MINISO Group Holding

9896.HK

Specialty Retail · Consumer Cyclical

Exchange

Hong Kong Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Mixed

Dividends

Good

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Winston Score History

The full picture

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.

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

-24.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-170.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

71.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

HK$14.5B cash & investments

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

Revenue declining

MINISO Group Holding's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

Profit per sale

Gross Margin

45.7%

Healthy — 45.7% gross margin

Profit after running costs

Operating Margin

18.9%

Healthy — 18.9% operating margin

Return on the money invested

ROCE

17.1%

Strong — 17.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+15.1%

Fast-growing sales (+15.1% YoY)

Profit growth

EPS YoY

-48.7%

Earnings shrinking (-48.7% YoY)

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

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

0.68

Moderate — manageable debt (0.68)

Covers its interest

Interest Cover

6.42x

Adequate interest coverage (6.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

19.2x

no trend

Fair value — P/E 19.2

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

6.17%

no trend

Healthy income — 6.17% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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