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Operates a large network of franchised and self-operated snack and bakery retail stores across China under the Busy for You and Super Ming brands.
Operates a large network of franchised and self-operated snack and bakery retail stores across China under the Busy for You and Super Ming brands.
Most stores are run by franchisees, who buy their stock from the company, so revenue is sales of goods to franchisees rather than shop sales, at thin margins that need very high volume. It was formed in 2023 by merging two rival snack-store chains, Snacks Busy and Zhao Yi Ming, and listed in Hong Kong in 2025.
In one line: A Chinese Dollar General-meets-snack-shop chain.
Moat: narrow (distribution, brand, scale). Large franchise store network (19,500+ stores) built rapidly gives distribution scale versus smaller regional chains.
Headquarters: Changsha, China · Founded: 2016
Size Busy Ming (1768.HK) is a Hong Kong Consumer Staples company (Food Distributors) with a market value of $8.31B, the 190th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$299.00 on 6 Nov 2026.
Performance Over six months the shares fell 35.8%, against -0.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 7 in its peer set.
Growth Revenue grew 68.4% over the last twelve months (peer median +2.0%); the operating margin is 4.9% (peer median 3.9%).
Valuation It trades at 11.3× forward earnings against a peer median of 15.1× (cheapest of 7).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +143%, so the hurdle is -127 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 55.5 points above its cost of capital (15.0% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | HK$71.8B | HK$42.6B | HK$11.4B | HK$4.98B |
| Revenue growth | — | +68% | +275% | +128% | — |
| Gross profit | n/a | HK$7.06B | HK$3.09B | HK$799M | HK$343M |
| EBITDA | n/a | HK$3.77B | HK$1.39B | HK$414M | HK$147M |
| Net income | n/a | HK$2.53B | HK$904M | HK$240M | HK$83.3M |
| Free cash flow | n/a | HK$2.98B | -HK$408M | HK$516M | HK$91.1M |
| Capital expenditure | n/a | HK$362M | HK$180M | HK$143M | HK$23.2M |
| Total debt | n/a | HK$422M | HK$797M | HK$156M | HK$58.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Busy Ming 1768.HK | $8.31B | -36% | +68% | 5% | 11.3× | 16.0% |
| MINISO 9896.HK | $3.34B | -25% | +31% | 13% | 9.9× | 1.5% |
| Yonghui Superstores 601933.SS | $3.76B | -23% | -16% | -3% | 273.4× | n/a |
| Bestore 603719.SS | $587M | -11% | 0% | 0% | 140.6× | 6.3% |
| Three Squirrels 300783.SZ | $1.66B | -12% | -13% | 2% | 21.5× | 19.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1768.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.3% | +9.4% | lowest of 7 |
| 6-month return | -35.8% | -0.3% | lowest of 7 |
| Distance from 52-week high | -35.8% | -15.8% | lowest of 7 |
| Revenue growth (TTM) | +68.4% | +2.0% | highest of 7 |
| Operating margin | 4.9% | 3.9% | 3rd highest of 7 |
| Forward P/E | 11.3× | 15.1× | cheapest of 7 |
| Growth the price implies (Req g, 7 yrs) | 16.0% | 7.0% | 2nd most demanding of 7 |
| Growth delivered (Del g) | +143.4% | +7.7% | highest of 7 |
| Hurdle (Req g minus delivered) | -127.4 pp | -1.4 pp | least demanding of 7 |
| ROIC minus cost of capital | +55.5 pp | +0.6 pp | highest of 7 |
| EV / EBITDA | 14.0× | 11.1× | most expensive of 4 |
| Net debt / EBITDA | -3.2× | 2.7× | least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Busy Ming 1768.HK | Hong Kong | $8.31B | -36% | +68% | 5% | 11.3× | 16.0% | +143.4% |
| Chefs' Warehouse CHEF | United States | $4.51B | +27% | +12% | 4% | 36.3× | 22.6% | +30.1% |
| US Foods USFD | United States | $23.1B | +26% | +4% | 3% | 20.8× | 11.7% | +11.5% |
| Premium Brands PBH.TO | Canada | $2.86B | -13% | +20% | 5% | 12.2× | 7.4% | +12.9% |
| United Natural Foods UNFI | United States | $2.73B | -13% | -2% | 1% | 13.6× | 6.5% | +2.9% |
| Metcash MTS.AX | Australia | $2.55B | +12% | 0% | 3% | 14.1× | 0.9% | +3.9% |
| Maple Leaf Foods MFI.TO | Canada | $2.39B | -13% | -17% | 8% | 16.1× | 2.4% | -1.9% |