MINISO Group Holding Limited

MNSO

Specialty Retail · Consumer Cyclical

Price

$11.02

-0.11 (-0.99%)

Market Cap

$3.36B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Strong

Dividends

Exceptional

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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)

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. 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.

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

Profit per sale

Gross Margin

43.3%

Healthy — 43.3% gross margin

Profit after running costs

Operating Margin

12.2%

Healthy — 12.2% operating margin

Return on the money invested

ROCE

16.1%

Strong — 16.1% 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

+27.6%

Fast-growing sales (+27.6% YoY)

Profit growth

EPS YoY

-15.8%

Earnings shrinking (-15.8% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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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

0.77

Moderate — manageable debt (0.77)

Covers its interest

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

Price vs profit

P/E Ratio (TTM)

11.2x

Attractive valuation — P/E 11.2

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

+3.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (11.2 → 8.0)

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Dividends

Dividend

Dividend Yield

5.12%

Healthy income — 5.12% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+23.0%

Dividend growing fast (23.0% YoY)

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