On January 6, the Hong Kong Exchanges and Clearing Limited (HKEX) website showed that Hunan Mingmang Is Busy Commercial Chain Co., Ltd. (hereinafter referred to as "Mingmang Is Busy") disclosed its post-hearing document pack, indicating the company has passed the HKEX listing hearing and is set to become the "first stock in the volume snack retail sector" on the Hong Kong market. The post-hearing document revealed that for the nine months ended September 30, 2025, Mingmang Is Busy achieved a Gross Merchandise Value (GMV) of RMB 66.1 billion, a significant increase of 74.5% year-on-year, surpassing the full-year figure for 2024. As of September 30, 2025, the number of the company's operating stores nationwide reached 19,517, covering 28 provinces and all city tiers across China. In a September 2025 update, the number of signed stores nationwide for Mingmang Is Busy exceeded 20,000. Based on product GMV for 2024, Mingmang Is Busy has established itself as China's largest chain retailer of leisure snacks and beverages. Financial data shows that in the first nine months of 2025, the company generated revenue of RMB 46.371 billion, surging 75.2% year-on-year; its adjusted net profit reached RMB 1.810 billion, marking a substantial increase of 240.8%. Net operating cash flow for the same period amounted to RMB 2.190 billion. From 2022 to 2024, Mingmang Is Busy's revenue leaped from RMB 4.286 billion to RMB 39.344 billion, achieving a compound annual growth rate (CAGR) of 203% over the three years; during the same period, its adjusted net profit grew from RMB 81 million to RMB 913 million, with a three-year CAGR of 234.6%. From 2022 to the first nine months of 2025, the gross profit margin steadily improved from 7.5% to 9.7%, while the adjusted net profit margin increased from 1.9% to 3.9%, demonstrating a continuous enhancement in both profitability and earnings certainty.
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