Core Viewpoint - The company "Mingming Hen Mang" is set to launch its global offering and is expected to list on the Hong Kong Stock Exchange on January 28, aiming to raise approximately HKD 3.124 billion for various strategic initiatives [1] Group 1: Company Overview - "Mingming Hen Mang" is a discount snack chain formed from the strategic merger of "Mingming Hen Mang" and "Zhao Yiming Snacks" in November 2023, focusing on self-service shopping for leisure foods [2] - The company operates with a low-cost strategy by collaborating directly with manufacturers or sourcing suppliers, eliminating intermediaries [2] - The product range includes baked goods, snacks, beverages, and various other leisure food categories [2] Group 2: Market Position - According to Frost & Sullivan, "Mingming Hen Mang" is the largest chain retailer in China's leisure food and beverage market with a market share of 1.5% [2] - The company ranks among the top four food and beverage chain retailers in China, holding a market share of 0.8% [2] Group 3: Financial Performance - From 2022 to 2024, the company achieved revenues of CNY 4.28 billion, CNY 10.29 billion, and CNY 39.34 billion, with a compound annual growth rate (CAGR) of 203.0% [3] - For the first three quarters of 2025, the revenue reached CNY 46.37 billion, reflecting a year-on-year growth of 75.2% [3] - Net profits for the same periods were CNY 71.65 million, CNY 220 million, and CNY 830 million, with a CAGR of 240.2% [3] - The net profit for the first three quarters of 2025 was CNY 1.56 billion, showing a year-on-year increase of 218.9% [3] Group 4: Funding and Investment - The company has completed six rounds of financing from 2021 to 2025, raising over CNY 2 billion from various investors including Sequoia China and others [3] - Following a financing round with Sequoia China, the post-money valuation of the company reached CNY 10.878 billion [3]

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. plans to launch its IPO, aiming to become the "first stock of bulk snack food" in Hong Kong, with a fundraising target between HKD 32.37 billion and HKD 33.36 billion, and a market valuation between HKD 491.58 billion and HKD 506.56 billion [2][8]. Group 1: IPO Details - The IPO will issue 14,101,100 H-shares, with 1,410,200 shares available for public offering in Hong Kong and 12,690,900 shares for international offering [2]. - The price range for the shares is set between HKD 229.60 and HKD 236.60 [2]. Group 2: Investor Participation - The IPO has attracted a prestigious cornerstone investor lineup, with eight investors committing approximately USD 195 million, including Tencent and Temasek, each investing USD 45 million [3][4]. - Other notable investors include BlackRock with USD 35 million and Fidelity with USD 30 million [3]. Group 3: Business Model and Market Position - Mingming Hen Mang is the largest leisure food and beverage retail chain in China, operating under the brands "Snacks Are Busy" and "Zhao Yiming Snacks," with a focus on integrated operations and standardized management [5]. - As of September 30, 2025, the company operates 19,517 stores across 28 provinces and all tiered cities in China, aiming to exceed 20,000 stores by 2025 [5]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported a revenue of RMB 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of RMB 1.81 billion, up 240.8% [8]. - From 2022 to 2024, revenue grew from RMB 4.286 billion to RMB 39.344 billion, with a compound annual growth rate (CAGR) of 203% [8]. Group 5: Supply Chain and Digitalization - The company has established partnerships with over 2,500 quality manufacturers, achieving a 24-hour efficient replenishment system supported by a robust supply chain [6]. - Mingming Hen Mang has developed comprehensive digital capabilities across its operations, enhancing efficiency and standardization, and is recognized for its innovative use of data in supply chain management [7].

