The core retail business is growing revenue at 28–29% YoY with adjusted operating profit up 13–16%, confirming strong international expansion. However, the 195–200% headline net profit surge is largely non-cash and non-recurring (AI investment MTM gain). Traders should watch the May 26 earnings call for organic same-store sales trends and any update on Yonghui integration. The stock may gap up on the headline beat but could fade as the market digests the adjusted growth rate.
Price Chart
Executive Summary
MINISO Group issued a positive profit alert for Q1 2026 (quarter ended March 31, 2026), guiding revenue of RMB5,678M–RMB5,728M (+28–29% YoY), operating profit of RMB1,511M–RMB1,531M (+113–116% YoY), and net profit of RMB1,228M–RMB1,248M (+195–200% YoY). However, headline profit growth is heavily inflated by an ~RMB870M–RMB880M unrealized mark-to-market gain from an AI pre-IPO investment; adjusted net profit excluding FX and non-recurring items grew only 7–10% YoY, signaling core business momentum is solid but not exceptional.
Key Facts
- Q1 2026 revenue guided to RMB5,678M–RMB5,728M, +28–29% YoY from RMB4,427M
- Operating profit guided to RMB1,511M–RMB1,531M, +113–116% YoY from RMB710M
- Net profit guided to RMB1,228M–RMB1,248M, +195–200% YoY from RMB416M
- Adjusted operating profit (ex-FX, ex-AI investment gain) guided to RMB829M–RMB849M, +13–16% YoY from RMB733M
- Adjusted net profit (ex-FX, ex-AI gain, ex-Yonghui equity pick-up, ex-derivatives) guided to RMB624M–RMB644M, +7–10% YoY from RMB586M
- Unrealized mark-to-market gain of ~RMB870M–RMB880M from an AI pre-IPO investment drove the bulk of operating profit growth
- ~RMB78M equity pick-up from Yonghui Superstores investment contributed to net profit
- Board meeting scheduled for May 26, 2026 to approve Q1 results
- Prior 20-F (April 24, 2026) reported FY2025 revenue of $3.07B and gross profit of $1.38B, with controlling shareholder committed to buying at least $6.4M in shares
Financial Impact
Revenue growth of 28–29% YoY to ~RMB5.7B; adjusted net profit growth of 7–10% YoY to ~RMB634M; headline net profit inflated by ~RMB870M–RMB880M unrealized AI investment gain
Risk Factors
- Adjusted net profit growth of only 7–10% YoY is modest relative to the headline 195–200% figure, which may disappoint upon closer inspection
- Unrealized AI investment gain of ~RMB870M–RMB880M is non-cash and subject to reversal if the pre-IPO investment's fair value declines
- Net foreign exchange loss reversing prior-year gain creates a headwind to core earnings
- Higher share-based compensation at TOP TOY and interest expenses on Yonghui acquisition debt are recurring drags on profitability
- Preliminary unaudited figures may differ from final reported results
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-060725 |
| Document: tm2614488d1_6k.htm | 0001104659-26-060725 |
| Document: 0001104659-26-060725-index-headers.html | 0001104659-26-060725 |
| Document: 0001104659-26-060725-index.html | 0001104659-26-060725 |
| Document: 0001104659-26-060725.txt | 0001104659-26-060725 |
Filters
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|---|---|---|---|---|---|
Jun 9, 2026 19w ago | 6-K | — | awaiting T+20 | — | — |
Jun 4, 2026 20w ago | 6-K | — | awaiting T+20 | — | — |
Jun 2, 2026 20w ago | 6-K | — | awaiting T+20 | — | — |
Jun 1, 2026 21w ago | 6-K | — | awaiting T+20 | — | — |
May 27, 2026 21w ago | 6-K | — | awaiting T+20 | — | — |
May 14, 2026 23w ago | 6-K | — | awaiting T+20 | — | — |
May 8, 2026 24w ago | 6-K | — | awaiting T+20 | — | — |
Apr 27, 2026 26w ago | 6-K | — | awaiting T+20 | — | — |
Apr 24, 2026 26w ago | 20-F | — | awaiting T+20 | — | — |
Apr 24, 2026 26w ago | 6-K | — | awaiting T+20 | — | — |
US Market Status
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