Mingming is busy revealing the 2025 performance: growth and operational quality improving simultaneously

March 31, 2026, Mmm Mmm, the largest leisure food and beverage chain retail商 in China (stock code: 01768.HK), released its 2025 annual results announcement. The data show that in 2025, total gross merchandise value (GMV) of in-store goods reached RMB 93.569 billion, up 68.5% year over year; the company recorded operating revenue of RMB 66.170 billion, up 68.2% year over year; net profit was RMB 2.329 billion, up 180.9% year over year; and adjusted net profit was RMB 2.692 billion, up 194.9% year over year. As of the end of 2025, the total number of stores under the company—“Zero Food Is Busy” and “Zhao Yiming Zero Food”—reached 21,948, covering 30 provinces nationwide and all city tiers. As the first annual performance report after listing on the Hong Kong stock exchange, Mmm Mmm Group’s steady operations and high-quality growth advanced in parallel in 2025.

The announcement shows that the company’s profitability improved further, with the gross margin rising to 9.8%, and the adjusted net profit margin increasing to 4.1%, reflecting continued optimization of the operating structure. By the end of the period, monetary funds increased 93.0% year over year to RMB 3.744 billion, providing solid financial support for business development.

Steady growth in performance stems from the firm day-to-day consumption demand of the mass market and the continuous improvement of the company’s operating efficiency. On the demand side, snack consumption reaches a broad population, with many consumption scenarios; consumption frequency rises steadily, and industry demand continues to be released. On the supply side, through a business model that directly connects with more than 2,500 manufacturers and reduces intermediate commercial links, the group optimizes costs with scale effects. At the same time, a continuously improved supply chain and digital capabilities provide key support. Across the country, 56 warehousing and distribution centers ensure efficient circulation of goods, which typically reach stores within 24 hours. This high-quality growth model driven jointly by real consumption demand and endogenous capabilities is more structural and more sustainable.

China’s leisure food and beverage retail market has broad room for growth, with the industry’s scale continuing to expand. According to reports by the National Bureau of Statistics and Frost & Sullivan, the market size is expected to expand to RMB 4.9 trillion by 2029. Under an industry landscape of trillion-RMB scale, leading companies with solid operating capabilities and an efficient supply chain system are expected to continue to seize development opportunities. Relying on its steady growth, Mmm Mmm is continuously consolidating its market position as an industry leader.

（责任编辑：王蕾 ）

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