Core Viewpoint - The company, Mingming Hen Mang (01768), is set to launch an IPO from January 20 to January 23, 2026, offering 14.1011 million H-shares at a price range of HKD 229.6 to HKD 236.6 per share, with a significant portion allocated for international investors [1] Group 1: Company Overview - The company is a mature and steadily growing food and beverage retailer in China, with a store network of 19,517 locations across 28 provinces and all tiered cities as of September 30, 2025 [1] - Approximately 59% of the company's stores are located in county towns and rural areas, focusing on providing a pleasant shopping experience with a wide range of high-quality products [1] - The company achieved a Gross Merchandise Volume (GMV) of RMB 555 billion in 2024, which increased to RMB 661 billion in the first nine months of 2025, representing a growth of 74.5% compared to the same period in 2024 [1] Group 2: Financial Performance - The company's revenue grew from RMB 4.286 billion in 2022 to RMB 10.295 billion in 2023, and further to RMB 39.344 billion in 2024, with a compound annual growth rate (CAGR) of 203.0% from 2022 to 2024 [5] - For the nine months ending September 30, 2025, revenue increased to RMB 46.372 billion, up from RMB 26.466 billion in the same period of 2024 [5] - The company's gross profit rose from RMB 319 million in 2022 to RMB 772 million in 2023, and further to RMB 2.999 billion in 2024, with a CAGR of 206.4% from 2022 to 2024 [5] Group 3: IPO and Fund Utilization - The company estimates a net amount of approximately HKD 3.124 billion from the global offering, which could increase to HKD 3.96 billion if the over-allotment option is fully exercised [3] - The net proceeds will be allocated as follows: 25% for enhancing supply chain and product development capabilities, 20% for store network upgrades, 20% for brand building and promotion, 20% for improving technology and digital capabilities, 5% for strategic investments, and 10% for working capital and general corporate purposes [4] Group 4: Strategic Partnerships - The company has entered cornerstone investment agreements with major investors including Tencent, Temasek, and BlackRock, agreeing to subscribe for approximately USD 195 million worth of shares at a median price of HKD 233.10 per share [2]

加盟商群体的稳定增长与积极投入，背后是鸣鸣很忙构建的全方位赋能支持体系。据悉，公司提供覆盖 全周期培训、选址支持、精细化运营的一站式解决方案，帮助加盟商实现单店运营效率的提升。 在选址环节，公司依托包含超10000个点位的选址数据库，结合数据分析为加盟商提供科学选址评估， 保障门店位于人流量密集的核心位置。供应商与产品端，公司与超2500家厂商建立合作，其中涵盖约 50%的胡润中国食品行业百强企业，在库SKU超3997个，定制产品占比达34%，每月平均上新数百款产 品，为加盟商提供丰富且具性价比的货品选择。在运营支持上，公司建立全生命周期培训体系，包括7 日实战培训、10-12天新店开业培训及日常月度、年度会议，助力加盟商提升经验技能。 来源：@每日经济新闻微博 作为中国最大的休闲食品饮料连锁零售商，湖南鸣鸣很忙商业连锁股份有限公司（下称"鸣鸣很忙"）赴 港上市进程迎来关键节点。1月6日消息，鸣鸣很忙通过港交所聆讯并更新聆讯后资料集，距离成为"港 股量贩零食第一股"仅一步之遥。 鸣鸣很忙披露的聆讯后资料集显示，2025年前三季度公司业绩延续亮眼表现。2025年前9个月，公司实 现门店零售总额661亿元、收入4 ...

Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing of the company "Ming Ming Hen Mang," which is preparing for a listing in Hong Kong [1]. Group 1: Company Overview - "Ming Ming Hen Mang" plans to issue no more than 76,666,400 ordinary shares for overseas listing on the Hong Kong Stock Exchange [2]. - The company operates in the retail business of snacks and beverages, owning two brands: "Snacks Hen Mang" and "Zhao Yi Ming Snacks" [4]. - As of June 30, 2025, the company has 16,783 stores across 28 provinces and cities globally [4]. Group 2: Financial Performance - Revenue projections for "Ming Ming Hen Mang" are as follows: - 2022: 4.286 billion yuan - 2023: 10.295 billion yuan - 2024: 39.344 billion yuan - First half of 2025: 28.124 billion yuan [4]. - Corresponding net profit estimates are: - 2022: 72 million yuan - 2023: 218 million yuan - 2024: 829 million yuan - First half of 2025: 877 million yuan [4].

