MINISO Group Holding Limited

MNSO

Specialty Retail · Consumer Cyclical

Price

$12.55

-0.01 (-0.08%)

Market Cap

$3.83B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+1.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 304.2M (2021) → 308.4M (2025)

MINISO is a Chinese retail chain that sells affordable lifestyle products — things like toys, beauty items, home goods, and accessories — mostly priced under $10. It targets everyday shoppers who want trendy, fun products without spending much money. The company is known for its colorful stores and popular licensed collaborations with brands like Disney, Sanrio, and Marvel, and it also owns the IP toy brand TOP TOY.

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 price points and constant rotation of new products keep customers coming back, but the company faces real risk from slowing consumer spending in China and intense competition from other discount retailers both at home and abroad.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+27.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+209.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.9%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$14.5B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

MINISO Group Holding Limited grew revenue 28% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

43.3%

Healthy — 43.3% gross margin

Operating Margin

12.2%

Healthy — 12.2% operating margin

ROCE

3.6%

Weak — 3.6% 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

+27.6%

Fast-growing sales (+27.6% YoY)

EPS YoY

-15.8%

Earnings shrinking (-15.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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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

0.77

Moderate — manageable debt (0.77)

Interest Cover

6.75x

Adequate interest coverage (6.7x)

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

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Valuation

P/E Ratio (TTM)

1.9x

Attractive valuation — P/E 1.9

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.6

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

5.12%

Healthy income — 5.12% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+23.0%

Dividend growing fast (23.0% YoY)

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