即将上市，鸣鸣很忙更忙了：斗万辰、提利润、谋增长

Core Insights - The article discusses the imminent IPO of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. ("Mingming Hen Mang"), a leading player in the snack retail industry, which has successfully passed the critical listing hearing stage on January 6, 2024 [2][4] - Mingming Hen Mang and its competitor, Wancheng Group, have experienced significant growth and expansion in the snack retail sector, with a combined store count approaching 20,000 by September 30, 2025 [2][4] - The competitive landscape is shifting as both companies face challenges in maintaining growth and profitability amidst a saturated market characterized by low margins and high product homogeneity [4][5] Group 1: Company Overview and Growth - Mingming Hen Mang's GMV is projected to reach 55.5 billion yuan in 2024, with a remarkable 74.5% year-on-year increase to 66.1 billion yuan in the first nine months of 2025 [4] - The company has evolved from a small store opened in 2017 to a major player in the industry, benefiting from significant venture capital investments and a rapid expansion strategy [6][9] - The competitive landscape intensified in 2021 with substantial investments, leading to explosive growth in the snack retail sector, driven by a low-price model that significantly undercuts traditional supermarkets [9][10] Group 2: Competitive Dynamics - The rivalry between Mingming Hen Mang and Wancheng Group has escalated into a fierce price war, with both companies employing aggressive marketing strategies and subsidies to attract franchisees and consumers [16][20] - The intense competition has resulted in soaring marketing expenses for Mingming Hen Mang, which increased from 15.9 million yuan in 2022 to 1.476 billion yuan in 2024, outpacing revenue growth [22][24] - As of 2025, both companies are facing challenges in expanding their store counts, with Mingming Hen Mang's growth rate slowing significantly and an increasing number of store closures [24] Group 3: Future Strategies and Challenges - To sustain growth and improve profitability, both companies are exploring new avenues, including the development of private label products and expansion into the supermarket sector [25][30] - Mingming Hen Mang has launched two private label series, "Red Label" and "Gold Label," aiming to enhance profit margins and differentiate its offerings [26][30] - The transition to self-operated products and discount supermarkets represents a high-risk, high-investment strategy for both companies, as they seek to navigate a maturing market and find new growth drivers [30]