业绩亮眼！2025上半年GMV 411亿，鸣鸣很忙经营质效领跑行业

Core Insights - The company, Mingming Hen Mang, submitted updated listing application materials to the Hong Kong Stock Exchange, showcasing strong financial performance and market leadership [1][3] - As of June 30, 2025, the company 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 [1] - The total number of stores reached 16,783, maintaining its position as the industry leader, and it is the first in the sector to surpass 20,000 stores according to Frost & Sullivan [1][3] Financial Performance - The company reported a cash balance exceeding 2.394 billion RMB and net current assets of 2.827 billion RMB as of June 30, 2025 [3] - For the first half of 2025, the operating cash flow net amount was 1.395 billion RMB, indicating robust cash generation capabilities [3] - The inventory turnover days were only 11.7 days, reflecting efficient asset management and supply chain operations [3] Market Position - Mingming Hen Mang is recognized as one of China's largest leisure food and beverage retail chains, integrating its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" to enhance operational efficiency [3] - The company ranked among the top 10 in the 2024 China Chain Industry, being the only bulk snack enterprise in that list [3] - The updated prospectus is seen as a routine step in the Hong Kong IPO process, with expectations for a successful listing due to the company's scale, operational quality, and growth momentum [3]