（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]

Core Insights - The company "鸣鸣很忙" has submitted updated listing application materials to the Hong Kong Stock Exchange, showcasing strong financial performance and market leadership in the snack food and beverage retail sector [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, 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 strong liquidity and efficient asset turnover [4]. - The net operating cash flow for the first half of 2025 was 1.395 billion RMB, reflecting robust cash generation capabilities [4]. Market Position - "鸣鸣很忙" is recognized as the largest snack food and beverage retail chain in China, with a total of 16,783 stores across 28 provinces and 1,327 counties, covering all tier-one cities [1][4]. - The company is projected to lead the industry in retail sales of snack food and beverages in 2024, according to third-party data [1]. - By September 2025, it is expected to become the first company in the industry to surpass 20,000 stores, further solidifying its market dominance [1]. Industry Context - The Hong Kong IPO market is showing signs of recovery, with a total fundraising of 107.1 billion HKD in the first half of the year, a sevenfold increase year-on-year, making it the leading global market for IPOs [4]. - The company is positioned as a popular entity in the consumer sector, with its IPO being highly anticipated amid a competitive landscape of over 300 companies waiting to list [4].

Core Insights - The company reported a significant increase in net profit for Q3 2025, with a year-on-year growth of 260.52%, reaching 1.102 billion yuan [1] - The company is expanding its production capacity and has made substantial investments, including a 250 million USD capital increase for its subsidiary in Thailand [2] - The company plans to raise up to 1.9 billion yuan through a private placement to fund various projects, including an AI project in Vietnam and a high-density multilayer PCB project in Thailand [3] Financial Performance - For Q3 2025, the company achieved an operating revenue of 5.086 billion yuan, marking a year-on-year increase of 78.95% [1] - The net profit attributable to shareholders for the first three quarters of 2025 was 3.245 billion yuan, reflecting a year-on-year growth of 324.38% [1] - Basic earnings per share for the period stood at 3.78 yuan [1] Investment and Expansion - The company has seen a nearly 13-fold increase in construction projects year-on-year and a 126% increase in contract liabilities [2] - The company has adjusted its fundraising plan, with the actual net amount raised being 1.876 billion yuan after deducting issuance costs [3] - The company is also planning to list on the Hong Kong Stock Exchange, having submitted an application for H-share listing [3] Stock Market Activity - Since July, the company's stock price has surged by over 153%, attracting retail investors while institutional shareholders have begun to reduce their holdings [4] - Notable retail investor "Gao Chao" has entered the top ten circulating shareholders, indicating increased interest from individual investors [4]

Group 1 - Chery's upcoming listing in Hong Kong reflects a broader trend of Chinese companies utilizing the Hong Kong capital market as a key platform for global expansion [1][3] - Chery has established a strong international presence over two decades, transitioning from exporting products to building local production and marketing systems in emerging markets, and now focusing on high-end markets in Europe and North America [3][8] - In 2024, Chery achieved global sales of 2.295 million vehicles, with revenue exceeding 269.9 billion yuan and a net profit of 14.334 billion yuan, indicating robust financial growth [3][19] Group 2 - The Hong Kong Stock Exchange (HKEX) has implemented policies to lower listing thresholds and enhance approval efficiency, making it easier for mainland companies to go public [2][24] - In 2023, HKEX reduced the market capitalization requirement for specialized technology companies, facilitating access to capital for innovative firms in sectors like AI and semiconductors [2][24] - The introduction of a "fast-track approval channel" and a "lightning placement" mechanism further streamlines the listing process, reducing compliance costs and time [2][24] Group 3 - The performance of the Hong Kong stock market has been strong, with the Hang Seng Index rising 20% in the first half of 2025, attracting significant investor interest [4][28] - New IPOs have shown promising results, with 62% of new listings experiencing price increases on their first day, and the average subscription multiple exceeding 600 times [4][28] - Southbound capital inflows have also been substantial, with net purchases exceeding 230 billion HKD in the first half of 2025, enhancing the market's liquidity [4][28] Group 4 - Multiple industry leaders have pursued listings in Hong Kong, with a focus on global expansion, including companies like CATL and Midea Group, which have raised significant capital for overseas projects [5][6] - The funds raised are primarily directed towards establishing production bases in Europe and the Middle East, aiming to strengthen supply chains and mitigate tariff impacts [5][6] - Companies that have already listed in Hong Kong are beginning to see the benefits of their global strategies, with increased revenues from international markets [6][7]

