---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/39640769.md"
description: "MNSO 4Q25 First Take: On the topline, results were solid, beating the high end of guidance. The biggest issue, as before, was revenue up without profit growth. 1) Revenue beat guide: In China, the core MINISO brand grew 25% YoY in Q4, helped by better same-store sales from the large-store strategy, with a modest QoQ acceleration.TOP TOY rose 112% YoY, sustaining Q3’s strong momentum, likely driven by hit IPs such as Nuomier.Overseas, while SE Asia remained in adjustment, North America benefited from better site selection and localization, lifting overseas revenue by 30% YoY.Group revenue reached RMB 6.25bn (+32.6% YoY), above market expectations.2) Faster store rollout: After negative net openings in Q1 due to closures of low-efficiency stores in lower-tier cities, the opening pace re-accelerated from Q2 and peaked in Q4.Expansion focused on lower-tier markets, primarily tier-2, tier-3 and below.Overseas, MNSO shifted from a dispersed rollout to cluster openings in dense U.S. regions such as CA, FL and NY.Optimized logistics routes were used to drive scale benefits.3) Heavier opex weighed on profitability: A higher mix of low-margin, high-traffic, fast-turnover daily goods and seasonal promos led to a slight YoY GPM decline.Given ongoing overseas expansion, especially in North America, front-loaded investments in new stores, hiring and brand marketing pushed S&amp;M and G&amp;A ratios higher in Q3.Dolphin Research estimates core OP at RMB 910mn, indicating revenue growth without profit growth. $Miniso(MNSO.US)"
datetime: "2026-03-31T12:18:24.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39640769.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39640769.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39640769.md)
author: "[Dolphin Research](https://longbridge.com/zh-HK/news/dolphin.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/39640769.md) | [简体中文](https://longbridge.com/zh-CN/topics/39640769.md)


# MNSO 4Q25 First Take: On the topline, results were…


### 相關股票

- [TOP Fin (TOP.US)](https://longbridge.com/zh-HK/quote/TOP.US.md)
- [MNSO (09896.HK)](https://longbridge.com/zh-HK/quote/09896.HK.md)
- [Miniso (MNSO.US)](https://longbridge.com/zh-HK/quote/MNSO.US.md)

## 評論 (2)

- **Exega · 2026-03-31T14:01:22.000Z**: Is there still the drag from Yonghui's losses?
  - **Dolphin Research** (2026-04-01T08:52:55.000Z): Also, so the adjusted net profit metric is used.
