22k stores stacking BUFF, Mingming is very busy presenting the "snack sample" to expand domestic demand

Ask AI · How does the Chain Owner model empower the upgrade of the food manufacturing industry?

On March 31, 2026, Mingming Very Busy (01768.HK) delivered its first annual report since listing. In 2025, Mingming Very Busy’s total merchandise transaction volume (GMV) reached 93.57B yuan, a year-on-year increase of 68.5%; operating revenue was 66.17B yuan, up 68.2% year-on-year; net profit was 2.33B yuan, an increase of 180.9%; the number of stores surpassed 22k, covering 30 provinces nationwide.

These figures confirm the rapid growth of a company, but what’s more worth questioning is: where does this growth come from? And where is it headed?

From “Connector” to “Chain Owner”

At Mingming Very Busy’s 2025 performance communication meeting, the management team conveyed a clear signal to investors: pay more attention to the balance sheet rather than the income statement.

In fact, this is not an avoidance of profitability. On the contrary, Mingming Very Busy’s performance last year was quite impressive. In 2025, the company achieved a net profit of 22k yuan, a year-on-year increase of 180.9%, and an adjusted net profit of 2.33B yuan, up 194.9%; gross profit increased by about 2.2 percentage points compared to 2024, with an annual gross profit margin of 9.8%.

Perhaps what the management truly wants to express is that, when measuring a company’s long-term value, one should not only look at short-term profits but also at the structural capabilities that support profits.

Several figures in the balance sheet are worth a close look. As of the end of 2025, Mingming Very Busy’s cash and cash equivalents reached 2.69B yuan, a year-on-year increase of 93.0%. More importantly, the company maintained low levels in indicators such as inventory turnover and accounts payable turnover days. It’s clear that this is not the traditional retail “cash pressure” model, but a new, efficient model—by improving overall supply chain efficiency, such as direct connections with over 2,500 manufacturers and establishing 56 warehouse and distribution centers nationwide to ensure efficient product circulation, Mingming Very Busy uses a short credit period and high-efficiency mode to provide upstream suppliers with stable cash flow expectations while offering consumers sufficiently low prices.

This represents a fundamental role shift. Traditional retail channels are “connectors,” linking manufacturers and consumers and earning margins. Mingming Very Busy is becoming a “chain owner” enterprise, connecting production and consumption ends, and through its efficiency system, feeding back into the healthy operation of the entire industry chain. When a company holds over 22k stores, nearly a trillion yuan in annual GMV, and 200 million members, its every move is not just about itself but about the survival quality of thousands of suppliers and the industry. These figures also indicate that Mingming Very Busy is no longer just a channel role but has grown into a core hub of efficient food circulation in China.

Reverse Empowerment of Upstream, Activating China’s Food Manufacturing Dividend

According to reports from the National Bureau of Statistics and Frost & Sullivan, the retail industry of snack foods and beverages has broad space, with the market size expected to expand to 4.9 trillion yuan by 2029. Based on Frost & Sullivan’s report, in terms of 2024 GMV of snack foods and beverages, Mingming Very Busy has become a well-known chain retailer in China.

Every day, over 10 million visits are made to stores under Mingming Very Busy, and the consumption behavior of 200 million members forms a precise, real-time, nationwide demand database. What kinds of snacks are popular? Which regions prefer which flavors? Which categories are rising? This information is more direct and effective than any market research.

It’s worth noting that Mingming Very Busy is reversing this demand insight back to upstream. The company has established direct connections with over manufacturers, with about 80% of in-store products different from traditional retail channels. Mingming Very Busy collaborates with supply chain participants to develop and customize products that meet end-user needs.

This demand-driven upstream production model activates the potential dividend of China’s food manufacturing industry. In the past, many food factories were limited by brand capacity and channel barriers, making it difficult for products to reach consumers effectively. Now, Mingming Very Busy provides a professional, efficient, large-scale outlet.

More importantly, under Mingming Very Busy’s leadership, the profit distribution mechanism is being reconstructed. By 2025, franchise fees have basically been eliminated. The company’s revenue logic mainly involves selling goods to franchisees, rather than earning from franchise fees. The underlying logic of this mechanism is that only when franchisees profit, suppliers benefit, and consumers are satisfied can the platform sustain growth.

This is not a zero-sum game of “either-or,” but a value co-creation under highly efficient industry chain collaboration. When a chain owner enterprise chooses to share dividends with the industry chain, the entire ecosystem gains the motivation and space for transformation and upgrading. What Mingming Very Busy is doing is ensuring every link in the chain makes money, turning “high-quality development” from a slogan into a practical business logic.

Using New Supply to Leverage the Basic Daily Consumption Needs of All

There were market doubts about Mingming Very Busy’s store expansion potential. After 22k stores, how many more can be opened?

The answer is on the map. From Shanghai to Tibet, from Hainan to Heilongjiang, Mingming Very Busy’s stores have covered 30 provinces and all city levels nationwide, with about 60% located in counties and towns, covering 1,401 counties, with a county coverage rate of about 75%. This means that from first-tier cities to township markets, the idea that “consumers can buy good snacks, and can afford them” is becoming a reality.

But more importantly, Mingming Very Busy is not just competing in an existing market. The fact that about 80% of in-store products differ from traditional retail channels also means that Mingming Very Busy is not merely competing with convenience stores and supermarkets for the same market share but is adding creative supply on top of basic supply. Filling shelves with a variety of products, creating an explorative shopping experience, and lowering consumption thresholds are all about generating incremental demand. Under the policy background of consumption upgrading and expanding domestic demand, this new supply is creating new demand. During the 2025 Spring Festival, the company’s same-store growth performed strongly, confirming the resilience of snack consumption as a daily necessity for all.

Good stores can open more stores. In 2025, Mingming Very Busy’s store closure rate was only 1.2%, and about 60% of new stores were opened by existing franchisees. These data show that store quality is becoming a strong support for expansion. In the future, with the continuous implementation of digital location selection, AI store patrols, and AI cashiering, Mingming Very Busy’s operational efficiency will further improve.

“Expand domestic demand, promote consumption” is one of the keywords of the “14th Five-Year Plan.” Mingming Very Busy’s practice shows that real consumption growth comes from the creation of new supply and the shared benefits of all participants. Enabling suppliers to focus on product innovation without worries, helping franchisees make money, and satisfying consumers—Mingming Very Busy uses this simple logic to run a trillion-yuan track. This is a victory of efficiency and a victory of long-termism.