Guosen Securities: Maintains "Outperform" rating on Mini-So (09896) with main business turning point emerging.

According to the Zhixun Finance APP, Guotai Junan Securities released a research report stating that as Miniso (09896) optimizes its domestic large store strategy to optimize store structure and improve operational efficiency, it is driving gradual improvement in same-store sales; at the same time, the IP strategy strengthens global competitiveness, strongly promoting overseas business and the development of the TOP TOY brand. In the future, as the company continues to deepen its IP strategy, expand its own artist IP, and accelerate the upgrade of domestic and foreign store structures, the main business income is expected to increase, while operating profit margins are expected to gradually improve, maintaining an "outperform market" rating.