Mingming is busy releasing the first performance report after listing: steady operations and high-quality growth

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On March 31, 2026, Miao Miao Hen Mang, the largest leisure food and beverage chain retailer in China (stock code: 01768.HK), released its 2025 annual performance announcement. The data show that in 2025, the total value of merchandise transactions at its stores (GMV) reached RMB 93.569 billion, up 68.5%; the company’s operating revenue was RMB 66.170 billion, up 68.2%; net profit was RMB 2.329 billion, up 180.9%; and adjusted net profit was RMB 2.692 billion, up 194.9%. As of the end of 2025, the total number of stores under the company’s brands “Busy Snacks” and “Zhao Yiming Snacks” reached 21,948, covering 30 provinces across the country and all city tiers. As the first annual performance report after listing on the Hong Kong stock exchange, Miao Miao Hen Mang Group’s 2025 performance advanced with both steady operations and high-quality growth.

The announcement shows that the company’s profitability continued to strengthen further, with gross margin rising to 9.8% and adjusted net profit margin rising to 4.1%, reflecting ongoing optimization of the operating structure. By the end of the period, monetary funds increased year over year by 93.0% to RMB 3.744 billion, providing solid capital support for business development.

The company’s steady growth in performance stems from both strong day-to-day consumer demand in the mass market and continuous improvement in the company’s operating efficiency. On the demand side, snack consumption covers a wide range of people, offers many consumption scenarios, and consumption frequency is steadily increasing, while industry demand continues to be released. On the supply side, the group optimizes costs by using a business model that directly connects with more than 2,500 manufacturers and reduces intermediate links, leveraging economies of scale. At the same time, continuously improving its supply-chain and digital capabilities provides key support: 56 warehousing and distribution centers nationwide ensure efficient distribution of goods, which typically reach stores within 24 hours. This high-quality growth model driven jointly by real consumer demand and internal capabilities is more structural and more sustainable.

The China leisure food and beverage retail market has broad room for growth, with the industry scale continuing to expand. According to reports from the National Bureau of Statistics and Frost & Sullivan, the market size is expected to grow to RMB 4.9 trillion by 2029. Within an industry landscape of trillion-level scale, leading companies with solid operating capabilities and efficient supply-chain systems are expected to continue to seize development opportunities. With its steady growth, Miao Miao Hen Mang is continuously strengthening its market position as an industry leader.

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Chief Editor: Song Yafang