此次更名，不仅完成了品牌身份的焕新，更实现了对商业功能的升级重构。优化业态配比从5%提至 10%以上，休闲娱乐类对标区域标杆冲击30%占比，特色餐饮扩至30家以上，打破"重零售、轻体验"模 式，强化"一站式生活服务"能力，融合了更多元的场景，让这里成为日常社交、家庭休闲、潮流探索的 新目的地，带来从"逛商场"到"享生活"的全新消费体验。 远洋商业（远洋集团旗下专业商管品牌） 远洋商业是远洋集团旗下专注于商业项目开发与运营的业务品牌，拥有20余年丰富经验，在购物中心、 商业街区、商业综合体的定位、设计、建设、筹开、招商、运营等各阶段提供专业细分服务。 远洋商业拥有"里系""港系""未来系"等成熟商业产品线，成功打造成都远洋太古里、武汉远洋里、北京 颐堤港、北京乐堤港、杭州乐堤港、天津乐堤港、福州乐堤港、天津未来广场、天津生态城未来广场、 赣州未来广场、济南商河未来广场、苏州吴江未来广场、宿迁未来广场、北京未来汇、天津未来汇等标 杆商业项目。 责任编辑：郭栩彤 10月25日，位于天津生态城核心片区的远洋未来广场将正式焕新亮相。项目深度延展未来广场"We- Life"的核心理念，将精神需求与消费潮流相结合，打破传统 ...

Core Insights - "Ming Ming Hen Mang" has achieved a remarkable GMV of 55.5 billion RMB, establishing a strong presence in the lower-tier market with extensive coverage across 1,224 counties and 58% of its stores located in county and town areas [4][6] - Despite impressive growth, the company faces significant challenges, including a contradiction between growth and profit, intense competition, and limitations of its business model [2][16] - The company’s low profit margin, with an adjusted net profit margin of only 2.1%, highlights the risks associated with its low-price strategy aimed at expanding market share [7][10] Business Model and Market Position - The "rural encirclement of cities" strategy has proven successful for "Ming Ming Hen Mang," allowing it to build a solid scale barrier in the lower-tier market [4] - The company leverages centralized procurement to reduce costs, achieving a gross margin of 7.5% through high-volume purchasing, which enhances its bargaining power with suppliers [4][6] - The reliance on franchise sales for 99.5% of its revenue creates a vulnerability, as profit margins are squeezed by both upstream suppliers and downstream franchisees [7][11] Financial Performance - Revenue figures for 2022, 2023, and 2024 are projected at 4.29 billion RMB, 10.30 billion RMB, and 39.34 billion RMB respectively, with adjusted net profits of 0.81 billion RMB, 2.35 billion RMB, and 9.13 billion RMB [6] - The company’s financials indicate a significant increase in sales costs, which outpace revenue growth, leading to a challenging profit landscape [6][10] Competitive Landscape - The competition with "Hao Xiang Lai" has intensified, with both companies rapidly expanding their store counts, leading to a "store arms race" that increases operational costs and risks market saturation [7][11] - Marketing expenses have tripled over three years, contributing to a challenging environment where both companies struggle to maintain profitability [7][11] Strategic Initiatives - The potential IPO could provide "Ming Ming Hen Mang" with capital to strengthen its market position, particularly in cold chain logistics and digitalization, which are crucial for operational efficiency [5][16] - Developing private label products could enhance profit margins by allowing better control over costs and quality, drawing inspiration from successful models like Miniso [8][10] - The company is exploring a dual revenue model by adopting a membership system similar to Costco, which could diversify income sources and enhance customer loyalty [15] Challenges and Risks - The low acceptance of brand premiums among lower-tier market consumers poses a challenge for the company in balancing quality and price [10] - Significant investments in cold chain logistics for fresh produce could strain cash flow, necessitating careful financial planning to avoid operational disruptions [10][16] - The company must navigate the risks associated with its single revenue model and the potential for market saturation, which could jeopardize its business model [11][16]