# MINISO Group Holding Ltd (MNSO)

Source page: https://stoqly.net/companies/mnso

- **Ticker:** MNSO (NYSE)
- **Sector:** Consumer Staples / Retail-Variety Stores
- **SEC CIK:** 0001815846
- **Latest annual report:** 20-F filed 2026-04-24 (https://www.sec.gov/Archives/edgar/data/1815846/000110465926048172/mnso-20251231x20f.htm)
- **Data updated:** 2026-11-09

## What the company does

MINISO sells affordable lifestyle products with distinctive designs through its MINISO and TOP TOY brands. MINISO’s products cover lifestyle goods, beauty products and toys, while TOP TOY focuses on pop toys such as model figures, 3D building blocks and vinyl plush toys. The company also sells products featuring popular licensed characters, including those from Disney, Sanrio and Universal, as well as its own characters. Its stores serve consumers across a range of ages, with many customers from younger generations.

MINISO generated revenue of RMB19.5 billion (US$2.8 billion) in 2025, while TOP TOY generated revenue of RMB1.9 billion (US$0.3 billion). The company operates across Chinese Mainland and overseas markets through a global store network. As of December 31, 2025, it had approximately 8,151 MINISO stores in over 90 countries and regions, and a total of 334 TOP TOY stores. Its sales model combines stores with e-commerce and sales to local distributors in some markets.

MINISO develops products with in-house designers and third-party designers, then sources them from qualified outside manufacturers. Its product teams regularly introduce new items, while its supply chain system connects with suppliers and helps manage production and inventory. The company also uses digital tools to provide store managers with sales and inventory information.

## Key figures

- **Last close:** $11.21 on 2026-11-13 (+2.47% on the day)
- **Market cap:** $3.5B
- **P/E (trailing):** 20.6x
- **EPS, trailing 12 months:** $0.55
- **Revenue (FY2025):** $3.0B
- **Revenue growth, 5-year CAGR:** +16.8%
- **Gross margin:** 45.0%
- **Operating margin:** 15.4%
- **Net margin:** 5.6%
- **Return on invested capital:** 19.1%
- **Return on equity:** 11.4%
- **Net debt:** $49.9M
- **Net debt / EBITDA:** 0.1x
- **Insider buys, last 90 days:** $0.3M
- **Insider sells, last 90 days:** $0.0M

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## Annual results

From SEC EDGAR XBRL filings. Full table: https://stoqly.net/companies/mnso/figures.csv

| US$ millions | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2024 | FY2025 |
|---|---:|---:|---:|---:|---:|---:|---:|
| Revenue | 1,377 | 1,277 | 1,370 | 1,562 | 1,650 | — | 2,983 |
| Operating income | 149 | 109 | 61 | 137 | 320 | — | 460 |
| Net income | -43 | -37 | -214 | 99 | 254 | — | 168 |
| Diluted EPS (US$) | -0.19 | -0.15 | -0.71 | 0.32 | 0.81 | — | 0.55 |
| Operating cash flow | 152 | 118 | 138 | 218 | 240 | — | 359 |
| Cash | — | 403 | 1,049 | 798 | 893 | 867 | 974 |
| Debt and leases | — | 59 | 3 | 1 | 1 | 78 | 1,024 |

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Source: SEC EDGAR filings and end-of-day prices, via Stoqly. For information only — not investment advice or a recommendation to buy, sell or hold any security.