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MNSO

MINISO Group Holding Limited

MNSO

MINISO Group Holding Limited • NYSE
$19.87 ▲ 1.58% (+0.31)
Market Cap $6.09 B
52w High $27.71
52w Low $13.95
Dividend Yield 0.62%
P/E 20.28
Volume 431.15K
Outstanding Shares 306.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.797B ▲ $1.774B ▲ $440.539M ▲ 7.6% ▼ $1.4 ▲ $951.097M ▲
Q1-2025 $4.427B ▼ $1.248B ▼ $416.342M ▼ 9.405% ▼ $1.32 ▼ $737.788M ▲
Q4-2024 $4.713B ▲ $1.249B ▲ $805.693M ▲ 17.096% ▲ $6.95 ▲ $705.661M ▼
Q3-2024 $4.523B ▲ $1.177B ▲ $641.765M ▲ 14.19% ▼ $2.04 ▲ $906.714M ▲
Q2-2024 $4.035B $1.022B $587.63M 14.563% $1.88 $744.976M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2025 $7.253B ▲ $26.186B ▲ $15.508B ▲ $10.633B ▲
Q4-2024 $6.697B ▲ $18.12B ▲ $7.765B ▲ $10.315B ▲
Q3-2024 $5.665B ▼ $16.135B ▲ $6.57B ▲ $9.525B ▼
Q2-2024 $6.867B ▼ $15.713B ▲ $5.988B ▲ $9.697B ▲
Q1-2024 $7.262B $14.906B $5.807B $9.072B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $416.342M ▼ $0 $0 $0 $0 $0
Q4-2024 $805.693M ▲ $0 $0 $0 $0 $0
Q3-2024 $641.765M ▲ $0 $0 $0 $0 $0
Q2-2024 $587.63M ▲ $0 $0 $0 $0 $0
Q1-2024 $582.472M $0 $0 $0 $0 $0

Revenue by Products

Product Q2-2022Q4-2022Q2-2023Q4-2023
License fees
License fees
 $110.00M ▲$0 ▼$80.00M ▲$40.00M ▼
Online sales
Online sales
 $650.00M ▲$0 ▼$710.00M ▲$360.00M ▼
Other sales channels
Other sales channels
 $220.00M ▲$0 ▼$90.00M ▲$40.00M ▼
Product sales to franchisees
Product sales to franchisees
 $5.50Bn ▲$0 ▼$5.96Bn ▲$3.86Bn ▼
Retail sales in selfoperated stores
Retail sales in selfoperated stores
 $560.00M ▲$320.00M ▼$990.00M ▲$1.00Bn ▲
Sales to offline distributors
Sales to offline distributors
 $2.07Bn ▲$160.00M ▼$2.61Bn ▲$1.66Bn ▼
Salesbased management and consultation service fees
Salesbased management and consultation service fees
 $480.00M ▲$0 ▼$500.00M ▲$320.00M ▼
Salesbased royalties
Salesbased royalties
 $100.00M ▲$0 ▼$100.00M ▲$70.00M ▼
Others
Others
 $400.00M ▲$0 ▼$430.00M ▲$280.00M ▼

Five-Year Company Overview

Income Statement

Income Statement MINISO’s income statement shows a business that has scaled up quickly and become steadily more profitable. Revenue has grown strongly over the past few years, and profits have improved even faster, suggesting better cost control and operating efficiency. The shift from losses at the time of IPO to solid, growing earnings points to a much more mature and resilient business model today. The main risks are its dependence on discretionary spending and on keeping products “on trend” – if demand softens or product choices miss the mark, profitability could come under pressure.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively strong. The company holds a large cash position compared with its overall size, and its debt level remains modest, even though borrowings have crept up recently. Shareholders’ equity has been steadily building, which reflects accumulated profits and a stronger financial base over time. Overall, MINISO appears to have room to fund growth and expansion without being overly reliant on borrowing, but the upward trend in debt is worth monitoring.

Cash Flow

Cash Flow MINISO consistently generates healthy cash from its operations, which is a good sign that reported profits are backed by real cash earnings. Free cash flow has generally been positive and has improved as the business has scaled, even while the company continues to invest in new stores and infrastructure. Capital spending has picked up versus the early years after the IPO, but it still looks manageable relative to the cash coming in. The key watch point is whether future store expansion and new initiatives continue to pay for themselves through strong operating cash flow.

Competitive Edge

Competitive Edge MINISO occupies a distinct niche in value-oriented, design-focused lifestyle products, with strong appeal to younger consumers. Its brand, efficient supply chain, and rapid product refresh cycle give it an edge versus many traditional retailers. The partnership-style store model supports fast global expansion while keeping capital needs relatively contained. At the same time, the company faces intense competition from other discount and specialty retailers, as well as online platforms, and it must keep traffic flowing to physical stores to sustain its advantage.

Innovation and R&D

Innovation and R&D Innovation at MINISO is less about lab research and more about data, design, and speed. The company uses real-time data to decide what to make and stock, and it pushes out a high volume of new products every week to stay fresh. Its IP collaborations with major global entertainment brands are a key differentiator, creating products competitors cannot easily copy and deepening emotional ties with customers. New store concepts and potential use of technologies like augmented reality show that MINISO is actively experimenting with the shopping experience, but this also means execution risk if new formats or collaborations don’t resonate.

Summary

Overall, MINISO has transitioned from a fast-growing newcomer to a more established, profitable global retailer with a solid financial footing. Growth, margins, and cash generation have all moved in the right direction, supported by a distinctive model built on brand, IP partnerships, and supply chain efficiency. The main opportunities lie in continued international expansion, deeper IP portfolios, and experiential store formats, while the main risks center on fashion and trend cycles, consumer spending swings, and the challenges of scaling a store network worldwide. For now, the financials and business model together paint the picture of a company with meaningful momentum but also with clear execution and market risks that need ongoing attention.

NEWS

November 27, 2025 · 5:51 AM UTC

MINISO Unveils Australia's First and Largest MINISO LAND Flagship at Sydney Chatswood

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November 20, 2025 · 11:05 PM UTC

MINISO Group Announces September Quarter and First Nine Months of 2025 Unaudited Financial Results

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November 18, 2025 · 3:09 AM UTC

MINISO LAND Wins Best New Store Concept at MAPIC Awards 2025

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November 10, 2025 · 4:00 AM UTC

MINISO Group to Report September Quarter 2025 Financial Results on November 21, 2025

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October 6, 2025 · 8:00 AM UTC

MINISO x Toca Boca ® Collab Transforms Toca Boca® World's™ Digital Playground into Real Life Fun

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