Miniso Group Holding Ltd. · HKEX:9896
Miniso — Q4 2025 Earnings Presentation
56 slides from Miniso's earnings presentation, Mar 31, 2026
Slide 1: 2025 December Quarter and Full Year Earnings Result Presentation
2025 December Quarter and Full Year Earnings Result Presentation 2025年第四季度及全年业绩发布会 March 2026
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: 25Q4 Financial Highlights of the Group
25Q4 Financial Highlights of the Group 集团25Q4核心业绩指标 Sales Growth By Brand Profit Growth 业绩增长 品牌表现 利润增长 GMV YoY1 + 26.7% Adj Operating YoY1 + 11.7% 销售额 RMB 10,587 M Profit3 RMB 1,062 M MINISO YoY + 27.7% 经调整经营利润 Revenue RMB 5,655 M Revenue YoY + 32.7% 名创优品收入 Adj EBITDA3 YoY1 + 15.7% 收入 经调整EBITDA RMB
Slide 5: MINISO Chinese Mainland: 2025 Quarterly Sequential Accelerated Momentum
MINISO Chinese Mainland: 2025 Quarterly Sequential Accelerated Momentum 名创优品中国内地：2025年逐季度持续加速的增长势能 GMV YoY 销售额同比增长 Revenue YoY 收入同比增长 25.0% 30.5% 19.3% 21.8% 13.6% 13.5% 9.1% 8.7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SSSG 同店增长率 Net new stores 净增门店 161 102 30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SSSG 同店销售增长 ASP Growth 客单价增长 T
Slide 6: Chinese Mainland 2025 Q4: 4th Straight Quarter of Accelerated Growth
MINISO Chinese Mainland 2025 Q4: 4th Straight Quarter of Accelerated Growth 名创优品中国内地2025第四季度：连续四季度加速增长 Revenue of MINISO Chinese Mainland 名创优品中国内地收入 +25.0% YoY 2 2 Recovery rate of daily SSS per store 同店日均销 恢复率 2025 Q4 25Q4 & 2025 Store Number Offline SSS1G As of 2025.12.31 Store GMV 同店销售额1增长率 截至202
Slide 7: MINISO SPACE, MINISO LAND, MINISO FRIENDS
MINISO SPACE MINISO LAND MINISO FRIENDS 1家 21家 4家 MINISO Chinese Mainland as of December 31, 2025 名创优品中国内地，截至2025年12月31日 7
Slide 8: MINISO LAND in Guangzhou
MINISO LAND in Guangzhou MINISO LAND广州壹号店盛大开业 • Guangzhou Zhengjia Plaza 广州正佳广场 8
Slide 9: Super Stores
Super Stores 超级门店 Definition Project Grade Size IP Proportion 形象效果图 MINISO SPACE 90-100%IP S Grade - Ultra Lux Exclusive/First SPACE (≥10B, C/H/L/D) 400-600㎡ Release/Limited S级-重奢 (≥100亿,C/H/L/D) Edition/Customization 独家/首发/限量/定制 70-80%IP MINISO LAND Exclusive/First LAND HS/SM 1000-2000㎡ Release/Lim
Slide 10: Overseas 2025 Q4: Resilience Amid Volatility
MINISO Overseas 2025 Q4: Resilience Amid Volatility 名创优品海外2025第四季度：于宏观波动中确立增长韧性 Revenue of MINISO Overseas 名创优品海外收入 +30.5% YoY Recovery rate of daily SSS3per store in USA 美国同店3日均销恢复率 2025 Q4 2025 Q4 Store Number Offline SSS2G As of 2025.12.31 Store GMV 同店销售额2增长率 截至2025.12.31 线下门店GMV 门店数 vs 2024 Q4 1
Slide 11: Merry Flurry MINISO
MERRY FLURRY MINISO 全球圣诞搪胶季 11
