毛利率稳步提升，数字化供应链建设提升运营效率我们认为伴随行业成熟度提升，精细化运营及利润率 挖潜成为重要关注点。 公司毛利率呈稳步提升趋势，25 年前三季度分别达11.0%/11.8%/12.1%。 毛利率提升源于与供应商的双赢合作，包括稳定大额订单提升产能利用率、协助供应商在成本低位时锁 价采购等，具备中长期持续性。公司积极投入建设数字化供应链，与腾讯智慧零售合作，加强消费数据 挖掘，提升营销效率；1 月14 日公告控股子公司拟收购南京众丞100%股权，南京众丞专为零食连锁打 造全链路SaaS 协同管理系统，并购有利于进一步提升数字化效率。 25 年Q4 以来，伴随品类拓展及精细化运营，我们预计公司同店表现有望逐步改善，春节错期及假期天 数增加亦有望利好26Q1 业绩。展望全年，我们预计公司有望保持较快开店节奏，非零食品类及自有品 牌持续拓展，门店货架陈列、运营管理挖潜与即时零售拓展有望助力同店表现。在利润端，与上游供应 商持续合力提升供应链效率，带来的毛利空间有望持续释放。看好规模效应下公司盈利能力持续提升与 利润释放，维持"买入"评级，继续重点推荐。 会员体系+即时零售+运营挖潜，有望助力26 年同店表 ...

Macro Strategy - The IPCA model shows better application effects in the domestic credit bond market compared to the US market, with a Sharpe ratio consistently above 1.45 and above 2.2 from May to December 2025 [1][13] - The strategy exhibits asymmetric risk/reward characteristics, with 75% of sample dates showing positive excess credit returns, and a maximum excess return of 0.13% from January 2024 to December 2025 [1][13] - The practical operability of the strategy is strong, allowing for investment in bonds with similar risk characteristics even when specific bonds are not available in the secondary market [1][13] Fixed Income Opportunities - The "14th Five-Year Plan" emphasizes the development of key industries, including new pillar industries, future industries, traditional industry upgrades, infrastructure construction, green transformation, and consumer upgrades, which are expected to receive policy support and financing breakthroughs [2][14] - A total of 1,098 bond-issuing entities align with the "14th Five-Year Plan," with a total bond scale of approximately 10.8 trillion yuan, primarily rated AAA and concentrated in East and North China [2][14] - The participation of bond-issuing entities in the six key industries shows significant differentiation, with infrastructure and new pillar industries leading in both the number of issuers and bond scale [2][14] Industry Insights - The public utility sector is expected to benefit from deepened electricity reforms, with recommendations to focus on green electricity, thermal power, hydropower, nuclear power, and the valuation of photovoltaic and charging pile assets [7] - The food and beverage sector is anticipated to experience a spring consumption surge, particularly in snacks, dining, and seasonal beverages, with a positive outlook for Q1 2026 due to favorable market conditions [7] - Companies like KaiGe Precision Machinery and HeMai Co. are positioned to benefit from the growing demand in AI computing and energy storage, with projected profit growth in the coming years [9][10]

Core Viewpoint - Hunan Mingming Henmang Commercial Chain Co., Ltd. (stock code: 01768.HK) officially listed on the Hong Kong Stock Exchange, becoming the first stock in the bulk snack sector, with a market capitalization of approximately HKD 959 billion at opening [2][4]. Company Overview - Mingming Henmang was formed by the merger of two brands, "Snacks Are Busy" and "Zhao Yiming Snacks," and has established a retail network of nearly 20,000 stores [2][4]. - The company is led by two founders born in the 1980s, Yan Zhou and Zhao Ding, who have successfully tapped into the lower-tier market through an innovative bulk sales model [4][8]. Financial Performance - The company raised approximately HKD 3.3 billion by issuing 14.1 million shares at HKD 236.6 per share, resulting in a post-IPO market valuation of about HKD 473 billion [4][5]. - For the first nine months ending September 30, 2025, the company achieved a GMV of RMB 661 billion, a 74.5% increase compared to the same period in 2024 [4][36]. - Revenue for the first three quarters of 2025 reached RMB 464 billion, with an adjusted net profit of RMB 18 billion, translating to over RMB 6.6 million in daily earnings [4][38]. Investment and Financing - During the IPO phase, Mingming Henmang attracted eight cornerstone investors, collectively subscribing to approximately USD 195 million, accounting for nearly 46% of the total fundraising [5][6]. - The company has received significant backing from prominent investors, including Sequoia China and Black Ant Capital, with a total financing exceeding RMB 1 billion post-merger [4][25]. Market Position and Strategy - Mingming Henmang is the largest leisure food and beverage retail chain in China, with a GMV of RMB 555 billion projected for 2024 [4][36]. - The company operates a low-margin, high-turnover business model, achieving a gross margin of 9.7% in the first nine months of 2025, which is still below traditional retail levels [33][36]. - The company has a unique supply chain strategy, directly connecting with over 2,000 manufacturers to eliminate middlemen, resulting in prices approximately 25% lower than traditional supermarkets [32][36]. Competitive Landscape - The snack retail market in China is projected to grow from RMB 2.9 trillion in 2019 to RMB 3.7 trillion in 2024, with a compound annual growth rate of 5.5% [39]. - Despite being the largest player, Mingming Henmang holds only 1.5% of the market share, indicating significant room for growth in a highly fragmented market [39][40]. - The competitive focus has shifted from rapid store openings to supply chain efficiency and innovation, with major players exploring high-margin private label products and expanding into community discount stores [40][41].

