食品饮料-零食行业：鸣鸣很忙(02143)，招股说明书梳理，零食量贩龙头

Company Overview - Mingming Hen Mang is a leading player in China's snack retail industry, formed by the merger of "Snack Hen Mang" and "Zhao Yiming Snacks" [1][12] - As of the end of 2024, the company operates 14,394 stores across 28 provinces, with 58% of its stores located in county towns and townships, and has over 120 million members [1][13] - The company achieved a revenue of 39.344 billion yuan in 2024, with a compound annual growth rate (CAGR) of 203% from 2022 to 2024, and a gross merchandise volume (GMV) of 55.5 billion yuan [1][15] Industry Insights - The retail scale of China's leisure food and beverage market has grown from 2.86 trillion yuan in 2019 to 3.74 trillion yuan in 2024, with a CAGR of 5.5% [1][25] - The share of the snack retail channel has increased from 8% in 2019 to 11% in 2024, making it one of the fastest-growing segments [1][29] Competitive Advantages - The company has an efficient store expansion strategy, adding 7,809 new stores in 2024, with an average annual GMV of 5.29 million yuan per store [2][39] - Digital supply chain capabilities have reduced logistics costs to 1.7%, and inventory turnover days have improved to 11.6 days [2][6] - The franchise system is robust, with 794 supervisors covering 14,000 stores, and a low customer concentration risk, with the top five customers accounting for only 2.5% of revenue [2][6] Future Growth Drivers - Market share is expected to increase as the company and its competitor, Wancheng Group, collectively operate over 14,000 stores, capturing nearly 75% of the market [2][6] - Upgrades to the store model, including the introduction of fresh food and daily necessities, are anticipated to enhance revenue per store [2][6] - Continued improvements in supply chain bargaining power and cost optimization are expected to further enhance gross and net profit margins [2][6] Financial Performance - The company reported a net profit of 834 million yuan in 2024, with a CAGR of 241% from 2022 to 2024, outpacing revenue growth [1][15] - The gross margin improved from 7.45% in 2022 to 7.62% in 2024, contributing to an adjusted net margin of 2.32% [1][15]