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，並明確表示概不就因本公告 全部或任何部分內容而產生或因依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，本公告內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。 本公告乃根據香港法例第571W章《證券及期貨（穩定價格）規則》第9(2)條作出。本公告僅供參 考，並不構成收購、購買或認購本公司證券的邀請或要約。本公告並非招股章程。決定是否投 資發售股份前，有意投資者應細閱招股章程，以了解下述有關本公司及全球發售的詳細資料。 任何有關發售股份的投資決定應僅依賴招股章程中所提供的資料而作出。 本公告不會直接或間接於或向美國（包括其領土及屬地、任何美國州份以及哥倫比亞特區）發 佈、刊發或派發。本公告並不構成或成為美國境內或於任何其他司法權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 ...

Group 1 - The company Ming Ming Hen Mang (01768) announced the issuance and allocation of 2.3266 million H-shares due to the full exercise of the over-allotment option on February 13, 2026 [2][4]

站在今天回望，过去一年的中国消费市场锣鼓喧天。 蜜雪冰城、古茗、沪上阿姨相继挂牌，鸣鸣很忙也于农历新年之前登陆港股，连霸王茶姬也远赴纳斯达克成为"中国茶饮美股第一股"，消费连锁品牌的资 本化浪潮喧嚣一时。 但在这波上市热潮背后，新消费赛道正浮现出一个极具反差的行业真相：无论是手握甜蜜旋律的"雪王"，还是遍布全国县域的零食店、火锅食材店，虽然 每天服务数千万终端消费者（C端），但真正的商业核心与收入引擎，却隐藏在对加盟商（B端）的持续供货之中。 以"雪王"蜜雪冰城为例，其向加盟商销售食材、包材、设备的收入占比高达90%以上。这意味着，4块钱的柠檬水只是流量入口，品牌真正赚的是卖给加 盟商的糖浆、奶粉和吸管的钱。这种逻辑在量贩零食巨头"鸣鸣很忙"身上更为极致，其99.5%的收入源自向加盟商供货。 这意味着，无论终端门店竞争如何激烈，无论消费者是否买单，品牌方通过向加盟商销售原材料、设备、包装等必需品，已提前锁定了利润，加盟商则在 享受品牌带来的影响力外，承担了租金、人力、库存和市场竞争的压力。 在如今万店时代的博弈中，这些经营着"茶饮"、"火锅食材"或"零食折扣店"不同类目的品牌，本质上其实都是新型的大型供应链贸 ...

智通财经APP讯，鸣鸣很忙(01768)发布公告，于2026年2月13日因超额配股权获悉数行使而发行及配发 232.66万股H股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 湖南鳴鳴很忙商業連鎖股份有限公司 呈交日期： 2026年2月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01768 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份 ...

Core Insights - The strong resurgence of Hong Kong IPOs in 2025 is a central theme for the global capital markets, with nearly HKD 300 billion raised, reclaiming the top position in global IPO fundraising [2][7] - The Hong Kong IPO market has experienced a significant increase in both quantity and quality, with new listings up nearly 70% year-on-year and fundraising doubling compared to the previous year [2][3] Market Dynamics - The traditional dominance of internet and financial real estate sectors has been disrupted, with hard technology, advanced manufacturing, and biomedicine emerging as the three main pillars supporting the market [3][4] - Key sectors such as new energy, semiconductors, smart vehicles, and high-end equipment are now prominently represented in the Hong Kong market, enhancing its manufacturing base [3][4] Notable IPOs - Significant companies that went public in 2025 include: - CATL (宁德时代), raising approximately HKD 41 billion with a market cap of about HKD 920 billion and a PE ratio of around 18x [3] - Hengrui Medicine (恒瑞医药), a leader in innovative drugs, with a market cap of approximately HKD 320 billion and a PE of about 32x [3] - Sanhua Intelligent Control (三花智控), with a market cap of around HKD 180 billion and a PE of about 24x [3] - Haitian Flavoring and Food (海天味业), with a market cap of approximately HKD 420 billion and a PE of about 30x [3] - Chery Automobile (奇瑞汽车), with a market cap of around HKD 190 billion and a PE of about 12x [4] A+H Listing Trend - 2025 marked a significant year for A+H dual listings, with leading companies opting for this model to enhance global liquidity and valuation recovery [5][6] - The A+H model has become a standard for industry giants, reinforcing Hong Kong's position as the preferred overseas listing location for Chinese enterprises [6] Future Outlook - The recovery of the Hong Kong IPO market is seen as a result of multiple cyclical factors, including improved global liquidity, long-term valuation recovery, and the increasing demand for high-quality assets from mainland China [6][7] - Moving forward, the focus of the Hong Kong IPO market is expected to shift from quantity expansion to quality prioritization, with a stronger emphasis on industry logic over speculative trading [6][7]

