Core Viewpoint - The snack chain brand Mingming Hen Mang has passed the Hong Kong Stock Exchange hearing and is expected to become the first "bulk snack stock" in Hong Kong [2] Company Overview - Mingming Hen Mang was formed from the merger of "Snack Hen Mang" and "Zhao Yiming Snacks," completed in November 2023 [4] - The company submitted its listing application to the Hong Kong Stock Exchange in April 2025, with an updated application submitted in October 2025 [4] - The company plans to issue up to 76.67 million overseas listed shares and convert approximately 198 million shares held by 25 shareholders into overseas listed shares [4] Financial Performance - As of September 30, 2025, Mingming Hen Mang achieved a retail sales (GMV) of 66.1 billion RMB, a year-on-year increase of 74.5%, surpassing the total for 2024 [4] - The company reported revenue of 46.37 billion RMB for the first nine months of 2025, a 75.2% increase year-on-year, with an adjusted net profit of 1.81 billion RMB, up 240.8% [6] - Revenue for 2022, 2023, and 2024 was 4.29 billion RMB, 10.30 billion RMB, and 39.34 billion RMB, respectively, with compound annual growth rates (CAGR) of 140.2%, 282.2%, and 203% [6][7] Business Model - Mingming Hen Mang operates on a "bulk model," focusing on large-scale procurement and cost reduction, allowing for lower average pricing compared to supermarkets [6] - The average selling price of products is approximately 25% lower than similar products in offline supermarkets, with an average SKU count per store being double that of comparable supermarkets [6] Store Network - As of November 30, 2025, the company had 21,041 stores, including 23 self-operated stores and 21,018 franchise stores [9] - Revenue primarily comes from sales to franchisees, with 99.5% of income derived from product sales to franchise and self-operated stores [10] Competitive Landscape - The company faces strong competition from other snack retail giants, including Hao Xiang Ni and Wanchen Group, which has also submitted a listing application to the Hong Kong Stock Exchange [11][12] - Wanchen Group reported a total revenue of 32.33 billion RMB for 2024, with a year-on-year growth of 247.9% [12] Market Outlook - The retail market for leisure food and beverages in China reached 3.7 trillion RMB in 2024, projected to grow to 4.9 trillion RMB by 2029 [14] - Mingming Hen Mang plans to use IPO proceeds for store expansion, supply chain optimization, and digitalization to enhance market penetration and meet diverse consumer demands [14]
零食连锁鸣鸣很忙通过港交所聆讯：加盟店超2.1万家，去年前三季营收增长七成