Figure 32： We estimate Busy Ming's store count (by year-end) to grow 15%/11%/8% YoY in 2026/27/28

+ to attract traffic, expand its consumer base and boost sales. The company has already established a diversified product portfolio including: i) bakery products, i) biscuits, i) nuts and seeds, iv) puffed snacks and instant meals, v) deli snacks, vi) confectionery, chocolates and preserves, and vi) beverages. Over the past few years, the company has adjusted its portfolio to promptly address the shifting needs of consumers—eg, we have pue (e u! % on zo u! %1 wo) saaq wo uonquon buis e uas puffed snacks and instant meals (from 10% to 14%), versus declining contributions from the bakery (from 16% to 11%) and nuts and seeds (from 6% to 4%), which we believe aligns with the latest trend of consumer preferences. On top of its existing core categories, the company also has plans to strategically expand product categories and SKUs, particularly refrigerated and frozen items, and roll out these offerings across its store network in China. Additionally, the company seeks to strengthen collaboration with suppliers to focus on product customisation, developing and introducing a broader range of products featuring tailored packaging, specifications and combinations. consumer base, drive customer traffic, and boost purchasing activity. Consequently, despite the expected rise in store density over the next few years, we project that Busy Ming's average unit store sales will gradually stabilise, declining by only 3%/2%/1% average daily order volumes per store and a consistent average daily order size.