HK Stock Market Move | MNSO (09896) fell by over 6% again, with third quarter revenues exceeding the upper limit of guidance and net profit declining by more than 30% year-on-year.

MNSO (09896) fell by more than 6%, dropping 6.48% to HK$36.68 as of the time of publication, with a turnover of HK$1.88 billion. In terms of news, MNSO recently announced its performance for the third quarter, achieving a revenue of HK$5.797 billion, an increase of 28.2% year-on-year, exceeding the upper limit of the guidance range of 25% to 28%. The net profit attributable to the parent company was HK$441 million, a decrease of more than 30% compared to HK$642 million in the same period last year. CICC stated that MNSO's gross profit margin in the third quarter decreased slightly by 0.2 percentage points year-on-year, mainly due to product structure adjustments. Stock-based compensation expenses were HK$180 million, mainly related to TOPTOY equity incentives. Excluding this item, the sales and administrative expense ratio increased by +1.4 points/-0.3 points year-on-year, narrowing as expected. The operating profit margin of overseas direct-operated business increased slightly. Due to the acquisition of Yonghui and the issuance of equity-linked securities, the net financial expense was HK$100 million during the period, accounting for Yonghui's loss of HK$150 million and other income of HK$70 million. After adjusting for the related impacts, the net profit increased by 12% to HK$770 million.