CICC: Maintains MINISO (09896.HK) "Outperform" rating, target price HK$25.80; domestic Q3 GMV growth accelerates

Zhitong Finance APP has learned that CICC issued a research report stating that it maintains an "Outperform Industry" rating on MINISO (09896, MNSO.US) for both its Hong Kong and U.S. shares, with target prices unchanged at HK$25.80 and US$13.28, respectively, corresponding to 2026/2027 adjusted P/E ratios of 12x/9x, implying 44%/38% upside from the current share prices. The bank maintains its 2026/2027 adjusted net profit forecasts unchanged at RMB 2.3 billion/2.8 billion. The company announced its operating conditions since the third quarter. MINISO's mainland China business saw GMV grow 25%-30% year over year in the third quarter of 2026, and 20%-25% year over year during the 7-day National Day holiday; in the U.S. market, third-quarter GMV grew about 20% year over year.