China GMV growth accelerates to 25–30% in Q3 as YOYO IP tops RMB1B
MNSO sits 21% above its 52-week low of $8.55 on elevated volume (1.9× avg).
Summary
MINISO reported Q3 2026 China GMV growth of 25–30% YoY, accelerating from H1, with YOYO IP surpassing RMB1 billion in GMV and USA growth rebounding to over 30% in September.
Key Events · Earnings and Guidance · MNSO
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China GMV Accelerates to 25-30%
China mainland total GMV grew 25–30% year over year in Q3 2026, accelerating from the first half, powered by high-single-digit same-store sales growth.
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YOYO IP Enters RMB1B Club
Flagship proprietary IP YOYO generated over RMB1 billion GMV in the first nine months of 2026, expanding to 53 countries since its June 2025 launch.
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USA Growth Rebounds to 30%+
USA delivered ~20% GMV growth in Q3, rebounding to over 30% year over year and positive same-store sales in September 2026 on new product arrivals.
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National Day Holiday Momentum
China mainland GMV grew 20–25% year over year during the October 1–7 National Day holiday, with low-single-digit same-store sales growth.
Analysis · MNSO · Trade & Services
A voluntary business update from MINISO reveals that China mainland GMV growth accelerated to 25–30% year over year in Q3 2026, up from the first half's pace, with National Day holiday sales up 20–25%. The proprietary YOYO IP crossed RMB1 billion in GMV for the first nine months, validating the company's IP-driven strategy. USA GMV rebounded to over 30% growth in September. This comes after a Q2 net loss driven by a non-cash AI investment write-down, so the operational acceleration is a meaningful positive signal for the core retail business.
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