To The Moon

A large part of consumers in China can see a shop named "MINISO" in every shopping mall, and one comment about this brand is widely spread and recognized in Chinese social media — "Every time I walk by the MINISO, I can't restrain the urge to go inside and browse." So what magic does this brand aimed to sell high price-performance ratio goods have?

In simple words, MINISO has some growth engines:

💡 Growth Engines Powering the Brand

• Diverse, ever-refreshing assortment: MINISO rolls out over 1,180 new SKUs monthly across lifestyle categories—home goods, textiles, electronics, beauty tools, toys, snacks, stationery and more—with an average price of just ¥14.30 in China. This ultra‑affordable positioning has solidified its consumer appeal.

• Global expansion gaining traction: As of March 31, 2025, MINISO operated 7,768 stores worldwide, up from 6,790 a year prior. Of those, 3,213 were overseas, reflecting a 617-store increase year-over-year. Overseas expansion accounted for about 70% of total new store growth. Overseas revenue now represents ~39% of MINISO brand sales, up from around 34.8% in the prior year.

• Strong Q1 2025 financials with margin resilience: In the March Quarter of 2025, MINISO’s total revenue reached RMB 4.43 billion (≈ US$610 million), an 18.9% year-over-year increase, fueled by 30.3% growth overseas and 9.1% growth in China. Gross margin expanded to 44.2%, the highest in recent comparable quarters, while adjusted EBITDA rose 7.5% to RMB 1.037 billion, with a 23.4% margin.

• Another Brand TOP TOY and IP‑driven product strategy: MINISO’s IP-centric sub‑brand TOP TOY grew revenue by 58.9% YoY to RMB 339.9 million. With licensing accounting for ~2% of revenue, the brand’s expansion supports profit diversification and higher‑ticket sales .Therefore, it can be expected that the operation of IP collaboration in MINISO would be more efficient.

I believe there is immense potential for MINISO, and the recent sales data have attracted significant interest from investors. This explains the current surge in the company's stock price. Furthermore, MINISO's price increase coincides with the broader market trend of revaluing Chinese assets. It will be interesting to see how far this growth will continue over the next few years.🚀 $MINISO Group Holding Limited(MNSO)$