Group 1 - On September 12, two listed companies had their restricted shares unlocked, with a total market value of approximately 5.33 million yuan [1] - The specific details of the restricted share unlock are as follows: - Company "好想你" (stock code: 002582) had 110,000 shares released from equity incentive restrictions [1] - Company "普蕊斯" (stock code: 301257) had 92,500 shares released from equity incentive restrictions [1]

Group 1 - The "2025 Chinese Jujube Town Cultural Tour and the 23rd Jujube Harvest Season" event, hosted by the company, commenced on September 7 and will last until October 7, with the theme "The Jujubes are Ripe" [1] - During the event, visitors can experience jujube picking, participate in cultural activities, and taste local delicacies, highlighting the rich cultural heritage of Xinzheng [1] - The company launched the "Jujube Gift Box" during the harvest season, integrating traditional and modern elements, and also introduced new products such as black gold jujubes and eight-treasure tea [1] Group 2 - The company has been actively involved in rural revitalization and cultural heritage preservation, collaborating with notable IPs to connect jujubes with celebratory occasions [2] - For over thirty years, the company has focused on jujubes, maintaining its core business while innovating product categories and emphasizing health food and experiential marketing [2] - The company aims to attract younger consumers through innovative marketing strategies and new product offerings, enhancing brand appeal and market presence [1][2]

Market Overview - The leisure food sector increased by 0.16% on September 5, with Laiyifen leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Key Performers - Laiyifen (603777) closed at 14.78, up 3.07% with a trading volume of 290,800 shares and a turnover of 421 million yuan [1] - Other notable performers include: - Huangshanghuang (002695) at 12.33, up 1.40% [1] - Guangzhou Restaurant (603043) at 17.61, up 1.32% [1] - Yuanzu Co. (603886) at 13.34, up 1.14% [1] Underperformers - Salted Fish (002847) closed at 72.17, down 1.65% with a trading volume of 58,900 shares and a turnover of 420 million yuan [2] - Other underperformers include: - Ximai Food (002956) at 21.25, down 1.62% [2] - Youyou Food (603697) at 12.58, down 0.94% [2] Capital Flow - The leisure food sector experienced a net outflow of 80.43 million yuan from institutional investors, while retail investors saw a net inflow of 72.85 million yuan [2] - Notable capital flows include: - Laiyifen had a net inflow of 11.73 million yuan from institutional investors [3] - Yuanzu Co. saw a net inflow of 12.58 million yuan from institutional investors [3]

Core Viewpoint - The leisure food sector experienced a decline of 2.28% on September 3, with Youyou Food leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3813.56, down 1.16% [1] - The Shenzhen Component Index closed at 12472.0, down 0.65% [1] - Youyou Food's stock price fell by 9.77% to 12.37 [1] - Other notable declines include Maijiao (-5.03%), Lihigh Food (-4.90%), and Guifaxiang (-4.45%) [1] Group 2: Trading Volume and Value - Youyou Food had a trading volume of 280,100 shares and a transaction value of 366 million yuan [1] - Lihigh Food recorded a transaction value of 234 million yuan with a trading volume of 48,500 shares [1] - Guifaxiang had a transaction value of 181 million yuan with a trading volume of 145,100 shares [1] Group 3: Capital Flow - The leisure food sector saw a net outflow of 264 million yuan from main funds, while retail investors contributed a net inflow of 283 million yuan [2] - Speculative funds experienced a net outflow of 18.87 million yuan [2]

Market Overview - The leisure food sector experienced a decline of 1.24% on September 2, with Ziyan Food leading the drop [1][2] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Ziyan Food's stock price fell by 6.72% to 23.75, with a trading volume of 66,300 shares and a transaction value of 162 million yuan [2] - Other notable declines include: - Ximai Food down 2.82% to 21.40 - Guifaxiang down 2.81% to 12.82 - Three Squirrels down 2.43% to 26.11 [2] Trading Volume and Capital Flow - The leisure food sector saw a net outflow of 262 million yuan from main funds, while retail investors contributed a net inflow of 253 million yuan [2][3] - The trading volume for various stocks included: - Taoli Bread with a closing price of 5.69 and a trading volume of 250,700 shares [1] - Yanzhu Co. with a closing price of 13.17 and a trading volume of 44,400 shares [1] Capital Inflow Analysis - Main funds showed a net inflow in stocks like Taoli Bread (10.27 million yuan) and Youyou Food (3.91 million yuan) [3] - Conversely, stocks like Black Sesame and Maiqu'er experienced net outflows of -20.11 million yuan and -203.98 million yuan, respectively [3]

