MNSO Consumer Cyclical

MINISO Group Holding Limited

$10.21-2.02%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Consumer Cyclical
Industry: Specialty Retail
Country: China
Market cap: 3.0B USD
Enterprise value: 6.0B USD
Full-time employees: 8,519

Overall health

Strength: more profitable than most peersmore profitable than peers
About average: growth, valuation and risk (debt, liquidity and share-price swings)growth, valuation and risk

Ranks #468 of 1,502 consumer cyclical companies (top 32%)

See how it ranks against its peers

Worth knowing

Stock pay is large next to buybacks. Stock-based pay expense CNY 516M vs CNY 881M spent repurchasing shares over the 3 fiscal years to FY Dec 2025.
Over three fiscal years MINISO recorded CNY 516M of stock-based pay expense and spent CNY 881M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years MINISO recorded CNY 516M of stock-based pay expense and spent CNY 881M repurchasing shares.
Borrowing rising faster than profit. Since FY Jun 2022: debt +103044%, operating profit +274%.
MINISO's debt grew 103044% since FY Jun 2022 while operating profit changed +274%.
Profits growing faster than sales. Since FY Jun 2022: revenue +113%, operating profit +274%.
Since FY Jun 2022, MINISO's revenue grew 113% while operating profit grew 274%: each extra dollar of sales is adding more profit.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

60/ 100

Oct 5 62 → Nov 4 60 (-2)

Valuation

Is the price right?

49/100

Moderate

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Mixed versus peers:

▲ EBITDA yield
▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CNY→USD at the current rateReported value30% base weight · Z-score -0.42Sector median: 0.0439 · MAD: 0.0329

EBITDA yield11.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CNY→USD at the current rateReported value50% base weight · Z-score 0.52Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield3.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CNY→USD at the current rate · operating cash flow − capital spendingReported value20% base weight · Z-score -0.40Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield26.5%

SEC filings (IFRS mapped) · latest balance sheet · CNY→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

58/100

Moderate

2/3 inputs reported · Partial data

Since last year: ▲ Stronger

12-month revenue up 26.2%

Why

Mixed versus peers:

▲ Revenue growth
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-76.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.86Sector median: 0.0420 · MAD: 0.2537

3-year revenue growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0425 · MAD: 0.0636

Revenue growth26.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 3.44Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

83/100

Strong

3/3 inputs reported · High confidence

Since last year: ▼ Weaker

Operating margin fell 4.1 points to 15.4%

Why

Stronger than most peers on:

▲ ROIC
▲ Operating margin
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin15.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.96Sector median: 0.0638 · MAD: 0.0461

Return on assets4.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.35Sector median: 0.0331 · MAD: 0.0254

Return on invested capital23.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.75Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin45.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity11.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

2/3 inputs reported · Partial data

Since last year: Changed: worth a look

Debt up 1150%

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.6345 · MAD: 0.2980

Current ratio1.66×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.33Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.67×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.59Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about MINISO

Is MINISO getting weaker?: Its latest SEC filing (Jun 29, 2026) got weaker in some ways: operating margin fell 4.1 points to 15.4%; debt up 1150%. Its overall score is unchanged at 60/100 since Oct 28, 2026.
How is MINISO valued vs its peers?: Priced about in line with its peers. Valuation scores 49/100 against 1,612 consumer cyclical peers. EBITDA yield 11.2% vs a peer median of 8.8% (stronger than 63% of peers).EBITDA yield 11.2% vs peers 8.8% (stronger than 63% of peers). Free cash flow yield 3.9% vs a peer median of 6.1% (weaker than 64% of peers).Free cash flow yield 3.9% vs peers 6.1% (weaker than 64% of peers).
Is MINISO growing?: At about the same pace as its peers. Growth scores 58/100 against 1,612 consumer cyclical peers. Revenue growth 26.2% vs a peer median of 3.7% (stronger than 93% of peers).Revenue growth 26.2% vs peers 3.7% (stronger than 93% of peers). Earnings per share growth -76.8% vs a peer median of 4.2% (weaker than 100% of peers).Earnings per share growth -76.8% vs peers 4.2% (weaker than 100% of peers).
How profitable is MINISO?: More profitable than most of its peers. Profitability scores 83/100 against 1,612 consumer cyclical peers. Return on invested capital 23.8% vs a peer median of 7.3% (stronger than 88% of peers).Return on invested capital 23.8% vs peers 7.3% (stronger than 88% of peers).
How risky is MINISO?: Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Jun 29, 2026 · compared with the year ended Dec 31, 2024

Got weaker

Operating margin fell 4.1 points to 15.4%
Debt up 1150%

	Previous year	Latest year	Change
Revenue (12 months)	17.0B CNY	21.4B CNY	+26.2%
Net income (12 months)	2.6B CNY	1.2B CNY	−54.0%
Operating margin	19.5%	15.4%	−4.1 pts
Free cash flow (12 months)	1.4B CNY	1.6B CNY	+12.4%
Debt	573.4M CNY	7.2B CNY	+1149.8%
Cash	6.3B CNY	6.8B CNY	+7.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CNY, as reported