Core Viewpoint - Hunan Mingming Henmang Commercial Chain Co., Ltd. (stock code: 01768.HK) has successfully listed on the Hong Kong Stock Exchange, becoming the first stock in the bulk snack sector, with a market capitalization of approximately HKD 959 billion at opening [4][7]. Group 1: Company Overview - Mingming Henmang was formed by the merger of two brands, "Snacks Are Busy" and "Zhao Yiming Snacks," and has established a retail network of nearly 20,000 stores [4][9]. - The company is led by two founders born in the 1980s, Yan Zhou and Zhao Ding, who have leveraged insights into the lower-tier market to create a multi-brand, multi-category product offering [4][9]. - The company achieved a gross merchandise volume (GMV) of RMB 555 billion in 2024, making it the largest chain retailer of leisure food and beverages in China [4][39]. Group 2: Financial Performance - In the first three quarters of 2025, Mingming Henmang reported revenue of RMB 464 billion and an adjusted net profit of RMB 18 billion, translating to over RMB 6.6 million in daily earnings [4][39]. - The company’s GMV for the first nine months of 2025 reached RMB 661 billion, reflecting a year-on-year growth of 74.5% compared to the same period in 2024 [4][39]. Group 3: Investment and Financing - During the IPO phase, Mingming Henmang attracted eight cornerstone investors, raising approximately USD 195 million, which accounted for nearly 46% of the total fundraising [5][6]. - The company has completed multiple financing rounds, including a recent round exceeding RMB 1 billion, with notable investors such as Sequoia China and Black Ant Capital [6][29]. Group 4: Market Position and Competition - The snack retail market in China is projected to grow from RMB 2.9 trillion in 2019 to RMB 3.7 trillion in 2024, with a compound annual growth rate of 5.5% [41]. - Despite being the largest chain retailer, Mingming Henmang holds only 1.5% of the market share, indicating significant room for growth in a highly fragmented market [41]. - The competitive landscape has intensified, with external competitors like Wanchen Group's "Good Want to Come" brand emerging, prompting the merger of Mingming Henmang and Zhao Yiming Snacks to enhance market positioning [24][26]. Group 5: Business Model and Strategy - Mingming Henmang operates on a "thin profit" and "high sales" model, focusing on restructuring the traditional snack distribution chain to achieve operational efficiency [35][38]. - The company maintains a low gross margin of 7.5% to 9.7%, significantly lower than traditional channels, while achieving high inventory turnover rates [35][38]. - The business model emphasizes a symbiotic relationship with franchisees, with over 99% of its stores being franchises, ensuring mutual profitability [38][39].

