Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][88]. Core Insights - The leisure food and beverage industry in China is experiencing rapid expansion, with a projected GMV growth from 2.9 trillion yuan to 3.7 trillion yuan from 2019 to 2024, reflecting a CAGR of 5.5% [3][10]. - The company, "鸣鸣很忙," is positioned as the leading group in the mass retail sector, with revenue expected to exceed 39.3 billion yuan by 2024, showcasing strong growth potential [3][29]. - The company is exploring international markets, particularly in Southeast Asia, where the snack market is diversifying and showing significant growth [3][64]. Summary by Sections Industry Expansion - The leisure food and beverage sector is projected to grow significantly, with the down-market segment being a key driver, increasing from 1.7 trillion yuan to 2.3 trillion yuan (CAGR 6.5%) [3][10]. - The market is witnessing a shift towards specialized retail channels, with the growth of specialty stores and e-commerce, reflecting changing consumer preferences [10][11]. Company Overview - "鸣鸣很忙" is consolidating its position as the first mass retail group through brand mergers, with a revenue forecast of 39.3 billion yuan by 2024 [3][29]. - The company has achieved a significant increase in store count, reaching 19,517 stores by the third quarter of 2025, with a focus on lower-tier cities [3][41]. Financial Performance - Revenue is expected to grow from 63.06 billion yuan in 2025 to 89.93 billion yuan in 2027, with adjusted net profit projected to rise from 2.52 billion yuan to 4.68 billion yuan during the same period [3][88]. - The company is expected to achieve a stable gross margin of 9.73% by 2025, driven by operational efficiencies and a digital marketing strategy [3][29]. International Expansion - The Southeast Asian snack market is projected to reach 12.3 billion USD by 2024, with a notable demand for health-oriented snacks [3][64]. - The company is leveraging its supply chain advantages to penetrate markets in Thailand, Indonesia, and Vietnam, where local consumer preferences are evolving [3][67].

Group 1 - The core viewpoint of the report is that Mingming Hen Mang (01768) is given a "strong buy" rating, with projected adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion RMB for the years 2025 to 2027 respectively [1] - Mingming Hen Mang is identified as a leading player in the domestic bulk snack market, with brands including "Snack Hen Mang" and "Zhao Yiming Snacks" [1] - As of November 30, 2025, the company is expected to have approximately 21,000 stores, with GMV, revenue, and adjusted net profit for the first three quarters of the previous year reaching 66.1 billion, 46.4 billion, and 1.81 billion RMB, reflecting growth rates of 73%, 75%, and 241% respectively [1] Group 2 - The report indicates that the efficiency of the bulk snack channel is significantly ahead, and the company is expected to continue increasing its penetration rate while maintaining a rapid store opening pace [1] - The industry is witnessing a rapid concentration of market share towards leading companies, with the company having a high-quality team and leading capabilities in supply chain, warehousing, distribution, and branding [1] - Under the scale effect of the industry, it is anticipated that strong players will continue to thrive, leading to further market share gains and gradual profit release for the company [1]

Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Mingming Busy (01768), projecting adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion RMB for the years 2025 to 2027 [1] Group 1: Company Overview - Mingming Busy is a leading player in the domestic snack retail sector, operating two major brands: Snack Busy and Zhao Yiming Snacks [1] - As of November 30, 2025, the company is expected to have approximately 21,000 stores [1] Group 2: Financial Performance - In the first three quarters of the previous year, the company's GMV, revenue, and adjusted net profit reached 66.1 billion, 46.4 billion, and 1.81 billion RMB, reflecting growth rates of 73%, 75%, and 241% respectively [1] Group 3: Industry Position and Outlook - The efficiency of the snack retail channel is significantly ahead of competitors, with expectations for continued penetration and rapid store openings [1] - The industry is witnessing a concentration of market share towards leading companies, with Mingming Busy expected to enhance its market share and gradually release profits due to its superior team and supply chain capabilities [1]

