MINISO Group Holding Limited (09896) saw its shares rise over 4% during morning trading. At the time of writing, the stock was up 4.72%, trading at HK$34.64, with a turnover of HK$49.7749 million.
Recently, MINISO released preliminary financial results for the fiscal year ending December 31, 2025. For the full 2025 fiscal year, the company expects revenue of RMB 21.4 billion, representing a 26% year-on-year increase, slightly above the company's guidance of 25%. Adjusted operating profit is anticipated to be approximately RMB 3.67 billion, aligning with the previously provided guidance range of RMB 3.65 to 3.85 billion. The projected adjusted net profit is between RMB 2.89 and 2.90 billion, marking a 7% year-on-year increase, which is broadly in line with expectations.
For the fourth quarter of 2025, the company reported revenue of approximately RMB 6.2 billion, a year-on-year increase of about 32%, slightly exceeding the company's guidance range of 25% to 30%. The adjusted net profit for the quarter was around RMB 850 million, up approximately 8% year-on-year. This increase is partly attributed to a lower effective tax rate in the same period of Q4 2024 due to loss carryforwards.
CICC issued a research report stating that it largely maintains its non-IFRS net profit forecasts for MINISO for 2025 and 2026 at RMB 2.9 billion and RMB 3.5 billion, respectively, while introducing a 2027 forecast of RMB 4.1 billion. The report notes that the current Hong Kong and U.S. listed shares are trading at approximately 10 and 9 times the 2026/2027 non-IFRS price-to-earnings ratios. CICC reaffirmed its Outperform rating on both the Hong Kong and U.S. listings. The target prices are maintained at HK$50.18 for the Hong Kong shares and US$26.08 for the U.S. shares, corresponding to a 16x 2026 non-IFRS P/E multiple, suggesting potential upside of 53% and 56%, respectively.
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