Mingming Henmang H1 2026 Revenue RMB 45 Billion, GMV RMB 63.9 Billion, Stores at 26,405

Mingming Henmang disclosed its first interim results after listing on August 24. For the first half of 2026, the company achieved revenue of RMB 44.997 billion, up 60.0% from RMB 28.124 billion in the same period of 2025. Adjusted net profit was RMB 2.448 billion, up 136.6% year-on-year; profit for the period was RMB 2.240 billion, up 155.4%; basic and diluted earnings per share were RMB 10.42. Gross merchandise value (GMV) reached RMB 63.889 billion, up 55.6%.

Store network continued to expand. As of June 30, 2026, the group operated a total of 26,405 stores, an increase of 4,457 from 21,948 at the end of 2025, comprising 26,396 franchised stores and 9 self-operated stores. In the first half, 4,590 franchised stores were opened and 121 closed, with total franchisees exceeding 10,900. Geographically, third-tier and below cities had 17,200 stores, a net increase of 2,793 from end-2025; first-tier and new first-tier cities had 5,287 stores, up 1,109; second-tier cities had 3,949, up 555. About 60% of stores are located in county and township markets, with county coverage of approximately 79%. On July 20, 2026, the group's signed store count exceeded 30,000.

Profitability improved. Gross margin was 11.5%, up 2.2 percentage points from 9.3% in H1 2025. Adjusted net margin was 5.4%, up 1.8 percentage points. Gross profit totaled RMB 5.187 billion, up 97.7%. Revenue structure: merchandise sales were RMB 44.541 billion, up 59.5%; other income was RMB 0.455 billion, mainly from service income. Expenses: sales and marketing expenses were RMB 1.581 billion, up 54.4%; administrative expenses were RMB 0.568 billion, up 38.9%.

Supply chain and digitalization progressed. As of June 30, the group had over 2,700 partner manufacturers, 66 warehouses with total storage area of approximately 1.5687 million square meters, and most stores can achieve 24-hour delivery. Each store maintains a minimum of 1,800 SKUs, with inventory turnover of 11.2 days, down 0.5 days year-on-year. The digital team has 659 people, and digital systems cover the entire business chain including product selection, procurement, warehousing, logistics, and franchise management. The company operates a dual-brand strategy with "Lingshi Henmang" and "Zhao Yiming Snacks", and the two brands have completed deep integration of management systems.

Financial position. As of end-June 2026, cash and cash equivalents were RMB 10.617 billion, and the debt-to-asset ratio fell to 27.9% from 35.8% at end-2025, with no interest-bearing bank loans at period end. Mingming Henmang listed on the Main Board of the Hong Kong Stock Exchange on January 28, 2026, with a latest market capitalization of HKD 90.53 billion. The company ranked third in the "2026 China Chain Top 100" by the China Chain Store & Franchise Association and was included in the 2026 Fortune China 500.