零食连锁品牌鸣鸣很忙通过港交所聆讯。 1月6日，港交所网站显示，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）披露聆讯后资 料集，这意味着鸣鸣很忙已通过港交所上市聆讯，有望成为港股"量贩零食第一股"。 鸣鸣很忙由"零食很忙"与"赵一鸣零食"合并而来，两者于2023年11月完成合并，2025年4月，鸣鸣很忙 正式向港交所递交上市申请，招股书失效后于2025年10月更新上市申请材料，二次递交招股书。 2025年12月，中国证监会官网显示，鸣鸣很忙上市备案获通过，拟发行不超过7666.64万股境外上市普 通股并在港交所上市，25名股东拟将所持合计约1.98亿股境内未上市股份转为境外上市股份，并在港交 所上市流通。 聆讯后资料集显示，截至2025年9月30日的九个月内，鸣鸣很忙实现零售额（GMV）661亿元人民币， 同比增长74.5%，超2024年全年（555亿元）。按2024年产品零售额（GMV）计，鸣鸣很忙已成为中国 最大的休闲食品饮料连锁零售商。 收入及净利润三年复合增速均超2倍 鸣鸣很忙是"量贩模式"，即通过大规模集中采购、简化流通中间环节及降低成本，使量贩模式下的产品 定价平均能够比超市或便利店更 ...

Summary of Conference Call for Wancheng Group and Snack Retail Industry Industry Overview - The snack retail industry is experiencing rapid expansion, with leading companies like Wancheng Group and Mingming Hen Mang opening over 2,000 and 2,813 new stores respectively in Q3, indicating strong growth momentum [2][4] - The industry benefits from relatively high investment returns and stability, with a significantly lower closure rate compared to the tea beverage sector [2][5] - The closure rate for Mingming Hen Mang was only 0.9% in the first half of the year, while Wancheng Group's rate was between 2-3%, both much lower than the tea industry’s rate of over 10% [5] Financial Performance and Projections - Wancheng Group and Mingming Hen Mang are projected to achieve revenues of over 50 billion and nearly 60 billion respectively by 2025, primarily from snack sales, showcasing significant scale advantages [2][10] - The overall profit for Wancheng Group is expected to reach around 3 billion in 2026, with an optimistic outlook for stock price performance [3][11] - The decline in same-store revenue in the first three quarters of 2025 is attributed to a high base from 2024's price wars and rapid store openings, but a gradual improvement in revenue is anticipated moving forward [2][7] Competitive Landscape - The competitive dynamics in the snack retail industry have shifted, with leading companies focusing on consolidating their advantages in core regions rather than aggressive expansion [8][9] - Wancheng Group and Mingming Hen Mang are expected to prioritize e-commerce models and refined operations to enhance overall efficiency and market position [9] Future Development Potential - The snack retail industry has significant growth potential, with a healthy profit margin development. Leading companies benefit from scale effects, allowing upstream suppliers to achieve higher profit margins [11] - The expected profit margins for Wancheng Group and Mingming Hen Mang are projected to improve, with Wancheng Group's operating rate reaching 5.3% in Q3 and Mingming Hen Mang's expected to be close to 4% in the first half of 2025 [11] - The upcoming Spring Festival is anticipated to boost same-store sales, further enhancing the optimistic outlook for the industry [3][11]

（文章来源：证券日报） 证券日报网讯 1月6日，万辰集团发布公告称，公司第四届董事会第四十三次会议审议通过《关于公司 2026年1-2月日常关联交易预计的议案》。 ...

