Investment Rating - The report recommends subscription for the IPO of the company, indicating a positive investment outlook [1]. Core Insights - The company is the largest chain retailer of leisure food and beverage products in China, operating under the brands "Snack Busy" and "Zhao Yiming Snacks" [2]. - As of September 30, 2025, the company has 19,517 stores across 28 provinces in China, with approximately 59% located in county and town areas [2]. - The company holds a market share of 1.5% in the fragmented Chinese food and beverage retail industry, with the top five retailers accounting for 6.0% of the market [2]. Industry Overview - The leisure food and beverage retail industry is experiencing accelerated penetration into lower-tier markets, with the GMV in these markets expected to reach 2.3 trillion yuan by 2024, growing at a CAGR of 6.5% from 2019 to 2024, outpacing higher-tier markets [3]. - The growth of specialty store channels is notable, with a CAGR of 13.9% from 2019 to 2024, and an expected CAGR of 11.1% from 2024 to 2029 [3]. Company Performance - The company's revenue for the fiscal years 2023 and 2024 is projected to be 102.95 billion yuan and 393.44 billion yuan, respectively, reflecting year-on-year growth of 140.22% and 282.15% [4]. - Net profit for the same periods is expected to be 2.17 billion yuan and 8.34 billion yuan, with year-on-year increases of 203.45% and 283.44% [4]. - The company’s performance is bolstered by rapid store expansion and economies of scale, with store counts reaching 6,569 and 14,379 for 2023 and 2024, respectively [4]. - The acquisition of Zhao Yiming in November 2023 contributed 1.048 billion yuan to revenue [4]. - For the first three quarters of 2025, the company achieved a revenue of 46.371 billion yuan, a year-on-year increase of 75.22%, and a net profit of 1.559 billion yuan, up 215.91% [4]. - The median IPO price of 233.1 HKD corresponds to a PE ratio of approximately 54 times for 2024, and assuming continued growth, a PE ratio of about 17 times for 2025 [4].

Company and Industry Summary Company: Mingming Hen Mang (鸣鸣很忙) Industry Overview - The hard discount retail channel is rapidly emerging in response to the trend of consumer downtrading, focusing on cost control and efficient operations to meet the demand for quality-price ratio among consumers [1] - The Chinese leisure food and beverage retail market is projected to grow at a CAGR of 5.8% from 2024 to 2029 [1] - By 2024, chain retailers are expected to account for 57.1% of the total GMV in the Chinese leisure food and beverage retail industry [1] Key Financial Metrics - For the first three quarters of 2025, the company reported revenue of 46.37 billion yuan, representing a year-over-year increase of 75% [2] - The adjusted net profit for the same period was 1.81 billion yuan, showing a year-over-year increase of 241% [2] Market Position - Mingming Hen Mang holds a market share of 1.5% in the industry, positioning itself among the leading players [1] Product Strategy - The company has diversified its product offerings, with 34% of its SKUs being customized products and 38% available for bulk purchase [1] - The ongoing exploration of the "snack+" strategy includes the introduction of a dual-brand 3.0 store model [1] Store Network - As of Q3 2025, Mingming Hen Mang operates a network of 19,517 stores across 28 provinces and all tiered cities in China, with approximately 59% of the stores located in county and town areas [2] Additional Insights - The company is expanding its product range to include categories such as daily necessities, stationery, baking products, and fresh and frozen items [2]