新股预览：鸣鸣很忙

Investment Rating - The report assigns a rating of ★★★★☆ for basic factors and valuation, ★★★★★ for performance growth, ★★★☆☆ for industry representation, and ★★★★★ for market conditions [4]. Core Insights - The company is a mature and steadily growing food and beverage retailer in mainland China, with a store network of 19,517 locations covering 28 provinces and all tiered cities, with approximately 59% of stores located in county and town areas [1][3]. - In 2024, the company recorded a GMV of RMB 55.5 billion, and for the nine months ending September 30, 2025, GMV reached RMB 66.1 billion, representing a growth of 74.5% compared to the same period in 2024 [2]. - The company is recognized as the largest chain retailer in mainland China for leisure food and beverage products by GMV in 2024, and it ranks fourth for food and beverage products overall, maintaining rapid growth [2]. - The company has a strong focus on user demand, with over 1.6 billion orders processed in its store network in 2024, and approximately 34% of its product SKUs are custom-developed in collaboration with manufacturers [2]. Financial Data Summary - Revenue for the fiscal years ending December 31 are as follows: RMB 4.286 billion in 2022, RMB 10.295 billion in 2023, and projected RMB 39.344 billion in 2024 [4].