On May 28, Mingming Henmang (01768.HK) fell 3.03% in regular trading, trading at HK$345.4/share, with trading volume of HK$615 million. The decline came amid broader weakness in the food retail sector and growing industry narrative questioning the sustainability of the snack retail model.

Recent industry analysis highlighted that the snack retail sector has shifted from growth-stage competition to a zero-sum game. After two years of price wars, remaining players are recognizing a structural ceiling in snack sales. Multiple brands under the Mingming Henmang umbrella, including Zhao Yiming, have been upgrading stores into budget supermarkets, adding fresh food, frozen goods, and cooking essentials. Industry observers characterize this pivot not as strategic innovation but as collective self-rescue, suggesting snack retail alone cannot sustain long-term growth.

Despite strong financials for fiscal year ending December — revenue of RMB 66.17 billion (up 68.2% YoY) and net profit exceeding RMB 2.3 billion (up 180.9%) — the broader food retail sector traded lower, with East Buy down 3.15% and Guoquan down 2.59%.

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