9个月卖了661亿，鸣鸣很忙率先抢滩港交所，年货节成量贩零食下半场首战

Core Insights - The Hong Kong Stock Exchange has approved Hunan Mingming Henmang Commercial Chain Co., Ltd. to become the first "bulk snack stock" in Hong Kong, marking a significant milestone for the company [2] - Mingming Henmang achieved a retail sales volume (GMV) of 66.1 billion RMB in the first nine months of 2025, a year-on-year increase of 74.5%, surpassing the total for 2024 [2] - The company plans to expand its market presence by launching strategic alliances and exploring investment opportunities to strengthen its market position [9] Company Performance - For the first nine months of 2025, Mingming Henmang reported revenues of 46.371 billion RMB, a 75.2% increase year-on-year, and an adjusted net profit of 1.81 billion RMB, up 240.8% [2] - The company has seen explosive growth in store numbers, increasing from 6,585 to 19,517 between 2023 and September 2025 [4] - The adjusted net profit has grown from 0.81 billion RMB in 2022 to 9.13 billion RMB in 2024, reflecting a compound annual growth rate of 234.6% [3] Industry Dynamics - The bulk snack industry is entering a critical phase of consolidation, with major players like Mingming Henmang and Wancheng Group merging to enhance competitive strength [3] - The industry is facing challenges as the period of rapid expansion is coming to an end, with a scarcity of quality locations becoming a common issue [7] - The focus is shifting towards "refined management," emphasizing store, product, and supply chain upgrades, with product differentiation becoming a key competitive strategy [8] Market Outlook - The retail market for food and beverages in China is projected to grow from 7.1 trillion RMB in 2024 to approximately 8.7 trillion RMB by 2029, with a compound annual growth rate of about 4.3% [10] - The entry of capital into the market is expected to intensify competition between leading brands, as both Mingming Henmang and Wancheng Group are pursuing listings on the Hong Kong Stock Exchange [8][11]