Revenue growth remains strong at 23.1% in 2025Q2, though operating margins have compressed to 15.7% from a 21.2% peak in 2023Q2 due to rising SG&A expenses.
| Sales/Revenue | 18.63B | 20.86B | 16.99B | 15.26B | 11.47B | 10.09B | 9.07B | 8.98B | 9.39B |
| Revenue Growth % | 21.03% | 22.75% | 11.34% | 33.03% | 634.37% | 11.18% | 1.03% | -4.43% | - |
| Cost of Goods Sold | 10.22B | 11.47B | 9.36B | 8.78B | 7.03B | 7.02B | 6.64B | 6.25B | 6.88B |
| COGS % of Revenue | - | 55.01% | 55.06% | 57.54% | 61.27% | 69.56% | 73.21% | 69.57% | 73.27% |
| Gross Profit | 8.4B | 9.39B | 7.64B | 6.48B | 4.44B | 3.07B | 2.43B | 2.73B | 2.51B |
| Gross Margin % | 45.12% | 44.99% | 44.94% | 42.46% | 38.73% | 30.44% | 26.79% | 30.43% | 26.73% |
| Gross Profit Growth % | - | 22.89% | 17.83% | 45.87% | 834.36% | 26.29% | -11.05% | 8.82% | - |
| Operating Expenses | 5.16B | 6.34B | 4.42B | 3.43B | 2.32B | 2.25B | 1.98B | 1.97B | 1.49B |
| OpEx % of Revenue | - | 30.37% | 25.99% | 22.5% | 20.21% | 22.31% | 21.77% | 21.89% | 15.91% |
| Selling, General & Admin | 5.2B | 6.35B | 4.45B | 3.45B | 2.35B | 2.26B | 2.02B | 1.99B | 1.41B |
| SG&A % of Revenue | - | 30.43% | 26.19% | 22.57% | 20.48% | 22.39% | 22.24% | 22.13% | 15.02% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | -11.61M | -34.81M | -11.82M | -31.14M | -8.81M | -42.55M | -21M | 82.78M |
| Operating Income | 3.24B | 3.05B | 3.22B | 3.05B | 2.12B | 820.01M | 455.63M | 766.58M | 1.02B |
| Operating Margin % | 17.4% | 14.62% | 18.95% | 19.97% | 18.52% | 8.13% | 5.02% | 8.54% | 10.82% |
| Operating Income Growth % | - | -5.29% | 5.67% | 37.1% | 140.86% | 79.98% | -40.56% | -24.6% | - |
| EBITDA | 3.26B | 4.22B | 4.07B | 3.62B | 2.18B | 900.28M | 720.64M | 1.04B | 1.21B |
| EBITDA Margin % | 17.5% | 20.25% | 23.98% | 23.71% | 19.01% | 8.93% | 7.94% | 11.53% | 12.86% |
| EBITDA Growth % | 0.35% | 3.66% | 12.62% | 60.11% | 131.85% | 24.93% | -30.39% | -14.33% | - |
| D&A (Non-Cash Add-back) | 0 | 1.17B | 853.9M | 570.4M | 56.97M | 80.27M | 265.02M | 268.67M | 191.78M |
| EBIT | 3.26B | 2.28B | 3.44B | 3.31B | 2.37B | 940.21M | -1.19B | 112.16M | 314.21M |
| Net Interest Income | -122.8M | -317.61M | 3.58M | 30.83M | 110.6M | 32.95M | 12.07M | -5.73M | 0 |
| Interest Income | 93.55M | 101.58M | 16.49M | 37.94M | 145.22M | 66.34M | 40.43M | 25.61M | 7.31M |
| Interest Expense | 216.34M | 419.19M | 12.91M | 7.11M | 34.62M | 33.4M | 28.36M | 31.34M | 25.21M |
| Other Income/Expense | -228.78M | -1.19B | 126.85M | 257.31M | 209.12M | 86.8M | -1.67B | -685.76M | -727.68M |
| Pretax Income | 3.01B | 1.86B | 3.35B | 3.31B | 2.33B | 906.81M | -1.22B | 80.82M | 289M |
| Pretax Margin % | 16.17% | 8.92% | 19.7% | 21.65% | 20.34% | 8.99% | -13.41% | 0.9% | 3.08% |
| Income Tax | 648.56M | 684.36M | 712.1M | 793.22M | 551.78M | 267.07M | 213.25M | 210.95M | 279.58M |
| Effective Tax Rate % | 21.53% | 36.77% | 21.27% | 24% | 23.65% | 29.45% | -17.53% | 261.02% | 96.74% |
| Net Income | 2.35B | 1.17B | 2.62B | 2.5B | 1.77B | 638.17M | -1.42B | -262.27M | -290.65M |
| Net Margin % | 12.63% | 5.62% | 15.4% | 16.36% | 15.42% | 6.33% | -15.6% | -2.92% | -3.09% |
| Net Income Growth % | -2.69% | -55.22% | 4.85% | 41.13% | 177.19% | 145.1% | -439.53% | 9.76% | - |
| Net Income (Continuing) | 2.36B | 1.18B | 2.64B | 2.51B | 1.78B | 639.74M | -1.43B | -130.13M | 9.42M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -130.04M | -303.83M |
| Minority Interest | 46.81M | 100.57M | 40.55M | 23.02M | 17.25M | -4.24M | -6.81M | 13.58M | 10.81M |
| EPS (Diluted) | 7.61 | 3.76 | 8.40 | 1.12 | 5.64 | 2.08 | -4.72 | -0.88 | -0.96 |
| EPS Growth % | -2.58% | -55.24% | 650% | -80.14% | 171.15% | 144.07% | -436.36% | 8.33% | - |
| EPS (Basic) | - | 3.84 | 8.40 | 1.12 | 5.68 | 2.12 | -4.68 | -0.88 | -0.96 |
| Diluted Shares Outstanding | 309.43M | 308.38M | 311.7M | 312.91M | 313.56M | 304.16M | 276.09M | 303.98M | 304.16M |
| Basic Shares Outstanding | 307.01M | 306.62M | 311.61M | 312.1M | 311.43M | 301.38M | 275.02M | 303.98M | 301.38M |
