Core Insights - The company "Ming Ming Hen Mang," known as the "Mi Xue Bing Cheng" of the snack industry, has submitted updated listing application materials to the Hong Kong Stock Exchange, aiming to expand its store count significantly by 2025 [2] Group 1: Expansion and Growth - Ming Ming Hen Mang merged with Zhao Yi Ming Snacks in November 2023, rebranding as Ming Ming Hen Mang Group, and achieved a total of 6,500 stores at the time of merger [2] - The company reached over 10,000 stores by June 2024, becoming the first snack chain in China to achieve this milestone, adding 3,500 stores in just 7 months [2] - By September 2025, the total number of stores is projected to exceed 20,000, marking a rapid expansion in the industry [2] Group 2: Business Model - The business model of Ming Ming Hen Mang is similar to that of Mi Xue Bing Cheng, primarily generating revenue from selling products to franchisees, with 99.5% of its income derived from product sales [4][5] - As of June 2025, the company had 8,378 franchisees, with a total of 16,783 stores, including 24 self-operated stores [6] Group 3: Financial Performance - Revenue growth has been significant, with income increasing from 4.286 billion to 39.344 billion from 2022 to 2024, reflecting a compound annual growth rate of 203.0% [10] - In the first half of 2025, the company reported revenue of 28.124 billion, a year-on-year increase of 85.6%, and an adjusted net profit of 1.034 billion, up 265.5% [11] - Despite high growth, the company has maintained low gross margins, with rates of 7.5% in 2022 and 2023, and 7.6% in 2024, improving to 9.3% in the first half of 2025 [12][13] Group 4: Operational Efficiency - The company has demonstrated efficient operational management, with inventory turnover days at just 11.7, significantly better than the industry average [15] - As of mid-2025, the company had a cash balance exceeding 2.394 billion and net current assets of 2.827 billion, indicating a robust financial structure [16]