Goldman Sachs maintains a Buy rating on Miniso following an NDR with CFO Eason Zhang, citing robust growth levers in membership and IP products that help offset macro headwinds.
Key Takeaways
- 1.Miniso is focusing on four growth levers: membership expansion, proprietary IP development, store upgrades, and overseas margin improvement to mitigate macro headwinds.
- 2.Membership sales in China significantly increased to 75% of total sales in 4M26, up from 60% in 1Q25.
- 3.Management expects US sales growth of approximately 40% YoY in 2026, supported by price hikes on top-selling items.
Table of Contents
- Membership progress and drivers behind
- IP strategy progress
- Store network strategy in China
- Overseas market strategy and recent trend
- Resilience of China market supported by all tiers of cities
- Comments on margin
- Shareholder returns
- Price Target Risks and Methodology - Miniso
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
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Authors
Michelle ChengXinyu Ruan
Securities
MNSO9896.HK
Themes
Direct-to-Consumer Membership StrategyIP-Led Retail GrowthGlobal Store Format Optimization
Regions
North AmericaAsia PacificEuropeChinaUnited StatesIndonesia