On the evening of April 28, according to Hong Kong Stock Exchange documents, Hunan Mingming Henmang Commercial Chain Co., Ltd. ("Mingming Henmang") officially submitted its listing application to the Hong Kong Stock Exchange. This means that in the fiercely competitive snack hard-discount retail track of the past two to three years, the first company to independently pursue an IPO has emerged. With its low gross margin and high turnover characteristics, and "low-price inclusivity" at its core, Mingming Henmang achieved a remarkable three-year revenue leap, becoming a focus of capital market attention. Three Fiscal Years, "Triple Leap" At the end of 2023, "Snack Busy" (Lingshi Henmang) and "Zhao Yiming Snacks" (Zhao Yiming Lingshi) officially merged to form the "Mingming Henmang" group. "Snack Busy" was founded in March 2017 in Changsha, Hunan, while "Zhao Yiming Snacks" was founded in January 2019 in Yichun, Jiangxi. Despite different origins and coverage areas, both brands target market snack demand and focus on low-priced snacks. Since their inception, Mr. Yan Zhou and Mr. Zhao Ding have both positioned themselves as "building a people's snack brand" and "helping ordinary people achieve snack freedom." In 2018, "Snack Busy" surpassed 100 stores. By 2020, the number of stores nationwide approached 400. As the model proved successful, "Snack Busy" accelerated store openings. In April 2021, "Snack Busy" secured a 240 million RMB Series A financing led by Sequoia Capital China and GSR Ventures, and by 2022, the total number of stores exceeded 2,000. In February 2023, "Zhao Yiming Snacks" completed its Series A financing, with its store count also surpassing 1,000 at that time. At the end of 2023, the two leading snack retail systems announced a merger, integrating into a more scale- and network-advantaged "Mingming Henmang," thereby clarifying the industry landscape. According to information disclosed in the prospectus, over the past three fiscal years, Mingming Henmang's revenue has grown exponentially. Revenue for 2022, 2023, and 2024 was 4.286 billion yuan, 10.295 billion yuan, and 39.344 billion yuan, respectively. During the same period, adjusted net profit was 81 million yuan, 235 million yuan, and 913 million yuan, respectively. Gross margins were 7.5%, 7.5%, and 7.6%, net profit margins were 1.7%, 2.1%, and 2.1%, and adjusted net profit margins were 1.9%, 2.3%, and 2.3%, respectively. Order volume also increased from 175 million to 1.615 billion. Gross merchandise value (GMV) reached 6.447 billion yuan, 15.325 billion yuan, and 55.531 billion yuan, respectively, completing a "triple leap." 14,394 Stores 99.5% of Revenue from Product Sales As of December 31, 2024, Mingming Henmang had a total of 14,394 stores, including 15 self-operated stores and 14,279 franchised stores. It covers 28 provinces and all city tiers across the country, with approximately 58% located in county towns and townships. According to a Frost & Sullivan report, by 2024 GMV, Mingming Henmang is the largest leisure food and beverage retail chain in China and ranks fourth among food and beverage retail chains in China. It is worth noting that Mingming Henmang's revenue model does not follow the traditional logic of "brand owners earning franchise fees." In 2024, 99.5% of Mingming Henmang's revenue came from selling products to franchised and self-operated stores, with franchise fees and service income accounting for less than 0.5%. Mingming Henmang's single-store SKU count is no less than 1,800, twice that of a supermarket of similar scale. Combined with a monthly launch of a hundred new products, it forms a closed loop of "high-frequency new product launches—data feedback—rapid adjustment," enhancing consumer stickiness. The number of SKUs in stock is 3,380, of which approximately 25% are customized products. In terms of product packaging specifications, over 40% of products are sold in bulk by weight, improving category flexibility and friendliness to trying new products. Developing Private Brands Creating New Store Formats In February 2025, Mingming Henmang held a strategic conference, announcing two major strategic directions: "launch of private brand matrix" and "full rollout of dual-brand 3.0 store formats." This move signals that competition in snack hard-discount retail has officially entered a new stage of quality-price ratio and product differentiation, moving beyond scale and efficiency. At the conference, Mingming Henmang released 6 private brand products and 30 extended series of private label products. The 1.9 yuan oolong tea challenges the traditional sugar-free tea pricing system; the 9.9 yuan 50g thumb dried beef allows consumers to enjoy significantly improved quality without bearing excessive prices. This not only breaks through the pricing system, bringing more benefits to consumers, but also enhances differentiated competitiveness through customized products, providing a new fulcrum for profit margins. In March, the newly opened "Zhao Yiming Save Money Supermarket" added categories such as general merchandise, daily chemicals, bakery, and frozen products, benchmarking against convenience stores and traditional supermarkets. The shift from snack hard-discount stores to "save money supermarkets" is also expected to open a second growth curve for Mingming Henmang, while creating higher profit expectations for franchisees. Regarding this, Mingming Henmang founder Zhao Ding said: "The 3.0 save money supermarket represents Mingming Henmang's innovation and successful practice from the snack category to the supermarket track, not only making consumers' purchases more worry-free but also making franchisees' earnings more secure." Competition in the snack hard-discount track has fully entered a white-hot stage. Going public means that Mingming Henmang's development will enter a new phase. Whether it can continuously optimize supply chain efficiency, create better store formats, and strengthen private brand advantages will be key to maintaining its leading position. If it can further consolidate the moat of "low price without low quality" by accelerating supply chain integration and digital investment, while continuing to penetrate lower-tier markets and enhancing private brand premium capabilities, Mingming Henmang's "10,000-store ecosystem" may become a benchmark case of the "quality-price ratio revolution" in China's retail industry.