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MINISO Investment Thesis This analysis is based on the MINISO 2024 Q4 and 2025 Q1 earnings call presentations and the provided transcript. # Catalysts MINISO has several key growth drivers that could meaningfully impact sales and earnings: Global Store Network Expansion: The primary catalyst is the aggressive and ongoing expansion of its store network, both in China and, more significantly, in overseas markets.

Bull - Growth in miles driven increases the wear and tear on vehicles, requiring more maintenance and repair work to keep them on the road, benefiting LKQ. LKQ’s collision business could see rising demand from increasing auto claims as more drivers return to the road following the COVID-19 pandemic.

Catalysts Strong Growth Momentum GigaCloud’s marketplace GMV has grown rapidly, now surpassing US$10B annually, with revenue maintaining double-digit growth. 2024 revenue was about US$1.16B , up ~65% YoY.

GameStop’s Q1 2025 financials, combined with an amazing shareholder community, just showed its takes-money-to-buy-whiskey strategy at work, demonstrating its status as a compelling investment as the retail investors have been saying for years while fighting a corrupt legacy media, bots, social media manipulation and hedge funds. Gamestop delivered a stellar adjusted EPS of $0.17, beating estimates by 325%, and achieved a $44.8 million net profit, reversing last year’s $32 million loss.

Amazon is a company of two sides - A high tech, high margin side, comprising its AWS, Advertising and subscription services segments; and its more traditionally known low margin, high volume stores and third-party seller segments. These two sides form a cohesive whole.

Alibaba delivered solid FY2025 results with revenue growing 6% to RMB 996.3 billion ($137.3B). Key highlights include core e-commerce (Taobao/Tmall) customer management revenue growing 12%, Cloud Intelligence revenue accelerating to 18% growth, and AI-related products achieving triple-digit growth for the seventh consecutive quarter.

Alibaba’s Outlook Brightens Amid Attractive Valuation Metrics Alibaba Group’s future is increasingly promising, supported by strong fundamentals and a compelling valuation relative to risk-free benchmarks. Using a forward earnings-based approach, the company’s fair value is estimated at $318 per share.

Stimulus Linkage : Consumer subsidies and employment targets (12 million urban jobs)[1] bolster discretionary spending. JD.com 2025 Projections : Revenue growth of 12-15% YoY[7], driven by appliance subsidies and food delivery expansion; net margin to 3.6-4.0%[11].

Ulta, the other company I was thinking of cutting, has a surprisingly favorable relative valuation in the beauty retail space. It has decent margins and actually is able to direct decent amounts of buybacks.