从规模突围到上市聆讯：鸣鸣很忙道阻且长

Core Viewpoint - The company "Ming Ming Hen Mang" is set to become the first stock in the snack retail sector in Hong Kong, having achieved significant growth in retail sales and store numbers, but faces challenges related to low profit margins and sustainability concerns [1][3]. Group 1: Company Performance - As of September 2025, the company achieved a retail sales volume (GMV) of 66.1 billion yuan, a year-on-year increase of 74.5%, surpassing the total for 2024 [1]. - The number of operational stores is approaching 20,000, covering 28 provinces across China [1]. - Revenue skyrocketed from 4.286 billion yuan in 2022 to 39.344 billion yuan in 2024, with a compound annual growth rate of 203% over three years [1]. Group 2: Business Model - The company operates primarily as a "super wholesale" entity, with 99% of its revenue coming from sales to its franchise stores rather than franchise fees [3]. - The business model relies on extreme efficiency and scale, necessitating rapid expansion to maintain profitability [3][10]. - The company has positioned itself in the underserved lower-tier markets, with nearly 70% of its stores located in third-tier cities and below [8]. Group 3: Market Strategy - The company has developed a digital retail platform that utilizes AI algorithms to optimize inventory management, achieving an impressive inventory turnover of 11 days [7]. - By minimizing supply chain costs and maintaining low price points, the company offers significant savings to consumers compared to traditional retail models [5][8]. Group 4: Challenges and Risks - The company has maintained a low gross margin of around 8%, which is significantly below the industry average of 15%-20%, indicating a fragile business model [10]. - Complaints regarding product quality have emerged, with over 2,400 complaints filed, raising concerns about product safety and quality control [11]. - Franchisees are experiencing longer return periods, with some reporting losses, as competition intensifies and market saturation increases [13]. Group 5: Future Outlook - The upcoming IPO presents both opportunities and challenges, as the company must demonstrate sustainable profitability and address governance issues highlighted by market observers [16][17]. - The company is attempting to pivot towards a broader retail model by transforming its brand into a "hard discount supermarket," which may require significant operational adjustments and investment [17].