Core Viewpoint - The company "鸣鸣很忙" (01768.HK) has demonstrated solid fundamentals and clear growth momentum, achieving robust performance in its first annual report since listing on the Hong Kong Stock Exchange [3]. Financial Performance - In 2025, the total merchandise transaction value (GMV) reached 93.569 billion yuan, representing a year-on-year increase of 68.5% [8]. - Revenue for the same year was 66.170 billion yuan, up 68.2% year-on-year [8]. - Net profit surged to 2.329 billion yuan, marking a 180.9% increase, while adjusted net profit reached 2.692 billion yuan, up 194.9% [8]. Operational Highlights - As of December 31, 2025, the company operated a total of 21,948 stores under the brands "零食很忙" and "赵一鸣零食," covering all city tiers across 30 provinces [9]. - The company's gross margin improved to 9.8%, and the adjusted net profit margin increased to 4.1%, indicating ongoing optimization of its operational structure [9]. - Cash and cash equivalents grew by 93.0% year-on-year to 3.744 billion yuan, providing solid financial support for business development [9]. Market Outlook - The Chinese snack food and beverage retail market is expected to expand to 4.9 trillion yuan by 2029, indicating a growing industry scale [10]. - In a trillion-yuan industry landscape, leading companies with solid operational capabilities and efficient supply chain systems are likely to continue seizing development opportunities [10]. - "鸣鸣很忙" is reinforcing its market position as an industry leader through its steady growth [10].
鸣鸣很忙上市后首份财报：2025年GMV超935亿元，增长与经营质量同步提升