MNSO

MKT CAP:$5B

MINISO Group Holding Limited

Market Cap

$5B

Consumer Cyclical·Specialty Retail·🇨🇳 China·NYSE

Consumer Cyc.·Specialty Retail·🇨🇳·NYSE

Stock Price

$15.03-$4.46 (-22.88%)

Apr 24, 2026

Company Details

MINISO Group Holding Limited, an investment holding company, engages in the retail and wholesale of lifestyle products in China, Asia, the Americas, and Europe. The company offers products in various categories, including home decor product...

CEO

Guofu Ye

IPO Date

Oct 15, 2020

Website

www.miniso.com

Key Metrics TTM

Revenue

$3.1B

+25.7% YoY

Net Income

$176M

EPS (Diluted)

$0.56

Free Cash Flow

$0

Revenue / Share

$10.58

Gross Margin

45.0%

Operating Margin

14.6%

Net Margin

5.7%

FCF Margin

0.0%

P/S

1.5x

P/E

26.6x

Earnings Reports

FY 2025

Dec 30, 2025

$3.0BEPS $0.55

Q4 2025

Dec 30, 2025

$901M+30.9%EPS -$0.07

Q3 2025

Nov 24, 2025

$847M+28.2%EPS $0.20

Q2 2025

Aug 22, 2025

$726M+23.1%EPS $0.23

Q1 2025

May 23, 2025

$647M+18.9%EPS $0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$342M	$103M	$21M
Q2 22	$339M	$113M	$40M
Q3 22	$405M	$144M	$74M
Q4 22	$364M	$146M	$65M
Q1 23	$432M	$170M	$84M
Q2 23	$475M	$189M	$101M
Q3 23	$554M	$231M	$115M
Q4 23	$561M	$242M	$112M
Q1 24	$544M	$236M	$109M
Q2 24	$590M	$259M	$110M
Q3 24	$661M	$297M	$119M
Q4 24	$689M	$324M	$140M
Q1 25	$647M	$286M	$101M
Q2 25	$726M	$321M	$114M
Q3 25	$847M	$378M	$119M
Q4 25	$901M	$418M	$123M

Valuation

Quarter	P/S	P/E
Q1 22	1.6x	29.7x
Q2 22	1.8x	28.3x
Q3 22	1.2x	13.3x
Q4 22	2.8x	26.1x
Q1 23	3.5x	25.7x
Q2 23	3.2x	21.0x
Q3 23	4.4x	27.8x
Q4 23	3.2x	19.8x
Q1 24	3.1x	19.1x
Q2 24	2.6x	16.8x
Q3 24	2.3x	15.3x
Q4 24	3.0x	19.5x
Q1 25	2.2x	16.1x
Q2 25	2.1x	16.5x
Q3 25	2.4x	22.3x
Q4 25	1.9x	34.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$0	$0
Q4 21	$0	$0
Q1 22	$46M	$34M
Q2 22	$52M	$56M
Q3 22	$0	$0
Q4 22	$0	$0
Q1 23	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q3 21	$0
Q4 21	$0
Q1 22	$12M
Q2 22	$3M
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+5.0%	+6.4%
Q2 22	-6.3%	-10.5%
Q3 22	+4.5%	-7.3%
Q4 22	-10.0%	-18.7%
Q1 23	+26.2%	+8.1%
Q2 23	+40.3%	+25.3%
Q3 23	+36.7%	+32.7%
Q4 23	+54.0%	+50.3%
Q1 24	+26.0%	+25.3%
Q2 24	+24.1%	+28.2%
Q3 24	+19.3%	+23.4%
Q4 24	+22.7%	+22.1%
Q1 25	+18.9%	+25.4%
Q2 25	+23.1%	+27.5%
Q3 25	+28.2%	+34.5%
Q4 25	+30.9%	+41.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$4M	—
Q4 21	$3M	0.7%
Q1 22	$3M	0.8%
Q2 22	$2M	0.6%
Q3 22	$2M	0.5%
Q4 22	$2M	0.5%
Q1 23	$2M	0.4%
Q2 23	$4M	0.7%
Q3 23	$3M	0.6%
Q4 23	$3M	0.6%
Q1 24	$5M	0.8%
Q2 24	$5M	0.8%
Q3 24	$6M	0.8%
Q4 24	-$3M	-0.4%
Q1 25	$4M	0.6%
Q2 25	$2M	0.3%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	$29M	$53M	—
Q2 22	$27M	$52M	—
Q3 22	$24M	$56M	—
Q4 22	$21M	$61M	—
Q1 23	$23M	$64M	—
Q2 23	$24M	$70M	—
Q3 23	$25M	$94M	—
Q4 23	$27M	$106M	—
Q1 24	$28M	$102M	—
Q2 24	$33M	$121M	—
Q3 24	$35M	$146M	—
Q4 24	$40M	$146M	—
Q1 25	$35M	$149M	—
Q2 25	$38M	$169M	—
Q3 25	$50M	$209M	—
Q4 25	—	—	$295M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$770M	$30M	$800M
Q2 22	$781M	$65M	$847M
Q3 22	$787M	$86M	$873M
Q4 22	$758M	$138M	$896M
Q1 23	$932M	$100M	$1.0B
Q2 23	$948M	$115M	$1.1B
Q3 23	$888M	$83M	$972M
Q4 23	$937M	$68M	$1.0B
Q1 24	$985M	$77M	$1.1B
Q2 24	$911M	$93M	$1.0B
Q3 24	$251M	$577M	$828M
Q4 24	$925M	$54M	$979M
Q1 25	$999M	$60M	$1.1B
Q2 25	$1.0B	$50M	$1.1B
Q3 25	$453M	$681M	$1.1B
Q4 25	$1.0B	$0	$1.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	302M	-2.0%	-1.0%
Q2 22	301M	-0.2%	+3.7%
Q3 22	312M	+3.5%	-1.5%
Q4 22	315M	+0.9%	+2.2%
Q1 23	315M	-0.1%	+4.2%
Q2 23	314M	-0.3%	+4.1%
Q3 23	313M	-0.3%	+0.2%
Q4 23	311M	-0.4%	-1.1%
Q1 24	310M	-0.5%	-1.5%
Q2 24	313M	+0.9%	-0.3%
Q3 24	313M	0.0%	+0.0%
Q4 24	312M	-0.3%	+0.1%
Q1 25	312M	0.0%	+0.6%
Q2 25	309M	-0.7%	-1.0%
Q3 25	312M	+0.7%	-0.3%
Q4 25	295M	-5.4%	-5.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$275.4K	1K
Q2 22	$100.4K	3K
Q3 22	$120.1K	3K
Q4 22	$108.1K	3K
Q1 23	$128.0K	3K
Q2 23	$128.6K	4K
Q3 23	$149.9K	4K
Q4 23	$281M	2
Q1 24	$272M	2
Q2 24	$295M	2
Q3 24	$330M	2
Q4 24	$98.3K	7K
Q1 25	$92.4K	7K
Q2 25	$103.6K	7K
Q3 25	$120.9K	7K
Q4 25	$128.7K	7K

Revenue / Employee