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MINISO Group Holding
(NYSE:MNSO)
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Rating:64Neutral
Price Target:
$13.50
▲(8.35% Upside)
Action:Reiterated
Date:07/16/26
The score is primarily held back by weaker 2025 profitability and a sharp rise in leverage despite continued revenue growth and positive free cash flow. Valuation is a key offset (moderate P/E and strong dividend yield), while technicals remain mixed with the stock still below key longer-term moving averages.
Positive Factors
Sustained high revenue growth
Consistent high single- to double-digit top-line growth (28%+ recent quarters) signals durable demand for MINISO’s product assortment and successful execution. Sustained revenue expansion supports scale benefits in sourcing, funds international store rollouts, and underpins reinvestment capacity over the medium term.
Negative Factors
Rising leverage
A rapid increase in leverage to ~1.07 materially reduces financial flexibility and raises interest and refinancing risk. Higher debt limits capacity to invest and increases vulnerability if margins or cash flows weaken, making the capital structure a persistent risk over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained high revenue growth
Consistent high single- to double-digit top-line growth (28%+ recent quarters) signals durable demand for MINISO’s product assortment and successful execution. Sustained revenue expansion supports scale benefits in sourcing, funds international store rollouts, and underpins reinvestment capacity over the medium term.
Read all positive factors
MINISO Group Holding (MNSO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.71B
Dividend Yield5.64%
Average Volume (3M)709.93K
Price to Earnings (P/E)12.1
Beta (1Y)0.59
Revenue Growth30.50%
EPS Growth-13.32%
CountryUS
Employees8,329
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)7.56
Shares Outstanding309,740,100
10 Day Avg. Volume835,283
30 Day Avg. Volume709,927
Financial Highlights & Ratios
PEG Ratio-0.63
Price to Book (P/B)3.78
Price to Sales (P/S)1.93
P/FCF Ratio24.33
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$16.00Price Target Upside28.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)10.07
Revenue Forecast (FY)$25.54B
MINISO Group Holding Business Overview & Revenue Model
Company Description
MINISO Group Holding Limited (MNSO) is a global retailer and brand operator focused on offering a wide range of everyday consumer goods—such as lifestyle and household items, cosmetics and personal care, toys, stationery, electronics accessories, ...
How the Company Makes Money
MINISO primarily makes money by selling consumer goods through its retail network under the MINISO brand. Revenue is generated mainly from merchandise sales to customers in company-operated stores and via e-commerce/digital channels where applicab...
MINISO Group Holding Earnings Call Summary
Earnings Call Date:May 26, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 28, 2026
Earnings Call Sentiment Positive
The call conveyed strong top-line momentum, substantial store expansion, rapid growth in strategic segments (TOP TOY and proprietary IP like YOYO), and notable membership and cash flow improvements. Management is confident in international rollouts (Indonesia, North America, Europe) and in the long-term leverage from IP and AI, while acknowledging near-term margin pressure driven by higher marketing, licensing and logistics costs, FX volatility, and elevated overseas inventory. Given the scale of growth and operational progress outweighing the margin headwinds, the overall tone is constructive and growth-focused.Positive Updates
Strong Top-Line Growth
Group revenue reached RMB 5.7 billion in Q1, up 28.5% year-over-year and exceeding prior guidance; group GMV was RMB 10.1 billion, up 26%.
Negative Updates
Gross Profit Margin Compression
Group gross margin declined to 43.3% from 44.2% a year ago, a 0.9 percentage-point decrease driven by mix (higher share of lower-margin assortments and new domestic quick-commerce formats) and smaller share of high-margin overseas revenue.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Group revenue reached RMB 5.7 billion in Q1, up 28.5% year-over-year and exceeding prior guidance; group GMV was RMB 10.1 billion, up 26%.
