New Stock Express | Ming Ming is very busy, China's leading food and beverage retail company

Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (hereinafter referred to as the "Company") submitted a prospectus to the Hong Kong Stock Exchange on April 28, 2025, intending to list on the main board of Hong Kong. There are two joint sponsors, namely Goldman Sachs and Huatai International.

I.

Company Overview

The Company is a leading and still rapidly growing food and beverage retail company in China. Stores are mostly located in high-traffic, easily accessible street locations, providing a joyful and comfortable shopping experience, as well as a wide range of high-quality, cost-effective, and frequently updated products. It is committed to meeting the general consumers' demand for high-quality and affordable snacks, and through supply chain restructuring and innovative product development, it has enriched its product portfolio and redefined the retail pricing system.

II.

Joint Sponsors

In the past year, 8 companies, 5 rose on the first day, 5 rose in the dark pool

In the past year, 17 companies, 6 rose on the first day, 7 rose in the dark pool

III.

Financial Analysis

Revenue, gross profit, and profit from 2022 to 2024:

Gross margin and profit margin from 2022 to 2024:

Core Business

The core business is the operation of snack retail chains, opening a large number of offline stores through direct operation and franchising, and through innovative product development, creating a shopping experience, and restructuring the supply chain to lead the bulk retail model, providing consumers with a wide variety of snack products, liberating and meeting the general consumers' demand for high-quality and cost-effective products.

Brands: "Snack Hen Mang" and "Zhao Yiming Snacks".

Dividends

As of December 31, 2022, 2023, and 2024, dividends paid were zero yuan, RMB 194.2 million, and RMB 32.3 million, respectively.

Industry Outlook

In recent years, driven by the improvement in food consumption levels, the rise of diversified consumption scenarios, and changes in consumption preferences, China's leisure food and beverage retail industry has achieved stable growth.

From 2019 to 2024, the market size of China's leisure food and beverage retail industry grew from RMB 2.9 trillion to RMB 3.7 trillion, with a compound annual growth rate of 5.5%. Looking ahead, it is expected that China's leisure food and beverage retail industry will continue to expand, with the market size expected to reach RMB 4.9 trillion in 2029, with a compound annual growth rate of 5.8% from 2024 to 2029.

Industry Competition

In 2024, the GMV contributed by chain retailers accounted for 57.1% of the total GMV of China's leisure food and beverage retail industry, reaching RMB 2.1 trillion. The top five chain retailers accounted for 6.0% of the market share. In 2024, in terms of leisure food and beverage GMV, the group was the largest chain retailer in China, with a 1.5% market share.

1. Company A: Walmart

2. Company B: Xinhua Du

3. Company C: Suning Retail

4. Company D: Meiyijia

Major Shareholders

Mr. Yan Zhou: Chairman, Executive Director, and General Manager.

Mr. Yan has extensive experience in the food and beverage retail industry. He established Changsha Snack Hen Mang Food Co., Ltd. in November 2016 and served as Executive Director and General Manager from November 2016 to October 2023.

Mr. Zhao Ding: Vice Chairman, Executive Director, and Deputy General Manager.

Mr. Zhao has extensive experience in the food and beverage retail industry. He established Zhao Yiming Trading in January 2019 and served as Executive Director and General Manager. Mr. Zhao established Zhao Yiming Food Technology in June 2022 and has since served as its Supervisor, Executive Director, General Manager, and Chairman.