Core Viewpoint - Hunan Mingming Henmang Commercial Chain Co., Ltd. (stock code: 01768.HK), formed by the merger of "Snacks Are Busy" and "Zhao Yiming Snacks," officially listed on the Hong Kong Stock Exchange, becoming the first stock in the Hong Kong snack retail sector [2][44]. Group 1: Company Overview - Mingming Henmang issued shares at HKD 236.6 each, raising approximately HKD 3.3 billion, with a post-issue market capitalization of about HKD 47.3 billion. The stock surged 88% on its debut, reaching HKD 445 per share and a market cap of HKD 95.9 billion [4][46]. - The company operates nearly 20,000 stores, focusing on a multi-brand, multi-category, and high-cost performance positioning, with a retail network built through innovative bulk sales models [4][46]. - The company achieved a gross merchandise volume (GMV) of RMB 55.5 billion in 2024, making it the largest chain retailer of leisure food and beverages in China. For the first nine months of 2025, GMV reached RMB 66.1 billion, a 74.5% increase year-on-year [4][46]. Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenue of RMB 46.4 billion and an adjusted net profit of RMB 1.8 billion, equivalent to over RMB 6.6 million in daily earnings [4][46]. - The company’s revenue for 2024 was RMB 39.3 billion, with a profit of RMB 800 million. By the first nine months of 2025, revenue had already reached RMB 46.4 billion, with a net profit nearing RMB 1.6 billion [37][38]. Group 3: Investment and Financing - During the IPO phase, Mingming Henmang attracted eight cornerstone investors, collectively subscribing to approximately USD 195 million, accounting for nearly 46% of the total fundraising [5][47]. - The company completed a financing round exceeding RMB 1 billion after the merger, with major investors including Sequoia China, Black Ant Capital, and Good Idea [4][23]. Group 4: Market Position and Strategy - The snack retail market in China is projected to grow from RMB 2.9 trillion in 2019 to RMB 3.7 trillion in 2024, with a compound annual growth rate of 5.5%. Mingming Henmang currently holds a 1.5% market share as the largest chain retailer [38][39]. - The company has adopted a "hard discount" business model, focusing on restructuring traditional snack distribution channels and achieving operational efficiency through direct connections with over 2,000 manufacturers, eliminating middlemen [31][34]. Group 5: Founders and Background - The founders, Yan Zhou and Zhao Ding, both born in the 1980s, started their businesses in the lower-tier markets, leveraging insights into consumer needs for high-cost performance snacks [50][51]. - Yan Zhou transitioned from real estate to retail, establishing "Snacks Are Busy" in 2017, while Zhao Ding, after several entrepreneurial attempts, founded "Zhao Yiming Snacks" in 2019, focusing on a cautious expansion strategy [50][51].

鸣鸣很忙董事长、CEO 晏周 零售的尽头，可能真的是零食。 文 丨 宋玮 黄俊杰 编辑 丨 宋玮 过去十年中国零售业最重要的一次合并谈判，是在广州番禺一家普通日料店里的包间完成的。 晏周和赵定——零食很忙和赵一鸣零食的创始人——两个人、两分钟，敲定了合并方案。而在落座之 前，他们还是彼此最大的对手。 合并后，2023 年 11 月，新公司鸣鸣很忙诞生。两年多时间，门店总数从 6000 多家猛增到 21000 多 家，压过连续并购扩张的万辰集团，并仍在加速。而在这个过程中，几乎没有一位高管离开。 上市前夕，几乎从不公开露面的晏周接受了《晚点 LatePost》的独家专访，这是他创业以来的首次访 谈。我们聊了 6 个小时，吃掉了一桌零食。在这篇 18000 字的访谈里，你会看到长沙一间 40 平米的小 卖铺是如何用十年时间，成长为中国下沉零售之王。 开篇 零售的尽头，可能真的是零食 被打开的阀门 一群从南方县城走出的小镇青年，第一次创业，就做成了中国最大的休闲食品饮料零售公司， 也是仅次 于山姆的中国第二大线下零售公司。 这是独属于中国的草根创业故事。 盒马创始人侯毅很多年前判断，中国会诞生几千亿甚至万亿级线下零 ...

Core Viewpoint - The company "Ming Ming Hen Mang" (01768.HK) debuted on the Hong Kong stock market on January 28, 2023, and experienced a strong performance, with its stock price rising by 81.3% to HKD 429 per share, achieving a market capitalization of HKD 92.45 billion [2]. Group 1: IPO Performance - The stock's trading volume reached HKD 2.1 billion on its first day, allowing investors to earn over HKD 19,000 per lot of 100 shares [2]. - The public offering was highly successful, with a subscription rate of 1,899.49 times for the Hong Kong public offering and 44.44 times for the international offering, resulting in net proceeds of approximately HKD 3.528 billion after fees [2][3]. Group 2: Use of Proceeds - The company plans to allocate approximately 25% of the raised funds to enhance supply chain and product development capabilities, 20% for store network upgrades and franchisee support, and another 20% for brand building and marketing [2]. Group 3: Competitive Position and Growth - "Ming Ming Hen Mang" has a market capitalization that significantly exceeds its competitors, such as "Gu Ming" (01364.HK) and "Miniso" (09896.HK), by approximately HKD 44 billion [2]. - The company has rapidly expanded its store network, aiming to reach a total of 19,500 stores by September 2025, and has become the largest chain retailer in China in the snack food and beverage sector, with a GMV of RMB 66.1 billion in the first three quarters of 2025, representing a year-on-year growth of 74.5% [4]. - For the first nine months of 2025, the company reported revenue of RMB 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of RMB 1.81 billion, reflecting a substantial growth of 240.9% [4].

