MINISO Group's Latest Business Update

MINISO reports accelerating GMV growth and global IP expansion, but figures remain unaudited.

What the company is saying

MINISO Group Holding Limited presents a voluntary business update highlighting strong operational momentum for its flagship brand. The company states that total GMV in the Chinese mainland grew by 25%-30% year over year in Q3 2026, describing this as an acceleration from earlier in the year and attributing it to high-single-digit same-store sales growth. During the National Day holidays, GMV growth remained robust at 20%-25% year over year, with performance driven by low-single-digit SSSG. The release spotlights the proprietary IP YOYO, which surpassed RMB1 billion in GMV for the first nine months of 2026 and expanded into 53 countries since its June 2025 launch, positioning it as a rapidly scaling global IP. Overseas, MINISO USA delivered around 20% GMV growth in Q3 and rebounded to over 30% in September 2026, citing new product arrivals as a key driver. Mr. Guofu Ye, Founder, Chairman, and CEO, frames these results as validation of MINISO’s strategy as a leading IP operation platform and signals intent to further globalize Chinese original IPs. The company emphasizes that all figures are preliminary, unaudited, and may be adjusted, cautioning that short-term holiday data is not necessarily indicative of full-quarter or future performance.

What the data suggests

The disclosed numbers show clear operational acceleration, with Chinese mainland GMV up 25%-30% year over year in Q3 2026 and National Day holiday GMV up 20%-25%. The company claims this is a step up from the first half of 2026, though no earlier figures are provided for direct comparison. YOYO’s GMV exceeded RMB1 billion in the first nine months of 2026, and its presence in 53 countries since June 2025 demonstrates rapid international rollout. MINISO USA’s GMV grew around 20% in Q3 and over 30% in September, with positive SSSG attributed to new product launches. The data is presented as ranges and is unaudited, limiting precision and comparability. No profitability, margin, or cash flow metrics are disclosed, so the sustainability of growth cannot be assessed. Some promotional claims, such as YOYO entering the 'One Billion Club' or being among the fastest-growing Chinese IPs, lack external benchmarks or definitions. The operational performance appears strong, but the absence of audited figures and profit data leaves the underlying value creation unverified.

Analysis

The announcement is upbeat, highlighting strong GMV growth in both China and the USA, as well as the rapid global expansion of the YOYO IP. Most claims are realised and supported by preliminary operational data, though the figures are unaudited and presented as ranges, which reduces precision. However, the release lacks any profitability metrics (net income, EBITDA, margins, or cash flow), so the sustainability and value of the reported growth cannot be assessed. Some language is promotional, such as calling YOYO 'one of the fastest Chinese original IPs to achieve large-scale global expansion' and referencing the 'One Billion Club' without external benchmarks. The only forward-looking claim is the intent to empower more Chinese IPs globally, which is aspirational. There is no evidence of a large capital outlay or long-dated, uncertain returns in this update. Overall, the tone is somewhat inflated relative to the evidence, but the majority of claims are realised and operational.

Risk flags

• ●All reported figures are preliminary and unaudited, which introduces the risk that subsequent audited results may differ materially. This matters because investors cannot fully rely on the accuracy or permanence of the reported growth rates.
• ●The absence of profitability, margin, or cash flow data means it is unclear whether the strong GMV growth is translating into sustainable earnings or value. This limits an investor’s ability to assess the quality of growth and the company’s underlying financial health.
• ●The company’s own caution that short-term holiday performance is a snapshot and may not be indicative of future quarters highlights the risk of extrapolating these results. Seasonality, marketing cycles, and new product timing could cause volatility in future reported numbers.

Bottom line

MINISO’s update signals robust GMV growth in both China and the USA, with its YOYO IP achieving notable sales and rapid global expansion. The operational momentum is clear, but all figures are unaudited and presented as ranges, which reduces reliability. The lack of any profitability or cash flow metrics means investors cannot judge whether this growth is creating sustainable shareholder value. The company’s own caveats about seasonality and the preliminary nature of the data reinforce the need for caution. For investors, the key takeaway is that while top-line momentum is strong, confirmation of the quality and durability of this growth will require audited financials and margin disclosure. Until then, the narrative is promising but not yet fully investable.

Announcement summary

(NYSE:MNSO, HKEX:9896) MINISO Group Holding Limited provided a voluntary business update on the performance of its flagship brand MINISO for the three months ended September 30, 2026 (26Q3). The total GMV of MINISO Chinese mainland for 26Q3 grew by 25%-30% year over year, which was an acceleration from the first half of 2026, and was powered by a high-single-digit SSSG. During the National Day holidays from October 1 to October 7, 2026, MINISO Chinese mainland maintained strong momentum, with total GMV growth of 20%-25% year over year, driven by a low-single-digit SSSG. MINISO's proprietary IP, YOYO, generated GMV of over RMB1 billion for the first nine months of 2026 and has officially entered the global IP 'One Billion Club'. YOYO was first launched in June 2025 and has since expanded into 53 countries and regions worldwide, becoming one of the fastest Chinese original IPs to achieve large-scale global expansion. Mr. Guofu Ye, Founder, Chairman and CEO of MINISO, stated that YOYO has validated MINISO's strategic capability as a 'world's leading IP operation platform' and that MINISO will empower more Chinese original IPs to scale up and accelerate in the global market. The performance of MINISO's overseas markets was largely in line with the Company's guidance. MINISO USA delivered a GMV growth of around 20% year over year in 26Q3. In September 2026, MINISO USA rebounded to over 30% GMV year over year growth and achieved positive SSSG, supported by new product arrivals. The figures in this press release are based on the preliminary review of the Company's operational data and have not been audited or reviewed by the Company's auditors. The information may be subject to change and adjustment. The company cautions that sales performance of IP products is subject to seasonality, marketing cycles, and the timing of new product launches, and that operational data during the National Day holiday period represents a short-term snapshot and is not necessarily indicative of performance for the entire fourth quarter of 2026 or any future period.

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