1、Asia Pacific Equity Research06 August 2025Equity Ratings and Price TargetsMkt CapPriceRatingPrice TargetCompanyTicker($mn)CCYPriceCurPrevCurEnd DatePrev End DateMiniso-ADRMNSO US6,092USD19.61OWn/c23.50Jun-2621.00n/cMiniso-H9896 HK6,063HKD38.30OWn/c46.00Jun-2641.00n/cSource:Company data,Bloomberg Fin

2、ance L.P.,J.P.Morgan estimates.n/c=no change.All prices as of 06 Aug 25 except for MNSO US 05 Aug 25.Miniso-ADR/HEPS growth to turn positive in 2H25 on normalizing China operation and accelerating overseas marketsChinaHead of Asia Consumer ResearchKevin Yin AC(852)2800-Yibo Wu(852)2800-J.P.Morgan Se

3、curities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedSee page 14 for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that th

4、e firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.We forecast Minisos 2Q25 sales/adjusted OP/reported earnings to grow 19.6%/-2.3%/-24%yoy,improving from 1Q25s+19%/

5、-5%/-29%yoy.We believe the worst is behind the company we expect 2H25 sales/adjusted OP/reported earnings to grow 23%/19%/5%yoy,mainly driven by:1)IP upgrade strategy;2)improving SSSG in both China and overseas;3)China to return to net store opening in 2H25,and 4)overseas OP margin expansion on sale

6、s leverage and lower tariff impact.Since 2Q25,Miniso has had some successful IP launches including global IPs(Stitch,the“long-legged”Hello Kitty),emerging IPs(LuoXiaoHei and Wakuku)and in-house IPs(Yoyo).This bodes well for Miniso to achieve full-year guidance of China SSSG up LSD,group sales up 23%