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The snack sector is experiencing differentiated growth, with individual companies showing significant highlights. In H1 2025, the overall revenue of the snack sector was 25.51 billion yuan, a year-on-year decrease of 2.2%. The sector's net profit attributable to shareholders was 1.09 billion yuan, down 40.3% year-on-year, primarily due to cost pressures and the weakening of channel dividends [1][10][12] - In Q2 2025, the snack sector's revenue reached 11.09 billion yuan, a year-on-year increase of 2.2%. However, the net profit attributable to shareholders dropped to 250 million yuan, a decrease of 55.1% year-on-year, indicating increased profit pressure due to cost and expense pressures [2][12] - The report highlights three types of companies that are expected to perform well: those that create core blockbuster products, those that rapidly expand channels, and those that continuously innovate [2][20][22] Summary by Sections Industry Overview - In H1 2025, the snack sector's overall revenue was 25.51 billion yuan, down 2.2% year-on-year. The decline is attributed to the timing of the Spring Festival affecting inventory preparation and a return to normal operating rhythms in Q2 [10][12] - The average gross margin for the snack sector in H1 2025 was 28.3%, a decrease of 2.1 percentage points year-on-year, primarily due to rising costs and changes in channel structure [11][18] Q2 Performance - The snack sector's revenue in Q2 2025 was 11.09 billion yuan, up 2.2% year-on-year, indicating a return to positive growth despite seasonal challenges. However, net profit fell to 250 million yuan, down 55.1% year-on-year, reflecting significant profit pressure [2][12] - The average gross margin in Q2 2025 was 28.4%, down 1.7 percentage points year-on-year, influenced by rising costs and changes in channel structure [13][18] Growth Catalysts - The report emphasizes the importance of product innovation and channel expansion as key growth drivers. Companies that can create blockbuster products and effectively expand their channels are expected to outperform [20][21] - The report identifies specific companies with strong growth potential, including Wei Long, Yan Jin Pu Zi, and You You Food, which are leveraging product demand and channel expansion to drive growth [22] Investment Recommendations - The report suggests focusing on companies that can successfully execute growth strategies along two main lines: product innovation and channel expansion. Key companies highlighted include Wei Long, Yan Jin Pu Zi, You You Food, and Wan Chen Group, which are expected to benefit from favorable market conditions [22]

Core Viewpoint - The competitive landscape in the snack retail industry is intense, raising questions about the growth ceiling for Mingming Hen Mang. The competition with Wancheng is particularly fierce, potentially suppressing future profitability. Additionally, with both companies having over 30,000 stores, there are concerns about market saturation, especially in lower-tier cities. The company's business model heavily relies on franchisees, and the number of store closures is expected to rise significantly in 2024 compared to the previous year [1]. Group 1: Company Overview - Mingming Hen Mang Group, a leading player in the snack retail sector, was newly listed among the top 500 private enterprises in China by the All-China Federation of Industry and Commerce in 2025. The company was formed by the merger of "Snacks Hen Mang" and "Zhao Yiming Snacks" [1]. - As of December 31, 2024, Mingming Hen Mang had 14,394 stores across 28 provinces, with over 70% of its stores located in third-tier cities and below [2]. Group 2: Financial Performance - The revenue figures for Mingming Hen Mang from 2022 to 2024 are as follows: 4.286 billion RMB, 10.295 billion RMB, and 39.344 billion RMB, respectively. The adjusted net profits for the same years were 81 million RMB, 235 million RMB, and 913 million RMB, with gross margins consistently below 8% [3][4]. - The company's GMV (Gross Merchandise Volume) for the years 2022, 2023, and 2024 were 6.447 billion RMB, 15.325 billion RMB, and 55.531 billion RMB, respectively, indicating significant growth in transaction volume [7][8]. Group 3: Market Dynamics - The snack retail market in China is projected to reach 3.74 trillion RMB in 2024, with a year-on-year growth of 4.09%. The down-market segment is expected to grow faster, with a five-year CAGR of 5.48% [4][5]. - The competitive landscape is characterized by a tight rivalry between Mingming Hen Mang and Wancheng, with Mingming holding a market share of 28.6% and Wancheng at 20% as of the end of 2024 [5][6]. Group 4: Store Expansion and Saturation - The number of stores for both Mingming Hen Mang and Wancheng is projected to exceed 16,000 and 15,000, respectively, by May 2025. Given the number of administrative districts in China, there are concerns about potential market saturation, particularly in smaller towns [6]. - The company has experienced a significant increase in store closures, with numbers rising from 14 in 2022 to 273 in 2024, raising questions about the sustainability of its franchise model [6]. Group 5: Shareholder Dynamics - The major shareholder, Haoxiangni, has engaged in financial maneuvers that may lead to a significant release of valuation premium for its stake in Mingming Hen Mang. Following the submission of the IPO application, Haoxiangni invested 700 million RMB for a 6.64% stake in the company [9][10].

