MINISO Group Holding Ltd (MNSO): Financial results for H1 2026
MINISO Group Holding Ltd (MNSO) furnished an SEC Form 6-K — earnings release. Exhibit 99.2 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss h
How this was made
The 30-second read
Why it matters
The earnings release provides fresh guidance, influencing short‑term trading decisions.
Market read
First‑report earnings data creates immediate trading relevance for the stock.
What to watch
Foreign exchange losses and higher distribution costs could pressure margins.
MINISO expects 26H1 revenue of approximately RMB11,450 million to RMB11,550 million, while adjusted net profit excluding foreign exchange gain or loss is expected to decline approximately 1% to 3% year over year.
The preliminary outlook indicates revenue growth of approximately 22% to 23% year over year, but adjusted net profit excluding foreign exchange gain or loss is expected to decline approximately 1% to 3%. Reported-profit growth is supported by an approximately RMB277 million unrealized mark-to-market gain and approximately RMB60 million equity pick-up from Yonghui.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | Ranging from 11,450 to 11,550 RMB million | – | 22 to 23% |
| Operating profitother | Ranging from 1,620 to 1,660 RMB million | – | 5 to 7% |
| Adjusted operating profit excluding foreign exchange gain or lossnon-GAAP | Ranging from 1,610 to 1,650 RMB million | – | 4 to 6% |
| Profit for the periodother | Ranging from 940 to 960 RMB million | – | 4 to 6% |
| Adjusted net profit excluding foreign exchange gain or lossnon-GAAP | Ranging from 1,210 to 1,230 RMB million | – | (3) to (1)% |
| Basic EPS (RMB)other | Ranging from 0.78 to 0.79 | – | 5 to 7% |
| Diluted EPS (RMB)other | Ranging from 0.78 to 0.79 | – | 6 to 9% |
What drove it
- Revenue is expected to increase approximately 22% to 23% year over year.
- Operating profit growth was mainly driven by an unrealized mark-to-market gain of approximately RMB277 million arising from fair value changes of an investment in a limited partnership investing in the AI industry.
- Profit for the period was primarily supported by the approximately RMB277 million unrealized mark-to-market gain and approximately RMB60 million equity pick-up from the investment in Yonghui Superstores Co., Ltd.
- Adjusted operating profit excluding foreign exchange gain or loss is expected to increase approximately 4% to 6% year over year.
Concerns
- Higher selling and distribution expenses partially offset operating-profit growth.
- The Group expects a net foreign exchange loss of approximately RMB142 million.
- Profit was affected by higher finance costs, primarily increased interest expenses on lease liabilities related to directly operated stores.
- The filing identifies a loss from fair value change of derivative under mark-to-market impact related to the Equity Linked Securities issued in 2025.
- The filing identifies a loss arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025.
- Adjusted net profit excluding foreign exchange gain or loss is expected to decline approximately 1% to 3% year over year.
- The disclosed figures are preliminary, unaudited management-account estimates and may differ from the unaudited consolidated financial statements to be published.
What to watch
- The Board meeting on Friday, August 28, 2026, to consider and approve results for the three months ended June 30, 2026 and the interim financial results for 26H1.
- The earnings conference call at 5:00 A.M. Eastern Time on Friday, August 28, 2026.
- Final 26H1 results, including further details of the non-IFRS financial measures.
- The magnitude of selling and distribution expenses, foreign exchange loss, finance costs, derivative fair-value loss and TOP TOY preferred-share loss in the final results.
Analysis
MINISO's preliminary 26H1 results point to revenue of approximately RMB11,450 million to RMB11,550 million, compared with RMB9,393 million for the six months ended June 30, 2025. The Company expects year-over-year revenue growth of approximately 22% to 23%, making revenue the strongest reported growth measure in the preliminary release. No segment revenue, store, gross-margin, or cash-flow data were provided.
Profit growth is expected to trail revenue growth. Operating profit is expected to range from RMB1,620 million to RMB1,660 million, an increase of approximately 5% to 7% year over year, while profit for the period is expected to range from RMB940 million to RMB960 million, up approximately 4% to 6%. Basic EPS is expected to range from RMB0.78 to RMB0.79 and diluted EPS is expected to range from RMB0.78 to RMB0.79.
The reported-profit outlook includes material investment-related contributions. The Company cited an unrealized mark-to-market gain of approximately RMB277 million from fair value changes of an investment in a limited partnership investing in the AI industry as the main driver of operating-profit growth. Profit for the period also benefited from approximately RMB60 million equity pick-up from Yonghui. These items contrast with adjusted net profit excluding foreign exchange gain or loss, which is expected to range from RMB1,210 million to RMB1,230 million, compared with RMB1,243 million, a decline of approximately 1% to 3%.
Cost and valuation items are the principal offsets identified in the release. MINISO cited higher selling and distribution expenses, a net foreign exchange loss of approximately RMB142 million, and higher finance costs primarily related to interest expenses on lease liabilities for directly operated stores. It also cited a derivative fair-value loss connected with the Equity Linked Securities and a loss arising from TOP TOY preferred shares. Adjusted operating profit excluding foreign exchange gain or loss is still expected to increase approximately 4% to 6%, but at a slower rate than revenue.
This filing is a preliminary performance announcement rather than final earnings results or forward guidance. The figures are based on unaudited consolidated management accounts and have not been audited or reviewed by the independent auditor or the audit committee. The Board is scheduled to consider and approve the June-quarter and 26H1 results on Friday, August 28, 2026, when the Company expects to publish fuller financial information and non-IFRS measure details.
Not in the filing
stated, not guessed- Final audited or reviewed financial statements
- Gross profit and gross margin
- Operating expenses by line item other than qualitative references to selling and distribution expenses
- Tax expense and tax rate
- Segment revenue, segment profit and segment drivers
- Prior-quarter comparative figures and quarter-over-quarter changes for all reported metrics
- Cash, cash equivalents, debt and liquidity figures
- Operating cash flow and free cash flow
- Capital expenditures
- Share repurchases, dividends and other capital returns
- Store counts and operating metrics
- Forward guidance
- Management quotes from named executives
- Final non-IFRS reconciliation details
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
MINISO Group Holding Ltd filed a Form 6‑K with preliminary H1 2026 results, highlighting revenue and profit growth.
Ticker impact
Preliminary H1 2026 earnings released via Form 6‑K showing 22‑23% revenue growth and modest profit increase.
Potential modest price appreciation ahead of the earnings call.
First‑report earnings numbers provide fresh guidance; market may price in growth expectations.
Market effects
Retail‑apparel sector may see renewed interest due to MINISO's AI‑related investment gains.
Positive for Hong Kong‑listed consumer stocks.
Limited to investors tracking emerging market consumer earnings.
Counterpoint
Profit growth is modest; AI investment gains are non‑recurring, so price may be over‑optimistic.
Key entities
- CompanyMINISO Group Holding Ltd
Hong Kong‑listed retailer reporting H1 2026 earnings.
