Mingming is very busy in 2025 with impressive performance: GMV and profits both increase, solidifying industry leadership position

China’s leisure snack and beverage retail industry has reached an important milestone. MINGMING VERY BUSY Group (01768.HK) has demonstrated the strength of a leading enterprise with impressive performance. According to the latest disclosed 2025 annual financial report, the Hong Kong-listed company achieved full-year gross merchandise value (GMV) of RMB 93.569 billion, up 68.5% year over year; revenue reached RMB 66.170 billion; net profit exceeded RMB 2.329 billion. Adjusted net profit rose even further to RMB 2.692 billion. All three key indicators showed strong growth momentum.

Improved operational efficiency and cost optimization have become the core drivers behind the performance growth. By using a supply-chain model that directly connects with more than 2,500 production manufacturers, the Group successfully reduced intermediate links. In combination with a logistics network built around 56 warehouse and distribution centers nationwide, it enabled efficient delivery of goods to stores within 24 hours. This “disintermediation” strategy not only lifted gross margin to 9.8%, but also pushed adjusted net margin to 4.1%. Cash reserves increased 93% year over year to RMB 3.744 billion, laying a solid foundation for continued expansion.

In terms of market layout, the Group’s two brands, “Zero Food Is Very Busy” and “Zhao Yiming Snacks,” have worked together to drive growth. By the end of 2025, the total number of stores surpassed 21,948, covering 30 provincial-level administrative regions and markets at all city tiers. This broad-coverage channel network precisely captures the industry trend of diversified leisure-snack consumption scenarios and rising purchase frequency. Data from the National Bureau of Statistics and Frost & Sullivan indicate that China’s leisure snacks and beverage market size is expected to reach RMB 4.9 trillion by 2029, providing ample room for development for companies with supply-chain advantages.

Industry analysts point out that MINGMING VERY BUSY’s growth path highlights the dual benefits of “expansion on the demand side” and “reform on the supply side.” On the consumption side, snacks continue to unlock potential as a high-frequency, rigid-demand category. On the industrial side, through digital transformation to improve operational efficiency and optimize cost structures, it forms a distinct competitive advantage. This growth model driven jointly by genuine consumer demand and inherent capabilities is more sustainable than growth relying solely on capital expansion, and is expected to continue to strengthen its leading position in the industry.