名创优品 (09896.HK、MNSO.US) 2025年第四季度业绩电话会
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会议摘要
Miniso Group, a global retail brand, achieved significant growth in 2025, with Q4 revenue crossing 6 billion RMB for the first time. The company's strategic focus on transforming its business model to a loyalty-driven, consumer-centric approach, coupled with the development of proprietary IPs and store experience enhancements, led to strong financial performance and market expansion. Key achievements include overseas revenue growth, store expansion, particularly in the US, and record-breaking same-store sales growth in China. Miniso plans to prioritize quality over quantity in 2026, aiming for high teens revenue growth, continued same-store sales improvement, and global store renovations. The company's commitment to high-quality growth, strategic store expansion, and enhancing consumer experiences is expected to drive future success.
会议速览
2025 Q4 and Full Year Financial Results: Steady Growth and Breakthroughs in Brand Activation and Store ExperienceThe company achieved strong financial growth in 2025, crossing the 6 billion RMB quarterly revenue milestone. Key highlights include a focus on brand activation, store experience enhancement, and efficient growth through same-store sales. The presentation covered core brand performances, revenue growth strategies, and the company's resilient business model.
Miniso's Robust Growth: Domestic and International Expansion Driven by Strategic InitiativesMiniso reports a significant revenue growth in Q4, with domestic sales rising 25% and overseas revenue increasing 31%. The company attributes this success to strategic initiatives, including a focus on large-format stores, strong brand equity, and a robust supply chain. With 1457 domestic franchisees and 26 Miniso Land stores opened by 2025, Miniso aims to become the go-to destination for consumers worldwide, leveraging IP activations and superior store positioning to outperform the industry.
Strategic Expansion and Immersive Retail Experience: Driving Global Growth and Consumer EngagementThe dialogue outlines a strategic shift towards immersive retail experiences, emphasizing high-quality, large-format stores designed to foster emotional connections and loyalty. It highlights successful international expansion, particularly in the U.S. and Vietnam, with significant revenue and store growth. The narrative underscores a transition from product-centric to experience-driven consumption, leveraging proprietary IP and membership models to drive sustainable growth and consumer engagement globally.
Strong Financial Performance and Growth in China and Overseas Markets for Q4 and Full Year 2025The dialogue highlights significant financial achievements, including a 30.7% revenue growth in Q4 2025, driven by robust performance across all business segments. Key milestones include reaching 10 billion RMB in quarterly revenue for the first time and maintaining a strong growth trajectory in China and overseas markets, with specific emphasis on brand growth and operational profit margins.
Global Retail Performance: Domestic Growth Accelerates, International Markets DivergeThe dialogue highlights significant domestic sales acceleration in China, driven by improved operations and digital infrastructure, with strong results in strategic markets like the US despite tariff challenges, underscoring the robustness of the business model and confidence in future growth.
Miniso's Strategic Expansion and Profit Growth in Southeast Asia and BeyondMiniso forecasts significant business growth in Southeast Asia, emphasizing product assortment and organizational upgrades. The company anticipates transitioning to a higher-quality growth model, evidenced by a 70% revenue increase in China. Miniso plans strategic new openings led by the U.S. market, focusing on immersive brand experiences and optimizing operations for peak shopping seasons. Despite a slight GP margin decline, proactive investments in IT and marketing support a healthy, high-quality growth trajectory, with direct-operated stores contributing to this expansion.
Financial Review: Adjusted Earnings, Inventory Management, and Capital Allocation StrategiesThe dialogue covers adjustments in financial statements, including increased compensation, insurance costs, and interest expenses. It discusses inventory turnover improvements and strategic overseas inventory management. Highlights capital allocation through share repurchases and dividends, reflecting confidence in future growth.
Financial Performance and Growth Outlook for 2026A review of past financial achievements from 2021 to 2025 forecasts high-teens revenue growth and a minimum 22% increase over three years by 2026. The strategy emphasizes quality over quantity, with projections for healthy same-store sales growth in key markets like China and North America. A focus on profit growth and efficiency is outlined, with expected acceleration in adjusted operating and net profits. Notably, a significant investment gain from an AI company's IPO is anticipated, contributing to Q1 profits, though it will be excluded from adjusted profit metrics.
Strategies for Enhancing Same-Store Sales and US Market Expansion through IP and Product InnovationThe dialogue outlines strategies to boost same-store sales in 2026 through IP collaborations, product quality, and enhanced store experiences, highlighting a successful pop-up event's record sales. It also discusses plans for optimizing the US market's supply chain, focusing on high-margin categories and localized sourcing to improve GP margins.
