Miniso Expects H1 2026 Net Profit of RMB940-960 Million, Up 4-6% Year-on-Year
Miniso Group expects net profit for the first half of 2026 to be between RMB940 million and RMB960 million, representing a year-on-year increase of 4% to 6% from RMB906 million in the same period of 2025. The growth is mainly driven by unrealized mark-to-market gains of approximately RMB277 million from an investment in an AI-focused limited partnership, and a share of profits of about RMB60 million from its investment in Yonghui Superstores. These gains were partially offset by higher selling and distribution expenses, net exchange losses of RMB142 million, increased finance costs, derivative losses from stock-linked securities, and losses from redemption liabilities on TOP TOY preferred shares.
Net profit for the same period of 2025 was RMB906 million. The increase in profit is primarily attributable to changes in fair value of an investment in a limited partnership that invests in the artificial intelligence industry, generating unrealized mark-to-market gains of approximately RMB277 million; and the share of profits from its investment in Yonghui Superstores of approximately RMB60 million.
These positive factors were partially offset by several items, including increased selling and distribution expenses; net exchange losses of approximately RMB142 million; higher finance costs, mainly due to increased interest expenses on lease liabilities arising from investments in directly operated stores; losses from changes in fair value of derivatives under mark-to-market impact related to stock-linked securities issued by the company in 2025; and losses from changes in fair value of redemption liabilities arising from TOP TOY's issuance of preferred shares in connection with its strategic financing in 2025.