MINISO Group Holding Limited

MNSO

$9.66

-0.16%

2026-09-04 12:21:40 EDT-$0.01

Consumer Cyclical

Specialty Retail

NYSE

Active Trading

MINISO Group Holding Limited functions as an investment holding firm primarily engaged in the global retail and wholesale distribution of a broad ...

Supply Chain of MNSO

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Intercos S.p.A.

Cosmex

Duowei Accessories (Jinhua)

Yiwu Oudun Hair Accessory Company

Yiwu Lingke Cosmetic Company

Beijing Yundian Company

Taizhou Harmony E-Commerce Company

Xiangyuan Yu (Dongguan)

Intercos S.p.A.

EURONEXT:ICOS

Cosmetics and skincare ODM/OEM manufacturer; produces MINISO-branded beauty and personal care products

Cosmex

Cosmetics OEM manufacturer; supplies MINISO with color cosmetics and skincare lines

Duowei Accessories (Jinhua)

Hair accessories and fashion accessory manufacturer; supplies hair clips, bands, and small accessories

Yiwu Oudun Hair Accessory Company

Hair accessories supplier (hair clips, bands)

Yiwu Lingke Cosmetic Company

Press-on nails and cosmetic accessories supplier

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Franchisees / MINISO Retail Partners (individual store operators)

Self-operated store customers (direct-to-consumer)

Offline distributors (overseas markets)

Grupo Sanborns (subsidiary of Grupo Carso)

JD Logistics (JINGDONG Logistics)

Alibaba Group (Tmall platform)

JD.com (JD platform)

TOP TOY (subsidiary brand, IPO pending)

Franchisees / MINISO Retail Partners (individual store operators)

Retail partner model — franchisees operate stores, MINISO supplies products and charges management fees + royalties. Largest revenue contributor at 41.3% of total revenue. · 41.3%

Self-operated store customers (direct-to-consumer)

Company-owned retail stores (mostly in China). Represents 25.2% of revenue. · 25.2%

Offline distributors (overseas markets)

Country/region-level distributors operate MINISO stores in distributor markets. Revenue from product sales to these distributors represents 18.1% of total. · 18.1%

Grupo Sanborns (subsidiary of Grupo Carso)

BMV:GCARSO

Strategic partner and 33.27% owner of MINISO Mexico operations. Manages ~200 stores in Mexico. Part of Carlos Slim's Grupo Carso.

JD Logistics (JINGDONG Logistics)

HKEx:2618

Logistics and supply chain partner for warehousing and last-mile delivery in China, Australia, and Malaysia. Partnership expanded in 2024.

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Pop Mart International Group Limited

Dollar Tree, Inc.

JD Logistics, Inc.

Walmart de México (part of Grupo Carso network)

Pop Mart International Group Limited

HKEx:9992

Closest publicly listed comparable. Chinese IP-driven pop toy and blind box retailer. Direct competitor to MINISO's TOP TOY segment. Similar franchise/retail partner expansion model and heavy IP licensing dependency.

Dollar Tree, Inc.

NASDAQ:DLTR

US value variety retailer with similar product categories (household, beauty, seasonal). Comparable retail economics, store expansion model, and supply chain dynamics for low-cost consumer goods.

JD Logistics, Inc.

HKEx:2618

MINISO's logistics and supply chain partner. JD Logistics' performance provides insight into MINISO's logistics costs and operational efficiency in China and select overseas markets.

Walmart de México (part of Grupo Carso network)

BMV:WALMEX

Provides exposure to Mexican retail dynamics relevant to MINISO's joint venture with Grupo Sanborns in Mexico.

Geographic

Region-level exposures that can distort the supply network.

Geographic

China (mainland)

United States

Latin America (Mexico, Brazil, etc.)

Franchisees / Retail Partners (China stores ~4,536 as of Dec 2025)

Guangdong & Zhejiang supplier clusters (2,000+ suppliers)

MINISO US retail stores (directly operated and franchised)

Grupo Sanborns / Grupo Carso (Mexico)

China (mainland)

Domestic operations and primary supplier base

Franchisees / Retail Partners (China stores ~4,536 as of Dec 2025)Franchise channel dominates domestic revenue

Guangdong & Zhejiang supplier clusters (2,000+ suppliers)Majority of product manufacturing base

United States

Growing overseas market; potential tariff/US-China trade tensions

MINISO US retail stores (directly operated and franchised)294 stores in North America; growing rapidly

Latin America (Mexico, Brazil, etc.)

