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Miniso (9896): For the quarter ended March 31, 2026, the company's revenue reached RMB 5,688.4 million, an increase of 28.5% year-on-year. Operating profit and net profit for the period were RMB 1,521.4 million and RMB 1,248.1 million respectively, representing significant increases of 114.3% and 199.7%. Adjusted net profit excluding exchange gains and losses increased by 8.1% to RMB 633.1 million, exceeding expectations. In the future, the company will deepen its globalization and IP strategy, optimize products, and expand its network to drive high-quality growth. At the same time, we will implement strict cost control and prudent budgeting, steadily move towards our long-term goals, and continuously bring stable returns to our shareholders.

China's PMI data shows that insufficient domestic demand remains the core bottleneck

China's latest May PMI data shows that the economy maintained overall expansion, but the structure was uneven. The manufacturing PMI fell to 50.0%, the threshold separating expansion from contraction, showing a "strong supply, weak demand" characteristic, with a widening gap between large and small enterprises. Although high-tech manufacturing and service sectors performed well, driving the non-manufacturing PMI back to 50.1%, construction and real estate remained weak, and high raw material costs continued to squeeze profits. Overall, insufficient domestic demand remains the core bottleneck, and further policy efforts are needed to boost market confidence.

Hong Kong Stock Connect saw a net inflow of HK$1.884 billion on Friday, with Pop Mart (09992) seeing the largest inflow at HK$878 million, followed by Tencent Holdings (00700). The Tracker Fund of Hong Kong (02800) recorded the largest net outflow at HK$2.366 billion, followed by Alibaba-W (09988).