1、Asia Pacific Equity Research22 August 2025Equity Ratings and Price TargetsMkt CapPriceRatingPrice TargetCompanyTicker($mn)CCYPriceCurPrevCurEnd DatePrev End DateMiniso-H9896 HK7,490HKD47.10OWn/c52.00Dec-2646.00Jun-26Miniso-ADRMNSO US6,887USD22.17OWn/c26.50Dec-2623.50Jun-26Source:Company data,Bloombe

2、rg Finance L.P.,J.P.Morgan estimates.n/c=no change.All prices as of 21 Aug 25 except for 9896 HK 22 Aug 25.Miniso-H/ADR2Q SSSG and margin improving QoQ;fundamental turnround to continue in 2H25 and 2026,driving valuation re-ratingChinaHead of Asia Consumer ResearchKevin Yin AC(852)2800-Yibo Wu(852)2

3、800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedSee page 13 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

4、 be aware that the 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.Minisos 2Q25 sales/adjusted OP were up 23%/8.5%yoy(vs 19%/-5%in 1Q25),ahead of guidance and conse

5、nsus estimates.The better-than-expected 2Q turnaround came from:1)China SSSG turned positive and the overseas SSSG decline narrowed;2)China net openings turned positive;and 3)the group OP margin contraction narrowed on overseas improvement.Miniso expects 3Q25 sales to grow 25-28%yoy(group SSSG+LSD)w

6、ith adj.OP up DD(implying QoQ margin improvement,YoY margin contraction narrowing).For full year 2025,the company guides sales up 25%(vs May guidance of 22.8%)and adj.OP of Rmb3.65-3.85bn(1-2%upward revision;vs Rmb3.4bn in 2024).We maintain OW on Miniso-H/-ADR(on its fundamental turnaround and poten