Slide 12: USA: Resilient Growth
MINISO USA: Resilient Growth 名创优品美国：逆风韧长 2025 Revenue of MINISO USA 2025年名创优品美国收入 +60-70% YoY Recovery rate of daily SSS3per store in USA 美国同店3日均销恢复率 2025 25Q4 & 2025 USA Store Number USA Offline USA SSS2G As of 2025.12.31 Store GMV 美国同店销售额2增长率 截至2025.12.31 2025 美国线下门 美国门店数 店GMV vs 24Q4 & 2024 100%
Slide 13: MINISO Brand: Membership Program
MINISO Brand: Membership Program 名创优品品牌：会员计划 MINISO Chinese Mainland Membership MINISO USA Membership 名创优品品牌中国内地会员 名创优品品牌美国会员 16.9 2.6 95.2 59.5% 51.3% 1.7 2025 New Members (in million) 2025年新增注册会员人数(百万人) 2025 New Members (in million) 2025年新增注册会员人数(百万人) 2024 MINISO Accumulated number of membership (
Slide 14: TOP TOY
TOP TOY in RMB million 人民币 百万元 2024 Q4 2025 Q4 2024 2025 YoY in Q4 YoY in 12M Revenue1 收入 283 599 984 1,916 111.8% 94.8% As of 截至 As of 截至 2024.12.31 2025.12.31 YoY Total Stores 总门店 276 334 58 Stores By Type 门店按类型 -Directly operated stores 直营门店 40 50 10 -Retail partner stores 加盟门店 236 273 37 -Distri
Slide 15: TOP TOY's 1st Nommi-themed Store Open in Chongqing
TOP TOY’s 1st Nommi-themed Store Open in Chongqing TOP TOY首家糯米儿主题店于重庆开业 15
Slide 16: TOP TOY in Guiyang
TOP TOY in Guiyang TOP TOY贵阳首家霉霉主题店开幕 16
Slide 17: LAND
MINISO LAND
Slide 18: 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 19: Financial Highlights
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Slide 20: Guidance Review
Guidance Review 指引回顾 2025 Q4 2025 Review Review Q4 Guidance 四季度指引 Actual 实际 FY Guidance 全年指引 Actual 实际 完成情况 完成情况 Revenue Outperform Outperform 25%-30% 32.7% ~25% YoY 26.2% 营业收入 超预期 超预期 Chinese Mainland SSSG Chinese Mainland Chinese Mainland SSSG Chinese Mainland +low teens% SSSG +mid teens% +MSD% SS
Slide 21: Revenue Breakdown
Revenue Breakdown 营业收入明细 in RMB million 人民币 百万元 2024 Q4 2025 Q4 2024 2025 YoY in Q4 YoY in 12M Revenue 营业收入 4,713 6,254 16,994 21,444 32.7% 26.2% MINISO Brand 名创优品品牌 4,429 5,654 16,002 19,525 27.7% 22.0% MINISO Chinese Mainland 名创优品中国内地 2,297 2,872 9,328 10,896 25.0% 16.8% -Offline Business 线下业务 2,0
Slide 22: Group Revenue by Chinese Mainland and Overseas
Group Revenue by Chinese Mainland and Overseas 集团收入按中国内地与海外划分 Revenue 收入 2024 Q4 2025 Q4 2024 2025 YoY in Q4 YoY in 12M (in RMB million人民币百万元) Chinese Mainland 中国内地 2,574 3,360 10,312 12,578 30.6% 22.0% Overseas Markets 海外市场 2,139 2,894 6,682 8,866 35.3% 32.7% Total 总体 4,713 6,254 16,994 21,444 32.7
Slide 23: Chinese Mainland 2025 Q4: 4th Straight Quarter of Accelerated Growth
