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" in Hong Kong after passing the listing hearing, with significant growth in retail sales and store expansion [1][2] Financial Performance - For the nine months ending 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] - Revenue for the same period reached 46.371 billion RMB, a year-on-year increase of 75.2%, with adjusted net profit soaring by 240.8% to 1.81 billion RMB [2] - The operating cash flow net amount was 2.19 billion RMB during this period [2] Growth Metrics - From 2022 to 2024, the company's revenue grew 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%, while the adjusted net profit margin rose from 1.9% to 3.9%, indicating enhanced profitability and certainty [2] Market Position - As of September 30, 2025, the company operated 19,517 stores across 28 provinces and all tiered cities in China, with a target of exceeding 20,000 signed stores [1]