MINISO 09896.HK; MNSO.US

[winston]

not vested

MINISO Group Holding Dips 10%+ in Pre-mkt Session as 1Q Profit Slips 28.5%

MINISO Group Holding (MNSO.US) which earned 28.5% less in 1Q25, last dipped 10.8% to US$19.8 in today (23rd)'s pre-market trading session for US stock.

MINISO (09896.HK) announced its results for the first quarter ended March 2025, with a turnover of RMB 4.427 billion, up 18.9% YoY.

Net profit amounted to RMB416 million, down 28.5% YoY, with an EPS of RMB 0.34.

During the period, adjusted net profit decreased by 4.3% to RMB587 million, while adjusted net profit margin fell to 13.3% from 16.6% in the corresponding period of the previous financial year.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

not vested

MNSO Opens Down ~15%; Overseas Direct Sales Weigh Down 1Q25 Profit Margin

MINISO (MNSO.US) earned 28.5% less in 1Q25, sinking its US stock price by 17.6% to USD18.29 at close last Friday (23rd).

Its Hong Kong stock MNSO (09896.HK) opened 14.79% lower at HKD36 this morning (26th), on a pre-market volume of 1.6504 million shares, involving HKD59.4147 million.

According to BofA Securities, while MNSO's direct-to-consumer (DTC) business drove up overseas revenue growth, it also dragged down the company's profit margins, resulting in lower-than-expected net profit.

The broker reiterated the Underperform rating and cut its target price by 4% to HKD32.2.

Related News: BOCI Initiates Rating Buy on MNSO/ BLOKS, Prefers POP MART

Goldman Sachs also trimmed its target price for MNSO to HKD46, citing that the company's profit margin was still weighed down by its DTC business, though the Buy rating was kept unchanged.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

not vested

Miniso (MNSO US / 9896 HK) 1Q25: Revenue Beats Guidance But Margin Under Pressure;

Expect DTC Store Expansion To Be A Near-term Headwind On Margin

Miniso's 1Q25 revenue beat management’s guidance but margin was under pressure due to ongoing investments in DTC stores and higher revenue contribution from lower margin DTC stores.

Management expects 2Q25 revenue to grow 18-21% and remains confident about achieving accelerated revenue growth in 2025, thanks to continued SSS recovery.

However, uncertainties still remain on the margin side, due to the rapid expansion of DTC stores in the near term.

Maintain BUY; cut target price by 9.0% to US$26.60.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

MNSO's Ye Guofu Reveals Playbook for IP Operations: Entering Distribution Channels Without Closed-Loop Store Ecosystem Is Certain Death

There is a fixed methodology for IP operations with four key steps:
1. Signing exclusive IPs or incubating proprietary IPs;
2. Developing products;
3. Launching them in stores while tracking data and
4. Promoting IPs that perform well based on the data.

Trendy toy companies that sign artist IPs or incubate their own IPs without having their own stores create a closed-loop ecosystem are doomed to fail if they enter distribution channels,

Source: AAstocks.com

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

Miniso (MNSO US / 9896 HK) 2Q25: Results Better Than Feared;

Accelerated Revenue Growth In 2025 With Narrowing Margin Decline In 2H25 Miniso's 2Q25 results were better than feared, with revenue exceeding management’s guidance and yoy margin decline narrowing.

Looking ahead, management expects domestic SSS growth to accelerate further while overseas SSS returns to positive territory in 2025.

Management is confident in achieving accelerated revenue growth of 25%.

With fewer openings of overseas DTC stores this year, the yoy drop in operating margin in 2H25 will narrow vs 1H25.

Maintain BUY; raise target price by 1% to US$26.80.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

Focus on quality expansion

2Q25 core profit beat expectations from faster China SSSG recovery and sequential margin improvements from the US

China SSSG well on track to rebound by low-single digit this year; overseas revenue growth accelerating by 40%

US store efficiency improvements to support sequential margin improvement
FY25F earnings largely unchanged; raised FY26F by 2% on healthier SSSG and margin trends.

