拿到“大路条”，两个85后即将拿下一个港股IPO

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the overseas listing of Hunan Mingming Henbang Commercial Chain Co., Ltd., marking a significant milestone in its listing process [1][5]. Group 1: Listing Details - Mingming Henbang plans to issue up to 76,666,400 overseas ordinary shares and list on the Hong Kong Stock Exchange, with 25 shareholders converting a total of 198,079,551 unlisted domestic shares into overseas listed shares [3]. - The approval from the CSRC indicates compliance with regulations regarding equity structure, data security, and foreign investment access, eliminating legal uncertainties and signaling a positive market message [5]. Group 2: Company Background - Mingming Henbang, founded in March 2017 by Yan Zhou in Changsha, Hunan, and merged with Zhao Yiming's brand in November 2023, is now the largest retail chain for snacks and beverages in China, with plans to exceed 20,000 stores by September 2025, covering over 1,300 counties [5]. - In the first half of 2025, the company reported a Gross Merchandise Volume (GMV) of 41.1 billion yuan, revenue of 28.12 billion yuan, and an adjusted net profit of 1.034 billion yuan, showcasing strong cash flow and high supply chain efficiency with an inventory turnover period of only 11.7 days [5]. Group 3: Business Model - The company adopts a franchise model for expansion, which allows for rapid scaling and resource mobilization, with a franchise store growth rate of 246.10% in 2023 and continued triple-digit growth expected in 2024 [10]. - Sales expenses as a percentage of revenue remained low at 3.71%, 3.16%, and 3.75% from 2022 to 2024, indicating efficient cost management [11]. - Mingming Henbang supports franchisees throughout their lifecycle, providing tools for site selection and maintaining service quality, which enhances the longevity of franchise stores [11]. - The company has shifted the traditional model of earning franchise fees to a symbiotic relationship with franchisees, with 99.5% of revenue coming from product sales to franchise and direct stores, while franchise fees account for less than 0.5% [12].