Group 1 - The company announced the approval of proposals for issuing H-shares and listing on the Hong Kong Stock Exchange to enhance international brand recognition and competitiveness [2] - The company aims to consider the interests of existing shareholders and market conditions when selecting the timing for the H-share issuance [2] - The company reported a revenue of 386 million yuan for the first three quarters of 2025, representing a year-on-year growth of 30.29%, driven by the ramp-up of new energy vehicle powertrain testing services and intelligent driving business [2] Group 2 - The company recorded a net loss attributable to shareholders of 45.95 million yuan and a non-recurring net loss of 29.28 million yuan, primarily due to gradual capacity release and increased fixed costs amid intense market competition [2] - The company faced challenges with cash flow, reporting a net cash flow from operating activities of -30.43 million yuan due to poor collection of sales receivables and high payments to suppliers and taxes [2]

Group 1: Company Performance - In Q3 2025, the company achieved a revenue of 16.549 billion CNY, a year-on-year increase of 15.24% [2] - For the first three quarters of 2025, total revenue reached 43.534 billion CNY, up 13.73% year-on-year [2] - The net profit attributable to shareholders in Q3 2025 was 550 million CNY, reflecting a 41.51% year-on-year growth [2] - The net profit after deducting non-recurring gains and losses was 431 million CNY, a 22.46% increase year-on-year [2] - R&D investment for the first three quarters of 2025 amounted to 3.202 billion CNY, up 41.20% year-on-year [2] Group 2: Project Developments - The investment for the second phase of the Thailand project is planned at no more than 481.5568 million USD, with a total planned capacity of 17.4 GWh [2] - The investment is subject to approval from relevant regulatory authorities in China and Thailand [2] - The joint venture with Li Auto aims to deepen business cooperation, as Li Auto is a significant customer for the company's battery business [3] Group 3: Market and Product Updates - The company submitted its A1 prospectus to the Hong Kong Stock Exchange on July 30, 2025, and is awaiting further feedback from regulatory bodies [3] - The newly launched polymer solid-state battery "Xin·Bixiao" has an energy density of 400 Wh/kg and a cycle life of 1,200 weeks under low pressure [3] - The proportion of silicon-carbon anode batteries in shipments is continuously increasing, with a silicon content expected to exceed 10% next year [3] - Anticipated growth in the battery business next year includes increased market share from existing customers and new mass production from clients like Volvo and Volkswagen [3]

Core Insights - The company, Mingming Hen Mang, submitted updated listing application materials to the Hong Kong Stock Exchange, showcasing strong financial performance and market leadership [1][3] - As of June 30, 2025, the company achieved a retail sales (GMV) of 41.1 billion RMB, with revenue of 28.12 billion RMB and an adjusted net profit of 1.034 billion RMB [1] - The total number of stores reached 16,783, maintaining its position as the industry leader, and it is the first in the sector to surpass 20,000 stores according to Frost & Sullivan [1][3] Financial Performance - The company reported a cash balance exceeding 2.394 billion RMB and net current assets of 2.827 billion RMB as of June 30, 2025 [3] - For the first half of 2025, the operating cash flow net amount was 1.395 billion RMB, indicating robust cash generation capabilities [3] - The inventory turnover days were only 11.7 days, reflecting efficient asset management and supply chain operations [3] Market Position - Mingming Hen Mang is recognized as one of China's largest leisure food and beverage retail chains, integrating its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" to enhance operational efficiency [3] - The company ranked among the top 10 in the 2024 China Chain Industry, being the only bulk snack enterprise in that list [3] - The updated prospectus is seen as a routine step in the Hong Kong IPO process, with expectations for a successful listing due to the company's scale, operational quality, and growth momentum [3]

