Miniso Group Holding Ltd. (MNSO)
NYSE:MNSO
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MINISO Group Holding
(NYSE:MNSO)
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Rating:69Neutral
Price Target:
$21.50
▲(32.55% Upside)
Action:DowngradedDate:11/23/25
MINISO's overall stock score of 69 is primarily driven by strong financial performance with impressive revenue and profit growth, complemented by positive earnings call sentiment highlighting international expansion. However, bearish technical indicators with the stock trading below key moving averages significantly weigh down the score. Valuation remains reasonable but does not provide a strong upside catalyst.
Positive Factors
Revenue Growth
Strong revenue growth indicates robust demand and effective market strategies, enhancing long-term financial stability and market position.
Negative Factors
Challenges in Southeast Asia
Macroeconomic and social challenges in Southeast Asia could hinder growth and profitability, impacting regional performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Strong revenue growth indicates robust demand and effective market strategies, enhancing long-term financial stability and market position.
Read all positive factors
MINISO Group Holding (MNSO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.07B
Dividend Yield3.1%
Average Volume (3M)482.72K
Price to Earnings (P/E)28.3
Beta (1Y)0.85
Revenue Growth13.37%
EPS Growth-19.37%
CountryUS
Employees7,003
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.07
Shares Outstanding309,740,100
10 Day Avg. Volume388,848
30 Day Avg. Volume482,723
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)5.27
Price to Sales (P/S)3.20
P/FCF Ratio38.65
Enterprise Value/Market Cap8.35
Enterprise Value/Revenue2.27
Enterprise Value/Gross Profit5.03
Enterprise Value/Ebitda12.97
Forecast
1Y Price Target
$22.90Price Target Upside41.18% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)9.59
Revenue Forecast (FY)$24.97B
MINISO Group Holding Business Overview & Revenue Model
Company Description
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 products, smal...
How the Company Makes Money
MINISO generates revenue primarily through the sale of its products in retail stores and online platforms. Its revenue model is built on a combination of low-cost sourcing, efficient supply chain management, and a focus on high turnover of invento...
MINISO Group Holding Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 22, 2026
Earnings Call Sentiment Positive
The call reported strong top-line outperformance, record revenue and GMV milestones, successful international execution (notably the U.S.) and rapid proprietary-IP traction (Youyou), supported by robust cash generation and shareholder returns. However, profitability has near-term pressure from accelerated operating expenses, direct-operated expansion, increased licensing and financing-related adjustments (notably a large YH loss and higher SBC), plus elevated overseas inventory and mixed results in parts of Southeast Asia. Management expects continued high-quality growth and plans significant store upgrades and IP investment in 2026, while acknowledging near-term investment-related margin headwinds.Positive Updates
Quarterly and Full-Year Revenue Milestones
Q4 revenue rose 32.7% YoY to a quarterly record (RMB 6.25 billion+), single-quarter GMV exceeded RMB 10 billion for the first time, and full-year 2025 revenue crossed RMB 21.44 billion (group revenue growth ~26.2% for the year).
Negative Updates
Margin Pressure from Investment and Channel Mix
Q4 gross profit margin slipped to 46.4% (vs 47% YoY) and full-year GP margin 45% was flat YoY; margin compression attributed to higher direct-operated store costs, increased licensing fees and other operating investments, with group-level adjusted operating margin impact noted around ~3 percentage points for the year.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly and Full-Year Revenue Milestones
Q4 revenue rose 32.7% YoY to a quarterly record (RMB 6.25 billion+), single-quarter GMV exceeded RMB 10 billion for the first time, and full-year 2025 revenue crossed RMB 21.44 billion (group revenue growth ~26.2% for the year).
