MacVisit: Lung Fung Group Holdings Ltd

Research evidence excerpt

MacVisit: Lung Fung Group Holdings Ltd

Macquarie Equity Research

09 June 2026

Consumer Staples Dist & Retail

Hong KongMacVisit: Lung Fung Group Holdings Ltd

Health, beauty, and pharmacy retailer

Linda Sharon

About this company Huang, CFA Yi

Founded in 1992, Lung Fung started as a B2B retailer in Hong Kong’s New

Territories and Sheung Shui areas. It transformed the business model to

B2C in 2018 and opened physical stores in Mong Kok. It currently operates Stock details

31 stores across Hong Kong; each carries over 10,000 SKUs with access to LUNG FUNG GROUP HOLDINGS LTD

49,000+ total items, supported by 600+ suppliers and dedicated sourcing Stock Code 2290 HK

teams in Korea and Japan. According to management, it attracts 5m Price (LCY) 2.43 Market Cap (US$ mn) 155.1

monthly visitors, with offline sales accounting for 90% of revenue; new ADT (US$ mn) 26.3

stores break even in 1-3 months, achieving payback within 2-8 months. It 52 week range 2.36 - 4.6

has become Hong Kong’s top pharmacy retailer, with a 5.2% market share PE Ratio (FY26E) (x) 4.6

for year ended 31 March 2025, according to Frost & Sullivan. Source: Bloomberg, Company data, June 2026. Price as

of 08 June 2026

Why we visited

The subject Company discussed in this report is not under

Macquarie Research’s coverage. This report is not an

We had a call with the company to understand its business model, initiation of coverage on the Company and does not intend to

expansion strategy and consumption behaviour shift among local provide any rating or recommendation on the Company.

consumers and inbound tourists.

The most interesting findings

Hong Kong market share growth. According to management, Lung Fung

has a three-tier pricing strategy. Tier I brands (national brands with less