Core Viewpoint - The company "Ming Ming Hen Mang" successfully listed on the Hong Kong Stock Exchange, achieving a market value exceeding HKD 90 billion, marking it as one of the largest consumer IPOs in the past year [1]. Group 1: Company Overview - "Ming Ming Hen Mang" operates two major brands: "Snacks Hen Mang" and "Zhao Yi Ming Snacks," leading the bulk food retail model in China [3][12]. - By the first nine months of 2025, the company achieved a retail sales volume (GMV) of RMB 66.1 billion, with stores covering 28 provinces and cities, 59% of which are located in county towns and rural areas [3][12]. - As of November 30, 2025, the company had 21,041 stores, significantly enhancing access to quality and affordable food for ordinary families [3][12]. Group 2: Investment and Growth Journey - The company transitioned from a regional brand to an industry leader over five years, supported by Sequoia China, which has acted as a long-term partner rather than just an investor [3][13]. - Sequoia China led the company's Series A financing in April 2021 when the store count was approximately 400, and later supported a significant merger in 2023 [15][19]. - The merger with "Zhao Yi Ming Snacks" was a historic moment for the bulk snack industry, requiring significant strategic alignment and trust from major stakeholders like Sequoia China [16][19]. Group 3: Consumer Insights and Retail Strategy - The founder, Yan Zhou, emphasizes understanding the fundamental consumer desire for value rather than just low prices, balancing efficiency with emotional engagement in retail [4][13]. - The company has effectively utilized a combination of standard product discounts and unique non-standard products to meet the basic consumption needs of Chinese families [15]. - The retail environment is designed to evoke positive emotions, enhancing the shopping experience and creating a sense of satisfaction for consumers [6][14]. Group 4: Digital Transformation and Operational Efficiency - As the number of stores rapidly increased, traditional retail methods faced challenges, prompting the company to explore digital solutions for operational efficiency [20]. - Sequoia China facilitated discussions on digital transformation, including the implementation of technology for faster checkout processes and improved inventory management [20]. - The company is transitioning its product department into a central hub for supporting scalable operations, addressing the need for diverse product offerings tailored to different consumer demographics [20].

Summary of Snack Retail Industry Conference Call Industry Overview - The snack retail industry experienced an overall sales decline of approximately 5% in 2025, but saw growth in the fourth quarter due to the return of sales to leading brands and adjustments in product structure [1][2] - The "savings supermarket" model has improved turnover speed through enhanced advertising and category expansion [1] Key Insights - **Competitive Landscape**: - Intense competition in mature business districts, with leading brands using larger store sizes and broader customer bases to outcompete smaller brands, prompting upgrades or transformations among smaller brands [1][3] - New models such as 24-hour convenience stores may emerge as a response to competition [3] - **Performance of Leading Brands**: - Leading snack companies like "Ming Ming Hen Mang" and "Wan Cheng Hao Xiang Lai" are outperforming second and third-tier companies due to national brand effects and robust supply chain systems [1][6] - In 2025, "Ming Ming Hen Mang" operated 22,000 stores, while "Wan Cheng" had 19,000 stores, with a sales recovery noted in the fourth quarter [2] - **Sales Dynamics**: - Sales fluctuations were attributed to the closure of smaller brands in dense business areas, leading to a sales rebound for leading brands, and adjustments in product offerings that boosted sales [2] - The savings supermarket model has reduced product turnover cycles to 40 days, with store payback periods expected to shorten from 3.5 years to 3 years or even 2.5 years [1][8] Market Trends - **Expansion of Product Categories**: - Future snack stores are expected to evolve into supermarkets and ice cream shops, expanding SKUs to include daily necessities and other categories [2][9] - High-margin products like baked goods (e.g., grilled sausages, egg tarts) are performing well, with gross margins between 35% and 38% [3][9] - **Survival of Small Brands**: - While some small local brands are retreating, many are still actively opening savings supermarkets to compete [4][5] - The market share is increasingly concentrating on leading brands as smaller brands struggle without subsidies [7] Financial Metrics - **Store Economics**: - A community savings supermarket in Jiaxing, for example, requires an investment of approximately 1.1 million to 1.2 million yuan, with expected monthly sales around 23,000 yuan and an average customer transaction value of 35-37 yuan [20][24] - The average daily order volume is about 600, with weekend sales often exceeding 30,000 yuan [24] - **Profitability**: - The gross margin for savings supermarkets is reported between 21.5% and 22%, with net profit margins around 8.3% to 8.5% [23] Future Outlook - **Store Opening Projections**: - The industry is expected to open 25,000 to 30,000 new stores in 2026, with a potential peak of 50,000 stores by 2027 as new franchisees enter the market [19] - **Challenges in Fresh Food**: - Fresh food categories face challenges such as supply chain management and maintaining food safety standards, which need to be addressed for scalable expansion [32] Additional Considerations - **Consumer Preferences**: - Consumers are increasingly recognizing savings supermarkets as offering more than just snacks, including daily necessities, which enhances overall turnover speed [3] - **Price Competitiveness**: - Savings supermarkets maintain a price advantage over traditional supermarkets due to direct sourcing from manufacturers, which reduces costs [17] This summary encapsulates the key points from the conference call regarding the snack retail industry, highlighting competitive dynamics, financial metrics, market trends, and future projections.