MINISO Chinese Mainland 2025 Q4: 4th Straight Quarter of Accelerated Growth 名创优品中国内地2025第四季度：连续四季度加速增长 Revenue of MINISO Chinese Mainland 名创优品中国内地收入 +25.0% YoY 2 2 Recovery rate of daily SSS per store 同店日均销 恢复率 2025 Q4 25Q4 & 2025 Store Number Offline SSS1G As of 2025.12.31 Store GMV 同店销售额1增长率 截至202
Slide 24: MINISO Overseas Markets GMV & SSSG — By Regions
MINISO Overseas Markets GMV & SSSG — By Regions 名创优品海外市场GMV与同店销售额增长—按地区 MINISO Stores in Overseas Markets 2024 2025 海外市场的名创优品门店 SSS1G(%) 同店销售额增长 ↑ MSD ↓ LSD By Region 按地区 -Asia excluding China 亚洲除中国 ↑ HSD ↓ MSD -Latin America 拉丁美洲 ↑ MSD ↓ MSD -North America 北美洲 Flat 持平 ↑ MSD -Europe 欧洲 Flat 持平 ↑ LSD
Slide 25: USA: Resilient Growth
MINISO USA: Resilient Growth 名创优品美国：逆风韧长 2025 Revenue of MINISO USA 2025年名创优品美国收入 +60-70% YoY Recovery rate of daily SSS3per store in USA 美国同店3日均销恢复率 2025 25Q4 & 2025 USA Store Number USA Offline USA SSS2G As of 2025.12.31 Store GMV 美国同店销售额2增长率 截至2025.12.31 2025 美国线下门 美国门店数 店GMV vs 24Q4 & 2024 100%
Slide 26: MINISO Group Global Store Network
MINISO Group Global Store Network 名创优品集团全球门店网络 As of December 31, 2025, MINISO Group Records 8,485 Stores Globally 截至2025年12月31日，名创优品集团全球总门店8,485家 MINISO Stores Chinese Mainland Overseas Markets TOP TOY Stores Chinese Mainland 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 T
Slide 27: MINISO SPACE, MINISO LAND, MINISO FRIENDS
MINISO SPACE MINISO LAND MINISO FRIENDS 1家 21家 4家 MINISO Chinese Mainland as of December 31, 2025 名创优品中国内地，截至2025年12月31日 27
Slide 28: GPM Analysis
GPM Analysis 毛利率分析 Revenue 收入 GPM 毛利率 44.9% 45.0% 41.2% 34.9% 28.2% 2021 2022 2023 2024 2025 28
Slide 29: Expenses
Expenses 费用 in RMB million 人民币百万元 2024 Q4 2025 Q4 2024 2025 YoY in Q4 YoY in 12M S&D Expenses (excluding SBC) 销售与分销费用（剔除以股份支付的薪酬 1,048 1,545 3,506 5,046 47.4% 43.9% 开支） G&A Expenses (excluding SBC) 一般行政与管理费用（剔除以股份支付的 247 336 860 1,077 36.3% 25.3% 薪酬开支） Total Expenses (excluding SBC) 总费用（剔除以股份支付的薪酬开支
Slide 30: Expenses by Nature
Expenses by Nature 按性质划分的开支 2024 Q4 2025 Q4 2024 2025 YoY in Q4 YoY in 12M in RMB million 人民币百万元 Total expenses1 总开支1 1,295 1,881 4,366 6,123 45.3% 40.2% Payroll and employee benefits1 工资及雇员福利1 414 563 1,391 1,929 35.8% 38.7% Depreciation and rental and related expenses 折旧与租金及开支 339 481 1,068 1,616
Slide 31: Expenses by Nature (Continued)
Expenses by Nature (Continued) 按性质划分的开支（续） Contribution of Revenue (%) 2024 Q4 2025 Q4 2024 2025 YoY in Q4 YoY in 12M 占收入比率 (%) Total expenses1 27.5% 30.1% 25.7% 28.6% 2.6% 2.9% 总开支1 Payroll and employee benefits1 8.8% 9.0% 8.2% 9.0% 0.2% 0.8% 工资及雇员福利1 Depreciation and rental and related expenses 7.
