中国最大的休闲食品饮料连锁零售商，鸣鸣很忙通过港交所聆讯

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. is set to become the first "bulk snack stock" on the Hong Kong Stock Exchange after passing the listing hearing, with significant growth in retail sales and store expansion [1][2] Group 1: Company Performance - As of September 30, 2025, the company achieved a retail sales (GMV) of 66.1 billion RMB, representing a year-on-year growth of 74.5%, surpassing the total for 2024 [1] - For the first nine months of 2025, the company reported revenue of 46.371 billion RMB, a year-on-year increase of 75.2%, and an adjusted net profit of 1.81 billion RMB, a substantial growth of 240.8% [2] - The company’s operating cash flow net amount reached 2.19 billion RMB during the same period [2] Group 2: Growth Metrics - From 2022 to 2024, the company's revenue surged from 4.286 billion RMB to 39.344 billion RMB, achieving a compound annual growth rate (CAGR) of 203% [2] - Adjusted net profit increased from 0.081 billion RMB to 0.913 billion RMB during the same period, with a CAGR of 234.6% [2] - The gross margin improved from 7.5% to 9.7% and the adjusted net profit margin rose from 1.9% to 3.9% from 2022 to the first nine months of 2025, indicating enhanced profitability and certainty [2] Group 3: Market Position - As of September 30, 2025, the company operated 19,517 stores nationwide, covering all 28 provinces and all tiered cities in China [1] - The total number of signed stores is expected to exceed 20,000 by September 2025, solidifying its position as the largest leisure food and beverage retail chain in China [1]