Is the "Mixue Ice City" of the snack industry coming? Ming Ming is so busy with revenue and profits surging ninefold in three years, now aiming for an IPO with 16,000 stores

After Mixue Bingcheng, the Hong Kong stock market's consumer sector may welcome another heavyweight player.

Following its initial submission to the Hong Kong Stock Exchange in late April this year, on October 28, Hunan Mingming Hen Mang Commercial Chain Co., Ltd. resubmitted its application, aiming to list on the Hong Kong Main Board, with Goldman Sachs and Huatai International serving as joint sponsors.

Starting in Changsha in 2016, the merger of "Snack Hen Mang" and "Zhao Yiming Snacks" in 2023, and now its push into the capital market, this company with less than a decade of history has grown into a new retail giant with over 16,000 stores and a six-month GMV exceeding 44.1 billion yuan at an astonishing expansion rate.

As of the eve of the IPO, Sequoia and Haoxiangni remain significant shareholders of Mingming Hen Mang. Notably, Wanchen Group, which previously relied on "Haoxianglai" as its core growth engine, has also submitted an application for a Hong Kong listing. This indicates that as the competition in scale gradually concludes, the bulk snack industry is shifting its battleground to the capital market.

The good news is that the current stock market's financing environment is quite positive. According to official statistics from the Hong Kong Stock Exchange, as of the end of September, the market's IPO size reached HKD 182.9 billion, more than doubling compared to the same period in 2024; the total refinancing amount was HKD 456.1 billion, more than twice the IPO fundraising; and the average daily securities turnover increased by 126% year-on-year. Currently, over 300 companies are queuing for listing.

16,000 Stores, Ranking Among China's Top 4 Chain Retailers

Mingming Hen Mang's rise is legendary in the retail industry. The origin of this miracle lies in precise strategic planning and key merger actions, ultimately forming an unshakable market advantage through large-scale expansion.

In 2016, Changsha Snack Hen Mang Food Co., Ltd. was officially founded, and the first "Snack Hen Mang" store opened in Changsha the following year, marking the first step in the bulk snack layout. In 2019, the first "Zhao Yiming Snacks" store debuted in Yichun, Jiangxi, setting the stage for the dual-brand strategy.

The real turning point came in 2023 when the integration of the two brands acted like a "catalyst" in a chemical reaction, exponentially amplifying Mingming Hen Mang's scale and network advantages. By integrating operational systems and unifying organizational structures, seamless collaboration and standardized operations were achieved, with the group's operational model significantly enhancing supply chain efficiency and market coverage.

The post-merger expansion was nothing short of "explosive." The number of stores surged from 1,902 at the end of 2022 to 14,394 by the end of 2024. As of June 30, 2025, the total number of stores reached 16,783, a significant increase from 9,176 in the same period in 2024, covering 28 provinces and all city tiers in China.

Among them, "Snack Hen Mang" has 7,594 stores, and "Zhao Yiming Snacks" has 9,189 stores, forming a complementary dual-brand network. Notably, its store layout is deeply embedded in lower-tier markets, with about 58% of stores located in counties and towns, accurately capturing the consumption potential of these areas—a strategy similar to that of the tea beverage giant Mixue Bingcheng.

The expansion of operational scale has successfully translated into exponential performance. According to the prospectus, revenue grew from 4.286 billion yuan in 2022 to 39.344 billion yuan in 2024, a ninefold increase in three years; gross profit also rose from 319 million yuan to 3 billion yuan.

More importantly, its growth momentum continues to rise sharply. This is evident in profitability metrics. From 2022 to 2024, its net profits were 71.65 million yuan, 218 million yuan, and 829 million yuan, respectively; adjusted net profits for the same periods were 81 million yuan, 235 million yuan, and 913 million yuan, showing a leapfrog improvement in profitability.

In the first half of 2025, its growth momentum further accelerated: GMV reached 41.1 billion yuan, an 86.9% increase year-on-year; "Snack Hen Mang" contributed 17.937 billion yuan in GMV, while "Zhao Yiming Snacks" contributed 23.12 billion yuan, with total orders reaching 1.27 billion.

Ultimately, during this reporting period, revenue reached 28.12 billion yuan, an 86% year-on-year increase; adjusted net profit was 1.034 billion yuan, surpassing the entire 2024 figure; and net profit was 877 million yuan, a multiple increase compared to 253 million yuan in the same period last year.

Alongside the impressive performance, Mingming Hen Mang's leading position in the industry has become increasingly solid.

According to Frost & Sullivan, Mingming Hen Mang is China's largest chain retailer by GMV of leisure food and beverage products in 2024; by GMV of food and beverage products, it ranks as China's fourth-largest chain retailer.

In the "2024 China Chain Top 100" list released by the China Chain Store & Franchise Association, Mingming Hen Mang broke into the top ten, becoming the only snack chain brand in the top ten, standing alongside traditional retail giants like Walmart, RT-Mart, and Hema, and emerging as the fastest-growing company in the top ten.

Another Efficiency Revolution in Consumer Supply Chains: Hard Supply Chain × Soft Digitalization

If the dual-brand merger and scale expansion are Mingming Hen Mang's "growth flywheel," then its strong supply chain control and refined operational capabilities are the core drivers keeping the flywheel spinning. In the bulk snack industry, the balance between low prices and high quality is always the core challenge, and Mingming Hen Mang's solution stems from a deep understanding of the industry's essence.

