Miniso's Membership Model Shows Its Mettle in China, But Expansion Plans Pose Questions Miniso Group Holding Limited's latest earnings report presents a paradox: while the company continues to ride the wave of success in China with its membership program, its global expansion efforts are stumbling.
This dichotomy has sparked questions about whether Miniso can replicate its Chinese formula elsewhere and what this might mean for investors.
Behind Miniso's China growth lies a staggering 130 million strong membership base, which accounted for 77% of total sales in the first half of 2026.