Major overseas market via distributor and joint-venture model

Grupo Sanborns / Grupo Carso (Mexico)BMV:GCARSO33.27% owner of MINISO Mexico; ~200 stores

Southeast Asia & India

Fast-growing markets via franchise and distributor model

MINISO India (franchise network, 270+ stores)India franchise operations

Europe

Expanding via distributor model; all European markets operated by distributor partners

European country-level distributorsDistributor-operated stores across Europe

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

High

Franchisee channel dependency: 41.3% of revenue comes from product sales to franchisees. Any deterioration in franchise partner economics or store-level profitability would directly impact top line.

Other

High

Supplier concentration in China: Over 2,000 suppliers but heavily concentrated in Guangdong and Zhejiang provinces. Vulnerable to regional disruptions (lockdowns, natural disasters, trade disputes).

Other

Medium

IP licensing dependency: Product differentiation heavily relies on licensed IPs (Disney, Sanrio, Warner Bros., Mattel). License renewal risk and increasing royalty costs could compress margins.

Other

Medium

TOP TOY brand concentration: Rapidly growing toy segment (~94.8% YoY growth in FY2025) creates execution risk in scaling supply chain for an IPO-bound subsidiary.

Other

Medium

Founder/management concentration: Ye Guofu (founder, Chairman, CEO) holds significant voting power; key-man risk for strategic direction and supplier relationships.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Product sales to franchisees

41.3%

$1.3B

Franchisees are the primary downstream channel; demand forecasting and inventory management for franchise supply is the key upstream driver.

Retail sales in self-operated stores

25.2%

$0.8B

Company-owned stores require direct inventory allocation; these stores also serve as flagship/test-beds for new product categories.

Sales to offline distributors

18.1%

$0.6B

Overseas distributor markets rely on local logistics partners; products are sourced from central China warehouse network.

Online sales (Tmall, JD.com, etc.)

6.6%

$0.2B

E-commerce channel requires dedicated warehousing and last-mile logistics partners (JD Logistics). Digital-native SKU management.

Sales-based management & consultation service fees

3.5%

$0.1B

Fee-based revenue from franchise partners; no direct physical supply chain flow.

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Plutux is not an investment adviser. Market data and AI-generated analysis are for information and education only, not investment advice. Disclaimer

MINISO Group Holding Limited

Supply Chain of MNSO

Upstream

Intercos S.p.A.

Cosmex

Duowei Accessories (Jinhua)

Yiwu Oudun Hair Accessory Company

Yiwu Lingke Cosmetic Company

Beijing Yundian Company

Taizhou Harmony E-Commerce Company

Xiangyuan Yu (Dongguan)

View More

Downstream

Franchisees / MINISO Retail Partners (individual store operators)

Self-operated store customers (direct-to-consumer)

Offline distributors (overseas markets)

Grupo Sanborns (subsidiary of Grupo Carso)

JD Logistics (JINGDONG Logistics)

Alibaba Group (Tmall platform)

JD.com (JD platform)

TOP TOY (subsidiary brand, IPO pending)

View More

Proxies

Pop Mart International Group Limited

Dollar Tree, Inc.

JD Logistics, Inc.

Walmart de México (part of Grupo Carso network)

Geographic

China (mainland)

United States

Latin America (Mexico, Brazil, etc.)

View More

Supply Chain of MNSO

Upstream

Intercos S.p.A.

Cosmex

Duowei Accessories (Jinhua)

Yiwu Oudun Hair Accessory Company

Yiwu Lingke Cosmetic Company

Beijing Yundian Company

Taizhou Harmony E-Commerce Company

Xiangyuan Yu (Dongguan)

View More

Downstream

Franchisees / MINISO Retail Partners (individual store operators)

Self-operated store customers (direct-to-consumer)

Offline distributors (overseas markets)

Grupo Sanborns (subsidiary of Grupo Carso)

JD Logistics (JINGDONG Logistics)

Alibaba Group (Tmall platform)

JD.com (JD platform)

TOP TOY (subsidiary brand, IPO pending)

View More

Proxies

Pop Mart International Group Limited

Dollar Tree, Inc.

JD Logistics, Inc.

Walmart de México (part of Grupo Carso network)

Geographic

China (mainland)

United States

Latin America (Mexico, Brazil, etc.)

View More