证券研究报告 精细运营与供应链提效有望驱动业绩 持续释放 华泰研究 动态点评 投资评级(维持): 买入 万辰集团 (300972 CH) 目标价(人民币): 276.00 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 SAC No. S0570524090003 SFC No. BVO045 曾珺 研究员 SAC No. S0570523120004 SFC No. BTM417 季珂* 研究员 SAC No. S0570525080003 jike@htsc.com +(86) 21 2897 2228 石狄 研究员 shidi@htsc.com 吕若晨 研究员 SAC No. S0570525050002 SFC No. BEE828 lvruochen@htsc.com +(86) 755 8249 2388 基本数据 | 收盘价 (人民币 截至 1 月 27 日) | 228.12 | | --- | --- | | 市值 (人民币百万) | 43,090 | | 6 个月平均日成交额 (人民币百万) | 458.98 | | 52 周价格范围 (人民币) ...

证券研究报告 万辰集团 (300972 CH) 精细运营与供应链提效有望驱动业绩 持续释放 华泰研究 动态点评 投资评级(维持): 买入 石狄 研究员 shidi@htsc.com SAC No. S0570524090003 SFC No. BVO045 目标价(人民币): 276.00 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 曾珺 研究员 SAC No. S0570523120004 SFC No. BTM417 季珂* 研究员 SAC No. S0570525080003 jike@htsc.com +(86) 21 2897 2228 吕若晨 研究员 SAC No. S0570525050002 SFC No. BEE828 lvruochen@htsc.com +(86) 755 8249 2388 基本数据 | 收盘价 (人民币 截至 1 月 27 日) | 228.12 | | --- | --- | | 市值 (人民币百万) | 43,090 | | 6 个月平均日成交额 (人民币百万) | 458.98 | | 52 周价格范围 (人民币) ...

Group 1 - The core viewpoint is that Ming Ming Hen Mang plans to list on the Hong Kong Stock Exchange on January 28, becoming the first stock in the "bulk snack" sector, with a global offering of 14.1 million shares, expected to raise over HKD 3 billion, and a market capitalization of approximately HKD 50 billion [1][7] - The market response has been positive, with eight cornerstone investors subscribing a total of HKD 1.5 billion, including Tencent, Temasek, and BlackRock, and the latest subscription multiple exceeding 1500 times [1][8] Group 2 - Downstream growth is shifting from rapid expansion to high-quality growth, with traditional store types still having significant opening space, projected to reach nearly 50,000 stores by 2025, with a total potential of about 74,000 stores [2][9] - Profitability is expected to continue improving, with adjusted net margins for Ming Ming Hen Mang increasing from 2.3% to 3.9% from 2023 to the first three quarters of 2025, driven by reduced opening subsidies and category structure adjustments [2][13] - New store formats are supporting store expansion and single-store improvement, with both Ming Ming Hen Mang and Wan Chen planning to open discount supermarket formats by 2025, currently accounting for less than 20% of new store types [2][17] - The development of private label products is boosting revenue and gross margins, with both companies planning to increase their private label revenue share, currently in the single digits, compared to 20-30% for similar brands [2][19] Group 3 - Upstream opportunities are emerging as downstream stores expand into categories like dairy, baking, and frozen foods, benefiting related upstream supply chain companies, particularly mid-tier brands with significant revenue elasticity [3][24] - The focus on developing private label products is leading to market share differentiation among supply chain companies, with manufacturers that have strong product development and customization capabilities likely to gain market share [3][26] Group 4 - Investment recommendations highlight the positive outlook for the bulk snack industry, emphasizing the transition to high-quality growth and the potential for upstream supply chain companies to benefit from downstream category expansions and increased private label product shares [4][28]