Changes in Hong Kong stocks | Ming is very busy (01768), up more than 6%, Lyon expects China's mass snack market still has a lot of room for growth, and the company's valuation is attractive

The Zhitong Finance App learned that Ming Ming was very busy (01768), up more than 6%. As of press release, it had risen 6.07% to HK$325, with a turnover of HK$102 million.

Lyon released a research report saying that mass-selling snacks in China has been very popular in recent years, and it is expected that there is still plenty of room for growth. According to industry surveys, the maximum potential number of mass selling snack stores nationwide is about 135,000 to 140,000, and there is still room for growth of about 70% compared to the current level. Lyon believes that mass snack retailers should theoretically enjoy a premium over traditional offline retailers. For the first time, Ming Ming was given a very busy “outperform the market” rating, with a target price of HK$492; at the same time, it first gave Wan Chen Group a “outperform the market” rating and a target price of RMB 231 yuan, believing that both valuations are attractive.

Lyon pointed out that mass-selling snacks provides cost-effective products and a better shopping experience, which is in line with current consumers' view of prudent consumption. According to the 2025 GMV, the market share of Wanchen Group, which is busy and wants to run snack brands, is about 43% and 34% respectively. Both have advantages in scale, procurement, logistics and digitalization, and are expected to continue to benefit from industry growth.