Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Insights - The company is leading a transformation in the retail sector by disrupting traditional operating models, aiming to meet consumer demand for cost-effectiveness and streamlining supply chains [1][15]. - The company has rapidly expanded its store network, reaching over 21,000 stores by November 2025, and is projected to achieve revenues of 393.4 billion RMB in 2024, with a two-year CAGR of 203.0% [1][3]. - The company is expected to become the largest chain retailer of snacks and beverages in China, with significant growth in net profit and net profit margin anticipated [1][3]. Summary by Sections Company Overview - The company, established as a leading player in the discount snack sector, has expanded its store count significantly, with a focus on meeting consumer needs for value [1][15]. - By the end of 2025, the company aims to have over 21,000 stores across 28 provinces, achieving a GMV of 661 billion RMB in the first three quarters of 2025, reflecting a year-on-year increase of 74.5% [15]. Industry Transformation - The retail landscape in China is evolving towards discount models, with the company leveraging upstream direct procurement and centralized pricing to enhance cost advantages [2][23]. - The market for snacks and beverages is projected to grow significantly, particularly in lower-tier cities, with the company positioned to capitalize on this trend [2][23]. Growth Path - The company's robust management and digital empowerment across its supply chain have contributed to its resilience and operational stability, allowing it to maintain a lower closure rate compared to competitors [3][15]. - Future growth is expected to be driven by further expansion in northern and lower-tier markets, alongside refined operational strategies [3][15]. Financial Projections - The company is projected to achieve revenues of 649.8 billion RMB in 2025, with net profits expected to reach 22.5 billion RMB, reflecting a year-on-year growth of 169.8% [3][5]. - The financial outlook indicates a steady increase in both revenue and profitability, with net profit margins expected to improve as operational efficiencies are realized [3][5].

章 程 湖南鳴鳴很忙商業連鎖股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司） （H股 發 行 並 上 市 後 適 用） 目 錄 | 第一章 | | 總則 | | | | | | | | | | | 1 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第二章 | | 經營宗旨和範圍 | | | | | | | | | | | 2 | | | 第三章 | | 股份 | | | | | | | | | | | 3 | | | 第四章 | | 股東和股東會 | | | | | | | | | | | 10 | | | 第五章 | | 董事和董事會 | | | | | | | | | | | 29 | | | 第六章 | | 高級管理人員 | | | | | | | | | | | 38 | | | 第 七 | 章 | 財 | 務 會 | 計 制 | 度、利 | 潤 | 分 配 | 和 | 審 | 計 | | | 41 | | | ...

Company and Industry Summary Company Overview - **Company Name**: 鸣鸣很忙 - **Business Model**: Primarily relies on a franchise system, with approximately 99% of revenue generated from sales to franchisees. The stores are mainly located in county towns and rural areas [2][3]. Financial Performance - **Revenue**: Expected to reach between 50 billion to 60 billion in 2025, with over 46 billion achieved in the first three quarters of 2025 [2][5]. - **Net Profit Margin**: Approximately 4% for 2025, with a gradual increase expected [5][18]. - **Store Count**: As of November 2025, the number of stores reached 21,000, with significant growth in rural areas [3][5]. - **Single Store Revenue**: Expected to exceed 3.5 million in 2025, higher than 万辰's 3 million [5][6]. Operational Efficiency - **Gross Margin**: Close to 10%, lower than 万辰's gross margin of over 10% [2][7]. - **Expense Ratios**: Sales expense ratio stable at 3%-3.5%, with management expenses decreasing but expected to rise in 2025 due to listing costs [2][7]. - **Inventory Turnover**: Higher than peers, indicating strong operational efficiency [8]. Industry Dynamics - **Market Growth**: The snack retail industry is projected to grow from 7.3 billion in 2019 to approximately 130 billion by 2024, with store numbers increasing from 2,000 to nearly 40,000 [4][13]. - **Competitive Landscape**: The market is dominated by two players, 鸣鸣很忙 and 万辰, holding a combined market share of 75% [4][13]. - **Pricing Strategy**: The "hard discount" model allows for lower prices through improved operational efficiency and reduced supply chain costs [2][11]. Future Growth Drivers - **Single Store Performance**: Future growth will depend on improving single-store operational quality and enhancing digital capabilities [16][20]. - **Market Conditions**: Favorable conditions include declining rental costs and a slowdown in online penetration, which may benefit physical retail [19]. Key Challenges and Opportunities - **Competition**: While competition exists from convenience stores and supermarkets, many competitors are struggling, creating a favorable environment for 鸣鸣很忙 [19]. - **Expansion Strategy**: The company plans to open several thousand new stores in 2026, with potential for exceeding expectations [20]. Governance and Financial Structure - **Ownership**: Founders hold nearly 50% of shares post-IPO, indicating strong cash flow and low reliance on external financing [10]. - **Management Structure**: The company is led by a board chairman, with a focus on maintaining operational continuity from the merger [10]. Conclusion - **Investment Outlook**: The company shows strong potential for revenue growth and operational efficiency, with a clear path to improving net profit margins. The competitive landscape and market conditions are favorable for continued expansion and profitability [18][20].

