MINISO (MNSO) Q2 FY26 earnings call

MINISO delivered strong Q2 FY26 results in China, driven by accelerated channel upgrades, successful proprietary IP launches, and robust membership growth. However, overseas markets faced significant headwinds, including declining distributor revenue and early investment stages in direct-operated markets, leading to a more cautious full-year profit outlook. Management is strategically refining overseas operations and store models, aiming for a profit margin turnaround in 2027.