Core Insights - The company "Ming Ming Hen Mang" submitted updated listing application materials to the Hong Kong Stock Exchange on October 28, 2023, and is expected to maintain its leading position in the snack food and beverage retail sector in China [1][2] Group 1: Financial Performance - As of June 30, 2025, the company reported a cash balance exceeding 2.394 billion yuan and a net current asset value of 2.827 billion yuan, indicating strong liquidity and efficient asset turnover [2] - The net operating cash flow for the first half of 2025 was 1.395 billion yuan, showcasing robust cash generation capabilities [2] - The inventory turnover days were only 11.7 days, significantly better than the industry average, highlighting effective supply chain management [2] Group 2: Market Position and Growth - In the first half of 2025, the company achieved a gross merchandise volume (GMV) of 41.1 billion yuan and revenue of 28.12 billion yuan, with an adjusted net profit of 1.034 billion yuan [1] - The total number of stores reached 16,783, covering all 28 provinces, 1,327 counties, and all tiered cities in China [1] - The company is recognized as the first in the industry to surpass 20,000 stores as of September 2025, further solidifying its market leadership [1] - The company is positioned as the only representative from the snack retail sector among the top 10 in China's chain industry for 2024 [1][2]