Busy Ming Group (1768.HK): Total signed store exceeds 30k now surpassing GSE store number for 2026; structural growth and operating

研报英文原文证据摘录

Busy Ming Group (1768.HK): Total signed store exceeds 30k now surpassing GSE store number for 2026; structural growth and operating

Equity Research

21 July 2026 | 11:07PM HKT

Busy Ming Group (1768.HK): Total signed store exceeds 30k now

surpassing GSE store number for 2026; structural growth and operating

What’s new: According to media report of People’s Financial News, Busy Ming total Leaf Liu

+852-3966-4169 | leaf.liu@gs.com

store count (including stores signed) exceeded 30k as of 21 July 2026, marking a Goldman Sachs (Asia) L.L.C.

milestone of the group’s store network expansion. We also note that the conversion Christina Liu

time from a signed store to opening date is typically taking about 2 months, +852-2978-6983Goldman Sachs (Asia)| christina.liu@gs.comL.L.C.

suggesting that the store network will likely exceed 30k by end of 3Q26, already Valerie Zhou

exceeding GSE of a total of 29,319 store number in end-2026 (and GSE at 26,415 +852-2978-0820Goldman Sachs (Asia)| valerie.zhou@gs.comL.L.C.

store number in end-2Q26, vs. 21,948 in end-2025), and indicating roughly 8,000

gross stores opening in 9M26 vs. GSE of a total gross opening at 7,700 in the full

year of 2026. The stronger than expected store network expansion with strong

pipeline reinforces our view that industry leaders continue to gain GMV share in a

TAM of Rmb4trn snack & beverage market through solid execution, efficient value

chain and attractive payback/UE to franchisees (noting franchisees’ GPM trended

higher in 2025 vs. 2024 for Busy Ming). Beyond headline store expansion, the

company’s emphasis on operating effectiveness-including industry-leading inventory

turnover, category expansion, healthy franchisee economics with discipline in