| Dividend Payout Ratio | - | 112.67% | 47.53% | 74% | 20.96% | 47.99% | - | - | - |
Geopolitical supply chain disruption
As reported in recent financial filings, MNSO achieved a 23.1% revenue growth rate in 2025Q2, demonstrating that the company continues to successfully scale its global footprint despite the inherent challenges of maintaining high-growth momentum across a maturing domestic retail base in the Chinese market.
The consistent double-digit revenue growth suggests that the company's asset-light franchise model remains effective at capturing market share. Investors should monitor whether this expansion is increasingly driven by higher-margin IP-licensed products or if it remains reliant on the volume-heavy variety store format.
Based on the provided income statement data, gross margins have trended upward from 39.3% in 2023Q1 to 44.3% in 2025Q2, reflecting a successful strategic pivot toward higher-margin, IP-branded merchandise that differentiates the company from traditional low-cost retail competitors in the global specialty market.
This margin expansion appears to validate the company's transition toward a more premium product mix, effectively leveraging its supply chain to capture value from licensed collectibles. However, the sustainability of these margins warrants further investigation, particularly regarding the potential for rising royalty costs to offset these gains.
According to the latest quarterly figures, operating margins have compressed to 15.7% in 2025Q2 from a peak of 21.2% in 2023Q2, suggesting that SG&A expenses are currently scaling faster than gross profit as the company invests heavily in its global store footprint and brand elevation.
The recent uptick in SG&A suggests that the company is prioritizing market share acquisition over immediate operating margin optimization. Analysts should watch for a stabilization in these costs as the new store formats reach maturity and begin to contribute more efficiently to the bottom line.
As indicated by the reported income statements, net income has shown significant quarterly fluctuations, with EPS dropping to 1.60 in 2025Q2 from 2.60 in 2024Q4, partly influenced by variable stock-based compensation charges that complicate the underlying assessment of recurring operational profitability for the firm.
The inconsistency in quarterly EPS growth suggests that non-operating items and compensation structures may be masking the true earnings power of the core business. Investors should focus on normalized earnings metrics to better understand the underlying profitability of the retail operations independent of these accounting adjustments.
While the company maintains a lean franchise model, the significant $7 billion cash balance and potential off-balance-sheet inventory risks suggest that the firm's financial position may be more complex than the reported asset-light structure implies, warranting caution regarding future capital allocation and liquidity.
Short-sellers may focus on the potential for hidden liabilities within the franchise network or the risk that the massive cash pile is less accessible than it appears. Any disruption to the Guangzhou supply chain could rapidly expose the fragility of this model, making the current valuation appear optimistic.
Quick answers to the most common questions about buying MNSO stock.
For fiscal year 2025, MINISO Group Holding Limited (MNSO) reported total revenue of $20.86B. This represents a 122.0% increase compared to $9.39B in 2018.
MINISO Group Holding Limited (MNSO) is profitable, generating $1.17B in net income for the fiscal year ending 2025 with a net profit margin of 5.6%.
MINISO Group Holding Limited (MNSO) reported an operating income of $3.05B, resulting in an operating profit margin of 14.6%. This margin reflects the operational efficiency of the business before interest and taxes.
MINISO Group Holding Limited (MNSO) generated $9.39B in gross profit for the year, representing a gross profit margin of 45.0%. This demonstrates the company's core pricing power and production efficiency.