Detailed financial statements for MINISO Group Holding Limited (MNSO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
MINISO Group Holding Limited functions as an investment holding firm primarily engaged in the global retail and wholesale distribution of a broad spectrum of lifestyle products. The company's operations extend across China, various parts of Asia, the Americas, and Europe.
Analysis Summary
MINISO Group Holding Limited reported revenue of 21.44B CNY in the most recent fiscal year, growing at a 5-year CAGR of 18.8%.
Trailing-twelve-month margins: gross margin 44.9%, operating margin 13.2%, net margin 5.4%. Free cash flow grew at 17.6% CAGR over 5 years.
At the current price of $9.29, MNSO trades at a P/E of 14.65 and an ROE of 11.34%. Market capitalisation stands at $2.8B.
Balance sheet quality for MNSO: current ratio of 1.7, net debt of 4.32B CNY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 1.65B CNY represents 137% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.39B CNY | 8.98B CNY | 9.07B CNY | 10.09B CNY | 11.47B CNY | 15.26B CNY | 16.99B CNY | 21.44B CNY |
| Cost of Revenue | 6.88B CNY | 6.25B CNY | 6.64B CNY | 7.02B CNY | 7.03B CNY | 8.78B CNY | 9.36B CNY | 11.80B CNY |
| Gross Profit | 2.51B CNY | 2.73B CNY | 2.43B CNY | 3.07B CNY | 4.44B CNY | 6.48B CNY | 7.64B CNY | 9.65B CNY |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 1.41B CNY | 1.99B CNY | 2.02B CNY | 2.26B CNY | 2.35B CNY | 3.45B CNY | 4.45B CNY | 6.49B CNY |
| Operating Expenses | 1.49B CNY | 1.97B CNY | 1.98B CNY | 2.25B CNY | 2.32B CNY | 3.43B CNY | 4.42B CNY | 6.49B CNY |
| Operating Income | 1.02B CNY | 766.6M CNY | 455.6M CNY | 820.0M CNY | 2.12B CNY | 3.05B CNY | 3.22B CNY | 3.16B CNY |
| EBITDA | 506.0M CNY | 380.8M CNY | -922.8M CNY | 1.02B CNY | 2.43B CNY | 3.88B CNY | 4.29B CNY | 3.55B CNY |
| Interest Expense | 25.2M CNY | 31.3M CNY | 28.4M CNY | 33.4M CNY | 34.6M CNY | 7.1M CNY | 12.9M CNY | 430.9M CNY |
| Pre-tax Income | 289.0M CNY | 80.8M CNY | -1.22B CNY | 906.8M CNY | 2.33B CNY | 3.31B CNY | 3.35B CNY | 1.91B CNY |
| Income Tax | 279.6M CNY | 210.9M CNY | 213.3M CNY | 267.1M CNY | 551.8M CNY | 793.2M CNY | 712.1M CNY | 703.5M CNY |
| Net Income | -290.6M CNY | -262.3M CNY | -1.42B CNY | 638.2M CNY | 1.77B CNY | 2.50B CNY | 2.62B CNY | 1.21B CNY |
| EPS | $-0.96 | $-0.88 | $-4.68 | $2.12 | $5.68 | $1.12 | $8.40 | $3.92 |
| EPS (Diluted) | $-0.96 | $-0.88 | $-4.72 | $2.08 | $5.64 | $1.12 | $8.40 | $3.92 |
| Shares Outstanding (Diluted) | 304.2M CNY | 304.0M CNY | 276.1M CNY | 304.2M CNY | 313.6M CNY | 312.9M CNY | 311.7M CNY | 308.4M CNY |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 5.80B CNY | 6.17B CNY | 5.65B CNY | 5.79B CNY |
| Gross Profit | 2.59B CNY | 2.86B CNY | 2.45B CNY | 2.62B CNY |
| Operating Income | 812.3M CNY | 844.4M CNY | 689.5M CNY | 747.3M CNY |
| EBITDA | 795.0M CNY | 495.7M CNY | 1.87B CNY | 747.3M CNY |
| Net Income | 440.5M CNY | -139.6M CNY | 1.24B CNY | -288.4M CNY |
| EPS | $1.40 | $-0.48 | $4.08 | $-0.96 |
| EPS (Diluted) | $1.40 | $-0.48 | $4.08 | $-0.96 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 228.1M CNY | 1.55B CNY | 2.85B CNY | 6.77B CNY | 5.35B CNY | 6.49B CNY | 6.42B CNY | 6.33B CNY | 7.09B CNY |
