Strengthening the confidence of long-distance runners, Mingming is very busy. In 2025, net profit will significantly increase, with scale and quality improving simultaneously.

How does the highly efficient supply chain drive net profit soaring for AI · Mingming?

This article source: Times Finance Author: Zhong Cai

Two months after listing on the Hong Kong Stock Exchange, Mingming Very Busy delivers its performance report for the past year.

Image source: TuChong Creative

On March 31, China’s leading retail brand for snack foods and beverages, Mingming Very Busy (01768.HK), released its first annual performance since going public. By 2025, Mingming Very Busy’s total merchandise transaction volume (GMV) reached 93.57B yuan, a year-on-year increase of 68.5%; the company achieved operating revenue of 66.17 billion yuan, up 68.2% year-on-year. Against the backdrop of a more rational consumer market, Mingming Very Busy’s performance demonstrates the resilient growth strength of the snack foods and beverages retail industry.

While rapidly expanding in scale, Mingming Very Busy also achieved a leap from scale expansion to efficiency improvement. The financial report shows that in 2025, the company achieved a net profit of 2.33B yuan, up 180.9%; adjusted net profit of 2.69B yuan, up 194.9%; and an adjusted net profit margin increased to 4.1%, reflecting ongoing optimization of its operational structure.

Driven by the dual forces of value-for-money consumption trends and offline channel innovation, the scale of China’s snack foods and beverages industry continues to steadily grow. 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 the trillion-yuan snack foods and beverages sector, Mingming Very Busy is leveraging a solid foundation, extreme efficiency, and healthy finances to kick off a new cycle of high-quality growth.

Supply Chain and Digitalization Boost Efficiency, Profitability Enters Release Phase

For Mingming Very Busy, future growth potential lies not only in upgrading and increasing the efficiency of existing stores but also in deepening penetration into lower-tier markets.

The financial report shows that by the end of 2025, Mingming Very Busy had signed contracts with a total of 10,327 franchisees, with the total number of stores reaching 21,948, covering 30 provinces and all city tiers nationwide. One key indicator is: the store network has covered 1,401 counties, with a coverage rate of about 75.0% among all counties in China. This means Mingming Very Busy has built one of the largest county-level retail networks in China, validating the feasibility of its model in lower-tier markets.

As a low-ticket, high-repeat-purchase “small happiness” consumer product, snack foods and beverages still hold a solid fundamental market in county-level markets. With Mingming Very Busy’s 75% county coverage and the “one county, multiple stores” dimension, there remains significant room for future growth.

Vertically speaking, in the snack foods and beverages retail industry, low price is superficial; efficiency is the core.

First, high coverage brings significant network effects. Relying on Mingming Very Busy’s nationwide network of 56 warehousing and distribution centers, the company can achieve 24-hour efficient delivery, further widening the gap in timeliness compared to regional small brands. As store density continues to increase, the delivery cost per store will further decrease, and the advantages of supply chain efficiency will grow geometrically.

Strict supply chain management is also a key factor in maintaining gross profit margin improvements. By the end of 2025, the group had established cooperation with over 2,500 manufacturers. Behind this figure is the company’s digital integration, enabling suppliers to fully participate in the entire supply chain process. Large-scale procurement and timely payments through a credit system also help Mingming Very Busy build strong relationships with suppliers, gaining better bargaining power and priority access to goods.

This deep supply chain integration grants the company two core competitive advantages: first, the ability to maintain a diversified, high-quality, cost-effective SKU portfolio and frequently innovate to keep consumers interested; according to company requirements, each store maintains at least 1,800 SKUs. Second, scale effects in procurement and logistics continue to expand, leading to an increase in gross profit margins on product sales.

In 2025, the gross profit from product sales surged from 49k yuan to 2.87B yuan; the gross profit margin from product sales increased from 7.3% to 9.3%.

Reducing Leverage, Increasing Cash, Strengthening Long-term Confidence

Whether a company can sustain long-term growth depends equally on its financial health. While expanding scale, Mingming Very Busy has also continuously optimized its financial structure.

In 2025, the company’s asset-liability ratio decreased from about 43.7% in 2024 to approximately 35.8%. This change indicates that as operational scale expands and internal momentum strengthens, the company’s reliance on external debt financing is decreasing, ensuring financial stability and providing a cushion against future market fluctuations.

Additionally, as of December 31, 2025, Mingming Very Busy’s cash and cash equivalents increased by 93.0% year-on-year to 6.11B yuan. Ample cash reserves not only mean the company has strong risk resistance but also provide solid financial support for business development.

On January 28 this year, Mingming Very Busy successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 3.67 billion. The funds will mainly be used for digital upgrades of the supply chain, expansion of warehousing networks, and potential strategic acquisitions. Meanwhile, the brand endorsement and diversified financing channels brought by the listing will significantly enhance the company’s financial resilience.

In the trillion-yuan snack foods and beverages race, competition is no longer just about opening stores but a comprehensive contest of supply chain efficiency, digital capabilities, franchisee ecosystem, and financial health. Especially as China’s consumer market enters a rational era, truly cycle-resistant companies are not those pursuing short-term explosive growth, but long-distance runners like Mingming Very Busy, rooted in lower-tier markets, deepening supply chain efficiency, and co-growing with franchisees.

From thousands of stores to a trillion-yuan ecosystem, this industry leader emerging from lower-tier markets, backed by capital strength, scale effects, and efficiency advantages, is poised to play a more pivotal role in future industry consolidation.