Changes in Hong Kong stocks | Mingchuang Premium (09896) fell more than 11%, adjusted exchange profit and loss in the second quarter, net profit fell 10.5%, and overseas markets faced phased adjustments

The Zhitong Finance App learned that Mingchuang Premium (09896) fell by more than 11%. As of press release, it fell 11.06% to HK$18.89, with a turnover of HK$154 million.

According to the news, Mingchuang Premium announced its 2026 interim results. The company's revenue for the first half of the year increased 22.4% to 11.5 billion yuan, and adjusted net profit excluding exchange gains and losses fell 1.7% to 1.22 billion yuan. Looking at the second quarter of a single quarter, the company's revenue increased 17.0% year on year to 5.81 billion yuan, and adjusted net profit excluding exchange gains and losses fell 10.5% to 590 million yuan. Overseas, the overseas revenue of Mingchuang Premium brands increased 9.1% year on year in the second quarter, slowing down from the first quarter; in the first half of the year, overseas revenue increased 14.9% year on year, and the same store's GMV fell by a single digit. Mingchuang Premium predicts that the adjusted net profit for the whole year will drop by a high number of units year on year, and the adjusted operating profit margin will drop 3-4 percentage points year on year.

Huatai Securities pointed out that domestic business continued to grow rapidly in the second quarter; while overseas, facing weak macroeconomic conditions and increased competition, the agency market was clearly under pressure. The North American direct sales market was cut off due to the breakdown of IP product stocking, and the same store did not meet the previous plan. Looking ahead, H2 plans to clean up departmental stores at the end of the overseas agency market, slow down the pace of domestic and foreign store expansion, and further shift to store optimization and high-quality development. Channel sorting and refinement of operations will help stabilize and improve subsequent profitability.