Miniso’s Overseas Revenue +70% — But Is the Market Still Seeing It as a Discount Store?

SG Visual Research
12-16 09:41
$名创优品(MNSO)$  $名创优品(09896)$  

Miniso’s overseas direct-store revenue jumped +70% YoY in Q3—while domestic same-store sales accelerated to high-single digits.

This isn’t just about opening more stores. It’s about big-box upgrades, IP monetization, and owned retail economics in the U.S. and Europe.

Yet margins are stabilizing, not collapsing. Is the market still pricing Miniso as a discount retailer… while it’s becoming a global brand platform?

(One Chart to Understand below 👇)


Miniso Reports Q3 Revenue Surge of 28.2% Despite Profit Decline and Shares Drop
Miniso Group Holding Ltd reported a 28.2% year-over-year revenue increase to RMB5.80 billion in the third quarter, driven by strong growth in both MINISO and TOP TOY brands. However, attributable profit declined to RMB440.5 million from RMB641.8 million the previous year, with earnings per share falling to 0.36 yuan. Adjusted operating profit and EBITDA rose, and the company expanded its global store count to 8,000. Despite these positives, shares fell over 4% following the earnings announcement.
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