MINISO Group reported strong first-half 2026 growth across its domestic and international operations, with group revenue increasing more than 22%, Chinese mainland growth reaching a three-year high and North American revenue expanding 37%.
First-half group revenue increased 22.4% year-over-year to RMB11.50 billion, or approximately $1.69 billion.
Gross profit increased at essentially the same rate, rising 22.5% to RMB5.09 billion, or $750.7 million.
Operating profit increased 6.1% to RMB1.64 billion, while diluted earnings per ADS increased 8.2% to RMB3.16, or approximately $0.47.
One of the quarter’s strongest components was MINISO’s performance in mainland China.
First-half revenue from MINISO stores in mainland China rose 26.2%, the brand’s fastest first-half growth rate in three years.
Management said mid-single-digit same-store sales growth supported the increase.
Overseas MINISO revenue increased 14.9%, while the TOP TOY business grew even faster at 32.7%.
North America was an especially strong international market.
Revenue in the region rose 37% year over year, with mid-single-digit same-store sales growth.
The physical network is expanding alongside revenue. MINISO had 536 stores in North America at June 30, up 142 locations from 394 a year earlier.
Companywide, MINISO Group’s store network reached 8,674 locations, an increase of 769 from a year earlier. The MINISO brand accounted for 8,309 stores, including 4,665 in mainland China and 3,644 overseas, while TOP TOY had 365 locations.
MINISO is also building increasingly large customer-membership ecosystems.
Members in mainland China increased 31% year-over-year to approximately 130 million and generated 77.4% of local sales.
In the U.S., membership more than doubled, increasing 107.1% to approximately 5.8 million. Members generated 60.1% of U.S. sales.
Another emerging growth driver is proprietary intellectual property.
MINISO said YOYO, which launched only a year earlier, generated more than RMB100 million of monthly sales in both June and July 2026.
The company is positioning proprietary IP alongside partnerships with established entertainment properties as a way to deepen customer engagement and differentiate its merchandise.
MINISO expanded into Switzerland during Q2, bringing its cumulative presence to 113 countries and regions, while TOP TOY entered the U.S. and Taiwan markets.
Cash generation was another significant positive.
Net cash from operating activities increased 45.5% to RMB1.48 billion, or approximately $217.4 million.
That exceeded adjusted net profit excluding foreign exchange effects of RMB1.22 billion.
MINISO used part of that cash generation for substantial shareholder returns.
The company repurchased RMB517.6 million of stock during the first half and returned a total of RMB1.31 billion through dividends and repurchases.
That amount represented approximately 121% of first-half adjusted net profit excluding foreign exchange effects, substantially above the company’s stated 50% dividend payout framework.
The board also authorized a new share-repurchase program of up to HK$2 billion.
The combination of accelerating China growth, 37% North American growth, strong store expansion, expanding memberships and 45.5% operating-cash-flow growth gives MINISO several positive growth levers as it continues global expansion.
KEY QUOTES:
“Despite a challenging consumer environment in the domestic market during 26H1, we are pleased to see that MINISO Chinese mainland delivered a standout performance, with revenue growing 26.2% YoY, our fastest first-half growth rate in the past three years.”
Guofu Ye, Founder, Chairman and Chief Executive Officer of MINISO
“Net cash generated from operating activities reached RMB1,475.4 million, while adjusted net profit excluding FX was RMB1,221.6 million in the same period, demonstrating strong resilience and robust operational cash flow generation of our business.”
Eason Zhang, Chief Financial Officer of MINISO
