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MINISO Group revenue growth amid declining adjusted profits

Updated 2 times since CLSTR started tracking revisions of this situation.

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2026-09-02 05:11 UTC → 2026-09-05 03:07 UTC · added removed

MINISO Group financial performance and earnings revenue growth amid declining adjusted profits

MINISO Group initially projected Group’s 2026 interim profit growth of approximately 4% to 6% and results show a divergence between revenue increases of 22% to 23% for the period ending June 30. The company noted that profit growth was aided by investment income and unrealized gains from an AI-related partnership, though these were partially offset by foreign exchange losses and increased operating expenses. Following the reporting period, the company confirmed H1 profitability. While total revenue reached RMB 11.5 billion. Despite these results, MINISO Group shares experienced a gap down, opening at $10.89 after a previous close of $11.42. The company maintains a market capitalization of rose 22.4% year-on-year to approximately $3.35 billion. Recent financial reports highlight that the RMB 11.5 billion revenue represents 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 22.4% year-on-year increase. Growth 26.2% increase in mainland China reached 26.2%, the company’s China—the fastest rate in three years, attributed to a shift toward “quality growth” and years—and the expansion of its the “park-style” large-store model. Proprietary Intellectual Property (IP) has become a primary driver; continues to drive performance, with the YOYO IP brand recorded recording monthly sales exceeding above 100 million yuan in China for two consecutive months, and collaborations like alongside global contributions from the Toy Story 5 series contributed significant global GMV. Despite these fundamentals, the company series. However, profitability has faced increased analyst scrutiny. Nomura downgraded MINISO been impacted by a strategic shift from a “strong-buy” 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 “hold” rating, while Citigroup net loss of 292 million yuan during the second quarter. Amidst these developments, analyst sentiment remains cautious, with Nomura, Citigroup, and HSBC have maintained or issued maintaining “hold” or “neutral” ratings. The stock has seen increased trading volume following these shifts in sentiment.

Versions

  1. 2026-09-05 03:07 UTC MINISO Group revenue growth amid declining adjusted profits
  2. 2026-09-02 05:11 UTC MINISO Group financial performance and earnings
  3. 2026-08-28 21:32 UTC MINISO Group financial performance and earnings

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