Miniso's China revenue grew 26.2% in the first half of 2026, driven by its membership base crossing 130 million and proprietary IP sales reaching RMB 1 billion ahead of schedule. However, profit contribution from international markets declined from 35-40% in 2023 to 10-15% in H1 2026, with distributor revenue in Asia and Latin America falling 10%. The company expects full-year adjusted operating profit to decline by a high single-digit percentage due to overseas inventory issues and a shift to directly operated stores.