证券研究报告 | 公司深度报告 2026 年 01 月 28 日 鸣鸣很忙（01768.HK） 多维领先，强者恒强，两万店龙头乘势而上 消费/商业 量贩零食渠道效率大幅领先，预计行业规模持续增长；同时公司作为行业龙头， 团队优质，供应链、仓配、拓展、品牌等多维领先，规模效应下预计强者恒强， 份额进一步提升，利润逐步释放。首次覆盖给予"强烈推荐"评级。 ❑ 风险提示：拓店速度、同店增长不及预期，行业竞争加剧，食品安全风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | 10295 | 39344 | 64943 | 85987 | 99689 | | 同比增长 | 140% | 282% | 65% | 32% | 16% | | 营业利润(百万元) | 329 | 1132 | 3142 | 4557 | 5782 | | 同比增长 | 229% | 244% | 178% | 45% | 27% | | 经调整净利润(百万元) | 235 ...

Group 1 - The S&P 500 index rose by 0.41%, reaching a new high, while UnitedHealth fell over 19% [1] - Gold prices reached a historic high, approaching $5,190 [1] - Silver prices increased by over 8.7%, reported at $112.8775 per ounce [1] - Oil prices rose by 3% due to production setbacks in Kazakhstan and the U.S. [1] - Goldman Sachs indicated that silver's volatility will continue, with gold's target price facing upward risks at $5,400 [1] - Citigroup raised its three-month silver price forecast to $150 [1] - Samsung Electronics and SK Hynix have negotiated with Apple to significantly increase the price of LPDDR memory used in iPhones [1] - A significant agreement was reached between the EU and India, with over 90% of export tariffs being eliminated or reduced [1] - The EU officially launched a satellite communication program for member states [1] - Hong Kong's exports in December increased by 26.1% year-on-year, exceeding expectations [1] - Semiconductor companies, including Zhongwei Semiconductor and Guokai Microelectronics, have raised chip prices [1] - Ganfeng Lithium expects a net profit of 1.1 billion to 1.65 billion yuan in 2025, turning from loss to profit [1] - A large number of traditional Chinese medicines will be phased out [1] - Guotai Junan forecasts a 111%-115% year-on-year increase in net profit for 2025, driven by significant growth in wealth management, institutional, and trading revenues [1] Group 2 - A-share investment alert: ST Nanchuan may face delisting risk warnings due to trading issues [2] - High Alliance New Materials' actual controller and vice chairman, Xiong Haitao, has been detained [2]

Group 1 - The stock of Mingming Hen Mang (01768.HK) opened at 445 HKD per share and saw an intraday increase of over 88%, leading to a market capitalization exceeding 90 billion HKD [1] - The company, established in December 2019, operates in food sales, internet food sales, and liquor business, with its legal representative being Yan Zhou [1] - The registered capital of the company increased from approximately 24.72 million RMB to 200 million RMB, and the company name was changed from Hunan Mingming Hen Mang Commercial Chain Co., Ltd. to Hunan Mingming Hen Mang Commercial Chain Co., Ltd. [1] Group 2 - Since 2025, the company has established several new entities, including Hangzhou Ming Mang Supply Chain Co., Ltd. and Xi'an Ming Mang Supply Chain Co., Ltd. [2]

