Yahoo Finance
On August 28, Miniso Group Holding Limited (NYSE:MNSO) held its interim earnings call, and the numbers told two very different stories under one roof.
In China, the company posted its fastest first-half growth in three years, built on a membership base that just crossed 130 million people.
Overseas, the picture looked rougher, with profit contribution shrinking to a fraction of what it was three years earlier.
Investors now have to weigh a booming home market against a global expansion still finding its footing.
Miniso's China business grew revenue 26.2% in the first half of 2026, a pace management called its fastest in three years and one that dwarfed the 1.3% growth in the country's broader retail sales over the same stretch.
That gap matters because it points to market share gains rather than a rising tide lifting all boats.
Behind the growth sits a membership program that reached 130 million people in China as of June 30, up 31% year over year and an all-time high.
Members are no longer a side benefit either.
Their spending accounted for 77% of total China sales in the first half, up sharply from 60% a year earlier, giving the company a more predictable base of demand to build on.
The company's push into proprietary intellectual property adds another layer to that story.
Its YOYO brand, launched just over a year ago, has expanded into 53 countries and generated close to RMB 500 million in revenue during the first half, including a collaboration tied to Disney's Toy Story 5.
MINISO said it hit its company-wide target of RMB 1 billion in proprietary IP sales by the end of July, weeks ahead of the original year-end schedule.
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