Market Overview - The leisure food sector increased by 1.92% on January 6, with Ziyan Food leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Stock Performance - Ziyan Food (603057) closed at 20.87, up by 5.40% with a trading volume of 58,600 shares and a transaction value of 121 million yuan [1] - Wancheng Group (300972) closed at 212.70, up by 5.18% with a transaction value of 644 million yuan [1] - Youyou Food (603697) closed at 12.88, up by 4.21% with a transaction value of 109 million yuan [1] - Other notable stocks include: - Haoxiangni (002582) at 11.76, up by 3.16% [1] - Yuanzu Shares (603886) at 13.77, up by 2.23% [1] - Ligao Food (300973) at 43.90, up by 2.21% [1] Capital Flow - The leisure food sector saw a net inflow of 19.91 million yuan from main funds, while retail funds experienced a net outflow of 33.42 million yuan [2] - Retail investors contributed a net inflow of 13.50 million yuan [2] Individual Stock Capital Flow - Haoxiangni (002582) had a main fund net inflow of 33.89 million yuan, but retail funds saw a net outflow of 1.67 million yuan [3] - Three Squirrels (300783) experienced a main fund net inflow of 15.38 million yuan, with retail funds showing a net outflow of 1.23 million yuan [3] - Youyou Food (603697) had a main fund net inflow of 9.96 million yuan, while retail funds had a slight net inflow of 71,100 yuan [3] - Other stocks with notable capital flows include: - Good Products Store (603719) with a main fund net inflow of 2.16 million yuan [3] - Ziyan Food (603057) with a main fund net inflow of 1.99 million yuan [3]

每经头条（nbdtoutiao）——原指导价34.99万的宝马裸车价22.5万元，多家车企还补贴购置税！2026开 年车市火爆，销售从早到晚忙到没空吃饭 （记者 王晓波） 每经AI快讯，万辰集团1月6日晚间发布公告称，公司第四届第四十三次董事会会议于2026年1月6日在 公司会议室以现场结合通讯方式召开。会议审议了《关于公司2026年1-2月日常关联交易预计的议案》 等文件。 ...

证券代码：300972 证券简称：万辰集团 公告编号：2026-002 福建万辰生物科技集团股份有限公司 关于公司 2026 年 1-2 月日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、日常关联交易的基本情况 （一）日常关联交易概述 福建万辰生物科技集团股份有限公司（以下简称"公司"）及控股子公司因日 常经营、业务发展及生产经营需要，2026 年 1-2 月预计与关联方江苏含羞草农业 有限公司（以下简称"江苏含羞草"）发生采购商品类别日常关联交易，总额不超 过 5,400.00 万元，2025 年同类交易预计不超过 80,759.56 万元，实际发生日常关 联交易 45,953.91 万元，交易价格依据市场价格确定。 公司于 2026 年 1 月 6 日召开第四届董事会第四十三次会议审议通过了《关 于公司 2026 年 1-2 月日常关联交易预计的议案》，关联董事王泽宁先生、林该 春女士、王丽卿女士、陈文柱先生对此项议案回避表决，该事项已经公司第四届 董事会独立董事第十四次专门会议审议通过，全体独立董事一致同意本项议案。 根据《深 ...

福建万辰生物科技集团股份有限公司 2026 年 1 月 6 日 根据《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 及《福建万辰生物科技集团股份有限公司章程》《福建万辰生物科技集团股份有 限公司独立董事工作制度》等法律法规和规章制度的有关规定，福建万辰生物科 技集团股份有限公司（以下简称"公司"）全体独立董事于 2026 年 1 月 6 日召 开第四届董事会独立董事第十四次专门会议，本次会议应参加的独立董事 4 名， 实际参加的独立董事 4 名。全体独立董事本着客观公正的立场，就公司第四届董 事会第四十三次会议相关审议事项发表审核意见如下： （一）关于公司 2026 年 1-2 月日常关联交易预计的审核意见 经审核，独立董事认为：公司 2026 年 1-2 月日常关联交易预计符合公司正 常经营活动需要，相关交易遵循市场定价原则，不存在损害公司和全体股东特别 是中小股东利益的情形，不会对公司独立性产生影响。因此，公司独立董事一致 同意该议案，并同意将该议案提交公司董事会审议。 独立董事：林丽叶、赵景文、杨帆、郑鲁英 第 ...

华兴证券有限公司 （一）日常关联交易概述 关于福建万辰生物科技集团股份有限公司 2026 年 1-2 月日常关联交易预计的核查意见 华兴证券有限公司（以下简称"华兴证券"或"保荐机构"）作为福建万辰生物 科技集团股份有限公司（以下简称"公司"）向特定对象发行股票并在创业板上市 的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》、《深圳证券交 易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指引第2号—— 创业板上市公司规范运作》等相关法律、法规和规范性文件的规定，对公司2026 年1-2月日常关联交易预计事项进行了审慎核查，具体如下： 一、日常关联交易的基本情况 （二）预计日常关联交易类别和金额 结合公司 2025 年度关联交易的执行情况，对 2026 年 1-2 月的日常关联交易 情况进行了预计，预计总金额不超过 5,400.00 万元，具体内容如下： 1 福建万辰生物科技集团股份有限公司（以下简称"公司"）及控股子公司因日 常经营、业务发展及生产经营需要，2026 年 1-2 月预计与关联方江苏含羞草农业 有限公司（以下简称"江苏含羞草"）发生采购商品类别日常关联交易，总额不超 过 5,4 ...

