Miniso Reports China Membership Surge While Overseas Profits Weaken
Miniso’s interim earnings call highlighted strong China momentum alongside weaker international results. China revenue rose 26.2% in the first half of 2026 as its membership base topped 130 million. The company reached RMB 1 billion in proprietary IP sales by late July and retained IP-acquired members at higher rates. Overseas profit contribution shrank, and adjusted operating profit fell 6% year over year to RMB 1.49 billion, tied to a shift toward directly operated stores.