MNSO · MINISO Group Holding Limited

MINISO Group Holding Limited's preliminary unaudited results for the quarter ended March 31, 2026 (26Q1) show robust top-line growth with revenue projected at RMB5,678-5,728 million, reflecting a 28-29% year-over-year increase from RMB4,427 million. Operating profit is expected to reach RMB1,511-1,531 million, more than doubling from RMB710 million last year, primarily propelled by an unrealized mark-to-market gain of RMB870-880 million from fair value changes in a limited partnership investment focused on early-stage strategic pre-IPO opportunities in the AI industry. This gain significantly boosted profitability, though partially offset by higher equity-settled share-based payment expenses related to TOP TOY and a net foreign exchange loss, reversing prior-year gains. Profit for the period is anticipated at RMB1,228-1,248 million, a 195-200% surge from RMB416 million, further supported by RMB78 million equity pick-up from Yonghui Superstores and the absence of one-off derivative issuance costs from 2025 Equity Linked Securities. Offsetting factors include TOP TOY-related fair value losses on redemption liabilities and elevated interest expenses on Equity Linked Securities and Yonghui acquisition loans. Adjusted metrics, excluding FX, share-based payments, and investment gains, indicate underlying operational strength: adjusted operating profit of RMB829-849 million (13-16% YoY growth) and adjusted net profit of RMB624-644 million (7-10% YoY). These figures underscore resilient core business performance amid non-operational boosts. Investors should note the preliminary nature of these estimates, subject to finalization, with full results approval at the May 26, 2026 board meeting and an earnings call to follow.