Stock Market Impact: Shares fell 0.37% in pre‑market trading despite earnings beat, reflecting investor focus on margin contraction.
Listed Companies and Sectors: Miniso Group Holding Ltd reported adjusted EPS of RMB1.80 vs RMB1.63 consensus; revenue RMB5.69 bn (+28.5% YoY) beating RMB5.55 bn forecast; mainland China revenue +29.6% YoY (fifth consecutive acceleration); overseas revenue +21.9% YoY; TOP TOY brand revenue +51.4% YoY; store network 8,565 (+797 YoY); adjusted operating margin 13.3% down from 16.6%; adjusted net margin 9.7% down from 13.3%; operating profit up 114.3% to RMB1.52 bn, including RMB874.6 m unrealized mark‑to‑market gain from AI investment; adjusted operating profit (FX‑neutral) +14.3% YoY to RMB838.1 m.
Investment Flows: No specific FDI/FPI activity disclosed; however, a sizable unrealized gain from an AI industry investment contributed to profit.
