Miniso (MNSO) Booming Membership Growth Collides With A Struggling Global Expansion

Miniso Group Holding Limited reported interim earnings on August 28 that revealed divergent trends across its operations. The company’s China business achieved its fastest first-half revenue growth in three years at 26.2%, significantly outpacing the country’s broader retail sales growth of 1.3%. This performance suggested market share gains rather than overall market expansion. The growth was anchored by a membership program that reached 130 million people as of June 30, representi