Busy Ming Group (1768) H2 2025 earnings summary

Executive summary

• Achieved robust growth as a leading food and beverage retailer in China, expanding store network from 14,394 to 21,948 stores year-over-year, with a dual-brand strategy and deep supply chain integration.

• Revenue surged 68.2% to RMB66.2 billion, and net profit rose 180.9% to RMB2.33 billion compared to the previous year, driven by store expansion and operational efficiencies.

• Listed on the Hong Kong Stock Exchange on January 28, 2026, raising gross proceeds of approximately HK$3.67 billion through IPO and over-allotment.

Financial highlights

• Revenue increased from RMB39.3 billion to RMB66.2 billion year-over-year (68.2% growth).

• Gross profit rose 116.9% to RMB6.51 billion; gross margin improved from 7.6% to 9.8%.

• Net profit reached RMB2.33 billion, up 180.9% year-over-year; adjusted net profit (non-IFRS) was RMB2.69 billion.

• Earnings per share (basic) increased to RMB11.79 from RMB6.47.

• Cash and cash equivalents grew 90% to RMB3.74 billion; no interest-bearing bank borrowings at year-end.

Outlook and guidance

• Plans to continue rapid store expansion, especially in lower-tier markets, and further optimize product offerings and supply chain efficiency.

• Focus on digitalization, marketing, and brand influence to drive operational excellence and consumer engagement.