“鸣鸣很忙”通过港交所聆讯，有望成为港股“量贩零食第一股”

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 main board listing hearing, with plans to raise funds for store network upgrades, supply chain digitalization, and brand enhancement [1][2]. Group 1: Company Overview - Mingming Hen Mang operates as a snack chain focused on offline retail, utilizing dual brands "Snack Very Busy" and "Zhao Yiming Snacks" [1]. - As of September 30, 2025, the company has 19,517 operating stores across 28 provinces and all tiered cities in China, with nearly 60% located in county and town markets [1]. - The company has surpassed 20,000 signed stores and is the leading player in China's leisure food and beverage retail sector, achieving a GMV of 55.5 billion yuan in 2024 with over 1.6 billion transactions [1]. Group 2: Financial Performance - In 2024, the company reported a total revenue of 39.344 billion yuan, with an adjusted net profit of 913 million yuan, resulting in a net profit margin of 2.3% [2]. - For the first half of 2025, the company experienced significant growth, achieving a revenue of 28.124 billion yuan, a year-on-year increase of 86.5%, and an adjusted net profit of 1.035 billion yuan, exceeding the total for 2024 [2]. - The net profit margin improved to 3.7% in the first half of 2025 [2]. Group 3: Market Position and Growth Potential - According to a report by Frost & Sullivan, Mingming Hen Mang is the largest chain retailer in China by GMV in the leisure food and beverage sector for 2024, and the fourth largest in the overall food and beverage category [2]. - The company is recognized as one of the top ten chain enterprises in China for 2024 and is among the fastest-growing chains [2]. - The Chinese leisure food retail market is projected to reach 4.9 trillion yuan by 2029, positioning the company to benefit from industry growth and attracting significant attention from capital markets due to its unique market position [2].