Nomura released a research report, expecting that miniso's performance in the third quarter is mixed, with solid overseas growth but weakening domestic same-store sales. The bank has lowered the target price of the company's US stock from $25.9 to $25.6, maintaining a "buy" rating. The bank anticipates that miniso's third-quarter performance will be relatively stable, with quarterly commodity transaction volume (GMV) and sales expected to increase by 21% and 20% respectively year-on-year, to RMB 8.3 billion and 4.5 billion, respectively. The main pressure is expected to come from continued weak domestic sales, with same-store sales forecasted to decline by 5% year-on-year.

As for the fourth quarter, Nomura believes that miniso will see faster sales growth, citing two positive catalysts: the expected launch of the Harry Potter-themed intellectual property (IP) products globally by the end of October, with the recent opening of pop-up stores in mainland China and Hong Kong indicating that this new IP product is likely to become one of the most popular series in miniso's history; and the more favorable seasonality in overseas markets in the fourth quarter, particularly in the US market. The company's accelerated store openings in the US during the previous quarters and third quarter are expected to help capture holiday shopping demand, with overseas market sales projected to increase by 57% year-on-year in the fourth quarter.