Read all positive updates
Company Guidance
Management guided 2026 toward continued high‑quality growth, targeting group revenue growth in the high‑teens (management also stated at one point a floor of ≥25%) and a 3‑year CAGR (2023–2026) of no less than 22%; they plan 510–550 net new store adds globally (≈120 in China, ~250 internationally) while driving same‑store sales improvement—China expected to be low‑ to high‑single‑digit and North America mid‑ to high‑double‑digit growth—and expect adjusted operating profit and adjusted net profit growth to accelerate. Management reiterated seasonality (~60% of revenue in H2, 40% in H1), will exclude an RMB 850–900 million Q1 investment gain from adjusted metrics, and emphasized a push for profitability and cash‑flow‑backed growth via store upgrades (290 renovations in 2025 drove ~40–50% sales uplifts) and a focus on MINISO Land large‑format openings.MINISO Group Holding Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.63B | 16.99B | 15.26B | 11.47B | 10.09B | 9.07B |
| Gross Profit | 8.40B | 7.64B | 6.48B | 4.44B | 3.07B | 2.43B |
| EBITDA | 3.26B | 4.29B | 3.62B | 2.43B | 1.02B | -922.81M |
| Net Income | 2.35B | 2.62B | 2.50B | 1.77B | 638.17M | -1.42B |
Balance Sheet | ||||||
| Total Assets | 26.65B | 18.12B | 14.49B | 13.45B | 11.28B | 10.71B |
| Cash, Cash Equivalents and Short-Term Investments | 7.46B | 6.70B | 6.63B | 7.28B | 870.63M | 6.87B |
| Total Debt | 10.36B | 3.11B | 1.25B | 892.95M | 658.01M | 825.01M |
| Total Liabilities | 15.75B | 7.76B | 5.29B | 4.53B | 4.25B | 4.05B |
| Stockholders Equity | 10.85B | 10.31B | 9.17B | 8.90B | 7.03B | 6.66B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.41B | 1.67B | 1.49B | 172.06M | 736.04M |
| Operating Cash Flow | 0.00 | 2.17B | 2.20B | 1.67B | 1.41B | 916.32M |
| Investing Cash Flow | 0.00 | -533.25M | 354.15M | -293.41M | -2.13B | -518.80M |
| Financing Cash Flow | 0.00 | -1.72B | -2.64B | -325.96M | -733.56M | 3.54B |
MINISO Group Holding Technical Analysis
Negative
16.22
Price Trends
17.83
Negative
18.86
Negative
19.96
Negative
Market Momentum
-0.52
Negative
41.94
Neutral
58.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MNSO, the sentiment is Negative. The current price of 16.22 is below the 20-day moving average (MA) of 16.52, below the 50-day MA of 17.83, and below the 200-day MA of 19.96, indicating a bearish trend. The MACD of -0.52 indicates Negative momentum. The RSI at 41.94 is Neutral, neither overbought nor oversold. The STOCH value of 58.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MNSO.
MINISO Group Holding Risk Analysis
MINISO Group Holding disclosed 103 risk factors in its most recent earnings report. MINISO Group Holding reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
1.
Adverse developments affecting financial institutions or the financial services industry in general, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and our financial condition and results of operations. Q2, 2023
2.
Our business is operated globally. Global inflationary pressures could negatively affect our results of operations and cash flows. Q2, 2023
MINISO Group Holding Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $7.41B | 8.74 | 17.98% | 2.46% | -2.97% | -8.57% | |
74 Outperform | $12.91B | 29.49 | 18.14% | ― | 15.78% | 14.99% | |
69 Neutral | $5.07B | 28.32 | 25.85% | 3.10% | 13.37% | -19.37% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $3.64B | 7.11 | -44.22% | 4.16% | -1.04% | -20.88% | |
55 Neutral | $5.24B | 33.41 | -15.36% | ― | 1.98% | -20.98% | |
54 Neutral | $9.41B | -41.81 | 11.30% | ― | 3.35% | 42.99% |
* Consumer Cyclical Sector Average
MNSO
MINISO Group Holding
16.10
1.96
13.82%
BBWI
Bath & Body Works
18.09
-6.53
-26.53%
VIPS
Vipshop
14.98
2.72
22.19%
FIVE
Five Below
226.53
170.78
306.33%
W
Wayfair
69.78
45.64
189.06%
ETSY
Etsy
53.94
13.14
32.21%
MINISO Group Holding Corporate Events
MINISO Executes HKD 1.99 Million Share Buyback Under Hong Kong Repurchase Plan
Jan 8, 2026
On January 5, 2026, MINISO Group Holding Limited repurchased 52,600 ordinary shares on the Hong Kong Stock Exchange at prices between HKD 37.16 and HKD 38 per share, for a total consideration of about HKD 1.99 million, under an automatic share rep...
