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Figure 2： Snack & beverage share in F&B retail market up from 52% in 2019 to 54%/57% in 2025F/29F

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Figure 2： Snack & beverage share in F&B retail market up from 52% in 2019 to 54%/57% in 2025F/29F_第1页

Figure 2： Snack & beverage share in F&B retail market up from 52% in 2019 to 54%/57% in 2025F/29F_第2页

Figure 2： Snack & beverage share in F&B retail market up from 52% in 2019 to 54%/57% in 2025F/29F_第3页

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

Figure 2： Snack & beverage share in F&B retail market up from 52% in 2019 to 54%/57% in 2025F/29F_第4页

### Income Statement (Rmbm)

| 项目 | 12/22 | 12/23 | 12/24 | 12/25E | %ch | 12/26E | %ch | 12/27E | 12/28E | 12/29E |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,286 | 10,295 | 39,344 | 64,151 | 63.1 | 79,846 | 24.5 | 88,411 | 95,885 | 101,514 |
| Gross profit | 319 | 772 | 2,999 | 6,287 | 109.6 | 8,064 | 28.3 | 9,195 | 10,260 | 11,167 |
| EBITDA (UBS) | 125 | 371 | 1,283 | 3,204 | 149.8 | 4,408 | 37.6 | 5,340 | 6,166 | 6,912 |
| Depreciation & amortisation | (26) | (45) | (146) | (158) | -8.2 | (250) | -57.7 | (381) | (501) | (610) |
| EBIT (UBS) | 99 | 327 | 1,136 | 3,046 | 168.0 | 4,158 | 36.5 | 4,958 | 5,665 | 6,302 |
| Associates & investment income | 0 | (8) | 4 | 4 | 0.0 | 4 | 0.0 | 4 | 4 | 4 |
| Other non-operating income | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Net interest | 1 | 6 | 12 | 10 | -10.7 | 4 | -61.0 | 43 | 58 | 78 |
| Exceptionals (incl goodwill) | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Pre-tax profit | 100 | 325 | 1,152 | 3,061 | 165.6 | 4,167 | 36.1 | 5,006 | 5,728 | 6,385 |
| Tax | (28) | (107) | (323) | (858) | -165.6 | (1,168) | -36.1 | (1,404) | (1,606) | (1,790) |
| Profit after tax | 72 | 218 | 829 | 2,202 | 165.6 | 2,998 | 36.1 | 3,602 | 4,122 | 4,595 |
| Preference dividends | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Minorities | 0 | 0 | 5 | 0 | - | 0 | - | 0 | 0 | 0 |
| Extraordinary items | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Net earnings (local GAAP) | 72 | 217 | 834 | 2,202 | 164.2 | 2,998 | 36.1 | 3,602 | 4,122 | 4,595 |
| Net earnings (UBS) | 81 | 235 | 917 | 2,526 | 175.4 | 3,359 | 33.0 | 3,802 | 4,322 | 4,795 |
| Tax rate (%) | 28.2 | 33.0 | 28.0 | 28.0 | 0.0 | 28.0 | 0.0 | 28.0 | 28.0 | 28.0 |


### Per Share (Rmb)

| 项目 | 12/22 | 12/23 | 12/24 | 12/25E | %ch | 12/26E | %ch | 12/27E | 12/28E | 12/29E |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS (UBS, diluted) | - | - | 20.03 | 12.63 | -36.9 | 15.42 | 22.1 | 17.45 | 19.84 | 22.01 |
| EPS (local GAAP, diluted) | - | - | 18.20 | 11.01 | -39.5 | 13.76 | 25.0 | 16.54 | 18.92 | 21.09 |
| EPS (UBS, basic) | - | - | 20.03 | 12.63 | -36.9 | 15.42 | 22.1 | 17.45 | 19.84 | 22.01 |
| DPS (net) (Rmb) | 0.00 | 3.97 | 0.25 | 3.30 | NM | 4.13 | 25.0 | 4.96 | 5.68 | 6.33 |
| Cash EPS (UBS, diluted) ¹ | - | - | 23.22 | 13.42 | -42.2 | 16.56 | 23.4 | 19.20 | 22.14 | 24.81 |
| Book value per share | 12.93 | 100.17 | 125.06 | 36.35 | -70.9 | 57.49 | 58.2 | 69.07 | 82.31 | 97.08 |
| Average shares (diluted) | 0 | 0 | 46 | 200 | 336.7 | 218 | 8.9 | 218 | 218 | 218 |


