Budget snack chain "Mingming Busy" is gearing up for an IPO: It had a revenue of 39.3 billion yuan in 2024 and over 14,000 stores | The Frontline

On the evening of April 28th, Hunan Mingming Busy Commercial Chain Co., Ltd. (referred to as "Mingming Busy") officially submitted a listing application to the Hong Kong Stock Exchange.

According to the prospectus, Mingming Busy's revenues in 2022, 2023, and 2024 were 4.286 billion yuan, 10.295 billion yuan, and 39.344 billion yuan respectively. During the same period, the adjusted net profits were 81 million yuan, 235 million yuan, and 913 million yuan respectively.

From 2022 to 2024, Mingming Busy's gross profit margin remained stable in the range of 7.5% - 7.6%, while the net profit margin increased from 1.7% to 2.1%, and the adjusted net profit margin remained at 2.3%.

Mingming Busy owns two brands, "Snacks Busy" and "Zhao Yiming Snacks". Among them, "Snacks Busy" was founded by Yan Zhou in Changsha, Hunan in March 2017, and "Zhao Yiming Snacks" was founded by Zhao Ding in Yichun, Jiangxi in January 2019. The two brands completed their merger in November 2023 to form the Mingming Busy Group.

The prospectus shows that in 2024, Mingming Busy's gross merchandise volume (GMV) at its stores reached 55.5 billion yuan, and the total number of transactions throughout the year exceeded 1.6 billion. As of December 31, 2024, Mingming Busy had a total of 14,394 stores, covering 28 provinces and all tiers of cities across the country, with approximately 58% located in county - level cities and townships. The number of franchisees increased from 994 in 2022 to 3,377 in 2023 and further to 7,241 in 2024.

In 2024, the total number of transactions of Mingming Busy throughout the year exceeded 1.6 billion. The total number of members reached 120 million, the number of member purchasers was 103 million, and the annual repurchase rate reached 75%.

As of the end of 2024, the number of SKUs in stock was 3,380, of which approximately 25% were customized products. In terms of product packaging specifications, more than 40% of the products were sold in bulk by weight, which improved the flexibility of product categories and the friendliness for trying new products. The number of SKUs in a single store was generally no less than 1,800, which was twice that of supermarkets of the same scale. Coupled with the launch of hundreds of new products every month, it formed a closed - loop of "high - frequency new product launch - data feedback - rapid adjustment".

Data from Frost & Sullivan shows that in 2024, the market size of China's leisure food and beverage retail industry reached 3.7 trillion yuan and is expected to increase to 4.9 trillion yuan by 2029. Mingming Busy plans to mainly invest the funds raised from the IPO in store expansion and upgrading, supply chain optimization, and digital construction.