Strategies for Enhancing Profit Margins and IP Development in Global MarketsDiscussed strategies to improve profit margins through efficient sourcing, optimizing merchandise mix, and enhancing ASP. Progress on proprietary IP development and sales targets for 2026 were highlighted. Outlook for the Mexican market in 2026 and an investment in a C&I company were also addressed.
Expanding Global Impact: UU IP's Rapid Growth and Strategic PartnershipsUU, a Chinese proprietary IP, achieved over 100 million sales in less than six months, with projections to hit 1 billion revenue in 2026. The company emphasizes sustainable IP development, focusing on category innovation and healthy growth. With a pipeline of 30-40 proprietary IPs from various countries, UU aims to reshape market perceptions and strengthen its IP portfolio through strategic international collaborations.
Strategies for IP Growth: Integrating Proprietary and Third-Party IPs for Enhanced Consumer Engagement and Business StabilityThe dialogue emphasizes the importance of integrating proprietary and third-party IPs to enhance consumer engagement and ensure business stability. It highlights strategies including category innovation, IP narrative first approach, and a fully integrated supply chain for rapid consumer response. The Minneola Gallery's operation in Shanghai and UU artist installations are key to promoting IPs, with a focus on global licensing and proprietary IPs for long-term business success.
Mexico Market's Potential and IP Development StrategiesDiscusses the outperformance of proprietary IP over third-party IP, highlights the complementary benefits for new customer acquisition and brand expansion. Expresses confidence in Mexico's market potential, emphasizing the development of brand stores in top shopping malls and its strategic importance in the Latin American market.
Mexico Market Strategy: Retrofitting Stores for Flagship, IP, and Trendy ToysThe speaker outlines a strategy for enhancing Mexico's market potential by transforming existing stores into flagship locations, focusing on high-quality traffic areas. They propose retrofitting stores to sell popular IPs and trendy toys, leveraging immersive experiences to increase average spend per customer. An investment in AI company Mini Ma is highlighted, showcasing successful collaboration and potential for further growth. The plan includes upgrading top 100 malls in Mexico, aiming for improved performance post-Q2, with a focus on unique offerings rather than daily necessities.
Prioritizing Mini-SO Amid YH Business ExpansionA speaker emphasizes commitment to Mini-SO as primary focus, reassuring stakeholders of its priority over YH business plans.
Leadership Transition and Strategic Growth at YH Under New CDOYH has successfully transitioned its management team, with the appointment of a new CDO, focusing on independent operations and strategic execution. The company is prioritizing new self-development and market expansion, seizing unique global opportunities. Quanta Security is commended for delivering refined operations, supporting YH's growth trajectory.
2026: Pivotal Year for Proprietary IP Development and MarketingThe dialogue outlines a strategic pivot towards proprietary IP, detailing organizational restructuring, expansion of creative and material science capabilities, and plans for global marketing initiatives including art gallery openings and artist collaborations. The focus is on building a sustainable IP ecosystem for long-term growth, with an emphasis on high-quality IP development and robust cash flow generation.
Global Expansion and SSSG Improvement StrategiesDiscussed global store expansion, same-store sales growth strategies, and operating profit margin improvements across various markets, emphasizing high-quality store openings and market diversification.
Strategic Expansion and Market Adjustments in Southeast Asia for Enhanced PerformanceDiscussion focused on strategic adjustments in Southeast Asia's key markets for improved investor confidence and operational efficiency, leveraging successful models from China, with an emphasis on market-specific adaptations and execution in 2026.
2026 Renovation Acceleration: Boosting Sales and Profitability with IP-Driven Store UpgradesIn 2026, the company plans to accelerate store renovations, focusing on upgrading underperforming stores to prime locations. Leveraging proprietary IP development, the strategy aims to differentiate stores, enhance sales productivity, and improve profitability. The initiative builds on successful 2025 results, including a 40-50% increase in direct sales applicants, improved traffic conversion rates, and ASP. The company expects to renovate 80% of stores, attracting better locations and larger spaces from landlords, contributing to business growth in China.
要点回答
Q：What are the financial highlights of the December quarter and full year 2025 results?
A：The revenue growth for the December quarter and full year 2025 followed a strong trajectory, rising from 80.9% year-over-year (YY) in Q1 to 32.7% in Q4, with a quarterly revenue reaching 6.25 billion RMB, marking the first time the company has achieved a quarterly revenue milestone above 6 billion RMB. Core brand revenue grew 28% in Q4 to 5.65 billion RMB, while overseas revenue reached 2.78 billion RMB, up by 31%, accounting for 50% of the total. Tens of thousands of consumers shared their experience on platforms like Hong Shu and WeChat, highlighting the effectiveness of physical stores as the most powerful brand vehicles.
