Huaxin Securities released a research report forecasting MINISO Group Holding Limited's (09896) revenue for 2025-2027 to reach RMB 20.257 billion, RMB 24.130 billion, and RMB 28.739 billion, respectively. Earnings per share (EPS) are projected at RMB 2.10, RMB 2.70, and RMB 3.20, with the current stock price corresponding to price-to-earnings (P/E) ratios of 16, 13, and 11 times.
Considering that China's trendy toy industry remains on an upward trajectory, the company, leveraging its strengths in channels and an extensive IP portfolio, is well-positioned to benefit significantly from the industry's expansion. Furthermore, as part of its strategic upgrade to "replace the old cage with a new bird," the focus on opening "larger, better stores" is expected to enhance the company's profitability, leading to the maintenance of a "Buy" investment rating. The main viewpoints of Huaxin Securities are as follows:
The launch of the MINISOLAND store in Guangzhou marks a step towards building a global IP operation platform. On January 30, 2026, MINISOLAND's Guangzhou flagship store officially opened in the Grandview Mall, spanning over 1,100 square meters with IP products accounting for more than 90% of its offerings and targeting annual sales of RMB 100 million.
As of the end of January 2026, MINISO's global retail network has expanded to cover 112 countries and regions, with the number of stores exceeding 8,500. The company plans to increase its global store count to over 10,000 within the next three years. MINISOLAND has already established a presence with over 25 stores globally, all strategically located in core business districts of major international cities, while the company aims to upgrade 80% of its stores to the IP-themed MINISOLAND format by 2026.
Regarding IP, the company has currently incubated 16 proprietary IPs and established partnerships with 180 international IPs. The "Zootopia" co-branded product series alone has achieved nearly RMB 1 billion in global sales. Moving forward, the company will prioritize incubating original IPs. By relying on its channel strategy of "opening larger, better stores" and adopting a dual-drive model of "retail + entertainment," it aims to transform from a retail company into a globally leading IP operation platform.
The company's entry into the humanoid robotics sector represents an exploration of its AI+IP integration strategy. On January 30, 2026, the company announced it is developing a humanoid robot based on its proprietary IP "YOYO." This product is positioned as a home companion robot, with an expected future price point in the ten-thousands-of-yuan range, aiming to deeply integrate AI technology with the IP character.
At the IP level, YOYO is a character designed by artist YOYO, exclusively signed with MINISO. The YOYO "Tilting Head" series Icon Box blind boxes, launched in late June 2025, saw significant sales growth starting in October of the same year, with a particularly sharp increase in December leading to products selling out. Commercially, peripheral products like the YOYO blind boxes have become a major engine for driving performance growth. The announcement of this humanoid robot project signifies a crucial step for MINISO in its strategy to merge AI with IP.
Becoming the Spring Festival Gala's first trendy toy partner, with the co-branded series set for launch, marks a significant milestone. On January 29, 2026, MINISO officially announced its role as the Trendy Toy Partner for the China Media Group's "2026 Spring Festival Gala." This marks the company's first collaboration with the CMG Spring Festival Gala, and the co-branded "Year of the Horse" product series developed together will be officially launched on February 4.
Trendy toy IPs are currently undergoing a critical phase of transitioning from subcultural niches into the mainstream spotlight. MINISO's partnership with the Spring Festival Gala is not only a deep marketing initiative but also a landmark event for the entire trendy toy industry as it seeks broader public acceptance and expands into new markets. This collaboration is viewed as a pivotal leap in MINISO's "interest-driven consumption" strategy and a key step in its strategic shift from a retail company towards a cultural and creative enterprise.
Risk warnings include potential changes in industrial policies; uncertainty regarding the sustained market popularity of the IP matrix; risks associated with the expiration of licensed IPs; geopolitical risks affecting overseas market sales; risks of new product development and sales falling short of expectations; risks of designer attrition; risks from fragmented industry competition; and risks stemming from macroeconomic fluctuations.
Comments