Core Viewpoint - The report from Industrial Securities initiates coverage on Mingming Hen Mang (01768) with a "Buy" rating, highlighting the company's growth potential as a leading snack retailer, with expected earnings elasticity to be gradually released in the coming years [1] Group 1: Competitive Advantages - Strong Store Network: The company has established a comprehensive national store network through a mature franchise system, with a total of 21,041 stores expected by November 30, 2025, covering 28 provinces and 1,341 towns, with 59% of stores located in county towns [1] - Supply Chain Barrier: The company achieves extreme control over supply chain costs and operational efficiency through a flat procurement model and an efficient logistics network, with inventory turnover days as low as 13.4 days by the third quarter of 2025, and product prices approximately 25% lower than traditional supermarkets [2] - Digital Barrier: The company integrates digital technology throughout the supply chain, managing over 20,000 stores with the largest digital team in China's snack retail sector, enhancing various core processes [2] - Product Matrix Barrier: The company leverages extensive terminal data to create a dynamic product matrix, with over 2,500 quality manufacturers and 3,997 SKUs, introducing hundreds of new products monthly, with customized products accounting for about 34% [2] Group 2: Future Growth Potential - Market Expansion: The company plans to accelerate its supply chain layout in the northwest regions, utilizing a "warehouse-first" strategy to increase store density [3] - Product Structure Optimization: The company aims to enhance its product matrix and improve profitability, supported by vast user data for accurate product predictions and validated potential for customized blockbuster products [3] - New Business Models: The company is exploring a new "snack+" business model, introducing "Zhao Yiming Discount Supermarket," which combines snacks with essential goods, enhancing shopping options and profitability potential [3] Group 3: Financial Performance - Rapid Revenue Growth: The company achieved a compound annual growth rate of 203% in revenue from 2022 to 2024, with revenue of 46.37 billion yuan in the first three quarters of 2025, a year-on-year increase of 75.2%, and adjusted net profit of 1.81 billion yuan, up 240.9% [4] - Franchise Revenue Dominance: Franchise revenue accounted for 98.9% of total revenue in the first three quarters of 2025, with a focus on expanding the store network and improving supply chain efficiency to benefit franchisees [4] - Excellent Supply Chain Management: The company maintains a cash cycle of only 4.3 days and accounts payable turnover days of 9.6 days, significantly lower than traditional retailers, establishing a win-win relationship with suppliers [4] - Low Concentration of Suppliers and Customers: The company maintains a low and steadily decreasing concentration of suppliers and customers, fostering a broad cooperative network [4] - Resilient Store Operations: Mature stores demonstrate robust operational resilience, while new stores show excellent ramp-up capabilities, validating the replicability and continuous optimization of the company's store model [4]

Core Viewpoint - The report from Industrial Securities initiates coverage on Mingming Hen Mang (01768) with a "Buy" rating, highlighting the company's growth potential as a leading snack retailer, with expected earnings elasticity to be gradually released in the coming years [1] Group 1: Competitive Advantages - Strong Store Network: The company has established a comprehensive national store network through a mature franchise system, with a total of 21,041 stores expected by November 30, 2025, covering 28 provinces and 1,341 towns, with 59% of stores located in county towns [1] - Supply Chain Barrier: The company has achieved extreme control over supply chain costs and operational efficiency through a flat procurement model and an efficient logistics network, with inventory turnover days as low as 13.4 days in the first three quarters of 2025, and product prices approximately 25% lower than traditional supermarkets [2] - Digitalization Barrier: The company integrates digital technology throughout the supply chain, managing over 20,000 stores with the largest digital team in China's snack retail sector, enhancing various core processes [2] - Product Matrix Barrier: The company has built a dynamic product matrix with a rich variety of high-quality products, responding quickly to market demands, with over 2,500 quality manufacturers and 3,997 SKUs in stock as of September 30, 2025 [2] Group 2: Future Growth Potential - Market Expansion: The company sees potential for store density increase in regions like Northwest China, accelerating supply chain layout through a "warehouse-first, store-later" strategy [2] - Product Structure Optimization: The company is optimizing its product matrix to improve profitability, supported by vast user data for accurate product forecasting, with a market-validated potential for customized hit products [2] - New Business Exploration: The company is actively exploring a new business model centered around "snacks +", promoting "Zhao Yiming's Money-Saving Supermarket," which combines snacks with essential goods, enhancing shopping choices and profitability [2] Group 3: Financial Performance - Rapid Revenue Growth: From 2022 to 2024, the company achieved a compound annual growth rate of 203% in revenue, with 2025's first three quarters showing revenue of 46.37 billion yuan, a year-on-year increase of 75.2%, and adjusted net profit rising by 240.9% [3] - Franchise Revenue Dominance: Franchise store revenue accounted for 98.9% of total revenue in the first three quarters of 2025, with a focus on expanding the store network and improving supply chain efficiency [3] - Excellent Supply Chain Management: The company maintains a cash cycle of only 4.3 days and accounts payable turnover days of 9.6 days, significantly lower than traditional retailers, establishing a win-win relationship with suppliers [3]

