MINISO’s TOP TOY, once again, is pushing forward with a Hong Kong IPO, with 2025 revenue of 21.44 billion yuan.

Economic Observer Network

On April 6, 2026, Miniso Group’s collectible toy brand TOP TOY once again submitted its listing prospectus to the Hong Kong Exchanges and Clearing Limited (HKEX) Main Board, kicking off a second attempt at an IPO on Hong Kong stocks. The joint sponsors are JPMorgan Chase and UBS Group. If the spin-off and separate listing is successful, TOP TOY will become an independently listed subsidiary brand under the Group, and it will be the third listed company controlled by founder Ye Guofu. This IPO may bring a capitalization opportunity for Miniso Group, but TOP TOY’s profit in 2025 fell year over year by 65.6% to RMB 101 million. The decline was mainly due to accounting adjustments prior to listing, and subsequent progress will need to be watched.

Financial statement analysis

Miniso Group released its 2025 financial report on March 31, 2026. Total revenue reached RMB 21.44 billion, up 26.2%, mainly driven by the main brand and the TOP TOY business (revenue up 94.8%). However, net profit fell 54.1% year over year to RMB 1.21 billion, mainly because an investment in Yonghui Superstores recorded a loss of RMB 813 million. The gross margin remained stable at 45.0%. Sales of its own IP, such as YOYO, exceeded RMB 100 million, showing that the IP strategy is being advanced, but near-term profits are under pressure. The Group has 8,485 global stores. Same-store sales in the fourth quarter of 2025 recovered to low double-digit growth, and the North American market performance was outstanding.

Recent stock performance

After the financial report was released, Miniso Group’s Hong Kong shares (09896.HK) saw clear volatility. The closing price on April 1, 2026 was HKD 32.50, up 5.66% on the day. On April 2, it fell to HKD 32.04, down 1.42%. In the range (from March 30 to April 2), the cumulative gain was 0.82%, the amplitude was 8.43%, and the trading value was about HKD 440 million. Fund-flow data indicates that major funds net sold on April 1, then turned to net buying on April 2, reflecting the market’s differentiated reaction to the earnings report. The current price-to-earnings ratio (TTM) is about 29.11x, and the price-to-book ratio is 3.36x.

Institutional viewpoints

In a research report released on April 1, 2026, CICC said that Miniso Group’s 2025 performance met expectations, but it cut its 2026 earnings forecast by 11% to RMB 3.1 billion, mainly due to macro uncertainty and pressure on profit margins. The firm maintained a “outperform the industry” rating, with a target price of HKD 39.16. In reports released at the same time, Haitong Securities and GF Securities emphasized that momentum from its own IP and the store expansion strategy are driving same-store growth. They also noted that optimization in the North American market could improve operating efficiency, but that near-term expense investments may suppress profit margins. Both firms focused on the long-term value of IP transformation.

The above content is compiled based on publicly available information and does not constitute investment advice.

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