香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 除本公告另有界定者外，本公告所用詞彙與湖南鳴鳴很忙商業連鎖股份有限公司（「本公司」）所 刊發日期為2026年1月20日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。潛在投資者於決定是否投資 於發售股份前，務請細閱招股章程中有關本公司及下文所述全球發售的詳細資料。 本公告不得直接或間接於美國或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發 佈、刊發或派發。本公告並未構成或組成在美國或任何其他司法管轄區購買或認購證券的任何 要約或招攬的一部分。發售股份並無亦不會根據1933年美國證券法（經不時修訂）（「美國證券 法」）或美國任何州或其他司法管轄區證券法登記，且不得於美國境內提呈發售、出售、質押或 轉讓，惟獲豁免遵守美國證券法登記規定或不受其規限的交易中則另作別論。發售股份不會於 美國進 ...

Core Insights - The report highlights a mixed performance in the Hong Kong stock market, with the Hang Seng Index slightly up by 0.06%, while the Hang Seng Tech Index fell by 1.24%, indicating a shift of funds from tech growth sectors to resource sectors with clear inflation benefits [2][3] - International gold prices have reached a new high due to rising risk aversion and geopolitical tensions, with spot silver also hitting a new peak of $109 per ounce, driving up related stocks [3] - The report notes a significant increase in U.S. durable goods orders by 5.3% month-on-month in November, indicating strong corporate investment momentum despite political uncertainties [4][5] Industry Analysis - The report provides insights into the retail sector, indicating that the total retail sales in December 2025 reached 45,136 billion yuan, with a year-on-year growth of 0.9%, and an accumulated growth of 3.7% for the entire year [7] - The report observes a decline in growth rates across various consumer segments, with commodity retail sales in December at 39,398 billion yuan, showing a year-on-year increase of 0.7%, down 0.3 percentage points from the previous month [8] - The food and daily necessities retail sectors experienced a slowdown, with December retail sales for food and oil at 2,323 billion yuan, growing by 3.9%, and daily necessities at 776 billion yuan, growing by 3.7% [8] - The report notes that the clothing sector is struggling, with December retail sales at 1,661 billion yuan, showing only a 0.6% year-on-year increase [8] - The report highlights a strong performance in the telecommunications equipment sector, with December retail sales reaching 949 billion yuan, growing by 20.9%, attributed to subsidies for electronic consumer goods [8] - The automotive sector is facing challenges, with December retail sales at 5,482 billion yuan, declining by 5.0% year-on-year, reflecting diminishing effects from subsidies [8] Investment Strategy - The report suggests investment in Lao Pu Gold (6181.HK), anticipating increased consumer demand during the Spring Festival, with a projected PE of 18.5x for 2026 based on a 40% net profit growth [10] - Hai Di Lao (6862.HK) is highlighted for its potential growth during the Spring Festival, with a current PE-TTM of 17x, benefiting from improved same-store sales in the second half of 2025 [10] - Ming Ming Hen Mang (1768.HK) is noted for its upcoming listing and expected rapid growth during the Spring Festival season, attracting significant market attention [10]

Core Viewpoint - The snack chain "Ming Ming Hen Mang" (1768.HK) is set to list in Hong Kong on January 28, 2024, with its stock price in the dark market showing a significant increase of 76.16% from the offering price [1] Company Overview - "Ming Ming Hen Mang" operates under two brands: "Snack Very Busy" and "Zhao Yi Ming Snacks," founded in March 2017 and January 2019 respectively, and merged in November 2023 [1] - The company offers a wide range of products including baked goods, biscuits, nuts, snacks, ready-to-eat foods, candies, chocolates, and beverages [1] Market Position - According to a report by Frost & Sullivan, "Ming Ming Hen Mang" is the largest chain retailer in China by GMV for snack and beverage products in 2024 [1] - The company ranks as the fourth largest chain retailer in China by GMV for food and beverage products in 2024, demonstrating rapid growth [1] - As of September 30, 2025, the company is expected to have a network of 19,517 stores, with approximately 59% located in county towns and rural areas, covering 1,341 counties [1] Financial Performance - The stock's dark market price reached 416.8 HKD, with a potential profit of 18,020 HKD per lot of 100 shares, not including fees [1] - The stock's price increased from an offering price of 236.6 HKD, reflecting a strong market interest [1] - The total market capitalization of the company is projected to be 89.237 billion HKD [1]