二、董事会会议审议情况 全体与会董事经认真审议，形成以下决议： （一）审议通过《关于公司 2026 年 1-2 月日常关联交易预计的议案》 证券代码：300972 证券简称：万辰集团 公告编号：2026-001 福建万辰生物科技集团股份有限公司 第四届董事会第四十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 福建万辰生物科技集团股份有限公司（以下简称"公司"）第四届董事会第 四十三次会议于 2026 年 1 月 6 日在公司会议室以现场结合通讯方式召开，本次 董事会会议通知于 2025 年 12 月 31 日以书面、电子邮件的形式向公司全体董事 发出。会议应出席董事共 9 人，实际出席董事 9 人。本次会议由公司董事长王丽 卿主持，公司高级管理人员列席会议。本次会议的召开符合《中华人民共和国公 司法》等相关法律、法规以及《福建万辰生物科技集团股份有限公司章程》（以 下简称"《公司章程》"）的规定。 1、第四届董事会第四十三次会议决议； 2、第四届董事会独立董事第十四次专门会议审核意见。 特此公告。 福建万辰生物科技集 ...

Core Insights - The mergers and acquisitions (M&A) in the Chinese food industry in 2025 are characterized by a focus on necessary integrations rather than large-scale deals, reflecting a shift towards survival in a saturated market [1] Group 1: Snack Industry Developments - Wanchen Group has transformed from a grassroots brand into a significant capital player, acquiring 49% of Nanjing Wanyou for 1.379 billion yuan, which is crucial for its brand integration strategy [2][3] - Nanjing Wanyou, under the "Good Idea" brand, generated 4.1 billion yuan in revenue in the first five months of 2025, highlighting its importance in Wanchen's portfolio [2] - The rapid expansion strategy of Wanchen has slowed significantly, with daily store openings dropping from 26 to less than 7, indicating market saturation and operational challenges [4] Group 2: Dairy Industry Trends - New Hope Dairy's acquisition of Fuzhou Aoni has taken six years to finalize, reflecting a cautious approach in a changing dairy market [7][9] - The acquisition is seen as a strategic move to solidify New Hope's presence in the southern market, but the company has shifted its focus from aggressive acquisitions to more sustainable growth strategies [9] - Junyao Health has adopted a different strategy by acquiring Runying Biotechnology, focusing on probiotic products, which saw a 60% revenue increase in the first three quarters of 2025 [9][10] Group 3: New Tea Beverage Sector - Mixue Ice City has made headlines by acquiring a 53% stake in the craft beer brand "Xianpi Fulu Jia" for nearly 300 million yuan, aiming to create a "day tea, night beer" business model [11][13] - The acquisition has faced criticism for its high premium, but the company leverages its extensive cold chain logistics to address the challenges of craft beer distribution [11] - In contrast, Heytea has paused its expansion plans, reflecting the industry's struggle with over-saturation and declining profitability [13] Group 4: Condiment Industry Challenges - Fuling Mustard's attempt to acquire Sichuan Weizimei has failed due to valuation disagreements, highlighting the difficulties traditional food companies face in finding growth opportunities [14][16] - The condiment industry is experiencing stagnation, with Fuling Mustard holding significant cash but struggling to identify viable growth avenues [16] - Industry leader Haitian Flavoring has opted for a Hong Kong listing to enhance its international presence and repair its reputation following regulatory challenges [16] Group 5: Overall Industry Trends - The 2025 M&A wave in the Chinese food and beverage sector reflects a broader theme of disillusionment, with consumers prioritizing value over brand prestige [17] - Companies are increasingly focusing on cost efficiency and profitability, as evidenced by Wanchen's and New Hope's strategic shifts [17] - The industry is moving towards consolidation, with larger firms dominating the market and employing data-driven strategies to optimize costs across the supply chain [17][18]