| Short-term Investments | 0 | 356.3M CNY | 0 | 103.0M CNY | 447.4M CNY | 787.0M CNY | 210.8M CNY | 369.0M CNY | 0 |
| Receivables | 1.76B CNY | 741.9M CNY | 600.5M CNY | 348.3M CNY | 808.8M CNY | 951.9M CNY | 426.9M CNY | 1.90B CNY | 2.88B CNY |
| Inventory | 1.09B CNY | 1.31B CNY | 1.40B CNY | 1.53B CNY | 1.19B CNY | 1.45B CNY | 1.97B CNY | 2.75B CNY | 3.69B CNY |
| Total Current Assets | 3.08B CNY | 4.51B CNY | 4.99B CNY | 9.20B CNY | 8.07B CNY | 9.90B CNY | 10.33B CNY | 11.66B CNY | 14.10B CNY |
| Property, Plant & Equipment | 515.3M CNY | 576.7M CNY | 590.9M CNY | 899.7M CNY | 1.21B CNY | 1.38B CNY | 3.67B CNY | 3.97B CNY | 7.24B CNY |
| Goodwill | 0 | 0 | 0 | 19.6M CNY | 19.4M CNY | 21.1M CNY | 21.6M CNY | 21.4M CNY | 223.3M CNY |
| Intangible Assets | 31.5M CNY | 49.9M CNY | 69.1M CNY | 61.0M CNY | 1.79B CNY | 1.73B CNY | 19.6M CNY | 1.65B CNY | 95.0M CNY |
| Total Assets | 3.65B CNY | 5.23B CNY | 5.84B CNY | 10.71B CNY | 11.28B CNY | 13.45B CNY | 14.49B CNY | 18.12B CNY | 28.65B CNY |
| Accounts Payable | 2.35B CNY | 591.3M CNY | 483.3M CNY | 624.7M CNY | 649.4M CNY | 653.7M CNY | 3.39B CNY | 1.28B CNY | 1.55B CNY |
| Short-term Debt | 16.2M CNY | 2.8M CNY | 401.2M CNY | 13.7M CNY | 445,000 CNY | 0 | 726,000 CNY | 567.0M CNY | 3.28B CNY |
| Total Current Liabilities | 2.69B CNY | 3.25B CNY | 3.31B CNY | 3.48B CNY | 3.79B CNY | 3.89B CNY | 4.41B CNY | 5.73B CNY | 8.48B CNY |
| Long-term Debt | 5.0M CNY | 5.3M CNY | 15.2M CNY | 6.9M CNY | 6.5M CNY | 7.2M CNY | 6.5M CNY | 4.3M CNY | 5.42B CNY |
| Total Liabilities | 3.08B CNY | 5.34B CNY | 6.16B CNY | 4.05B CNY | 4.25B CNY | 4.53B CNY | 5.29B CNY | 7.76B CNY | 17.93B CNY |
| Retained Earnings | 146.3M CNY | -525.8M CNY | -1.13B CNY | -2.56B CNY | -1.94B CNY | 539.3M CNY | 1.89B CNY | 4.30B CNY | 5.62B CNY |
| Total Equity | 563.1M CNY | -124.8M CNY | -336.6M CNY | 6.66B CNY | 7.03B CNY | 8.90B CNY | 9.17B CNY | 10.31B CNY | 10.63B CNY |
| Total Debt | 481.9M CNY | 504.6M CNY | 1.02B CNY | 825.0M CNY | 658.0M CNY | 892.9M CNY | 1.25B CNY | 3.11B CNY | 11.41B CNY |
| Net Debt | 253.8M CNY | -1.40B CNY | -1.83B CNY | -6.05B CNY | -5.14B CNY | -6.38B CNY | -5.37B CNY | -3.59B CNY | 4.32B CNY |
| Working Capital | 385.5M CNY | 1.27B CNY | 1.68B CNY | 5.72B CNY | 4.28B CNY | 6.02B CNY | 5.92B CNY | 5.93B CNY | 5.62B CNY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 3.10B CNY | 7.09B CNY | 5.27B CNY | 7.30B CNY |
| Total Assets | 28.67B CNY | 28.65B CNY | 29.63B CNY | 30.35B CNY |
| Total Liabilities | 17.84B CNY | 17.93B CNY | 18.60B CNY | 19.93B CNY |
| Total Equity | 10.74B CNY | 10.63B CNY | 10.93B CNY | 10.32B CNY |
| Total Debt | 10.99B CNY | 11.41B CNY | 11.48B CNY | 7.54B CNY |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -290.6M CNY | -262.3M CNY | -1.43B CNY | 639.7M CNY | 1.78B CNY | 2.25B CNY | 2.64B CNY | 1.17B CNY |
| Depreciation & Amortization | 191.8M CNY | 268.7M CNY | 265.0M CNY | 80.3M CNY | 57.0M CNY | 570.5M CNY | 853.9M CNY | 1.17B CNY |
| Stock-based Compensation | 122.1M CNY | 364.4M CNY | 281.3M CNY | 82.8M CNY | 62.9M CNY | 82.7M CNY | 85.2M CNY | 0 |
| Change in Working Capital | -315.4M CNY | -205.1M CNY | 277.2M CNY | 350.3M CNY | -519.8M CNY | -1.54B CNY | -1.10B CNY | -1.31B CNY |
