鸣鸣很忙通过港交所聆讯：将成港股「量贩零食第一股」，门店数已突破2万家

Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. has passed the Hong Kong Stock Exchange hearing and will disclose its post-hearing information on January 6, 2026, with Goldman Sachs and Huatai International as joint sponsors [1] - Mingming Hen Mang is the largest leisure food and beverage retail chain in China, integrating its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" to enhance supply chain and operational efficiency through standardized operations [1] Group 1: Company Growth and Market Position - As of September 30, 2025, Mingming Hen Mang operates 19,517 stores across 28 provinces and all tiered cities in China, becoming the first company in the industry to exceed 20,000 stores [2] - In the first three quarters of 2025, the company achieved a retail sales volume (GMV) of 66.1 billion yuan, a year-on-year increase of 74.5%, surpassing the total for the entire year of 2024 [2] - According to a report by Frost & Sullivan, Mingming Hen Mang is the largest chain retailer in China based on GMV for leisure food and beverage products in 2024 [3] Group 2: Financial Performance - For the first three quarters of 2025, Mingming Hen Mang reported revenue of 46.371 billion yuan, a year-on-year growth of 75.2%, and an adjusted net profit of 1.81 billion yuan, a significant increase of 240.8% [3] - From 2022 to 2024, the company's revenue grew from 4.286 billion yuan to 39.344 billion yuan, with a compound annual growth rate (CAGR) of 203%, while adjusted net profit increased from 81 million yuan to 913 million yuan, with a CAGR of 234.6% [3] - The gross margin improved from 7.5% in 2022 to 9.7% in 2025, and the adjusted net profit margin increased from 1.9% to 3.9%, indicating enhanced profitability and certainty [3] Group 3: Investment and Future Plans - Mingming Hen Mang has received investments from notable institutions such as Gao Rong Capital, Sequoia China, Black Ant Capital, Wuyuan Capital, and Qicheng Capital [4] - The company plans to use the net proceeds from its IPO primarily to enhance supply chain capabilities, improve product development, upgrade store networks, empower franchisees, build and promote its brand, enhance technological and digital capabilities, and selectively seek strategic investments and acquisitions [4]