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The themes MINISO is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.
Highest-graded in Specialty Retail
Graded A or B and worth $2B or more: A first, then the largest.
ULTAUlta Beauty, Inc.$28.2BA
FIVEFive Below, Inc.$13.8BA+
MUSAMurphy USA Inc.$9.6BA
ARHSArhaus, Inc.$2.1BA
WSMWilliams-Sonoma, Inc.$30.9BB+
Grade rose recently in Consumer Discretionary
Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.
TMToyota Motor Corp.Aug 4, 2026BAGraded B, now A
RCLRoyal Caribbean Cruises Ltd.Oct 27, 2026FBGraded F, now B
AZOAutoZone, Inc.Oct 26, 2026CBGraded C, now B
SWSmurfit Westrock plcOct 28, 2026CBGraded C, now B
HSAIHesai GroupNov 10, 2026CBGraded C, now B
How it makes money
- MINISO branded products
- TOP TOY products
Competes with
- FIVEFive BelowA
- Size
- $13.8B
- Margin
- 11.7%
- PMRTYPop Mart International Group
- Daiso Industries
What it sells6
MINISO lifestyle products
A frequently refreshed range of everyday lifestyle goods sold under the MINISO brand.
MINISO beauty products
Beauty goods sold as one of MINISO’s main product categories.
MINISO toys
Toys sold under the MINISO brand, including products made with licensed characters.
Show 3 more
TOP TOY model figures
Collectible figures sold as part of TOP TOY’s pop toy range.
TOP TOY 3D building blocks
Three-dimensional building sets sold under TOP TOY.
TOP TOY vinyl plush toys
Plush collectible toys with vinyl components.
Who buys it3
- Shoppers who buy MINISO and TOP TOY goods in stores or through online channels.
- Retail partners who operate stores, cover store expenses and pay MINISO an agreed portion of in-store sales.
- Local distributors who generally pay in advance for products and sell them through licensed stores in their territories.
What it stands on, and what could break it
What the business leans on
- 1Outside manufacturers make the products; MINISO sourced from approximately 2,000 suppliers (as of December 31, 2025, high confidence), with none individually accounting for more than 10% of its purchases in 2025.
- 2Retail partners and distributors operate many stores and are important to MINISO’s store reach and brand presentation.
- 3Sales depend on consumers continuing to want frequently changing, affordable products and licensed-character goods.
- 4Licensed characters and other intellectual property depend on agreements with outside rights holders, which are generally limited in term.
- 5The business depends on required Chinese government permissions and on the ability of its Chinese subsidiaries to move funds within the group.
What could go wrong
- 1Changing consumer tastes, weaker discretionary spending, or unsuccessful new products could reduce demand for MINISO and TOP TOY goods.
- 2Problems with retail partners, distributors, or outside manufacturers—including poor store operation, product quality issues, or supply delays—could hurt sales and the brands.
- 3Chinese regulatory changes, required approvals, or restrictions on moving funds from Chinese subsidiaries could affect the company’s ability to operate or fund its wider business.
About MINISO Group Holding Ltd
MINISO sells frequently refreshed lifestyle, beauty and toy products under its MINISO brand, and collectible pop toys under TOP TOY. It sells directly to shoppers and works with retail partners and local distributors to run stores in China and overseas. Most of its products are made by outside manufacturers, while MINISO develops many of the product designs and also sells goods made with licensed characters.
- Head office
- Guangzhou, Guangdong, China
- Founded
- 2013
- Listed on
- New York Stock Exchange
- Financial year ends
- December 31
Built from MINISO Group Holding Ltd’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This company files in CNY. Figures are converted to US dollars at $1.00 = 6.6683 CNY, the current rate, applied to every period alike — so growth and margins are the company’s own and not the exchange rate’s. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.
