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ZYBERNO

Stock Report

Updated Aug 30, 2026

MINISO Group Holding Limited (MNSO)

Consumer Discretionary • NYSE

$10.33

MINISO Group Holding Limited is a Chinese lifestyle retailer headquartered in Guangzhou, China, that offers a wide range of lifestyle products including beauty accessories, health products, stationery, toys, household goods, and electronics at affordable prices. The company positions itself as a value-priced retailer with a focus on IP collaboration products featuring popular characters from Disney, Marvel, Sanrio, and other franchises, operating over 6,000 stores globally.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

40.0/100

WEAK BUSINESS

MINISO Group Holding Limited (MNSO) scores 40/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full MNSO quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-23.5%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full MNSO valuation analysis · → View full MNSO Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.06x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):EXCELLENT (54.1%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

MINISO Group Holding Limited (MNSO) stock report — Zyberno Score 40/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, MINISO Group Holding Limited (MNSO) shows a Brina Gap of -23.5%, which weakens the case: based on the company's ROIC (54.1%) and reinvestment rate (-17.8%), the business can fundamentally grow at -9.6% — but the current enterprise value implies the market expects 13.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:10.33

Market Cap:$12.78B

Valuation Multiples (2)

P/B Ratio:8.33x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$11.93B

Ev Ebitda Ratio:19.53x

Pfcf Ratio:47.88x

Price Action & Momentum (3)

12-1 Momentum:

-34.6% (16th pctile)

📈 Click to view full MNSO Momentum analysis →

Momentum Percentile:16 / 100

% of 52-Week High:19.9%

B. Profitability Assessment

Return Metrics (5)

Roic:

54.1%

📊 Click to view full MNSO ROIC analysis →

Reinvestment Rate:-17.8%

Fundamental Growth Rate (g):-9.6%

Market-Implied Growth Rate:13.9%

Brina Gap:

-23.5%

☷ Click to view full MNSO Brina Gap analysis →

Margin Analysis (1)

Ebitda Margin:24.3%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:1.4%

C. Log-Linear Regression Growth Trends

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.04x

Quick Ratio:1.55x

Cash Ratio:1.10x

Leverage Analysis (3)

Debt To Equity Ttm:0.06x

Debt-to-Equity Ratio:0.06x

Debt To Ebitda:0.14x

Coverage Ratios (2)

Interest Coverage Ratio:407.30x

Times Interest Earned:407.30

Capital Structure (4)

Working Capital:878,273,494.49

Cash And Cash Equivalents:937,504,798.03

Long Term Debt:$638.52K

Net Debt:-$852.87M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

$2.52B

Cost Of Revenue Ttm:$1.39B

Profitability Breakdown (2)

$1.13B$491.23M

Bottom Line Performance (3)

$390.44M

Income Before Tax:$0.00

Ebitda Ttm:611,038,031.97

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:0.00

Sga Expense:0.00

Income Tax Expense:$7.84M

Interest Expense:1,206,081.01

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:0.0%

Ebitda Margin:24.3%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$2.68B

Current Assets:$1.73B

Ppe Net:212,881,075.91

Goodwill:3,173,055.28

Intangible Assets:$1.30M

Liability Structure (4)

Total Liabilities:1,150,318,614.29

Current Liabilities:848,477,323.16

Long Term Debt:$638.52K

Short Term Debt:$83.99M

Equity & Capital (3)

Equity:$1.53B

Retained Earnings:$0.00

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:326,966,768.94

Inventory:407,467,379.96

Accounts Payable:584,297,878.21

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:0.00

C. Cash Flow Analysis

Operating Activities (2)

$321.24M$267.01M

Investment Activities (1)

Investing Cash Flow:-$79.00M

Financing Activities (3)

Financing Cash Flow:-$254.91M

Dividends Paid Ttm:184,334,541.40

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:$0.32

Revenue & Cash Per Share (2)

Sales Per Share Ttm:2.03

Operating Cash Flow Per Share:$0.26

Book Value & Capital (2)

Book Value Per Share:$1.24

Cash Per Share:0.76

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.94x

Working Capital Turnover Ttm:2.87x

Receivables Management (2)

Receivables Turnover Ttm:7.70x

Days Sales Outstanding Ttm:47.40

Inventory Management (2)

Inventory Turnover Ttm:3.40x

Days Inventory Outstanding Ttm:107.29

Payables & Cash Cycle (2)

Days Payable Outstanding:153.85

Cash Conversion Cycle:0.84

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:85.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:-17.8%

Fundamental Growth Rate (g):-9.6%

Market-Implied Growth Rate:13.9%

Brina Gap:

-23.5%

☷ Click to view full MNSO Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

C. Company Profile & Context

Corporate Information (6)

Symbol:MNSO

Company Name:MINISO Group Holding Limited

Sector:Consumer Discretionary

Industry:Retail

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:1.24B

Shares Outstanding Basic:0

Shares Outstanding Diluted:0

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-30 11:42:50 UTC

Data Timestamp:2026-08-30T11:42:50.878300