Core Insights - The rapid expansion of discount snack stores in China is driven by their ability to cater to consumer behavior and preferences, particularly in lower-tier markets [1][2] - These stores utilize a direct sourcing model to reduce costs and offer a mix of well-known brands and private label products, creating a unique selling proposition [2][3] - The industry is witnessing a shift towards a franchise model for rapid growth, although challenges such as competition and profitability remain [3] Group 1: Market Dynamics - Discount snack stores have seen explosive growth since 2022, with projections indicating over 45,000 stores by 2025 [1] - The stores' appealing atmosphere and product variety meet the non-purposeful shopping needs of consumers, enhancing their shopping experience [1][2] - Consumer preferences vary, with urban shoppers willing to pay for trendy snacks while rural consumers favor low-cost bulk items, indicating a broad market potential [1] Group 2: Competitive Strategy - Discount snack stores have disrupted traditional retail supply chains by directly connecting with manufacturers, thus lowering procurement costs [2] - The product assortment includes both popular brands and private label items, leveraging a "big brand at low price" strategy to attract customers [2] - Targeted marketing strategies, such as promotions and family-friendly products, help these stores solidify their position in the market [2] Group 3: Business Model and Challenges - Many leading discount snack brands are adopting a franchise model to accelerate growth, promising quick returns on investment to attract franchisees [3] - The simplified approval process for opening new stores contrasts with traditional retail, appealing to investors seeking quick profitability [3] - However, the franchise model poses risks, including the potential failure to meet return promises and increasing competition, which could compress profit margins [3] Group 4: Industry Trends - The industry is entering a phase of consolidation, with major brands acquiring smaller regional players and diversifying into hybrid business models like "snacks + beverages" [3] - Consumers are encouraged to be vigilant about product quality and safety, particularly with private label items, as the market becomes more price-sensitive [3] - For sustained profitability, discount snack retailers must focus on improving product quality, enhancing customer service, and protecting consumer rights [3]

Core Insights - The resilience of China's county-level markets has significantly improved, with rural consumer goods retail sales reaching 32,409 billion yuan, a growth of 4.9%, and county and township markets accounting for 38.9% of total social retail sales [1] - The rapid development of the county economy reflects the increase in disposable income among residents, supported by policies and deep participation from enterprises [1] Group 1: Employment and Economic Impact - The snack retail chain "Mingming Hen Mang" has surpassed 20,000 stores, becoming the first snack chain group of this scale in the industry, directly creating over 130,000 jobs, with more than half of these positions located in county towns and townships [1][2] - The employment generated by "Mingming Hen Mang" focuses on the entire industrial chain, from production to sales, enhancing local job opportunities [2] - The company collaborates with local partners to create stable job opportunities, such as providing 30 stable jobs and over 170 flexible employment opportunities through a cooperative breeding base [2] Group 2: Support for Entrepreneurship - "Mingming Hen Mang" supports local entrepreneurs by providing a comprehensive assistance system for franchisees, including supply chain logistics and operational guidance [4] - The company has established a network of 36 warehouses across the country, enabling 24-hour replenishment within 300 kilometers, which alleviates the burden of sourcing for franchisees [4] Group 3: Consumer and Industry Dynamics - The company has created a vast store network covering 28 provinces and 1,224 counties, stimulating local industries such as transportation and store renovation, thereby generating numerous flexible job opportunities [6] - By eliminating intermediaries, "Mingming Hen Mang" allows consumers in county markets to purchase snacks at prices approximately 25% lower than supermarkets, thus activating the consumption potential in these markets [6][8] - The company acts as a platform chain leader, promoting the collaborative development of the industrial chain, enhancing agricultural production standards, and increasing the added value of agricultural products through processing [8]

Group 1 - A new individual business named "Xukou Good Friends Snack Shop" has been established in Wuzhong District, with a registered capital of 100,000 RMB [1] - The legal representative of the business is Chen Tianyu, and it operates under various licenses including food sales, catering services, and alcohol sales [1] - The business is authorized to engage in internet sales of food, subject to approval from relevant authorities [1] Group 2 - The shop's general business scope includes the sale of health food (pre-packaged), toys, batteries, electronic products, office supplies, stationery, and various daily necessities [1] - It also includes the retail of fresh eggs, edible agricultural products, and fresh fruits, among other items [1] - The business is permitted to sell non-medical masks and first-class medical devices, as well as engage in sales agency and prepaid card agency sales [1]