Core Viewpoint - The competition for the title of "first stock of bulk snacks" on the Hong Kong Stock Exchange is intensifying, with leading companies like Mingming Hen Mang and Wancheng Group actively pursuing their listing applications [1][2]. Company Performance - Mingming Hen Mang reported a revenue of 281.24 billion yuan for the first half of 2025, representing a year-on-year growth of 85.6%. The adjusted net profit reached 10.35 billion yuan, up 265.5% from the previous year [3][4]. - The revenue breakdown shows that the brand "Snacks Hen Mang" generated 117.96 billion yuan, while "Zhao Yiming Snacks" contributed 163.33 billion yuan in the same period [4]. Growth Strategy - The company's growth strategy is centered around "low-price attraction and store expansion." As of the end of 2024, Mingming Hen Mang's average prices were approximately 25% lower than similar products in offline supermarket channels, attracting over 1.6 billion consumer visits [5]. - The company has expanded its store network significantly, with 16,783 stores as of June 2025, including 7,594 under "Snacks Hen Mang" and 9,189 under "Zhao Yiming Snacks" [5]. Competitive Landscape - Both Mingming Hen Mang and Wancheng Group are engaged in fierce competition for market share, focusing on store numbers and regional coverage. As of September 2025, Mingming Hen Mang had over 20,000 stores, while Wancheng Group had 15,365 stores [13]. - Wancheng Group has also announced plans for further expansion, including a significant acquisition to enhance its competitive position [13]. Industry Challenges - Despite rapid growth, challenges such as slowing store expansion rates and increasing closure rates are emerging. The monthly average growth of new stores has slightly declined, and the closure rates for franchise stores have increased [8][11]. - Both companies operate in a low-margin environment, with marketing expenses rising, which compresses profit margins. Mingming Hen Mang's gross margins have remained low, ranging from 7.5% to 9.3% from 2022 to mid-2025 [11][12]. Market Implications - The race for the "first stock" title is not just about market positioning but also about securing investor confidence and resources. The successful listing could enhance brand recognition and attract more resources [15][16]. - The listing will provide a market valuation benchmark for the bulk snack industry, influencing the overall market dynamics and investor perceptions [17].

Core Viewpoint - The company "Ming Ming Hen Mang" has submitted updated listing application materials to the Hong Kong Stock Exchange, showcasing strong financial performance and market position in the retail snack and beverage sector [1] Financial Performance - As of June 30, 2025, the company achieved a Gross Merchandise Volume (GMV) of 41.1 billion yuan and revenue of 28.12 billion yuan for the first half of the year, with an adjusted net profit of 1.034 billion yuan [1] - The total number of stores reached 16,783, and the company has surpassed 20,000 stores as of September 2023, solidifying its market leadership [1] Market Position - Ming Ming Hen Mang is recognized as one of China's largest retail snack and beverage chains, integrating its dual brands "Snack Hen Mang" and "Zhao Yi Ming Snacks" to enhance operational efficiency [1] - According to the China Chain Store & Franchise Association, the company ranks among the top 10 in the Chinese chain industry for 2024, being the only bulk snack enterprise in that list [1] Financial Health - As of June 30, 2025, the company reported a cash balance exceeding 2.394 billion yuan and net current assets of 2.827 billion yuan, with a net operating cash flow of 1.395 billion yuan for the first half of 2025 [1] - The inventory turnover days were only 11.7 days, indicating robust financial strength and efficient asset management [1] IPO Context - The update to the prospectus is considered a routine step in the Hong Kong IPO process, and with the recovery of the Hong Kong IPO market, the company is expected to attract significant interest due to its scale and growth momentum [1]

Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") submitted updated listing application materials to the Hong Kong Stock Exchange, showing strong financial performance and growth potential [1][2] Financial Performance - As of June 30, 2025, Mingming Hen Mang achieved a Gross Merchandise Volume (GMV) of 41.1 billion RMB and revenue of 28.12 billion RMB for the first half of the year, with an adjusted net profit of 1.034 billion RMB [1] - The company reported a cash balance exceeding 2.394 billion RMB and a net current asset value of 2.827 billion RMB, indicating a strong financial structure [1] - The operating cash flow for the first half of 2025 was 1.395 billion RMB, demonstrating robust cash generation capabilities [1] - Inventory turnover days were only 11.7 days, significantly better than the industry average, highlighting efficient supply chain management [1] Growth and Expansion - By September 2025, Mingming Hen Mang became the first company in the industry to exceed 20,000 stores, with a total of 16,783 stores covering 28 provinces, 1,327 counties, and all tiered cities in China [1] - The company’s GMV for 2024 was reported at 55.5 billion RMB, with the number of stores reaching 14,394 [1] Industry Position - Mingming Hen Mang is recognized as one of the top 10 companies in the Chinese retail chain industry for 2024, being the only representative from the bulk snack sector [2] - The company integrates its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" to enhance supply chain and operational efficiency through standardized operations [2]

Core Insights - The company "Ming Ming Hen Mang" has submitted updated listing application materials to the Hong Kong Stock Exchange, showcasing strong financial performance and market leadership [1][4] Financial Performance - As of June 30, 2025, the company achieved a Gross Merchandise Volume (GMV) of 41.1 billion RMB and revenue of 28.12 billion RMB for the first half of the year, with an adjusted net profit of 1.034 billion RMB [1] - The company reported a cash balance exceeding 2.394 billion RMB and net current assets of 2.827 billion RMB at the end of June 2025, indicating robust financial health [4] - The net operating cash flow for the first half of 2025 was 1.395 billion RMB, with inventory turnover days at just 11.7 days, reflecting efficient asset management [4] Market Position - The company has become the first in the industry to surpass 20,000 stores as of September this year, solidifying its market-leading position [1] - It ranks among the top 10 in the Chinese retail industry for 2024, being the only bulk snack enterprise in that list, according to the China Chain Store & Franchise Association [4] Strategic Operations - The integration of the "Snack Hen Mang" and "Zhao Yi Ming Snacks" brands has enhanced the company's operational and management systems, leading to improved supply chain and operational efficiency [4] - The company is expected to attract significant interest for its Hong Kong IPO due to its leading scale, solid operational quality, and continuous growth momentum [4]

