鸣鸣很忙二次递表 冲刺量贩零食港股第一股

Mingming Hen Mang has submitted its second application for a Hong Kong IPO, showcasing its scale and efficiency as China's largest leisure snack chain.

1. Strong financial performance: For the six months ended June 30, 2025, GMV reached RMB 41.1 billion, revenue was RMB 28.12 billion, and adjusted net profit stood at RMB 1.034 billion. A cash balance of RMB 2.394 billion, net current assets of RMB 2.827 billion, and net operating cash flow of RMB 1.395 billion reflect robust financial health.

2. Extensive store network: The company operates 16,783 stores across 28 provinces, 1,327 counties, and all city tiers in China, averaging over 10 stores per county. In September 2025, it became the first in its industry to surpass 20,000 stores, cementing its leadership position.

3. Superior operational efficiency: Inventory turnover days are just 11.7, significantly better than the industry average, indicating agile supply chain response, precise product selection, and low risk of unsold inventory. This highlights the company's shift from extensive franchising to refined operations.

4. Industry context and IPO timing: With the Hong Kong IPO market rebounding in 2025, Mingming Hen Mang has updated its prospectus. Its race with Wanchen Group to become the "first listed value snack retailer in Hong Kong" signals that future competition will hinge on supply chain efficiency, brand power, and innovation.

Mingming Hen Mang's brand practices and scale advantages offer insights into channel development and consumer trends.

1. Brand marketing and channel strengths: As an industry leader, its network of over 16,000 stores across 1,327 counties provides extensive brand touchpoints and deep penetration in lower-tier markets. A GMV of RMB 41.1 billion demonstrates successful channel strategy, offering lessons on balancing coverage density with operational efficiency during regional expansion.

2. Product development and consumer trends: The 11.7-day inventory turnover reflects high demands for product freshness and demand responsiveness. Industry consolidation (e.g., mergers in 2023) indicates a shift toward chain scale effects, suggesting brands should monitor changing consumer behavior to guide new product development.

3. Pricing and competition strategy: In the race for 10,000+ stores, supply chain advantages (e.g., over RMB 2.3 billion in cash) support price competitiveness. As major players like Liangpin Shop focus on franchising, brands can refine pricing strategies and leverage industry restructuring to capture market share.

Mingming Hen Mang's IPO provides insights into industry policies, growth opportunities, and risk management.

1. Policy interpretation and event response: The rebounding Hong Kong IPO market (HKD 107.1 billion raised in H1 2025) offers timing lessons. The company's second application avoids A-share scrutiny risks, demonstrating how to use capital market policies to enhance financing capabilities and update processes for similar events.

2. Growth markets and consumer demand: Store growth from 14,394 in 2024 to 16,783 in 2025 and RMB 41.1 billion GMV highlight opportunities in lower-tier markets and county expansion. Shifting demand toward "10,000-store era" consolidation (e.g., competition with Wanchen Group) suggests identifying regional gaps and adjusting product strategies to meet evolving needs.

3. Risk warnings and opportunities: IPO competition accelerates industry shakeout, squeezing smaller brands. Opportunities include capital-backed supply chain upgrades (e.g., cash reserves supporting digitalization) and standardized operations (reducing franchising non-compliance). Sellers can learn from the 11.7-day inventory turnover to optimize stock management.

Mingming Hen Mang's operational efficiency reveals production demands and digital business opportunities.

1. Production and design needs: An 11.7-day inventory turnover reflects high requirements for agile supply chain response, necessitating factories to support rapid ordering and precise product selection. The scale of over 16,000 stores demands high-volume customization, prompting production line optimization for frequent deliveries.

2. Business opportunity expansion: IPO proceeds earmarked for supply chain consolidation hint at potential procurement partnerships. Industry consolidation (e.g., Wanchen Group's application) increases order volumes for top players, allowing factories to participate in lower-tier market penetration projects to diversify revenue.

3. Digitalization insights: Efficient turnover demonstrates the value of e-commerce automation (e.g., digital ordering systems). Low unsold inventory risk (11.7-day turnover) encourages factories to adopt smart equipment for production flexibility, cost savings, and faster response times.

Mingming Hen Mang's case study highlights industry trends, technical pain points, and solution directions.

1. Industry trends: Leisure snacks are entering a "10,000-store era" of consolidation (e.g., IPO race with Wanchen Group). Rising concentration among top players, with RMB 41.1 billion GMV underscoring scale effects, suggests service providers target regional restructuring to develop incremental markets.

2. New technologies and client pain points: An 11.7-day inventory turnover (beating industry averages) reflects supply chain technology needs. Client challenges include non-standard franchising practices and unsold inventory risks. Lessons from Mingming Hen Mang's cash flow management (RMB 1.395 billion net) can inform digital solution design.

3. Solution promotion: IPOs drive demand for transparent, standardized financial services. Providers can leverage corporate digitalization needs (mentioned in prospectuses) to offer supply chain optimization tools or e-commerce platform integrations, reducing operational hurdles for smaller brands during consolidation.

Mingming Hen Mang's platform practices reveal operational management, merchant policies, and risk mitigation priorities.

1. Platform requirements: The shift from franchising reliance to refined operations (11.7-day turnover) demands digital ordering and inventory management tools. Expansion by key clients like Mingming Hen Mang (to 16,783 stores) requires platforms to support multi-region deployment.

2. Latest platform practices: Efficient turnover optimizes operations (supported by RMB 2.394 billion cash balance). Merchant acquisition can emulate lower-tier market coverage strategies (1,327 counties), using franchising policies to attract smaller brands and boost market share, while learning cash flow management for sustainable growth.

3. Risk mitigation mechanisms: Industry consolidation heightens need for standardized franchising practices, requiring transparent platform mechanisms. IPO competition (e.g., Wanchen Group's entry) implies risk avoidance must align with supply chain efficiency battles (e.g., 11.7-day turnover model). Platforms can integrate risk control systems to monitor compliance breaches.

Mingming Hen Mang's IPO reflects industry movements, emerging issues, and policy implications.

1. Industry trends: Leisure snack chains have entered deep competition in the "10,000-store era" (Mingming Hen Mang exceeds 20,000 stores). New developments during consolidation include IPO races (vying with Wanchen Group for Hong Kong's first listing) and business model shifts (from extensive franchising to refined operations), highlighting supply chain efficiency as a core competitive metric.

2. Emerging issues: Smaller brands face squeezed development space (e.g., top players' RMB 41.1 billion GMV advantage). Risks include market imbalances from regional shakeouts and residual non-standard practices, warranting research on balancing innovation with fair competition.

3. Policy implications: Hong Kong IPO rebounds (surge in 2025 fundraising) offer insights into regulatory preferences. Listings driving financial transparency suggest policies should promote industry standardization. Researchers may recommend regulations that support digitalization to mitigate consolidation risks.