Group 1 - The core viewpoint of the article highlights the IPO of Hunan Mingming Hen Mang Commercial Chain Co., Ltd., a leading snack retail chain in China, which aims to leverage its extensive network and low-cost strategy to capture market share in the competitive landscape [1][12] - The company has over 14,000 stores and reported annual revenue of 39.3 billion yuan and a GMV of 55.5 billion yuan, making it a focal point for capital market attention [1][2] - Mingming Hen Mang was formed through the merger of two popular brands, rapidly integrating resources to cover 28 provinces and over 66% of its stores in county and town markets, with a membership base exceeding 120 million and a high repurchase rate of 75% [2][3] Group 2 - The company's growth strategy is characterized by a "let profit grow" approach, maintaining a low gross margin of 7.5%, significantly below the industry average of 20.35%, which attracts price-sensitive consumers [5][10] - Mingming Hen Mang's operational efficiency is enhanced by a digital and supply chain system, including a self-developed "smart middle platform" for comprehensive digital management and a remote intelligent store inspection system [7][8] - The competitive landscape is intensifying, with rivals like Wanchen Group's "Hao Xiang Lai" expanding rapidly, leading to ongoing price wars and increasing consumer demand for healthier, personalized products [10][11] Group 3 - The company's IPO is seen as a watershed moment for the industry, raising questions about the sustainability of its low-margin model, which currently has a net profit margin of 2.1% [11][12] - Analysts suggest that the ability to leverage economies of scale to reduce costs and expand into higher-margin categories will be crucial for the company's future success [11] - The influx of capital may lead to industry consolidation, potentially sidelining smaller brands lacking supply chain and financial strength [11][12]

Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, with Goldman Sachs and Huatai International as joint sponsors [1] - By the end of 2024, the company expects to achieve a retail sales volume (GMV) of 55.5 billion RMB and over 1.6 billion transactions, leading the "bulk sales model" in China [1][3] - As of December 31, 2024, the company will operate 14,394 stores across 28 provinces and all tiered cities in China, with approximately 58% located in county and town areas [1] Business Model and Growth - Mingming Hen Mang was formed by the merger of "Snacks Are Busy" and "Zhao Yiming Snacks" in November 2023, focusing on supply chain reconstruction and innovative product development [3] - The company has a total of 3,380 SKUs (stock-keeping units) by the end of 2024, with about 25% being customized products, enhancing product flexibility and consumer engagement [3] - The average SKU count per store is no less than 1,800, with a monthly introduction of 100 new products, creating a feedback loop that increases consumer loyalty [3] Financial Performance - Revenue figures for 2022, 2023, and 2024 are projected at 4.286 billion RMB, 10.295 billion RMB, and 39.344 billion RMB, respectively, with adjusted net profits of 81 million RMB, 235 million RMB, and 913 million RMB [5] - The revenue model is primarily based on product sales, with 99.5% of income derived from sales to franchise and direct stores, while franchise fees account for less than 0.5% [5] - The number of franchisees has grown from 994 in 2022 to 7,241 in 2024, indicating strong franchise growth and operational efficiency [5] Operational Efficiency - The company's gross margin has remained stable between 7.5% and 7.6% from 2022 to 2024, while the net profit margin has improved from 1.7% to 2.1% [7] - Mingming Hen Mang has optimized its supply chain by directly connecting with manufacturers, reducing inventory turnover days to 11.6 days, which allows for cost savings passed on to consumers and franchisees [7] - The company has implemented a fully digital ordering system and advanced warehouse and transportation management systems to enhance operational efficiency [7] Future Plans - The company plans to use the funds raised from the IPO primarily for store expansion and upgrades, supply chain optimization, and digitalization efforts to increase market penetration and meet diverse consumer needs [8]