鸣鸣很忙获准赴港上市，量贩零食龙头加速资本化

Core Viewpoint - The China Securities Regulatory Commission has approved Hunan Mingming Hen Mang Commercial Chain Co., Ltd.'s overseas issuance and listing, allowing the company to list on the Hong Kong Stock Exchange, marking a significant milestone for this leading player in the domestic bulk snack industry [1] Group 1: Company Overview - Mingming Hen Mang was formed by the merger of two brands: "Snacks Are Busy," established in 2017 in Changsha, and "Zhao Yiming Snacks," founded in 2019 in Jiangxi, with a strategic integration completed in November 2023 [1] - Following the merger, the company has rapidly expanded, with over 16,000 stores by mid-2025, covering more than 1,300 counties and cities nationwide, and is expected to surpass 20,000 stores by September 2025 [1] Group 2: Financial Performance - The company's revenue surged from approximately 4.3 billion RMB in 2022 to about 39.3 billion RMB in 2024, with 28.1 billion RMB achieved in the first half of 2025 [3][4] - Net profit increased from around 70 million RMB to approximately 830 million RMB from 2022 to 2024, further rising to about 880 million RMB in the first half of 2025 [3] - The rapid growth is primarily driven by the franchise model, with the number of stores increasing from 1,902 at the end of 2022 to 16,783 by June 2025 [3] Group 3: Market Position and Strategy - The rise of the bulk snack industry addresses the inefficiencies and high costs of traditional snack retailing, with Mingming Hen Mang integrating the supply chain to shorten the transaction chain from factory to consumer [4] - The company attracts price-sensitive consumers with a diverse product range and a low-price strategy on branded products, while achieving higher margins through private label products [4] - The business model relies heavily on economies of scale, enhancing supply chain bargaining power and reducing procurement costs, with a market share exceeding 25% in the bulk snack sector as of March 2024 [5] Group 4: Future Prospects - If successful in its IPO, Mingming Hen Mang will become the second listed company in the bulk snack sector after Wancheng Group, providing new financing channels for further expansion and enhancing brand influence in a competitive market [5]