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4 clusters · 5 sources · 19 days · First seen · Last updated

MINISO Group revenue growth amid declining adjusted profits

Overview

MINISO Group’s 2026 interim results show a divergence between revenue growth and profitability. While total revenue rose 22.4% year-on-year to approximately 11.5 billion yuan, adjusted net profit fell 15.7% to 1.079 billion yuan, marking the company’s first decline in this metric since 2022.

Revenue growth remains supported by a 26.2% increase in mainland China—the fastest rate in three years—and the expansion of the “park-style” large-store model. Proprietary Intellectual Property (IP) continues to drive performance, with the YOYO IP brand recording monthly sales above 100 million yuan in China for two consecutive months, alongside global contributions from the Toy Story 5 series.

However, profitability has been impacted by a strategic shift from a high-margin franchise model toward a direct-operated overseas model. This transition has increased costs related to rent, labor, and IP licensing, compressing adjusted net profit margins from 13.2% to 10.6%. Furthermore, overseas inventory turnover has slowed to 273 days, significantly higher than the group average of 97 days.

Financial performance has also been influenced by non-operational investment volatility. While investments in Yonghui Superstores and the AI company MiniMax contributed over 330 million yuan to net profit, fluctuations in the fair value of AI-related investments resulted in a net loss of 292 million yuan during the second quarter. Amidst these developments, analyst sentiment remains cautious, with Nomura, Citigroup, and HSBC maintaining “hold” or “neutral” ratings.

Entities

Ye Guofu · MINISO Group Holding Limited · Hennes & Mauritz AB · MINISO · HSBC

Timeline

  1. 8 days ago

    [BUSINESS] 2 sources
    MINISO reports revenue growth amid declining adjusted profits and strategic shifts

    MINISO reported a 22.4% revenue rise but saw adjusted net profit drop 15.7% due to shifting business models, rising costs, and volatile AI investments.

  2. 11 days ago

    [BUSINESS] 2 sources
    MINISO Group reports high revenue growth driven by IP and large-store model

    MINISO Group reported a 22.4% increase in mid-year revenue, driven by strong domestic sales and proprietary IP growth, despite recent analyst downgrades to a “hold” rating.

  3. 15 days ago

    [BUSINESS] 2 sources
    MINISO Group reports H1 revenue of RMB 11.5 billion

    MINISO Group reported H1 revenue of RMB 11.5 billion during its Q2 2026 earnings call, despite recent stock price volatility and a gap down in share value.

  4. 26 days ago

    [BUSINESS] 6 sources
    MINISO Group projects interim profit growth and revenue increase

    MINISO Group expects interim profits to rise up to 6% to between 940 million and 960 million RMB, with revenue projected to grow by as much as 23%.

Sources

arts-spectacles.com · gznf.net · seekingalpha.com · stocknews.com · tmtpost.com

This summary has been updated 2 times: see revision history