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][3]. Financial Performance - As of June 30, 2025, the company achieved a Gross Merchandise Value (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 [3]. - The net operating cash flow for the first half of 2025 was 1.395 billion RMB, reflecting robust cash generation capabilities [3]. Market Position - "鸣鸣很忙" has become the first company in the industry to surpass 20,000 stores by September 2025, solidifying its market-leading position [1]. - The company ranks among the top 10 in China's retail chain industry for 2024, being the only representative from the snack food sector [3]. Operational Efficiency - The company has demonstrated high operational efficiency with an inventory turnover period of only 11.7 days, significantly better than the industry average [3]. - The integration of its dual brands "零食很忙" and "赵一鸣零食" has enhanced supply chain and operational efficiency through standardized operations [3]. Industry Context - The Hong Kong IPO market is recovering, with a total fundraising of 107.1 billion HKD in the first half of the year, reflecting a sevenfold increase year-on-year [3]. - There are currently over 300 companies in the queue for listing on the Hong Kong Stock Exchange, indicating strong interest in the market [3].