名创优品2026年上半年：国内营收增速创近三年最快 由中个位数同店增长驱动

This is a summary of MINISO Group's H1 2026 financial results, with key takeaways as follows:

1. Core financial data: The Group posted total revenue of 11.5 billion yuan in the first half, up 22.4% year-over-year, with a gross margin of 44.3% and net profit of 960 million yuan, up 5.6% year-over-year. Revenue from mainland China reached 6.45 billion yuan, up 26.2% year-over-year, marking the fastest growth for the same period in three years. Same-store sales in China achieved mid-single-digit positive growth, and net cash from operating activities rose 45.5% year-over-year to 1.48 billion yuan.

2. Store network expansion: As of the end of the first half, the Group operated 8,674 stores globally, including 8,309 under the MINISO brand. It added a net 97 stores in mainland China and 61 net new stores overseas during the period. The Group has opened 100 park-format stores, and the world's first MINISO LAND, an experiential format integrating urban cultural tourism, has launched in Chengdu.

3. Brand updates: TOP TOY, the Group's潮玩品牌, opened its first store in New York's Times Square, bringing its global store count to 365. The Group's total in-house IP portfolio has exceeded 30, with one popular in-house IP "Yuyu" generating over 15 million yuan in GMV during a one-month pop-up event in Hangzhou. In the first half, the Group returned 1.31 billion yuan to shareholders, an amount exceeding its adjusted net profit for the period.

MINISO's H1 2026 performance and strategy offer multiple key insights for retail brands of all types:

1. A reference for shifting growth logic: China's retail industry has moved away from a growth model purely reliant on store expansion, and now focuses on improving performance at existing locations. MINISO's mid-single-digit same-store sales growth proves that mature store networks can still deliver sustained incremental growth.

2. A blueprint for core growth engines: Companies can drive growth via three core pillars: IP operations, channel upgrade and globalization. On the channel front, brands can develop diversified store formats, explore new scenarios that integrate IP experiences with urban cultural tourism, and tap into the fast-growing interest consumption sector.

3. A lesson for global expansion: Brands can adopt a strategy of deep cultivation in regional markets first, before entering mainstream Western markets. For潮玩 categories, building a portfolio of original in-house IP helps create clear differentiated competitive advantages. In addition, increasing shareholder returns can strengthen capital market confidence and demonstrate a brand's solid financial strength.

MINISO's latest development brings the following insights and opportunities for retail and潮玩 sellers:

1. Growth opportunity guidance: The industry's growth logic has shifted. Sellers do not need to blindly pursue new store openings and continuous scale expansion. Deepening cultivation of existing store networks and unlocking incremental growth from current locations can also deliver stable growth, while reducing the cost and risk tied to rapid expansion.

2. A replicable business model: Sellers can adopt an "IP + immersive experience" model, partner with local cultural tourism resources to open distinctive branded stores, and attract new customer traffic.潮玩 sellers in particular should prioritize building an in-house IP portfolio to build differentiated competitive advantages and improve profitability.

3. Global expansion insights: For overseas expansion, brands can first deepen their presence in neighboring regional markets such as the Asia-Pacific, and enter mainstream European and American markets only after establishing a solid foothold. Sellers should prioritize long-term investment, focus on core operational capabilities rather than short-term growth targets, and lay the groundwork for sustainable long-term value through steady, manageable expansion.

MINISO's latest strategy and business adjustments point to new demand directions and business opportunities for manufacturing and processing factories:

1. Shifts in product design and manufacturing demand: Both MINISO and its subsidiary TOP TOY are aggressively expanding their in-house IP businesses, with TOP TOY's in-house IP count already exceeding 30 and its original IP portfolio continuing to grow. This has driven sustained growth in demand for IP-related潮玩 and consumer goods manufacturing. Factories can adjust production capacity to align with this new demand.

2. New business expansion opportunities: MINISO is continuing global store expansion and rolling out multiple diversified store formats. Different store formats have differentiated requirements for product specifications, packaging and design. Factories can develop customized product solutions tailored to different store formats to win more cooperation opportunities.

3. Insights for transformation: As brands push forward with digital upgrades and global expansion, factories can upgrade their own production and operational capabilities in tandem to meet the order demand from brands going overseas, and capture the incremental order opportunities brought by brands' global expansion.

MINISO's latest development reveals new industry trends and opportunities for service providers in the retail sector:

1. Key industry trends: The retail industry has shifted its focus from scale expansion to improving per-store efficiency. Leading brands are prioritizing IP operations and global expansion, and immersive IP-powered consumer experiences that combine IP with cultural tourism have emerged as a new growth driver. Demand for original IP development and overseas operation support continues to rise.

2. Unmet client needs: When brands build their own in-house IP portfolios, design immersive stores that combine IP and cultural tourism, and expand into mainstream European and American markets, they often lack professional supporting services. Gaps remain common for services including IP development and operation, experiential space design, overseas compliance, marketing and more.

3. Direction for new solutions: Service providers can develop customized service products aligned with retail brands' transformation needs, and build integrated solutions focused on IP operation, in-store experience upgrade and global expansion, to capture new service demand driven by the transformation of leading industry brands.

MINISO's development offers the following key insights for retail platforms and commercial real estate platforms:

1. Shifts in brand demand: Brands today no longer prioritize sheer store count, and instead focus more on improving performance per location. Demand for high-traffic prime locations in core city landmarks and cultural tourism scenarios is rising, and brands now require platforms to provide high-quality site resources and supporting scenario operation services.

2. Guidance for merchant recruitment: Platforms can prioritize recruiting retail and潮玩 brands with strong IP operation capabilities and portfolios of original in-house IP. These brands bring their own inherent customer traffic, are able to build immersive consumer experiences, and can help platforms attract more footfall and improve overall competitiveness.

3. Guidance for risk mitigation: As the retail industry's growth logic has shifted, when evaluating brands for cooperation, platforms should not only look at a brand's store opening speed. Instead, they should prioritize assessing a brand's per-store profitability, financial health and long-term growth potential, and prioritize partnering with stably operated brands to reduce risk.

MINISO's newly released financial report reveals new trends in the retail industry, with key insights for industry researchers as follows:

1. New industry dynamics: China's value retail industry has completed a key shift in its growth logic, moving from incremental expansion reliant on new store openings to incremental growth driven by improved efficiency at existing stores. Leading brands have already verified that mature store networks can still deliver sustained incremental growth. IP operation has become a core growth driver for the retail and潮玩 industries, with original IP serving as the core of building differentiated competitive advantages.

2. Observations on new business models: Leading retail companies have explored a new business model combining IP operation, diversified store formats, cultural tourism integration and global expansion.潮玩 brands have developed a proven dual-driver growth model of original IP development plus global expansion, providing a new development prototype for the industry.

3. New features of corporate strategy: Leading retail companies today are increasingly focused on long-term value positioning, and are shifting their positioning from pure retail brands to global IP operation platforms. The model of returning more than full net profit to shareholders also provides a new case for research on listed company strategy.