当扩张进入下半场，鸣鸣很忙靠什么取胜？

Core Insights - Hunan Mingming Henmang Commercial Chain Co., Ltd. has refiled its IPO application with the Hong Kong Stock Exchange, showing significant growth in retail sales and aiming for sustainable growth in the competitive snack retail market [1][2]. Financial Performance - In the first half of 2025, the company's gross merchandise volume (GMV) reached approximately 41.1 billion yuan, representing a year-on-year increase of 86.9% [1]. - The company reported revenues of 4.286 billion yuan, 10.295 billion yuan, 39.344 billion yuan, and 28.124 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - Adjusted net profits for the same periods were 81.495 million yuan, 235 million yuan, 913 million yuan, and 1.034 billion yuan [2]. Market Position and Growth - Mingming Henmang has become the first company in the domestic snack retail industry to exceed 20,000 stores, ranking among the top ten chain retailers in China for 2024 and being the fastest-growing among them [3]. - The domestic snack retail market is projected to grow from 2.9 trillion yuan in 2019 to 3.7 trillion yuan by 2024, with a compound annual growth rate (CAGR) of 5.5% [1]. Strategic Initiatives - The company is addressing traditional retail challenges by innovating product development, enhancing store experiences, and restructuring supply chains to better meet consumer needs [2]. - Mingming Henmang's retail system is expected to empower expansion into other product categories, leveraging its experience in the snack sector [3]. Operational Efficiency - The company operates under a group structure with two brands, "Snacks Very Busy" and "Zhao Yiming Snacks," which were merged in November 2023 to enhance market coverage and operational efficiency [4][5]. - Mingming Henmang has established a unified organizational structure for internal management, with a single management team overseeing all operations [5]. - The company has optimized its supply chain, resulting in an average product price that is approximately 25% lower than similar products in offline supermarket channels, while maintaining quality standards [5].