MINISO Group Holding Limited (MNSO) Key Metrics
MNSO key metrics, 2018–2025
Fiscal year ended December 31, 2025 · Chinese yuanMNSO returns How much profit the business earns on the capital it uses.
MNSO financial health Debt, liquidity and how easily interest is covered.
MNSO efficiency & capital use Working capital cycle and where the cash goes.
MNSO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MNSO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MNSO cash returned to shareholders
MNSO key metrics in Chinese yuan
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||
| Return on equity (ROE) | 11.5% | 26.9% | 30.8% | 9.3% | −21.3% | −45.3% | — | — |
| Return on invested capital (ROIC) | 18.4% | 48.2% | 81.4% | 46.2% | 59.4% | — | — | — |
| Return on assets (ROA) | 5.2% | 16.1% | 19.4% | 5.8% | −13.2% | −17.3% | −4.7% | −5.6% |
| Return on tangible assets | 4.3% | 15.9% | 17.3% | 6.7% | −13.3% | −13.5% | −4.5% | −5.6% |
| Free cash flow margin | 7.7% | 8.3% | 9.8% | 1.7% | 8.1% | 8.1% | 8.6% | 9.8% |
| Income quality (OCF / net income) | 2.18 | 0.83 | 0.67 | 2.20 | — | — | — | — |
| Financial health | ||||||||
| Total debt | CN¥11.41B | CN¥3.11B | CN¥1.25B | CN¥658.0M | CN¥825.0M | CN¥825.0M | CN¥1.02B | CN¥504.6M |
| Cash & short-term investments | CN¥7.09B | CN¥6.70B | CN¥6.63B | CN¥5.80B | CN¥6.87B | CN¥6.87B | CN¥2.85B | CN¥1.90B |
| Net debt | CN¥4.32B | −CN¥3.59B | −CN¥5.37B | −CN¥5.14B | −CN¥6.05B | −CN¥6.05B | −CN¥1.83B | −CN¥1.40B |
| Debt / equity | 1.07 | 0.30 | 0.14 | 0.09 | 0.12 | 0.12 | — | — |
| Debt / assets | 0.40 | 0.17 | 0.09 | 0.06 | 0.08 | 0.08 | 0.17 | 0.10 |
| Net debt / EBITDA | 1.20 | −0.84 | −1.38 | −5.03 | — | — | −4.82 | −2.76 |
| Current ratio | 1.66 | 2.04 | 2.34 | 2.13 | 2.64 | 2.64 | 1.51 | 1.39 |
| Quick ratio | 1.23 | 1.55 | 1.90 | 1.82 | 2.20 | 2.21 | 1.08 | 0.99 |
| Interest coverage | 7.3 | 249.5 | 428.4 | 24.6 | 16.1 | 15.7 | 24.5 | 40.3 |
| Working capital | CN¥5.62B | CN¥5.93B | CN¥5.92B | CN¥4.28B | CN¥5.72B | CN¥5.72B | CN¥1.68B | CN¥1.27B |
| Invested capital | CN¥14.95B | CN¥6.73B | CN¥3.79B | CN¥1.89B | CN¥609.4M | CN¥602.5M | −CN¥2.17B | −CN¥1.52B |
| Tangible asset value | CN¥10.41B | CN¥8.69B | CN¥9.15B | CN¥5.21B | CN¥6.57B | CN¥6.57B | −CN¥392.1M | −CN¥163.8M |
| Net current asset value | −CN¥3.83B | CN¥3.89B | CN¥5.03B | CN¥3.82B | CN¥5.15B | CN¥5.15B | −CN¥1.17B | −CN¥828.4M |
| Capital allocation | ||||||||
| Dividends paid | CN¥1.32B | CN¥1.24B | CN¥370.8M | CN¥306.3M | CN¥306.3M | CN¥330.3M | CN¥330.3M | CN¥330.3M |
| Share buybacks (net) | CN¥520.7M | CN¥313.4M | CN¥36.4M | CN¥85.5M | CN¥0 | CN¥0 | CN¥0 | — |
| Dividend payout ratio | 109.6% | 47.5% | 14.9% | 48.0% | — | — | — | — |
| Dividends + buybacks / free cash flow | 111.4% | 110.8% | 27.3% | 227.7% | 41.6% | 44.9% | 42.9% | 35.8% |
| Capex / revenue | 4.5% | 4.5% | 1.1% | 12.2% | 2.0% | 2.0% | 0.6% | 1.2% |
