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This week, i Capital updates MINISO Group Holding Limited (名创优品) (MINISO), a leading global value retailer offering a variety of trendy lifestyle products featuring IP design. The Company opened its first store in 2013 in China under the brand “MINISO”. As of the end of Mar 2025, the Company had a network of 7,488 MINISO stores, of which around 4,275 were in China and around 3,213 were overseas. Thanks to the thriving pop toy market, its network of “TOP TOY” stores had expanded to 280 outlets as of the end of Mar 2025 from the 160 of the corresponding period in 2024. 

2024 and 1Q25 results

For the financial year ending 31 Dec 2024, revenue increased by 22.8% YoY to RMB 16,994 mln. Revenue from the MINISO brand accounted for 94% of total revenu