Group 1 - The core viewpoint of the article highlights that Mingming, the largest leisure food and beverage retail chain in China, is set to be listed in Hong Kong on January 28, with a significant increase in its trading price compared to the initial offering price [1] - As of the close, the dark trading by Livermore Securities showed a price of HKD 408.00, which represents a 72.44% increase from the offering price of HKD 236.6 [1] - Each lot consists of 100 shares, and the profit per lot, excluding fees, amounts to HKD 17,140 [1]

Group 1 - The core viewpoint of the article is that Mingming Hen Mang (01768), the largest leisure food and beverage retail chain in China, will be listed in Hong Kong on January 28, with a significant increase in its stock price during pre-market trading [1] - The pre-market trading price was reported at 408.00 HKD, which represents a 72.44% increase from the offering price of 236.6 HKD [1] - Each trading lot consists of 100 shares, resulting in a potential profit of 17,140 HKD per lot, excluding transaction fees [1] Group 2 - The trading data indicates a high level of interest, with a significant buy-sell ratio of 11.57% to 88.43% [4] - The trading volume shows a notable figure of 49,900 shares at a price of 406.400 HKD [3]

港股鸣鸣很忙(01768.HK)暗盘涨超73%，现报410港元，最高涨至450港元。 本文源自：金融界AI电报 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company, Mingming Hen Mang, is a leading player in the Chinese leisure food and beverage retail sector, projected to achieve a GMV of 55.5 billion RMB and nearly 15,000 stores by 2024, capitalizing on the trend of bulk purchasing and consumer demand for high-quality price-performance ratios [4][9] - The leisure food and beverage retail market in China is experiencing structural growth, with a market size exceeding 3.7 trillion RMB and a CAGR of approximately 14% for specialized retail channels from 2019 to 2024, indicating significant growth potential [4][28] - The company has demonstrated rapid financial growth, with revenue expected to reach 39.34 billion RMB in 2024, a year-on-year increase of 282.15%, and net profit projected at 833.7 million RMB, reflecting a growth of 283.44% [4][19] - The company has established a robust operational framework, leveraging refined operations, brand marketing, and supply chain management to create a competitive advantage [4][48] Summary by Sections Company Overview - Mingming Hen Mang is the largest leisure food and beverage retail chain in China, formed by the merger of two brands, "Mingming Hen Mang" and "Zhao Yiming Snacks," in November 2023 [9][10] - The company aims to provide a wide range of high-quality products at competitive prices, enhancing customer experience and addressing industry pain points [9] Industry Analysis - The leisure food and beverage retail market is expanding, driven by rising disposable income and changing consumer preferences towards healthier and more diverse product offerings [28][32] - The market is projected to grow from 5.5 trillion RMB in 2019 to 7.1 trillion RMB in 2024, with a CAGR of 5.2% [32][35] Competitive Landscape - The industry is characterized by low concentration, with the top five retail chains holding only 6% of the market share, indicating opportunities for growth and consolidation [41][44] - Mingming Hen Mang holds a market share of 1.5% with a GMV of 55.5 billion RMB in 2024, positioning it as a key player alongside competitors like Walmart China and Wanchen Group [41][46] Financial Performance - The company has shown strong financial performance, with revenues of 10.30 billion RMB in 2023 and projected revenues of 39.34 billion RMB in 2024, reflecting a significant growth trajectory [1][19] - The net profit is expected to reach 833.7 million RMB in 2024, with a continuous improvement in profit margins due to operational efficiencies [4][19] Operational Advantages - The company employs a refined operational strategy, including a specialized product selection team and digital tools to ensure product innovation and high sales velocity [48][51] - Effective supply chain management and a strong digital infrastructure enhance the company's ability to respond to market demands and maintain competitive pricing [70]

