Aug 28, 2026 earnings call — Shift to proprietary IP and store upgrades
H1 revenue RMB 11.5 billion, driven by China growth and RMB 4.06 billion overseas revenue.
Revenue $0.9B (est $0.9B) · EPS $0.14 (est $0.31)
Key quotes
"Within just 1 year, YOYO has entered into 53 countries worldwide, generating nearly RMB 500 million in related revenue in H1."
"At the end of June, our China store count was up 8%, with the revenue grew by 26%, reflecting a substantial increase in per store output and healthy growth in the overall sales per square meter."
"The overseas contribution to company profit declined from 35% to 40% in 2023 to 10% to 15% in H1 of this year."
Analyst Q&A 8
large store performance and site choice
Q (Michelle Cheng · Goldman Sachs): She asked how large stores perform after the opening boost, how they compare with regular stores on sales efficiency and sales per square meter, and what criteria you use to pick regions and sizes.
A: Management said the large-store model keeps outperforming expectations and is a sustained trend. They gave metrics: MINISO Land stores deliver above 3 million baseline and Super MINISO steady above 1 million baseline; pop-format runs twice the sales per square meter of regular stores. They said site selection prioritizes location value, traffic and street-facing, core positions.
"MINISO Land, our earliest format in the family still deliver the store performance above 3 million baseline, while the Super MINISO newly launched in 2026 has already surprised us a lot, which can basically steady above 1 million baseline." — Guofu Ye
China consumption trends and company response
Q (Runbo Yang · CICC): He asked what consumption trends MINISO sees given volatile retail in July–August, and which concrete measures the company will take.
A: Management said MINISO China remained strong and that since July MINISO China GMV grew about 20% Y-o-Y. They pointed to large-store mix, same-store development, membership operations, proprietary IP and immersive store formats as key responses and growth levers.
"Since July, MINISO China GMV has grown about 20% Y-o-Y, driven by both rising shares of the large store and also the land format in our store mix and steady same-store development." — Guofu Ye
same-store sales details and drivers
Q (Kin Shun Ling · Jefferies): They asked for July/August same-store sales, the split between price and traffic, contribution from renovations and product mix, best categories, and H2 SSS outlook and city-tier differences.
A: Management said July–August performance was steady and competitive, with average transaction value up and both volume and price rising. They said renovations contributed roughly low single digit to mid-single-digit same-store growth; the rest came from refined operations, product-channel matching and membership. Plush toys and IP products were strong; lower-tier cities have low penetration and room to expand.
"The product -- the store format breaking down order value volume contribution 80%." — Guofu Ye
IP plans and holiday blockbusters
Q (Di Shi · Huatai): He asked what IP types and category expansions are planned for H2, and what levers will create blockbuster IPs or holiday hits.
A: Management said IP strategy uses licensed IP and proprietary IP in parallel, with many licensed partners and new collaborations like LISA coming in September. They pointed to proprietary IP success (YOYO) and said YOYO had sales of more than RMB 100 million in June and July, and they will keep integrating IP with store formats and category expansion to create blockbusters.
"For YOYO in June and July, sales was more than RMB 100 million for 2 consecutive months." — Guofu Ye
U.S. revenue and profit targets
Q (Samuel Wang · UBS): He asked how MINISO plans to reach the USD 4 billion revenue and USD 400 million profit target in the U.S., given Q2 slowdown, and what drivers will lift profit.
A: Management framed North America as U.S. and Canada together and restated the North America target of USD 4 billion and a target net profit margin of 10%. They said U.S. same-store growth target is low single-digit and that margin improvement depends on operating leverage and optimizing store count.
"For North America, our performance target was USD 4 billion, and we hope that it's going to be 10% of our net profit margin." — Guofu Ye
H2 expense plan and profit timing
Q (Citic): They asked about expense planning for H2, whether costs (especially interest/expenses) will accelerate, and profit timing.
A: Management said they opened 75 North America stores in H1 to be ready for peak season and that North American retail tends to make money in H2 or Q4 rather than H1. They expect profit margin to steadily increase, though adjusted profit margin will decline 3 to 4 percentage points Y-o-Y and 2027 is expected as a turning point.
"You can see that in H1 of this year in North America, the net addition was 75." — Guofu Ye
U.S. merchandise mix and sourcing
Q (Changjiang): He asked how MINISO will adjust merchandise strategy in the U.S., and how the company will balance domestic, direct and indirect sales.
A: Management said they continuously refine product mix for the U.S.; inventory/plush is now the largest U.S. category contributing over one-third of sales and is largely licensed IP. They plan to launch proprietary IP next, bridged stock gaps via rapid direct sourcing, slowed store openings, and expect GP margin to rise in H2 due to tariff rebate and more IP.
"In terms of the sales contribution, inventory is now our largest category in U.S. contributing over 1/3 of the sales, especially plush performing especially well." — Guofu Ye
distributor channel outlook and plans
Q (Guotai Haitong): They asked about outlook and plans for distributor markets, given distributor restocking slowdown and resilience concerns.
A: Management said distributor restocking slowed in H1 and distributor revenue was down but this reflects normal inventory digestion; they prefer channel health over pushing short-term sales. They plan 100–110 net store closures in H2 to remove low-efficiency stores, localize products, improve IP launch cadence, and phase out low-margin SKUs to lift sell-through.
"In H1 of this year, distributor slowed their restocking." — Eason Zhang