MINISO Mainland China 2025 Q3: High-quality Growth
MINISO Mainland China 2025 Q3: High-quality Growth 名创优品中国内地2025第三季度：高质量的增长 Revenue of MINISO Mainland China 名创优品中国内地收入 +19.3% YoY Recovery rate of daily SSS 2per store 同店日均销2恢复率 2025 Q3 2025 Q3 Store Number Offline SSS1G As of 2025.9.30 Store GMV 同店销售额1增长率 截至2025.9.30 线下门店GMV 门店数 vs 2024 Q3 100% YoY
Slide 6: IP-Centric Strategy: The Three Pillars of Evolving Growth
IP-Centric Strategy: The Three Pillars of Evolving Growth IP为核：增长进化论的三大支柱 设计与供应链 Design & Supply Chain 超级品类 Super Products 驱动 引爆 Drive Ignite 超级IP Super IPs 超级门店 超级营销 Super Stores Super Marketing 渠道与运营 共振 用户与洞察 Channel & Resonance Users & Insight Operations 6
Slide 7: MINISO Overseas 2025 Q3: QoQ Improvement
MINISO Overseas 2025 Q3: QoQ Improvement 名创优品海外2025第三季度：环比向好 Revenue of MINISO Overseas 名创优品海外收入 +27.7% YoY 3 3 Recovery rate of daily SSS per store in USA 美国同店 日均销恢复率 2025 Q3 2025 Q3 Store Number Offline SSS2G As of 2025.9.30 Store GMV 同店销售额2增长率 截至2025.9.30 线下门店GMV 门店数 vs 2024 Q3 100% YoY1 +27.5% +
Slide 8: TOP TOY
TOP TOY in RMB million 人民币 百万元 2024 Q3 2025 Q3 2024 9M 2025 9M YoY in Q3 YoY in 9M Revenue 收入 272 575 701 1,317 111.4% 87.9% As of 截至 As of 截至 2024.9.30 2025.9.30 YoY Total Stores 总门店 234 307 73 Stores By Type 门店按类型 -Directly operated stores 直营门店 29 42 13 -Retail partner stores 加盟门店 205 258 53 -Dist
Slide 9: TOP TOY's 1st Store Open in Tokyo's Ikebukuro
TOP TOY’s 1st Store Open in Tokyo's Ikebukuro, Proprietary IP Nommi New Products Gained Global Popularity TOP TOY日本首店东京池袋店开业 自有IP糯米儿新品全球畅销 9
Slide 10: MINISO Group Global Store Network
MINISO Group Global Store Network 名创优品集团全球门店网络 As of September 30, 2025, MINISO Group Achieved Milestone of 8,000 Stores 截至2025年9月30日，名创优品集团全球总门店实现8,000家里程碑 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
Slide 11: The 1st MINISO FRIENDS in South China
The 1st MINISO FRIENDS in South China MINISO FRIENDS 华南首店 深圳盛大开幕 11 • Haiya Mega Mall Shenzhen 深圳海雅缤纷城
Slide 12: MINISO LAND
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Slide 13: = & Bo: :
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Slide 14: High-quality Growth Driven by Unique Business Model
High-quality Growth Driven by Unique Business Model 以灵活和韧性穿越周期，驱动高质量业绩增长 兴趣消费驱动的高质量增长 High-quality growth driven by interest-based consumption IP Matrix Diversified Category Channel Control IP 矩阵 多元品类 渠道控制 Balanced, Diversified & Robust Trend Capture & Dynamic Adjustment End-to-End Control & Extreme
Slide 15: Financial Highlights
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Slide 16: Q3 Guidance Review
Q3 Guidance Review Q3指引回顾 Guidance 指引 Actual 实际 Review 完成情况 Revenue 营业收入 25-28% +28.2% +LSD% +MSD% SSSG 同店销售额 低个位数增长 中个位数增长 Double-digit YoY growth Adj OP 经调整经营利润 同比增长双位数 +14.8% Improve QoQ while narrowing YoY gap 17.6% (Q1: -4.2pt, Q2: -2.3pt) Adj OPM 经调整经营利润率 环比改善 YoY -2.1pt 同比降幅收窄 16
Slide 17: Group Revenue of Mainland China and Overseas
Group Revenue of Mainland China and Overseas 集团收入按中国内地与海外划分 Revenue 收入 24Q3 25Q3 YoY (in RMB million人民币百万元) Mainland China 中国内地 2,712 3,390 25.0% Overseas Markets 海外市场 1,811 2,407 32.9% Total 总体 4,523 5,797 28.2% Revenue % 收入占比 24Q3 25Q3 YoY Mainland China 中国内地 60.0% 58.5% (1.5)% Overseas Markets 海外
Slide 18: Revenue Breakdown
Revenue Breakdown 营业收入明细 in RMB million 人民币 百万元 2024 Q3 2025 Q3 2024 9M 2025 9M YoY in Q3 YoY in 9M Revenue 营业收入 4,522 5,797 12,281 15,190 28.2% 23.7% MINISO Brand 名创优品品牌 4,249 5,221 11,573 13,870 22.9% 19.8% MINISO Mainland China 名创优品中国内地 2,438 2,909 7,031 8,024 19.3% 14.1% -Offline Business 线下业务 2
