Goldman Sachs: Miniso's membership system and large store strategy are progressing well, reiterates "Buy" rating

AASTOCKS
2026.04.02 03:09

Goldman Sachs published a research report stating that after Miniso (09896.HK) announced its 2025 performance, management revealed that the membership system, intellectual property (IP) business, and channel upgrades are the key development directions for this year during a non-deal roadshow held on April 1. The firm assigned a "Buy" rating to Miniso, setting a target price of USD 21.3 for Miniso (MNSO.US) and HKD 42 for its H shares.

The firm pointed out that management reiterated its optimistic view on the intellectual property business, believing that the trendy toy category has significant growth potential. With the large store/flagship store model performing robustly (accounting for a double-digit percentage of sales in China by 2025, expected to reach 30% by 2026), there are plans to further promote this strategy in China and introduce it overseas

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