Core Insights - The article highlights the increasing volume of package deliveries in rural areas during the Chinese New Year, with a notable rise in daily deliveries to over 700 packages, nearly doubling the usual amount [1] Group 1: Delivery Trends - The peak delivery period for New Year goods has shifted from traditional gifts and clothing to more miscellaneous items as the holiday approaches, reflecting changing consumer behavior [1] - The local postal service continues operations during the holiday season, with deliveries being made even on traditional holidays [1] Group 2: Consumer Behavior - Rural residents are increasingly engaging in online shopping, purchasing a variety of items such as household goods and festive decorations, indicating a shift towards e-commerce in rural areas [1] - Specific examples of purchases include practical items like a water filter and festive cooking supplies, showcasing the diverse needs of consumers during the holiday season [1] Group 3: Community Engagement - The article illustrates the joy and community spirit associated with receiving packages, as residents share their purchases and experiences, enhancing the festive atmosphere [1] - The interaction between delivery personnel and residents highlights the importance of local services in maintaining community connections during the holiday season [1]

以好特卖、零食有鸣、零食很忙等为代表的折扣零食店，正成为深圳人返乡前囤年货的最后驿站。相比 传统超市，它们价格更亲民，品类更集中，春节大礼包更是早早售罄。 一位在南山大学城工作的市民李女士告诉记者："今晚的飞机回湖北，买点零食路上吃，也给家里小孩 带点。"李女士笑着说，"在超市买这些可能要上百，这里50元左右就搞定了，划算！" 当被问及春节是否歇业时，一位店员摇头道："我们春节都不休息，照常营业。"她解释道，虽然很多深 圳人回老家了，但留下来过年的年轻人也不少，"而且走亲访友、朋友聚会，零食需求还是很大的。" 据了解，目前，国内量贩零食行业已形成稳定的双强竞争格局。其中，万辰集团（300972）旗下拥 有"好想来""老婆大人"等品牌。而鸣鸣很忙则拥有"零食很忙""赵一鸣"等品牌。 记者走进位于南山区大学城的一家零食有鸣门店，发现春节期间最受欢迎的"春节零食大礼包"已售罄， 货架上也有一些空空的感觉。营业员告诉记者："春节零食大礼包早就卖完了，这几天生意特别好，都 是准备返乡过年的年轻人，来买些路上吃的，或者带回去当年货。" 财报显示，万辰集团披露的2025年度业绩预告显示，公司全年营收预计突破500亿元大关， ...

