鸣鸣很忙冲港股

Core Viewpoint - The article discusses the recent developments and market positioning of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") as it applies for an IPO, highlighting the integration trend in the snack retail industry and the potential for growth in lower-tier markets [5][10]. Group 1: Company Overview - Mingming Hen Mang was established through the merger of "Snacks Hen Mang" and "Zhao Yiming Snacks" in 2023, and it aims to validate the effectiveness of the integration strategy in the snack retail sector [5]. - As of December 31, 2024, Mingming Hen Mang operates 14,394 stores across 28 provinces, with approximately 58% located in county towns and rural areas [6]. - The number of franchisees increased from 994 in 2022 to 3,377 in 2023, and further to 7,241 in 2024, indicating rapid expansion [6]. Group 2: Market Strategy - The company is focusing on a "high quality-price ratio + high frequency of new products" strategy, with 3,380 SKUs in stock by the end of 2024, 25% of which are customized products [7]. - Mingming Hen Mang plans to launch a dual-brand 3.0 store model in 2025, expanding its product offerings to include diverse categories such as daily necessities and fresh food [7]. - The revenue model is primarily based on product sales to franchise and direct-operated stores, with franchise fees accounting for less than 0.5% of total revenue in 2024 [7]. Group 3: Operational Efficiency - The company has established a database of over 10,000 site locations to assist franchisees in achieving profitability and has implemented a standardized operational management system [8]. - Mingming Hen Mang is enhancing its digital capabilities across the supply chain, including a digital ordering system and warehouse management, to improve operational efficiency [8]. Group 4: Industry Context - The Chinese snack retail market reached a size of 3.7 trillion yuan in 2024, projected to grow to 4.9 trillion yuan by 2029, with a significant shift towards specialty store channels [9]. - The competitive landscape is intensifying, with both traditional and emerging snack brands entering the market, necessitating continuous innovation and responsiveness to consumer preferences [9]. - Consumers are increasingly seeking healthier and personalized snack options, which requires Mingming Hen Mang to invest in research and development to meet evolving demands [9].