(Yicai) Aug. 22 -- The Hong Kong shares of Miniso Group Holding surged as much as 22.3 percent today after the Chinese discount retailer of lifestyle and household goods reported a better-than-expected performance in the second quarter and raised its full-year outlook on the back of surging sales of its trendy toy brand Top Toy.

Miniso’s share price [HKG:9896] closed up 20.5 percent at HKD47.10 (USD6). Earlier in the day it hit HKD47.74, the highest since January. Miniso’s US-listed stock [NYSE:MNSO] climbed 6.3 percent to end at USD22.17 yesterday.

Miniso’s revenue soared 23 percent in the three months ended June 30 from a year ago to CNY5 billion (USD693.2 million), beating the previous guidance of between 18 percent and 21 percent, the Guangzhou-based firm said yesterday. Top Toy’s revenue surged 87 percent to CNY402.2 million (USD56.1 million) while the Miniso brand saw revenue jump 20 percent to CNY4.6 billion.

Net profit for the period, though, slumped 17 percent to CNY489.5 million (USD68.3 million), mainly due to losses from the acquisition of supermarket chain Yonghui Superstores last year. Adjusted net profit, excluding that impact, surged 11 percent to CNY691.5 million (USD96.3 million).

Miniso’s management raised its revenue growth forecast for this year to at least 25 percent from 23 percent during the earnings call. And they said they expect adjusted operating profit for 2025 to fall between CNY3.7 billion (USD15.3 million) and CNY3.9 billion, up from CNY3.3 billion last year.

Miniso’s overseas business also stood out. In the second quarter, the Miniso brand’s revenue from international markets surged 29 percent year on year to USD271.1 million, lifting its share of total revenue to 43 percent from 40 percent a year earlier, according to the financial report.

The Miniso brand had 7,612 stores worldwide as of June 30, a jump of 744 from a year ago, the report said. The number of Top Toy stores surged by 98 to 293. The firm also added 544 overseas outlets, accounting for 75 percent of all its newly opened shops, and bringing the total to 3,307. Top Toy began expanding internationally in the fourth quarter last year, it added.

Top Toy recently bagged a strategic investment from Temasek Holdings, Singapore’s sovereign wealth fund, boosting the company’s valuation to HKD10 billion (USD1.3 billion), Miniso said.

Editor: Kim Taylor