MINISO Group Holdings: 1Q in line; somewhat balanced risk-reward

Research evidence excerpt

MINISO Group Holdings: 1Q in line; somewhat balanced risk-reward

iQprofile SM MINISO Group Holdings

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(CNY Millions) Retailing-Broadline/General Merchandisers

Sales 16,994 21,444 25,642 29,417 33,596

Gross Profit 7,637 9,648 11,543 13,463 15,632

Sell General & Admin Expense (4,451) (6,491) (8,022) (9,434) (11,137) Company Description Operating Profit 3,316 3,303 4,543 4,228 4,674

Net Interest & Other Income 32 (625) (380) (400) (420) MINISO is the largest branded variety retailer of lifestyle

Associates NA (765) 52 394 500 products globally and in China. The first store was opened

Pretax Income 3,348 1,913 4,216 4,222 4,754 in 2003 in China. It sells the products under its own brands

Tax (expense) / Benefit (712) (704) (873) (1,061) (1,172) "MINISO". As of end-2025, MINISO has 8.2k stores globally

Net Income (Adjusted) 2,721 2,893 4,024 3,320 3,564

with 4.6k stores in China and 3.6k stores in around 100

Average Fully Diluted Shares Outstanding 312 312 312 312 312

countries. Its founder, Guofu Ye, is the controlling

Key Cash Flow Statement Data

shareholder with 72.5% stake. The company was listed on

Net Income 2,618 1,205 3,335 3,152 3,573

NYSE in Oct 2020. Depreciation & Amortization 192 359 527 571 603

Change in Working Capital (1,015) (1,404) (57) (186) (406)

Deferred Taxation Charge NA NA NA NA NA

Other Adjustments, Net 373 596 387 408 430 Investment Rationale

Cash Flow from Operations 2,168 756 4,193 3,945 4,199 We rate MNSO Neutral. Sequential revenue/earnings

Capital Expenditure (763) (700) (700) (700) (700) growth reacceleration in 2H25 looks intact amid easier

(Acquisition) / Disposal of Investments 150 (6,270) 0 0 0

base, rising contribution from more profitable mega stores,