Miniso posts record Q1 gross margin

Miniso’s Q1 2025 revenue rose 18.9% YoY to RMB 4.43 billion, lifted by a 30.3% increase in overseas sales and a quarterly record gross margin of 44.2%. Adjusted net profit fell 4.8% to RMB 587 million due to finance-related expenses, while adjusted EBITDA rose 7.5% to RMB 1.04 billion. The company added 978 stores YoY, with 70% overseas.