证券研究报告 | 公司深度报告 2026 年 01 月 28 日 鸣鸣很忙（01768.HK） 多维领先，强者恒强，两万店龙头乘势而上 消费/商业 量贩零食渠道效率大幅领先，预计行业规模持续增长；同时公司作为行业龙头， 团队优质，供应链、仓配、拓展、品牌等多维领先，规模效应下预计强者恒强， 份额进一步提升，利润逐步释放。首次覆盖给予"强烈推荐"评级。 ❑ 风险提示：拓店速度、同店增长不及预期，行业竞争加剧，食品安全风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | 10295 | 39344 | 64943 | 85987 | 99689 | | 同比增长 | 140% | 282% | 65% | 32% | 16% | | 营业利润(百万元) | 329 | 1132 | 3142 | 4557 | 5782 | | 同比增长 | 229% | 244% | 178% | 45% | 27% | | 经调整净利润(百万元) | 235 ...

Group 1 - The stock of Mingming Hen Mang (01768.HK) opened at 445 HKD per share and saw an intraday increase of over 88%, leading to a market capitalization exceeding 90 billion HKD [1] - The company, established in December 2019, operates in food sales, internet food sales, and liquor business, with its legal representative being Yan Zhou [1] - The registered capital of the company increased from approximately 24.72 million RMB to 200 million RMB, and the company name was changed from Hunan Mingming Hen Mang Commercial Chain Co., Ltd. to Hunan Mingming Hen Mang Commercial Chain Co., Ltd. [1] Group 2 - Since 2025, the company has established several new entities, including Hangzhou Ming Mang Supply Chain Co., Ltd. and Xi'an Ming Mang Supply Chain Co., Ltd. [2]

Group 1 - The company "Ming Ming Hen Mang" is conducting a global offering of 14.101 million H-shares, with a subscription multiple exceeding 1500 times during the public offering phase, and 8 cornerstone investors collectively subscribing for HKD 1.5 billion, including Tencent, Temasek, and BlackRock [1] - The company expects to raise over HKD 3 billion from the Hong Kong IPO, with an estimated market capitalization of approximately HKD 50 billion, primarily to enhance supply chain capabilities, product development, store network upgrades, and ongoing support for franchisees [1] - The company plans to increase investments in brand building, digital enhancement, and strategic acquisitions [1] Group 2 - As the largest leisure food and beverage retail chain in China, the company operates two major brands: "Snacks Hen Mang" and "Zhao Yi Ming Snacks" [2] - By November 30, 2025, the company is projected to have 21,041 operating stores nationwide, with retail sales (GMV) reaching CNY 66.1 billion for the first nine months of 2025, a year-on-year increase of 74.5%, serving over 2.1 billion consumers [2] - As of September 30, 2025, the company had 19,517 stores across 28 provinces and cities, with approximately 59% located in county and town markets, indicating deep penetration into lower-tier markets [2] - The company ranked in the top 10 of China's retail chain industry in 2024 according to the China Chain Store & Franchise Association [2] - Financially, for the first nine months of 2025, the company achieved revenue of CNY 46.371 billion, a year-on-year increase of 75.2%, with adjusted net profit of CNY 1.81 billion, up 240.8% compared to the same period last year, and a net operating cash flow of CNY 2.19 billion [2] - From 2022 to 2024, the company's revenue grew from CNY 4.286 billion to CNY 39.344 billion, while adjusted net profit increased from CNY 0.081 billion to CNY 0.913 billion, reflecting a compound annual growth rate of 234.6% over three years [2]

红杉中国合伙人苏凯（中）与鸣鸣很忙创始人、董事长兼CEO晏周（右），CFO王钰潼（右）在上市仪 式现场 本文为IPO早知道原创 作者|Stone Jin 微信公众号|ipozaozhidao 据IPO早知道消息，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）于2026年1月28日正式 以"1768"为股票代码在港交所主板上市，成为港股"量贩零食第一股"。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：IPO早知道 成立至今，鸣鸣很忙已获得红杉中国、高榕创投、黑蚁资本、启承资本、五源资本等多家知名机构的投 资，并在本次IPO发行中引入了腾讯、淡马锡、贝莱德、富达基金、泰康人寿、博时国际、易方达、淡 水泉等一众基石投资者。 其中，红杉中国是零食很忙最早的机构投资者，于2021年4月联合领投了零食很忙A轮融资，由红杉中 国合伙人苏凯和投资合伙人郭山汕共同主导；同时，红杉中国在此后多轮融资中加持，并在零食很忙和 赵一鸣零食合并时给予了重要支持。IPO前，红杉中国持股比例7.07%，是鸣鸣很忙最大的外部机构股 东，苏凯担任鸣鸣很忙非执行董事，且红杉中国团队在鸣鸣很忙战略发展与 ...

