In the first quarter of 2025, Miniso achieved a total revenue of 4.43 billion RMB, a year-on-year increase of 19%. Among them, domestic revenue increased by 9% year-on-year, and overseas revenue increased by 30%. The company emphasized the continuous optimization of operational quality in the domestic market, especially the significant improvement in performance during the May Day peak season. By breaking the vertical management model, strengthening departmental coordination, and building an integrated organizational framework, Miniso achieved faster and more flexible decision-making and actions. In the future, the company will continue to deepen fine management operations, improve the alignment of products and channel management to meet diverse consumer demands, and work together with franchisees to promote high-quality development.

Miniso emphasizes the importance of sticking to IP strategy and interest consumption, increasing product development investment, closely following global trends, and launching high-quality, innovative products such as the G-Card Bar Youth Series and the G-Kai Fa Cherry Blossom Season Series, which have received good market responses. At the same time, the company focuses on channel upgrades, promotes the big store strategy, significantly improves the average store performance of new stores, and pays attention to the transformation of existing stores to improve overall operational efficiency and brand market influence. By deepening IP cooperation, optimizing store layout, Miniso is committed to becoming a globally renowned brand.

In the first quarter of 2025, Miniso achieved a continuous increase in the proportion of overseas market revenue, with a year-on-year growth of three percentage points. The company has adopted a diversified strategy, especially in the North American market, focusing on improving store operation quality and cost control. It plans to open stores in all 24 states in the United States, optimize product structure, improve inventory and logistics efficiency. At the same time, it strengthens deep cooperation with agents through flexible cooperation models and seeks new growth opportunities in Europe, Southeast Asia, Latin America, and the Middle East markets. The company has also optimized supply chain management, strengthened IP strategic cooperation, enhanced brand influence to achieve annual performance goals. Additionally, the company has committed to return value to its shareholders through dividend and repurchase policies to ensure maximization of shareholder interests.

In the first quarter of 2025, Miniso Group's total revenue reached 4.43 billion RMB, a year-on-year increase of 19%, exceeding expectations. Among them, Miniso brand revenue was 4.09 billion RMB, an increase of 16.5%, with overseas revenue showing a particularly significant growth of 30%. Top Toy brand revenue increased by 59% year-on-year. Domestic same-store sales experienced a slight decrease in the high base number, and the trend continued to improve. Overseas same-store sales also showed positive signs. In addition, the group made progress in strategic channel upgrades and high-quality expansion, with improvements in the average store size and store efficiency of new stores.

In the first quarter of 2025, the company's gross profit margin increased by one percentage point compared to the same period last year, reaching 44.2%, mainly due to the increase in the proportion of overseas income and effective IP strategy. Although the gross profit margin may fluctuate due to seasonal factors, the structural changes in the proportion of overseas income and IP sales have provided momentum for the increase in gross profit margin. Sales and management expenses increased by a total of 45%, with sales expenses increasing by 51% and management expenses increasing by 22%, the increase in sales expenses mainly related to the opening of direct-operated stores. The revenue contribution of direct-operated stores increased from 14% to 22%, with revenue growth exceeding the growth rate of related expenses. The company's investment in direct-operated stores aims to expand sales opportunities, especially in the important overseas market of the United States. The proportion of management expenses has decreased, demonstrating the company's effective cost control. The adjusted operating profit margin is 16.6%, a decrease of 4.2 percentage points from the same period last year, mainly due to the decrease in the proportion of high-profit franchise and agency business, and the increase in the proportion of direct-operated stores business. The group expects a medium to long-term operating profit margin target of around 20%, but short-term investment in new business will cause fluctuations in the profit margin. The increase in financial expenses mainly comes from convertible bonds, bank loan expenses for Yonghui investment, and financial expenses for leasing of direct-operated stores. Although the profit margin is under pressure in the short term, a long-term investment strategy will lay the foundation for future revenue and profit growth. The effective tax rate for the first quarter is 26.6%, with the actual operating tax rate after excluding non-operating items being 21.2%, and it is expected that the effective tax rate for daily operations in the future will remain stable.

The company reiterated its capital allocation strategy in 2025, including the 740 million RMB dividend distribution announced in March 2023 and the dividend payment in 2024. In addition, since March 2025, the company has repurchased 260 million RMB of shares, accounting for 0.7% of the total share capital. In the future, the company will firmly implement a dynamic share repurchase policy to balance rapid business growth with the commitment to providing stable returns to shareholders. It is expected that revenue growth will accelerate in the second half of 2025, operating profit will see healthy growth, benefiting from stricter cost control. However, the improvement in operating profit margin will depend on the profitability of directly operated stores, especially overseas ones, and investments. Despite the currently low profit margins of directly operated stores, there is significant room for optimization in the medium to long term, and it is expected that the operating profit margin can return to around 20%. The financial strategy will continue to focus on prudent budgeting, cost control, and capital allocation to achieve stable and sustainable profit growth and healthy cash flow.

In the first quarter of 2024, MINISO achieved a significant improvement in its domestic business, with same-store sales showing a mid-single-digit decline. However, this number has improved significantly compared to the previous quarters and is expected to achieve positive growth for the full year of 2024. The company emphasized that despite the overall poor consumption market in China, MINISO has shown a good recovery trend through enhancing business resilience and optimizing management. In addition, the company also discussed the gradual improvement in the return on investment for franchisees, as well as strategies for store adjustments and opening guidelines. For overseas markets, especially the U.S. market, MINISO is actively responding to tariff fluctuations by strengthening U.S. domestic stocking, adjusting supply chain layout, and increasing the proportion of local sourcing in order to reduce dependence on the Chinese market and improve gross profit margins. At the same time, the company also shared adjustments to its IP product strategy, including deepening cooperation with top IPs, incubating its own IPs, and balancing third-party product sales to maintain stable gross margins while meeting diverse consumer demands. Finally, regarding the integration of Yonghui Supermarket, the company stated that Yonghui's adjustment progress is in line with expectations, and is expected to achieve a significant reduction in losses by 2025.

Discussed was the Miniso's return policy for purchased products, emphasizing the company's use of data, insights, and experience to reduce procurement risks, as well as managing inventory through rhythmic and phased procurement to demonstrate the ability of its over four thousand stores to absorb inventory.

At the performance meeting, Miniso Group discussed its store growth strategy in China, emphasizing the importance of channel upgrades and the recovery of same-store sales, rather than simply pursuing an increase in the number of stores. The group stated that although the original target for new store openings for the year was 200 to 300, this target would be dynamically adjusted according to market conditions. Even if the number of openings does not meet expectations, domestic business is still expected to achieve a double-digit growth. In addition, the meeting clarified that closing stores does not directly help same-store sales, and emphasized that whether through same-store or new store openings, the goal is to ensure revenue growth in scale and quality.