MINISO Group Holding (NYSE:MNSO) has just posted its FY 2025 results, with fourth quarter revenue of ¥6.3b and a basic EPS loss of ¥0.48, capping a trailing twelve month EPS of ¥3.92 on revenue of ¥21.4b. The company has seen quarterly revenue move from ¥4.7b and EPS of ¥2.60 in FY 2024 Q4 to ¥6.3b and EPS of negative ¥0.48 in FY 2025 Q4. Over the same period, trailing net profit margin eased from 15.2% to 10.8%, so the latest print lands in the context of solid top line scale but compressed profitability that investors will read closely for clues on where margins settle next.

See our full analysis for MINISO Group Holding.

With the headline numbers on the table, the next step is to set these results against the main narratives around MINISO Group Holding, highlighting where the data backs prevailing views and where it starts to push the story in a different direction.

Revenue climbs while profit swings to a loss

• Quarterly revenue moved from ¥4,712.7 million in FY 2024 Q4 to ¥6,254.1 million in FY 2025 Q4, while net income went from ¥805.7 million profit to a ¥141.5 million loss over the same quarters.
• What stands out for the bullish narrative is that this single quarter loss sits against trailing twelve month net income of ¥1,205.0 million and EPS of ¥3.92, so:
  • Bulls pointing to growth drivers such as international expansion and proprietary IP now have to reconcile that optimism with the recent move from a ¥805.7 million profit to a ¥141.5 million loss at the quarterly level.
  • At the same time, the trailing twelve month profit pool and the growth focus in areas like higher efficiency flagship stores line up with the idea that the broader business model is still oriented toward scaling earnings, even if the latest quarter is softer.

Bulls argue that the latest revenue step up alongside a temporary earnings setback could set the stage for a stronger multi year story, especially if margins recover as growth initiatives mature. 🐂 MINISO Group Holding Bull Case

Margins compress as net profit margin drops to 10.8%

• Over the last twelve months, the reported net profit margin is 10.8% compared with 15.2% a year earlier, alongside trailing revenue of ¥21,443.8 million and net income of ¥1,205.0 million.
• Critics in the bearish narrative focus heavily on rising costs and store expansion risks, and the margin data here lines up with that concern in several ways:
  • A 10.8% trailing net margin alongside a recent quarterly loss is consistent with worries that higher selling and administrative expenses and direct operated store investments can pressure profitability if revenue per store does not keep pace.
  • Because the most recent year shows negative earnings growth relative to the strong five year earnings trend, the bears argument that earnings could be volatile as MINISO upgrades stores and expands overseas finds support in the current margin pattern.

Skeptics who focus on rising costs and thinner margins will see the shift from a 15.2% to 10.8% net margin as a key data point for their cautious view. 🐻 MINISO Group Holding Bear Case

Mixed signals between growth forecasts and current valuation

• Analysts in the data expect revenue to grow about 16% per year and earnings around 31.1% per year, while today the shares trade at ¥16.20 versus a cited analyst target of ¥25.36 and a DCF fair value of ¥34.39, with a P/E of 15.8x against peers at 33.9x and the industry at 19.8x.
• The balanced narrative that combines growth and risk finds both supporting and challenging evidence here:
  • On one hand, higher forecast growth rates than the US market and a P/E lower than peers and industry, plus a market price below the DCF fair value, are consistent with a view that the stock screens as relatively cheap given the growth profile in the data.
  • On the other, the decline in net margin from 15.2% to 10.8% and the unstable dividend history show that part of the discount might be tied to real operational questions about how reliably those growth forecasts translate into future earnings and cash flows.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for MINISO Group Holding on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Given the mix of optimism and concern in these results, it makes sense to look at the numbers yourself and decide what really matters for you. To see how the current balance of opportunities and risk factors compares in one place, check out the 4 key rewards and 1 important warning sign.

See What Else Is Out There

MINISO Group Holding is wrestling with a recent quarterly loss, a net margin slide from 15.2% to 10.8%, and an unstable dividend record that may concern more cautious investors.

If those profit swings and thinner margins leave you wanting steadier candidates, check out 64 resilient stocks with low risk scores to focus on companies where earnings and risk profiles look more consistent.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.