Mingming, who is very busy, took the lead in "crossing the finish line": The battle for the first bulk snack stock on the Hong Kong market has been settled.

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In the race to become the "first bulk snack stock in Hong Kong," Ming Ming Hen Mang was the first to cross the finish line.

On January 6, Ming Ming Hen Mang released its post-hearing information pack, showing that it has passed the Hong Kong Stock Exchange's listing hearing.

Looking back at 2025, while the two leading bulk snack companies were heading to the Hong Kong Stock Exchange, their "expansion" never slowed down for a moment.

By the end of September 2025, Ming Ming Hen Mang had a net increase of 6,585 stores nationwide, reaching a total of 19,517 stores, with the number of contracted stores breaking the 20,000 mark.

On the other hand, Wancheng Group also saw rapid growth in store numbers from 2024 to the first half of 2025, with over 10,000 new stores, reaching a total of 15,365.

The total number of stores for the two leading companies is approaching 40,000, and the bulk snack channel has become a crucial presence in the leisure food industry due to its vast network.

By the end of the third quarter of 2025, about 34% of Ming Ming Hen Mang's products were customized goods jointly developed with suppliers.

This scale effect and bargaining power are directly reflected in financial growth.

In the first three quarters of 2025, Ming Ming Hen Mang achieved revenue of 46.371 billion yuan, a year-on-year increase of 75.2%; during the same period, the growth rate of gross merchandise volume (GMV) was 74.5%.

By contrast, in the first half of 2025, its revenue growth had not yet exceeded GMV growth, at 86.5% and 86.9% respectively.

For bulk snack companies, GMV usually reflects terminal consumer turnover, while revenue mainly comes from selling products to franchisees and collecting service fees.

Revenue growth exceeding GMV growth means the proportion of end transaction value retained as company income is increasing, indicating stronger control and bargaining power over channels and supply chain.

According to industry insiders interviewed by Xinfeng, in 2025, the bulk snack channel generally reduced its subsidies to suppliers.

Enhanced bargaining power, together with the dilution of fixed costs, gives the high-turnover bulk snack model bigger room for profitability.

From 2024 to the first three quarters of 2025, Ming Ming Hen Mang's gross profit margin rose from 7.6% to 9.7%, while adjusted net profit margin increased from 2.3% to 3.9%.

Densification of stores inevitably impacts individual store performance.

In the first three quarters of 2025, Ming Ming Hen Mang's average daily store order volume reached 481 orders, slightly up from 452 orders in 2024, but average daily single-store sales decreased by about 2,000 yuan, to 12,400 yuan.

Future optimization of category structure and expansion of own brands will be key to observing performance trends.

Ming Ming Hen Mang's own brand was launched in 2025. Currently, there are 6 core own brand products and 30 extended series products, continuing the high cost-performance approach, such as 1.9 yuan/600ml oolong tea, 2.5 yuan/250ml pure milk, 9.9 yuan/50g air-dried beef, etc.

Zhang Dongxue, an analyst at Huayuan Securities, pointed out that Ming Ming Hen Mang’s own brand strategy in the short term is more focused on category planning and differentiation, rather than direct profitability. The main goal is to enhance added value, align with future consumption trends, and build user mindshare.

In the first three quarters of 2025, own brand income did not yet have a significant impact on the company's overall performance, and was not separately listed in the prospectus.

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