Goldman Sachs has reiterated a "Buy" rating on BUSYMING (01768) with a target price of HK$610, following the company's announcement of a new share incentive scheme.

The company plans to grant share-based incentives to 185 employee participants under its 2026 H-Share Award Plan, involving approximately 1.62 million shares, equivalent to 0.74% of the total issued share capital.

Goldman Sachs noted that the design of the H-Share incentive plan effectively balances long-term motivation with performance accountability. The broad employee coverage and meaningful equity participation further align the interests of core staff with those of shareholders, supporting organizational stability and execution capability during the company's rapid expansion phase.

BUSYMING had nearly 29,000 stores in total by the end of August this year. Its store network continues to maintain healthy unit economics and is steadily penetrating lower-tier cities.

Goldman Sachs believes the current valuation remains attractive.