1月28日上午，中国最大的休闲食品饮料连锁零售商——湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）正式在香港联合交易所主板挂牌上 市，证券简称为"鸣鸣很忙"，这是2026年以来第二家登陆港股的湖南企业。 鸣鸣很忙港交所敲钟 聚焦商业地产，洞察行业脉动！ HKED 港 交 易 所 th spare and and and the comment of the comment of the comment of the comment of the comment of the comment of the comment of t 28.01.2026 Busy Ming Group Co., Ltd. 湖南鳴鳴很忙商業連鎖股份有限公司 HKEX THRET @ on o is tre to the program and the see and the see and the seen and the seen and the seen and the seen and the seen and the seen and the seen ander the server ander was a 雪 ...

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 28, 2026, becoming the first "bulk snack stock" in Hong Kong, raising a total of HKD 3.67 billion through the issuance of 15,511,200 shares at an issue price of HKD 236.60 per share [2][24]. Group 1: IPO Details - The Hong Kong public offering was oversubscribed by 1,899.49 times, while the international offering was oversubscribed by 44.44 times, marking one of the highest international subscription multiples for consumer IPOs in recent years [2][25]. - The total fundraising amount of HKD 3.67 billion exceeded that of previous consumer IPOs, such as Mixue Ice Cream and Bluer [2][25]. Group 2: Founder's Vision and Company Growth - The founder and CEO, Yan Zhou, emphasized the company's mission to provide affordable snacks that bring joy to consumers, aiming to become a staple in everyday life with over 20,000 stores nationwide [5][27]. - Mingming Hen Mang has integrated its dual brands, "Snacks Are Busy" and "Zhao Yiming Snacks," to enhance supply chain efficiency and operational standards [5][27]. Group 3: Market Strategy and Consumer Engagement - The company focuses on community and lower-tier markets, utilizing a high-frequency demand model for snacks and beverages, thereby enhancing the quality-to-price ratio for consumers [7][29]. - As of November 30, 2025, the company operated 21,041 stores, primarily located in county towns and communities, making quality snacks accessible to ordinary families [9][31]. Group 4: Supply Chain and Product Development - Mingming Hen Mang has established partnerships with over 2,500 quality manufacturers, achieving an average product price that is approximately 25% lower than that of traditional supermarkets [9][31]. - The company has developed a standardized process for product selection and customization, with around 34% of SKUs being custom-made in collaboration with manufacturers [10][32]. Group 5: Financial Performance - For the first three quarters of 2025, the company reported revenue of CNY 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of CNY 1.81 billion, reflecting a significant growth of 240.8% [13][36]. - From 2022 to 2024, revenue grew from CNY 4.286 billion to CNY 39.344 billion, with a compound annual growth rate of 203% [14][36]. Group 6: Industry Context - The Chinese snack retail industry has seen significant growth, with market size increasing from CNY 29 trillion in 2019 to CNY 37 trillion in 2024, and projected to reach CNY 49 trillion by 2029 [15][37]. - The transition from a seller's market to a buyer's market in the food industry has positioned Mingming Hen Mang as a crucial link between consumer demand and food manufacturing capabilities [10][32].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd., China's largest leisure food and beverage retail chain, successfully listed on the Hong Kong Stock Exchange on January 28, raising HKD 36.7 billion through its IPO, with a significant opening price increase of 88.08% from the issue price [2][3][9]. Group 1: Company Overview - Mingming Hen Mang operates over 21,041 stores as of November 30, 2025, and has achieved a retail sales volume (GMV) of CNY 66.1 billion in the first nine months of 2025, covering 28 provinces and cities, with 59% of stores located in county and town areas [4][5]. - The company was formed through the strategic merger of two leading regional snack chains, "Snacks Are Busy" and "Zhao Yiming Snacks," which occurred in November 2023, enhancing its market position and resource advantages [5]. Group 2: Business Model and Competitive Advantages - Mingming Hen Mang's rapid expansion is supported by a "high-efficiency supply chain + light-asset franchise" business model, which includes direct partnerships with over 2,500 manufacturers, resulting in a 25% lower average product price compared to similar products in offline supermarkets [6]. - The company has adopted a light-asset franchise model, with 9,552 franchisees as of September 30, 2025, allowing for rapid market penetration while minimizing capital expenditure and operational risks [6]. - The product strategy targets price-sensitive consumers in lower-tier markets, with a diverse product range of 3,997 SKUs, including 34% custom-developed products and 38% bulk products, achieving a 77% repurchase rate among its 180 million registered members [7]. Group 3: IPO and Market Reception - The IPO attracted significant attention due to its impressive cornerstone investor lineup, including Tencent and Temasek, which collectively subscribed approximately USD 195 million (around HKD 1.52 billion), providing strong capital backing [8]. - The public offering set multiple records for recent Hong Kong consumer IPOs, with a subscription rate of 1,899.49 times for the public offering and 44.44 times for the international offering, marking one of the highest subscription rates in recent years [9]. - Following the IPO, the stock price surged to HKD 408, reflecting a 72.44% increase, with a total market capitalization of HKD 879.3 billion [11].

