Miniso Surges as Chinese Retailer Boosts Yearly Outlook Amid Toy Boom

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The shares of Miniso Group Holding in Hong Kong skyrocketed by up to 22.3% today after the Chinese discount retailer specializing in lifestyle and household products reported a stronger-than-expected second-quarter performance and upgraded its full-year forecast, driven by soaring sales of its trendy toy brand.

Miniso’s stock [HKG:9896] closed up 20.5% at HKD47.10 (USD6), reaching HKD47.74 earlier in the day — the highest since January. Its U.S.-listed shares [NYSE:MNSO] finished yesterday up 6.3%, ending at USD22.17.

For the quarter ending June 30, Miniso’s revenue increased 23% compared to the same period last year, reaching CNY5 billion (USD693.2 million), surpassing earlier guidance of 18% to 21%. Revenue from its Top Toy division surged 87% to CNY402.2 million (USD56.1 million), while the core Miniso brand’s revenue grew 20% to CNY4.6 billion.

However, net profit for the period declined 17%, totaling CNY489.5 million (USD68.3 million), mainly due to losses associated with the acquisition of supermarket chain Yonghui Superstores last year. Excluding this impact, adjusted net profit increased 11% to CNY691.5 million (USD96.3 million).

Management has raised its revenue growth forecast for the entire year to at least 25%, up from 23%. They also expect adjusted operating profit for 2025 to be between CNY3.7 billion (USD610 million) and CNY3.9 billion, compared to CNY3.3 billion last year.

International operations experienced notable growth as well. During the second quarter, revenue from overseas markets for the Miniso brand jumped 29% year-over-year to USD271.1 million, increasing its share of total revenue from 40% to 43%, according to the financial report.

As of June 30, the Miniso brand operated 7,612 stores globally, an increase of 744 from the previous year. The number of Top Toy stores grew by 98 to a total of 293. The company also opened 544 international outlets, which accounted for 75% of all new store openings, bringing the total overseas locations to 3,307. Top Toy began expanding internationally in the last quarter of the previous year.

Recently, Top Toy received a strategic investment from Temasek Holdings, Singapore’s sovereign wealth fund, boosting its valuation to HKD10 billion (USD1.3 billion), according to company statements.