Mingming is very busy releasing the first financial report after going public: data confirms quality operations, long-term growth is promising

On March 31, Mingming Busy, the first mass retail snack stock listed in Hong Kong, announced its first performance report after listing. Overall, benefiting from a significant expansion of store scale, Mingming Busy achieved double growth in revenue and net profit, with net profit increasing by over 100%. On the other hand, Mingming Busy maintained steady cash management, reaching a new high in cash reserves, allowing the company to calmly respond to future market changes.

In 2025, Mingming Busy’s revenue reached 66.17 billion yuan, a year-on-year increase of 68.2%, with net profit of 2.33B yuan, up 180.9% year-on-year, and adjusted net profit of 2.69B yuan, up 194.9%. Additionally, in 2025, the total transaction amount (GMV) of Mingming Busy’s stores reached 93.57B yuan, a 68.5% increase.

Steady performance growth is attributed to the company’s orderly expansion and deep layout of its nationwide store network. As early as 2025, Mingming Busy became the first leisure food retail chain in the country to surpass 20k stores; by the end of 2025, the total number of stores under “Snack Busy” and “Zhao Yiming Snacks” reached 21,948, continuously consolidating its industry-leading advantage.

To further improve operational efficiency, Mingming Busy has deployed a self-developed site selection system to visualize the entire franchise store process, implemented digital applications such as AI store patrols and AI cashiering, and gradually transformed experience-driven ordering models into forecast-driven ones, empowering full-chain operations through technology. This ensures refined and efficient store operations while scaling up.

According to Mingming Busy’s disclosures, the company has signed contracts with a total of 10,327 franchisees, meaning each franchisee operates more than two stores on average. The increase in multi-store franchisees further strengthens the collaborative relationship between the brand and franchisees. In 2025, the number of closed stores was only 265, down 8 from 2024, with the overall closure rate further decreasing. It is understood that in 2025, Mingming Busy delegated more authority to frontline teams to handle franchisee and store issues more quickly, while the headquarters provided systematic, process-driven, and standardized support. Especially in the second half of the year, particularly in the fourth quarter, same-store GMV increased accordingly.

Moreover, Mingming Busy’s stores now cover 30 provinces and all city tiers in China, with 4,178 stores in first- and new first-tier cities, 3,394 in second-tier cities, and 14,376 in third-tier and below cities. About 60.0% of stores are located in counties and towns, covering 1,401 counties, with a coverage rate of approximately 75.0% among all counties in China. Using Hunan’s 10,000 people, 1 store as a reference, there remains significant room for expansion in the Chinese market.

Mingming Busy’s financial structure in 2025 remains very robust, with operating profit continuously rising and profitability further enhanced. Gross profit margin increased to 9.8%, and net profit margin after adjustments rose to 4.1%, reflecting ongoing optimization of the operating structure. Behind this are improved bargaining power in the supply chain, better cash turnover, and controlled debt levels, among other factors.

The company’s financial health is also reflected in healthy asset-liability performance and ample cash reserves. As of the end of 2025, Mingming Busy’s cash and cash equivalents amounted to 3.74 billion yuan, a significant increase from the previous year. Considering the company is still in a critical stage of nationwide penetration, this cash is better allocated to warehousing, digitalization, and franchise services rather than early shareholder returns. Therefore, the board did not recommend paying a final dividend, and prudent capital planning has reserved ample space for long-term development.

The financial report shows that as of the end of 2025, Mingming Busy’s prepayments, deposits, and other receivables totaled 1.9 billion yuan, accounting for 15.1% of total assets, a decrease of 5.24% year-on-year. This is the first decline in prepayments since 2022. Prepayments mainly include advance payments to suppliers for procurement. Previously, as a retail company, Mingming Busy needed to pay large prepayments to core suppliers to ensure supply chain stability. Since 2025, the company has implemented active prepayment management, helping reduce this total, which also indicates increased bargaining power in the supply chain.

If Mingming Busy no longer makes large prepayments to suppliers, how can it attract suppliers? The answer lies in offering more concessions to suppliers. Media analysis shows that the value chain of suppliers-Mingming Busy-franchisees was 62.1%-5%-32.8% in 2023 and 65.4%-5.4%-29.2% in 2024. In the industry chain, Mingming Busy is very friendly to upstream and downstream partners, encouraging suppliers to invest more products and resources into Mingming’s channels, which will help increase its market share within the industry.

By the end of 2025, Mingming Busy’s accounts receivable and notes receivable totaled 20k yuan, a significant decrease of 95.17% year-on-year. This is also the first decline since 2022, indicating a substantial improvement in cash turnover. Mingming Busy states that it strictly controls uncollected receivables and has a credit control department to reduce credit risks, with credit periods typically ranging from one day to one month.

As of the end of 2025, Mingming Busy’s accounts payable and notes payable totaled 7.39M yuan, accounting for 26.1% of total liabilities, a decrease of 21.26% year-on-year, also marking the first reduction since 2022. This mainly results from active management of accounts payable, helping reduce overall debt levels.

Additionally, the decline in accounts payable reflects improved settlement efficiency with downstream franchisees. Mingming Busy’s support policies for franchisees are comprehensive, including pre-opening assistance, training, and operational support. The company also empowers franchisees through intelligent cashiering, retail middle platforms, and ordering systems.

As of the end of 2025, Mingming Busy’s overall asset-liability ratio was 35.84%, relatively low, with cash on hand reaching 3.74 billion yuan, indicating a low overall debt repayment risk. Mingming Busy states that it adopts a prudent financial management approach to ensure that liquidity structures can always meet capital needs. Considering the net proceeds from the global offering and available financial resources, the company has sufficient operating funds to meet the current needs of the group.

The Chinese leisure food and beverage retail market has broad space, with industry scale continuously growing. According to reports from the National Bureau of Statistics and Frost & Sullivan, the market size is expected to expand to 4.9 trillion yuan by 2029. In an industry with a trillion-yuan scale, leading companies with solid operational capabilities and efficient supply chain systems are expected to continue to seize development opportunities. With its steady growth, Mingming Busy is continuously consolidating its leading market position in the industry.

Guotai Securities research report pointed out that the mass retail industry is growing rapidly, and leading advantages are increasingly consolidating. The mass retail industry meets consumer demand for high-quality, cost-effective, and diverse innovative products through supply chain integration, standardized store operations, and low-margin, high-turnover models. It has become a core growth channel for the snack sector in recent years, with top companies leveraging their efficiency advantages to expand continuously and maintain leadership.