Core Viewpoint - The competition for the title of "first stock of bulk snacks" on the Hong Kong Stock Exchange is intensifying, with leading companies like Mingming Hen Mang and Wancheng Group actively pursuing their listing applications [1][2]. Company Performance - Mingming Hen Mang reported a revenue of 281.24 billion yuan for the first half of 2025, representing a year-on-year growth of 85.6%. The adjusted net profit reached 10.35 billion yuan, up 265.5% from the previous year [3][4]. - The revenue breakdown shows that the brand "Snacks Hen Mang" generated 117.96 billion yuan, while "Zhao Yiming Snacks" contributed 163.33 billion yuan in the same period [4]. Growth Strategy - The company's growth strategy is centered around "low-price attraction and store expansion." As of the end of 2024, Mingming Hen Mang's average prices were approximately 25% lower than similar products in offline supermarket channels, attracting over 1.6 billion consumer visits [5]. - The company has expanded its store network significantly, with 16,783 stores as of June 2025, including 7,594 under "Snacks Hen Mang" and 9,189 under "Zhao Yiming Snacks" [5]. Competitive Landscape - Both Mingming Hen Mang and Wancheng Group are engaged in fierce competition for market share, focusing on store numbers and regional coverage. As of September 2025, Mingming Hen Mang had over 20,000 stores, while Wancheng Group had 15,365 stores [13]. - Wancheng Group has also announced plans for further expansion, including a significant acquisition to enhance its competitive position [13]. Industry Challenges - Despite rapid growth, challenges such as slowing store expansion rates and increasing closure rates are emerging. The monthly average growth of new stores has slightly declined, and the closure rates for franchise stores have increased [8][11]. - Both companies operate in a low-margin environment, with marketing expenses rising, which compresses profit margins. Mingming Hen Mang's gross margins have remained low, ranging from 7.5% to 9.3% from 2022 to mid-2025 [11][12]. Market Implications - The race for the "first stock" title is not just about market positioning but also about securing investor confidence and resources. The successful listing could enhance brand recognition and attract more resources [15][16]. - The listing will provide a market valuation benchmark for the bulk snack industry, influencing the overall market dynamics and investor perceptions [17].
刚过期就补递，鸣鸣很忙携半年281亿营收再冲港交所，首次拆分披露双品牌数据