### Balance Sheet (Rmbm)

| 项目 | 12/22 | 12/23 | 12/24 | 12/25E | %ch | 12/26E | %ch | 12/27E | 12/28E | 12/29E |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 469 | 1,731 | 1,941 | 1,962 | 1.1 | 6,322 | 222.3 | 8,125 | 10,339 | 12,967 |
| Other current assets | 293 | 1,164 | 4,173 | 6,721 | 61.1 | 8,347 | 24.2 | 9,226 | 9,991 | 10,561 |
| Total current assets | 763 | 2,895 | 6,114 | 8,682 | 42.0 | 14,669 | 68.9 | 17,351 | 20,330 | 23,528 |
| Net tangible fixed assets | 18 | 53 | 158 | 310 | 96.3 | 495 | 59.6 | 654 | 792 | 908 |
| Net intangible fixed assets | 6 | 3,271 | 3,280 | 3,305 | 0.8 | 3,339 | 1.0 | 3,379 | 3,423 | 3,469 |
| Investments / other assets | 146 | 479 | 616 | 966 | 56.7 | 1,348 | 39.6 | 1,710 | 2,049 | 2,357 |
| Total assets | 933 | 6,699 | 10,168 | 13,263 | 30.4 | 19,851 | 49.7 | 23,094 | 26,593 | 30,263 |
| Trade payables & other ST liabilities | 235 | 1,549 | 3,302 | 5,128 | 55.3 | 6,309 | 23.0 | 6,940 | 7,483 | 7,884 |
| Short term debt | 20 | 75 | 602 | 204 | -66.0 | 270 | 32.1 | 309 | 339 | 362 |
| Total current liabilities | 255 | 1,624 | 3,904 | 5,332 | 36.6 | 6,579 | 23.4 | 7,249 | 7,822 | 8,246 |
| Long term debt | 32 | 67 | 147 | 272 | 84.7 | 359 | 32.1 | 411 | 451 | 481 |
| Other long term liabilities | 54 | 414 | 389 | 389 | 0.0 | 389 | 0.0 | 389 | 389 | 389 |
| Preferred shares | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Total liabilities (incl pref shares) | 341 | 2,104 | 4,440 | 5,994 | 35.0 | 7,327 | 22.2 | 8,049 | 8,662 | 9,116 |
| Common s/h equity | 592 | 4,588 | 5,728 | 7,270 | 26.9 | 12,524 | 72.3 | 15,045 | 17,930 | 21,147 |
| Minority interests | 0 | 7 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Total liabilities & equity | 933 | 6,699 | 10,168 | 13,263 | 30.4 | 19,851 | 49.7 | 23,094 | 26,593 | 30,263 |