港股上午盘三大指数高开高走，大金融股、科技股、中字头股等权重集体拉升助力大市上扬，截止午 盘，恒生指数涨2.21%报27725点，创下2021年8月以来新高，国企指数涨2.37%，恒生科技指数涨 1.74%，市场做多情绪积极。 | 整体市场 [2 | | | | --- | --- | --- | | 恒生指数 | 恒生国企 | 恒生科技 | | 27725.25 | 9463.76 | 5854.72 | | +598.30 +2.21% +218.88 +2.37% +100.00 +1.74% | | | | 恒指期货 | 港股通50 | 恒生生物科技 | | 27710 | 4187.08 | 15758.45 | | +641 +2.37% | +94.90 +2.32% | +71.06 +0.45% | 金融科技表现抢眼，石油股、铝业股、半导体股、电信股等中字头股集体爆发。另外，航空股、家电 股、中医药股部分低迷。此外，零食连锁零售商鸣鸣很忙上市半日飙涨超70%，AI算力基建引爆全球光 纤需求，长飞光纤光缆盘中再创历史新高。 石油股涨幅居前，中海油涨超5%。据新华社，负责中东地区美军行动的美军中 ...

恒指涨2.21%，恒生科技指数涨1.74%。金融科技表现抢眼，石油股、铝业股、半导体股、电信股等中 字头集体爆发。另外，航空股、家电股、中医药股部分低迷。此外，零食连锁零售商鸣鸣很忙上市半日 大涨70%，AI算力基建引爆全球光纤需求，长飞光纤光缆盘中再创历史新高。 ...

Core Insights - The company "Mingming Hen Mang" has successfully listed on the Hong Kong Stock Exchange, becoming the first stock in the "bulk snack" sector in China, highlighting its rapid growth and market positioning [1][4] Group 1: Company Overview - Mingming Hen Mang is the largest chain retailer of snack food and beverages in China, with over 20,000 stores nationwide [1] - The company operates under two brands, "Snacks Hen Mang" and "Zhao Yiming," which were established within the last decade and have capitalized on the booming bulk snack market [4] - The company has achieved significant revenue growth, with a GMV of 66.1 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 74.5% [6] Group 2: Financial Performance - For the first three quarters of 2025, Mingming Hen Mang reported revenues of 46.372 billion yuan, a 75.2% increase year-on-year, and an adjusted net profit of 1.81 billion yuan, up 240.8% [6] - The company has shown a compound annual growth rate (CAGR) of 203% in revenue from 2022 to 2024, with net profit growing at a CAGR of 234.6% during the same period [6] Group 3: Store Expansion and Franchise Growth - As of the first three quarters of 2025, the company had 19,517 operating stores across 28 provinces, with 66.2% of stores located in third-tier cities and below [6] - The number of franchisees has increased significantly, from 994 in 2022 to 9,552 by the end of the first three quarters of 2025 [7] Group 4: Supply Chain and Operational Efficiency - The company is focusing on enhancing its supply chain capabilities and product development through the funds raised from its IPO [8] - Mingming Hen Mang has established a national warehousing network with 48 modern supply chain centers, achieving a stock turnover period of 11.6 days [11] - The company utilizes digital management systems to streamline procurement processes, improving efficiency and reducing costs [11] Group 5: Consumer-Centric Approach - The company has shifted from a "seller's mindset" to a "user's mindset," focusing on consumer needs and preferences in product development [9][10] - Mingming Hen Mang offers a diverse product range with an average of 1,800 SKUs per store, which is double the average of similar-sized supermarkets [10] - Approximately 34% of the company's products are customized, with a significant portion available in bulk, reducing the cost for consumers to try new products [10] Group 6: Industry Context - The bulk snack industry is transitioning from rapid expansion to a focus on value growth, with Mingming Hen Mang exemplifying this shift by leveraging consumer data to meet diverse regional demands [12] - The company’s approach serves as a reference for the industry, demonstrating how to navigate challenges such as homogenization and supply chain inefficiencies [12]