Group 1 - The stock of Mingming Henan (01768.HK) increased by nearly 9%, reaching a price of 437.6 HKD, with a trading volume of 175 million HKD [2]

Group 1 - The core viewpoint of the article highlights the strong performance of Mingming Hen Mang (01768), which saw an increase of nearly 9%, reaching 437.6 HKD with a trading volume of 175 million HKD [1] - The snack retail market is experiencing rapid growth, with the market size expanding from 7.3 billion in 2019 to 129.7 billion in 2024, reflecting a CAGR of 77.8% over five years [1] - The industry has established a highly concentrated duopoly competitive landscape, with the company and Wancheng Group projected to hold approximately 75.6% market share in the snack retail sector by 2024, and a combined store count accounting for 75.2% [1] Group 2 - According to CITIC Construction Investment Securities, the company is positioned in a phase of improving market structure, same-store recovery, and rapid profit release by 2026 [1] - The company is focusing on expanding in lower-tier markets, with a potential store count ceiling of 30,000 to 35,000, and is building scale barriers through rapid expansion [1] - The company is developing an extremely efficient supply chain system, and under good management, the vitality of existing stores remains strong, with stable same-store growth expected [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Mingming (01768), with a nearly 9% increase in stock price, reaching 437.6 HKD and a trading volume of 175 million HKD [1] - The snack retail market is experiencing rapid growth, with the market size increasing from 7.3 billion CNY in 2019 to 129.7 billion CNY by 2024, reflecting a CAGR of 77.8% over five years [1] - The industry has established a highly concentrated duopoly competitive landscape, with Mingming and Wancheng Group (300972) projected to hold approximately 75.6% of the market share in the snack retail sector by 2024 [1] Group 2 - CITIC Securities anticipates that the company will be in a phase of improving market structure, same-store recovery, and rapid profit release by 2026 [1] - The company is focusing on expanding in lower-tier markets, with a potential store count ceiling of 30,000 to 35,000 locations, leveraging rapid expansion to create scale barriers [1] - The company is building an extremely efficient supply chain system, and under good management, the vitality of existing stores remains strong, with stable same-store growth expected [1]

Core Viewpoint - Hunan Mingming Henbang Commercial Chain Co., Ltd. announced the end of the stabilization period for its global offering on February 22, with actions taken by Goldman Sachs (Asia) LLC during this period [1] Summary by Sections Stabilization Actions - During the stabilization period, a total of 2.3266 million shares were allocated for international offering, representing approximately 15% of the total shares available for subscription under the global offering [1] - The overall coordinator exercised the over-allotment option on February 10, 2026, at a final offering price of HKD 236.60 per share, involving the same 2.3266 million shares to facilitate the delivery of H-shares to subscribers who agreed to delay their delivery [1] - No shares were bought or sold in the market by the stabilization agent for stabilization purposes during the stabilization period [1]

(2) 整体协调人(为其本身及代表国际包销商)于2026年2月10日(星期二)按全球发售项下最终发售价每股 发售股份236.60港元悉数行使超额配股权，涉及合共232.66万股发售股份，以促成将部分H 股交付予已 同意延迟交付其根据全球发售认购的相关H股的承配人。 于稳定价格期间，稳定价格经办人并无出于稳定价格目的在市场上购入或出售任何股份。 智通财经APP讯，鸣鸣很忙(01768)发布公告，有关全球发售的稳定价格期间于2026年2月22日(星期日) (即递交香港公开发售申请截止日期后第30日)结束。稳定价格经办人高盛(亚洲)有限责任公司或代其行 事的任何人士于稳定价格期间进行的稳定价格行动载列如下： (1) 于国际发售超额分配合共232.66万股发售股份，约占全球发售项下可供认购发售股份总数的15%(经 计及发售量调整权已获悉数行使但于行使超额配股权之前);及 ...