Mingming is very busy and is the first to "cross the line": The competition for the first stock of bulk snacks in Hong Kong has been settled

In the competition for the title of "the first stock of bulk snack foods in Hong Kong," MingMing is busy crossing the finish line first. On January 6, MingMing disclosed its post-hearing information package, showing that it has passed the listing hearing of the Hong Kong Stock Exchange. Looking back to 2025, the two major leaders in bulk snacks have not stopped "capturing territory" while heading to the Hong Kong Stock Exchange. By the end of September 2025, MingMing had net added 6,585 stores nationwide, bringing the total to 19,517 stores, with the number of signed stores exceeding 20,000. On the other hand, Wanchen Biotechnology experienced rapid growth in store scale between 2024 and the first half of 2025, adding over 10,000 stores, with a total of 15,365 stores. The total number of stores for the two leading companies is approaching 40,000, and the bulk snack channel, with its vast network, has become a significant presence in the snack food industry. As of the end of the third quarter of 2025, about 34% of MingMing's products were customized goods developed in collaboration with suppliers. This scale effect and bargaining power are intuitively reflected in financial growth. In the first three quarters of 2025, MingMing achieved revenue of 46.371 billion yuan, with a year-on-year growth rate of 75.2%; during the same period, the growth rate of gross merchandise volume (GMV) was 74.5%. In contrast, in the first half of 2025, its revenue growth rate had not yet exceeded GMV, reaching 86.5% and 86.9%, respectively. For bulk snack companies, GMV typically reflects terminal consumer flow, while revenue mainly comes from selling goods to franchisees and charging service fees. A revenue growth rate higher than the GMV growth rate indicates that the proportion of terminal transaction amounts retained as the company's income is increasing, reflecting its enhanced control over channels and supply chains as well as bargaining power. According to sources from XinFeng, the bulk snack channel generally reduced subsidies to suppliers in 2025. The combination of improved bargaining power and the dilution of fixed costs has provided greater profit margins for the high-turnover bulk snack model. From 2024 to the first three quarters of 2025, MingMing's gross margin increased from 7.6% to 9.7%, and the adjusted net profit margin also rose from 2.3% to 3.9%. The impact of store density on individual stores is unavoidable. In the first three quarters of 2025, MingMing's average daily order volume per store reached 481 orders, an increase from 452 orders in 2024, but the average daily sales per store decreased by about 2,000 yuan to 12,400 yuan. The optimization of category structure and the expansion of private brands will be key to observing its performance trends. MingMing's private brand was launched in 2025, currently featuring 6 core private brand products and 30 extended series products, continuing the high cost-performance route, such as oolong tea at 1.9 yuan/600ml, pure milk at 2.5 yuan/250ml, and dried beef at 9.9 yuan/50g. HuaYuan Securities analyst Zhang Dongxue pointed out that MingMing's private brand strategy focuses more on category planning and differentiation in the short term, rather than direct profitability, emphasizing the enhancement of added value, matching future consumption trends, and solidifying user mindset In the first three quarters of 2025, the revenue from proprietary brands has not significantly impacted the company's overall performance and is not listed separately in the prospectus. Risk Warning and Disclaimer The market carries risks, and investments should be made with caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk