Miniso is slowing its overseas expansion after first-half 2026 results showed strong group revenue growth but weaker profitability and deteriorating international operations. Revenue rose 22.4% year-on-year to 11.5 billion yuan, while adjusted net profit excluding foreign exchange gains and losses fell 1.7% to 1.22 billion yuan. Management now expects the full-year adjusted operating margin to decline by 3–4 percentage points, compared with its earlier projection of a 1–2 percentage-point decline, and adjusted net profit to fall by a high single-digit percentage. Overseas revenue increased 14.9% to 4.06 billion yuan, but same-store GMV (gross merchandise value from existing stores) declined by a low single-digit percentage. Overseas operations contributed roughly 10%–15% of group profit in the first half, down from 35%–40% in 2023. Founder, Chairman, and CEO Ye Guofu said Miniso will prioritize improving the nearly 800 existing overseas directly-operated stores and expand selectively only after single-store economics mature. The company expects overseas revenue growth of just a low single-digit percentage in the second half, with agency revenue declining by a low double-digit percentage and total overseas stores falling by 50–70. Pressure also spread to the higher-margin agency business, while overseas inventory turnover days rose to 273 from 214 a year earlier. TOP TOY revenue grew 32.7% in the first half, but quarterly growth slowed sharply. By contrast, mainland China revenue rose 26.2%, supported by large-format stores, intellectual property products, store remodeling and membership operations. Miniso's U.S.-listed shares fell more than 6% intraday on August 28 as investors reacted to the lower profit guidance.