| Operating Cash Flow | 1.04B CNY | 826.5M CNY | 916.3M CNY | 1.41B CNY | 1.67B CNY | 2.20B CNY | 2.17B CNY | 2.62B CNY |
| Capital Expenditure | -116.1M CNY | -57.0M CNY | -180.3M CNY | -1.23B CNY | -174.1M CNY | -529.5M CNY | -762.5M CNY | -970.5M CNY |
| Acquisitions | 0 | 0 | -8.8M CNY | -683.5M CNY | 0 | 4.6M CNY | 0 | -162.3M CNY |
| Stock Repurchased | 0 | 0 | 0 | -85.5M CNY | -36.4M CNY | -321.8M CNY | -313.4M CNY | -520.7M CNY |
| Dividends Paid | 0 | -330.3M CNY | 0 | -306.3M CNY | -370.8M CNY | -2.22B CNY | -1.24B CNY | -1.32B CNY |
| Free Cash Flow | 922.3M CNY | 769.5M CNY | 736.0M CNY | 172.1M CNY | 1.49B CNY | 1.67B CNY | 1.41B CNY | 1.65B CNY |
Cash Flow (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 15.7M CNY | 175.9M CNY | 151.6M CNY | 108.7M CNY |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -4.4% | +1.0% | +11.2% | +13.8% | +33.0% | +11.3% | +26.2% | |
| Net Income Growth (YoY) | +9.8% | -439.5% | +145.1% | +177.2% | +41.1% | +4.9% | -54.0% | |
| EPS Growth (YoY) | +8.3% | -431.8% | +145.3% | +167.9% | -80.3% | +650.0% | -53.3% | |
| Shares Change (YoY) | -0.1% | -9.2% | +10.2% | +3.1% | -0.2% | -0.4% | -1.1% | |
| FCF Growth (YoY) | -16.6% | -4.3% | -76.6% | +767.1% | +11.6% | -15.6% | +17.5% | |
| Gross Margin | 26.7% | 30.4% | 26.8% | 30.4% | 38.7% | 42.5% | 44.9% | 45.0% |
| Operating Margin | 10.8% | 8.5% | 5.0% | 8.1% | 18.5% | 20.0% | 19.0% | 14.7% |
| EBITDA Margin | 5.4% | 4.2% | -10.2% | 10.1% | 21.1% | 25.4% | 25.3% | 16.6% |
| Net Margin | -3.1% | -2.9% | -15.6% | 6.3% | 15.4% | 16.4% | 15.4% | 5.6% |
| FCF Margin | 9.8% | 8.6% | 8.1% | 1.7% | 13.0% | 10.9% | 8.3% | 7.7% |
| Effective Tax Rate | 96.7% | 261.0% | -17.5% | 29.5% | 23.6% | 24.0% | 21.3% | 36.8% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.03 | $2.53 | $2.67 | $0.57 | $4.76 | $5.32 | $4.51 | $5.36 |
| Dividends Per Share | $0.00 | $1.09 | $0.00 | $1.01 | $1.18 | $7.09 | $3.99 | $4.28 |
| Shares Outstanding (Basic) | 301.4M CNY | 304.0M CNY | 275.0M CNY | 301.4M CNY | 311.4M CNY | 312.1M CNY | 311.6M CNY | 306.6M CNY |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 11.34% |
| Return on Invested Capital | 8.91% |
| Return on Assets | 4.21% |
| Gross Margin | 44.94% |
| Operating Margin | 13.21% |
| Net Margin | 5.36% |
Financial Health
| Debt / Equity | 0.73 |
| Current Ratio | 1.57 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.97 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | 0.00 | -148.97 | -167.63 | -28.68 | 30.98 | 13.03 | 129.27 | 20.76 | 33.45 |
| P/B | 0.00 | -345.39 | -133.21 | 5.54 | 2.82 | 2.59 | 4.93 | 5.27 | 3.78 |
| P/S | 0.00 | 4.59 | 4.99 | 4.07 | 1.96 | 2.01 | 2.96 | 3.20 | 1.87 |
| Gross Margin | 0.0% | 26.7% | 30.4% | 26.8% | 30.4% | 38.7% | 42.5% | 44.9% | 45.0% |
| Operating Margin | 0.0% | 10.8% | 8.5% | 5.0% | 8.1% | 18.5% | 20.0% | 19.0% | 14.7% |
| Net Margin | 0.0% | -3.1% | -2.9% | -15.6% | 6.3% | 15.4% | 16.4% | 15.4% | 5.6% |
Related companies: BBWI · CHDN · ETSY · FND · GLBE · HRB · IBP
Explore sector: Consumer Cyclical · Specialty Retail
More sections of MNSO: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Investment Academy — learn to analyze stocks