| Capex / operating cash flow | 37.0% | 35.2% | 10.5% | 87.8% | 19.7% | 19.7% | 6.9% | 11.2% |
| Capex / depreciation | 0.78 | 0.89 | 0.41 | 3.17 | 0.68 | 0.68 | 0.21 | 0.61 |
| Stock-based compensation / revenue | 1.7% | 0.5% | 0.4% | 0.8% | 3.1% | 3.1% | 4.1% | 1.3% |
| R&D / revenue | 0.0% | — | — | — | — | — | — | — |
| SG&A / revenue | 30.3% | 26.2% | 15.4% | 22.4% | 8.9% | 22.2% | 22.1% | 15.0% |
| Efficiency | ||||||||
| Days sales outstanding | 40.6 | 25.0 | 14.8 | 20.9 | 23.6 | 28.7 | 27.3 | 28.8 |
| Days of inventory on hand | 99.7 | 92.1 | 65.7 | 70.8 | 83.3 | 79.5 | 79.0 | 69.4 |
| Days payables outstanding | 43.8 | 91.1 | 83.9 | 33.1 | 94.4 | 90.5 | 31.4 | 31.4 |
| Cash conversion cycle (days) | 96.5 | 26.0 | -3.5 | 58.6 | 12.5 | 17.7 | 74.9 | 66.9 |
| Receivables turnover | 8.98 | 14.63 | 24.70 | 17.43 | 15.47 | 12.73 | 13.38 | 12.66 |
| Payables turnover | 8.33 | 4.01 | 4.35 | 11.01 | 3.87 | 4.03 | 11.63 | 11.64 |
| Inventory turnover | 3.66 | 3.96 | 5.56 | 5.15 | 4.38 | 4.59 | 4.62 | 5.26 |
| Asset turnover | 0.92 | 1.04 | 1.18 | 0.92 | 0.85 | 1.10 | 1.62 | 1.80 |
| Average receivables | CN¥2.39B | CN¥1.16B | CN¥617.9M | CN¥578.6M | CN¥586.5M | CN¥712.6M | CN¥671.2M | CN¥741.9M |
| Average payables | CN¥1.42B | CN¥2.33B | CN¥2.02B | CN¥637.1M | CN¥1.72B | CN¥1.65B | CN¥537.3M | CN¥591.3M |
| Average inventory | CN¥3.22B | CN¥2.36B | CN¥1.58B | CN¥1.36B | CN¥1.52B | CN¥1.45B | CN¥1.35B | CN¥1.31B |
| Intangibles / total assets | 1.1% | 9.2% | 0.3% | 16.1% | 0.8% | 0.8% | 1.2% | 1.0% |
Computed from MNSO's annual financial statements (latest annual report filed April 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
MNSO valuation and financial ratios
MINISO earned a return on equity of 11.5% and a return on invested capital of 18.4% in fiscal 2025. It ended the year with CN¥11.4 billion of debt and CN¥7.1 billion in cash and short-term investments, net debt of CN¥4.3 billion. It returned CN¥1.8 billion to shareholders: CN¥1.3 billion in dividends and CN¥520.7 million in share buybacks, 111% of free cash flow.
See the MNSO income statement, the MNSO chart for price history, or the MNSO stock overview for the latest quote and news.
MNSO key metrics FAQ
What is MINISO's return on equity?
MINISO's return on equity (ROE) was 11.5% in fiscal 2025: net income of CN¥1.2 billion on average shareholders' equity of CN¥10.5 billion.
What is MINISO's ROIC?
MINISO's return on invested capital was 18.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does MINISO have?
MINISO had total debt of CN¥11.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.07 and CN¥4.3 billion of net debt (1.20 times EBITDA).
Does MINISO buy back its shares?
Yes. MINISO spent CN¥520.7 million on net share repurchases in fiscal 2025.
What is MINISO's current ratio?
MINISO's current ratio was 1.66 at the end of fiscal 2025: current assets were 1.66 times current liabilities.