Mingming Henmang scales back private label strategy, shifts to cold chain investment
Chinese snack retailer Mingming Henmang (01768.HK) has quietly scaled back its private label strategy 18 months after its February 2025 launch. Store visits by Economic Observer found own-brand products moved from prime shelves to corners. The company's 2025 annual report and 2026 interim report omitted earlier strategic language about developing private labels, and CEO Yan Zhou stated in an April 2026 earnings call that private labels are not a core strategy. Revenue from private label sales was described as "not material" in a January 2026 filing. The company is instead investing in cold chain infrastructure and premium items like freeze-dried durian, contrasting with rival Wanchen Group which continues expanding its private label line.
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Cross-source coverage
Common ground
- Mingming Henmang's pivot from private labels to cold chain infrastructure is a strategic move, not a failure.
- The company's 80% differentiated product mix gives it a unique advantage in China's snack retail market.
- Cold chain investment aligns with China's growing consumer demand for fresher, healthier products.
- The outcome of this pivot depends on execution and whether it closes the margin gap with Wanchen within two years.
Points of contention
- Neutral Agent sees the pivot as a risky bet with mixed execution, while Eastern and Regional Agents view it as a smart, forward-looking move.
- Eastern Agent argues private labels are not universally applicable, but Neutral Agent points to Wanchen's success as proof they can work in China.
- Regional Agent frames the pivot as rejecting an extractive Western model, but Neutral Agent says it's just a business decision, not a moral victory.
- Neutral Agent emphasizes the 3-4 point margin gap as a key risk, while Eastern Agent says scale and infrastructure matter more than margin alone.
Blind spots
- The debate overlooks how provincial regulations and local government relationships make cold chain a harder moat to replicate than assumed.
- There's little discussion of whether Mingming Henmang's cold chain investment actually improves farmers' incomes or just replaces one middleman with another.
- The long-term risk of being stuck with expensive fixed assets if consumer preferences shift again is not fully explored.
WorldAttention’s read
Mingming Henmang's decision to step back from private labels and invest in cold chain is a calculated bet on China's consumption upgrade, not a retreat. While the move is smart in theory, its success hinges on execution—closing the margin gap with Wanchen within two years while navigating complex provincial logistics. The debate shows that this isn't a cultural masterstroke or a failure, but a pragmatic pivot with real risks. The real test will be whether it benefits not just the company's bottom line, but also the farmers and suppliers in its supply chain.
Reporting timeline
Mingming Henmang Scales Back Private Label Strategy, Shifts Focus to Cold Chain
Chinese snack retailer Mingming Henmang (01768.HK) has quietly scaled back its private label strategy, one year after a high-profile launch. A September 2025 field survey by Economic Observer found its own-brand products moved from prime shelf positions to corners in its Zhao Yiming stores. The company's 2025 annual report and 2026 interim report omitted the 'develop private label products' language that appeared in its April 2025 listing prospectus as a strategic priority. CEO Yan Zhou stated in an April 2026 earnings call that private labels are not a core strategy, arguing the company's 80% differentiated product mix already provides pricing power without needing own brands. He said the company prefers to be a 'display window' for Chinese food manufacturers. Revenue from private label sales was described as 'not material' in a January 2026 filing. Meanwhile, rival Wanchen Group (300972.SZ) continues to expand its 'Haoxianglai' private label line. Mingming Henmang is instead investing in cold chain infrastructure and premium snacks like freeze-dried durian, aiming to build new competitive advantages around fresh and healthy offerings.
Read sourceMingming Henmang Scales Back Private Label Strategy, Shifts Focus to Cold Chain
Chinese snack chain operator Mingming Henmang (01768.HK) has quietly de-emphasized its private-label products, which were launched with fanfare in February 2025, according to an Economic Observer report based on store visits and financial filings. The company's own-brand items, once placed at prime shelf positions, have been moved to less visible corners in its Zhao Yiming and Snack Henmang stores. The 2025 annual report and 2026 interim report omit earlier strategic language about developing private-label products, and the company disclosed that revenue from such products was 'not material' in the nine months to September 2025. Chairman and CEO Yan Zhou stated in an April 2026 earnings call that private labels are not a core strategy, arguing that 80% of the company's products are already differentiated from traditional retail channels. Instead, Mingming Henmang is investing in cold-chain infrastructure and high-quality items like freeze-dried durian. This contrasts with rival Wanchen Group, which continues to expand its 'Haoxianglai' private-label range. Mingming Henmang's gross margin has historically lagged behind Wanchen's, though its revenue is larger.
