Food Retail

BUSYMING

BUSY MING

Conference Minutes

01768

Below is the FY25 earnings call Trans for 'Mingming Is Busy', compiled by Dolphin Research. For our earnings analysis, please see 'Mingming Is Busy: Stores Are Easy, Assortment Is Hard — Can the Premium Hold?'

Mingming Busy (Trans): 2026 same-store performance to beat 2025

Financial Analysis

Mingming Busy: Careful on category expansion. Can niche snacks win?

Today’s Key News Recap

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Mingming Is Busy soars on IPO debut; ASML orders surge, unveils 10bn buyback｜Daily News Recap

Warehouse turns in just 5–7 days, and full-case picking makes up 95%. $BUSYMING(01768.HK) — how lean can its supply chain run? With 5–7 day warehouse turns and 95% full-case picking, the company's savings come from three levers: short chain, high efficiency, and minimal waste.Every link is engineered to cut costs, pushing savings to the limit.First, the 'short-chain' model eliminates losses and fees in the middle.In the traditional snacks supply chain, goods move factory → distributor DC → store, adding steps, in-transit/warehouse shrink, and extra fees.The company runs factory → central DC → store, cutting out middlemen, reducing handling losses, and materially lowering transport costs. All stores sit within 300 km of the DC, enabling 24-hour delivery and minimizing dwell time, which further reduces inventory carrying costs.Second, full-case picking boosts efficiency and cuts waste.Its DCs primarily serve franchised stores with standardized bulk orders; unlike e-comm that breaks cases for consumers, about 95% is full-case picking. This way, the DC avoids time-consuming break-pack and sorting, reducing labor costs.It also prevents leftover SKUs and near-expiry stock, accelerating turns so goods sell through in 5–7 days.Capital isn't tied up in inventory, effectively lowering carrying costs.Finally, digitization ensures every dollar is spent where it matters.A dedicated WMS auto-assigns slots by sell-through, positions hot items for easy picks, and optimizes pick paths so workers don't wander—doubling efficiency. Route planning is also system-driven to maximize truck load factors, pushing per-item delivery costs to among the lowest in the industry.The system monitors each store's inventory in real time to avoid stockouts or overstock; with no waste from sourcing to warehousing to delivery, the company can truly save, underpinning its low-price strategy.

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On its HK debut today, $BUSYMING(01768.HK) surged over 88%. The deal was ~1,900x oversubscribed, with Tencent and Temasek among the cornerstone backers, igniting the market for the first bulk-snack retailer. It, too, is a middleman capturing the spread between suppliers and franchisees, so why does it lead the pack and command such investor interest? Dolphin Research previously argued the edge comes from taking 'low price' and 'efficiency' to the extreme while precisely targeting a whitespace.First, it cut out the long chain of intermediaries. Traditional snacks pass through multiple layers of distributors and sub-distributors, each adding markups that bloat end prices. By sourcing directly from major upstream brands via large-scale centralized procurement, it secures very low purchase costs and sells to franchisees at prices 20%–30% below traditional channels, effectively passing middleman margins to consumers and franchisees to outcompete other brokers.Second, its operating efficiency is hard for peers to match. While other retail formats turn inventory over in several dozen days, this model runs at just 11 days, speeding cash and goods flow, reducing near-expiry risk, and adapting quickly to trending snacks. Powered by digital systems and AI-driven replenishment that calculates what to restock and when, it saves time and cost from sourcing through delivery, far outperforming traditional middlemen.Lastly, it nailed the whitespace in lower-tier markets. Consumers in tier-3/4 cities and towns are most price-sensitive, yet efficient snack retail channels were lacking. By opening near residential communities and putting affordable snacks within 300 meters, it filled the demand gap. Franchise-led expansion has been rapid, with store count rising from under 2,000 to 20,000 in two years. Greater scale strengthens bargaining power with suppliers, driving lower purchase prices and reinforcing a flywheel of 'low price → more stores → lower purchase price → even lower price'. Over time, this has left peers behind and cemented its No.1 position.

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Is it just a 'snack transporter,' or is there more to it?

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Mingming is very busy: How did the 'Pinduoduo of the snack industry' achieve its success?

