Miniso Group posted a double-digit sales growth in the first quarter, driven by the continued momentum in all of its business segments.
The China-based variety retailer’s revenue increased 28.5 per cent year-on-year to US$824.6 million in the quarter ended March 31. Management said the results, powered by mid-single-digit same-store sales growth, outperformed their previous expectations.
The Miniso Mainland China business delivered its fifth consecutive quarter of revenue growth with a 29.6 per cent uplift. Revenue from Miniso overseas grew 21.9 per cent.
The Top Toy segment recorded a 51.4 per cent sales growth, sustaining its growth momentum in the pop toy sector.
Profit for the period soared 199.7 per cent year-on-year to $180.9 million, mainly driven by an unrealised market gain of $126.8 million from fair value changes of an investment in a limited partnership investing in the AI industry. Adjusted net profit rose 8.1 per cent to $79.8 million.
“Miniso Group’s outstanding performance this quarter serves as a powerful validation of the momentum we are building,” commented Guofu Ye, founder, chairman and CEO.
“My personal intention to increase my holdings as announced in April is a direct reflection of my conviction in the company’s development prospects. I believe Miniso Group’s current valuation has yet to reflect its true intrinsic potential.”
Ye previously announced his plans to increase his stake in the company by at least $6.4 million over the next 12 months. He currently holds an approximately 63.7 per cent stake (excluding treasury shares).
“Entering the second half of 2026, we will continue to deepen our globalisation and IP strategies, driving high-quality growth through continuous product mix optimisation, upgrade and expansion of our store network and leveraging a multi-dimensional IP matrix. We are firmly advancing with purpose toward our long-term objectives,” Ye added.
As of March 31, the company’s store count reached 8565, representing a net increase of 797 year-on-year. The Miniso brand had 8210 stores, including 4593 in Mainland China and 3617 overseas.
