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鸣鸣很忙港股IPO：年零售额555亿，零食连锁巨头崛起
Sou Hu Cai Jing·2025-04-28 16:14

Core Viewpoint - The snack chain giant "Ming Ming Hen Mang" has officially submitted its IPO application to the Hong Kong Stock Exchange, backed by notable investors such as Sequoia Capital and the food company "Hao Xiang Ni" [1] Group 1: Business Expansion and Strategy - The company plans to use the funds raised from the IPO for store expansion, supply chain optimization, and digital transformation to deepen market penetration and meet diverse consumer demands [1] - As of the end of 2024, "Ming Ming Hen Mang" has opened 14,394 stores across 28 provinces, with approximately 58% located in county and town areas [1][3] - The company operates two main brands, "Snacks Hen Mang" and "Zhao Yi Ming Snacks," which are popular among consumers due to their affordable pricing strategy [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was RMB 4.29 billion, RMB 10.30 billion, and RMB 39.34 billion, respectively, showing significant growth [5][6] - Gross profit for the same years was RMB 319 million, RMB 772 million, and RMB 3 billion, indicating a strong upward trend [5][6] - Net profit figures for 2022, 2023, and 2024 were RMB 71.65 million, RMB 217.53 million, and RMB 829.16 million, respectively, with adjusted net profit also showing substantial increases [5][7] Group 3: Market Position and Consumer Engagement - "Ming Ming Hen Mang" has become the largest snack and beverage retail chain in China by GMV in 2024, ranking fourth in the overall food and beverage retail industry [1][3] - The company has a membership base of 120 million, with 103 million active buyers and a high repurchase rate of 75% [5] - The company maintains a stable gross margin of 7.5%-7.6% from 2022 to 2024, with net profit margin increasing from 1.7% to 2.1% [8] Group 4: Digital Transformation - The company has established the largest digital team in China's snack and beverage specialty store sector, enhancing operational efficiency through a comprehensive digital system covering procurement, logistics, and store management [10]