MINISO Group Holding (MNSO) Gross Margin (2019 - 2025)
MINISO Group Holding (MNSO) reported Gross Margin of 8.18% for Q4 2025, down 3887.0% year-over-year from 0.22% in Q4 2024, and down 81.69% quarter-over-quarter from 44.68% in Q3 2025.
MINISO Group Holding (MNSO) Gross Margin (2019 - 2025) Analysis & Trends
MINISO Group Holding (MNSO) has 7 years of Gross Margin data on file, last reported at 8.18% in Q4 2025.
- Gross Margin for Q4 2025 came in at 8.18%, down 3887.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 18.96% (down 2597.0% YoY), and the FY2025 annual result was 44.99%, up 5.0% from the prior year.
- Gross Margin retreated to 8.18% in Q4 2025 per MNSO's latest filing, from 44.68% in the prior quarter.
- Over five years, Gross Margin peaked at 47.05% in Q4 2024 and troughed at 8.18% in Q4 2025.
- A 5-year average of 37.13% and a median of 39.97% in 2022 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2022 and 2025: Gross Margin surged 885 bps in 2022, then plunged 3887 bps in 2025.
- A 5-year view of Gross Margin shows it stood at 31.12% in 2021, then rose by 28 bps to 39.97% in 2022, then gained by 6 bps to 42.46% in 2023, then advanced by 11 bps to 47.05% in 2024, then slumped by 83 bps to 8.18% in 2025.
- Business Quant data shows MNSO's Gross Margin at 8.18% in Q4 2025, 44.68% in Q3 2025, and 44.28% in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Caseys General Stores | 27.84 Bn | 27.38 Bn | 1.01 Bn | 25.70% |
| 2 | Williams Sonoma | 24.59 Bn | 23.57 Bn | 1.10 Bn | 46.87% |
| 3 | Ulta Beauty | 20.75 Bn | 20.25 Bn | 1.48 Bn | 38.06% |
| 4 | Dick'S Sporting Goods | 17.81 Bn | 16.45 Bn | 1.77 Bn | 28.43% |
| 5 | Tractor Supply | 15.90 Bn | 15.67 Bn | 1.30 Bn | 36.22% |
| 6 | Best Buy | 15.61 Bn | 13.87 Bn | 2.10 Bn | 23.52% |
| 7 | NaaS Technology | 14.72 Bn | 14.70 Bn | - | - |
| 8 | Five Below | 10.27 Bn | 9.34 Bn | 696.98 Mn | 40.32% |
| 9 | Murphy USA | 10.20 Bn | 10.08 Bn | 3.98 Bn | 82.59% |
| 10 | MINISO Group Holding | 173,419.49 | -989.43 Mn | 409.04 Mn | 8.18% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 8.18% |
| Sep 30, 2025 | 44.68% |
| Jun 30, 2025 | 44.28% |
| Mar 31, 2025 | 44.23% |
| Dec 31, 2024 | 47.05% |
| Sep 30, 2024 | 44.89% |
| Jun 30, 2024 | 43.95% |
| Mar 31, 2024 | 43.41% |
| Dec 31, 2023 | 42.46% |
| Sep 30, 2023 | 41.77% |
| Jun 30, 2023 | 39.84% |
| Mar 31, 2023 | 39.33% |
| Dec 31, 2022 | 39.97% |
| Sep 30, 2022 | 35.66% |
| Jun 30, 2022 | 33.30% |
| Dec 31, 2021 | 31.12% |
| Sep 30, 2021 | 27.45% |
| Jun 30, 2021 | 25.85% |
| Mar 31, 2021 | 28.10% |
| Dec 31, 2020 | 27.97% |