The retailer-supplier relationship has long been a central focus within the retail industry. In the contemporary competitive retail landscape, profit margins for both retailers and suppliers are increasingly constrained, and unilateral optimization no longer suffices to meet the profitability demands of the entire supply chain. The challenge, therefore, lies in how to leverage retailer-supplier conflicts to foster mutual growth, enhance collaboration, and establish an efficient supply chain model that maximizes profitability for all stakeholders. This issue is not only critical for retailers but also represents a crucial opportunity for the transformation and upgrading of traditional retail models into the new retail paradigm. MINISO, a leading retailer in China known for its strong and effective retailer-supplier relationships, has become a benchmark for efficient supply chain management. In this context, this study selects MINISO as the case study for investigating the dynamics of retailer-supplier collaboration in the supply chain. Specifically, the study first explores the motives and processes behind MINISO’s transformation in its retailer-supplier collaborative supply chain. Next, it examines the company’s profitability model through an analysis of key profitability factors. Finally, using a layered analysis approach and a multi-layer fuzzy comprehensive evaluation method, the chapter constructs an evaluation system for the profitability model of MINISO’s supply chain. This system is designed from three levels and five dimensions to offer a comprehensive assessment of the retailer-supplier collaborative supply chain profit model. Based on these findings, the chapter provides targeted recommendations to optimize the retailer-supplier collaborative supply chain, offering valuable insights for other companies seeking to improve their supply chain profitability and efficiency in the evolving retail environment.