Key ratios	FY Jun 2021	FY Jun 2022	FY Jun 2023	FY 2024	FY 2025	Change
Gross margin	26.8%	30.4%	38.7%	44.9%	45.0%	▲ 0.1 pts
Operating margin	4.4%	8.7%	19.4%	19.5%	15.4%	▼ 4.1 pts
Net margin	-15.6%	6.3%	15.4%	15.4%	5.6%	▼ 9.8 pts
Return on assets (ROA)	-13.2%	5.7%	13.2%	14.4%	4.2%	▼ 10 pts
Return on equity (ROE)	-21.2%	9.1%	19.9%	25.4%	11.3%	▼ 14 pts
Free cash flow margin	8.1%	11.1%	13.0%	8.3%	7.4%	▼ 0.9 pts
Current ratio	2.64×	2.13×	2.55×	2.04×	1.66×	▼ 18%
Quick ratio	2.21×	1.82×	2.18×	1.55×	1.23×	▼ 21%
Debt to equity	0.00×	0.00×	0.00×	0.06×	0.67×	▲ >999%
Interest coverage	14.14×	26.41×	64.21×	35.69×	7.67×	▼ 79%

MNSO price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

Sanrio Company, Ltd.8136.T96/ 100

Track & Field Co S.A.TFCO4.SA92/ 100

Pop Mart International Group Limited9992.HK91/ 100

Bringing the fundamentals into focus…

Worth knowing

Stock pay is large next to buybacks. Stock-based pay expense CNY 516M vs CNY 881M spent repurchasing shares over the 3 fiscal years to FY Dec 2025.

Over three fiscal years MINISO recorded CNY 516M of stock-based pay expense and spent CNY 881M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years MINISO recorded CNY 516M of stock-based pay expense and spent CNY 881M repurchasing shares.

Borrowing rising faster than profit. Since FY Jun 2022: debt +103044%, operating profit +274%.

MINISO's debt grew 103044% since FY Jun 2022 while operating profit changed +274%.

Profits growing faster than sales. Since FY Jun 2022: revenue +113%, operating profit +274%.

Since FY Jun 2022, MINISO's revenue grew 113% while operating profit grew 274%: each extra dollar of sales is adding more profit.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about MINISO

Is MINISO getting weaker?

Its latest SEC filing (Jun 29, 2026) got weaker in some ways: operating margin fell 4.1 points to 15.4%; debt up 1150%. Its overall score is unchanged at 60/100 since Oct 28, 2026.

How is MINISO valued vs its peers?

Priced about in line with its peers. Valuation scores 49/100 against 1,612 consumer cyclical peers. EBITDA yield 11.2% vs a peer median of 8.8% (stronger than 63% of peers).EBITDA yield 11.2% vs peers 8.8% (stronger than 63% of peers). Free cash flow yield 3.9% vs a peer median of 6.1% (weaker than 64% of peers).Free cash flow yield 3.9% vs peers 6.1% (weaker than 64% of peers).

Is MINISO growing?

At about the same pace as its peers. Growth scores 58/100 against 1,612 consumer cyclical peers. Revenue growth 26.2% vs a peer median of 3.7% (stronger than 93% of peers).Revenue growth 26.2% vs peers 3.7% (stronger than 93% of peers). Earnings per share growth -76.8% vs a peer median of 4.2% (weaker than 100% of peers).Earnings per share growth -76.8% vs peers 4.2% (weaker than 100% of peers).

How profitable is MINISO?

More profitable than most of its peers. Profitability scores 83/100 against 1,612 consumer cyclical peers. Return on invested capital 23.8% vs a peer median of 7.3% (stronger than 88% of peers).Return on invested capital 23.8% vs peers 7.3% (stronger than 88% of peers).

How risky is MINISO?

Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

17.0B CNY

21.4B CNY

+26.2%

Net income (12 months)

2.6B CNY

1.2B CNY

−54.0%

Operating margin

19.5%

15.4%

−4.1 pts

Free cash flow (12 months)

1.4B CNY

1.6B CNY

+12.4%

Debt

573.4M CNY

7.2B CNY

+1149.8%

Cash

6.3B CNY

6.8B CNY

+7.7%

Key ratios

FY Jun 2021

FY Jun 2022

FY Jun 2023

FY 2024

FY 2025

Change

Gross margin

26.8%

30.4%

38.7%

44.9%

45.0%

▲ 0.1 pts

Operating margin

4.4%

8.7%

19.4%

19.5%

15.4%

▼ 4.1 pts

Net margin

-15.6%

6.3%

15.4%

5.6%

▼ 9.8 pts

Return on assets (ROA)

-13.2%

5.7%

13.2%

14.4%

4.2%

▼ 10 pts

Return on equity (ROE)

-21.2%

9.1%

19.9%

25.4%

11.3%

▼ 14 pts

Free cash flow margin

8.1%

11.1%

13.0%

8.3%

7.4%

▼ 0.9 pts

Current ratio

2.64×

2.13×

2.55×

2.04×

1.66×

▼ 18%

Quick ratio

2.21×

1.82×

2.18×

1.55×

1.23×

▼ 21%

Debt to equity

0.00×

0.06×

0.67×

▲ >999%

Interest coverage

14.14×

26.41×

64.21×

35.69×

7.67×

▼ 79%