鸣鸣很忙集团：中国最大且增长最快的连锁零售商之一

Investment Rating - The report does not provide a specific investment rating for the company [3]. Core Insights - Mingming Busy Group is recognized as one of China's largest and fastest-growing chain retailers in the food and beverage sector, with a significant market presence and a strong growth trajectory [3][4]. - The company operates a vast network of 19,517 stores across 28 provinces and all tier-one cities in China, with approximately 59% of its stores located in county and town areas [4][9]. - The company reported a GMV of RMB 55.5 billion in 2024, with a substantial increase of 74.5% to RMB 66.1 billion for the nine months ending September 30, 2025 [4][10]. Company Overview - Mingming Busy Group operates under two brands: "Busy Snacks" and "Zhao Yiming Snacks," which were founded in 2017 and 2019, respectively. The company has adopted a dual-brand strategy post-merger to leverage complementary regional coverage and consumer recognition [5][6]. - The product range includes baked goods, snacks, beverages, and more, with a total of 3,997 SKUs as of September 30, 2025, and each store typically maintaining at least 1,800 SKUs [7][9]. Operational Model - The company primarily operates through a franchise model, generating revenue from sales to franchisees and franchise service fees [7][10]. - The operational strategy focuses on enhancing customer experience through store design and product variety, aiming to increase customer dwell time and brand recognition [9]. Financial Performance - Revenue has shown remarkable growth, increasing from RMB 4.29 billion in 2022 to RMB 39.34 billion in 2024, with a compound annual growth rate (CAGR) of 203% [10][12]. - The gross profit margin remained stable between 7.5% and 7.6% from 2022 to 2024, improving to 9.7% for the nine months ending September 30, 2025, due to economies of scale and cost control [10][12]. - Adjusted net profit increased significantly from RMB 81.5 million in 2022 to RMB 912.6 million in 2024, with a net profit margin rising to 3.4% for the nine months ending September 30, 2025 [10][12]. Strategic Advantages - The company benefits from a strong supply chain, innovative product development, and a well-established brand image, which contribute to its competitive edge in the market [16]. - The management team is noted for its strategic vision and commitment to operational excellence, focusing on digital transformation and supply chain optimization [16].