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Chinese variety-store retailer selling affordable lifestyle, beauty and toy products globally, plus owns collectible-toy chain TopToy.
Chinese variety-store retailer selling affordable lifestyle, beauty and toy products globally, plus owns collectible-toy chain TopToy.
Sells branded goods mostly to partner-run stores, with some company-run stores, and licenses character brands from owners such as Disney and Sanrio for merchandise. Overseas growth comes mainly through franchise partners.
In one line: A Chinese Daiso-style global variety-store chain.
Moat: narrow (brand, distribution, scale). Global store network (own + franchise) and IP-licensing relationships give scale purchasing power.
Headquarters: Guangzhou, China · Founded: 2013 · Employees: 8,329
Size MINISO (9896.HK) is a Hong Kong Consumer Discretionary company (Specialty Stores) with a market value of $3.34B, the 323rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$21.58 on 6 Nov 2026.
Performance Over six months the shares fell 24.9%, against +8.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 30.8% over the last twelve months (peer median +3.5%); the operating margin is 13.2% (peer median 6.9%).
Valuation It trades at 9.9× forward earnings against a peer median of 18.7× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.6 points above its cost of capital (9.8% WACC).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$26.3B | HK$23.3B | HK$18.4B | HK$16.9B | HK$12.2B |
| Revenue growth | — | +26% | +9% | +38% | — |
| Gross profit | HK$11.8B | HK$10.5B | HK$8.28B | HK$7.16B | HK$3.71B |
| EBITDA | HK$5.03B | HK$4.71B | HK$4.35B | HK$4.00B | HK$1.42B |
| Net income | HK$1.40B | HK$1.31B | HK$2.84B | HK$2.76B | HK$771M |
| Free cash flow | n/a | HK$1.84B | HK$1.73B | HK$1.05B | HK$399M |
| Capital expenditure | n/a | HK$1.08B | HK$827M | HK$293M | HK$1.49B |
| Total debt | HK$15.3B | HK$12.1B | HK$3.31B | HK$1.38B | HK$771M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MINISO 9896.HK | $3.34B | -25% | +31% | 13% | 9.9× | 1.5% |
| Pop Mart 9992.HK | $23.8B | -11% | +87% | 45% | 17.5× | 3.8% |
| Five Below FIVE | $13.2B | +8% | +26% | 15% | 23.7× | 8.1% |
| Dollar Tree DLTR | $24.6B | +39% | -8% | 11% | 19.1× | 0.1% |
| Pan Pacific Intl Hldgs 7532.T | $15.0B | -15% | +9% | 7% | 19.8× | -2.2% |
| Dollar General DG | $29.5B | +18% | +5% | 6% | 16.6× | 0.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9896.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +24.0% | +11.4% | 4th highest of 21 |
| 6-month return | -24.9% | +8.3% | 3rd lowest of 20 |
| Distance from 52-week high | -50.8% | -18.3% | lowest of 21 |
| Revenue growth (TTM) | +30.8% | +3.5% | 3rd highest of 21 |
| Operating margin | 13.2% | 6.9% | 4th highest of 21 |
| Forward P/E | 9.9× | 18.7× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.5% | 6.3% | 7th least demanding of 19 |
| Growth delivered (Del g) | +18.5% | +5.9% | 4th highest of 19 |
| Hurdle (Req g minus delivered) | -17.0 pp | -2.4 pp | 4th least demanding of 19 |
| ROIC minus cost of capital | +5.6 pp | +1.0 pp | 8th highest of 21 |
| EV / EBITDA | 6.6× | 11.3× | 4th cheapest of 20 |
| Net debt / EBITDA | 1.3× | 2.3× | 6th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MINISO 9896.HK | Hong Kong | $3.34B | -25% | +31% | 13% | 9.9× | 1.5% | +18.5% |
| Eagers Automotive APE.AX | Australia | $3.18B | -31% | +19% | 4% | 16.5× | 5.9% | +8.3% |
| Warby Parker WRBY | United States | $3.15B | -14% | +11% | 0% | 57.8× | n/a | n/a |
| Group 1 Automotive GPI | United States | $3.12B | -27% | -3% | 5% | 7.1× | -6.1% | +16.3% |
| TRIAL Holdings.Inc 141A.T | Japan | $3.12B | +2% | +69% | 2% | 43.1× | 11.0% | +53.9% |
| Asbury Automotive ABG | United States | $3.64B | +1% | -1% | 5% | 7.6× | -2.4% | +20.3% |
| Advance Auto Parts AAP | United States | $2.75B | -19% | -1% | 4% | 19.2× | 5.6% | -3.2% |
| Shanghai Yuyuan Tourist Mart 600655.SS | China | $2.70B | -6% | -21% | -3% | 77.3× | 15.9% | -4.4% |
| Academy Sports and Outdoors ASO | United States | $4.14B | +24% | +4% | 10% | 9.9× | -1.2% | +1.2% |
| Bath & Body Works BBWI | United States | $4.31B | +8% | -2% | 15% | 8.3× | -8.8% | +2.5% |
| Signet Jewelers SIG | United States | $4.37B | +34% | +1% | 7% | 9.4× | -1.3% | +5.4% |
| Bob's Discount Furniture BOBS | United States | $2.54B | +42% | +17% | 9% | 20.2× | 13.4% | +4.0% |
| Endeavour EDV.AX | Australia | $4.48B | +10% | +1% | 4% | 21.4× | 14.9% | +1.0% |
| RH RH | United States | $2.48B | -2% | +3% | 10% | 20.2× | 11.4% | +3.8% |
| Dunelm DNLM.L | United Kingdom | $2.44B | +24% | +3% | 12% | 11.7× | 2.4% | +6.4% |
| POYA International 5904.TWO | Taiwan | $2.38B | +65% | +13% | 17% | 18.7× | 0.7% | +7.6% |
| Watches of Switzerland WOSG.L | United Kingdom | $2.34B | +43% | +11% | 10% | 14.1× | 14.5% | +15.1% |
| PriceSmart PSMT | United States | $5.02B | +3% | +12% | 5% | 27.2× | 10.5% | +10.2% |
| Lalithaa Jewellery Mart LALITHAA.NS | India | $2.21B | n/a | +48% | 6% | n/a | n/a | n/a |
| Lovisa LOV.AX | Australia | $2.18B | +32% | +18% | 18% | 27.8× | 21.9% | +26.7% |
| Super Retail SUL.AX | Australia | $2.14B | +22% | +3% | 9% | 13.8× | 6.7% | +4.0% |