0342 GMT - Miniso could improve margins from 2H by boosting direct-to-consumer profitability and scaling its intellectual-property business, HSBC analysts say in a note. HSBC says the Chinese retailer's growth strategies--including overseas expansion, IP initiatives rollout and store optimization--have driven faster top-line growth but weighs on near-term margins. The drag should gradually stabilize as the revenue mix normalizes from 2027, they say. HSBC expects Miniso's 2026 revenue to grow 19.4%, but cuts its adjusted operating profit estimate by 9.0%. It maintains a buy rating on Miniso while lowering its ADR target price to $24.50 from $27.00. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

March 31, 2026 23:42 ET (03:42 GMT)

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