### Cash Flow (Rmbm)

| 项目 | 12/22 | 12/23 | 12/24 | 12/25E | %ch | 12/26E | %ch | 12/27E | 12/28E | 12/29E |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income (before pref divs) | 72 | 217 | 834 | 2,202 | 164.2 | 2,998 | 36.1 | 3,602 | 4,122 | 4,595 |
| Depreciation & amortisation | 26 | 45 | 146 | 158 | 8.2 | 250 | 57.7 | 381 | 501 | 610 |
| Net change in working capital | 15 | 286 | (1,346) | (722) | 46.4 | (445) | 38.4 | (249) | (220) | (170) |
| Other operating | (31) | 42 | 136 | 0 | - | 0 | - | 0 | 0 | 0 |
| Operating cash flow | 82 | 590 | (230) | 1,639 | - | 2,803 | 71.1 | 3,734 | 4,402 | 5,035 |
| Tangible capital expenditure | (29) | (68) | (244) | (421) | -72.9 | (643) | -52.7 | (790) | (886) | (959) |
| Intangible capital expenditure | (6) | (4) | (25) | (41) | -63.1 | (51) | -24.5 | (57) | (61) | (65) |
| Net (acquisitions) & disposals | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Other investing | (125) | 210 | 3 | (4) | - | (4) | 0.0 | (4) | (4) | (4) |
| Investing cash flow | (160) | 138 | (266) | (466) | -75.6 | (699) | -49.8 | (851) | (952) | (1,028) |
| Equity dividends paid | 0 | (194) | (32) | (661) | NM | (900) | -36.1 | (1,081) | (1,236) | (1,378) |
| Share issues / (buybacks) | 221 | 800 | 284 | 0 | - | 3,155 | - | 0 | 0 | 0 |
| Other financing | (4) | (1) | (32) | 0 | - | 0 | - | 0 | 0 | 0 |
| Change in debt & pref shares | 0 | 0 | 491 | (491) | - | 2,256 | - | (1,081) | (1,236) | (1,378) |
| Financing cash flow | 216 | 605 | 711 | (1,152) | - | 2,256 | - | (1,081) | (1,236) | (1,378) |
| Cash flow inc/(dec) in cash | 139 | 1,333 | 215 | 21 | -90.5 | 4,360 | - | 1,803 | 2,214 | 2,628 |
| FX / non cash items | - | (71) | (5) | 0 | - | 0 | - | 0 | 0 | 0 |
| Balance sheet inc/(dec) in cash | - | 1,262 | 210 | 21 | -90.2 | 4,360 | NM | 1,803 | 2,214 | 2,628 |


### 资料来源  
Source: Company accounts, UBS estimates. (UBS) metrics use reported figures which have been adjusted by UBS analysts.¹ Cash EPS (UBS, diluted) is calculated using UBS net income adding back depreciation and amortization.

Figure 2： Snack & beverage share in F&B retail market up from 52% in 2019 to 54%/57% in 2025F/29F_第5页

所属报告：

瑞银UBS：鸣鸣很忙（1768.HK）-港股公司研究：中国高增长零食折扣渠道的结构性赢家；首次覆盖给予买入评级-260305（英文版）（33页）.pdf

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Yes. We believe China's snack & beverage market is experiencing a significant, long-term structural transformation in retail channels, characterised by a shift towards more fragmented and decentralised formats. A key driver of this change is the value retail model, and in particular snack discounters. As an innovative retail competitive prices, we estimate the value retail channel for snacks & beverages sustain a 23% CAGR during 2025-29; we expect its share of the industry's total retail sales to rise from 0% in 2019 to 5% in 2025 and further to 10% in 2029. that enhances operational efficiency and delivers cost advantages, alongside product features that prioritise variety and customisation. The model is supported efficient and low-cost logistics infrastructure, dense population enabling rapid inventory turnover, and a competitive void created by aging and less effective traditional retail formats. With the number of snack discounter outlets expanded robustly from just over 1,000 before 2020 to approximately 56,000 at present, our of the TAM—indicates a potential store ceiling of around 80,000 outlets, implying market is the largest segment of China's food and beverage industry, with an estimated market size of Rmb3,965bn in 2025, according to F&s. With products that are typically associated with relaxation, enjoyment and social engagement, snacks and beverages attract consumers through their taste, convenience and role in entertaining and 4.9% CAGR in 2019-25F and 4.6% CAGR in 2025F-29F. Source: National Bureau of Statistics(NBS), F&S, UBS Retail channel undergoes long-term structural fragmentation. Snack & beverage retail channels have continually evolved, with greater diversification, improving convenience, cost efficiency and consumer engagement. We see this channel evolution small-scale distribution channels, primarily mom & pop stores selling bulk, unbranded goods. 2) 2000-10: Foreign supermarkets' entry inspired the development of domestic

行业数据原图定位