Core Viewpoint - The report from Industrial Securities initiates coverage on Mingming Hen Mang (01768) with a "Buy" rating, highlighting the company's growth potential as a leading snack retailer, with expected earnings elasticity to be gradually released in the coming years [1] Group 1: Competitive Advantages - Strong Store Network: The company has established a comprehensive national store network through a mature franchise system, with a total of 21,041 stores expected by November 30, 2025, covering 28 provinces and 1,341 towns, with 59% of stores located in county towns [1] - Supply Chain Barrier: The company has achieved extreme control over supply chain costs and operational efficiency through a flat procurement model and an efficient logistics network, with inventory turnover days as low as 13.4 days in the first three quarters of 2025, and product prices approximately 25% lower than traditional supermarkets [2] - Digitalization Barrier: The company integrates digital technology throughout the supply chain, managing over 20,000 stores with the largest digital team in China's snack retail sector, enhancing various core processes [2] - Product Matrix Barrier: The company has built a dynamic product matrix with a rich variety of high-quality products, responding quickly to market demands, with over 2,500 quality manufacturers and 3,997 SKUs in stock as of September 30, 2025 [2] Group 2: Future Growth Potential - Market Expansion: The company sees potential for store density increase in regions like Northwest China, accelerating supply chain layout through a "warehouse-first, store-later" strategy [2] - Product Structure Optimization: The company is optimizing its product matrix to improve profitability, supported by vast user data for accurate product forecasting, with a market-validated potential for customized hit products [2] - New Business Exploration: The company is actively exploring a new business model centered around "snacks +", promoting "Zhao Yiming's Money-Saving Supermarket," which combines snacks with essential goods, enhancing shopping choices and profitability [2] Group 3: Financial Performance - Rapid Revenue Growth: From 2022 to 2024, the company achieved a compound annual growth rate of 203% in revenue, with 2025's first three quarters showing revenue of 46.37 billion yuan, a year-on-year increase of 75.2%, and adjusted net profit rising by 240.9% [3] - Franchise Revenue Dominance: Franchise store revenue accounted for 98.9% of total revenue in the first three quarters of 2025, with a focus on expanding the store network and improving supply chain efficiency [3] - Excellent Supply Chain Management: The company maintains a cash cycle of only 4.3 days and accounts payable turnover days of 9.6 days, significantly lower than traditional retailers, establishing a win-win relationship with suppliers [3]

【导读】2月25日，港股大模型股集体大跌 2月25日，港股三大指数涨跌不一。截至收盘，恒生指数涨0.66%，报26765.72点；恒生科技指数跌0.19%，报5260.50点；恒生国企指数涨0.30%，报 9034.75点。全日大市成交额为2368亿港元，南向资金净卖出40.57亿港元。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | HSI | 恒生指数 | 26765.72c | 175.40 | 0.66% | 2368亿 | 4.43% | | 2 | HSTECH | 恒生科技 | 5260.50c | -10.20 | -0.19% | 519亿 | -4.63% | | 3 | HSBIO | 恒生生物科技 | 15650.45c | -3.74 | -0.02% | 72亿 | 10.38% | | 4 | HSCEI | 恒生中国企业指数 | 9034.75c | 26.89 | 0.30% | 715亿 | 1.36% | | 5 | ...

Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.66% to 26,765.72 points, while the Hang Seng Tech Index fell by 0.19% to 5,260.5 points [1] - Major technology stocks had varied movements, with Alibaba up 0.2%, Tencent up 0.48%, and Meituan up 1.6%, while Xiaomi and NetEase saw declines of 0.39% and 0.61% respectively [1] Sector Highlights - The steel, non-ferrous metals, and rare earth sectors led the gains, with Chongqing Steel rising nearly 8% and China Aluminum up 5% [1] - The semiconductor sector weakened, with Lattice Semiconductor down over 7% [1] - The AI application sector experienced a pullback, with Zhiyun down 10.75% [1] Company-Specific Movements - Sinochem Fertilizer saw a rise of over 3% due to international phosphate prices exceeding $700 per ton [2] - Dongyue Group increased by nearly 7% supported by low refrigerant inventory and bullish price expectations [3] - Dazhu CNC rose over 5% after its laser drilling machine received certification from NVIDIA [4] - Huizhu Technology surged over 10%, reaching a historical high after raising HKD 1.635 billion [5] - Hongteng Precision increased over 6% as it transitions towards high-margin AI server interconnect and electric vehicle businesses [6] - Mingming Henan saw a rise of nearly 9% as its leading position in the industry was reaffirmed [8] Analyst Insights - Analysts from China Galaxy Securities highlighted three main themes for the Hong Kong market: rising geopolitical risks boosting precious metals, consumer policy driving low-valuation consumer stock recovery, and the release of valuation pressure in the tech sector [12] - Haitong International expressed optimism about the pharmaceutical sector, particularly Stone Pharmaceutical Group, expecting it to return to an upward cycle by 2026 [12]

每经AI快讯，鸣鸣很忙(01768.HK)涨近9%，截至发稿涨8.8%，报437.6港元，成交额1.75亿港元。 （文章来源：每日经济新闻） ...

中信建投证券认为，26 年处在格局改善+同店修复+利润快速释放期。公司深耕广阔下沉市场，开店天 花板至少可达3-3.5 万家，并通过快速跑马圈地实现规模壁垒，打造极致高效的供应链体系，在公司良 好管理下的老店生命力旺盛，稳态同店仍有小幅增长，龙头地位强者恒强。 智通财经APP获悉，鸣鸣很忙(01768)涨近9%，截至发稿，涨8.8%，报437.6港元，成交额1.75亿港元。 东吴证券指出，零食量贩高景气，公司龙头地位确立。该行指出，行业市场规模从2019年73亿元快速增 长至2024年1297亿元，5年间CAGR达到77.8%，增速领跑硬折扣零售细分赛道。此外，行业已形成高度 集中的双寡头竞争格局。按照GMV计算，2024年公司与万辰集团合计占据零食量贩行业约75.6%市场份 额，门店数量合计占比达到75.2%，市场头部集聚效应显著，行业进入壁垒提高。 ...

