19517家店的鸣鸣很忙忙上市，万店时代已来！

Core Insights - The article highlights the rapid growth and strategic significance of the snack retail company, Mingming Hen Mang, which is set to become the first snack retail enterprise to list on the Hong Kong Stock Exchange, achieving a remarkable expansion from a local store in Changsha to a national chain with nearly 20,000 stores in just seven years [1][2][4]. Group 1: Company Growth and Strategy - As of September 30, 2025, the company operates two brands, "Mingming Hen Mang" and "Zhao Yiming Snacks," with a total of 19,517 stores across 28 provinces in China, achieving a market penetration rate of 66% in lower-tier cities [2][4]. - The company has experienced a compound annual growth rate (CAGR) exceeding 200%, marking it as the fastest-growing entity in the food and beverage retail sector, indicating the onset of a "10,000-store era" in China's snack industry [2][4]. - The strategic merger of the two brands in November 2023 has created a competitive landscape characterized by a "north-south response" and a nationwide presence, making it the first snack retail brand to achieve store coverage in every county [4][5]. Group 2: Market Penetration and Channel Strategy - The company's channel strategy focuses on deep penetration into lower-tier markets, with 59% of its stores located in county and town areas, covering 1,341 county units, effectively capitalizing on the rising demand for high-quality snacks in these regions [5][7]. - The company employs a "full-domain penetration + gradient sinking" channel system, adapting store designs and product assortments based on the consumption characteristics of different city tiers, thereby creating a competitive advantage in less saturated markets [7]. Group 3: Financial Performance - The company's gross merchandise volume (GMV) is projected to exceed 55.5 billion yuan in 2024, with a significant increase to 66.1 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 74.5% [8]. - Revenue surged from 4.286 billion yuan in 2022 to 39.344 billion yuan in 2024, representing an 860% increase and a CAGR of 203% [8][10]. Group 4: Operational Efficiency and Franchise Model - The company operates a franchise model, with 99.9% of its 19,517 stores being franchisee-operated, which significantly reduces expansion costs and leverages local resources for market penetration [11][13]. - A comprehensive "full lifecycle empowerment system" is established for franchisees, including digital site selection, standardized store design, and ongoing support, ensuring brand consistency and operational efficiency across all locations [11][13]. Group 5: Digital Transformation - The company has invested in a large digital team to create an intelligent system that enhances retail efficiency, including real-time operational data visibility and customized business advice for franchisees [14][15]. - A data-driven decision-making system is built on over 1.6 billion annual transaction data points, allowing for the introduction of hundreds of new products each month, with 34% being custom collaborations with manufacturers [15]. Group 6: Industry Implications - The successful listing of Mingming Hen Mang signifies a new commercial era in China, where scale, digitization, and market penetration are fundamentally reshaping the retail landscape [16][17]. - The transition from a "thousand-store" model to a "ten-thousand-store" scale indicates a shift in industry competition from mere quantity expansion to building systemic capabilities, driven by standardized operations and digital management [16].