MINISO Group Holding Limited (09896) surged over 4% intraday, with shares up 3.45% to HK$38.40 at press time, recording a turnover of HK$50.2127 million.

The recent box-office success of "Zootopia 2" has sparked an IP collaboration wave. According to Maoyan data, as of 17:41 on December 7, the film's 12-day mainland China gross (including presales) surpassed RMB3.02 billion since its November 26 release. Over 70 domestic brands, including MINISO, POP MART, and 52TOYS, have launched co-branded merchandise, with collectible toys being a key focus.

GTHT released a research report adjusting MINISO's 2025-2027 adjusted net profit forecasts downward to RMB2.998/3.474/4.179 billion (-0.24/-0.68/-0.01 billion) due to ongoing overseas self-operated store investments. However, citing sequential improvements in domestic/overseas operations and store expansion, TOPTOY's high-growth contribution, and successful execution of flagship stores/IP/globalization strategies, it maintained an 18x 2026 PE valuation. The revised HK$55.50 target price (exchange rate: 1 HKD = 0.9100 CNY) implies a RMB62.5 billion market cap, warranting a Buy rating.