TacticScaleWhat MINISO Group Holding Does & How It Makes Money (9896.HK)
Updated October 2026 · reflects MINISO Group Holding's latest reported financials
Chinese retailer of affordable design-led lifestyle goods and pop toys. The company earns money from retail and wholesale sales of its MINISO lifestyle products and TOP TOY pop toys, plus online sales.
How MINISO Group Holding makes money
The company earns money from retail and wholesale sales of its MINISO lifestyle products and TOP TOY pop toys, plus online sales. It also earns brand licensing income.
What MINISO Group Holding does
MINISO Group, founded in 2013 and based in Guangzhou, is a retailer of design-led lifestyle products under the MINISO brand. Its range covers home decor, small electronics, textiles, accessories, beauty tools, cosmetics, personal care, snacks, fragrances and stationery. It sells through retail, wholesale and online channels in Mainland China, the rest of Asia, North and Latin America, and Europe. Its second brand, TOP TOY, focuses on pop toys: blind boxes, toy bricks, model figures and kits, collectible dolls and Ichiban Kuji. The group also earns brand licensing income, so its revenue comes from both mass-market lifestyle goods and collectible toys.
Products & services
- MINISO lifestyle stores
- TOP TOY pop toy brand
- Blind boxes and model figures
- Home decor and small electronics
- Cosmetics, beauty tools and fragrances
- Ichiban Kuji prize toys
What is MINISO Group Holding worth?
On an owner-earnings DCF, MINISO Group Holding's most-likely value is about HK$53 versus a recent price near HK$19 (64% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~HK$19) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →