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图32:我们预计 Busy Ming 的店铺数量(截至年底)在 2026/27/28 年将同比增长 15%/11%/8%
图32:我们预计 Busy Ming 的店铺数量(截至年底)在 2026/27/28 年将同比增长 15%/11%/8%
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
### Income Statement (Rmbm)

| 项目 | 12/22 | 12/23 | 12/24 | 12/25E | %ch | 12/26E | %ch | 12/27E | 12/28E | 12/29E |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,286 | 10,295 | 39,344 | 64,151 | 63.1 | 79,846 | 24.5 | 88,411 | 95,885 | 101,514 |
| Gross profit | 319 | 772 | 2,999 | 6,287 | 109.6 | 8,064 | 28.3 | 9,195 | 10,260 | 11,167 |
| EBITDA (UBS) | 125 | 371 | 1,283 | 3,204 | 149.8 | 4,408 | 37.6 | 5,340 | 6,166 | 6,912 |
| Depreciation & amortisation | (26) | (45) | (146) | (158) | -8.2 | (250) | -57.7 | (381) | (501) | (610) |
| EBIT (UBS) | 99 | 327 | 1,136 | 3,046 | 168.0 | 4,158 | 36.5 | 4,958 | 5,665 | 6,302 |
| Associates & investment income | 0 | (8) | 4 | 4 | 0.0 | 4 | 0.0 | 4 | 4 | 4 |
| Other non-operating income | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Net interest | 1 | 6 | 12 | 10 | -10.7 | 4 | -61.0 | 43 | 58 | 78 |
| Exceptionals (incl goodwill) | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Pre-tax profit | 100 | 325 | 1,152 | 3,061 | 165.6 | 4,167 | 36.1 | 5,006 | 5,728 | 6,385 |
| Tax | (28) | (107) | (323) | (858) | -165.6 | (1,168) | -36.1 | (1,404) | (1,606) | (1,790) |
| Profit after tax | 72 | 218 | 829 | 2,202 | 165.6 | 2,998 | 36.1 | 3,602 | 4,122 | 4,595 |
| Preference dividends | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Minorities | 0 | 0 | 5 | 0 | - | 0 | - | 0 | 0 | 0 |
| Extraordinary items | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Net earnings (local GAAP) | 72 | 217 | 834 | 2,202 | 164.2 | 2,998 | 36.1 | 3,602 | 4,122 | 4,595 |
| Net earnings (UBS) | 81 | 235 | 917 | 2,526 | 175.4 | 3,359 | 33.0 | 3,802 | 4,322 | 4,795 |
| Tax rate (%) | 28.2 | 33.0 | 28.0 | 28.0 | 0.0 | 28.0 | 0.0 | 28.0 | 28.0 | 28.0 |


### Per Share (Rmb)

| 项目 | 12/22 | 12/23 | 12/24 | 12/25E | %ch | 12/26E | %ch | 12/27E | 12/28E | 12/29E |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS (UBS, diluted) | - | - | 20.03 | 12.63 | -36.9 | 15.42 | 22.1 | 17.45 | 19.84 | 22.01 |
| EPS (local GAAP, diluted) | - | - | 18.20 | 11.01 | -39.5 | 13.76 | 25.0 | 16.54 | 18.92 | 21.09 |
| EPS (UBS, basic) | - | - | 20.03 | 12.63 | -36.9 | 15.42 | 22.1 | 17.45 | 19.84 | 22.01 |
| DPS (net) (Rmb) | 0.00 | 3.97 | 0.25 | 3.30 | NM | 4.13 | 25.0 | 4.96 | 5.68 | 6.33 |
| Cash EPS (UBS, diluted) ¹ | - | - | 23.22 | 13.42 | -42.2 | 16.56 | 23.4 | 19.20 | 22.14 | 24.81 |
| Book value per share | 12.93 | 100.17 | 125.06 | 36.35 | -70.9 | 57.49 | 58.2 | 69.07 | 82.31 | 97.08 |
| Average shares (diluted) | 0 | 0 | 46 | 200 | 336.7 | 218 | 8.9 | 218 | 218 | 218 |