这三张牌合在一起，造就了一个能把规模做起来的模式，但任何模式都有边界，鸣鸣很忙的成绩很好 看，但它的问题也很明显，扩张带来的不是单纯的荣耀，还有单店效益下滑和运营成本的增长，2025年 上半年单店平均月利润仅0.55万元，回本周期延长到29个月，闭店率从0.7%升至1.9%，这不是小事，这 是生意里的警报。 鸣鸣很忙准备在港交所敲钟了，这是件值得注意的事，因为它不是某个资本秀场的新面孔，而是从县城 街头走出来、靠"低价高频"撬动市场的一张样本票，需要我们这是一场消费的胜利，还是规模的赌博？ 鸣鸣，很忙，名字就很会讨人喜欢，像街角那家总是亮着灯的零食店，叫你走进去就舍不得出来，它合 并了"零食很忙"和"赵一鸣零食"两个区域大佬，用的是最土但最有效的公式把价格压把门店开到你家门 口，然后用不花哨的包装勾住你的日常消费欲望。 两年时间，营收从几十亿飙到三百多亿，净利润也翻了好几番，这种速度让人眼睛一亮，也让人多心， 速度背后是扩张的野心，还是成本会掉进黑洞的隐痛，我们得分开来说清楚。 第一盘棋，是下沉市场的选择，别人往一线城市挤流量，它往县城、乡镇撒网，59%的门店在县城及乡 镇，66%的县级覆盖率——你要知道，这 ...

紫金矿业再砸280亿海外"淘金" 2025年预盈510亿市值站稳万亿 湖南黄金重组27亿资产增加资源储备 金锑钨价格上涨大赚超12.7亿创新高 牛散余韩操纵股价五年被罚没超10亿 博士眼镜一年5000万买流量研发仅300万 上汽通用五菱负债率攀升至85.24% 销量增20.5%仍较巅峰少53.5万辆 苏农银行"村改支"遭18%中小股东反对 总资产2311亿营收仅增0.41% 鸣鸣很忙开店2.1万家 IPO前突击分红5.26亿赵定减持套现1.3亿 西贝新一轮融资获张勇胡晓明力挺 千亿市值梦面临挑战 中国中免27亿收购打造国际业务中台 业绩连降6季合作LVMH突围待观察 海康威视重拾增长年盈利142亿 加强回款管理九个月"回血"137亿 "狂人"俞浩百万亿美元豪言引关注 22.82亿入主嘉美包装或推追觅上市 牧原股份多卖猪638万头扣非锐降26.5亿 成本优势遭极限考验 16倍牛股天普股份重申"无注资" 中昊芯英独立IPO杨龚轶凡买壳成谜 天海电子应收账款52亿逾期3.67亿 原子公司同步IPO关联交易"理不清" 携程集团遭反垄断调查毛利率高达81% 市占率56%被指"携流量以令商家" 德邦股份主动退市京东38亿 ...

Group 1 - The core viewpoint of the news is that the Chinese snack chain brand Mingming Hen Mang officially listed on the Hong Kong Stock Exchange, opening at HKD 445 per share, an increase of 88.08% from the issue price, with a total market capitalization exceeding HKD 95.275 billion, making it the "first stock of bulk snacks" in Hong Kong [1] - Mingming Hen Mang owns two major brands, "Snacks Hen Mang" and "Zhao Yiming Snacks," with stores covering 28 provinces in China, and aims to reach 21,041 stores by November 30, 2025, with 59% located in county towns and rural areas [1] Group 2 - The core brands "Zhao Yiming Snacks," "Snacks Hen Mang," "Xiao Ming Fresh," and "Minglin Convenience Store" have all been trademark registered, forming a complete brand visual and textual recognition system [3] - To prevent trademark infringement and counterfeiting, Zhao Yiming has registered numerous defensive trademarks, including "Zhao Shi Ming," "Zhao Bai Ming," "Zhao Wan Ming," and "Zhao Yi Ming," effectively blocking potential trademark squatting and confusion risks [3] - The trademark strategy of Mingming Hen Mang not only focuses on current business protection but also provides a solid legal guarantee for long-term development, market expansion, and diversification strategies, reflecting a high strategic vision in brand building and intellectual property management [3]