Q：What progress has been made in the past year, particularly in terms of brand activation and store experience?
A：In the past year, the company has made significant progress in brand activation and store experience enhancement. The multi brand strategy has driven higher revenue growth with fewer net new store openings than before, demonstrating a more efficient and high-quality growth model. The company has focused on breakthroughs in brand activation and the store experience, as well as a strategic initiative aimed at achieving sales growth and improving average sales per store. The store size has increased, contributing to a stronger brand equity and superior store positioning.
Q：How is the 'Miniso land' strategy contributing to the company's growth?
A：The 'Miniso land' strategy is contributing to the company's growth by opening large format stores that have generated significant revenue and traffic. These stores have set a new record in the South China region and have become primary destinations for retail. The strategy is focused on creating a regional presence through high-quality spatial design and curated product presentation, resulting in an authentic consumer experience that drives brand momentum. The successful 'Miniso land' stores are a key component of the company's vision to become the go-to happy destination for international consumers worldwide.
Q：What is the company's strategy for store portfolio升级，and how does it reflect in the store results?
A：The company's strategy for store portfolio升级 involves systematically upgrading its store network to ensure every city, trade, and consumption scenario is served by a 'Miniso'. This strategy reflects in the store results through the opening of large, high-quality 'Miniso land' stores. The company is moving into the third phase of its strategy, which involves immersive real transformation centered around 'Min Sod'. This phase integrates the store capacity built across the first two phases, leveraging larger space for creating an immersive environment that drives repeated visits and sales from experiences rather than traffic-driven business. The new store format has time-high double-digit growth in sales and improved conversion rates, contributing to higher unit profitability.
Q：How has the company's overseas business performed, particularly in the United States?
A：The company's overseas revenue approached 2.8 billion RMB in Q4, representing a 31% year-over-year (YY) growth. The overseas store net paid was 159 stores, representing a full-year net increase of 465 stores. The largest overseas market, the United States, delivered a full year growth of more than 60% with same store sales growing more than 20%, exceeding prior expectations. In the U.S., the company focused on improving store operating quality, resulting in comprehensive improvement in store quality, operational efficiency, and consumer engagement. The new store quality further improved, leading to double-digit sales growth and increased profitability. The U.S. market transitioned from an investment phase into a phase of high-quality profitable growth, becoming the most resilient and dynamic engine for global expansion.
Q：What are the highlights of the company's strategy and execution in the interest-driven consumption phase?
A：The company's highlights in the interest-driven consumption phase include the acceleration of brand global expansion domestically, focusing on a high frequency of proprietary product launches to drive same store sales. The proprietary IP 'NOMIA' rapidly gained momentum with sales exceeding 200 million and expected to double in 2026. The company has filled a laboratory IP portfolio of more than 20 brands. The strategy has been validated by the market, and the company stands as one of the most significant beneficiaries and pioneers of this consumption transformation. The company's key competitive advantage lies in its development, launch, and execution capabilities, as well as the genuine and sustainable enthusiasm from consumers. The vision is to become the world's leading architecture-driven innovation platform.
Q：What were the financial results for Q4 and full year 2025?
A：Revenue grew by 30.7% in Q4, supported the upper end of the company's guidance between 20% to 30%. Full year group revenue growth was 20.56%, exceeding the guidance of approximately 25%. In Q4, new Chinese mainland sales growth rate was mid-teens, exceeding the guidance of low-double digit growth. Adjusted operating profit grew by 12%, in line with the guidance of double-digit growth, and the adjusted operating profit margin was 17%.
Q：How did each business segment perform in Q4?
A：All business segments outperformed in Q4. Chinese mainland and Cuba revenue grew by 25%, overseas revenue grew by close to 31%, and min overseas revenue was 2.78 billion RMB, up by 30.5%. Top revenue was 600 million RMB, up by 100% with very strong momentum. The full year group revenue rate was 21.44 billion RMB.
Q：What factors contributed to the strong Q4 revenue performance?
A：The strong Q4 revenue performance was attributed to the outperformance across all business segments, the achievement of multiple revenue milestones, and the robust contribution from each of the company's product lines and geographical segments.
Q：What were the revenue milestones achieved in Q4?
A：In Q4, the company achieved three revenue milestones: single quarter GMP declared 10 billion RMB for the first time, quarter revenue supported 6 billion RMB for the first time, and full year revenue exceeded 20 billion RMB for the first time.
Q：What is the same store sales performance in China for the full year 2025?
