MINISO Group MNSO.N: Recovering China/US operations in 3Q26

MINISO released an operational update (9 October) indicating some improving signals of its core China and US markets. During 3Q26, the company delivered total GMV growth of 25-30% y-y in the domestic China market, driven by high-single-digit% y-y growth of same-store sales (SSS); it experienced total GMV growth of c.20% y-y in the US market, alongside positive SSSG in September 2026. MINISO's GMV in mainland China increased 25-30% y-y in 3Q26, accompanied by high-single-digit% SSSG; during the past National Day holiday, China GMV increased 20-25% y-y with low-single-digit% SSSG. The US business recorded 3Q26 GMV growth of c.20% y-y (2Q26: 25% y-y), while US single-month GMV in September surged >30% y-y, driving positive same-store sales growth. MINISO's self-operated YOYO IP surpassed the CNY1bn sales milestone in 9M26, with distribution expanding to 53 countries globally. Store reformatting and IP-focused transformation received initial positive feedback in 9M26 but are expected to co