MINISO Group Holding (MNSO) Research & Development (2019 - 2025)
MINISO Group Holding (MNSO) posted quarterly Research & Development of -$236.6 million for Q4 2025, down 72.56% year-over-year from -$862.6 million in Q4 2024, and down 17.82% quarter-over-quarter from -$200.8 million in Q3 2025.
MINISO Group Holding (MNSO) Research & Development (2019 - 2025) Analysis & Trends
MINISO Group Holding (MNSO) has reported Research & Development for 7 consecutive years, with -$236.6 million the latest figure, recorded in Q4 2025.
- In Q4 2025, Research & Development fell 72.56% year-over-year to -$236.6 million; the TTM figure through Dec 2025 stood at -$740.1 million (down 51.16% YoY), while the FY2025 annual figure was -$753.0 million, down 56.17% from the prior year.
- Research & Development retreated to -$236.6 million in Q4 2025 per MNSO's latest filing, from -$200.8 million in the prior quarter.
- Across five years, Research & Development topped out at -$43.8 million in Q2 2021 and bottomed at -$236.6 million in Q4 2025.
- Historically, Research & Development has averaged -$105.6 million across 5 years, with a median of -$87.8 million in 2023.
- Annual changes were most pronounced in 2021 — Research & Development sank 225.24% — and 2024, when it grew 27.56%.
- MINISO Group Holding's Research & Development stood at -$60.4 million in 2021, then dropped by 0.07% to -$60.4 million in 2022, then slumped by 213.3% to -$189.3 million in 2023, then advanced by 27.56% to -$137.1 million in 2024, then sank by 72.56% to -$236.6 million in 2025.
- Business Quant data shows MNSO's Research & Development at -$236.6 million in Q4 2025, -$200.8 million in Q3 2025, and -$161.9 million in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Caseys General Stores | 30.90 Bn | 30.38 Bn | 1.08 Bn | - |
| 2 | Williams Sonoma | 28.73 Bn | 27.71 Bn | 1.10 Bn | - |
| 3 | Ulta Beauty | 23.02 Bn | 22.80 Bn | 1.27 Bn | - |
| 4 | Tractor Supply | 18.23 Bn | 18.00 Bn | 1.68 Bn | - |
| 5 | Best Buy | 18.16 Bn | 16.41 Bn | 2.10 Bn | - |
| 6 | Dick'S Sporting Goods | 16.08 Bn | 15.08 Bn | 1.68 Bn | - |
| 7 | Five Below | 13.65 Bn | 12.53 Bn | 478.64 Mn | - |
| 8 | Murphy USA | 10.40 Bn | 10.22 Bn | 746.50 Mn | - |
| 9 | Bath & Body Works | 4.03 Bn | 3.08 Bn | 1.24 Bn | - |
| 10 | MINISO Group Holding | 3.37 Bn | 2.40 Bn | 414.86 Mn | -236.65 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -236.65 Mn |
| Sep 30, 2025 | -200.85 Mn |
| Jun 30, 2025 | -161.91 Mn |
| Mar 31, 2025 | -140.72 Mn |
| Dec 31, 2024 | -137.13 Mn |
| Sep 30, 2024 | -142.00 Mn |
| Jun 30, 2024 | -114.11 Mn |
| Mar 31, 2024 | -96.40 Mn |
| Dec 31, 2023 | -189.32 Mn |
| Sep 30, 2023 | -87.84 Mn |
| Jun 30, 2023 | -66.05 Mn |
| Mar 31, 2023 | -63.93 Mn |
| Dec 31, 2022 | -60.43 Mn |
| Sep 30, 2022 | -53.61 Mn |
| Jun 30, 2022 | -52.96 Mn |
| Dec 31, 2021 | -60.39 Mn |
| Sep 30, 2021 | -52.89 Mn |
| Jun 30, 2021 | -43.80 Mn |
| Mar 31, 2021 | -45.25 Mn |
| Dec 31, 2020 | 52.22 Mn |