鸣鸣很忙更新招股书，2025上半年GMV 411亿元

Group 1 - The core viewpoint is that Mingming Hen Mang has submitted updated listing application materials to the Hong Kong Stock Exchange, indicating its ongoing efforts to go public after its initial application in April 2023 [1][4] - As of June 30, 2025, Mingming Hen Mang achieved a retail sales (GMV) of 41.1 billion RMB, with revenue of 28.12 billion RMB and an adjusted net profit of 1.034 billion RMB, showcasing strong financial performance [1][4] - The company operates 16,783 stores across 28 provinces, 1,327 counties, and all tier-one cities in China, making it the first in the industry to exceed 20,000 stores as certified by a third-party authority [1][4] Group 2 - Mingming Hen Mang is recognized as the largest chain retailer in the Chinese snack food and beverage sector, integrating its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" for enhanced operational efficiency [4] - The company ranks among the top 10 in the 2024 China Chain Industry, being the only representative from the mass snack sector [4] - As of June 30, 2025, the company reported a cash balance exceeding 2.394 billion RMB and a net current asset value of 2.827 billion RMB, reflecting a robust financial structure [4] Group 3 - The net operating cash flow for the first half of the year was 1.395 billion RMB, with an inventory turnover period of only 11.7 days, indicating effective asset management and supply chain capabilities [4] - Industry experts note that Mingming Hen Mang is transitioning from a phase of rapid expansion to a period of systematic and stable growth, marking a new stage in the Chinese snack food and beverage retail industry [4] - The Hong Kong IPO market is gradually recovering, and the updated prospectus is seen as a routine step in the listing process, with high expectations for the company's public offering [4]