Goldman Sachs: Miniso (MNSO.US) — APAC Consumer & Leisure Corp Day: Topline On Track, Positive Outlook for Chinese New Year
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During the Goldman Sachs APAC Consumer and Leisure Corporate Day on January 6, 2026, Miniso management confirmed that fourth-quarter sales performance met expectations, driven by stable momentum across major markets in China and the United States. Management expressed an optimistic outlook for the first quarter of 2026, citing favorable operating preparations for the Chinese New Year holiday and a low comparative base. For the US market, management expects same-store sales growth to turn positive in 2026, with store openings accelerating compared to 2025. The localized sourcing ratio currently stands at approximately 50%, continuing to pressure gross margins in the short term, though cost ratios are improving sequentially. On the product side, IP merchandise momentum remains strong, with the Yoyo IP exceeding expectations and the newly launched Angry Aimee generating impressive GMV. The company plans to introduce a more diversified IP portfolio, including male-oriented properties, to capture a broader customer base. Furthermore, the successful trial of a 10% cash-back membership program in China demonstrated highly satisfactory ROI and will be rolled out nationally. US membership initiatives are also progressing smoothly. Goldman Sachs maintains a Buy rating, setting a 12-month target price of $28 per ADR, representing a potential upside of 43.1% from the current price of $19.56.