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Miniso revenue surges in China as overseas profits shrink
In the first half of 2026, Miniso said China revenue rose 26.2% while adjusted operating profit fell 6.0% to RMB 1.49 billion, citing a shift toward directly operated stores.
Miniso Group Holding Limited reported two diverging trends in its first-half 2026 results, with strong momentum in China alongside weaker economics from its overseas expansion, according to its interim earnings call covered by Yahoo Finance.
In China, the company posted its fastest first-half growth in three years, with revenue up 26.2% in the first half of 2026. Miniso attributed the outperformance to membership scale, noting its China membership base crossed 130 million people as of June 30, up 31% year over year, and that member spending accounted for 77% of total China sales in the first half.
Miniso also highlighted expansion of its proprietary IP. Its YOYO brand, launched just over a year ago, expanded into 53 countries and generated close to RMB 500 million in first-half revenue, including a collaboration tied to Disney's Toy Story 5, and the company said it reached its RMB 1 billion proprietary IP sales target by the end of July, ahead of schedule.
Despite the China growth, the company pointed to cost pressures and margin headwinds. Yahoo Finance reported that Miniso's profit contribution overseas shrank versus three years earlier, while adjusted operating profit fell 6.0% year over year to RMB 1.49 billion in the first half, which management linked to a structural shift toward directly operated stores away from higher-margin distributor revenue.