MINISO Group Holding (MNSO) Gross Margin (2019 - 2025)
MINISO Group Holding (MNSO) posted quarterly Gross Margin of 46.39% for Q4 2025, down 66.0% year-over-year from 136.43% in Q4 2024, and up 3.82% quarter-over-quarter from 44.68% in Q3 2025.
MINISO Group Holding (MNSO) Gross Margin (2019 - 2025) Analysis & Trends
MINISO Group Holding (MNSO) has reported Gross Margin for 7 consecutive years, with 46.39% the latest figure, recorded in Q4 2025.
- In Q4 2025, Gross Margin fell 66.0% year-over-year to 46.39%; the TTM figure through Dec 2025 stood at 45.0% (up 7.0% YoY), while the FY2025 annual figure was 44.99%, up 5.0% from the prior year.
- Gross Margin grew to 46.39% in Q4 2025 per MNSO's latest filing, from 44.68% in the prior quarter.
- Across five years, Gross Margin topped out at 47.05% in Q4 2024 and bottomed at 25.85% in Q2 2021.
- Historically, Gross Margin has averaged 39.14% across 5 years, with a median of 41.77% in 2023.
- Annual changes were most pronounced in 2021 — Gross Margin sank 426 bps — and 2022, when it surged 885 bps.
- MINISO Group Holding's Gross Margin stood at 31.12% in 2021, then gained by 28 bps to 39.97% in 2022, then advanced by 6 bps to 42.46% in 2023, then climbed by 11 bps to 47.05% in 2024, then retreated by 1 bps to 46.39% in 2025.
- Business Quant data shows MNSO's Gross Margin at 46.39% 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 | 30.86 Bn | 30.34 Bn | 1.08 Bn | 23.63% |
| 2 | Williams Sonoma | 28.83 Bn | 27.81 Bn | 1.10 Bn | 46.87% |
| 3 | Ulta Beauty | 22.86 Bn | 22.64 Bn | 1.27 Bn | 40.07% |
| 4 | Tractor Supply | 18.25 Bn | 18.02 Bn | 1.68 Bn | 37.05% |
| 5 | Best Buy | 18.12 Bn | 16.37 Bn | 2.10 Bn | 23.52% |
| 6 | Dick'S Sporting Goods | 16.18 Bn | 15.18 Bn | 1.68 Bn | 32.59% |
| 7 | Five Below | 13.82 Bn | 12.71 Bn | 478.64 Mn | 37.23% |
| 8 | Murphy USA | 10.46 Bn | 10.28 Bn | 746.50 Mn | 10.97% |
| 9 | Bath & Body Works | 4.03 Bn | 3.08 Bn | 1.24 Bn | 45.67% |
| 10 | MINISO Group Holding | 3.38 Bn | 2.41 Bn | 414.86 Mn | 46.39% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 46.39% |
| 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% |