鸣鸣很忙港交所递表：超半数布局县乡市场，量贩经营模式如何破局？

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its dual-brand strategy and significant market presence in the snack retail sector [1] Company Overview - Mingming Hen Mang operates two brands: "Snacks Very Busy" and "Zhao Yiming Snacks," which were merged in November 2023, maintaining a dual-brand strategy [1] - The company is projected to achieve a gross merchandise value (GMV) of RMB 55.5 billion in 2024, with over 1.6 billion transactions [1] - As of December 31, 2024, Mingming Hen Mang will have 14,394 stores, making it the largest snack retail chain in China by GMV [1] Business Model - The company employs a low-margin, high-volume strategy, achieving profitability through high sales efficiency, low expense ratios, and rapid inventory turnover [3] - Gross margins are reported between 7.5% and 7.6%, with net profit margins increasing from 1.7% to 2.1% from 2022 to 2024 [3] - The company simplifies its supply chain by sourcing directly from manufacturers, which allows for competitive pricing, with average prices approximately 25% lower than those in offline supermarkets [3] Market Dynamics - The snack retail sector is experiencing rapid expansion, particularly in lower-tier cities, with a focus on cost-effectiveness and product variety [2][5] - The market is currently characterized by intense price competition, with a growing demand for both cost-effectiveness and quality among consumers [2] - The market for snack retail is projected to continue growing, with a compound annual growth rate (CAGR) of 6.5% in lower-tier markets from 2019 to 2024 [5] Competitive Landscape - The industry is undergoing consolidation, with larger brands acquiring smaller ones, leading to a significant reduction in the number of regional snack brands [6] - Approximately 100 regional snack brands have disappeared in 2024, with expectations that over 50% of smaller companies will be eliminated by 2025 [6] - Mingming Hen Mang emphasizes the importance of balancing cost-effectiveness with product quality to maintain competitive advantage in the evolving market [6] Future Plans - The company plans to use the proceeds from its IPO to enhance supply chain capabilities, upgrade store networks, empower franchisees, and invest in brand development and technology [6]