1. Company Background:
- Miming is busy is the result of the merger between 'Snacks are Busy' (Hunan) and 'Zhao Yiming Snacks' (Jiangxi) in 2023, with a total of 19,517 stores nationwide, leading the industry in both GMV and number of stores.
- Rapid expansion, with the number of stores growing nearly threefold from 6,000 to 19,000 within two years, 59% of stores located in county towns and rural areas, adopting a 'rural encirclement of cities' strategy.
2. Business Model:
- Primarily franchise-based (99.9%), focusing on supply chain and brand, profiting by supplying goods to franchisees.
- Core Advantages: Extremely low prices (25% cheaper than supermarkets), high SKU (4,000+), efficient inventory turnover (11.6 days), scale effects lead to strong bargaining power.
3. Financial Performance:
- Revenue is growing rapidly: 4.28 billion in 2022 → 10.3 billion in 2023 → 39.3 billion in 2024 → 46.37 billion in the first 9 months of 2025 (including consolidation factors).
- Net profit margin is 3.9%, and operating cash flow is healthy.
4. Issuance and Valuation:
- Issuance PE valuation is below 16 times, considered 'conscientious', with a strong lineup of cornerstone investors.
- The valuation of Hong Kong consumer stocks is limited (usually below 25 times PE), and caution is needed regarding the risk of nearing the store ceiling.
5. Risk Warning:
- Emphasizes that the analysis is only for business model research, and is not investment advice, reminding of stock market risks.
- The company's barriers lie in scale and efficiency, but attention should be paid to slowing growth and changes in the market environment.