The core competitiveness of bulk snacks lies in the integration and control of the supply chain. Mingming Hen Mang understands this well and has successfully realized its brand promise of "high quality at affordable prices" by restructuring its supply chain. The company adopts a direct supply model from manufacturers, partnering with over 2,300 suppliers, including about 50% of the companies listed in the "2024 Hurun China Food Industry Top 100." The strong bargaining power from large-scale procurement allows it to offer cost-effective products, redefining the pricing system in snack retail.

To ensure product quality and market suitability, Mingming Hen Mang has established a standardized product selection mechanism. From initial selection, tasting, trial sales to promotion, every step is centered on consumer needs, ensuring both product quality stability and rapid response to changes.

This consumer-centric selection logic has given it an advantage in product variety, attracting a large number of consumers shifting from traditional brands to bulk snacks amid the trend of consumption downgrading—once consumers realize that traditional snack brands also rely on OEMs, they naturally prefer bulk channels with more variety and lower prices.

Secondly, to support nationwide operations, Mingming Hen Mang has been building an efficient logistics infrastructure network. To date, it has established over 40 supply chain centers nationwide, with a single warehouse delivery radius of 300 km, ensuring 24-hour delivery to all stores and maintaining product freshness and replenishment efficiency.

This massive infrastructure network has given it exceptional cost control capabilities. From 2022 to 2024, overall warehousing and logistics costs remained below 1.7% of total revenue, a leading figure in the retail industry, providing more room for its low-price strategy.

If the supply chain is the "hard support," then digitalization is the "soft power" of refined operations. Mingming Hen Mang has built the largest digital team in China's leisure food and beverage specialty stores, with 358 members as of June 30, 2025. By increasing technical investments, its technology expenses rose from 9.6 million yuan in 2022 to 53.3 million yuan in 2024, building digital capabilities covering product selection, procurement, warehousing, logistics, franchisee and store management.

As one of the first in the industry to use data-driven forecasting, order monitoring, and automated order suggestions, Mingming Hen Mang's digital capabilities have significantly improved operational efficiency. Innovations like smart store inspection systems and smart checkout systems have made managing over 20,000 stores possible.

Inventory turnover days best reflect its refined operations: in the first half of 2025, inventory turnover days were just 11.7, significantly better than industry averages and traditional retailers, indicating less capital tied up and faster product turnover, further reducing operational risks.

Refined management of the franchisee system is equally indispensable. By the end of 2024, Mingming Hen Mang had established a store operations department with 2,398 employees, dedicated to inspecting and guiding store operations. The company uses a scoring system to quantify franchisee performance, implementing differentiated management and incentives, ensuring standardized operations while motivating franchisees, providing sustainable support for expansion.

The Second Half of Bulk Snacks: Systematic Growth

From an industry perspective, the bulk snack sector is still in a golden period of development. According to relevant institutions, China's leisure food and beverage retail industry will continue to expand, with the market size expected to reach 4.9 trillion yuan by 2029, with a CAGR of 5.8% from 2024 to 2029, up from 5.5% between 2019 and 2024.

Among these, specialty store channels show strong growth. Frost & Sullivan data shows that in the leisure food and beverage market, traditional grocery store channels' share fell from 24.2% in 2019 to 22.7% in 2024, while supermarket channels shrank from 49.2% to 45.8%. In contrast, specialty store channels have shown robust growth, with their market share rising from 7.3% in 2019 to 11.2% in 2024, expected to continue growing, surpassing 400 billion yuan in total size.

Mingming Hen Mang's successful listing is expected to further elevate the industry status of bulk snacks—this model has now moved beyond niche markets to become a mainstream force in China's chain retail. According to Frost & Sullivan, Mingming Hen Mang is already China's largest leisure food and beverage chain retailer in 2024, and post-listing, it is expected to leverage capital to expand its market share and consolidate its leading position.

Capital injections from the market will provide stronger momentum for Mingming Hen Mang's continued expansion. Currently, the company has over 16,000 stores covering major regions, but lower-tier markets still offer vast potential, especially in central and western regions and rural areas, where store density can still increase. Additionally, further supply chain optimization, deeper digital technology applications, and new category expansions all require capital. Post-listing, the company is expected to increase investments in these areas, building stronger competitive barriers.

However, challenges cannot be ignored. The most direct competition comes from within the industry, as the bulk snack sector's popularity attracts more players, including traditional snack companies transforming and regional brands expanding, intensifying market competition.

Mingming Hen Mang's heavy reliance on franchise models for expansion, while enabling rapid market capture, may affect its market position if competitors like traditional supermarkets catch up in product supply advantages. For example, the ongoing competition with traditional snack giants. While Mingming Hen Mang's rapid rise has already impacted companies like Three Squirrels and Bestore, post-listing, the gap may widen further, but traditional giants could also counter with strategic adjustments and supply chain optimizations.

Balancing expansion speed with product value and operational efficiency to achieve high-quality operations will be an ongoing challenge for Mingming Hen Mang.

Moreover, compared to companies with in-house raw material production, Mingming Hen Mang's control over the upstream supply chain is relatively weaker, which could affect supply stability and cost control in extreme scenarios.

Additionally, macroeconomic fluctuations, rising raw material prices, and changing consumer demand could impact performance. Managing these uncertainties to maintain stable growth will be a key governance task post-listing.

A senior investment banker commented: "Mingming Hen Mang has transitioned from a 'high-speed expansion phase' to a 'systematic steady growth phase,' representing a new stage in China's leisure food and beverage chain retail industry.

Post-listing, whether Mingming Hen Mang can leverage capital to mitigate risks, consolidate its industry position, and even advance to higher retail tiers is something the market eagerly anticipates.

Regardless, this company, which grew into an industry giant in less than a decade, will serve as a crucial window into the development of China's consumer retail sector.