Read all positive updates
Company Guidance
Guidance: management expects full‑year 2026 group revenue to grow by high double‑digits with a 3‑year CAGR of at least 22%, full‑year net store additions of 450–500 (H1: 210–230) and plans to roll out roughly 500 large‑format/flagship/LAND stores; H1 revenue is guided to grow 20–22%; MINISO China same‑store sales are expected to remain mid‑single‑digit positive and North America same‑store sales high‑single‑digit to low‑double‑digit; adjusted net profit (excluding FX and one‑offs) is expected to accelerate versus 2025. For context, Q1 included revenue RMB 5.7bn (+28.5%), GMV RMB 10.1bn (+26%), MINISO brand revenue RMB 5.17bn, TOP TOY RMB 510m (+51.4%), adjusted operating profit RMB 840m (+14.3%) and adjusted net profit ~RMB 630m (+8%), cash RMB 7.05bn, inventory days 101 (China 67, overseas 254) and membership contributed 73% of Q1 sales (vs ~60% target for the full year).MINISO Group Holding Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
48
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Mar 2026 | Dec 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.63B | 20.86B | 16.99B | 15.26B | 11.47B | 10.09B |
| Gross Profit | 8.40B | 9.39B | 7.64B | 6.48B | 4.44B | 3.07B |
| EBITDA | 3.26B | 3.45B | 4.29B | 3.88B | 2.43B | 1.02B |
| Net Income | 2.35B | 1.17B | 2.62B | 2.50B | 1.77B | 638.17M |
Balance Sheet | ||||||
| Total Assets | 26.65B | 28.65B | 18.12B | 14.49B | 13.45B | 11.28B |
| Cash, Cash Equivalents and Short-Term Investments | 7.46B | 7.09B | 6.70B | 6.63B | 7.28B | 5.80B |
| Total Debt | 10.36B | 11.41B | 3.11B | 1.25B | 892.95M | 658.01M |
| Total Liabilities | 15.75B | 17.93B | 7.76B | 5.29B | 4.53B | 4.25B |
| Stockholders Equity | 10.85B | 10.63B | 10.31B | 9.17B | 8.90B | 7.03B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.65B | 1.41B | 1.67B | 1.49B | 172.06M |
| Operating Cash Flow | 0.00 | 2.62B | 2.17B | 2.20B | 1.67B | 1.41B |
| Investing Cash Flow | 0.00 | -7.02B | -533.25M | 354.15M | -293.41M | -2.13B |
| Financing Cash Flow | 0.00 | 4.92B | -1.72B | -2.64B | -325.96M | -733.56M |
MINISO Group Holding Technical Analysis
Negative
12.46
Price Trends
12.34
Negative
13.58
Negative
16.26
Negative
Market Momentum
-0.08
Positive
39.34
Neutral
7.23
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MNSO, the sentiment is Negative. The current price of 12.46 is below the 20-day moving average (MA) of 12.50, above the 50-day MA of 12.34, and below the 200-day MA of 16.26, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 39.34 is Neutral, neither overbought nor oversold. The STOCH value of 7.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MNSO.
MINISO Group Holding Risk Analysis
MINISO Group Holding disclosed 103 risk factors in its most recent earnings report. MINISO Group Holding reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
1.
Adverse developments affecting financial institutions or the financial services industry in general, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and our financial condition and results of operations. Q2, 2023
2.
