Busy Ming Group (1768) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2025 reached RMB46.37 billion, up from RMB26.47 billion in the same period of 2024, reflecting robust growth.

• Net profit for the nine months ended 30 September 2025 was RMB1.56 billion, compared to RMB488.88 million in the same period of 2024.

• The company completed a major acquisition in November 2023, integrating Super Ming Group, which contributed significantly to revenue and profit.

• The company converted into a joint stock company in March 2025 and increased share capital to RMB200 million in April 2025.

Financial highlights

• Gross profit for the nine months ended 30 September 2025 was RMB4.51 billion, up from RMB1.90 billion in the same period of 2024.

• Earnings per share (basic) for the nine months ended 30 September 2025 was RMB7.92, compared to RMB4.02 in the same period of 2024.

• Cash and cash equivalents increased to RMB3.03 billion as of 30 September 2025, up from RMB1.94 billion at the end of 2024.

• Total assets as of 30 September 2025 were RMB11.55 billion, with net assets of RMB7.22 billion.

• Debt-to-asset ratio improved to 37.44% as of 30 September 2025.

Outlook and guidance

• Management expects continued growth, supported by expanded store network and integration of acquired businesses.

• No significant adverse changes identified as of 30 September 2025; no impairment required for goodwill or intangible assets.