MINISO Group Holding Limited's (MNSO) stock plummeted 5.02% during early intraday trading on Wednesday.

The decline follows the release of the company's first-quarter financial results, which showed a 28.5% year-on-year increase in revenue. However, adjusted net profit for the quarter fell 6.1% compared to the same period last year, with cost pressures from the expansion of overseas directly operated stores cited as a factor.

Analyst actions contributed to the negative sentiment. Nomura maintained a "buy" rating but trimmed its target price for the U.S.-listed shares to $22.9 from $25, noting that same-store sales growth is expected to moderate ahead. Citi also retained a "buy" rating but highlighted several risks, including fierce industry competition, weaker-than-expected global expansion, and an uncertain macroeconomic environment.