MINISO

Below is Dolphin Research's Trans of MINISO's FY26 Q1 earnings call. For our take on the results, see 'MINISO: AI investment in overdrive, but growth still paid for'.

Same old problem. Revenue is outpacing profits.

Same-store sales accelerated QoQ

The following are the minutes of MINISO's Q3 FY25 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to "MINISO: Revenue 'Money Printing Machine', Spending 'Paper Shredder'."

On the afternoon of November 21st, Beijing time, $Miniso(MNSO.US) $MNSO(09896.HK) Miniso (9896.HK) (MNSO.N) released its Q3 2025 earnings. By closing inefficient small stores and focusing on larger ones, the company's same-store revenue growth further expanded after turning positive in the second quarter. However, a concerning aspect is the increased expenses associated with store openings in the United States during the third quarter, which impacted the release of profits...

The following are the minutes of MINISO's Q2 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to "MINISO: Large Stores to the Rescue, Is IP Retail 'Reviving' Again?"

On the afternoon of August 21st, Beijing time, MINISO (9896.HK) (MNSO.N) released its Q2 2025 performance report. By closing inefficient small stores and converting small stores into larger ones, the same-store revenue at the group level finally turned positive in the second quarter. Additionally, compared to the soaring sales expenses in the previous quarter, the sales expenses for this quarter have also moderated on a quarter-on-quarter basis, and the overall performance exceeded market expectations.

Below is the earnings call minutes for Miniso FY25 Q1. For the earnings interpretation, please refer to "Miniso: Miniso Plunges? Without IP Soul, It Can't Replicate the Next 'Pop Mart'"

On the afternoon of May 23rd, Beijing time, Miniso (9896.HK) (MNSO.N) released its Q1 2025 performance. Although the overall revenue met expectations, the biggest issue was that the core operating profit fell short of expectations after a significant surge in marketing expenses.

The following is the minutes of the FY24Q4 earnings call for Miniso. For the interpretation of the financial report, please refer to "Miniso: Profitability Takes a Step Up, Is IP Retail Really a 'Money Printing Machine'?"