Our business is operated globally. Global inflationary pressures could negatively affect our results of operations and cash flows. Q2, 2023
MINISO Group Holding Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $6.94B | 6.27 | 18.50% | 4.35% | 0.97% | 10.77% | |
70 Outperform | $13.17B | 30.25 | 21.07% | ― | 25.87% | 66.82% | |
66 Neutral | $7.31B | 38.05 | -17.67% | ― | 0.73% | 44.07% | |
64 Neutral | $3.71B | 12.05 | 18.85% | 5.35% | 30.50% | -13.32% | |
63 Neutral | $3.65B | 5.37 | -52.38% | 4.02% | -1.40% | -4.34% | |
62 Neutral | $14.10B | -41.15 | 11.48% | ― | 7.46% | -2.70% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
MNSO
MINISO Group Holding
11.81
-7.25
-38.03%
BBWI
Bath & Body Works
18.63
-8.95
-32.45%
VIPS
Vipshop
14.16
-2.14
-13.16%
FIVE
Five Below
241.71
106.68
79.00%
W
Wayfair
101.13
22.40
28.45%
ETSY
Etsy
80.67
14.24
21.44%
MINISO Group Holding Corporate Events
MINISO Files June 2026 Hong Kong Share Capital Update, Confirms Buybacks Pending Cancellation
Jul 7, 2026
MINISO reported that its authorised share capital and issued ordinary share count remained unchanged at 10 billion and 1.24 billion shares respectively as of June 30, 2026, while confirming compliance with Hong Kong’s minimum public-float re...
MINISO Shareholders Approve All Resolutions at June 18, 2026 AGM
Jun 22, 2026
MINISO Group Holding Limited, a global value-focused lifestyle retailer known for its MINISO and TOP TOY brands, has built an extensive international store network since launching in mainland China in 2013. The company targets consumers seeking fa...
MINISO Expands Share Buybacks With New ADS Repurchase on NYSE
Jun 16, 2026
MINISO Group Holding disclosed in a June 16, 2026 filing that its issued share capital on June 10, 2026 remained at 1,238,960,393 ordinary shares, while it executed a share repurchase that day without altering the total issued share count as of th...
MINISO Repurchases 1.57 Million Shares in Hong Kong Under Ongoing Buyback Program
Jun 11, 2026
MINISO Group Holding Limited has disclosed a series of share repurchases conducted on June 8, 2026, under its existing Hong Kong share buyback mandate, as reported in a Form 6-K filed with the U.S. Securities and Exchange Commission on June 11, 20...
MINISO Steps Up Buybacks With HK$30 Million Share Repurchase on June 4
Jun 9, 2026
On June 4, 2026, MINISO Group Holding Limited reported via a Hong Kong Stock Exchange Next Day Disclosure Return that it had repurchased 1,152,000 ordinary shares on June 4, 2026, at prices ranging between HK$25.74 and HK$26.12 per share, for a to...
MINISO Files June 6-K Detailing HK$18 Million Share Buyback on Hong Kong Market
Jun 4, 2026
MINISO Group Holding Limited filed a Form 6-K with the U.S. Securities and Exchange Commission dated June 4, 2026, covering equity-related disclosures for its Hong Kong-listed shares for May and early June 2026. The filing packages several Hong Ko...
MINISO Group Discloses June 1 Share Buyback on Hong Kong Market
Jun 2, 2026
On June 2, 2026, MINISO Group filed a Form 6-K with the U.S. Securities and Exchange Commission for June 2026, detailing Hong Kong regulatory disclosures on its share capital. The filing shows that, as of June 1, 2026, the company’s issued s...
MINISO Posts Strong Q1 2026 Growth as Global Store Network Expands
May 27, 2026
MINISO reported unaudited results for the quarter ended March 31, 2026, highlighting robust top-line and profit growth across its expanding global footprint. Group revenue rose 28.5% year on year to RMB 5.69 billion, driven by mid-single digit sam...
MINISO Issues Positive Profit Alert as Q1 2026 Profit Triples on AI Investment Gains
May 14, 2026
MINISO Group Holding issued a positive profit alert on May 13, 2026, indicating a strong performance for the quarter ended March 31, 2026, with preliminary unaudited figures pointing to revenue of RMB5.68–5.73 billion, up 28–29% year o...
MINISO Reports Stable Share Base and New RSU Grants in April 2026 Monthly Equity Return
May 8, 2026
MINISO Group Holding filed a Form 6-K on May 8, 2026, submitting its monthly return of equity movements for the period ended April 30, 2026 to regulators in the United States and Hong Kong. The filing shows no change in its authorised share capita...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.