量贩零食头部企业齐谋上市

Core Viewpoint - The article discusses the rapid transformation of the snack retail ecosystem in China, highlighting the competitive landscape and the upcoming IPO of "Mingming Hen Mang," which aims to become the first listed company in the bulk snack sector on the Hong Kong Stock Exchange [3][4]. Group 1: Industry Overview - The bulk snack industry has seen significant growth, with "Mingming Hen Mang" reporting a retail sales (GMV) of 66.1 billion RMB for the nine months ending September 30, 2025, representing a year-on-year increase of 74.5% [4]. - The competitive landscape is intensifying, with another leading company, "Wancheng Group," also filing for an IPO. As of June 2025, "Wancheng Group" had over 15,000 stores, while "Mingming Hen Mang" had 19,517 stores by September 2025 [5]. - The overall revenue for "Mingming Hen Mang" for the first three quarters of 2025 reached 46.371 billion RMB, a 75.2% increase year-on-year, while net profit surged by 218% to 1.559 billion RMB [6]. Group 2: Financial Performance - "Wancheng Group" reported a revenue of 36.562 billion RMB for the same period, with a year-on-year growth of 77%, and a net profit of 855 million RMB, reflecting a staggering 917% increase [6]. - The gross margin for "Mingming Hen Mang" improved from 7.5% in 2023 to 9.7% in the first nine months of 2025, while "Wancheng Group" saw its gross margin rise from 9.3% in 2023 to 11.7% in the same period [6]. Group 3: Market Dynamics - The bulk snack store model is gaining traction in various urban and rural areas, becoming a common retail format alongside tea shops. This model's low prices and streamlined supply chains are capturing increasing market share, prompting traditional snack companies to adjust their pricing strategies [6]. - According to a report by CITIC Securities, the number of bulk snack stores is expected to grow over 30% year-on-year to 56,000 by 2025, with the industry sales scale projected to reach 220 billion RMB [7]. Group 4: Competitive Challenges - Despite the industry's growth potential, there are inherent limitations and risks in the bulk snack model. Analysts suggest that the reliance on low prices and a wide variety of products may lead to vulnerability against imitation and price wars [8]. - Future competitive advantages in the industry will likely hinge on innovation in taste and product variety, as well as technological advancements to maintain differentiation [8].