MINISO Group Holding Limited recently released its Q3 2025 financial report, showing a 28% year-over-year revenue growth to RMB 5.8 billion, setting a new historical record. The core MINISO brand contributed RMB 5.22 billion, up 23% YoY, while the trendy toy brand TOP TOY delivered particularly strong performance with revenue surging 111% YoY to RMB 570 million.

Amid challenges in the global retail sector, MINISO achieved rapid growth through deepened globalization and strengthened IP strategy, surpassing the milestone of 8,000 stores worldwide.

**Financial Performance Breakdown** MINISO's Q3 revenue growth accelerated to 28% from 19% in the previous quarter, demonstrating sustained momentum. Gross profit reached RMB 2.59 billion (+28% YoY), with gross margin stable at 44.7%. Geographically, domestic China revenue for the MINISO brand grew 19% to RMB 2.91 billion, while overseas markets expanded 28% to RMB 2.31 billion.

TOP TOY has emerged as a key growth driver, with its RMB 570 million revenue and 111% YoY growth highlighting both the potential of the trendy toy market and MINISO's successful positioning.

Adjusted net profit rose 12% YoY to RMB 770 million, with adjusted net margin at 13.2%. However, reported net profit declined 31.64% to RMB 443 million, pressured by rising operational costs from rapid expansion. Sales/distribution expenses grew 43.4% and administrative expenses increased 29.4% in the first three quarters, both outpacing revenue growth.

**Global Expansion Strategy** Store network expansion significantly contributed to MINISO's growth. As of September 30, 2025, MINISO operated 7,831 stores globally (4,407 domestic, 3,424 overseas), adding 102 and 117 net new stores respectively in Q3. Notably, 75.7% of new stores opened in the past 12 months were overseas.

The U.S. market performed exceptionally well, with Q3 revenue up ~65% YoY and low double-digit same-store sales growth. New U.S. memberships more than doubled year-to-date.

MINISO's "quality store expansion" strategy has entered a "large-format store driven growth" phase. The flagship MINISO LAND concept is expanding globally, with 17 domestic locations already operational. The Guangzhou flagship achieved RMB 15 million in sales during August alone, setting a single-store monthly record. The first overseas MINISO LAND opened in Bangkok's Siam Square in late October, marking a new stage in Southeast Asian brand elevation.

Same-store sales grew at a mid-single-digit rate in Q3, improving to double digits in October domestically, demonstrating operational quality improvements beyond mere store count growth.

**Dual-Engine IP Strategy** MINISO's IP ecosystem serves as another growth engine through its "licensed international IP + exclusive artist IP" dual strategy.

The company has signed 16 trendy toy artists to build its proprietary IP portfolio. Its first artist collaboration zone in Guangzhou's Beijing Road MINISO LAND, featuring original IP "AngryAimee," created a fully immersive experience that generated over one month's regular store sales in just two weeks.

Notable international IP collaborations include Disney's "Zootopia" franchise, with four co-branded series launched to date. The "Zootopia 2" collection represents their largest collaboration yet, featuring MINISO products appearing in the movie itself - an innovative "screen-to-store" integration.

TOP TOY's growth was fueled by proprietary IP "Nommi" and channel breakthroughs, including its Guangzhou flagship and first Tokyo store (achieving ¥10 million in opening day sales).

Founder and CEO Ye Guofu stated MINISO is advancing toward becoming "a global leading IP platform." The Bangkok MINISO LAND opening marks successful overseas replication of its large-format store model, representing both scale expansion and brand value enhancement.

Against shifting global consumer trends, MINISO's Q3 results prove its "globalization + IP strategy" dual engines are operating at full capacity, creating broader growth opportunities.