### Balance Sheet (Rmbm)

| 项目 | 12/22 | 12/23 | 12/24 | 12/25E | %ch | 12/26E | %ch | 12/27E | 12/28E | 12/29E |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 469 | 1,731 | 1,941 | 1,962 | 1.1 | 6,322 | 222.3 | 8,125 | 10,339 | 12,967 |
| Other current assets | 293 | 1,164 | 4,173 | 6,721 | 61.1 | 8,347 | 24.2 | 9,226 | 9,991 | 10,561 |
| Total current assets | 763 | 2,895 | 6,114 | 8,682 | 42.0 | 14,669 | 68.9 | 17,351 | 20,330 | 23,528 |
| Net tangible fixed assets | 18 | 53 | 158 | 310 | 96.3 | 495 | 59.6 | 654 | 792 | 908 |
| Net intangible fixed assets | 6 | 3,271 | 3,280 | 3,305 | 0.8 | 3,339 | 1.0 | 3,379 | 3,423 | 3,469 |
| Investments / other assets | 146 | 479 | 616 | 966 | 56.7 | 1,348 | 39.6 | 1,710 | 2,049 | 2,357 |
| Total assets | 933 | 6,699 | 10,168 | 13,263 | 30.4 | 19,851 | 49.7 | 23,094 | 26,593 | 30,263 |
| Trade payables & other ST liabilities | 235 | 1,549 | 3,302 | 5,128 | 55.3 | 6,309 | 23.0 | 6,940 | 7,483 | 7,884 |
| Short term debt | 20 | 75 | 602 | 204 | -66.0 | 270 | 32.1 | 309 | 339 | 362 |
| Total current liabilities | 255 | 1,624 | 3,904 | 5,332 | 36.6 | 6,579 | 23.4 | 7,249 | 7,822 | 8,246 |
| Long term debt | 32 | 67 | 147 | 272 | 84.7 | 359 | 32.1 | 411 | 451 | 481 |
| Other long term liabilities | 54 | 414 | 389 | 389 | 0.0 | 389 | 0.0 | 389 | 389 | 389 |
| Preferred shares | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Total liabilities (incl pref shares) | 341 | 2,104 | 4,440 | 5,994 | 35.0 | 7,327 | 22.2 | 8,049 | 8,662 | 9,116 |
| Common s/h equity | 592 | 4,588 | 5,728 | 7,270 | 26.9 | 12,524 | 72.3 | 15,045 | 17,930 | 21,147 |
| Minority interests | 0 | 7 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Total liabilities & equity | 933 | 6,699 | 10,168 | 13,263 | 30.4 | 19,851 | 49.7 | 23,094 | 26,593 | 30,263 |


### Cash Flow (Rmbm)

| 项目 | 12/22 | 12/23 | 12/24 | 12/25E | %ch | 12/26E | %ch | 12/27E | 12/28E | 12/29E |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income (before pref divs) | 72 | 217 | 834 | 2,202 | 164.2 | 2,998 | 36.1 | 3,602 | 4,122 | 4,595 |
| Depreciation & amortisation | 26 | 45 | 146 | 158 | 8.2 | 250 | 57.7 | 381 | 501 | 610 |
| Net change in working capital | 15 | 286 | (1,346) | (722) | 46.4 | (445) | 38.4 | (249) | (220) | (170) |
| Other operating | (31) | 42 | 136 | 0 | - | 0 | - | 0 | 0 | 0 |
| Operating cash flow | 82 | 590 | (230) | 1,639 | - | 2,803 | 71.1 | 3,734 | 4,402 | 5,035 |
| Tangible capital expenditure | (29) | (68) | (244) | (421) | -72.9 | (643) | -52.7 | (790) | (886) | (959) |
| Intangible capital expenditure | (6) | (4) | (25) | (41) | -63.1 | (51) | -24.5 | (57) | (61) | (65) |
| Net (acquisitions) & disposals | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Other investing | (125) | 210 | 3 | (4) | - | (4) | 0.0 | (4) | (4) | (4) |
| Investing cash flow | (160) | 138 | (266) | (466) | -75.6 | (699) | -49.8 | (851) | (952) | (1,028) |
| Equity dividends paid | 0 | (194) | (32) | (661) | NM | (900) | -36.1 | (1,081) | (1,236) | (1,378) |
| Share issues / (buybacks) | 221 | 800 | 284 | 0 | - | 3,155 | - | 0 | 0 | 0 |
| Other financing | (4) | (1) | (32) | 0 | - | 0 | - | 0 | 0 | 0 |
| Change in debt & pref shares | 0 | 0 | 491 | (491) | - | 2,256 | - | (1,081) | (1,236) | (1,378) |
| Financing cash flow | 216 | 605 | 711 | (1,152) | - | 2,256 | - | (1,081) | (1,236) | (1,378) |
| Cash flow inc/(dec) in cash | 139 | 1,333 | 215 | 21 | -90.5 | 4,360 | - | 1,803 | 2,214 | 2,628 |
| FX / non cash items | - | (71) | (5) | 0 | - | 0 | - | 0 | 0 | 0 |
| Balance sheet inc/(dec) in cash | - | 1,262 | 210 | 21 | -90.2 | 4,360 | NM | 1,803 | 2,214 | 2,628 |