Group 1 - The core viewpoint is that Mingming Hen Mang has submitted updated listing application materials to the Hong Kong Stock Exchange, indicating its ongoing efforts to go public after its initial application in April 2023 [1][4] - As of June 30, 2025, Mingming Hen Mang achieved a retail sales (GMV) of 41.1 billion RMB, with revenue of 28.12 billion RMB and an adjusted net profit of 1.034 billion RMB, showcasing strong financial performance [1][4] - The company operates 16,783 stores across 28 provinces, 1,327 counties, and all tier-one cities in China, making it the first in the industry to exceed 20,000 stores as certified by a third-party authority [1][4] Group 2 - Mingming Hen Mang is recognized as the largest chain retailer in the Chinese snack food and beverage sector, integrating its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" for enhanced operational efficiency [4] - The company ranks among the top 10 in the 2024 China Chain Industry, being the only representative from the mass snack sector [4] - As of June 30, 2025, the company reported a cash balance exceeding 2.394 billion RMB and a net current asset value of 2.827 billion RMB, reflecting a robust financial structure [4] Group 3 - The net operating cash flow for the first half of the year was 1.395 billion RMB, with an inventory turnover period of only 11.7 days, indicating effective asset management and supply chain capabilities [4] - Industry experts note that Mingming Hen Mang is transitioning from a phase of rapid expansion to a period of systematic and stable growth, marking a new stage in the Chinese snack food and beverage retail industry [4] - The Hong Kong IPO market is gradually recovering, and the updated prospectus is seen as a routine step in the listing process, with high expectations for the company's public offering [4]

（原标题：鸣鸣很忙更新招股书，2025年上半年GMV411亿元，稳居行业第一） 人民财讯10月28日电，10月28日，鸣鸣很忙向港交所提交更新后的上市申请材料。数据显示，截至2025 年6月30日止六个月，公司实现零售额（GMV）411亿元，上半年收入281.2亿元，经调整净利润10.34亿 元，门店总数达16783家，继续稳居行业首位。今年9月，根据弗若斯特沙利文认证，鸣鸣很忙已成为行 业首家门店突破2万家的企业，进一步夯实市场领先地位。截至2025年6月30日，鸣鸣很忙期末现金余额 超23.94亿元、流动资产净值28.27亿元，2025年上半年，经营现金流净额13.95亿元，存货周转天数仅 11.7天。业内人士表示，鸣鸣很忙此次更新招股书属于港股上市流程中的常规动作，随着香港IPO市场 回暖，鸣鸣很忙作为消费领域的热门企业，凭借领先的规模、稳健的经营质量和持续增长势头，其赴港 上市备受期待。 ...

Core Insights - The company "Mingming Hen Mang" has submitted updated listing application materials to the Hong Kong Stock Exchange, showcasing strong financial performance and market leadership in the snack retail sector [1][2] Financial Performance - As of June 30, 2025, the company achieved a gross merchandise value (GMV) of 41.1 billion RMB and a revenue of 28.12 billion RMB for the first half of the year [1] - The adjusted net profit for the same period was 1.034 billion RMB, with a total of 16,783 stores, maintaining its position as the industry leader [1] - The company reported a cash balance exceeding 2.394 billion RMB and net current assets of 2.827 billion RMB as of June 30, 2025 [1] - The net operating cash flow for the first half of 2025 was 1.395 billion RMB, with an inventory turnover period of only 11.7 days, indicating strong financial health and efficient asset management [1] Market Position - "Mingming Hen Mang" has become the first company in the industry to surpass 20,000 stores as of September this year, further solidifying its market leadership [1] - According to data from the China Chain Store & Franchise Association, the company ranks among the top 10 in the Chinese retail chain industry for 2024, being the only bulk snack enterprise in that list [1] IPO Expectations - Industry insiders indicate that the updated prospectus is a routine step in the Hong Kong IPO process, and with the recovery of the Hong Kong IPO market, the company is highly anticipated for its listing due to its leading scale, stable operational quality, and continuous growth momentum [2]