Group 1 - The company "Ming Ming Hen Mang" is conducting a global offering of 14.101 million H-shares, with a subscription multiple exceeding 1500 times during the public offering phase, and 8 cornerstone investors collectively subscribing for HKD 1.5 billion, including Tencent, Temasek, and BlackRock [1] - The company expects to raise over HKD 3 billion from the Hong Kong IPO, with an estimated market capitalization of approximately HKD 50 billion, primarily to enhance supply chain capabilities, product development, store network upgrades, and ongoing support for franchisees [1] - The company plans to increase investments in brand building, digital enhancement, and strategic acquisitions [1] Group 2 - As the largest leisure food and beverage retail chain in China, the company operates two major brands: "Snacks Hen Mang" and "Zhao Yi Ming Snacks" [2] - By November 30, 2025, the company is projected to have 21,041 operating stores nationwide, with retail sales (GMV) reaching CNY 66.1 billion for the first nine months of 2025, a year-on-year increase of 74.5%, serving over 2.1 billion consumers [2] - As of September 30, 2025, the company had 19,517 stores across 28 provinces and cities, with approximately 59% located in county and town markets, indicating deep penetration into lower-tier markets [2] - The company ranked in the top 10 of China's retail chain industry in 2024 according to the China Chain Store & Franchise Association [2] - Financially, for the first nine months of 2025, the company achieved revenue of CNY 46.371 billion, a year-on-year increase of 75.2%, with adjusted net profit of CNY 1.81 billion, up 240.8% compared to the same period last year, and a net operating cash flow of CNY 2.19 billion [2] - From 2022 to 2024, the company's revenue grew from CNY 4.286 billion to CNY 39.344 billion, while adjusted net profit increased from CNY 0.081 billion to CNY 0.913 billion, reflecting a compound annual growth rate of 234.6% over three years [2]

港股新消费领域再添一家明星上市公司！ 1月28日，休闲食品饮料连锁零售商鸣鸣很忙在香港挂牌，该公司为知名零食连锁店"零食很忙"和"赵一 鸣零食"的母公司。该股在昨日暗盘就一度大涨近90%，今日该股依旧表现亮眼，上市首日高开88%报 445港元/股，盘中市值一度超900亿港元。 鸣鸣很忙公布配发结果，每股定价236.6港元，共发行1551.12万股份，每手100股。若以今日开盘价格粗 略计算，不计手续费，一手可赚20840港元。 红杉中国、好想你为其股东 作为"量贩零食第一股"，鸣鸣很忙在公开发售环节就受到了资金的追捧。该公司公开发售阶段获 1899.49倍认购，国际配售阶段获44.44倍认购。 鸣鸣很忙本次发行还吸引了腾讯、淡马锡、贝莱德、富达基金、泰康人寿、博时国际、易方达及淡水泉 等8家基石投资者，认购总额约1.95亿美元（约15.20亿港元）。 值得一提的是，鸣鸣很忙背后也拥有诸多知名资本。 其中，红杉中国是零食很忙最早的机构投资者，于2021年4月联合领投零食很忙A轮融资，随后红杉中 国又参与多轮融资。IPO前，红杉中国持股比例7.07%，是鸣鸣很忙最大的外部机构股东。 另外，截至最后实际可行日期，好 ...

【导读】鸣鸣很忙上市，红杉中国、高榕创投迎来超级回报 中国基金报记者 莫琳 刚刚，一家从湖南长沙走出来的零食量贩店，在香港火了！ 1月28日，被称为"零食界的拼多多"的鸣鸣很忙正式登陆港股，开盘后鸣鸣很忙股价一度涨88%，截至 发稿，鸣鸣很忙股价约423港元/股，涨幅近80%，市值超900亿港元。 | < ロ 01-28 10:03:31 | 鸣鸣很忙(1768) | | | --- | --- | --- | | ム２３ ４００ 额 20.9亿 股本 2.16亿 市盈 43.58 万得 盘口 | | | | +186.800 +78.95% 换 2.30% 市值 907亿 市净 11.46 | | | | 分时 五日 日K 周K 月K 更多 ◎ | | | | 叠加 均价: 428.975 盘口 成交 | | | | AA5000 ... --------88.08%- 卖10 425.400 | | | | 卖9 425.200 100(1) | | | | 卖8 425.000 200(2) 卖7 424.800 | | | | 卖6 424.600 | | | | 卖5 424.400 | | | | ...

