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 successfully 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 strong 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 become a benchmark 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 by the same date, covering 1,341 counties [2] Group 2: Financial Performance - 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, characterized by direct procurement and cash settlement, significantly reduces intermediate costs, offering prices approximately 25% lower than similar products in offline supermarkets [3] - The company has developed a comprehensive digital system that integrates supply chain management, enabling real-time monitoring and customized operational improvements 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 [5]