A：The same store sales in China for the full year 2025 continued sequential acceleration, reaching mid-teens, which exceeded the expectations. The trajectory of same store sales in China showed a progression from negative mid-single digit in Q1 to positive low single digit in Q2, to high single digit in Q3, and finally, meeting in Q4 sequential progression delivered mid-single digit same store sales for the full year, which also exceeded the initial target.
Q：What strategies have been implemented to improve the same store performance?
A：To improve same store performance, the company has incorporated it into KPIs, enhanced the digital infrastructure to make the business flow more digital and intelligent, empowered the one team, optimized operations and supply chain, improved product development efficiency, inventory cut policy, and increased the contribution from new SKUs. Marketing activations, such as the one-day store manager program and in-store meet and greet events, have also been employed to drive brand awareness and sales.
Q：What product and channel strategies have been effective?
A：Effective strategies include capitalizing on seasonal and holiday product trends, managing both IP and non-IP merchandise to generate attaché purchases, upgrading and improving 300 stores, and strategic direct operated markets like the US and Europe, which delivered very good results. In the US, the business showed resilience against macroeconomic uncertainties and tariffs, maintaining robust sales growth and profitability.
Q：How has the international store portfolio performed?
A：The international store portfolio has shown varied results by region. In Asia and Latin America, same store performance lagged, whereas in the US and Europe, especially in the US, direct operated markets delivered low-20% sales growth. The strategic approach to site selection and store openings drove revenue growth and profitability, and the team's foresight and execution helped deliver strong Q4 results despite the challenging economic backdrop.
Q：What is the company's approach to the Southeast Asian market?
A：The company's approach to the Southeast Asian market involves a comprehensive strategy that includes product assortment and organizational structure upgrades in Thailand, which is expected to improve business performance. The company has also made strategic progress with 8500 stores in China, growing net new stores significantly and transitioning to a higher quality and more productive growth model.
Q：What are the store expansion plans?
A：The company plans to continue its momentum by introducing new store locations, such as in San in San David City in Zhengzhou and Ganghui Plaza in Shanghai, and will focus on operational efficiency in the fourth quarter. The first overseas miniso land in Thailand was opened in Q4 with a positive market reception, validating the potential for continued international growth. The company aims to bring the immersive brand experience to more retail destinations across the globe, with a particular focus on the United States.
Q：What is the outlook for operating expenses?
A：In Q4, operating expenses grew by 45.3%, sales expense by 37.4%, and administrative expenses grew by 36.3%. The increase in sales expense was attributed to the growth in direct operated stores and advertising and marketing expenses. However, the growth in operating expenses slowed down compared to the first nine months, reflecting the company's proactive investment in IT strategy and a slight increase in advertising and marketing trends.
Q：What is the trend in the direct operated store revenue proportion to the total gross overseas revenue?
A：The direct operated store revenue as a proportion of the total gross overseas revenue has been increased from one-third in 2024 to more than half in 2025, indicating a growing reliance on direct operations outside of the United States.
Q：What are the non-GAAP adjustments mentioned in the financial statement?
A：The non-GAAP adjustments mentioned include a $150 million first one related to cash-based compensation, a $85 million second one related to losses from direct changes and safety insurance cost, a $51 million interest expense of CB and YH investment-related loans in Q4, a $170 million YH acquisition-related non-cash interest expense, and a $1.84 billion YH post-attack loss in Q4. Also, a fire weather change of the red and novelbright of arising from preferred shares is mentioned. In aggregate, these adjustments resulted in an approximate $990 million impact in Q4 and $1.69 billion for the full year, leading to adjusted net profit.
Q：What was the adjusted factory tax rate for Q4 and the full year?
A：The adjusted factory tax rate was 20.2% for Q4 and 20.1% for the full year. In Q4, adjusted earnings per share (EPS) grew by 9.4%, and the full-year adjusted EPS reached 7.8%.
Q：What is the impact of the share repurchase and cash dividend program on adjusted EPS?
A：The active share repurchase and dividend program slightly offset the growth of adjusted EPS. The company has repurchased shares up to a value of 1.8 billion Hong Kong dollars, showcasing its commitment and confidence in the full year.
Q：What is the forecast for the company's revenue growth over the next few years?
A：The company expects group revenue to have a high teens rate in 2026, with a three-year compound rate from 2023 to 2026 of no less than 22%.
Q：What is the outlook for same store sales in 2026?
A：The outlook for same store sales in 2026 is positive, with plans to have a net increase of 510 to 550 new stores for the full year. The company plans to focus on quality over quantity.
Q：What is the expected impact of the specific investment gain on Q1 profits?
