--- title: "CICC: Maintains Miniso \"Outperform Industry\" rating and lowers target price to HKD 50.18" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/267094654.md" description: "CICC maintains Miniso's \"outperform industry\" rating, but due to industry valuation adjustments, lowers the target price to HKD 50.18. Miniso's domestic revenue in Q3 2025 grew by 19% to RMB 2.9 billion, with 16 IP artists signed. Revenue is expected to grow by 25-30% in Q4 2025, with same-store growth in China and the U.S. in the low double digits. Due to fluctuations in gross margin and expense investments, net profit forecasts have been adjusted. Target prices for Hong Kong and U.S. stocks are lowered by 12%/11%, corresponding to a 20 times 2025 non-IFRS P/E, with upside potential of 28%/33%, respectively" datetime: "2025-11-24T01:26:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/267094654.md) - [en](https://longbridge.com/en/news/267094654.md) - [zh-HK](https://longbridge.com/zh-HK/news/267094654.md) --- > 支持的语言: [English](https://longbridge.com/en/news/267094654.md) | [繁體中文](https://longbridge.com/zh-HK/news/267094654.md) # CICC: Maintains Miniso "Outperform Industry" rating and lowers target price to HKD 50.18 According to the Zhitong Finance APP, China International Capital Corporation (CICC) released a research report stating that it is optimistic about Miniso's (09896) refined operations and continuous efficiency improvements in both domestic and international businesses. The management expects a 25-30% year-on-year revenue growth in Q4 2025, with same-store sales growth in both China and the U.S. in the low double digits. Due to fluctuations in gross profit margins and expense investments, the adjusted net profit forecast for 2025 remains at 2.9 billion yuan, while the forecast for 2026 is lowered by 4% to 3.6 billion yuan. The current Hong Kong/U.S. stocks correspond to a 15 times 2025 non-IFRS P/E ratio, maintaining an outperform rating for Hong Kong/U.S. stocks against the industry. Considering industry valuation adjustments, the target prices for Hong Kong/U.S. stocks are lowered by 12%/11% to HKD 50.18/USD 26.08, corresponding to a 20 times 2025 non-IFRS P/E ratio, with upside potential of 28%/33%, respectively. ## **CICC's main points are as follows:** **3Q25 performance meets expectations** The company's 3Q25 revenue increased by 28% year-on-year to 5.8 billion yuan, and the adjusted net profit increased by 12% year-on-year to 770 million yuan, meeting the expectations of the firm. **Miniso's domestic business continues to improve, TOPTOY sees high growth** In 3Q25, Miniso's domestic revenue increased by 19% year-on-year to 2.9 billion yuan. The company focuses on "super categories, super stores, and super marketing" with IP as the core, and categories represented by toys performed outstandingly, signing 16 IP artists. By channel, offline revenue increased by 16% year-on-year to 2.6 billion yuan, with same-store sales growth in the high single digits, and 102 new stores opened during the quarter. Online revenue increased by 58% year-on-year to 340 million yuan. TOPTOY's revenue increased by 111% year-on-year to 580 million yuan, with positive performance from new proprietary IP products, same-store sales growth in the mid-single digits, and 14 new stores opened during the quarter. **Overseas direct sales market steadily improves efficiency** Miniso's overseas revenue increased by 28% year-on-year to 2.3 billion yuan, with revenue in the key market of the United States increasing by over 65%. The company optimized overseas inventory and enhanced local operational capabilities, with same-store sales growth in the low single digits during the quarter. In the direct sales market, both the U.S. and Canada saw low double-digit growth, with 117 new stores opened overseas. The management plans to further promote the successful experiences from the China and U.S. markets to the Southeast Asian market to drive long-term sustainable profit growth. **Excluding share-based compensation expenses, cost pressures are easing as expected** In 3Q25, the gross profit margin slightly decreased by 0.2 percentage points year-on-year, mainly due to product structure adjustments. Share-based compensation expenses amounted to 180 million yuan, primarily related to TOPTOY's equity incentives. Excluding this item, the sales and management expense ratio increased by 1.4 percentage points/-0.3 percentage points year-on-year, with the growth rate narrowing as expected. The operating profit margin of overseas direct sales business increased by low single digits year-on-year. Due to the Yonghui acquisition and the issuance of stock-linked securities, net financial expenses during the period were 100 million yuan, accounting for a loss of 150 million yuan from Yonghui, with other income of 70 million yuan. After excluding related impacts, the adjusted net profit increased by 12% year-on-year to 770 million yuan. **Risk Warning:** Retail environment may not meet expectations, store openings may not meet expectations, and new business development may not meet expectations ### 相关股票 - [Miniso (MNSO.US)](https://longbridge.com/zh-CN/quote/MNSO.US.md) - [MNSO (09896.HK)](https://longbridge.com/zh-CN/quote/09896.HK.md) ## 相关资讯与研究 - [MINISO Extends Hong Kong Share Buybacks as 2025 Results Filed](https://longbridge.com/zh-CN/news/281398103.md) - [MINISO Group Announces December Quarter and Full Year of 2025 Unaudited Financial Results | MNSO Stock News](https://longbridge.com/zh-CN/news/281151371.md) - [MINISO Details March 18 NYSE Share Buyback Under Ongoing Repurchase Program](https://longbridge.com/zh-CN/news/280477594.md) - [DBS Sticks to Its Buy Rating for MINISO Group Holding Ltd. (9896)](https://longbridge.com/zh-CN/news/281274168.md) - [MINISO (MNSO) Q4 2025 Earnings Call Transcript](https://longbridge.com/zh-CN/news/281560616.md)