---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41101794.md"
description: "MNSO 1Q26 First Take: Overall, revenue held up and topped the company's prior guide of 'no less than 25%'. The profit highlight largely came from fair-value gains on its AI investment in MiniMax made in 2022–2023, while the core biz. still faces the old issue of revenue up with limited profit conversion. 1) Revenue beat guidance: In China, the flagship MINISO brand rose 29.6% YoY in Q1, driven by continued roll-out of the big-box strategy and IP tie-ups such as Jennie. The strong print also reflects an easy base and remains the company's key growth engine. TOP TOY grew 51% YoY; growth slowed from 80%+ in recent quarters but remains solid, likely as the high-base effect kicks in. Overseas revenue rose 22% YoY, showing a clear deceleration. SE Asia remains in a business adjustment phase. Based on channel checks, North America delivered only low single-digit SSS growth, a soft showing. At the group level, total revenue reached RMB 5.69bn (+28.5% YoY), slightly ahead of the Street. 2) Store roll-out slow, mix improving: Net adds were 80 stores in Q1, reaching 8,565, only about 15% of the full-year target (510–550), implying a slow start. Openings are expected to accelerate over the next three quarters. Structurally, overseas self-operated stores net-added 45 to 745, lifting the self-operated mix to 20.6%. Domestically, the flagship brand net-added 25 stores, still focused on big-box and park-format stores. TOP TOY net-added 21 stores, including 9 overseas, pointing to a faster international build-out. 3) AI investment props up optics; core profits still pressured: On the surface, OP jumped 114% YoY, but the core driver was approx. RMB 880mn of fair-value gains from the MiniMax AI investment. Excluding this 'filter', adj. OP was RMB 840mn (+14.3% YoY), well below the revenue growth rate. First, a lower contribution from higher-margin overseas markets (especially North America) dragged GPM down 90bps to 43.3%. Second, sizable IP royalties and upfront costs from overseas self-operated expansion lifted the selling expense ratio by 280bps to 25.9%. On the positive side, Yonghui contributed RMB 78mn of investment income this quarter, a marked improvement vs. a loss a year ago. This is a marginal positive.$Miniso(MNSO.US) $MNSO(09896.HK)"
datetime: "2026-05-26T10:36:41.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41101794.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41101794.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41101794.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# MNSO 1Q26 First Take: Overall, revenue held up and…


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## Comments (2)

- **Jony1989 · 2026-05-26T11:14:50.000Z**: The core of Miniso isn't fast-moving consumer goods at all. Conservatively speaking, over 80% of its stores are not profitable. Many stores have closed in Europe, and franchisees are suffering.
  - **天选韭菜(努力回本版** (2026-05-26T11:49:44.000Z): Agree. Actually, many franchisees are losing money.