MINISO Group Holding Limited
- Open
- 12.00
- Day high
- 12.22
- Day low
- 12.00
- Prev close
- 12.06
- Volume
- 239K
- Mkt cap
- $3.7B
- P/E (TTM)
- 12.4
- EPS (TTM)
- $0.98
- P/B
- 2.3
- P/S
- 1.1
- Yield
- 5.36%
- Per share
- $0.65
- ▲Insiders net buying $13.8M over the last 3 months (6 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
MINISO Group Holding Limited (MNSO) is a Consumer Cyclical company listed on NYSE. The stock is down 34% over the past year. Over the trailing 3 months, insiders filed 6 open-market buys and 0 sales (SEC Form 4).
MINISO Group Holding Limited (MNSO) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MNSO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 26, 2026 | $0.27 | $-0.07 | -125.3% | $894M | +2.3% |
| Mar 31, 2026 | $0.33 | $-0.07 | -121.1% | $894M | +2.3% |
| Nov 20, 2025 | $0.36 | $0.35 | -3.9% | $114M | -86.8% |
| Aug 21, 2025 | $0.33 | $0.22 | -33.2% | $693M | -12.2% |
| May 23, 2025 | $0.28 | $0.19 | -33.2% | $608M | -10.2% |
| Mar 21, 2025 | $0.36 | $0.36 | -0.0% | $645M | +7.9% |
| Nov 29, 2024 | $0.04 | $0.30 | +603.2% | $645M | -4.3% |
| Aug 30, 2024 | $0.04 | $0.26 | +561.6% | $555M | +595.7% |
| Mar 12, 2024 | $0.27 | $0.29 | +8.2% | $542M | — |
| Nov 20, 2023 | $0.26 | $0.29 | +9.7% | $449M | +524.0% |
| May 16, 2023 | $0.17 | $0.22 | +29.9% | $403M | +579.0% |
| Feb 28, 2023 | $0.13 | $0.16 | +25.7% | $339M | -5.6% |
MNSO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 2, 2026 | Yang Yunyun (Alice)officer: Vice President | Buy | 1,300,000 | $3.27 |
| Jun 2, 2026 | Yang Yunyun (Alice)officer: Vice President | Buy | 150,000 | $3.35 |
| Jun 2, 2026 | Yang Yunyun (Alice)officer: Vice President | Buy | 650,000 | $3.30 |
| Jun 2, 2026 | Ye Guofudirector, officer: Chief Executive Officer | Buy | 1,300,000 | $3.27 |
| Jun 2, 2026 | Ye Guofudirector, officer: Chief Executive Officer | Buy | 150,000 | $3.35 |
| Jun 2, 2026 | Ye Guofudirector, officer: Chief Executive Officer | Buy | 650,000 | $3.30 |
Source: MNSO SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.
See the full MNSO insider & 13F page →MINISO Group Holding Limited company profile
Overview
MINISO Group Holding Limited (NYSE:MNSO) is a Chinese lifestyle retailer founded in 2013 and headquartered in Guangzhou, China. The company went public on the New York Stock Exchange in October 2020. MINISO operates as a global value retailer specializing in affordable lifestyle products with a focus on IP-driven design and "interest-based consumption." The company has rapidly expanded from its origins in China to become a global retail network with operations across Asia, the Americas, and Europe, operating nearly 8,000 stores worldwide as of 2024.
Business
MINISO operates in the specialty retail sector, specifically in the lifestyle products category. The company's business model centers around offering affordable, trendy lifestyle products that appeal to young consumers seeking quality items at accessible price points. The company operates through three main business segments: 1. **MINISO Brand Stores** (approximately 85% of revenue): These stores offer a curated selection of lifestyle products including home décor, small electronics, textiles, accessories, beauty tools, toys, cosmetics, personal care products, snacks, fragrances, and stationery. The stores follow a minimalist Japanese-inspired design aesthetic with products typically priced between $1-10. The brand positions itself as offering "simple, natural, and quality" products that combine functionality with trendy design. 2. **TOP TOY Brand** (approximately 15% of revenue): This segment focuses on collectible toys, blind boxes, toy bricks, model figures, collectible dolls, and other popular toys targeting collectors and enthusiasts. TOP TOY has experienced rapid growth, with revenue increasing 45% in fiscal 2024, capitalizing on the growing collectibles market in China and internationally. 3. **WonderLife Brand**: A smaller segment offering premium lifestyle products, though specific revenue contribution is not separately disclosed. The retail concept is similar to Japanese retailers like Muji or Daiso, but with a stronger emphasis on intellectual property (IP) collaborations and trend-driven product development. MINISO has partnerships with over 150 global IP brands including Disney, Sanrio, and Harry Potter, with IP-related products targeting 50% of total sales by 2028.
