MINISO (09896) surged more than 4% in afternoon trading. As of press time, the stock was up 3.55% to HK$43.8, with a turnover of HK$162 million.

On the news front, TOP TOY, a trendy toy brand under MINISO, recently submitted its prospectus to the Hong Kong Stock Exchange, seeking to list on the Hong Kong Main Board. According to the prospectus, TOP TOY's main business is trendy toy collective retail, achieving a GMV of approximately 2.4 billion yuan in mainland China in 2024.

Additionally, Huachuang Securities noted that MINISO's core business is showing signs of a turnaround, with overseas markets and TOP TOY still in high-growth phases. Meanwhile, the drag on the company's profits from Yonghui Superstores is expected to be mainly reflected in 2025, with gradual positive performance contributions anticipated from 2026 onwards.