MINISO: Significant Growth in Overseas Markets in Q1, Revenue Up 30% Year-on-Year

According to the report, the company achieved total revenue of 4.43 billion yuan, a year-on-year increase of 19%. The gross profit margin was 44.2%, up by 0.8% compared to the same period last year. In terms of profitability, MINISO reported an adjusted EBITDA of 1.04 billion yuan, representing a 7.5% year-on-year increase, with an adjusted EBITDA margin of 23.4%. Adjusted net profit reached 590 million yuan, with an adjusted net profit margin of 13.3%.

Notably, MINISO experienced significant growth in its overseas markets. In terms of revenue, MINISO's mainland China revenue for the first quarter was 2.49 billion yuan, up 9.1% year-on-year, while overseas revenue amounted to 1.59 billion yuan, marking an increase of 30.3% compared to the same period last year. 

Source: MINISO Q1 2025 Earnings Release Conference

Regarding store growth, as of the end of the quarter, the total number of stores under MINISO Group reached 7,768, with a net increase of 978 stores compared to the same period last year. The number of overseas stores reached 3,213, with a net increase of 617 stores. Specifically, Asia (excluding China) saw 1,663 stores, with a net increase of 261; North America had 375 stores, with a net increase of 184; Latin America had 646 stores, with a net increase of 83; Europe had 301 stores, with a net increase of 64; and other regions had 228 stores, with a net increase of 25.

To address investor concerns regarding the impact of U.S. tariffs, MINISO CFO Zhang Jingjing stated at the earnings call that compared to 2018, the company had made more thorough and earlier preparations. On one hand, over the past year, the company consciously strengthened its local inventory and stock in the U.S., with current inventory supporting 3-6 months of sales, ensuring short-term product supply. On the other hand, MINISO has taken steps to reduce its reliance on single-market supply chains, thereby mitigating risks.

MINISO founder Ye Guofu also commented during the earnings call that the opportunities in overseas markets are not limited to the U.S., but extend to regions such as Europe, Southeast Asia, Latin America, and the Middle East.

Founded in 2013, MINISO is a global value retailer offering a wide variety of trendy home products featuring IP design. The company’s main product categories include home goods, personal care, electronics, stationery, toys, and more, with a focus on providing high-quality and affordable products to consumers.

In 2015, MINISO launched its globalization strategy and officially entered overseas markets. As of March 31, 2025, MINISO has over 7,760 stores in 112 countries and regions, covering major global cities such as New York, Los Angeles, Paris, London, Dubai, Sydney, and Istanbul. MINISO was officially listed on the New York Stock Exchange in 2020 and on the Hong Kong Stock Exchange in 2022.