Shares of BUSYMING (01768) surged more than 10%. At the time of writing, the stock was up 10.2%, trading at HK$399.6, with a turnover of HK$636.04 million. The company recently released its 2025 annual results. Data shows that gross merchandise volume from stores reached RMB 93.569 billion, a year-on-year increase of 68.5%. Revenue amounted to RMB 66.17 billion, up 68.2% year-on-year, while net profit was RMB 2.329 billion, surging 180.9% year-on-year. Adjusted net profit reached RMB 2.692 billion, an increase of 194.9% compared to the previous year. Furthermore, the company continued its rapid store expansion, with the total number of stores reaching 21,948 by the end of 2025, an increase of 7,554 stores compared to the end of 2024. Analysts pointed out that supply chain integration and optimization, coupled with the realization of scale effects, led to a year-on-year and quarter-on-quarter improvement in the adjusted net profit margin in the fourth quarter. Benefiting from category adjustments and refined operations in stores, the company's revenue per store is expected to stabilize and recover. With the deepening coverage of its store network, there remains room for further expansion. On the profit side, it is anticipated that the net profit margin will continue to improve in 2026, driven by the combined effects of scale benefits, supply chain optimization, and a reduction in share-based payments.
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