MINISO Group Holding Limited Q3 FY2025 earnings call

• The group continued to deliver accelerated growth with revenue increased by 28.2%, adjusted operating profit crossed RMB 1 billion threshold for the first time. • MINISO domestic operation outperformed the broader consumer market, same-store growth remained robust in Q4. • MINISO International revenue in Q3 exceeded RMB 2.3 billion, net added 170 stores. • TOP TOY achieved significant revenue growth, global store number surpassed 8,000, quarterly revenue crossed RMB 5 billion. • Channel upgrades: MINISO FRIENDS store launched, 16 pop toy artist IPs contracted for proprietary IP strategy.

In the September quarter, the group's total GMV grew by 28%, revenue increased by 28%. MINISO brand grew by 23%, while TOP TOY delivered exceptional revenue growth of 111%. MINISO domestic operation revenue grew by 19.3%, net added 102 MINISO stores domestically, franchise base surpassed 1,100 for the first time. MINISO International revenue in Q3 exceeded RMB 2.3 billion, grew by 28%, net added 170 stores, with the US market delivering revenue growth more than 65%. TOP TOY revenue surged by 111%, store number surpassed 8,000, quarterly revenue crossed RMB 5 billion, adjusted operating profit broke RMB 1 billion.

• Full-year revenue growth expected 25%, operating profit RMB 3.65-3.85 billion. • Q4 revenue growth 25%-30%, China and US same-store sales double-digit growth. • Full-year China and US same-store mid-single-digit growth. • Q4 operating profit double-digit Y-o-Y growth.

• Geopolitical macroeconomic uncertainties. • Regional economic and social environment impacts on profits.

Q: Regarding domestic MINISO stores, current progress of store renovation and unit economies?

A: Extended space, upgraded from small to large, over 200 stores optimized in first 3 quarters, rent-to-sale ratio declined, both companies and franchisees saw growth.

Q: Regarding international outlook, elaborate on Q4 outlook?

A: September ordering conference successful, IP merchandise strong, international localized IP design improved, confident in long-term international opportunities.

Q: Concerning IP strategy, how sustained is growth?

A: Interest-driven consumption demand has higher stickiness, IP plus core categories drive growth, supply chain supports IP strategy implementation.

Q: Forward-looking on U.S. market, SSSG in October and full-year guidance?

A: U.S. Q4 still to register good growth, Q4 revenue growth expected 50%-55%, same-store growth low double-digit.

Q: Regarding equity incentives and TOP TOY IPO, details?

A: Equity incentives high due to TOP TOY plan, TOP TOY is fully consolidated subsidiary, IPO plan advancing, will inform market on progress.