量贩零食头部企业齐谋上市

Core Insights - The article discusses the rapid transformation of the snack retail ecosystem in China, highlighting the competitive landscape and the upcoming IPO of Hunan Mingming Hen Mang Commercial Chain Co., Ltd., which aims to become the first listed company in the bulk snack sector on the Hong Kong Stock Exchange [2] Company Performance - Mingming Hen Mang reported a retail sales (GMV) of 66.1 billion RMB for the nine months ending September 30, 2025, reflecting a year-on-year growth of 74.5% [2] - For the first three quarters of 2025, Mingming Hen Mang achieved a revenue of 46.371 billion RMB, a 75.2% increase year-on-year, and a net profit of 1.559 billion RMB, up 218% [3] - In comparison, Wanchen Group, the parent company of another leading brand, achieved a revenue of 36.562 billion RMB, a 77% increase, and a net profit of 855 million RMB, up 917% during the same period [3] Gross Margin Analysis - Mingming Hen Mang's gross margin for the first nine months of 2025 was 9.7%, up from 7.5% in 2023 and 7.6% in 2024 [4] - Wanchen Group's gross margin increased from 9.3% in 2023 to 10.7% in 2024, reaching 11.7% in the first three quarters of 2025 [4] Industry Trends - The bulk snack industry is expected to grow significantly, with estimates suggesting over 30% growth in the number of stores to 56,000 by 2025, and a projected industry sales scale of 220 billion RMB [5] - The competitive landscape is intensifying, with leading companies increasing store openings and engaging in price wars to capture market share [5] - Despite the growth potential, the bulk snack model faces limitations and risks, as it relies heavily on low prices and a wide variety of products, which may lead to price wars and imitation by competitors [5]