Key Points Summary of the Snack Retail Industry Conference Call Industry Overview - The snack retail industry is experiencing rapid growth, with sales projected to increase from 29 trillion to 37 trillion yuan from 2019 to 2024, driven primarily by lower-tier cities [1][2] - Offline channels will dominate, accounting for 80% of sales by 2024, establishing a solid foundation for snack retail [2] Core Competitiveness - Price advantage is the core competitive edge of snack retail stores, with prices typically 20%-25% lower than other supermarkets and up to 50% lower than traditional retail [2][4] - The business model focuses on low margins and high turnover, utilizing direct supply from manufacturers to reduce costs [4] - Simplified SKU management, with around 2,000 SKUs, enhances cash flow and turnover rates [3][9] Financial Metrics - Leading snack retail stores have a gross margin of approximately 15%, which is lower than supermarkets (20%) and convenience stores (23%-24%), but benefit from lower procurement and operational costs [7] - For example, a leading store has an average daily transaction value of 35.8 yuan and a daily GMV of about 14,000 yuan, with a gross margin of 18% [9] Supply Chain and Operational Efficiency - The hard discount model focuses on efficiency by stabilizing the supply chain and reducing SKU counts, while the soft discount model combines hard discount advantages with higher gross margins (25%-30%) through customized products [8] - Snack retail stores can achieve cash purchases due to strong channel power, abundant funds, and high SKU standardization, unlike supermarkets which struggle with fresh produce and regional products [10][12] Future Trends - The snack retail industry is expected to continue its rapid growth, driven by high cost-performance, frequent new product launches, and simplified SKU management [5][6] - There remains significant untapped potential in lower-tier markets, which will be a major growth driver [5] Market Competition - The competitive landscape is evolving, with a dual oligopoly forming as regional companies exit the market while leading firms strengthen their positions [15] - The average customer transaction value is declining due to increased competition, but overall order numbers and daily orders per store are still growing [15] Expansion and Product Development - Future growth will be influenced by the expansion of store numbers, with estimates suggesting 60,000 to 80,000 new stores could be opened nationwide [16] - Companies are encouraged to diversify product categories and improve SKU management and private label development to enhance competitiveness [16] Conclusion - The snack retail industry is poised for continued growth, supported by strategic pricing, efficient supply chain management, and the ability to adapt to market changes. Companies that innovate and meet consumer demands will capture larger market shares in the future [6][16]

凤凰网财经讯1月28日，湖南鸣鸣很忙商业连锁股份有限公司(简称：鸣鸣很忙)正式挂牌上市，成为港 股"量贩零食第一股"。截至发稿，鸣鸣很忙股价涨超70%，报403港元/股。 这家坐拥"零食很忙"与"赵一鸣零食"两大品牌的零食巨头，主打量贩模式，聚焦大众消费者对于优质平 价零食的需求。截至2025年11月30日，鸣鸣很忙门店数达21041家。2025年前9个月，鸣鸣很忙实现零售 额(GMV)661亿元。 本次IPO发行价每股236.6港元，公开发售获认购超1500倍，今日开盘大涨88%，市值超900亿港元，缔 造中国最大零食IPO。 ...

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 - Hunan Mingming Hen Mang Commercial Chain Co., Ltd., China's largest leisure food and beverage retail chain, officially listed on the Hong Kong Stock Exchange, marking a new starting point for long-term development [1][3][9] Group 1: Company Overview - The company has grown from a community store to over 20,000 outlets nationwide, aiming to provide affordable snacks and create a joyful shopping experience for consumers [3][5] - Mingming Hen Mang operates two major brands: "Snacks Hen Mang" and "Zhao Yiming Snacks," leading the bulk retail model in China's food and beverage sector [3][4] Group 2: Market Position and Strategy - The company focuses on community and lower-tier markets, utilizing a high-frequency demand model for snacks and beverages, and aims to deliver high cost-performance products to consumers [4][6] - As of September 2025, Mingming Hen Mang achieved a retail sales volume (GMV) of 66.1 billion RMB, with 59% of its stores located in county towns and rural areas [3][6] Group 3: Supply Chain and Product Offering - The company has restructured its supply chain to connect directly with manufacturers, significantly reducing distribution costs while ensuring food safety and quality [6][7] - Mingming Hen Mang collaborates with over 2,500 quality manufacturers, offering products at an average price 25% lower than traditional supermarkets [6][7] Group 4: Logistics and Operational Efficiency - The company operates 48 smart logistics centers, achieving a delivery radius of 300 kilometers and maintaining a low inventory turnover period of 11.6 days, which is industry-leading [8] - Logistics costs accounted for only 1.7% of total revenue in the first nine months of 2025, showcasing operational efficiency [8] Group 5: Industry Growth and Future Outlook - The Chinese leisure food and beverage retail industry is projected to grow from 2.9 trillion RMB in 2019 to 3.7 trillion RMB by 2024, with a compound annual growth rate of 5.5% [9] - The company plans to continue investing in store networks, supply chain capabilities, and product safety systems to enhance service and operational capabilities [9]

