鸣鸣很忙聆讯过关：叩开港股大门，又入巨头猎场

Core Insights - The company "Mingming Hen Mang" is on the verge of becoming the first snack retail stock in Hong Kong, with a GMV exceeding 66.1 billion yuan and a year-on-year growth of over 74% as of September last year [1][4] - The founders, Yan Zhou and Zhao Ding, aim to provide affordable snacks and have built a vast retail network with nearly 20,000 stores across lower-tier markets [1][4] - However, the company faces significant challenges, including rising complaints about product quality and increasing store closure rates, which have risen from approximately 0.7% in 2022 to 1.9% in 2024 [5][6] Company Performance - As of 2025, the company has received over 2,000 complaints regarding its products, with issues such as mold and foreign objects being reported [5] - Franchisees are experiencing financial losses, with some reporting losses of over 1 million yuan and a significant increase in store closures from 14 in 2022 to 128 in the first three quarters of 2025 [10][12] - The company's gross profit margin has been constrained between 7.5% and 9.3%, with a net profit margin of only about 2%, indicating weak profitability [10][12] Business Model and Strategy - The company's business model relies heavily on rapid store expansion and low-cost franchise policies, which have created a vast network but also increased operational risks [10][11] - The average payback period for franchisees has extended to 29 months, far longer than the initial promise of 1.5 years [10] - The company is transitioning from a discount snack retailer to a broader "savings supermarket" model, introducing new product categories and self-branded items [13][14] Market Challenges - The snack retail market is highly fragmented, with the top five players holding only 6% of the market share, leading to intense competition [13] - The company faces pressure from established competitors like Meituan, JD, and Alibaba, which have significant advantages in global sourcing and brand development [18] - The shift to self-branded products may strain relationships with traditional suppliers and complicate inventory management, posing risks to profitability [17][18] Future Outlook - The company must prove its ability to adapt and innovate in a competitive landscape while maintaining its low-price strategy [16][19] - The success of the new business model will depend on its ability to manage operational complexities and maintain product quality amidst aggressive cost-cutting measures [17][18] - The path ahead is uncertain, with potential for both growth and significant challenges as the company navigates its transformation [19]