MINISO Group (MNSO) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 28.5% year-over-year to CNY 5.7 billion (RMB5,688.4 million), exceeding guidance and expectations, with adjusted net profit (excluding FX) up 11.1%.

• Operating cash flow grew 40%, and free cash flow increased 36% year-over-year.

• Continued strong growth in Chinese Mainland (revenue up 29.6% YoY) and overseas markets (revenue up 21.9% YoY, store count up 404 YoY).

• Strategic focus on store upgrades, proprietary IP, and international expansion, especially in Indonesia, U.S., and Europe.

• Store network expanded to 8,565 globally, with 56% of new stores in overseas markets.

Financial highlights

• Group GMV reached CNY 10.1 billion (RMB 10,092 million), up 26% year-over-year.

• MINISO brand revenue was CNY 5.17 billion (+26.6%), China Mainland revenue CNY 3.23 billion (+29.6%), overseas revenue CNY 1.94 billion (+22%).

• TOP TOY revenue grew 51.4% to CNY 510 million (RMB514.5 million).

• Gross profit margin was 43.3%, down 0.9 percentage points year-over-year.

• Adjusted operating profit (ex-forex) grew 14.3% to CNY 840 million (RMB838.1 million); adjusted net profit (ex-forex) was CNY 633 million (RMB633.1 million), up 8.1% YoY.

Outlook and guidance

• Full-year 2026 revenue expected to grow at high double digits or high teens; 3-year CAGR no less than 22%.

• Net store additions for 2026 guided at 450-500 globally, with focus on quality.

• H1 2026 revenue expected to grow 20%-22%, with 210-230 net new stores.

• China same-store sales to maintain mid-single digit growth; North America high single to low double-digit growth.

• Management to deepen globalization and IP strategies, optimize product mix, and expand store network.