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") officially listed on the Hong Kong Stock Exchange on January 28, becoming the first "bulk snack stock" in Hong Kong, with significant pre-listing trading activity and a market capitalization reaching 95 billion HKD [2][9]. Company Overview - Mingming Hen Mang Group was formed by the merger of two brands: "Snacks Hen Mang" and "Zhao Yiming Snacks." The first store of "Snacks Hen Mang" opened in Changsha, Hunan in 2017, followed by "Zhao Yiming Snacks" in Yichun, Jiangxi in 2019 [5]. - In November 2023, "Snacks Hen Mang" completed the acquisition of "Zhao Yiming Snacks," rebranding as Mingming Hen Mang Group while maintaining independent operational systems for both brands [6]. Financial Performance - The company has shown remarkable growth in Gross Merchandise Value (GMV), with "Zhao Yiming Snacks" increasing from 1.375 billion CNY to 29.324 billion CNY and "Snacks Hen Mang" rising from 13.95 billion CNY to 26.207 billion CNY in 2024. By the first nine months of 2025, the total GMV reached 66.06 billion CNY [6]. - Revenue and profit have consistently increased, with revenues of 4.286 billion CNY, 10.295 billion CNY, 39.344 billion CNY, and 46.371 billion CNY from 2022 to 2025, showing year-on-year growth rates of 140.22% and 282.15% for 2023 and 2024, respectively [6][7]. - Adjusted net profits also surged, with figures of 0.81 billion CNY, 2.35 billion CNY, 9.13 billion CNY, and 18.10 billion CNY for the same periods, reflecting year-on-year growth of 188.1% and 288.7% for 2023 and 2024 [6][7]. Business Model and Competitive Advantage - The company maintains a "low-margin, high-volume" business model, with gross margins below 10% and net margins of 1.67%, 2.11%, and 3.36% over the reporting period [7]. - Mingming Hen Mang's competitive edge lies in eliminating intermediaries, leveraging economies of scale for pricing advantages, and operating over 2,500 factories for direct supply to stores [7]. - As of November 30, 2025, the company had expanded to 21,000 stores across 28 provinces, marking a net increase of 14,400 stores in less than two years [7]. Capital Market Activity - The IPO process faced challenges, with the company initially applying in April 2025 and resubmitting materials after a six-month delay. It became the first company to pass the hearing for IPO on the Hong Kong Stock Exchange on January 6, 2026 [9]. - The IPO raised approximately 3.287 billion HKD, with net proceeds of about 3.124 billion HKD, allocated for supply chain enhancement, store network upgrades, brand promotion, and technology improvements [9]. Future Outlook - The listing on the Hong Kong Stock Exchange signifies a new phase of transparency and stability for the company, with plans to focus on consumer needs and invest in store networks, supply chains, and product safety systems [10]. - However, as the bulk snack market becomes increasingly saturated, the company must identify new growth avenues beyond scale advantages [10].

Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. has officially listed on the Hong Kong Stock Exchange, marking another retail enterprise in China that emphasizes "inclusive" business practices [1] - The company has grown from a small shop in Changsha in 2017 to a retail giant with over 20,000 stores across 28 provinces, achieving a GMV of over 66.1 billion yuan by the third quarter of 2025 [3] - Mingming Hen Mang focuses on long-term value creation by restructuring supply chains and reducing costs, making high-quality snacks accessible to a broader consumer base [3] Group 1: Business Model and Market Strategy - The company operates under a model that emphasizes "creating demand" rather than merely transferring existing demand, leading to a new consumer habit of purchasing snacks regularly [6] - Mingming Hen Mang's strategy includes direct sourcing from manufacturers, eliminating middlemen, and thus reducing costs for consumers [7] - The company has established partnerships with over 2,500 manufacturers, ensuring stable orders that encourage innovation and product development [7] Group 2: Consumer Engagement and Experience - The brand has successfully penetrated lower-tier cities, with nearly 70% of its stores located in third-tier cities and below, enhancing local consumer choices [4] - Mingming Hen Mang promotes a shopping experience that combines convenience and emotional value, transforming snack purchasing into a family activity rather than a mere chore [6] - The company’s transparent packaging and bulk purchasing options allow consumers to buy exactly what they want, reducing waste and enhancing satisfaction [9] Group 3: Long-term Vision and Sustainability - Starting in 2024, Mingming Hen Mang will no longer charge franchise fees, focusing instead on product sales, which aligns the interests of franchisees and the company [10] - The company emphasizes a "healthy growth" philosophy, prioritizing consumer service and stable operations over short-term profits [12] - Mingming Hen Mang has implemented a comprehensive food safety system and quality control measures, ensuring product safety and building consumer trust [11]

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 招商证券发表研报，首予鸣鸣很忙"强烈推荐"评级。该行指，鸣鸣很忙为国内量贩零食龙头，公司 旗下包含零食很忙及赵一鸣零食两大品牌。截至2025年11月30日，公司总门店数约2.1万间，去年首三 季GMV、收入及经调整净利润分别达661亿、464亿及18.1亿元，增长73%、75%及241%。该行认为， 量贩零食渠道效率大幅领先，预计公司将持续提升渗透率并保持快速开店节奏。目前行业份额加速向龙 头集中，公司的团队优质，供应链、仓配、拓展、品牌等多方面均领先，行业规模效应下预计强者恒 强，公司份额进一步提升，利润逐步释放。 ...

Group 1: Market Overview - The core viewpoint of the report indicates a bullish sentiment in the Hong Kong stock market, with the Hang Seng Index rising by 2.58%, the Hang Seng China Enterprises Index increasing by 2.89%, and the Hang Seng Tech Index up by 2.53% [2] - The market is driven by two main themes: "AI new infrastructure" and "resource inflation," with a strong willingness from investors to buy [2] - The total trading volume surged to approximately 361.5 billion HKD, while the short-selling ratio on the main board increased to about 18.75% [2] Group 2: Sector Analysis - The optical communication sector experienced a significant surge, driven by a long-term supply agreement between Meta and Corning worth up to 6 billion USD, aimed at supporting AI data center construction [3] - Following the announcement, Corning's stock price soared over 15%, reaching a 52-week high, indicating a shift in the AI competition from software to hardware and supply chain security [3] - The three major telecom operators in China saw a collective rise, with China Telecom leading with an increase of over 6% [3] Group 3: Economic Indicators - In January, the total retail sales in China for 2025 showed a cumulative growth of 3.7%, with December retail sales amounting to 45,136 billion CNY, reflecting a year-on-year increase of 0.9% [7] - The report highlights a decline in growth rates across various consumer sectors, with commodity retail growth slowing down to 0.7% year-on-year in December [7] - The food and daily necessities sectors showed mixed results, with food retail sales growing by 3.9% year-on-year, while clothing sales only increased by 0.6% [8] Group 4: Price Trends - The Consumer Price Index (CPI) in December rose by 0.8%, indicating a reduction in deflationary pressures, with some food prices showing signs of recovery [9] - The report notes that pork prices are expected to rebound slightly in January due to the upcoming Spring Festival, while fresh milk prices continue to decline [9] Group 5: Investment Strategies - Investment opportunities are identified in companies like Lao Pu Gold (6181.HK), which is expected to benefit from rising gold prices and increased consumer demand during the Spring Festival [10] - Haidilao (6862.HK) is anticipated to see marginal improvements in same-store sales growth in the second half of 2025, supported by the founder's return [10] - The upcoming listing of Ming Ming Hen Mang (1768.HK) is highlighted, with expectations of rapid growth during the Spring Festival season [10]