Maintain BUY, TP revised to HKD54.00/USD28.00

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=27480

[winston]

not vested

Miniso nets 1.17b yuan in interim, falling 22.6pc amid investment ramp-up
MARKET

Miniso (9896) said its interim net profit fell 22.6 percent year-on-year to 1.17 billion yuan (HK$1.27 billion), mainly due to higher finance costs and a loss on its investment in Chinese supermarket operator Yonghui Superstores.

Revenue climbed 21.1 percent from last year to 7.76 billion yuan, supported by an 11.4 percent rise in sales from the Miniso brand in mainland China, a 29.4 percent increase in overseas sales, and a 73 percent surge in revenue from its Top Toy unit.

The number of Miniso stores in the mainland and overseas rose by 108 from the end of last year to 7,612, including 4,305 in China. Its Top Toy stores increased by 17 to 293, of which 283 are in China.

The company declared a special cash dividend of 7.24 US cents (56.47 HK cents) per ordinary share.

It also disclosed that Top Toy recently completed a round of strategic financing led by Temasek, with the unit's post-transaction valuation reaching about HK$10 billion.

Cost of sales rose 19.8 percent year-on-year to 5.24 billion yuan in the first half, while selling and distribution expenses jumped 43.3 percent to 2.18 billion yuan.

The company said this increase was mainly attributable to its investments into directly operated stores to pursue future business success, especially in strategic overseas markets such as the United States.

Promotion and advertising expenses increased 6.2 percent.

Source: The Standard

https://www.thestandard.com.hk/market/article/309585/

[winston]

not vested

How Miniso tap into the business of joy and emotional connections

The company has its roots in China but it has now accumulated the most extensive cross-cultural experience in Asia

As at the end of June 2025, Miniso has set up nearly 1,700 stores in Asia (excluding mainland China), including in Singapore.

by Lee Kuo Ai

In the first half of 2025, the proportion of Miniso’s revenue from overseas markets rose to 40.9 per cent, with Asia making a significant contribution.

The company hopes that sales of IP-related products will continue to increase and account for more than 50 per cent of the group’s total sales by 2028.

The company is currently making structural adjustments, including optimising its store formats, increasing the share of higher-margin product categories, strengthening its digital membership system and improving overall operational efficiency.

“The US is not only our largest single overseas market in terms of revenue, with the strongest spending power, but also the centre of our brand influence.”

Source: Business Times

https://www.businesstimes.com.sg/intern ... onnections

[winston]

not vested

MNSO Spikes 3%+ after Issuing Positive Profit Alert Expecting 7-10% Rise in 1Q Adj. NP Excl. FX Impact

The company issued a positive profit alert at noon, expecting 1Q profit to surge by about two times YoY, and adjusted net profit excluding foreign exchange gain or loss to increase approximately 7-10% YoY.

Related News: MNSO (09896.HK) Expects 1Q26 Profit to Surge Approximately 2x YoY; Adj. Net Profit Excluding FX to Grow 7% to 10%

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

Miniso Q1 net profit triples to 1.25b yuan

by Zhou Yiru

Miniso Group (9896) announced its first-quarter net profit tripled year-on-year to 1.25 billion yuan (HK$1.44 billion), driven by strong mainland China sales.

However, adjusted net profit attributable to equity shareholders of the company slipped 5.9 percent year-on-year to 552 million yuan.

The overall revenue saw a 28.5 percent jump to 5.69 billion yuan.

The group's revenue growth was spearheaded by its mainland China market, which saw a 29.6 percent year-on-year jump, marking the fifth consecutive quarter of accelerated growth since the first quarter of 2025 on the back of mid-single-digit same-store sales growth.

Meanwhile, overseas revenue increased by 21.9 percent.

Its pop toy brand, TOP TOY, sustained its robust growth momentum, recording a 51.4 percent year-on-year revenue increase.

As of March 31, 2026, the company’s total store network expanded to 8,565 locations, representing a net increase of 797 stores year-on-year and 80 stores year-to-date.

Within the network, the TOP TOY brand expanded to 355 stores, up 75 locations from the previous year.

Source: The Standard

https://www.thestandard.com.hk/finance/article/333012/