Core Insights - The "Breaking Waves in Hong Kong, Wisdom in Central China" IPO training conference was held in Wuhan, focusing on supporting companies in Central China to list on the Hong Kong stock market [1] - Hubei province has nearly 1,400 companies prepared for listing, with three companies already listed this year and several others under review [1] - The Hong Kong stock market is currently active, providing valuable opportunities for mainland companies to go public [1] Group 1 - Hubei's Listing Work Guidance Center is implementing the "Yellow Crane Soaring Plan" to provide comprehensive support for companies seeking to list in Hong Kong [1] - Securities Times emphasizes its role as a bridge to help companies connect with international capital markets [1] - Long江证券 reported that 66 new stocks have been listed in Hong Kong in the first three quarters of 2025, raising more than double the total amount raised in the previous year [1] Group 2 - Long证国际 analyzed financial requirements and common issues for companies in Hubei seeking to list in Hong Kong, recommending early planning and robust internal controls [2] - The three-dimensional model of "industry value, barrier value, and growth value" was proposed to assist companies in effectively communicating their investment logic [2] - Legal compliance issues for Hong Kong listings were discussed, including key legal considerations and strategies for addressing them [2][3] Group 3 - Tax considerations for companies listing in Hong Kong were highlighted, including tax optimization in structure design and compliance suggestions for typical tax risks [3]

Group 1 - The company reported a strong financial performance for Q3 2025, with revenue of 139.8 billion, a year-on-year increase of 44.2%, and a net profit of 3.8 billion, up 361.2% [1][2] - The company has raised its profit forecast for 2025-2027, expecting net profits of 12.2 billion, 14.8 billion, and 21.1 billion respectively, with corresponding PE ratios of 27.0, 22.4, and 15.7 [1] - The gross margin for Q3 2025 reached 12.1%, an increase of 1.82 percentage points year-on-year, benefiting from economies of scale [3] Group 2 - The snack wholesale business contributed significantly to revenue growth, achieving 138.1 billion in Q3 2025, a 44.6% increase, while the edible fungus business generated 1.7 billion, up 15.9% [2] - The company is planning a Hong Kong stock listing, which is expected to enhance overall operational strength and overseas expansion potential [3] - The company is expanding its store network, with 15,365 stores by the end of Q2 2025, and aims to maintain this expansion trend into Q4 [2][3]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨海大集团（002311.SZ） [Table_Title] 海大集团 2025 年三季报暨港股上市预案点评： 饲料量利齐升，看好海外业务分拆上市 报告要点 [Table_Summary] 公司单三季度饲料板块量利齐升，归母净利润增长 30%以上。单三季度饲料销量约 860 万吨， 同比增长 21%，测算饲料吨利 160 元/吨，同比增长 10%，主要系产品结构优化及海外占比提 升。三季度猪价同比大幅下行且套保空间有限，叠加外购仔猪成本抬升，生猪养殖头盈利同环 比下降。此外，积极看好公司海外业务分拆上市，有助于提升公司的国际影响力和全球市场竞 争力，进一步促进上市公司高质量发展。通过登陆香港资本市场能够拓宽公司融资渠道，加快 境外业务的发展，进而提升上市公司整体盈利能力。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 海大集团（002311.SZ） cjzqdt11111 陈佳 顾熀乾 王煜坤 SAC：S04 ...

