零食巨头暗盘大涨76%！门店数已超2万家，GMV达660亿元

Core Viewpoint - The article highlights the impressive market performance and growth potential of the new retail company "Ming Ming Hen Mang," which is set to list on the Hong Kong Stock Exchange, showcasing significant increases in market valuation and sales figures [1][2]. Group 1: Company Overview - Ming Ming Hen Mang is recognized as a leading player in the new retail sector, with a market capitalization approaching HKD 100 billion during its dark trading period [1]. - The company operates two well-known snack brands: "Snacks Hen Mang" and "Zhao Yi Ming Snacks," and is projected to achieve a GMV (Gross Merchandise Volume) of RMB 55.5 billion in 2024 [2][3]. Group 2: Growth Metrics - The number of stores has surged from 6,585 at the end of 2023 to over 20,000 by November 2025, indicating rapid expansion [5]. - The GMV for Zhao Yi Ming Snacks skyrocketed from RMB 1.375 billion to RMB 29.324 billion, while Snacks Hen Mang's GMV increased from RMB 13.95 billion to RMB 26.207 billion between 2023 and 2024 [7][8]. Group 3: Financial Performance - Revenue grew from RMB 42.86 billion in 2022 to RMB 102.95 billion in 2023, marking a 140.2% increase, and is expected to reach RMB 393.44 billion in 2024, reflecting a compound annual growth rate (CAGR) of 203% from 2022 to 2024 [9][10]. - Adjusted net profit increased from RMB 0.82 billion in 2022 to RMB 2.35 billion in 2023, and is projected to reach RMB 9.13 billion in 2024, with a CAGR of 234.6% [11][12]. Group 4: Business Model and Strategy - The company employs a volume-based retail model, focusing on high-quality, affordable snacks, and has redefined the retail pricing system through supply chain restructuring [5][15]. - Ming Ming Hen Mang offers a diverse product range with an average of 1,800 SKUs per store, which is double that of similar-sized competitors, enhancing customer experience and satisfaction [16]. - The company has a strong presence in lower-tier markets, with approximately 59% of its stores located in county and town areas, allowing it to reach a broad consumer base [17]. Group 5: Investment and Market Confidence - The company has attracted significant investment from notable firms, including Tencent and Temasek, indicating strong market confidence in its business model and growth prospects [20][21]. - The funds raised from the IPO are intended for enhancing supply chain capabilities, store network upgrades, brand promotion, and improving technological and digital capabilities [21].