Mingming Henmang Downgrades Private-Label Strategy, Shifts Focus to Cold Chain and Specialty Snacks
Chinese snack retailer Mingming Henmang (stock code 01768.HK) has quietly scaled back its private-label strategy launched in February 2025, according to an Economic Observer investigation. Store visits in Beijing and online platforms show its own-brand products have been moved from prime shelf positions to corners, with only a few items like jasmine tea and steak crisps still available. The company's 2025 annual report and 2026 half-year report omit previous mentions of private-label development as a strategic priority, and its latest filing states sales from such products were 'not material' for the nine months to September 2025. Chairman Yan Zhou explained in an April 2026 earnings call that private labels are not a core strategy, arguing that 80% of the company's products already differ from traditional retail channels, reducing the need for own-brand differentiation. Instead, Mingming Henmang is investing in cold-chain infrastructure and premium items like freeze-dried durian. This contrasts with rival Wanchen Group, which continues expanding its 'Haoxianglai' private-label range. Mingming Henmang's gross margins (11.5% in H1 2026) trail Wanchen's (12.74%), though its revenue of 450 billion yuan exceeds Wanchen's 348.36 billion yuan.
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Mingming Henmang Downgrades Private Label Strategy, Shifts Focus to Cold Chain and Differentiation
Chinese snack retail chain Mingming Henmang (stock code: 01768.HK) has significantly scaled back its private label strategy just 18 months after its high-profile launch in February 2025, according to an Economic Observer investigation. Store visits in Beijing and online platform checks in multiple cities show its own-brand products have been moved from prime shelf positions to corners, with only a few items like jasmine tea and steak crisps still available. The company's 2025 annual report and 2026 interim report no longer mention 'developing private label products' as a strategic priority, a reversal from its April 2025 listing documents. CEO Yan Zhou stated in an April 2026 earnings call that private labels are 'not a core strategy,' arguing the company's 80% differentiated product mix already provides pricing power without needing own brands. Instead, Mingming Henmang is investing in cold chain infrastructure and premium items like freeze-dried durian. This contrasts with rival Wanchen Group (300972.SZ), which continues expanding its 'Haoxianglai' private label line. Mingming Henmang's gross margin has consistently lagged behind Wanchen's, though its revenue is larger at 450 billion yuan in H1 2026 versus Wanchen's 348.36 billion yuan. A franchisee reported weak sales of private label products, and a supplier cited unsustainable cost pressures from the company's demands.
Read sourceMingming Henmang Scales Back Private Label Strategy, Shifts Focus to Cold Chain
Chinese snack retail chain Mingming Henmang (stock code 01768.HK) has significantly de-emphasized its private label strategy, launched with fanfare in February 2025, according to a September 2026 investigation by Economic Observer. Store visits in Beijing and online checks across multiple cities show its own-brand products have been moved from prime shelf positions to corners, and the company's 2025 annual report and 2026 interim report no longer mention developing private labels as a strategic priority, a reversal from its April 2025 listing documents. CEO Yan Zhou stated in an April 2026 earnings call that private labels are not a core strategy, arguing the company's 80% differentiated product mix already provides pricing power without needing own brands, and that the company prefers to be a showcase for Chinese food manufacturers. Sales of private label products were described as 'not material' in a January 2026 filing. Instead, the company is investing in cold chain infrastructure and high-quality items like freeze-dried durian. This contrasts with rival Wanchen Group, which continues to expand its 'Haoxianglai' private label range. Mingming Henmang's gross margin has historically lagged behind Wanchen's, though its revenue is larger.