MINISO Group Holding

9896.HK

Specialty Retail · Consumer Cyclical

Price

HK$25.98

+0.98 (+3.92%)

Market Cap

HK$31.71B

Exchange

Hong Kong Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−1.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.23B (2022) → 1.22B (2026)

MINISO is a Chinese retail chain that sells affordable lifestyle products — things like toys, beauty items, home goods, and accessories — mostly priced under $10. Its stores are designed to feel fun and trendy, and it targets everyday shoppers, especially younger consumers. The company is known for licensed collaborations with popular brands like Disney, Sanrio, and Marvel, which help its products stand out on shelves.

MINISO makes money by selling products directly through its own stores and through a franchise model, where partners pay to run MINISO-branded shops. It operates thousands of stores across China and over 100 other countries, making it one of the largest value-focused lifestyle retailers in the world. Its low prices and high product turnover give it scale advantages, but the business faces real risks from slowing consumer spending in China and intense competition from other discount retailers like Pop Mart and local rivals expanding globally.

Winston Score History

Score breakdown

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Quality

Gross Margin

45.7%

Healthy — 45.7% gross margin

Operating Margin

18.9%

Healthy — 18.9% operating margin

ROCE

3.9%

Weak — 3.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-5.2%

Shrinking sales (-5.2% YoY)

EPS YoY

+25.4%

Earnings growing fast (25.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.68

Moderate — manageable debt (0.68)

Interest Cover

6.54x

Adequate interest coverage (6.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

17.6x

Fair value — P/E 17.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

5.22%

Healthy income — 5.22% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

N/A

no trend

Data not available

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