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鸣鸣很忙披露招股书:门店逼近1.5万家,收入近400亿元
Xin Jing Bao·2025-04-29 07:39

Core Viewpoint - The company "Mingming Hen Mang" has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence in the snack retail sector, with significant projected revenue growth and a unique business model focused on supply chain optimization and customer experience [1][3]. Company Overview - "Mingming Hen Mang" reported revenues of 4.286 billion yuan, 10.295 billion yuan, and 39.344 billion yuan for the years 2022, 2023, and 2024 respectively, with adjusted net profits of 81 million yuan, 235 million yuan, and 913 million yuan for the same years [1]. - The company operates under two snack brands: "Snacks Hen Mang" and "Zhao Yiming Snacks," which merged in November 2023 to form "Mingming Hen Mang" [1]. Business Model and Operations - The company employs a "bulk retail model" that focuses on supply chain reconstruction, innovative product development, and creating a pleasant shopping experience, leading to rapid growth [1]. - As of the end of 2024, the company plans to have 14,394 stores across 28 provinces and all tiered cities in China, with approximately 58% located in county and town areas [1]. Product Strategy - "Mingming Hen Mang" has established a standardized product selection mechanism that includes initial selection, tasting, trial sales, and promotion, with 3,380 SKUs in stock by the end of 2024, of which about 25% are customized products [2]. - The average number of SKUs per store is at least 1,800, which is double that of similar-sized supermarkets [2]. Financial Performance - The company has maintained a stable gross margin of 7.5%-7.6% from 2022 to 2024, with net profit margin increasing from 1.7% to 2.1% during the same period [2]. - The revenue model is primarily based on product sales to franchise and direct stores, with franchise fees and service income accounting for less than 0.5% of total revenue [2]. Market Position and Growth Potential - The retail snack sector in China is highly fragmented, with the top five chain retailers holding only 6.0% of the market share in 2024, indicating significant growth potential for "Mingming Hen Mang" [3]. - The company plans to use IPO proceeds for store expansion, supply chain optimization, and digital transformation to enhance market penetration and meet diverse consumer demands [3].