名创优品：2025 年整体符合预期，2026 年开局强劲；买入评级

14 March 2026 | 12:31AM HKT Equity Research Miniso (MNSO) Prelim result: largely in-line 2025 results with robust start in 2026; Buy | MNSO | 12m Price Target: $25.00 | Price: $16.76 | Upside: 49.2% | | --- | --- | --- | --- | | 9896.HK | 12m Price Target: HK$49.00 | Price: HK$32.90 | Upside: 48.9% | What happened: Miniso announced a preliminary financial results on Mar 13, expecting 2025 full year revenue to be in a range at Rmb21,440mn-21,445mn (slightly above GSe of Rmb21,307mn, implied yoy growth of ~26 ...