红杉中国合伙人苏凯（中）与鸣鸣很忙创始人、董事长兼CEO晏周（右），CFO王钰潼（右）在上市仪 式现场 本文为IPO早知道原创 作者|Stone Jin 微信公众号|ipozaozhidao 据IPO早知道消息，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）于2026年1月28日正式 以"1768"为股票代码在港交所主板上市，成为港股"量贩零食第一股"。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：IPO早知道 成立至今，鸣鸣很忙已获得红杉中国、高榕创投、黑蚁资本、启承资本、五源资本等多家知名机构的投 资，并在本次IPO发行中引入了腾讯、淡马锡、贝莱德、富达基金、泰康人寿、博时国际、易方达、淡 水泉等一众基石投资者。 其中，红杉中国是零食很忙最早的机构投资者，于2021年4月联合领投了零食很忙A轮融资，由红杉中 国合伙人苏凯和投资合伙人郭山汕共同主导；同时，红杉中国在此后多轮融资中加持，并在零食很忙和 赵一鸣零食合并时给予了重要支持。IPO前，红杉中国持股比例7.07%，是鸣鸣很忙最大的外部机构股 东，苏凯担任鸣鸣很忙非执行董事，且红杉中国团队在鸣鸣很忙战略发展与 ...

1月28日上午，中国最大的休闲食品饮料连锁零售商——湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）正式在香港联合交易所主板挂牌上 市，证券简称为"鸣鸣很忙"，这是2026年以来第二家登陆港股的湖南企业。 鸣鸣很忙港交所敲钟 聚焦商业地产，洞察行业脉动！ HKED 港 交 易 所 th spare and and and the comment of the comment of the comment of the comment of the comment of the comment of the comment of t 28.01.2026 Busy Ming Group Co., Ltd. 湖南鳴鳴很忙商業連鎖股份有限公司 HKEX THRET @ on o is tre to the program and the see and the see and the seen and the seen and the seen and the seen and the seen and the seen and the seen ander the server ander was a 雪 ...

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 28, 2026, becoming the first "bulk snack stock" in Hong Kong, raising a total of HKD 3.67 billion through the issuance of 15,511,200 shares at an issue price of HKD 236.60 per share [2][24]. Group 1: IPO Details - The Hong Kong public offering was oversubscribed by 1,899.49 times, while the international offering was oversubscribed by 44.44 times, marking one of the highest international subscription multiples for consumer IPOs in recent years [2][25]. - The total fundraising amount of HKD 3.67 billion exceeded that of previous consumer IPOs, such as Mixue Ice Cream and Bluer [2][25]. Group 2: Founder's Vision and Company Growth - The founder and CEO, Yan Zhou, emphasized the company's mission to provide affordable snacks that bring joy to consumers, aiming to become a staple in everyday life with over 20,000 stores nationwide [5][27]. - Mingming Hen Mang has integrated its dual brands, "Snacks Are Busy" and "Zhao Yiming Snacks," to enhance supply chain efficiency and operational standards [5][27]. Group 3: Market Strategy and Consumer Engagement - The company focuses on community and lower-tier markets, utilizing a high-frequency demand model for snacks and beverages, thereby enhancing the quality-to-price ratio for consumers [7][29]. - As of November 30, 2025, the company operated 21,041 stores, primarily located in county towns and communities, making quality snacks accessible to ordinary families [9][31]. Group 4: Supply Chain and Product Development - Mingming Hen Mang has established partnerships with over 2,500 quality manufacturers, achieving an average product price that is approximately 25% lower than that of traditional supermarkets [9][31]. - The company has developed a standardized process for product selection and customization, with around 34% of SKUs being custom-made in collaboration with manufacturers [10][32]. Group 5: Financial Performance - For the first three quarters of 2025, the company reported revenue of CNY 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of CNY 1.81 billion, reflecting a significant growth of 240.8% [13][36]. - From 2022 to 2024, revenue grew from CNY 4.286 billion to CNY 39.344 billion, with a compound annual growth rate of 203% [14][36]. Group 6: Industry Context - The Chinese snack retail industry has seen significant growth, with market size increasing from CNY 29 trillion in 2019 to CNY 37 trillion in 2024, and projected to reach CNY 49 trillion by 2029 [15][37]. - The transition from a seller's market to a buyer's market in the food industry has positioned Mingming Hen Mang as a crucial link between consumer demand and food manufacturing capabilities [10][32].

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]