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零食界“蜜雪冰城”冲击上市 鸣鸣很忙不能只靠“薄利”
Bei Jing Shang Bao· 2025-05-18 14:18
Core Viewpoint - The company "Mingming Hen Mang" is attempting to enter the Hong Kong stock market, showcasing impressive growth metrics such as over 14,000 stores and a GMV of 55.5 billion yuan for 2024, but struggles with low profit margins, with gross margins below 8% and net profit margins around 2% [1][4][9]. Group 1: Company Growth and Expansion - Mingming Hen Mang has rapidly expanded its store count from 6,585 in 2023 to 14,394 in 2024, covering 28 provinces and all tiered cities, with approximately 58% of stores located in county and town areas [3][4]. - The company operates primarily through a franchise model, opening an average of 22 new stores daily in 2024, contributing to a GMV of 55.5 billion yuan [3][4]. Group 2: Financial Performance - The financial performance of Mingming Hen Mang shows a gross margin of 7.5% in 2022, 7.5% in 2023, and 7.6% in 2024, with net profit margins of 1.7%, 2.1%, and 2.1% respectively, indicating limited improvement despite increased store numbers [4][5]. - The company's revenue model relies heavily on product sales to franchise and direct stores, with less than 0.5% of revenue coming from franchise fees, which limits profit margins [5][9]. Group 3: Industry Challenges - The low-margin business model is a common issue in the discount retail sector, particularly as competition increases and the company's competitive edge diminishes [7][11]. - The shift towards a multi-category retail model introduces operational complexities and risks, such as increased supply chain management challenges and higher loss rates for non-standard products [8][9]. Group 4: Future Outlook and Strategies - The domestic snack market is projected to grow from 2.9 trillion yuan in 2019 to 3.7 trillion yuan in 2024, with a compound annual growth rate of 5.5%, indicating potential for future growth despite increasing competition [10]. - The upcoming IPO is expected to provide financial support for enhancing supply chain capabilities, product development, and brand promotion, which are crucial for improving profitability [10][11].
冲刺港股上市,鸣鸣很忙“薄利多销”下的长期主义
Bei Ke Cai Jing· 2025-04-29 09:59
Core Viewpoint - The merger of snack brands "Snack Busy" and "Zhao Yiming Snacks" has led to the establishment of "Mingming Busy," which plans to go public in Hong Kong, positioning itself as the largest leisure food and beverage retail chain in China by 2024 GMV [1][3]. Company Overview - Mingming Busy was formed from the merger of Snack Busy, founded in 2017, and Zhao Yiming Snacks, which started in 2019, completing the merger in November 2023 [2]. - The company operates a "volume retail model" that emphasizes supply chain reconstruction, innovative product development, and a pleasant shopping experience [2]. Financial Performance - Revenue figures for Mingming Busy are projected as follows: CNY 4.286 billion in 2022, CNY 10.295 billion in 2023, and CNY 39.344 billion in 2024 [3]. - Adjusted net profits are expected to be CNY 81 million, CNY 235 million, and CNY 913 million for the same years [3]. Revenue Structure - 99.5% of Mingming Busy’s revenue comes from selling products to franchise and direct stores, with franchise fees and service income accounting for less than 0.5% [4]. - The company has a diverse product range with 3,380 SKUs, including baked goods, snacks, and beverages [3]. Market Strategy - Mingming Busy focuses on the lower-tier market, with approximately 58% of its stores located in county and township areas, covering 1,224 counties in China [8]. - The company aims to provide high-quality, cost-effective products and services across various city tiers [8]. Business Model - The "thin profit, high sales" strategy has resulted in stable gross margins of 7.5%-7.6% and an increase in net profit margin from 1.7% to 2.1% from 2022 to 2024 [9]. - The company has streamlined operations by connecting directly with manufacturers, reducing inventory turnover days to 11.6 days [9]. Franchise System - Mingming Busy has significantly increased its franchise network from 994 in 2022 to 7,241 in 2024, providing comprehensive support to franchisees [6]. - The company employs a standardized management approach while allowing for customized store layouts to meet local demands [6]. Consumer Engagement - The company has achieved over 1.6 billion transactions in 2024, with a membership base of 120 million and a repurchase rate of 75% [10]. - Mingming Busy invests heavily in digitalization, enhancing operational efficiency through advanced systems for inventory and logistics management [10]. Industry Context - The Chinese leisure food and beverage retail market is projected to grow from CNY 3.7 trillion in 2024 to CNY 4.9 trillion by 2029 [10]. - Mingming Busy plans to use IPO proceeds for store expansion, supply chain optimization, and digital infrastructure development to enhance market penetration [10].
鸣鸣很忙冲刺IPO:2024年营收393亿元,门店数量超1.4万家 | 最前线
3 6 Ke· 2025-04-28 15:42
Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, with significant revenue growth projected for the coming years [1][2] Company Overview - The company reported revenues of 4.286 billion RMB, 10.295 billion RMB, and 39.344 billion RMB for the years 2022, 2023, and 2024 respectively [1] - Adjusted net profits for the same years are projected to be 81 million RMB, 235 million RMB, and 913 million RMB [1] - The gross margin has remained stable between 7.5% and 7.6%, while the net profit margin has improved from 1.7% to 2.1% [1] Brand and Market Position - Mingming Hen Mang operates two brands: "Snacks Very Busy" and "Zhao Yiming Snacks," which merged in November 2023 [1] - The company has a total of 14,394 stores across 28 provinces and all tiered cities in China, with approximately 58% located in county and town areas [1] Membership and Customer Engagement - By the end of 2024, the company expects to have 1.2 billion members, with 1.03 billion active buyers and a repurchase rate of 75% [2] - The company offers a diverse product range with 3,380 SKUs, 25% of which are customized products, and over 40% of products are sold in bulk [2] Market Potential - The retail market for leisure food and beverages in China reached 3.7 trillion RMB in 2024, with projections to grow to 4.9 trillion RMB by 2029 [2] - The company plans to use IPO proceeds primarily for store expansion, supply chain optimization, and digital infrastructure development [2]