We are an established and robustly growing food and beverage retailer in China. Stores within our store network are predominantly located in high-traffic, highly visible and easily accessible street-side locations. We are dedicated to offering a joyful and comfortable browsing and shopping experience. We provide a wide variety of value-for-money products and frequently launched new SKUs. We were founded on our founders’ commitment to meeting the demand for affordable and high-quality snacks among consumers. Through supply chain streamlining and ongoing product portfolio improvement, we have redefined our product portfolio and the retail pricing system, adopting the value retail model*. The unique experience we have accumulated in snacks also benefited our expansion into a broader range of product categories. As of September 30, 2025, our store network comprised 19,517 stores covering 28 provinces and all city tiers in China, with approximately 59% of stores within our store network located in counties and townships. In 2024, we recorded a GMV of RMB55.5 billion. In the nine months ended September 30, 2025, we recorded a GMV of RMB66.1 billion, representing an increase of 74.5% from the same period in 2024. According to Frost & Sullivan, in terms of GMV of snack and beverage products in 2024, we are the largest chain retailer in China; in terms of GMV of food and beverage products in 2024, we are the fourth largest chain retailer in China and maintain a rapid growth. According to China Chain Store & Franchise Association, we are one of the 2024 Top 10 chain stores in China, as well as the fastest-growing chain store among the Top 10 chain stores in 2024.
We own two brands, “Busy for You” (“零食很忙”) and “Super Ming” (“趙一鳴零食”). “Busy for You” was founded by Mr. Yan Zhou in March 2017 in Changsha, Hunan Province. “Super Ming” was founded by Mr. Zhao Ding in January 2019 in Yichun, Jiangxi Province. Given the complementary regional coverage and established consumer recognition, we adopted a dual-brand strategy after the Super Ming Acquisition. We have deeply integrated operational and management processes and achieved a unified Group brand. In terms of operations, we have integrated operational systems and holistically aligned operating procedures, achieving seamless information sharing between the two brands and standardized operations. In terms of management, we have established a unified organizational structure for both internal management and external presentations. The deep integration of the two brands enhances our supply chain efficiency and cost competitiveness through synergies between the two brands and enables us to achieve economies of scale. Both “Busy for You” and “Super Ming” achieved store expansion after the Super Ming Acquisition. Our number of stores increased significantly from 6,585 as of December 31, 2023 to 19,517 as of September 30, 2025.
During the Track Record Period, our products included (i) bakery, (ii) biscuits, (iii) nuts and seeds, (iv) puffed snacks and instant meals, (v) deli snacks, (vi) confectionery, chocolates and preserves, and (vii) beverages. With a wide choice of SKUs and diverse product specifications, high-quality products, affordable prices and frequently launched new SKUs, our product supply stands out from competitors and demonstrates our commitment to excellence and consumer satisfaction. We had a total of 3,997 in-stock SKUs as of September 30, 2025. We generally require each store to maintain a minimum of 1,800 SKUs.
We primarily operate under the franchise model, authorizing our franchisees to sell snacks and beverages through franchised stores under our brands. Our business growth depends on cooperation with franchisees who are committed to our value and highly motivated to grow our brands and store network. We seek to maintain close and long-term mutually beneficial relationships with our franchisees by establishing a supporting platform. During the Track Record Period, all of our franchised stores were located in China. Our successful franchise model propelled the rapid growth of our store network throughout China. Our customers mainly comprise the franchisees who operate franchised stores pursuant to the franchise agreements. During the Track Record Period, we generated a substantial majority of revenue from (i) sales of goods to franchisees and (ii) fees for franchising services.
Our Value Retail Model Addresses the Pain Points in China’s Snack and Beverage Retail Industry
Traditional retail model for snack and beverage products typically prioritize sales and production efficiency, often neglecting consumer purchasing demand and habits. Furthermore, numerous price markups and intermediaries impede swift responses to consumers’ changing tastes. In addition, limited product selection results in outdated and homogeneous products, while undeveloped supply chain and infrastructure in lower-tier markets lead to considerable unmet consumer demand for affordable products.
We are a leader of the value retail model, addressing industry pain points through creating a joyful and comfortable browsing and shopping experience, inventively developing product portfolio, as well as streamlining supply chain: Rich and diverse products as well as a joyful and comfortable browsing and shopping experience. Each store within our store network generally offers no fewer than 1,800 SKUs.
According to Frost & Sullivan, our average SKU count per store is twice that of snack and beverage products in similarly sized supermarkets, fully meeting consumers’ needs for diversity. In addition, we strive to provide a joyful and comfortable browsing and shopping experience to consumers through lighting, product display, store flow design and interactive in-store activities that integrate shopping, entertainment and socializing, thereby boosting the time consumers spend in stores within our store network and the market recognition of stores within our store network.
Product selection and customization centered on consumer needs. With more than 1.6 billion orders placed in stores within our store network in 2024, we leverage deep insights into consumers’ preferences to customize products. As of September 30, 2025, approximately 34% of our SKUs are customized in collaboration with the producers and brand owners. We have also lowered the threshold for trying new products by offering customized small-packaged products and weight-priced individual-pack products. Furthermore, we have established a standardized product selection decision-making mechanism consisting of initial selection, trial tastings, trial sales and product promotion. In 2024 and the nine months ended September 30, 2025, we on average introduced hundreds of new products each month.
Streamlined supply chain to enhance the value for money of products. By sourcing directly from producers or brand owners and selling directly to end consumers, we reduce intermediaries and achieve economies of scale. Our high-quality products are priced approximately 25% lower than the average for similar products available in the supermarket channel as of December 31, 2024, according to Frost & Sullivan (based on a comparative analysis of prices for a basket of commonly consumed snack and beverage products of our Group and the supermarket channel).
Wide coverage of lower-tier markets. As of September 30, 2025, our store network comprised 19,517 stores, with approximately 59% located in counties and townships, covering 1,341 counties. This broad and deep store network coverage ensures affordable and high-quality products reach consumers across all city tiers.
We have also developed capabilities in full-stack digitalization and comprehensive franchisee empowerment, which enable us to improve the efficiency and scale of our operations, and lead the industry development: Full-stack digitalization capabilities. According to Frost & Sullivan, as of December 31, 2024, we had the largest digitalization team among snack and beverage specialty retailers in China and had developed full-stack digitalization capabilities covering product selection and procurement, warehousing and logistics as well as franchisee and store management, which ensure our standardized and efficient operations at scale.
Comprehensive franchisee empowerment. Our franchisee empowerment includes visualized store display templates from which franchisees can choose, standardized management of franchised stores and comprehensive training offered to franchisees and their store staff. We believe that our franchisee empowerment fosters close and stable franchisee relationships, and enables a cohesive consumer experience and service across stores within our store network.
Under our value retail model, we accumulate insights into consumer demand, thereby achieving product selection and customization. Benefiting from our scale purchasing, high turnover rates and product quality advantage, and through stores at highly visible, easily accessible locations, we offer consumers a wide variety of value-for-money products and frequently launched new SKUs as well as a joyful and comfortable browsing and shopping experience. Our full-stack digitalization and franchisee empowerment capabilities comprehensively underpin our excellent operating capabilities. During the Track Record Period, we achieved rapid growth far exceeding that of the snack and beverage retail industry.
Source: Busy Ming (01768) Prospectus (IPO Date : 2026/01/20) |