### 资料来源  
Source: Company accounts, UBS estimates. (UBS) metrics use reported figures which have been adjusted by UBS analysts.¹ Cash EPS (UBS, diluted) is calculated using UBS net income adding back depreciation and amortization.
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瑞银UBS:鸣鸣很忙(1768.HK)-港股公司研究:中国高增长零食折扣渠道的结构性赢家;首次覆盖给予买入评级-260305(英文版)(33页).pdf
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Figure 32: We estimate Busy Ming's store count (by year-end) to grow 15%/11%/8% YoY in 2026/27/28
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图30: Busy for You的地理门店分布图(预计2025年)
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图28:截至2025年9月30日,Busy Ming的全国网络拥有19,517家门店
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图35:尽管门店密度上升,我们预计Busy Ming在2026/27/28年每家门店的平均销售额仅会同比下降3%/2%/1%
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图31: Super Ming的地理门店分布图(预计2025年)
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Figure 31: Super Ming's geographical store mapping (2025E)
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图34:Busy Ming 的 GMV 按类别分解
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Figure 20: Two leaders (Busy Ming, Wanchen) each with around one third of total stores
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Figure 35: We expect Busy Ming's average sales per store to decline by only 3%/2%/1% YoY in 2026/27/28 despite rising store density
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图39:Busy Ming在2025年推出了具有竞争力价格的私人品牌
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Figure 22: Busy Ming Group (1768.HK)
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Ni44IHwgMjguNCB8IDI4LjYgfCAyOC43IHwKCnwgUmV2ZW51ZXMgYnkgZGl2aXNpb24gKFJtYm0pIHwgMTIvMjIgfCAxMi8yMyB8IDEyLzI0IHwgMTIvMjVFIHwgMTIvMjZFIHwgMTIvMjdFIHwgMTIvMjhFIHwgMTIvMjlFIHwKfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLXwtLS0tLS0tfC0tLS0tLS18LS0tLS0tLS18LS0tLS0tLS18LS0tLS0tLS18LS0tLS0tLS18LS0tLS0tLS18CnwgT3RoZXJzIHwgNCwyODYgfCAxMCwyOTUgfCAzOSwzNDQgfCA2NCwxNTEgfCA3OSw4NDYgfCA4OCw0MTEgfCA5NSw4ODUgfCAxMDEsNTE0IHwKfCBUb3RhbCB8IDQsMjg2IHwgMTAsMjk1IHwgMzksMzQ0IHwgNjQsMTUxIHwgNzksODQ2IHwgODgsNDExIHwgOTUsODg1IHwgMTAxLDUxNCB8Cgp8IEVCSVQgKFVCUykgYnkgZGl2aXNpb24gKFJtYm0pIHwgMTIvMjIgfCAxMi8yMyB8IDEyLzI0IHwgMTIvMjVFIHwgMTIvMjZFIHwgMTIvMjdFIHwgMTIvMjhFIHwgMTIvMjlFIHwKfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS18LS0tLS0tLXwtLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfAp8IE90aGVycyB8IDk5IHwgMzI3IHwgMSwxMzYgfCAzLDA0NiB8IDQsMTU4IHwgNCw5NTggfCA1LDY2NSB8IDYsMzAyIHwKfCBUb3RhbCB8IDk5IHwgMzI3IHwgMSwxMzYgfCAzLDA0NiB8IDQsMTU4IHwgNCw5NTggfCA1LDY2NSB8IDYsMzAyIHwKClNvdXJjZTogQ29tcGFueSBhY2NvdW50cywgVUJTIGVzdGltYXRlcy4gKFVCUykgbWV0cmljcyB1c2UgcmVwb3J0ZWQgZmlndXJlcyB3aGljaCBoYXZlIGJlZW4gYWRqdXN0ZWQgYnkgVUJTIGFuYWx5c3RzLg==
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Figure 28: Busy Ming's nationwide network of 19,517 stores, as of 30 September 2025
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图33:Busy Ming 的 GMV 按类别分解
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Figure 30: Busy for You's geographical store mapping (2025E)
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瑞银UBS:鸣鸣很忙(1768.HK)-港股公司研究:中国高增长零食折扣渠道的结构性赢家;首次覆盖给予买入评级-260305(英文版)(33页).pdf
Price Target (HK$) vs Stock Price (HK$)
Figure 22: Busy Ming Group (1768.HK)
Figure 1: Income Statement (Rmmb)
UPSIDE/DOWNSIDE SPECTRUM
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