Miniso Group Holding Limited reported its interim earnings on August 28, revealing a stark contrast between its booming China business and its struggling global expansion. In China, revenue grew 26.2% in the first half of 2026, the fastest in three years, driven by a membership base that crossed 130 million people, up 31% year over year, with members accounting for 77% of total China sales. However, overseas expansion has weighed on profitability, with adjusted operating profit falling 6% to RMB 1.49 billion and adjusted net profit slipping 1.7% to RMB 1.22 billion, as selling expenses rose to 25.8% of revenue from 23.1% a year earlier due to higher rent and depreciation from directly operated stores. The company's proprietary IP push, including the YOYO brand, generated close to RMB 500 million in revenue in the first half and hit its RMB 1 billion company-wide target by July, while TOP TOY grew revenue 32.7%.
MINISO Group Holding LimitedInterim earnings show China revenue up 26.2% and 130M members, but adjusted operating profit fell 6% and net profit slipped 1.7% on overseas expansion costs.
TOP TOY grew revenue 32.7% in the first half, cited as a bright spot alongside Miniso's proprietary IP push.
