MINISO Group Holding Limited's stock surged 5.41% in pre-market trading on Friday.

The company recently reported strong first-quarter results, with group revenue increasing 28.5% year-on-year to RMB 5.688 billion. Operating profit saw a significant rise of 114.3% year-on-year, partly due to gains from investments. Analysts cite attractive valuation and a positive outlook from store upgrades and proprietary IP strategy as factors supporting growth.

Additionally, MINISO disclosed a share repurchase transaction, spending approximately $1.1781 million to buy back shares. Such buybacks often signal management's confidence and can provide support to the stock price.