MINISO Group (MNSO) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue reached RMB 11,499 million (CNY 11.5 billion), up 22.4% YoY, with EPS up 8.2% and GMV at RMB 19,947 million (+19.2%).

• Net cash from operating activities increased 45.5% YoY to RMB 1,475 million.

• Global store count reached 8,674 as of June 30, 2026, with significant expansion in both Chinese mainland and overseas markets.

• Strategic focus on proprietary IP, large-format stores, and membership growth is driving high-quality, sustainable expansion.

• Membership in China grew 31% to 130 million, with U.S. members up 107.1% YoY.

Financial highlights

• H1 revenue grew 22.4% YoY, with China up 26.2% and overseas up 14.9%; MINISO brand up 21.6%, TOP TOY up 32.7%.

• Adjusted operating profit (ex-forex) up 5% YoY to RMB 1,629 million; adjusted net profit (ex-forex) RMB 1,222 million (-1.7% YoY).

• Gross margin for H1 was 44.3%, flat YoY; Q2 gross margin improved to 45.3% due to tariff refunds.

• Operating cash flow in H1 was RMB 1,475 million, up 45.5%.

• Cash reserves at end of June were RMB 7,394.2 million.

Outlook and guidance

• Full-year 2026 revenue expected to grow mid-double digits; 2023-2026 CAGR projected at ≥21%.

• China revenue to grow mid-double digits in H2; overseas revenue to grow low single digits.

• Adjusted operating profit margin expected to decline 3–4 percentage points YoY for the full year.

• Net reduction of 50–70 overseas stores in H2, with 40–50 new directly operated stores and 100–110 distributor store closures.

• Net store openings guidance: Group +130 to +160, Chinese mainland +100, overseas (10) to +10, TOP TOY +40 to +50.