Miniso Group Holding Ltd. · HKEX:9896
Miniso — Q1 2025 Earnings Presentation
31 slides from Miniso's earnings presentation, May 23, 2025
Slide 1: 2025 March Quarter Results Presentation
2025 March Quarter Results Presentation May 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 Life is for fun Mission Vision To become the world's No.1 IP design retail group IP Strategy Focus on affordability, globalization and product innovation (IP Design) IP Doubling store base by 2028, compared with 2024-2028 CAGR of Revenue ≥ 20% Goals 2028 IP Product Sales > 5
Slide 4: MINISO Group Five Year Financial Performance Highlights
MINISO Group Five Year Financial Performance Highlights 2020-2024 Revenue CAGR 22% 2020-2024 Adjusted net profit 1 CAGR 70% For the year ended December 31 12 31 2020 2021 2022 2023 2024 (RMB in million) Revenue 7,556 10,129 9,926 13,839 16,994 Gross profit 2,073 2,857 3,464 5,698 7,637 Operating pro
Slide 5: Steady Execution of Five-Year Strategy
Steady Execution of Five-Year Strategy 2025Q1 Performance MINISO Group Records 7,768 Global Stores 2025Q1 Revenue Avg. Store Count +16.5% YoY +18.9% MINISO Stores MINISO Stores MINISO Stores 4,427 Group SSS2G down MSD% in Mainland China in Overseas Gross profit Gross margin 7,488 4,275 3,213 YoY +21
Slide 6: Business Updates
Business Updates WAR RF
Slide 7: Revenue Breakdown
Revenue Breakdown in RMB million 2024Q1 2025Q1 YoY Revenue 3,724 4,427 18.9% MINISO Brand 3,507 4,086 16.5% MINISO Mainland China 2,285 2,494 9.1% -Offline Business 2,119 2,274 7.3% -Online Business 166 220 32.7% MINISO Overseas 1,222 1,592 30.3% TOP TOY Brand TOP TOY 214 340 58.9% Others 3 1 (53.6)
Slide 8: MINISO Mainland China: High Quality Development
MINISO Mainland China 2025Q1: High Quality Development 2025 Revenue of MINISO Mainland China +9.1% YoY Accelerated from 24Q3 100% SSS Recovery Rate 25Q1 2025 YTD1 25Q1 SSS2G 99% Offline Store GMV SSS2G 2 GMV 98% 2 YoY vs 2024Q1 vs 2024 YTD1 97% +7.3% -MSD% -LSD% 96% 95% 1.01-2.28 1.01-3.31 1.01-4.30
Slide 9: MINISO - IP Collaboration
MINISO - IP Collaboration IP 9
Slide 10: MINISO X DISNEY STITCH
MINI sie | MINISO X DISNEY STITCH MINI Silica x Wie Liss s MINISOBF@t EAT MESES, HLSHKSA, HeBRBSABIA MZFABSREARA, MIP. PERSE S HR, SiteSryeiER! wi ZY
Slide 11: Choose MINISO For Travel Essentials
Choose MINISO For Travel Essentials During the Labor Day holiday, travel-related products have seen a 45% year-over-year growth compared to the same period of 2024. Notably, sales on May 1 alone set a new all-time category record. 24 45% 5 1 Immersive experience zones and conspicuous position for pr
Slide 12: MINISO Mainland China: Strategical Store Network Refinement
MINISO Mainland China: Strategical Store Network Refinement As of 2024.3.31 2025.3.31 YoY Total Stores 4,034 4,275 241 By Type -Directly operated stores 29 20 (9) -Retail partner stores 3,983 4,229 246 -Distributor stores 22 26 4 By City Tier -Tier 1 532 569 37 -Tier 2 1,664 1,773 109 -Tier 3 and be
Slide 13: Focus on Channel Upgrade
Focus on Channel Upgrade Activate brand momentum 13
Slide 14: MINISO Overseas Stores Network
MINISO Overseas Stores Network As of 2024.3.31 2025.3.31 YoY Total Stores 2,596 3,213 617 By Type -Directly operated stores 281 548 267 -Retail partner stores 314 432 118 -Distributor stores 2,001 2,233 232 By Region -Asia excluding China 1,402 1,663 261 -Latin America 563 646 83 -North America 191
Slide 15: MINISO Overseas—By Region
MINISO Overseas—By Region — Overseas Revenue Overseas GMV YoY YoY ex FX2 153 30.3% 14.2% 324 72 139 626 565 1,072 258 558 1,207 2024Q1 2025Q1 2024Q1 2025Q1 -Asia excluding China -Latin America -North America -Europe -Others 16 1. Revenue and GMV are denominated in RMB million GMV 2. Excludes the imp
Slide 16: MINSO Wonder Carnival of Global New Products 2025
