MNSO (09896) released its third-quarter performance, with adjusted net profit of 767 million yuan, a year-on-year increase of 11.7%.

MNSO (09896) released its financial results for the third quarter of the three months ending September 30, 2025, with the group achieving revenue of RMB 5.797 billion (all in the same unit), an increase of 28.17% year-on-year; net profit attributable to equity shareholders of the company was RMB 441 million, a decrease of 31.36% year-on-year; adjusted net profit was RMB 766.8 million, an increase of 11.7% year-on-year; basic earnings per share for ordinary shares were RMB 0.36. For the nine months ending September 30, 2025, the group achieved revenue of RMB 15.19 billion, an increase of 23.68% year-on-year; net profit attributable to equity shareholders of the company was RMB 1.347 billion, a decrease of 25.68% year-on-year; adjusted net profit was RMB 2.0455 billion; basic earnings per share for ordinary shares were RMB 1.1. Mr. Ye Guofu, the founder, Chairman, and CEO of MNSO, said, "We are pleased to see that MNSO Group achieved two important milestones in the September quarter: quarterly revenue exceeded RMB 5 billion for the first time, and the number of global MNSO stores exceeded 8,000. MNSO Mainland China had a very impressive performance in the September quarter, with a net increase of over 100 stores compared to the previous quarter, and same-store sales achieving a high single-digit growth. Both net store openings and same-store sales growth have shown an accelerating trend quarter by quarter. In the highly competitive physical retail environment in the domestic market, the outstanding performance of MNSO Mainland China once again demonstrates our fast response capability, strong execution, and the resilience of our business model. Year-to-date same-store sales in MNSO Mainland China have reached low single-digit growth. We are steadily moving towards the goal of achieving positive same-store sales growth for the full year 2025 in MNSO Mainland China." "Overseas same-store sales at Miniso are also improving quarter by quarter, with same-store sales growth in the September quarter improving to low single digits, particularly in our strategic markets North America and Europe. We expect overseas growth to be driven more by same-store sales, which not only have higher quality growth but also stronger sustainability and lower operating risks. We are pleased to see that the operating profit margin of overseas directly operated businesses has increased year-on-year, reflecting the continuous and stable enhancement of Miniso's core operational capabilities. Additionally, it is worth mentioning that TOP TOY achieved a record revenue growth of 111.4% year-on-year in the September quarter, far exceeding our previous expectations, highlighting its strong market leadership and growth potential in the trendy toy segment," Mr. Ye added. Mr. Zhang Jingjing, CFO of MNSO, said, "This quarter, the group's revenue achieved a year-on-year growth of 28.2%, exceeding our previous expectations. Adjusted operating profit increased by 14.8% year-on-year, with an adjusted operating profit margin of 17.6%, a quarter-on-quarter decrease narrowing, all in line with our previous expectations. Adjusted EBITDA increased by 18.8% year-on-year, showing a trend of increasing year-on-year growth rates each quarter. The adjusted EBITDA profit margin reached 23.4%. "This quarter, the net cash flow from operating activities reached RMB 1.2996 billion. The ratio of operating cash flow to adjusted net profit was 1.7. As of September 30, our cash reserves reached RMB 7.77 billion. The net cash flow from operating activities for the first nine months reached RMB 2.314 billion, exceeding the total amount of adjusted net profit for the same period. This highlights our sound financial situation, high-quality profit-making ability, and efficient working capital management, further proving the strong resilience of our business and the strong cash flow generation capability, providing fuel for our future high-quality growth," Mr. Zhang concluded.