MINISO Group Holding Ltd (MEX:MNSON)

Q2 2026 MINISO Group Holding Ltd Earnings Call (Chinese, English) Transcript

Aug 28, 2026 / 09:00 AM GMT

Release Date Price: MXN175 (-10.26%)

Transcript

Key Points

Positve

MINISO Group Holding Ltd (MNSO) reported strong H1 2026 revenue growth of 22.4%, with China revenue up 26.2%, driven by successful channel upgrades and proprietary IP sales.
The company's proprietary IP strategy is proving highly effective, with UU generating nearly RMB 500 million in H1 and Total exceeding expectations, contributing to higher margins and no inventory pressure.
China's membership program is thriving, with member sales contribution rising to 77% in Q2, and members showing higher transaction values and repurchase rates.
The large-store format, including Super Mini and flagship stores, is delivering strong performance, with payback periods of under one year and sales per square meter double that of regular stores.
The company maintains a robust cash position of RMB 7.39 billion and continues to return value to shareholders through substantial buybacks and dividends.
Overseas expansion, particularly in North America, is on track to reach $4 billion in sales with a 10% net margin for the full year, despite short-term challenges.

Negative

Overseas revenue growth of 50% in H1 fell short of guidance, impacted by a 10% decline in distributor revenue and temporary setbacks in Asia and Latin America.
The company is proactively slowing down overseas store openings and closing low-efficiency stores, leading to a net reduction of 50-70 stores in H2, which will pressure revenue.
Adjusted operating profit declined by 6% in H1, with margins down 2.6 percentage points due to increased selling expenses, rental costs, and investments in proprietary IP.
Inventory turnover for international markets worsened to 273 days from 240 days, indicating potential overstocking and inefficiencies in overseas operations.
North American same-store sales moderated in Q2 due to a gap in IP product launches and stock-outs of bestsellers, impacting overall performance.
The company's full-year profit outlook is more cautious, with adjusted operating profit margin expected to decline 3-4 percentage points, reflecting ongoing overseas challenges.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

9896.HK - MINISO Group Holding Ltd
Q2 2026 MINISO Group Holding Ltd Earnings Call (Chinese, English)
Aug 28, 2026 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Hello, everyone.

Thank you for your patience. Welcome to the Municipal 2026 century of presentation. All participants are currently in meeting or in mood. Following the management remarks, we will host the Q&A session. If you ask your question, please state your name and institution you represent. Please note that the event is to be recorded.

English independence translation will be available for this call. You can select your preferred language by clicking interpretation in the Zoom meeting. We'll release our YouTube and the interview of 2026 30th of the day, which is now available on our ir.meetingstool.com. Joining us here today are founder and the CTO, Mr. Ye Guo Hu, and our CFO,

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