鸣鸣很忙，冲击港股！

Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, with Goldman Sachs and Huatai International as joint sponsors [1] - By the end of 2024, the company expects to achieve a retail sales volume (GMV) of 55.5 billion RMB and over 1.6 billion transactions, leading the "bulk sales model" in China [1][3] - As of December 31, 2024, the company will operate 14,394 stores across 28 provinces and all tiered cities in China, with approximately 58% located in county and town areas [1] Business Model and Growth - Mingming Hen Mang was formed by the merger of "Snacks Are Busy" and "Zhao Yiming Snacks" in November 2023, focusing on supply chain reconstruction and innovative product development [3] - The company has a total of 3,380 SKUs (stock-keeping units) by the end of 2024, with about 25% being customized products, enhancing product flexibility and consumer engagement [3] - The average SKU count per store is no less than 1,800, with a monthly introduction of 100 new products, creating a feedback loop that increases consumer loyalty [3] Financial Performance - Revenue figures for 2022, 2023, and 2024 are projected at 4.286 billion RMB, 10.295 billion RMB, and 39.344 billion RMB, respectively, with adjusted net profits of 81 million RMB, 235 million RMB, and 913 million RMB [5] - The revenue model is primarily based on product sales, with 99.5% of income derived from sales to franchise and direct stores, while franchise fees account for less than 0.5% [5] - The number of franchisees has grown from 994 in 2022 to 7,241 in 2024, indicating strong franchise growth and operational efficiency [5] Operational Efficiency - The company's gross margin has remained stable between 7.5% and 7.6% from 2022 to 2024, while the net profit margin has improved from 1.7% to 2.1% [7] - Mingming Hen Mang has optimized its supply chain by directly connecting with manufacturers, reducing inventory turnover days to 11.6 days, which allows for cost savings passed on to consumers and franchisees [7] - The company has implemented a fully digital ordering system and advanced warehouse and transportation management systems to enhance operational efficiency [7] Future Plans - The company plans to use the funds raised from the IPO primarily for store expansion and upgrades, supply chain optimization, and digitalization efforts to increase market penetration and meet diverse consumer needs [8]