MINISO Reports Late-December 2025 Share Buybacks in Hong Kong Filing
Jan 6, 2026
On January 6, 2026, MINISO Group Holding Limited filed a Form 6-K for January 2026 reporting a series of Hong Kong regulatory “Next Day Disclosure Returns” covering equity changes and share repurchases between December 29, 2025, and Ja...
MINISO Executes December Share Buyback Under Hong Kong Repurchase Mandate
Dec 30, 2025
MINISO Group Holding Limited reported in a December 30, 2025 filing that it had executed a small on-market share repurchase on the Hong Kong Stock Exchange on December 23, 2025, buying back 52,600 ordinary shares at prices between HKD 37.64 and HK...
MINISO Continues NYSE Share Buybacks Under 10b5-1 Program
Dec 23, 2025
On December 23, 2025, MINISO Group Holding filed a Form 6-K in the United States disclosing Hong Kong regulatory filings related to minor changes in its share capital structure. The company reported that on December 18, 2025, it repurchased 2,592 ...
MINISO Reports HK$10 Million Share Buyback Under Hong Kong Mandate
Dec 18, 2025
On December 18, 2025, MINISO Group Holding Limited, the China-based lifestyle retailer listed in Hong Kong, filed a Form 6-K reporting changes related to its Hong Kong-listed ordinary shares during December. The company disclosed that on December ...
MINISO Executes Share Repurchase Program on NYSE
Dec 15, 2025
On December 10, 2025, MINISO Group Holding Limited executed a repurchase of 400 ordinary shares on the New York Stock Exchange as part of its 10b5-1 repurchase program. This move is part of the company’s strategy to manage its share capital ...
MINISO Executes Share Repurchase Plan on Hong Kong Exchange
Dec 11, 2025
On December 8, 2025, MINISO Group Holding Limited executed a share repurchase of 26,200 ordinary shares on the Hong Kong Stock Exchange as part of its automatic share repurchase plan. This move, authorized by a resolution on June 12, 2025, reflect...
MINISO Executes Share Repurchase Plan in December 2025
Dec 8, 2025
On December 3, 2025, MINISO Group Holding Limited executed a share repurchase of 52,600 ordinary shares on the Hong Kong Stock Exchange as part of an automatic share repurchase plan. This move is part of the company’s ongoing strategy to man...
MINISO Reports Stable Share Capital for November 2025
Dec 3, 2025
On December 3, 2025, MINISO Group Holding Limited reported no changes in its share capital for November 2025, maintaining 10 billion authorized shares and 1.237 billion issued shares. The company also highlighted its ongoing share incentive plan, ...
MINISO Executes Significant Share Repurchase on HKSE
Nov 28, 2025
On November 24, 2025, MINISO Group Holding Limited repurchased 866,800 ordinary shares on the Hong Kong Stock Exchange. This move, including 52,600 shares repurchased through an automatic share repurchase plan, reflects the company’s strateg...
MINISO Group Reports Strong Q3 2025 Growth with 8,000 Global Stores
Nov 24, 2025
MINISO Group Holding Limited announced its unaudited financial results for the September quarter and the first nine months of 2025, highlighting a 28.2% increase in quarterly revenue to RMB5,796.6 million, surpassing previous guidance. The company...
MINISO Schedules Board Meeting and Earnings Call for Q3 2025 Results
Nov 12, 2025
MINISO Group Holding Limited announced that its board of directors will meet on November 21, 2025, to consider and approve the unaudited financial results for the quarter ended September 30, 2025. The company will also hold an earnings conference ...
MINISO Group Reports Stable Share Capital for October 2025
Nov 6, 2025
MINISO Group Holding Limited reported no changes in its share capital or issued shares for the month ending October 31, 2025. The company’s share incentive plan, adopted in September 2020, continues to allow for the potential issuance of add...
MINISO Reports Share Capital Adjustments in September 2025
Oct 14, 2025
MINISO Group Holding Limited reported a decrease in its issued shares by 5,072,672 as of September 30, 2025, due to share repurchases and cancellations. This adjustment in share capital is part of the company’s ongoing strategy to manage its...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.