Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step for the company [1] - Mingming Hen Mang is recognized as the largest leisure food and beverage retail chain in China by GMV for 2024, and the fourth largest food and beverage retail chain in the country [1] Financial Performance - Revenue for Mingming Hen Mang was reported at 4.286 billion RMB in 2022, 10.295 billion RMB in 2023, and is projected to reach 39.344 billion RMB in 2024 [1] - Adjusted net profits were 81 million RMB in 2022, 235 million RMB in 2023, and are expected to be 913 million RMB in 2024 [1] Business Model and Growth - In 2024, 99.5% of the company's revenue will come from sales to franchise and direct stores, with franchise fees and service income accounting for less than 0.5% [1] - The number of franchisees increased from 994 in 2022 to 3,377 in 2023, and is projected to reach 7,241 in 2024 [1] Market Presence - The company is expected to achieve a GMV of 55.5 billion RMB in 2024, with over 1.6 billion transactions and a total membership of 120 million, of which 103 million are active buyers [2] - As of December 31, 2024, Mingming Hen Mang will operate 14,394 stores across 28 provinces and all tiered cities in China, with approximately 58% located in county and town areas [2] Profitability Metrics - The gross margin for Mingming Hen Mang 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% [2] - The adjusted net profit margin is expected to maintain a level around 2.3% [2] Future Plans - The company plans to use the proceeds from the IPO primarily for store expansion and upgrades, supply chain optimization, and digitalization efforts to enhance market penetration and meet diverse consumer demands [2]

三湘都市报4月28日讯（全媒体记者 潘显璇）港交所官网今日披露了湖南鸣鸣很忙商业连锁股份有限公 司（简称"鸣鸣很忙"）递交的上市申请。招股书显示，鸣鸣很忙2024年门店零售额（GMV）达555亿 元，全年交易单数超过16亿，持续引领"量贩模式"。 截至2024年12月31日，鸣鸣很忙共有14394家门店，覆盖全国28个省份和所有线级城市，其中约58%位 于县城与乡镇，深入渗透下沉市场。其旗下"零食很忙"、"赵一鸣零食"都是非常受消费者欢迎的国民平 价零食品牌。根据弗若斯特沙利文报告，按2024年GMV计，鸣鸣很忙是中国最大的休闲食品饮料连锁 零售商，并位列中国第四大食品饮料连锁零售。 招股书披露，2022年、2023年和2024年鸣鸣很忙收入分别为42.86亿元、102.95亿、393.44亿元。同期， 经调整净利润分别为0.81亿元、2.35亿元和9.13亿元。 鸣鸣很忙的收入体系并非"品牌方赚加盟费"的传统逻辑。数据显示，2024年其99.5%收入来自向加盟店 和直营店销售商品，加盟费及服务收入占比不足0.5%。加盟商数量从2022年的994家增加至2023年的 3377家，2024年达到7241家。 公 ...