Slide 19: GPM Analysis
GPM Analysis 毛利率分析 Revenue 收入 GPM 毛利率 44.1% 44.4% 40.4% 33.2% 27.1% 2021 9M 2022 9M 2023 9M 2024 9M 2025 9M 21
Slide 20: Expenses
Expenses 费用 in RMB million 人民币百万元 2024 Q3 2025 Q3 YoY Selling and Distribution Expenses (excluding SBC) 销售与分销费用（剔除以股份支付的薪酬开支） 977 1,334 36.5% General Administration Expenses (excluding SBC) 一般行政与管理费用（剔除以股份支付的薪酬开支） 218 264 21.4% Total Expenses (excluding SBC) 总费用（剔除以股份支付的薪酬开支） 1,195 1,598 33.7% 23
Slide 21: 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 24
Slide 22: 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） 25
Slide 23: 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） 26
Slide 24: 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） 29
Slide 25: Resilience and Robust Operational Cash Flow Generation
Resilience and Robust Operational Cash Flow Generation 业务具有强大的韧性和稳健的造血能力 In RMB million 人民币百万元 2022 2023 2024 2024 9M 2025 9M Cash position, end of the period 期末现金情况 6,160 6,887 6,698 6,284 7,766 Adjusted net profit 经调整净利润 1,124 2,357 2,721 1,928 2,045 Net cash generated from operating activities 1,
Slide 26: Q4 and Full-Year Guidance
Q4 and Full-Year Guidance Q4指引与全年指引 Q4 Guidance FY Guidance 四季度指引 全年指引 Revenue 营业收入 25%-30% ~25% YoY Mainland China SSSG +low teens% Mainland China SSSG +MSD% 中国大陆低双位数同店增长 中国大陆中个位数同店增长 SSSG 同店增长 United States SSSG +low teens% United States SSSG +MSD% 美国低双位数同店增长 美国中个位数同店增长 Double-digit YoY growth RMB
Slide 27: 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 2024.9.30 2025.9.30 YoY Total Stores 总门店 4,250 4,407 157 By Type 按类型 -Directly operated stores 直营门店 29 21 (8) -Retail partner stores 加盟门店 4,196 4,358 162 -Distributor stores 代理门店 25 28 3 By City Tier 按城市线级 -Tier
Slide 28: MINISO Overseas Stores Network
MINISO Overseas Stores Network 名创优品海外门店网络 As of 截至 2024.9.30 2025.9.30 YoY Total Stores 总门店 2,936 3,424 488 By Type 按类型 -Directly operated stores 直营门店 422 637 215 -Retail partner stores 加盟门店 372 429 57 -Distributor stores 代理门店 2,142 2,358 216 By Region 按地区 -Asia excluding China 亚洲除中国 1,572 1,748 176
Slide 29: MINISO Overseas GMV—By Region
MINISO Overseas GMV—By Region 名创优品海外GMV—按地区 2023 9M 2024 9M 2025 9M YoY ex FX1 in RMB million 人民币 百万 GMV from MINISO Overseas 7,416 9,717 11,577 21.6% 名创优品海外GMV By Region 按地区 -Asia excluding China 亚洲除中国 2,848 3,536 3,890 10.4% -Latin America 拉丁美洲 2,808 3,501 3,470 5.7% -North America 北美洲 803 1,373 2
Slide 30: MINISO Overseas Revenue—By Region
MINISO Overseas Revenue—By Region 名创优品海外收入—按地区 2023 9M 2024 9M 2025 9M YoY in RMB million 人民币 百万元 Revenue from MINISO Overseas 3,211 4,543 5,846 28.7% 名创优品海外收入 By Region 按地区 -Asia excluding China 亚洲除中国 1,408 1,778 1,887 6.2% -Latin America 拉丁美洲 826 1,034 1,046 1.2% -North America 北美洲 725 1,257 2,122
Slide 31: 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 32: Super Stores
Super Stores 超级门店 MINISO SPACE Definition Project Grade Size IP Proportion 形象效果图 S级-重奢 90-100%IP SPACE 400-600㎡ (≥100亿,C/H/L/D) 独家/首发/限量/定制 MINISO LAND 70-80%IP LAND HS/SM 1000-2000㎡ 独家/首发/限量 S/A级-轻奢 70-80%IP Friends 400-1000㎡ MINISO FRIENDS （≥30亿，体系TOP 3） 独家/首发/限量 A/B级项目 50%IP 超级名创 超级名创 600-1000㎡ (
Slide 33: MINISO X Zootopia
MINISO X Zootopia 名创优品 X 疯狂动物城 44
Slide 34: About MINISO Group
About MINISO Group 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