JPMorgan Chase International Expects Ming Ming to Be Busy to See Faster EPS Growth Than Revenue from 2025 to 2028

Mingming Very Busy, the First Stock in the Snack Industry, Listed on the Hong Kong Stock Exchange

MingMing Very Busy Opens the World's Largest Snack Store

Mingming Very Busy Group Launches Global Product Recruitment Campaign for Snack Kingdom

MingMing Very Busy Group Opens the World's Largest Immersive Snack Experience Space

Snack Giant's 2025 Financial Report Reveals Quest for New Growth

SnackVeryBusy and ZhaoYiMing Snacks Merger Leads to Significant Revenue Growth

Mingming Hengman Announces 2026 Annual Report: Revenue of 66.2 Billion and a Net Profit of 2.7 Billion

Goldman Sachs Raises Target Price for Ming Ming to 550 HKD, Maintains Buy Rating

BofA Securities Raises Profit Forecasts and Target Price for Mingming Heng Mang

Mingming Very Busy and Wancheng Group Report Significant Revenue and Profit Growth

BUSYMING released FY2025 Annual Earnings on March 31 After-Market (BJT), actual revenue HKD 72.32 B (forecast HKD 72.06 B), actual EPS HKD 12.875 (forecast HKD 12.2345)

BUSYMING released FY2025 Q4 earnings on March 31 After-Market (BJT), actual revenue HKD 22.02 B, actual EPS HKD 4.2875

MingMing Very Busy Achieves Revenue Growth of 68.2% to 66.17 Billion Yuan in 2025

BUSYMING to Release FY2025 Annual Earnings on March 31 After-Market (BJT), Forecast Revenue HKD 73.66 B, EPS HKD 12.6579

Kaiyuan Securities Upgrades MingMing to 'Outperform', Anticipates Continued Growth

Mingming Henang Launches First Store for Its New Brand 'You. Recommendation', Focusing on Fresh Snacks

FOSUN SECURITIES INITIATES COVERAGE OF MINGMINGBUSY WITH “RECOMMEND” RATING

Huatai Securities Initiates Coverage of Mingmingshibu with a Buy Rating

Mingming Very Busy Quietly Expands into Fresh Snacks Market via Affiliate

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BOCOM International has initiated coverage on BUSYMINGwith a Buy rating and a target price of HKD542. The report highlights the restructuring of China's snack industry, with BUSYMING positioned as a leader. The company is expected to expand its store count to nearly 31,000 by 2028, with significant revenue and profit growth projected. BOCOM forecasts an 18% revenue CAGR and a 23% adjusted net profit CAGR from 2025 to 2028, indicating a shift towards profit realization in the mass-retail model.

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BOCOM International Initiates BUSYMING  at Buy with TP HKD542

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LOPAL TECH(02465) rose 19.37%, with a trading turnover 940.1 Million HKD, and a year-to-date rose 59%. REPT BATTERO(00666) rose 16.94%, with a trading turnover 184.0 Million HKD, and a year-to-date rose 29.3%. MOBVISTA(01860) rose 16.77%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 8%.

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36Kr learned that the world's largest immersive snack experience space "Snack Kingdom," created by BUSYMING Group, will officially open on April 17th at Furong Square in Changsha, Hunan. The project features over 12,000 square meters of retail and experience space, gathering flavors from approximately 70 countries and regions, more than 6,500 domestic and international brands, and 35,000 products

36Kr

The world's largest snack store "Snack Kingdom" will open on April 17th

The Hong Kong IPO market performed strongly in the first quarter of 2023, with 84.6% of the 33 new stocks successfully listing profitably, a significant increase compared to last year. The number of new stocks and the amount of capital raised grew by 1.7 times and 4.8 times, respectively, raising approximately HKD 108.4 billion. BUSYMING (1768) became the "king of profit," with a paper profit of HKD 16,340 per lot. Analysts point out that the number of new stocks may decrease in the second quarter, and attention should be paid to the fundraising performance of large new stocks. Despite market volatility, Hong Kong continues to attract capital inflows, indicating ample local funds

Stheadline

85% of new stocks successfully listed in the first quarter, BUSYMING becomes the "King of Profit"

CICC has reaffirmed its Buy rating for Busy Ming Group Co., Ltd. Class H (1768), setting a price target of HK$530. The analyst consensus indicates a Strong Buy rating with an average price target of HK$514.52.

Tip Ranks

CICC Sticks to Their Buy Rating for Busy Ming Group Co., Ltd. Class H (1768)

BUSYMING released its first annual report after going public in Hong Kong, with nearly 22,000 stores and a GMV of 93.6 billion yuan. Revenue for 2025 is projected to be 66.17 billion yuan, a year-on-year increase of 68.2%; net profit is expected to be 2.692 billion yuan, a year-on-year increase of 194.9%. Despite the impressive performance, the market expresses doubts about its future growth momentum, facing multiple strategic choices. Goldman Sachs predicts that by 2028, the market share of BUSYMING and WanChen Group will approach 80%. The regional structure is unbalanced, and second-tier cities still have development potential

腾讯新闻 - 财经

BUSYMING is still missing a growth "bonus question"

Bank of America Securities has reaffirmed its Buy rating on Busy Ming Group Co., Ltd. Class H (1768), setting a price target of HK$500.00. The overall analyst consensus for the stock is a Strong Buy, with an average price target of HK$490.62.

Bank of America Securities Reaffirms Their Buy Rating on Busy Ming Group Co., Ltd. Class H (1768)