行业首家突破2万店的企业。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，中国证监会国际合作司于12月11日披露了《关于湖南鸣鸣很忙商业连锁股份有 限公司境外发行上市及境内未上市股份"全流通"备案通知书》。 这意味着，鸣鸣很忙已获得港交所聆讯的前置条件。根据备案通知书，鸣鸣很忙拟发行不超过 76,666,400股境外上市普通股并在香港联合交易所上市，25名股东拟将所持合计198,079,551股 境内未上市股份转为境外上市股份，并在香港联合交易所上市流通。 作为中国最大的休闲食品饮料连锁零售商，鸣鸣很忙通过"零食很忙""赵一鸣零食"双品牌深度融 合，整合经营体系与统一组织架构，实现无缝协同与标准化运营，以集团化运营全面提升供应链与运 营效率。 今年上半年，鸣鸣很忙实现零售额（GMV）411亿元人民币，上半年收入281.2亿元人民币，经调整 净利润10.34亿元人民币，门店总数已达16783家，覆盖全国28个省份、1327个县和所有线级城 市，2024年休闲食品饮料产品零售额位居行业首位。2025年9月，据第三方权威机构弗若斯特沙利 文认证，鸣鸣很 ...

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].

Core Viewpoint - The company "Ming Ming Hen Mang" has submitted updated listing application materials to the Hong Kong Stock Exchange, showcasing strong financial performance and market position in the retail snack and beverage sector [1] Financial Performance - As of June 30, 2025, the company achieved a Gross Merchandise Volume (GMV) of 41.1 billion yuan and revenue of 28.12 billion yuan for the first half of the year, with an adjusted net profit of 1.034 billion yuan [1] - The total number of stores reached 16,783, and the company has surpassed 20,000 stores as of September 2023, solidifying its market leadership [1] Market Position - Ming Ming Hen Mang is recognized as one of China's largest retail snack and beverage chains, integrating its dual brands "Snack Hen Mang" and "Zhao Yi Ming Snacks" to enhance operational efficiency [1] - According to the China Chain Store & Franchise Association, the company ranks among the top 10 in the Chinese chain industry for 2024, being the only bulk snack enterprise in that list [1] Financial Health - As of June 30, 2025, the company reported a cash balance exceeding 2.394 billion yuan and net current assets of 2.827 billion yuan, with a net operating cash flow of 1.395 billion yuan for the first half of 2025 [1] - The inventory turnover days were only 11.7 days, indicating robust financial strength and efficient asset management [1] IPO Context - The update to the prospectus is considered a routine step in the Hong Kong IPO process, and with the recovery of the Hong Kong IPO market, the company is expected to attract significant interest due to its scale and growth momentum [1]

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]

Group 1 - The core viewpoint is that Mingming Hen Mang has submitted updated listing application materials to the Hong Kong Stock Exchange, indicating its ongoing efforts to go public after its initial application in April 2023 [1][4] - As of June 30, 2025, Mingming Hen Mang achieved a retail sales (GMV) of 41.1 billion RMB, with revenue of 28.12 billion RMB and an adjusted net profit of 1.034 billion RMB, showcasing strong financial performance [1][4] - The company operates 16,783 stores across 28 provinces, 1,327 counties, and all tier-one cities in China, making it the first in the industry to exceed 20,000 stores as certified by a third-party authority [1][4] Group 2 - Mingming Hen Mang is recognized as the largest chain retailer in the Chinese snack food and beverage sector, integrating its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" for enhanced operational efficiency [4] - The company ranks among the top 10 in the 2024 China Chain Industry, being the only representative from the mass snack sector [4] - As of June 30, 2025, the company reported a cash balance exceeding 2.394 billion RMB and a net current asset value of 2.827 billion RMB, reflecting a robust financial structure [4] Group 3 - The net operating cash flow for the first half of the year was 1.395 billion RMB, with an inventory turnover period of only 11.7 days, indicating effective asset management and supply chain capabilities [4] - Industry experts note that Mingming Hen Mang is transitioning from a phase of rapid expansion to a period of systematic and stable growth, marking a new stage in the Chinese snack food and beverage retail industry [4] - The Hong Kong IPO market is gradually recovering, and the updated prospectus is seen as a routine step in the listing process, with high expectations for the company's public offering [4]

Core Insights - The company "Mingming Hen Mang" has submitted updated listing application materials to the Hong Kong Stock Exchange, showcasing strong financial performance and market leadership in the snack retail sector [1][2] Financial Performance - As of June 30, 2025, the company achieved a gross merchandise value (GMV) of 41.1 billion RMB and a revenue of 28.12 billion RMB for the first half of the year [1] - The adjusted net profit for the same period was 1.034 billion RMB, with a total of 16,783 stores, maintaining its position as the industry leader [1] - The company reported a cash balance exceeding 2.394 billion RMB and net current assets of 2.827 billion RMB as of June 30, 2025 [1] - The net operating cash flow for the first half of 2025 was 1.395 billion RMB, with an inventory turnover period of only 11.7 days, indicating strong financial health and efficient asset management [1] Market Position - "Mingming Hen Mang" has become the first company in the industry to surpass 20,000 stores as of September this year, further solidifying its market leadership [1] - According to data from the China Chain Store & Franchise Association, the company ranks among the top 10 in the Chinese retail chain industry for 2024, being the only bulk snack enterprise in that list [1] IPO Expectations - Industry insiders indicate that the updated prospectus is a routine step in the Hong Kong IPO process, and with the recovery of the Hong Kong IPO market, the company is highly anticipated for its listing due to its leading scale, stable operational quality, and continuous growth momentum [2]

Core Insights - The company "Ming Ming Hen Mang" has submitted updated listing application materials to the Hong Kong Stock Exchange, showcasing strong financial performance and market leadership in the snack and beverage retail sector [1][3]. Financial Performance - As of June 30, 2025, the company achieved a Gross Merchandise Volume (GMV) of 41.1 billion RMB and a 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 - "Ming Ming Hen Mang" 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 retail sector [3]. Operational Efficiency - The company has a total of 16,783 stores across 28 provinces, 1,327 counties, and all tiered cities, demonstrating extensive market coverage [1]. - The inventory turnover days for the first half of 2025 were only 11.7 days, significantly better than the industry average, highlighting effective supply chain management [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, a sevenfold increase year-on-year, positioning it as the leading global market [3]. - The submission of updated prospectus documents is a routine part of the IPO process, reflecting the strong interest in consumer sector companies like "Ming Ming Hen Mang" [3].