鸣鸣很忙(01768)涨近9%，截至发稿，涨8.8%，报437.6港元，成交额1.75亿港元。 中信建投（601066）证券认为，26年处在格局改善+同店修复+利润快速释放期。公司深耕广阔下沉市 场，开店天花板至少可达3-3.5万家，并通过快速跑马圈地实现规模壁垒，打造极致高效的供应链体 系，在公司良好管理下的老店生命力旺盛，稳态同店仍有小幅增长，龙头地位强者恒强。 东吴证券指出，零食量贩高景气，公司龙头地位确立。该行指出，行业市场规模从2019年73亿元快速增 长至2024年1297亿元，5年间CAGR达到77.8%，增速领跑硬折扣零售细分赛道。此外，行业已形成高度 集中的双寡头竞争格局。按照GMV计算，2024年公司与万辰集团（300972）合计占据零食量贩行业约 75.6%市场份额，门店数量合计占比达到75.2%，市场头部集聚效应显著，行业进入壁垒提高。 ...

Key Points Summary Industry Overview - The report focuses on the internet and hospitality sectors, highlighting key companies such as Alibaba, Meituan, Ctrip, and various hotel chains [1][2]. Core Insights and Arguments - **Alibaba**: Continued recommendation based on positive outlook for its cloud services and Q&A development prospects [1]. - **Meituan**: No significant changes in fundamentals; stock price correction before the Spring Festival has made its valuation more attractive, thus maintaining a recommendation [1]. - **Hospitality Sector**: The revenue per available room (RevPAR) for hotels exceeded expectations during the Spring Festival, leading to recommendations for Atour Hotel, Huazhu Group, and Ctrip [1]. - **Ctrip's Earnings Call**: Important to monitor Ctrip's upcoming earnings call for insights on regulatory perspectives and agent-related issues [1]. Additional Important Content - A diverse range of companies is recommended across various sectors, including internet (Alibaba, Meituan, Ctrip, Pinduoduo, Kuaishou, Didi Chuxing, JD.com), social services (Atour Hotel, Huazhu Group, Luckin Coffee), and retail (Wancheng Group, Mingming Hen Mang, Miniso, Yonghui Supermarket) [2].

免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 于稳定价格期间，稳定价格经办人并无出于稳定价格目的在市场上购入或出售任何股份。 (1) 于国际发售超额分配合共232.66万股发售股份，约占全球发售项下可供认购发售股份总数的15%(经 计及发售量调整权已获悉数行使但于行使超额配股权之前)；及 (2) 整体协调人(为其本身及代表国际包销商)于2026年2月10日(星期二)按全球发售项下最终发售价每股 发售股份236.60港元悉数行使超额配股权，涉及合共232.66万股发售股份，以促成将部分H股交付予已 同意延迟交付其根据全球发售认购的相关H股的承配人。 观点网讯：2月23日晚间，湖南鸣鸣很忙商业连锁股份有限公司发布公告，有关全球发售的稳定价格期 间于2月22日(星期日)(即递交香港公开发售申请截止日期后第30日)结束。稳定价格经办人高盛(亚洲)有 限责任公司或代其行事的任何人士于稳定价格期间进行的稳定价格行动载列如下： ...

(2) 整体协调人(为其本身及代表国际包销商)于2026年2月10日(星期二)按全球发售项下最终发售价每股 发售股份236.60港元悉数行使超额配股权，涉及合共232.66万股发售股份，以促成将部分H 股交付予已 同意延迟交付其根据全球发售认购的相关H股的承配人。 于稳定价格期间，稳定价格经办人并无出于稳定价格目的在市场上购入或出售任何股份。 智通财经APP讯，鸣鸣很忙(01768)发布公告，有关全球发售的稳定价格期间于2026年2月22日(星期日) (即递交香港公开发售申请截止日期后第30日)结束。稳定价格经办人高盛(亚洲)有限责任公司或代其行 事的任何人士于稳定价格期间进行的稳定价格行动载列如下： (1) 于国际发售超额分配合共232.66万股发售股份，约占全球发售项下可供认购发售股份总数的15%(经 计及发售量调整权已获悉数行使但于行使超额配股权之前);及 ...

(2)整体协调人(为其本身及代表国际包销商)于2026年2月10日(星期二)按全球发售项下最终发售价每股发 售股份236.60港元(不包括1.0%经纪佣金、0.0027%证监会交易徵费、0.00565%联交所交易费及0.00015% 会财局交易徵费)悉数行使超额配股权，涉及合共2,326,600股发售股份，以促成将部分H股交付予已同 意延迟交付其根据全球发售认购的相关H股的承配人。 于稳定价格期间，稳定价格经办人并无出于稳定价格目的在市场上购入或出售任何股份。 格隆汇2月23日丨鸣鸣很忙(01768.HK)公告，根据香港法例第571W章《证券及期货(稳定价格)规则》第 9(2)条的规定，本公司宣布，有关全球发售的稳定价格期间于2026年2月22日(星期日)(即递交香港公开 发售申请截止日期後第30日)结束。稳定价格经办人高盛(亚洲)有限责任公司或代其行事的任何人士于稳 定价格期间进行的稳定价格行动载列如下： (1)于国际发售超额分配合共2,326,600股发售股份，约占全球发售项下可供认购发售股份总数的15%(经 计及发售量调整权已获悉数行使但于行使超额配股权之前)；及 ...