IPO News | Ming Ming, China's largest snack food and beverage chain retailer, is busy passing the Hong Kong Stock Exchange hearing

The Zhitong Finance App learned that on January 6, the Hong Kong Stock Exchange website showed that Hunan Mingming Commercial Chain Co., Ltd. (hereinafter referred to as “Mingming is very busy”) disclosed the data collection after the hearing. This means that Ming Ming is very busy and has passed the Hong Kong Stock Exchange listing hearing and will soon become the “first snack seller” for Hong Kong stocks.

The data collection after the hearing showed that in the nine months ending September 30, 2025, Ming was busy achieving retail sales (GMV) of 66.1 billion yuan, an increase of 74.5% over the previous year, exceeding the full year of 2024. As of September 30, 2025, the company had 19,517 stores nationwide, covering 28 provinces and all tier cities across the country. According to the news in September 2025, Ming Ming was very busy, and the number of signed stores nationwide exceeded 20,000. In terms of product retail sales (GMV) in 2024, Ming Ming is busy and has become the largest snack food and beverage chain retailer in China.

According to financial data, in the first nine months of 2025, the company achieved revenue of 46.371 billion yuan, an increase of 75.2% year on year; adjusted net profit of 1,810 billion yuan, a sharp increase of 240.8% year on year. Net operating cash flow for the same period reached $2.90 billion. From 2022 to 2024, Mingming's revenue jumped from 4.286 billion yuan to 39.344 billion yuan, a three-year compound growth rate of 203 percent; adjusted net profit increased from 81 million yuan to 913 million yuan during the same period, with a three-year compound growth rate of 234.6%. From 2022 to the first nine months of 2025, gross margin increased steadily from 7.5% to 9.7%, adjusted net margin increased from 1.9% to 3.9%, and profitability and profit certainty continued to increase.