On October 28, Ming Ming Busy submitted an updated listing application to the Hong Kong Stock Exchange. According to the data, for the six months ended June 30, 2025, the company achieved a gross merchandise value (GMV) of RMB 41.1 billion, with first-half revenue reaching RMB 28.12 billion and adjusted net profit at RMB 1.034 billion. The total number of stores expanded to 16,783, covering 28 provinces, 1,327 counties, and all city tiers across China. In 2024, Ming Ming Busy ranked first in retail sales within the leisure snack and beverage industry.
By September 2025, Frost & Sullivan, a third-party authoritative institution, certified Ming Ming Busy as the first company in the sector to surpass 20,000 stores, further solidifying its market leadership. As China's largest leisure snack and beverage retail chain, Ming Ming Busy leverages the deep integration of its dual brands—"Snack Busy" and "Zhao Yiming Snacks"—to streamline operations and unify organizational structures, achieving seamless coordination and standardized management. This group-based approach enhances supply chain and operational efficiency.
According to the China Chain Store & Franchise Association, Ming Ming Busy ranked among China's top 10 retail chains in 2024, standing as the only player from the discount snack segment. Financially, the company demonstrates robust health. As of June 30, 2025, Ming Ming Busy held a cash balance exceeding RMB 2.394 billion, with net current assets rising to RMB 2.827 billion, reflecting strong liquidity and efficient asset turnover. In the first half of 2025, operating cash flow reached RMB 1.395 billion, highlighting its self-sustaining capabilities. Additionally, inventory turnover days stood at just 11.7 days, significantly outperforming industry averages and underscoring superior supply chain management.
"Ming Ming Busy continues to exhibit strong growth momentum and stable profitability," commented a senior investment banker. "The company has transitioned from a 'rapid expansion phase' to a 'systematic and steady growth phase,' representing a new era for China's leisure snack and beverage retail sector."
Amid a recovering Hong Kong IPO market—which raised HKD 107.1 billion in the first half of 2025, a sevenfold year-on-year increase—Ming Ming Busy's updated prospectus aligns with standard listing procedures. With over 300 companies currently awaiting approval, Hong Kong Exchanges and Clearing CEO Bonnie Chan noted that the backlog reflects China's economic resilience. Industry experts view Ming Ming Busy's filing update as routine, anticipating strong investor interest given its prominence in the consumer sector.
Ming Ming Busy initially filed its prospectus on April 28, 2025, reporting a 2024 GMV of RMB 55.5 billion and 14,394 stores. As China's leisure snack and beverage retail industry enters a phase of high-quality growth, Ming Ming Busy is poised to remain a long-term leader in the sector.
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