A：The specific investment gain from a test investment made a few years ago is expected to significantly contribute to Q1 profits, with an estimated value of 850 to 900 million. However, the company plans to exclude this item from adjusted operating profit and adjusted net profit.
Q：What are the priorities for the mechanized supply chain and expansion this year?
A：Priorities for the mechanized supply chain and expansion include continuing to optimize the existing store network and leveraging successful collaborations, such as the one with a high-end mall in Hong Kong, to extend the brand reach and customer base. The company will also work on improving product quality and the customer experience through co-branded products and limited-time pop-up events.
Q：What is the status of the proprietary IP development and what are the key priorities?
A：The development of the proprietary IP is going well financially, with the proprietary IP outperforming third-party IP in gross contribution due to stronger consumer loyalty and the absence of licensing costs. Key priorities include focusing on category innovation to drive explosive IP growth, rapidly converting creative IP concepts into best-selling products, ensuring the development of proprietary IP with international IP for co-branding, and continuing to power the growth of the OI with a focus on high-potential multi-channel distribution.
Q：What are the priorities for third-party IP integration and why is it important?
A：The priorities for third-party IP integration are to have a 'more IP, more portfolio, globalization' strategy, combining global licensed IP with proprietary IP to ensure a stable business and improve consumer experience. This integration strategy is considered the best business combination due to the advantages of well-crafted content and the attributes of scarcity found in both types of IP. It is believed that leveraging multiple IP sources will enhance consumer experience and contribute to business stability in the long run.
Q：What is the projected growth and strategic focus for the Mexico market?
A：The projected growth for the Mexico market is quite promising with the potential to become one of the top three markets globally. The strategic focus for the Mexico market involves brand operating, developing the land store format, and establishing middle and full-line stores in the top 100 shopping malls in Mexico with a retail space greater than 800 square meters. This approach is expected to drive explosive growth, and the market is currently considered a benchmark for the Latin American market.
Q：What are the strategies for enhancing performance in Mexico?
A：The strategies for enhancing performance in Mexico include translating daily necessities into flagship stores with IP and trendy toys, providing an immersive experience to drive interest consumption and improve Average Selling Price (ASP). Additionally, the intention is to retrofit stores in the top 100 shopping malls in Mexico.
Q：What is the investment focus in Mexico and why is Mini Ma mentioned?
A：The investment focus in Mexico is on an AI company named Mini Ma, which has been applied at our company very well. The intention is to continue working with Mini Ma, as they were invested in when the company had a low evaluation and the return is looking pretty good.
Q：What is the focus and investment priority of the company as mentioned in the speech?
A：The company's focus and investment priority is Mini, which is considered the foundation and core driver for the future growth and making meaningful gains. The company plans to invest in YH but it will not extract attention from Mini.
Q：Who has been appointed as the CDO for YH and what does this signify?
A：Wang Shou-cheng has been appointed as the YH CDO, signifying the completion of the management team transition for YH, with a new leadership team independently responsible for the day-to-day operations and strategic execution of the business.
Q：What is the vision for IP business and how is it being structured?
A：The vision for the IP business is to treat 2026 as the education year for preparatory IP, with a comprehensive organizational restructuring and top-level design. An independent IP business group has been established with full accountability across the I value chain, from creative incubation to product development to omnichannel operation.
Q：What new back-end departments have been established for the IP business?
A：New back-end departments have been established for the IP business, including CMA (cotton material finish) and ink and color development. The company is among a few that have started material study for their trend toys, doing both IP and product design.
Q：What are the marketing strategies for the IP business in 2026?
A：The marketing strategies for the IP business in 2026 include building global IP influence through diverse active applications like attending international art fairs and fashion weeks. The company plans to have municipal photo galleries in Shanghai and Hong Kong, showcasing artists and engaging them worldwide, leveraging KWS to amplify brand reach. They also plan to utilize secondary content creation on platforms like Xia Hong Shu and improve the brand's IP presence.
Q：What is the current status of the IP business and future plans?
A：The current status of the IP business is defined by its strategic importance and investment in both new business and existing operations. The future plans include accelerating renovation of stores and upgrading under-performing ones to primary locations. With a proprietary IP development, the stores are expected to become unique and influential, contributing to business growth and profitability in China.
Q：What are the same store sales growth expectations and new store expansion plans?
A：The company's growth philosophy is centered around same store sales growth and new store expansion, with both working in tandem. The goal is to deliver a positive same store sales growth (SSP) globally in 2026, despite challenges in some international markets. Plans include a net increase of 510 to 515 hyper stores worldwide, focusing on new store openings in China and the international market.
