零食界“蜜雪冰城”冲击上市 鸣鸣很忙不能只靠“薄利”

Core Viewpoint - The company "Mingming Hen Mang" is attempting to enter the Hong Kong stock market, showcasing impressive growth metrics such as over 14,000 stores and a GMV of 55.5 billion yuan for 2024, but struggles with low profit margins, with gross margins below 8% and net profit margins around 2% [1][4][9]. Group 1: Company Growth and Expansion - Mingming Hen Mang has rapidly expanded its store count from 6,585 in 2023 to 14,394 in 2024, covering 28 provinces and all tiered cities, with approximately 58% of stores located in county and town areas [3][4]. - The company operates primarily through a franchise model, opening an average of 22 new stores daily in 2024, contributing to a GMV of 55.5 billion yuan [3][4]. Group 2: Financial Performance - The financial performance of Mingming Hen Mang shows a gross margin of 7.5% in 2022, 7.5% in 2023, and 7.6% in 2024, with net profit margins of 1.7%, 2.1%, and 2.1% respectively, indicating limited improvement despite increased store numbers [4][5]. - The company's revenue model relies heavily on product sales to franchise and direct stores, with less than 0.5% of revenue coming from franchise fees, which limits profit margins [5][9]. Group 3: Industry Challenges - The low-margin business model is a common issue in the discount retail sector, particularly as competition increases and the company's competitive edge diminishes [7][11]. - The shift towards a multi-category retail model introduces operational complexities and risks, such as increased supply chain management challenges and higher loss rates for non-standard products [8][9]. Group 4: Future Outlook and Strategies - The domestic snack market is projected to grow from 2.9 trillion yuan in 2019 to 3.7 trillion yuan in 2024, with a compound annual growth rate of 5.5%, indicating potential for future growth despite increasing competition [10]. - The upcoming IPO is expected to provide financial support for enhancing supply chain capabilities, product development, and brand promotion, which are crucial for improving profitability [10][11].