MINISO Group reports high revenue growth driven by IP and large-store model

MINISO Group reported strong mid-year financial results, with total revenue reaching 11.5 billion yuan, a 22.4% year-on-year increase. The company’s domestic revenue in mainland China grew by 26.2%, marking its fastest growth rate in three years. This performance was driven by a shift toward “quality growth,” characterized by positive mid-single-digit growth in domestic same-store sales and the successful expansion of its “park-style” large-store model.

Proprietary Intellectual Property (IP) has emerged as a significant growth engine. The YOYO IP brand achieved monthly sales exceeding 100 million yuan in China for two consecutive months, while collaborations such as the Toy Story 5 series also saw significant global GMV.

Despite strong fundamentals, the company has faced recent analyst scrutiny. Nomura downgraded MINISO from a “strong-buy” to a “hold” rating. Other financial institutions, including Citigroup and HSBC, have also maintained or issued “hold” or “neutral” ratings. The company’s stock has experienced increased trading volume amid these shifts in analyst sentiment.