Slide 32: 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 32
Slide 33: 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） 33
Slide 34: 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） 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: 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） 36
Slide 37: Inventory Level
Inventory Level 库存水平 MINISO Group Inventory MINISO brand MINISO brand turnover days Inventory structure Inventory turnover days 名创优品品牌库存结构 名创优品品牌库存周转天数 名创优品集团库存周转天数 2024 2025 228 100 187 33% 91 42% 91 99 75 74 67% 58% 2024 2025 2024 2025 Brand Overall Chinese Overseas 品牌总体 Mainland markets 中国内地 海外市场
Slide 38: 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 2025 Cash position, end of the period 期末现金情况 6,160 6,887 6,698 7,088 Adjusted net profit 经调整净利润 1,124 2,357 2,721 2,898 Net cash generated from operating activities 1,108 2,330 2,168 2,578 经
Slide 39: 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 2025 Adjusted net profit 经调整净利润 1,124 2,357 2,721 2,898 Return to shareholders 股东回报 473 998 1,574 1,907 -Cash dividends paid 已支付的现金股息 371 924 1,244 1358 -Share repurchases 股份回购 102
Slide 40: 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 2021-2025 Revenue CAGR 2021-2025年收入复合增长率: 21% 2021-2025 Adjusted net profit 1 CAGR 2021-2025年经调整净利润1复合增长率： 44% For the year ended December 31 截至12月31日止年度 2021 2022 2023 2024 2025 (RMB in million) （人民币百万元） Revenue 收入 10,129 9,926
Slide 41: 2026 Q1 and Full-Year Guidance
2026 Q1 and Full-Year Guidance 2026 Q1指引与全年指引 2026Q1 Guidance 2026第一季度指引 Revenue 营业收入 25% MINISO Chinese Mainland: HSD MINISO North America: Mid teens – High teens SSSG 同店增长 名创优品中国内地：高单位数 名创优品北美：中双位数-高双位数 41
Slide 42: 2026 Q1 and Full-Year Guidance (continued)
2026 Q1 and Full-Year Guidance (continued) 2026 Q1指引与全年指引（续） 2026 Guidance 2026年指引 2026 High teens 高双位数 Revenue 营业收入 2023-2026 CAGR复合增速 ≥ 22% Net Store Openings 净开店 510 - 550 MINISO Chinese Mainland: LSD MINISO USA: LSD SSSG 同店增长 名创优品中国内地：低个位数 名创优品北美：低个位数 42
Slide 43: MINISO LAND in Nanjing
MINISO LAND in Nanjing MINISO LAND南京夫子庙店盛大开业 • Nanjing Fuzimiao 南京夫子庙 43
Slide 44: MINISO FRIENDS in Hainan
MINISO FRIENDS in Hainan MINISO FRIENDS海南海口龙华吾悦店开幕 • Haikou Longhua Wuyue 海口龙华吾悦 44
Slide 45: MINISO FRIENDS in Suzhou
MINISO FRIENDS in Suzhou MINISO FRIENDS苏州万象天地店开幕 • Suzhou Wanxiang Tiandi 苏州万象天地 45
Slide 46: x QYane
MINISO x QYane at 2026 -03/21—2026 04/21
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Slide 49: logo and related maths aradgademarks of FOL
MINISO logo and related maths aradgademarks of FOL 8 ©Disney. The F1
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Slide 51: MINISO Proprietary IP
MINISO Proprietary IP 名创优品自有IP 51
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Slide 55: 2025 ESG Performance
临近业绩日期找lory确认评级状态 & 更新角标 2025 ESG Performance 2025年ESG表现 ESG Ratings ESG评级 ① ESG Highlights ESG亮点 • 53 SKUs have obtained the "Biodegradable" certification from the Green Alliance. • 53 款SKU产品获得绿盟“可生物降解”认证 • During the reporting period, the ECO-friendly PEN PEN plush toys sold used a total of Achiev
Slide 56: 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