MINISO Group Q2 Earnings Call Highlights

MINISO’s China business drove growth: First-half revenue increased 22.4% to RMB11.5 billion, while China revenue rose 26.2%. Larger MINISO Land and flagship stores, renovations and the Super MINISO format improved sales productivity.

Proprietary IP and memberships gained momentum: YOYO generated nearly RMB500 million in first-half revenue, and proprietary-IP sales reached the company’s RMB1 billion target ahead of schedule. China membership grew 31% to 130 million, with members accounting for 77% of sales.

Overseas operations and profitability remain under pressure: Despite 40.9% overseas revenue growth, distributor weakness, elevated inventory and higher operating costs weighed on margins. Management expects high-single-digit second-half revenue growth and a high-single-digit full-year decline in adjusted operating profit, while prioritizing store optimization and share repurchases.

MINISO Group NYSE: MNSO reported first-half 2026 revenue of RMB11.5 billion, up 22.4% from a year earlier, as stronger domestic sales and store-format upgrades offset weaker-than-expected performance in parts of its overseas business. Founder and CEO Ye Guofu said the company’s global store count reached 8,674, while operating cash flow rose 46%. Management emphasized that its growth strategy is increasingly centered on larger store formats, proprietary intellectual property and membership operations. Ye said the company is prioritizing the long-term significance of those initiatives over near-term financial fluctuations.

MINISO’s China revenue rose 26.2% in the first half, its fastest first-half growth rate in three years, according to management. The company said the performance exceeded its internal guidance and outpaced China’s broader consumer retail market. At the end of the second quarter, MINISO China had 4,665 stores, representing a net addition of 97 stores during the first half. The company added 59 MINISO Land stores and 159 flagship stores, while regular stores recorded a net closure of 121 locations. Ye said the company’s 100th MINISO Land store in China opened in Chengdu on Aug. 22. Revenue growth outpaced store-count growth, which management said reflected higher per-store output and improved sales productivity. Ye said MINISO Land stores generate sales per square meter at roughly twice the level of regular stores. The company completed 189 store renovations in the first half and said renovated stores saw performance double year over year. The company also introduced Super MINISO, a format combining approximately 50% IP merchandise with 50% general lifestyle products. Ye said the format is intended to bring an IP-focused shopping experience to a broader consumer base while maintaining MINISO’s value-oriented positioning. During the question-and-answer session, Ye said MINISO Land stores maintained monthly sales above RMB3 million, while Super MINISO stores had remained above a RMB1 million baseline. He said the company expects China’s total MINISO store count to eventually reach 7,000 to 8,000 locations, including roughly 1,200 MINISO Land-family stores and 2,000 flagship stores.

Management highlighted proprietary IP as a new growth driver. Ye said YOYO, MINISO’s first proprietary IP, entered 53 countries within a year of its launch and generated nearly RMB500 million in related revenue during the first half. The company’s group-wide target of RMB1 billion in proprietary-IP sales was reached by the end of July, ahead of schedule. Ye al...