MINISO H1 2025 Revenue Rises 21.1%, Fueled by Overseas Expansion and TOPTOY

On August 21, Chinese global lifestyle and value retail brand MINISO Group (名创优品, 09896.HK) released its financial results for the six months ended June 30, 2025. The company recorded total revenue of CNY 9.393 billion (approx. USD 1.29 billion), representing a 21.1% year-on-year increase.

The growth was primarily driven by an 11.4% increase in revenue from the MINISO brand in mainland China, a 29.4% surge in revenue from overseas markets, and a 73% year-on-year jump in revenue from the TOPTOY brand, reflecting strong expansion across diversified business segments.

The company’s overall gross profit margin reached 44.3%, up 0.6 percentage points from 43.7% in the same period last year. This improvement was mainly attributed to the rising contribution of overseas markets and product mix optimization, with TOPTOY’s high-margin products playing a significant role in boosting overall profitability.

During the reporting period, the company recorded a net profit of CNY 906 million, down from CNY 1.177 billion a year earlier. However, its adjusted net profit reached CNY 1.279 billion, up 3% year-on-year, demonstrating resilient profitability despite ongoing expansion efforts.

As of June 30, 2025, MINISO operated 7,612 stores worldwide, an increase of 108 stores compared with the end of 2024. The number of TOPTOY stores also rose from 276 to 293, further strengthening the company’s presence in the trendy toy market. MINISO’s global expansion accelerated, with footprints across Southeast Asia, East Asia, North America, Europe, the Middle East, and Latin America, covering countries and regions such as the United States, Mexico, Indonesia, Malaysia, Thailand, Vietnam, the Philippines, Japan, Spain, France, and the UAE. With overseas revenue growing nearly 30% year-on-year and an increasing number of overseas stores, the company’s globalization strategy has become a major growth driver.

The company reported a total GMV (gross merchandise value) of approximately CNY 16.7 billion during the period. Looking ahead, MINISO stated that it will continue accelerating its overseas expansion, strengthening the development of the TOPTOY brand, and improving overall profitability through optimized product structures and enhanced supply chain efficiency.

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