MINISO Group Holding (MIF) Q2 2026 Earnings Report

The call presented a balanced picture: strong, high-quality growth in China, rapid progress on proprietary IP and membership initiatives, healthy cash generation and shareholder returns are significant positives. However, meaningful execution and profitability challenges in overseas markets, elevated inventory days internationally, increased operating expenses and a more cautious profit/margin outlook introduce notable near-term risks. Management’s clear action plans (slowing overseas rollouts, focusing on ROI and refining store/product cadence) are constructive but indicate a transitional period.

Management guided company revenue to grow high single‑digits in H2 (mid‑double‑digits for the full year), with MINISO China revenue up mid‑to‑upper single‑digits in H2 while overseas revenue grows low single‑digits; they expect overseas distributor revenue to decline low‑double‑digits and overseas directly‑operated business to grow low‑double‑digits, TOP TOY to be roughly flat in H2 (low‑double‑digit growth for the full year), and same‑store growth guidance to remain low single‑digits for MINISO China and North America for the full year. They plan H2 net store moves of a 50–70 net reduction in overseas stores overall (including a net addition of 40–50 directly‑operated stores and a net reduction of 100–110 distributor stores). Profit guidance is more cautious: adjusted operating profit (ex‑FX) is expected to decline high single‑digits Y/Y with adjusted operating profit margin down ~3–4 percentage points; tariff‑refunds should add ~20–30 bps to gross margin over the next two quarters. Management also reiterated a shareholder‑return policy of buybacks plus dividends of no less than 50% of adjusted net profit (ex‑FX).