鸣鸣很忙闯关港股：1.9万店撑起量贩零食第一股

Core Viewpoint - The capital market is witnessing a significant event in the snack retail sector with Hunan Mingming Hen Mang Commercial Chain Co., Ltd. set to become the first snack retail stock in Hong Kong, reflecting explosive growth in the snack retail industry and the ability of local brands to achieve scale through supply chain restructuring and digital empowerment [1] Group 1: Company Overview - Mingming Hen Mang was formed through the merger of two brands, "Snacks Are Busy" and "Zhao Yiming Snacks," creating a national layout with over 19,500 stores across 28 provinces [2] - The company aims to achieve a GMV of 55.5 billion yuan in 2024, positioning itself as the leading chain retailer in China's leisure food and beverage sector [1][2] Group 2: Financial Performance - Revenue surged from 4.286 billion yuan in 2022 to 39.344 billion yuan in 2024, marking an 860% increase, with a compound annual growth rate (CAGR) of 203% from 2022 to 2024 [3] - Adjusted net profit increased from 82 million yuan to 913 million yuan, expanding over tenfold [3] - In the first three quarters of 2025, the company achieved revenue of 46.372 billion yuan and GMV of 66.1 billion yuan, reflecting year-on-year growth of 75.2% and 74.5% respectively [3] Group 3: Supply Chain and Competitive Advantage - The company has established a comprehensive supply chain system that connects manufacturers directly, reducing intermediaries and allowing for a 25% lower average product price compared to similar products in offline supermarkets [3] - Mingming Hen Mang collaborates with about 50% of the top 100 food companies in China, offering a wide range of products with an average of 1,800 SKUs per store, which is double that of similar-sized supermarkets [3] Group 4: Product Differentiation and Digitalization - Customized products are a key competitive differentiator, with 34% of SKUs being co-developed with manufacturers, leading to significant sales for popular items [4] - The company has built a large digital team and a comprehensive digital system to support standardized operations across its stores, enhancing efficiency and customer experience [4] Group 5: Industry Trends and Future Outlook - The snack retail industry is transitioning to a phase of refined operations, with increased competition from both traditional and regional brands [5] - The company plans to use funds from its IPO to enhance supply chain capabilities, product development, and digitalization, which are critical for maintaining its leading position in a competitive market [5] - The overall market for leisure food and beverages in China is projected to grow from 3.7 trillion yuan in 2024 to 4.9 trillion yuan by 2029, with specialized store channels experiencing the fastest growth [6]