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Core Viewpoint - The company "Ming Ming Hen Mang" is on the path to its IPO in Hong Kong, marking a significant milestone for both the company and the snack retail industry as it aims to become the first listed company in the sector on the Hong Kong Stock Exchange [5][14]. Company Progress - The company submitted its IPO application to the Hong Kong Stock Exchange on April 28, 2025, and updated its application materials on October 28, 2025, after the initial submission expired [3]. - The China Securities Regulatory Commission approved the company's overseas listing and domestic share circulation on December 11, 2025, indicating that the company is nearing the final steps before going public [3]. Market Position - As a leader in the snack retail industry, "Ming Ming Hen Mang" operates over 20,000 stores across 28 provinces in China, earning the title of "King of Downstream Markets" with approximately 58% of its stores located in county and town areas [6]. - The company's GMV reached 55.5 billion yuan in 2024, with a remarkable 41.1 billion yuan in the first half of 2025, reflecting an 86.9% year-on-year increase [6]. Financial Performance - In the first half of 2025, the company's revenue was 28.124 billion yuan, with an adjusted net profit of 1.034 billion yuan [6]. - The company's gross margin is relatively low, ranging from 7.5% to 9.3%, but it compensates for this with high inventory turnover, averaging only 11.7 days compared to the industry average of over 20 days [6]. Digital Strategy - The company boasts a leading digital team that utilizes big data and artificial intelligence for precise product selection and ordering, introducing hundreds of new products monthly to maintain consumer interest [7]. Challenges and Risks - The company faces potential risks associated with its franchise model, as 99.5% of its revenue comes from supplying franchisees, leading to intense internal competition among stores [9]. - Complaints regarding food quality have increased alongside rapid store expansion, indicating a need for improved quality control [10]. - The company's low gross margin poses a risk, as rising logistics and raw material costs could significantly impact profitability [10]. - Competitive pressure is increasing from rivals like "Hao Xiang Lai," which is also pursuing a public listing [10]. - The company has faced regulatory scrutiny, including a fine for failing to report a merger, highlighting ongoing compliance risks [10]. Industry Outlook - The competition in the snack retail sector is intensifying as companies like "Hao Xiang Lai" also aim for public listings, marking the beginning of a capitalized era for the industry [13]. - Future success will depend on balancing store count with profitability, improving supply chain efficiency, and addressing gross margin challenges to meet market expectations [13][14].