Miniso Faces Stock Drop Amidst Profitability Concerns

Miniso Group Holding, a prominent Chinese lifestyle retailer, reported a surge in revenue and profit in the first half, largely propelled by increased sales within China. These details were disclosed in a filing at the Hong Kong Stock Exchange after trading hours on Friday. Despite the positive revenue growth, following the announcement, Miniso saw its shares on Nasdaq plummet by 4.4%. Notable unease centered around the company’s profit margins and escalating expenses. The revenue for Miniso totaled 11.5 billion yuan, approximately $1.7 billion, marking a 22% uptick from the corresponding period last year. Additionally, the company experienced a 5.6% rise…