MINISO Group Holding Limited

Latest Results (03.08.2026):

MINISO Group Holding Limited - Q1 2026 (three months ended March 31, 2026): the company reported strong top-line and headline profit growth, with group revenue up 28.5% YoY to RMB5,688.4 million and profit for the period rising 199.7% YoY to RMB1,248.1 million; management cited mid-single-digit same-store GMV growth (SSSG) as the driver and highlighted continued store expansion and strategic initiatives.

Revenue and same-store growth

Group revenue: RMB5,688.4m (+28.5% YoY). MINISO brand revenue: RMB5,173.4m (+26.6% YoY) — Chinese mainland +29.6% (high-single-digit SSSG), overseas +21.9% (low-single-digit SSSG). TOP TOY revenue: RMB514.5m (+51.4% YoY).

Operating performance

Operating profit: RMB1,521.4m (+114.3% YoY) with operating margin 26.7% (vs 16.0% a year ago). Adjusted operating profit (company non‑IFRS) excluding FX: RMB838.1m (+14.3% YoY) with adjusted operating margin excluding FX 14.7%.

Net profit and adjusted metrics

Profit for the period: RMB1,248.1m (+199.7% YoY), net margin 21.9%. Adjusted net profit excluding FX: RMB633.1m (+8.1% YoY), adjusted net margin excluding FX 11.1%.

Key drivers of one‑time / non‑operating impacts

Other net income included an unrealized mark‑to‑market gain of RMB874.6m from a limited partnership AI investment, which materially boosted reported operating profit and net profit this quarter. Net finance costs rose to RMB104.0m (from RMB49.0m) driven by higher interest on lease liabilities, Equity Linked Securities and acquisition‑related borrowings.

Margins and expense trends

Gross margin contracted to 43.3% (from 44.2%) due in part to a lower share of higher‑margin overseas sales. Selling & distribution expenses increased 44.0% YoY (promotion & advertising +73.7%); general & administrative expenses +22.8% YoY (personnel related).

Store network expansion

Total stores: 8,565 as of March 31, 2026 (net +797 YoY; +80 YTD). MINISO stores: 8,210 (4,593 in Chinese mainland; 3,617 overseas). About 56% of new MINISO stores in the last 12 months were overseas.

Cash, liquidity and capital returns

Cash position (cash, equivalents, restricted cash, term deposits, other current investments): RMB7,049.1m as of March 31, 2026 (roughly flat vs Dec 31, 2025). The company paid US$115.8m in cash dividends in Apr–May 2026 and has returned RMB6.2bn since its 2020 U.S. IPO; management indicated potential share repurchases depending on market conditions.

Profitability per share

Basic earnings per ADS (each ADS = 4 ordinary shares): RMB4.12 (vs RMB1.36 in 25Q1). Adjusted basic/diluted earnings per ADS: RMB1.80 (vs RMB1.92/1.88 in 25Q1).

Adjusted EBITDA and cash flow

Adjusted EBITDA: RMB1,105.7m (+6.6% YoY) with adjusted EBITDA margin 19.4%. Net cash from operating activities: RMB365.2m; capex RMB270.6m; free cash flow RMB94.6m for the quarter.