Market Overview - The leisure food sector increased by 0.17% on August 28, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Wancheng Group (300972) closed at 176.50, up 5.35% with a trading volume of 38,400 lots and a transaction value of 666 million [1] - Lihai Food (300973) closed at 48.29, up 2.29% with a trading volume of 54,300 lots [1] - Huangshanghuang (002695) closed at 12.59, up 2.11% with a trading volume of 122,600 lots [1] - Other notable stocks include Nanchao Food (605339) and Laiyifen (603777), which saw increases of 1.34% and 0.87% respectively [1] Fund Flow Analysis - The leisure food sector experienced a net outflow of 120 million from institutional investors, while retail investors saw a net inflow of 1.29 billion [2][3] - Major stocks like Wancheng Group had a net inflow of 99.43 million from institutional investors, while retail investors had a net outflow of 70.15 million [3] - Lihai Food saw a net inflow of 38.10 million from institutional investors, but a net outflow of 59.11 million from retail investors [3]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company is focusing on cost reduction and efficiency improvement, leading to gradual profit enhancement and expansion of its second growth curve [1][5] - The company reported a total revenue of 689 million yuan for H1 2025, a decrease of 16% year-on-year, but showed improvement in net profit loss compared to H1 2024 [4][5] - The company is enhancing its profitability through strict cost control measures, resulting in a gross margin increase of 5 percentage points to 22.81% in Q2 2025 [5] - The company is expanding its product lines in health food and optimizing its multi-channel distribution strategy, which includes partnerships with major retailers and e-commerce platforms [6] Summary by Sections Financial Performance - In H1 2025, the company achieved a total revenue of 689 million yuan, with a net loss of 20 million yuan, an improvement from a net loss of 36 million yuan in H1 2024 [4] - Q2 2025 revenue was 276 million yuan, down 14% year-on-year, with a net loss of 60 million yuan [4] Profitability Improvement - The company's gross margin increased to 22.81% in Q2 2025, driven by targeted raw material procurement and refined production management [5] - The selling expense ratio decreased by 2 percentage points to 21.62%, and the management expense ratio also decreased by 2 percentage points to 7.55% [5] Product and Market Expansion - Revenue from red date products and health preservation products decreased by 16% and 26% respectively, but the gross margin for red date products increased by 8 percentage points to 34.60% [6] - The company is building a diversified product matrix around its core positioning as a "red date expert," with significant growth in its flagship product, Hong Xiaopai [6] Earnings Forecast - The company is expected to achieve EPS of 0.02, 0.17, and 0.27 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 445, 62, and 39 times [8]

Group 1 - The company has completed the registration and documentation procedures for the repurchase and cancellation of 4,246,478 restricted stock options under the 2023 incentive plan [1] - The registered capital has decreased from 451,954,369 yuan to 447,707,891 yuan following the changes [1] - The new business license has been issued by the Zhengzhou Market Supervision Administration [1]