Figure 31： Super Ming's geographical store mapping (2025E)

characterised not only by scale, but also by depth of penetration into lower-tier markets, with approximately 59% of stores located in counties and townships. Its county-level footprint expanded rapidly, covering 1,341 counties as of 30 September 2025 (versus 1,224 counties as of 31 December 2024, representing about 66% of all counties in China), reflecting continued geographic expansion. This extensive footprint underpins Busy Ming's ability to reach a broad consumer base, particularly in underpenetrated lower-tier markets, and establishes the company as one of the most widely distributed eg, Busy for You predominantly operates in Hunan, Hubei and other regions where Super Ming has a minimal presence, while Super Ming is mainly deployed in northern limited geographic overlap between the two brands, allowing the group to achieve driver in the next few years, even though the pace may slow compared to the past few years due to the different stages of development. Specifically, we forecast the 000'67/000'27/000't7 01 10人 %8/% 11/%91 Aq m06 01 4un05 a101s 1e101 s,uedw05 by the end of 2026/27/28, implying annual average store count growth of