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][4]. Financial Performance - As of June 30, 2025, the company achieved a Gross Merchandise Volume (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 [4]. - The net operating cash flow for the first half of 2025 was 1.395 billion RMB, reflecting robust cash generation capabilities [4]. Market Position - "鸣鸣很忙" is recognized as the largest snack food and beverage retail chain in China, with a total of 16,783 stores across 28 provinces and 1,327 counties, covering all tier-one cities [1][4]. - The company is projected to lead the industry in retail sales of snack food and beverages in 2024, according to third-party data [1]. - By September 2025, it is expected to become the first company in the industry to surpass 20,000 stores, further solidifying its market dominance [1]. Industry Context - The Hong Kong IPO market is showing signs of recovery, with a total fundraising of 107.1 billion HKD in the first half of the year, a sevenfold increase year-on-year, making it the leading global market for IPOs [4]. - The company is positioned as a popular entity in the consumer sector, with its IPO being highly anticipated amid a competitive landscape of over 300 companies waiting to list [4].

Investment Rating - The report suggests a forward-looking investment value in Mingming Hen Mang and Wancheng Group, anticipating an acceleration in profitability for the leading players in the industry during 2025-2026 [5][61]. Core Insights - Mingming Hen Mang has emerged as a leader in the snack retail sector through a strong merger with Zhao Yiming, resulting in a combined entity with 14,394 stores across 28 provinces in China and a GMV of 55.5 billion [3][7]. - The company's rapid growth is attributed to the expansion of franchise stores and increased sales volume, with a projected revenue of 39.34 billion and adjusted net profit of 9.13 billion for 2024, reflecting a CAGR of 203% and 235% respectively from 2022 to 2024 [3][18]. - The Chinese snack and beverage market is valued at 3.7 trillion, with significant growth potential in the down-market and discount channels, where Mingming Hen Mang holds a market share of 1.5% [4][11]. Summary by Sections Company Overview - Mingming Hen Mang is recognized as a leading food and beverage retailer in China, formed by the merger of "Snacks Are Busy" and "Zhao Yiming" in November 2023, with a focus on operational efficiency and brand integration [3][7]. Industry Trends - The report highlights the ongoing penetration of the discount model in the snack market, with a fragmented retail landscape where the top five players hold only 6% market share [4][11]. Performance Metrics - Revenue and profit growth are driven by the rapid expansion of franchise stores, with a significant increase in store count from 1,902 in 2022 to 14,394 in 2024, achieving a CAGR of 175% [28][29]. - The adjusted net profit margin is expected to improve, with a stable gross margin of 7.6% and an adjusted net profit margin of 2.3% for 2024 [22][21]. Future Outlook - Key future drivers include operational efficiency improvements, upgrades in discount supermarket formats, and steady expansion into Southeast Asia, with initial steps taken in Vietnam [42][52]. - The report anticipates that the domestic discount sector has room for growth, aiming to match the overseas penetration rates of over 15% [5][61].

Market Overview - The Hang Seng Index rose by 1.96% to 22,504.68 points during the trading days from April 28 to May 2, 2023, with the Hang Seng Tech Index showing a strong increase of 4.64% to 5,244.06 points [1] - Recent easing of geopolitical tensions has led to a rebound in risk assets, with the Hong Kong stock market rising for the third consecutive week, nearing recovery from the declines caused by the "reciprocal tariffs" imposed during the Trump administration [1] Economic Indicators - The Hong Kong Monetary Authority (HKMA) intervened by purchasing HKD 46.539 billion (approximately USD 6 billion) to maintain the stability of the Hong Kong dollar against the US dollar, triggered by the strong-side convertibility undertaking at 7.75 HKD per USD [2] - The HKMA noted an increase in demand for Hong Kong dollars related to stock investments, which supports the currency's value [2] Company Performance - Hong Kong Exchanges and Clearing Limited (HKEX) reported record revenue of HKD 68.57 billion for Q1 2025, a 32% year-on-year increase, and a net profit of HKD 40.77 billion, up 37% year-on-year [3] - The average daily trading amount for Hong Kong stocks reached a historical high of HKD 242.7 billion, with the IPO market remaining strong, raising HKD 18.7 billion from 17 companies, nearly quadrupling the amount from the same period last year [3] New Listings - Hunan Mingming Henmang Commercial Chain Co., Ltd. submitted its IPO application to HKEX, aiming to raise funds for supply chain upgrades, store network optimization, brand building, and digital investment [4][5] - The company, formed by the merger of "Snacks Very Busy" and "Zhao Yiming Snacks," is projected to achieve a GMV of RMB 55.5 billion in 2024, making it the largest leisure food and beverage retail chain in China [4][5] Industry Trends - The leisure food market in lower-tier cities is expected to reach a GMV of RMB 2.3 trillion in 2024, with growth rates surpassing those in higher-tier markets [5] - The market is undergoing rapid consolidation, with an estimated 50% of lower-tier companies expected to exit by 2025 [5]