1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Qianhai Securities Limited View HSBC Qianhai Securities at:https:/ Equity Research Report The 22ndediti

2、on of the EM Sentiment SurveyClick to viewPushingthe accelerator into2026 The pace of discounted snack store expansion is expected to accelerate in 4Q25,with the same-store sales trend improving Konjac product leaders can still ride on channel expansion in 2026 Maintain Buy on Wanchen,Yankershop and

3、 Weilong;adjust our TPs for all three stocks We expect acceleration in store expansion in 4Q25,with the SSS trend improving.Busy Ming recently updated its IPO prospectus with the number of stores reaching 21,041 as of 30 November 2025.Net margin in 3Q25 reached 3.7%vs Wanchens 2.7%,both showing mean

4、ingful improvements(up 1.7ppt/1.9ppt y-o-y and up 0.6ppt/0.7ppt vs 1H25).In 4Q25,both Wanchen and Busy Ming accelerated their pace of store opening.We estimate that Wanchen added 2,831 new stores in 2H25e vs 1,169 in 1H25,and raise our estimate to 3,000 in 2026 from 2,000 previously.We also see a na

5、rrower same-store sales(SSS)decline h-o-h in 2H25e and expect a better SSSG in 2026,given a focus on efficiency.We raise our earnings for Wanchen by 8-15%in 2025-27e,with an earnings CAGR of 47%.Two konjac product leaders will continue to benefit from channel expansion.The market was worried that th

6、e popularity of konjac might decline in 2026,but we still see chances in new flavours and emerging channel penetration led by Weilong and Yankershop.We lower our sales forecasts for both companies by 2%in 2025,mainly due to the further adjustments to Weilongs seasoned flour products and Yankershops