MINSO Wonder Carnival of Global New Products 2025 2025 • Massive 4,000-sqm exhibition space 4000 By launching headquarters' • 19 captivating immersive zones 19 IP and strategic products, we deliver solid execution • 6,000+ innovative new products on display 6000 of brand positioning and go-to-market
Slide 17: TOP TOY – Higher Contribution of Self-develop Products
TOP TOY – Higher Contribution of Self-develop Products TOP TOY — 18
Slide 18: Financial Highlights
Financial Highlights BAMSAUE
Slide 19: Revenue Breakdown
Revenue Breakdown in RMB million 2024Q1 2025Q1 YoY Revenue 3,724 4,427 18.9% MINISO Brand 3,507 4,086 16.5% MINISO Mainland China 2,285 2,494 9.1% -Offline Business 2,119 2,274 7.3% -Online Business 166 220 32.7% MINISO Overseas 1,222 1,592 30.3% TOP TOY Brand TOP TOY 214 340 58.9% Others 3 1 (53.6)
Slide 20: Channel Revenue Mix
Channel Revenue Mix ✓ For 2025Q1, revenue from overseas 56% market under MINISO brand accounted for 61% 36% of total revenue while it accounted 68% 72% for 33% in 2024Q1, up 3 percentage points. ✓ 2025 36% 2024 33% 3 ✓ For 2025Q1, revenue from mainland China 36% under MINISO brand accounted for 56%,
Slide 21: MINISO Mainland China: Strategical Store Network Refinement
MINISO Mainland China: Strategical Store Network Refinement As of 2024.3.31 2025.3.31 YoY Total Stores 4,034 4,275 241 By Type -Directly operated stores 29 20 (9) -Retail partner stores 3,983 4,229 246 -Distributor stores 22 26 4 By City Tier -Tier 1 532 569 37 -Tier 2 1,664 1,773 109 -Tier 3 and be
Slide 22: MINISO Overseas Stores Network
MINISO Overseas Stores Network As of 2024.3.31 2025.3.31 YoY Total Stores 2,596 3,213 617 By Type -Directly operated stores 281 548 267 -Retail partner stores 314 432 118 -Distributor stores 2,001 2,233 232 By Region -Asia excluding China 1,402 1,663 261 -Latin America 563 646 83 -North America 191
Slide 23: TOP TOY
TOP TOY 2024Q1 2025Q1 YoY Revenue 214 340 58.9% Total Stores 160 280 120 Stores By Type -Directly operated stores 17 40 23 -Retail partner stores 143 240 97 Stores in Mainland China 160 276 116 By City Tier -Tier 1 47 77 30 -Tier 2 81 139 58 -Tier 3 and below 32 60 28 24
Slide 24: MINISO Mainland China: High Quality Development
MINISO Mainland China 2025Q1: High Quality Development 2025 Revenue of MINISO Mainland China +9.1% YoY Accelerated from 24Q3 100% SSS Recovery Rate 25Q1 2025 YTD1 25Q1 SSS2G 99% Offline Store GMV SSS2G 2 GMV 98% 2 YoY vs 2024Q1 vs 2024 YTD1 97% +7.3% -MSD% -LSD% 96% 95% 1.01-2.28 1.01-3.31 1.01-4.30
Slide 25: GPM Analysis
GPM Analysis ✓ 2025 Record high GPM for Q1 ✓ 2025 Revenue GPM 44.2% 43.4% 39.3% 30.2% 28.1% 21Q1 22Q1 23Q1 24Q1 25Q1 26
Slide 26: Segment GPM
Segment GPM MINISO mainland China TOP TOY GPM GPM 2024Q1 2025Q1 2024Q1 2025Q1 MINISO overseas distributor markets MINISO overseas directly operated markets GPM GPM 2024Q1 2025Q1 2024Q1 2025Q1 27
Slide 27: Expenses by Nature
Expenses by Nature 2024Q1 2025Q1 YoY in RMB million Total expenses1 856 1,238 44.6% 1 Payroll and employee benefits1 298 437 46.4% 1 Depreciation and rental and related expenses 201 354 76.8% -Rental and related expenses 55 92 67.6% -Depreciation and amortization 146 262 80.2% Licensing expenses 75
Slide 28: 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 29
Slide 29: 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） 30
Slide 30: Balanced Capital Allocation and Foreseeable Shareholder Return
Balanced Capital Allocation and Foreseeable Shareholder Return In RMB million 2022 2023 2024 Cash position, end of the period 6,160 6,887 6,698 Adjusted net profit 1,124 2,357 2,721 Return to shareholders 473 998 1,574 -Cash dividends paid 371 924 1,244 -Share repurchases 102 74 330 Return to shareh
Slide 31: About MINISO
About MINISO 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 delightful s