Shares of BUSYMING (HKEX: 01768) rose more than 10% in morning trading. At the time of writing, the stock was up 9.39% to HK$396, with a turnover of HK$1.15 billion.

Analyst Perspectives on Growth and Strategy

A research report from Macquarie noted that, based on channel data, BUSYMING opened approximately 5,000 new stores in the first half of 2026. The current forecast for full-year 2026 new store openings is 6,500 to 7,000, exceeding the company's own guidance of 5,000. The report estimates stable same-store sales growth for the first half, with revenue projected to increase by 55% year-over-year.

The report further stated that BUSYMING is committed to driving high-quality growth. The expansion into new categories such as fresh and frozen foods, coupled with smooth progress in supply chain optimization, is expected to support same-store sales and enhance store profitability.

Key Drivers for Future Expansion

Huaxi Securities highlighted clear growth drivers for BUSYMING. The first is network expansion, with the total number of stores projected to reach 35,000 by 2028. This involves deepening penetration in lower-tier county markets while steadily expanding into higher-tier cities.

The second driver is improving per-store efficiency through optimized product mix and digitalized, precise inventory replenishment to consistently enhance sales efficiency.

The third is supply chain and product upgrades, aiming to further increase the proportion of customized products to strengthen differentiated competitiveness.

Competitive Landscape and Industry Outlook

Analysts observe that BUSYMING and Wanchen Group have adopted differentiated competitive strategies, with the former focusing on "scale priority" and the latter on "profitability priority." Their regional layouts are seen as complementary, suggesting the industry is entering a more balanced and healthy development phase.