鸣鸣很忙通过港交所聆讯，量贩零食或进入双寡头周期

Core Viewpoint - Mingming Hen Mang is set to go public on the Hong Kong Stock Exchange, having passed the listing hearing, indicating strong growth in the snack retail sector in China [2] Group 1: Company Performance - As of September 30, 2025, Mingming Hen Mang achieved a GMV of 66.1 billion yuan, a year-on-year increase of 74.5% [2] - The company reported revenues of 46.371 billion yuan for the first nine months of 2025, up 75.2% year-on-year, and an adjusted net profit of 1.81 billion yuan, a significant increase of 240.8% [2] - From 2022 to 2024, revenues surged from 4.286 billion yuan to 39.344 billion yuan, with a compound annual growth rate (CAGR) of 203%, while adjusted net profit grew from 81 million yuan to 913 million yuan, with a CAGR of 234.6% [2] - The gross margin improved from 7.5% to 9.7%, and the adjusted net profit margin increased from 1.9% to 3.9% during the same period [2] Group 2: Industry Growth - The snack retail industry is projected to grow significantly, with over 30% growth in the number of stores expected in 2025, reaching 56,000 stores and a sales scale of 220 billion yuan [3] - The rapid growth of the snack retail sector is highlighted by the fact that it took only about five years for the industry to reach over 10,000 stores, compared to much longer for other retail formats [6][8] - Mingming Hen Mang has expanded to 19,517 stores across 28 provinces, with approximately 59% of its stores located in county towns and rural areas [9] Group 3: Competitive Landscape - The competitive landscape is intensifying, with leading companies like Wanchen Group also experiencing rapid growth, having increased its store count to 15,365 by mid-2025 [12] - Wanchen Group's revenue grew from 5.49 billion yuan in 2022 to 323.29 billion yuan in 2024, with a significant increase in adjusted net profit [12] - The snack retail market is witnessing the emergence of multiple billion-dollar brands, indicating a robust growth trajectory for the sector [14] Group 4: Market Dynamics - The potential of the lower-tier markets is significant, with the GMV in these areas reaching 2.3 trillion yuan in 2024, growing at a CAGR of 6.5% from 2019 to 2024 [16] - Recent surveys indicate an increase in the frequency of visits to snack stores in county areas, suggesting a shift in consumer behavior towards modern retail formats [17] - As the market matures, competition will likely shift from scale and resource acquisition to refined product and supply chain management capabilities [17]