NYSE$MNSO
MINISO Group Holding Limited · Q3 2026 earnings
Q3 2026 earnings · · Before market open · Investor relations
Briefing
MINISO December quarter: RMB6.25B revenue up 33% beats guidance; adjusted net profit RMB853M up 8%
MINISO Group reported unaudited results for the December quarter and full year ended December 31, 2025. Quarterly revenue rose 32.7% year over year to RMB 6,254.1 million (US$894.3 million), exceeding the prior 25–30% guidance range and marking a record quarter. Gross profit grew 30.8% to RMB 2,901.1 million with a 46.4% gross margin. Adjusted operating profit increased 11.7% to RMB 1,062.2 million (17.0% margin) and adjusted EBITDA rose 15.7% to RMB 1,419.3 million. Reported loss for the period was RMB 139.4 million due to Yonghui investment losses, share-based pay, and fair-value charges, while adjusted net profit grew 7.6% to RMB 852.7 million. Adjusted diluted EPS per ADS was RMB 2.80 (US$0.40), up 9.4%. MINISO brand revenue rose 27.7% with Chinese mainland up 25.0% and overseas up 30.5%; TOP TOY revenue surged 111.8%. Store count reached 8,485 (+705 net openings). Full-year revenue hit RMB 21.4 billion (+26.2%) with adjusted net profit of RMB 2.90 billion. The board declared a final dividend of US$0.3764 per ADS (~RMB 809.7 million).
- Q4 revenue of RMB 6.25B (+32.7% y/y) beat the 25–30% guidance range; full-year revenue reached RMB 21.44B (+26.2%).
- Adjusted net profit of RMB 852.7M (+7.6% y/y) and adjusted EPS of RMB 2.80 per ADS (+9.4% y/y) despite a reported quarterly loss of RMB 139.4M.
- MINISO brand revenue rose 27.7% with mainland China up 25.0% and overseas up 30.5%; TOP TOY revenue jumped 111.8%.
- Store network expanded to 8,485 locations (+705 net openings); Chinese mainland and U.S. posted mid-teens and low-twenties same-store GMV growth.
- Board approved a final dividend of US$0.3764 per ADS (~RMB 809.7M); RMB 1.91B returned to shareholders in 2025 via buybacks and dividends.
Headline financials
Revenue & EPS history
MINISO · Revenue · Quarterly
¥6.25B
Revenue by segment
MINISO · ¥6.25B total across 2 segments · Q3 2026
- MINISO Brand¥5.65B—90.4%
- TOP TOY Brand¥599M—9.6%
Forward guidance
Management emphasized capital discipline for 2026, targeting durable top-line growth and margin improvement while balancing growth investments with shareholder returns; no specific revenue or profit targets were issued.
Tailwinds
- Record quarterly and annual revenue with accelerating mainland China momentum and resilient U.S. same-store growth despite tariffs
- Strong cash position of RMB 7.09B and 88.9% operating cash flow to adjusted net profit conversion in FY2025
- Final dividend of ~RMB 809.7M (~50% of H2 2025 adjusted net profit) payable April–May 2026
Headwinds
- Reported quarterly loss driven by Yonghui equity losses, TOP TOY redemption liabilities, and equity-linked securities mark-to-market charges
- Adjusted net margin compressed to 13.6% from 16.8% on higher direct-store investments and licensing expenses
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 16 quarterly earnings reports · overlaid with Q3 2026
+6.2%
Avg return
Earnings day
+6.2%
Avg return
5 days after
+4.8%
Avg return
30 days after
69%
11 / 16 earnings
Positive
+54.7%
Q1 2023
Best reaction
-12.8%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | — | — | — | |
| Q3 2026 | -1.9% | +4.6% | -3.6% | |
| Q2 2025 | +5.7% | -6.6% | -4.7% | |
| Q4 2024 | -8.9% | -9.7% | -24.8% | |
| Q3 2024 | +8.2% | +28.0% | +30.1% | |
| Q4 2023 | +14.5% | +11.1% | +23.5% | |
| Q3 2023 | +1.0% | -7.0% | +2.8% | |
| Q2 2023 | +6.8% | +13.6% | +2.6% | |
| Q1 2023 | +54.7% | +38.0% | +61.1% | |
| Q4 2022 | +10.3% | +6.2% | -24.6% | |
| Q3 2022 | +7.9% | +3.6% | +65.2% | |
| Q2 2022 | +4.8% | -1.7% | -6.9% | |
| Q1 2022 | -12.8% | -16.8% | -38.8% | |
| Q4 2021 | -5.4% | +2.9% | +0.2% | |
| Q3 2021 | +3.9% | +9.5% | +0.4% | |
| Q2 2020 | -5.1% | +1.8% | -23.4% | |
| Q1 2020 | +15.1% | +22.1% | +18.1% | |
| Q4 2020 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — |
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