鸣鸣很忙通过上市聆讯，港股迎来“新物种”

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (Mingming Hen Mang) has officially passed the Hong Kong Stock Exchange listing hearing and is set to become the "first stock of bulk snack retail" in Hong Kong, showcasing its sustainable growth and robust cash flow in the emerging retail sector [1] Group 1: Business Model and Market Position - Mingming Hen Mang operates two brands: "Snacks Hen Mang" and "Zhao Yiming Snacks," which merged in 2023 to establish a strong presence in the snack and beverage retail sector [2] - The company has restructured its sales model focusing on supply chain optimization and store network expansion, filling a capital vacuum in the Hong Kong market for bulk snack retail [1][2] - As of September 30, 2025, the number of operational stores is projected to reach 19,517, with over 20,000 signed stores, primarily located in county and township areas [2] Group 2: Financial Performance and Growth - For the first nine months of 2025, Mingming Hen Mang reported revenue of 46.371 billion yuan, a year-on-year increase of 75.2%, and an adjusted net profit of 1.81 billion yuan, up 240.8% [3] - The company's gross margin improved from 7.5% in 2022 to 9.7% by September 2025, while the adjusted net profit margin increased from 1.9% to 3.9%, countering industry concerns about profitability in large-scale operations [3] Group 3: Operational Efficiency and Digitalization - Mingming Hen Mang's hard discount model is supported by a high-turnover supply chain, which enhances efficiency and reduces costs in the product flow process [4] - The company has developed a comprehensive digital system that integrates data from over 2.1 billion consumer interactions, enabling real-time monitoring and customized operational strategies for franchisees [4][5] - The average inventory turnover days were recorded at 11.6 days in 2024 and 11.7 days in the first half of 2025, outperforming industry averages and traditional retail benchmarks [5]