Core Findings - In January 2026, a total of 22 Chinese companies successfully completed IPOs across A-shares, Hong Kong, and US markets, raising a total of 42.839 billion yuan, with A-share IPO numbers halving compared to the previous month [7][8] - The number of IPOs decreased by 26.67% year-on-year and by 50% month-on-month, while the total amount raised increased by 2.17 times year-on-year but decreased by 21% month-on-month [8] - The Hong Kong Stock Exchange led in both the number of IPOs (12 companies) and the amount raised (33.717 billion yuan) [8] A-share Market Analysis - In January 2026, 9 Chinese companies went public in the A-share market, with a 25% year-on-year decrease and a 50% month-on-month decrease in IPO numbers [16] - The total amount raised in the A-share market was 9.053 billion yuan, reflecting a 27.47% year-on-year increase but a 71.18% month-on-month decrease [16] - The highest fundraising in the A-share market was achieved by Zhenstone Co., Ltd., which raised 2.919 billion yuan [16] Hong Kong Market Analysis - The Hong Kong market saw 12 IPOs in January 2026, with a 50% year-on-year increase but a 52% month-on-month decrease [18] - The total amount raised in Hong Kong was 33.717 billion yuan, marking a 5.62 times year-on-year increase and a 48.49% month-on-month increase [18] - The presence of AI-related companies in the IPOs indicates a significant investment interest from VC/PE institutions in the sector [18] US Market Analysis - Only 1 Chinese company completed an IPO in the US market in January 2026, representing a 90% year-on-year decrease [21] - The amount raised in the US was 0.07 billion yuan, a 94.71% year-on-year decrease [21] - Recent SEC policy changes are expected to further impact small companies' ability to go public in the US [21] VC/PE Exit Analysis - In January 2026, 13 companies with VC/PE backing went public, a 13.33% year-on-year decrease and a 62.86% month-on-month decrease [26] - The total exit return for VC/PE institutions was 109.455 billion yuan, a 15.3 times year-on-year increase [26] - The electronic information sector had the highest exit returns, with notable contributions from companies like Zhiyuan and Biran Technology [26] Industry and Regional Analysis - The electronic information sector led in both the number of IPOs and the amount raised, with 7 companies raising a total of 26.595 billion yuan [34] - Shanghai had the highest number of IPOs (5 companies) and the highest amount raised (18.384 billion yuan) [40] - The fundraising amount from Shanghai increased by 165.61 billion yuan year-on-year, the largest increase among regions [40] Key IPO Cases - The top fundraising companies included Biran Technology (5.017 billion yuan), MiniMax (4.318 billion yuan), and Haowei Group (4.297 billion yuan) [48] - The highest market capitalization on the first day was recorded by Haowei Group at 150.833 billion yuan [49]

Core Viewpoint - The rapid growth of the snack retail sector, particularly the bulk snack stores represented by "Ming Ming Hen Mang," indicates a shift in consumer habits and market dynamics, positioning these stores as sustainable retail models rather than short-lived trends [2][19]. Group 1: Market Performance - "Ming Ming Hen Mang" experienced a significant IPO, with the Hong Kong public offering oversubscribed by approximately 1,899 times, raising over 500 billion HKD in frozen funds [3] - On its first trading day, the stock opened at 445 HKD, reflecting an 88.08% increase from the issue price of 236.6 HKD, and closed at 400 HKD, a 69.06% rise [3] - As of February 3, the stock price stabilized between 405 and 408 HKD, maintaining a market capitalization of around 870 to 880 billion HKD [3] Group 2: Financial Health - For the nine months ending September 30, 2025, "Ming Ming Hen Mang" reported revenue of 46.37 billion RMB, a year-on-year increase of 75.2%, with adjusted net profit soaring by 240.8% to 1.81 billion RMB [5] - The gross profit margin improved from approximately 7.5% in 2022 to 9.7% in 2023, while the net profit margin increased from 1.8% to 3.3% [6][7] - The company is transitioning from a "thin profit" model to a "thicker profit" approach, indicating a shift towards sustainable profitability [7] Group 3: Market Dynamics - The bulk snack retail sector has seen explosive growth, with the number of stores reaching approximately 45,000 by the end of 2025, a significant increase from about 1,800 in 2020 [16][17] - The market size for bulk snacks is projected to exceed 140 billion RMB in GMV by 2024, with the sector's share of the overall snack retail market rising from 7.6% in 2019 to 14% in 2024 [16] - "Ming Ming Hen Mang" and its competitor "Hao Xiang Lai" together hold over 70% of the market share, establishing a stable duopoly in the sector [18] Group 4: Competitive Landscape - Both "Ming Ming Hen Mang" and "Hao Xiang Lai" are expanding rapidly, with "Ming Ming Hen Mang" surpassing 21,000 stores and "Hao Xiang Lai" exceeding 15,000 stores, covering extensive geographic areas [17][9] - The two companies are well-positioned to capture the growing demand in lower-tier markets, which are expected to account for a significant portion of consumer spending growth by 2030 [18] Group 5: Strategic Insights - The operational model of "Ming Ming Hen Mang" emphasizes high inventory turnover and cost control through a flexible supply chain, which has led to improved gross margins [8] - The company is focusing on expanding its store network and enhancing its product offerings to meet evolving consumer preferences, particularly in lower-tier markets [8][27]