鸣鸣很忙更新招股书 上半年实现零售额411亿元

Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") submitted updated listing application materials to the Hong Kong Stock Exchange, showing strong financial performance and growth potential [1][2] Financial Performance - As of June 30, 2025, Mingming Hen Mang achieved a Gross Merchandise Volume (GMV) of 41.1 billion RMB and revenue of 28.12 billion RMB for the first half of the year, with an adjusted net profit of 1.034 billion RMB [1] - The company reported a cash balance exceeding 2.394 billion RMB and a net current asset value of 2.827 billion RMB, indicating a strong financial structure [1] - The operating cash flow for the first half of 2025 was 1.395 billion RMB, demonstrating robust cash generation capabilities [1] - Inventory turnover days were only 11.7 days, significantly better than the industry average, highlighting efficient supply chain management [1] Growth and Expansion - By September 2025, Mingming Hen Mang became the first company in the industry to exceed 20,000 stores, with a total of 16,783 stores covering 28 provinces, 1,327 counties, and all tiered cities in China [1] - The company’s GMV for 2024 was reported at 55.5 billion RMB, with the number of stores reaching 14,394 [1] Industry Position - Mingming Hen Mang is recognized as one of the top 10 companies in the Chinese retail chain industry for 2024, being the only representative from the bulk snack sector [2] - The company integrates its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" to enhance supply chain and operational efficiency through standardized operations [2]