商贸零售行业跟踪周报：量贩零食行业龙头上市在即，鸣鸣很忙IPO全梳理

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - Mingming Hen Mang is the largest leisure food and beverage retail chain in China, formed by the merger of "Snacks Are Busy" and "Zhao Yiming Snacks" in November 2023, aiming to address industry pain points through scale procurement and efficient turnover [4][9] - The company is projected to achieve a revenue of CNY 39.34 billion and a net profit of CNY 0.83 billion in 2024, with nearly 15,000 stores [4][10] - The leisure food industry is experiencing rapid growth, with Mingming Hen Mang's revenue increasing from CNY 4.286 billion in 2022 to CNY 39.344 billion in 2024, representing a year-on-year growth of 282.17% [10][13] - The gross margin is expected to improve from 7.45% in 2022 to 9.73% in Q1-Q3 2025, while the net profit margin is projected to rise from 1.67% to 3.36% in the same period [10][16] - The report highlights the acceleration of brand consolidation in the snack retail sector, with the top five chain retailers contributing CNY 2.1 trillion in GMV, accounting for 57.1% of the food and beverage industry [17][20] Summary by Sections Industry Trends - The retail sector is witnessing a significant increase in store numbers, with major players like Mingming Hen Mang and Wancheng Group expanding aggressively across the country [23] - The competitive landscape is stabilizing with Mingming Hen Mang and Wancheng Group leading the market, holding over 70% of the market share in the snack retail sector [17][23] Financial Performance - Mingming Hen Mang's revenue and net profit for 2022, 2023, and 2024 are reported as follows: CNY 4.286 billion, CNY 10.295 billion, and CNY 39.344 billion for revenue; CNY 0.72 billion, CNY 2.17 billion, and CNY 8.34 billion for net profit, respectively [10][13] - The company achieved a revenue of CNY 46.371 billion in Q1-Q3 2025, surpassing the total revenue of 2024, with a year-on-year growth of 75.21% [10][13] Market Position - In 2024, Mingming Hen Mang's GMV reached CNY 55.5 billion, securing a market share of 1.5%, making it the largest leisure food and beverage retail chain in China [17][20] - The report suggests that investors should actively consider opportunities in the snack retail sector, especially with Mingming Hen Mang's upcoming H-share listing on January 28 [17][24]