Mingming, with 22,000 stores, is very busy, but still lacks proof of growth beyond simply opening new stores.
鸣鸣 Busy has released its first annual report since its Hong Kong IPO: Store count approaches 22,000, GMV races towards 93.6 billion RMB, announcing the full emergence of a retail giant. In 2025, 鸣鸣 Busy achieved revenue of 66.17 billion RMB, up 68.2% year-on-year; adjusted net