China IP Retailer : IP Offline Sales (May 2026): Holiday Demand Drives MoM Recovery

研报英文原文证据摘录

China IP Retailer : IP Offline Sales (May 2026): Holiday Demand Drives MoM Recovery

23 June 2026

Retail / Wholesale Trade

China IP Retailer

retail price of Rmb159, followed by related exhibitions in Hong Kong, Shenzhen,

and Shanghai on June 26. However, according to Qiandao, a pop-toy trading app,

secondary-market prices for Labubu series have already softened, with three

designs trading below the Rmb159 retail price. New launches typically carry an

initial premium before prices gradually decline as supply increases. The absence of

an initial premium therefore suggests muted collector feedback ahead of launch

and could lead to further price pressure once supply ramps up post-launch.

Miniso: resilient sales at +6% YoY in May; Top Toy experienced negative growth

Miniso China delivered 6% SSSG in May-26, indicating resilient demand despite

a softer consumer backdrop. Sales reached 95% of the 2025 peak level, supported

by the company’s new store format and IP strategy. We view the result as relatively

solid, suggesting continued execution strength in China SSSG.

Guidance: management guided for 1H26 revenue growth of 20–22% YoY,

supported by 21–22% growth in China and high-teens growth overseas. It also

expects 210–230 net new stores and high-single-digit adjusted operating profit

growth excluding FX. For FY26, management expects high-teens revenue growth,

450–500 net new stores globally, and around 10% adjusted operating profit growth

excluding FX.

China strategy remains focused on SSSG recovery and larger-format stores.

Miniso China guides for mid-single-digit SSSG growth in 1H26 and low-single-digit

growth for FY26. Its large-format store strategy is progressing well, with large-

format stores accounting for 12% of store count but 30% of sales in 1Q26.