Core Viewpoint - HLA's financial challenges are growing, with stagnant revenue, high inventory, and cash flow issues overshadowing its ambitions for a secondary listing in Hong Kong [1][2][31]. Group 1: Financial Performance - HLA's revenue has shown alternating patterns of slight increases and declines, with a 1.73% increase in H1 2025 but a 3.1% drop in net profit [1][7][32]. - The company's main brand revenue has been declining, while group buying and other brand revenues are small and costly, with overseas revenue accounting for less than 2% [1][2][14]. - HLA's inventory reached 10.255 billion yuan in H1 2025, representing 57.83% of net assets, with a turnover period of 323 days [1][16][19]. Group 2: Cash Flow and Debt - HLA's cash reserves plummeted by 42.91% in 2024, with operating cash flow decreasing by 55.7%, leading to over 10 billion yuan in short-term debt [1][21][22]. - By H1 2025, accounts payable exceeded cash reserves, indicating a tight cash flow situation [22][23]. - Despite cash flow pressures, HLA maintained high dividend payouts, totaling 6.516 billion yuan over three years, raising concerns about the sustainability of this strategy [24][25][26]. Group 3: Business Model and Market Position - HLA's unique financial model, which relies on delayed payments to suppliers and franchisee ownership, is facing challenges as market saturation increases [27][28]. - The company has been transitioning towards a more diversified brand strategy, including a focus on family-oriented products and international partnerships [11][29]. - HLA's market share in the men's clothing sector remains at 4.7%, but its revenue from the main brand is declining, with a significant drop in sales from core products [4][14][30]. Group 4: Future Prospects - HLA's upcoming secondary listing in Hong Kong aims to enhance its international brand image and diversify capital operations, but financial instability may hinder investor confidence [2][31][32]. - The company is exploring global expansion, with recent growth in overseas revenue, but the overall impact remains limited [32].

Core Viewpoint - HLA Home has cumulatively distributed over 21 billion yuan in dividends since its A-share listing, but its financial statements reveal increasing cracks, including stagnant revenue growth and declining net profits, raising concerns about its upcoming Hong Kong listing [1][4][52]. Group 1: Financial Performance - HLA Home's revenue has alternated between slight increases and declines over the years, with a 1.73% increase in the first half of 2025, but a 3.1% decrease in net profit [1][11][12]. - The company's main brand revenue has been declining, and overseas revenue accounts for less than 2% of total revenue [1][2]. - The company has faced significant inventory issues, with inventory reaching 10.255 billion yuan in the first half of 2025, accounting for 57.83% of net assets and a turnover period of 323 days [2][24]. Group 2: Cash Flow and Debt - HLA Home's cash flow has been under pressure, with a 42.91% drop in monetary funds in 2024 and a 55.7% decrease in operating cash flow [2][28]. - The company has over 10 billion yuan in short-term debt, and its accounts payable exceed its cash reserves, indicating a tight cash flow situation [2][29]. - Despite these challenges, HLA Home has maintained high dividend payouts, distributing 6.516 billion yuan in cash dividends over the last three years, which raises concerns about the sustainability of this strategy amid declining profits [30][31]. Group 3: Business Model and Market Position - HLA Home's unique business model, which relies on a "light asset" and "quasi-financial" approach, has been instrumental in its rapid growth but is now facing challenges as market conditions change [39][41]. - The company has shifted its strategy under new leadership to focus on brand modernization and expanding its product range, including women's and children's clothing [14][47]. - However, the core brand's revenue continues to decline, with a 7.22% drop in 2024, and the company is increasingly reliant on its group purchasing and other brands for revenue growth [16][50]. Group 4: Market Challenges - HLA Home's inventory issues are exacerbated by a high percentage of unsold goods, with over 46.9 billion yuan of inventory aged over one year, leading to potential write-downs [27][21]. - The company's sales expenses have increased significantly, while R&D spending remains low, indicating a potential imbalance in investment priorities [48][50]. - The upcoming Hong Kong listing aims to enhance capital and international presence, but fundamental issues such as product competitiveness and supply chain stability remain unresolved [53][52].