The Zhitong Finance App learned that Bank of China International released a research report saying that after the results were announced and the stock price was drastically adjusted on August 31, it believes that the valuation of Mingchuang Premium (09896) has begun to be worth paying attention to again, and may consider finding the right time to re-examine it later. The bank is still optimistic about the company's potential to become the world's leading retailer for a long time, maintaining the “buy” ratings of H shares and MNSO.US (MNSO.US) US stocks. The target price for H shares dropped by 40.1% to HK$20.6 from HK$34.4, and the target price for US stocks dropped by 40.3% from US$17.6 to US$10.5. The bank also lowered its adjusted earnings estimates by 18%, 20% and 14% for each year from 2026 to 28, respectively.
Mingchuang Premium's second-quarter results fell far short of market expectations. Adjusted operating profit and adjusted net profit decreased by 84% and 24% year on year, respectively. Net profit calculated according to accounting standards also turned into a loss. In addition to the impact of exchange losses, the company's overseas business performance also weakened, and expenses increased dramatically after rapid expansion, causing a clear drag on profits.
The bank expects that the results of the second half of 2026 will continue to be pressured, and the company will enter the business adjustment stage, so the operating inflection point may not occur until 2027 at the earliest. Bank of China International believes that the investment logic of rapid global expansion into profitable growth will take longer to materialize.