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company, Mingming Hen Mang, is a leading player in the Chinese leisure food and beverage retail sector, projected to achieve a GMV of 55.5 billion RMB and nearly 15,000 stores by 2024, capitalizing on the trend of bulk purchasing and consumer demand for high-quality price-performance ratios [4][9]. - The leisure food and beverage retail market in China is experiencing structural changes, with a shift towards specialized bulk retail models, which are growing faster than traditional supermarket channels, and a significant opportunity in the lower-tier markets [4][28]. - The company's financial performance is robust, with revenue expected to reach 39.34 billion RMB in 2024, a year-on-year increase of 282.15%, and net profit projected at 833.7 million RMB, reflecting a growth of 283.44% [4][19]. - The company has established a strong operational framework, leveraging refined operations, brand marketing, and supply chain management to create a competitive advantage [4][48]. - The report forecasts continued revenue growth for the company, with expected revenues of 64.52 billion RMB in 2025 and 82.20 billion RMB in 2026, alongside net profits of 2.25 billion RMB and 3.02 billion RMB respectively [4][19]. Summary by Sections Company Overview - Mingming Hen Mang is the largest leisure food and beverage retail chain in China, formed by the merger of two brands, "Mingming Hen Mang" and "Zhao Yiming Snacks," in November 2023 [9][10]. - The company aims to provide a wide range of high-quality products at competitive prices, enhancing customer experience and addressing industry pain points [9]. Industry Analysis - The Chinese leisure food and beverage retail market is projected to grow significantly, with a market size exceeding 3.7 trillion RMB and a CAGR of 5.5% from 2019 to 2024 [28][35]. - The market is witnessing a shift towards specialized retail formats, with the bulk retail model gaining traction and expected to capture a larger market share [28][37]. Competitive Position - Mingming Hen Mang holds a market share of 1.5% in the leisure food and beverage sector, positioning itself as a leader among competitors [41][46]. - The competitive landscape is characterized by a low concentration of market share among top players, with significant growth opportunities in the lower-tier markets [41][44]. Financial Performance - The company has shown rapid revenue growth, with revenues of 10.30 billion RMB in 2023 and projected revenues of 39.34 billion RMB in 2024, reflecting a growth rate of 282.15% [19][20]. - Profitability metrics are improving, with net profit margins expected to rise from 1.67% in 2022 to 3.36% in 2025 [19][22]. Operational Strengths - The company employs a refined operational strategy, including a professional product selection team and advanced supply chain management systems, to enhance efficiency and customer satisfaction [48][70]. - Digital tools are utilized to optimize inventory management and supplier relationships, ensuring timely product delivery and maintaining competitive pricing [51][70].

据悉，鸣鸣很忙此次IPO吸引了腾讯、淡马锡、贝莱德等8家顶级机构组成豪华基石阵容，累计认购1.95 亿美元，凸显资本市场对其赛道地位与增长潜力的认可。 中国零食商"零食很忙"和"赵一鸣零食"母企、被称为"量贩零食第一股"的鸣鸣很忙(1768.HK)即将于明 日在港挂牌上市，该股在目前的富途暗盘交易中暴涨，盘中一度涨超90%至450港元，一手100股，账面 赚21340港元。 | 01768 呜呜很忙 | | | | --- | --- | --- | | 430,400 ↑ +193.800 +81.91% 暗盘交易中 01/27 17:24 | | | | * % % (9 目 ♥ 白选 | | ● 快捷交易 | | 最高价 450.000 | 开盘价 353.000 | 成交量 93.55万 | | 最低价 353.000 | 昨收价 236.600 | 成交额 4.01亿 | | 平均价 428.661 | 市盈率TM 43.33 | 总市值 921.49亿 … | | 振 幅 41.00% | 市盈率(静) 98.69 | 总股本 2.14亿 | | 换手率 0.44% | 市净率 11.391 | ...

| 412.000 | 74.13% | | | | --- | --- | --- | --- | | | | 十档 | 成交明细 | | | | 414.400 | - - (- - ) | | | | 414.200 | - - (- - ) | | | | 414.000 | - - (- - ) | | | | 413.800 | - -(- -) | | | | 413.600 | - - (- -) | | | | 413.400 | 100(1家) | | | | 413.200 | - - (- -) | | | | 413.000 | 600(6家) | | 236.600 | | 412.800 | 100(1家) | | | | 412.600 | 100(1家) | | | | 412.000 | 3500(2家) | | | | 411.800 | -- - (- - ) | | | | 411.600 | 100(1家) | | | | 411.400 | - - - - - - ) | | | | 411.200 | 300(2家) | | | | 411.000 | - - ...