1月28日，港股市场小幅高开。 新股方面，鸣鸣很忙（HK01768）上市首日高开超88%，股价报445港元，总市值达959亿港元。 | 鸣鸣很忙 (01768) CAS | | | | | | | --- | --- | --- | --- | --- | --- | | 445 01010 1208.400 | | +88.08% | | + @ | | | 行情报价 | | | | | | | 成交量 | 300万股 | 最高 | 445.000 今开 | | 445.000 | | 成交额 | 12.9亿 | 最低 | 445.000 昨收 | | 236.600 | | 买量 | 200股 | 振幅 | 0.00% 换手 | | 1.40% | | 变量 | 12600股 | 均价 | 430.674 | | | | 每股收益TTM 9.561 | | 市盈率TM | 46.54 | 每股净资产 36.706 | | | 总股本 总市值 959亿港元 | 2.16亿 | | 市净率 | | 12.123 | | 港股股本 2.14亿 港股市值 950亿港元 | | | | | | 鸣鸣很忙是一家成熟且 ...

公司旗下拥有"零食很忙""赵一鸣零食"双品牌，是中国最大的休闲食品饮料连锁零售商。截至2025年9月末，全国在营门店数达19,517家，覆盖全国所有线 级城市。 2025年前三季度，公司实现GMV 661亿元，收入463.7亿元，同比大增75.2%；经调整净利润18.10亿元，同比增长240.8%。 此次上市获腾讯、淡马锡、贝莱德等八大基石投资者强力支持，总计认购约1.95亿美元。 松果财经讯，1月28日，中国量贩零食龙头鸣鸣很忙正式登陆港交所，开盘价报约445港元，较发行价236.6港元大幅上涨超88%，总市值突破900亿港元，成 为港股"零食第一股"。 本次IPO募资36.7亿港元，香港公开发售获近1900倍超额认购，国际配售获44.44倍认购，市场热度创近年消费股纪录。 ...

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].

Core Insights - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") has been listed on the Hong Kong Stock Exchange, becoming the first stock in the "bulk snack" sector, with a market capitalization exceeding 90 billion RMB after an 80% surge on opening day [1] - The company was formed from the merger of "Snack Very Busy" and "Zhao Yiming Snacks" in November 2023, with significant backing from top-tier investors including Tencent and Temasek [1] - The rapid growth of Mingming Hen Mang is attributed to its expansion strategy, reaching over 10,000 stores across 28 provinces, with 59% of its outlets located in county-level towns [1][17] Investment Background - Black Ant Capital was the sole financial investor in Zhao Yiming Snacks prior to the merger, participating in multiple funding rounds and witnessing the transformation of the retail industry [1] - The investment decision was influenced by extensive county-level market research conducted by Black Ant Capital, which highlighted the potential of the snack retail sector in lower-tier cities [3][8] - Zhao Yiming Snacks had a modest presence with around 200 stores in 2022, but its innovative store model and cost control strategies positioned it favorably for growth [9][10] Merger and Growth Strategy - The merger between Snack Very Busy and Zhao Yiming Snacks was announced on November 10, 2023, with both companies having over 4,000 and 2,500 stores respectively at the time [12] - The relocation of Zhao Yiming Snacks' headquarters to Guangzhou was a strategic move to tap into the high-density market of Guangdong and Guangxi, facilitating better talent acquisition and franchisee engagement [13][15] - The combined entity aims to leverage economies of scale and enhance profitability through a robust franchise model, ensuring that franchisees can achieve financial success [15][16] Future Projections - By September 30, 2025, Mingming Hen Mang is projected to achieve a gross merchandise value (GMV) of 66.1 billion RMB, with a revenue of 46.371 billion RMB, reflecting a year-on-year growth of 74.5% and 75.2% respectively [18] - The company is expected to have over 19,517 operational stores nationwide, with signed contracts for more than 20,000 stores, indicating strong future growth potential [18] - The snack retail sector is seen as having unique growth opportunities, with the potential to support a network of 40,000 to 50,000 stores across various market tiers [18]