Miniso First-Half Revenue Rises 22% to $1.7 Billion on China and US Gains
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Miniso lifted its first-half revenue 22.4 per cent to RMB11.5 billion (US$1.69 billion) as Chinese domestic demand rebounded and foreign store openings accelerated. Second-quarter revenue rose 17 per cent to RMB5.81 billion (US$856.4 million) in the three months to June 30.
Domestic sales supplied the momentum. Mainland China revenue climbed 26.2 per cent during the six months, marking the company’s fastest first-half expansion rate in three years. North American operations posted a 37 per cent top-line increase over the same period, while the Top Toy pop-culture unit grew revenue 32.7 per cent.
Global Store Count Nears 8,700
Network growth continued across offshore territories. Miniso finished June with 8,674 stores worldwide, adding 769 doors in 12 months. International locations accounted for almost half of all net-new store openings during the year.
New market entries pushed the retailer’s footprint to 113 countries and territories after opening its first store in Switzerland. Top Toy also moved past mainland borders, adding storefronts in Taiwan and the US. Domestic registered members reached 130 million, up 31 per cent year on year, while US loyalty members doubled to roughly 5.8 million.
IP Formats and Capital Allocation
Value retailers across East Asia face margin pressure from discount e-commerce platforms, pushing operators to rely on licensed intellectual property and larger destination shops to protect transaction values. Miniso has shifted toward branded character goods and blind-box toys to lift average basket spend rather than relying solely on cheap household consumables.
Founder and chief executive Guofu Ye said the group will keep directing capital toward proprietary IP lines and large-format retail sites while pursuing regional localisation.
Capital management plans remain active following the June rollout of a HK$2 billion (US$255 million) share buyback program, which runs alongside Ye’s personal commitment to increase his equity stake in the business.
Questions & Answers
Q.What contributed most to Miniso's significant revenue increase in the first half?
What contributed most to Miniso's significant revenue increase in the first half?
The company's first-half revenue growth was primarily driven by a rebound in Chinese domestic demand. Mainland China revenue climbed 26.2 per cent, representing its fastest first-half expansion in three years.
Q.How did Miniso expand its physical presence globally and in new markets?
How did Miniso expand its physical presence globally and in new markets?
Miniso added 769 new stores over 12 months, bringing its worldwide total to 8,674. It also expanded its footprint into 113 countries and territories, including its first store in Switzerland.
Q.How is Miniso planning to combat margin pressure from discount e-commerce platforms?
How is Miniso planning to combat margin pressure from discount e-commerce platforms?
Miniso is focusing on licensed intellectual property and larger destination shops to protect transaction values. It is also shifting towards branded character goods and blind-box toys to increase average basket spend.
Q.What actions is Miniso taking regarding capital allocation and shareholder value?
What actions is Miniso taking regarding capital allocation and shareholder value?
Miniso launched a HK$2 billion share buyback program in June to manage its capital. The founder and chief executive, Guofu Ye, also plans to increase his personal equity stake in the business.
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