Workflow
【IPO前哨】“量贩式”零食巨头闯关港股!鸣鸣很忙成色如何?
Jin Rong Jie·2025-04-29 11:37

Core Viewpoint - The article discusses the IPO submission of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (Mingming Hen Mang), highlighting its rapid growth and unique business model in the food and beverage retail sector in China [1][2]. Group 1: Company Overview - Mingming Hen Mang is a leading food and beverage retailer in China, formed by the merger of two brands: "Snacks Hen Mang" and "Zhao Yiming Snacks" [3]. - The company operates a unique volume-based retail model, focusing on innovative product development and a strong in-store experience [3]. - As of the end of 2024, Mingming Hen Mang has a network of 14,394 stores, with approximately 58% located in county towns and rural areas, covering 66% of all counties in China [3]. Group 2: Financial Performance - In 2024, Mingming Hen Mang recorded a Gross Merchandise Volume (GMV) of RMB 55.5 billion, with over 1.6 billion transactions, making it the largest chain retailer in China's snack food sector [4]. - Revenue from 2022 to 2024 showed significant growth: RMB 4.286 billion in 2022, RMB 10.295 billion in 2023, and RMB 39.344 billion in 2024 [5]. - The core revenue source is from selling goods to franchisees, accounting for approximately 99% of total revenue during this period [5]. Group 3: Profitability Metrics - The gross profit for Mingming Hen Mang increased from RMB 319 million in 2022 to RMB 2.999 billion in 2024, with net profits rising from RMB 72 million to RMB 829 million in the same period [5]. - The adjusted net profit margins were 1.9% in 2022, 2.3% in 2023, and remained at 2.3% in 2024, indicating stable profitability [6]. Group 4: Inventory and Goodwill Concerns - The company has experienced rapid inventory growth, with inventory values reaching RMB 2 billion in 2022, RMB 6.32 billion in 2023, and RMB 16.74 billion in 2024 [7]. - Goodwill recorded was zero in 2022, RMB 2.25 billion in 2023, and remained at that level in 2024, primarily due to the acquisition of Zhao Yiming [7]. Group 5: Dividend and Shareholder Structure - Mingming Hen Mang declared a dividend of RMB 300 million to shareholders in March 2025, with significant portions of cash dividends flowing to the founders [8][10]. - As of April 2025, the ownership structure shows that the founders hold substantial voting rights, with Yan Zhou controlling 25.75% directly and additional percentages through various holding platforms [8][9].