鸣鸣很忙过聆讯，港股迎来零售新业态

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. is set to become the first "hard discount" snack retailer listed on the Hong Kong Stock Exchange, showcasing strong growth and cash flow in the emerging retail sector [1] Group 1: Company Overview - Mingming Hen Mang has two brands: "Snacks Very Busy" and "Zhao Yiming Snacks," which merged in 2023 to form a leading benchmark in the snack and beverage retail sector [3] - The company aims to expand its store network significantly, targeting 19,517 stores by September 30, 2025, with over 20,000 signed stores reported [3] - Approximately 59% of its stores are located in county towns and rural areas, covering 1,341 counties by September 30, 2025, achieving a coverage rate of about 66% in all county towns [3] Group 2: Business Model and Strategy - The company employs a "hard discount" model, offering prices approximately 25% lower than similar products in offline supermarkets, appealing to consumers in lower-tier markets [4] - Mingming Hen Mang's revenue reached 46.371 billion yuan in the first nine months of 2025, a 75.2% year-on-year increase, with adjusted net profit soaring by 240.8% to 1.81 billion yuan [4] - The 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 concerns about profitability in large-scale operations [4] Group 3: Efficiency and Digitalization - The company has built a digital infrastructure that converts over 2.1 billion consumer interactions into core data assets, enhancing operational efficiency across the supply chain [7] - Mingming Hen Mang's inventory turnover days were 11.6 and 11.7 days for 2024 and the first half of 2025, respectively, outperforming industry averages [8] - The company has transitioned from a scale-driven strategy to an efficiency-driven operational model, focusing on optimizing supply chain processes and reducing costs [8]