The Zhitong Finance App learned that Everbright Securities released a research report stating that considering the company's overall performance in 26Q3 is in line with the guidelines, the quality of growth continues to be optimized, and the three major growth logics have been steadily implemented to maintain Mingchuang Premium (09896)'s net profit forecast of 27.38/31.76 billion yuan for 26-28. The current stock price corresponds to 2026-2028 PE at 7x/6x, respectively, maintaining a “buy” rating.
The main views of Everbright Securities are as follows:
incident
Mingchuang Premium announced the 2026 Q3 voluntary business update announcement. 26Q3's GMV in mainland China increased by 25%-30% year on year, and same-store sales increased by a high single digit; in the US market, GMV increased by about 20% year on year. In September, GMV growth rebounded to more than 30% year on year, and same-store sales corrected. The GMV of its own IP “YOYO” exceeded 1 billion yuan in the previous September.
Mainland China: GMV continues to grow at a high rate, and same-store driving growth is more promising
In Q3 2026, Mingchuang Premium's GMV in mainland China increased by 25%-30% year-on-year, further accelerating from the first half of 2026. The core driver was high-single-digit same-store sales growth, reflecting a continued recovery in offline traffic and consumption power. During the 2026 National Day holiday, the company's GMV in mainland China increased by 20%-25% year-on-year, mainly driven by low-single-digit same-store sales growth. Although it declined slightly from Q3, it showed resilience in holiday sales. Management made clear guidelines at the 26H1 results meeting: the number of stores in the mainland China market is expected to be basically the same as in the first half of the year. Therefore, the high increase in Q3 is mainly due to same-store sales, and the growth is more promising. In Q3, the growth rate of the same store rose from the middle single digit of the first half of the year to a high single digit, and the effects of the “open a good store, open a big store” strategy continued to show.
Overseas markets: U.S. marginal improvement, structural adjustment results are beginning to show
In Q3 2026, the GMV of Mingchuang Premium in the US market increased by about 20% year on year; among them, in September, GMV rebounded to more than 30% year on year and the same store sales corrected, mainly driven by the arrival of new products, indicating that the US market is gradually recovering and the quality of store operations is improving. Overseas switching from “scale expansion” to “efficiency improvement” is beginning to bear fruit. Overall overseas performance is in line with management's performance guidelines, and management resilience is outstanding.
IP business: rapid breakthrough of own IP, continuous verification of the second curve
Mingchuang Premium's own IP “YOYO” achieved a major breakthrough. In the first nine months of 2026, GMV surpassed RMB 1 billion, becoming a global “billion yuan club” and an important representative of the globalization of China's original innovative IP. Since its launch in June 2025, the IP has expanded to 53 countries and regions around the world, showing the strong expansion capabilities and globalization genes of the company's IP products.
Risk Alerts
Overseas store adjustments fell short of expectations, domestic same-store growth continued to be weaker than expected, IP strategies fell short of expectations, market competition intensified, and there was a risk of exchange rate fluctuations.