# MNSO earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/MNSO) · [Earnings tab](https://www.lopjlb.com/stock/MNSO?tab=earnings)

Updated: 2026-08-28T04:59:32

Quarters analyzed: 8

## Cross-quarter narrative

Across 8 calls for MNSO, management tone moved from +0.80 (2024 Q1) to +0.60 (2026 Q1). Latest guidance stance: maintained. Latest desk line: MINISO Q1 revenue jumped 28.5% to RMB 5.7bn, driven by store upgrades, IP launches and membership, while margins face cost pressure but management stays confident for H2 growth.

## Latest CallCard · Q1

MINISO Q1 revenue jumped 28.5% to RMB 5.7bn, driven by store upgrades, IP launches and membership, while margins face cost pressure but management stays confident for H2 growth.

**Guidance:** maintained — reaffirmed full‑year targets, expecting high double‑digit revenue growth and continued same‑store sales momentum

**Tone:** mgmt 0.6 · Q&A pressure 0.4 · divergence 0.3

executing store upgrade, IP expansion and membership program, confident in H2 outlook

### Demand visibility

Strong demand driven by membership growth and IP‑focused traffic, especially in China and Indonesia

Members contributed 73% of Q1 sales, payday‑wave program lifted participation 80.5% in Indonesia, proprietary IP YOYO generated RMB 100m sales and global fashion exposure, boosting foot traffic

### Margins / costs

Margins pressured by higher selling, advertising, logistics expenses and ForEx loss, but pricing tests aim to stabilize

Total expense ratio rose to 29.2% (up from 28%); selling expense +37.7%, advertising +74%, logistics +43.5%; ForEx loss reduced margin by 1.5%; US price test shows improving gross margin

### Capital allocation

Capital directed to large‑format store upgrades, IP development, AI investment and shareholder returns

Renovating >300 stores in 2026, rolling out Land stores, licensing 150+ IPs, AI fair‑value gain RMB 870m, USD 116m dividend and planned share buybacks

### Milestones

- **MINISO SPACE and MINISO LAND opening at CDF Mall Sanya** [delivered]: Opened April 18, marking entry into duty‑free mall
- **IP operation training program** [delivered]: Launched Q1 at Guangzhou HQ using MINISO LAND as live training ground
- **YOYO IP sales milestone** [delivered]: Surpassed RMB 100 million in sales within 6 months, featured at Met Gala
- **Membership payday wave program in Indonesia** [delivered]: Membership participants 80.5% higher, boosting repeat purchase
- **Store renovation Q1** [on_track]: Renovated 80 stores, avg daily sales +50%; plan >300 renovations in 2026
- **Large‑format store rollout in Mexico** [new]: Planning Land stores H2 to upgrade from <300 sqm stores
- **AI investment fair‑value gain** [delivered]: Recorded RMB 870 million gain from AI company investment
- **US 2.0 version store rollout** [on_track]: Payback ~1 year, better profitability than 1.0 stores

### Fears / risks

- **Macro cost pressure**: Rising crude oil prices increase logistics costs and could pressure ticket size
- **Foreign exchange volatility**: ForEx loss of RMB 8 million impacted margin by 1.5%
- **Consumer sentiment**: Potential weakening could affect demand despite price elasticity
- **IP reliance**: Success of proprietary IP like YOYO is critical; any slowdown could affect margins
- **Large store execution**: Scaling large‑format stores requires content density and franchisee investment
- **Inventory buildup overseas**: Overseas inventory turnover slowed, driven by pre‑opening stock and logistics instability
- **AI investment risk**: Unrealized gains from AI company may not translate to operational benefits
- **Competitive pressure**: Retail market competition could affect same‑store growth in China and overseas

### Key quotes

> “In March quarter, the revenue reached close to RMB 5.7 billion, grew by 28.5%, exceeding the high end of our previous guidance.” — Guofu Ye

> “The share of the profit for franchisees this quarter reached the highest level in recent quarters.”

> “On April 18, MINISO SPACE and MINISO LAND opened simultaneously at CDF Mall in Sanya.”

> “We see May gross margin already improved compared with April. The price increase roll out further, and we believe the U.S. GP margin would continue to stay stable or even go up.”

> “We renovated around 80 stores this quarter with clear results. Average daily sales increased by 50% post renovation, validating the effectiveness of our store upgrade strategy.” — Guofu Ye

## Quarter one-liners

- **2026 Q1:** MINISO Q1 revenue jumped 28.5% to RMB 5.7bn, driven by store upgrades, IP launches and membership, while margins face cost pressure but management stays confident for H2 growth.
- **2025 Q4:** —
- **2025 Q3:** MINISO Q3 revenue +28.2% to RMB 5.8B, first quarter above RMB 5B; adjusted operating profit +40.8% to RMB 1.02B, first above RMB 1B; MINISO China +19.3%, International +28%, TOP TOY +111%; same-store sales mid-single-digit; full-year 25% revenue growth guidance maintained.
- **2025 Q2:** Q2 2025 saw MINISO beat guidance with 21% GMV growth, 23% revenue rise and strong same‑store recovery, while management highlighted IP and large‑store strategies as future growth engines.
- **2025 Q1:** MINISO posted 90% YoY revenue growth to RMB 4.43 bn, narrowed domestic same‑store decline, expanded large‑store and IP concepts, added overseas locations, but margin pressure from rapid direct‑operated store rollout and U.S. tariff volatility keep outlook cautious.
- **2024 Q4:** MINISO FY24 revenue RMB17B (+23%), 7,780 stores (+1,219 net), overseas 40% of revenue, GP margin 44.9% (+3.7pp), 100M+ members, 50% dividend payout commitment.
- **2024 Q3:** MINISO added 859 net stores in Q3, revenue rose 23% YoY to RMB12.28bn, GP margin hit 44.1%, while management stays upbeat on multi‑brand expansion despite modest same‑store sales decline and US tariff concerns.
- **2024 Q1:** MINISO posted 25% revenue growth, hit 7,000 stores, lifted gross margin to 43.7%, and is aggressively expanding in the US and Europe while leveraging IP products, but faces US market volatility and rapid‑expansion execution risks.

## Theme arcs

- **Management tone** (deteriorating): Δ mgmt=-0.20

## Fear persistence

- **us market volatility** [resolved]: 2024 Q1
- **rapid expansion risk** [resolved]: 2024 Q1
- **supply chain dependence** [resolved]: 2024 Q1
- **ip licensing risk** [resolved]: 2024 Q1
- **economic slowdown** [resolved]: 2024 Q1
- **currency risk** [resolved]: 2024 Q1
- **partner concentration** [resolved]: 2024 Q1
- **competitive pressure** [recurring]: 2024 Q1, 2026 Q1
- **us tariff risk** [resolved]: 2024 Q3
- **china micro‑consumption environment** [resolved]: 2024 Q3

## Guidance path

2024 Q1:maintained → 2024 Q3:maintained → 2024 Q4:vague → 2025 Q1:maintained → 2025 Q2:maintained → 2025 Q3:maintained → 2025 Q4:vague → 2026 Q1:maintained

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Research context only. Not personalized investment advice.

API: `GET /bff/api/bigfive/earnings-intel/MNSO`