Revenue model
MINISO generates revenue primarily through product sales across its retail network, operating under both franchise and directly-operated store models. The company makes money through several revenue streams: **Primary Revenue Model**: Product sales through retail stores, with gross margins averaging 44-45% as of 2024. The company sources products from suppliers (primarily in China) and sells them through its retail network at markup prices that maintain affordability while generating profit. **Store Operation Models**: MINISO operates through a hybrid model combining franchise partnerships (majority of stores) and directly-operated stores. Franchise partners pay initial fees and ongoing royalties, while directly-operated stores provide higher margins but require more capital investment. **Geographic Revenue Mix**: As of 2024, domestic China operations contribute approximately 55% of revenue (RMB 9.3 billion), while overseas operations contribute 39% (RMB 6.7 billion), with the remainder from other segments. **Margin Enhancement Factors**: Several factors positively impact margins including IP product sales (which command premium pricing), larger store formats that improve operational efficiency, supply chain optimization, and the company's ability to leverage economies of scale in procurement. The company has improved gross margins from 30.4% in 2022 to 44.9% in 2024. **Margin Pressure Factors**: Cost inflation in raw materials and logistics, currency fluctuations affecting overseas operations, potential tariffs on Chinese exports (particularly relevant for US operations), competitive pricing pressure in the value retail segment, and the costs associated with rapid international expansion including higher rent and operational costs in developed markets. The company's customers are primarily young consumers aged 18-35 who value trendy, affordable lifestyle products. The business benefits from China's strong manufacturing ecosystem and cost advantages, though it faces ongoing challenges from supply chain diversification requirements and geopolitical trade tensions.
Competitive moat
MINISO's competitive moat is moderate and primarily built around several key advantages, though it faces significant competitive pressures in the global retail landscape. **Strengths**: The company has developed a strong brand recognition in the affordable lifestyle retail space, particularly in Asian markets where it has achieved significant market penetration. Its extensive IP partnership network with over 150 global brands provides differentiated product offerings that are difficult for competitors to replicate quickly. The company's scale advantages in procurement and supply chain management, combined with its established relationships with Chinese manufacturers, enable cost efficiencies that smaller competitors cannot match. **Store Network and Real Estate**: With nearly 8,000 stores globally, MINISO has secured prime retail locations in key markets, and its proven store format and operational systems provide advantages in expansion and franchisee attraction. The company's membership program with over 100 million global members creates some customer stickiness and data advantages for product development. **Vulnerabilities**: The moat is not particularly strong due to several factors. The lifestyle retail space has low barriers to entry, and the company faces intense competition from both online retailers (especially Amazon and Alibaba) and other physical retailers. The business model is relatively easy to replicate - competitors can source similar products from the same Chinese manufacturing base and copy the store format concept. **Competitive Threats**: Major threats include established global retailers like Target, Walmart, and IKEA expanding their affordable lifestyle offerings, as well as direct-to-consumer brands selling similar products online. The company also faces competition from local retailers in each market it enters. Additionally, the heavy reliance on Chinese manufacturing creates vulnerability to supply chain disruptions and trade tensions. **Overall Assessment**: While MINISO has built a recognizable brand and achieved operational scale, its competitive advantages are primarily operational rather than structural, making the moat relatively narrow and requiring continuous execution excellence to maintain market position.
Risks & safety
MINISO demonstrates a solid financial position with reasonable margin of safety, though some valuation concerns exist at current levels. **Liquidity and Solvency**: - Strong cash position of RMB 932 million as of Q1 2025 - Current ratio of 1.99, indicating adequate short-term liquidity - Debt-to-equity ratio of 0.87, showing moderate leverage levels - Positive free cash flow generation of RMB 192 million in 2024 - No significant solvency concerns given strong cash generation **Valuation Metrics**: - P/E ratio of 6.2 (Q1 2025) appears attractive for a growing retailer - Price-to-book ratio of 0.97, suggesting trading near book value - EV/EBITDA of 14.7, reasonable for the growth profile - Graham number of 32.6 suggests potential undervaluation **Other Considerations**: - Consistent profitability with improving margins over recent years - Strong revenue growth trajectory (23% in 2024, 90% in Q1 2025) - Geographic diversification reduces single-market risk - However, exposure to China regulatory environment and US-China trade tensions creates some uncertainty - Rapid international expansion requires continued capital investment
Recent development
Over the past few years, MINISO has undergone significant strategic transformation focused on global expansion and brand elevation. The company has shifted from a pure cost-leadership model to positioning itself as a "global value retailer" emphasizing IP-driven product innovation and design. **Key Strategic Initiatives**: The most notable development has been the aggressive expansion of IP partnerships, growing from 17 IP licenses in 2022 to over 150 by 2024, with successful collaborations including Disney, Sanrio, and Harry Potter. The company targets IP products contributing 50% of total sales by 2028, up from the current 20-25%. **International Expansion**: MINISO has accelerated overseas expansion, with international revenue growing from 42% in 2023 to 39% of total revenue in 2024. The company has focused particularly on the US market, concentrating on 24 states representing 76% of the US population, and has expanded significantly in Southeast Asia and Latin America. **Operational Improvements**: The company has implemented a "super store" strategy, opening larger flagship stores that improve operational efficiency and customer experience. Store count has grown from approximately 5,000 in 2022 to nearly 8,000 by 2024, with plans to continue adding 900-1,100 stores annually through 2028. **Supply Chain Diversification**: In response to geopolitical tensions, MINISO has begun diversifying its supply chain beyond China, increasing local sourcing to 30-40% in key markets and exploring manufacturing partnerships in Southeast Asia, Japan, and Korea. **Strategic Acquisition**: The company acquired a 29.4% stake in Chinese supermarket chain Yonghui in 2024, representing a move toward multi-brand retail strategy and potential synergies in procurement and operations. **Digital and Membership Growth**: MINISO has expanded its omnichannel capabilities and grown its global membership program to over 100 million members, enhancing customer data and loyalty programs.
MNSO company profile · for informational purposes only — not investment advice.
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