鸣鸣很忙冲刺港股！2025上半年净利同比增240%，行业首家突破2万店

Core Viewpoint - The company "Mingming Hen Mang" has received approval for its listing in Hong Kong, marking a significant step in its capital market journey as a leading retail chain in the snack industry [1] Group 1: Company Overview - "Mingming Hen Mang" was formed by the merger of well-known brands "Snacks Hen Mang" and "Zhao Yiming Snacks" in 2023, headquartered in Changsha, Hunan [1] - The company has integrated the supply chain, warehousing, distribution, and store management systems of both brands, leading to rapid growth [1] - As of June 30, 2025, the store network covers 28 provinces in China with over 16,000 stores, and by September 2025, it became the first in the industry to exceed 20,000 stores [1] Group 2: Financial Performance - The company reported a total merchandise transaction value (GMV) of 55.5 billion yuan for 2024 and 41.1 billion yuan for the first half of 2025 [1] - Revenue figures for 2022, 2023, 2024, and the first half of 2025 were 4.286 billion yuan, 10.295 billion yuan, 39.344 billion yuan, and 28.124 billion yuan respectively, with net profits of 72 million yuan, 218 million yuan, 834 million yuan, and 877 million yuan [1] - Revenue and net profit growth rates from 2022 to 2025 show significant increases, with 2023/2024/2025 H1 revenue growth rates of 140.22%, 282.15%, and 86.52% respectively, and net profit growth rates of 203.45%, 283.44%, and 240.23% respectively [2] Group 3: Business Model and Strategy - The company has established a strong supply chain advantage by directly connecting with over 2,000 manufacturers, effectively reducing procurement costs [2] - It employs a light-asset expansion model centered on franchising and utilizes a fully digitalized warehousing and transportation management system to enhance operational efficiency [2] - The upcoming listing in Hong Kong is expected to further expand the company's supply chain and proprietary brand business, solidifying its leading position in China's snack retail industry [2]