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 | - - ...

智通财经APP获悉，中国最大的休闲食品饮料连锁零售商鸣鸣很忙(01768)将于1月28日(星期三)在香港挂牌。截至发稿，利弗莫尔证券暗盘交易显示报价 412.0港元，较招股价236.6港元上涨74.13%，每手100股，不计手续费，每手赚17540港元。 | 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) | | | ...

Core Viewpoint - The report from China Galaxy Securities highlights the investment opportunities arising from the new trends in the snack retail industry, indicating a shift from rapid expansion to high-quality growth, with leading companies driving revenue and profitability improvements [1] Downstream - The traditional snack retail sector has significant room for expansion, with an expected increase to nearly 50,000 stores by 2025, creating a total potential of about 74,000 stores, which represents an increase of over 20,000 stores [2] - Profitability is expected to continue improving, with adjusted net profit margins for Mingming Hen Mang rising from 2.3% to 3.9% and Wancheng's net margin increasing from -1.6% to 4.4% from 2023 to the first three quarters of 2025, driven by reduced store opening subsidies and category structure adjustments [2] - New store formats are supporting expansion and improving single-store performance, with both Mingming Hen Mang and Wancheng planning to open discount supermarket formats by 2025, currently accounting for less than 20% of new store formats, with potential for further growth [2] - The development of private label products is boosting revenue and gross margins, with the share of private label income for the two leading companies expected to be in the single digits, indicating significant room for growth compared to competitors like Don Quijote, where private label shares are around 20-30% [2] Upstream - Downstream stores are expanding their product categories to include dairy, baked goods, and frozen foods, which is expected to benefit related upstream supply chain companies, particularly mid-tier brands with significant revenue elasticity [3] - The focus on developing private label products by downstream stores may lead to market share differentiation among supply chain companies, as the relationship between upstream and downstream evolves from simple trade to deep product collaboration, favoring manufacturers with strong product development and customization capabilities [3]

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. is set to go public on January 28, 2024, on the Hong Kong Stock Exchange, aiming to leverage its significant market share in the snack retail sector in China [1] Group 1: Company Overview - Mingming Hen Mang was formed by the merger of "Snacks Are Busy" and "Zhao Yiming Snacks," achieving a market share of 32.7% in China's snack retail market, with over 50% in key provinces like Hunan and Jiangxi [1] - The company has rapidly expanded its store network, reaching 19,517 stores across 28 provinces and all county-level cities by September 30, 2025, with approximately 59% of stores located in county towns and rural areas [4] Group 2: Market Trends - The snack retail sector has shown significant growth, with the snack wholesale channel projected to account for 37% of sales in 2024, surpassing supermarkets (22%) and e-commerce (20%), with a market size of 1,040 billion yuan [3] - The market share of snack specialty stores has increased from 7.6% in 2019 to 14% in 2024, with GMV growing from 2,184 billion yuan to 4,190 billion yuan during the same period [4] Group 3: Financial Performance - Mingming Hen Mang's revenue is projected to grow from 4.286 billion yuan in 2022 to 39.344 billion yuan in 2024, with a compound annual growth rate (CAGR) of 203%, and adjusted net profit increasing from 81 million yuan to 913 million yuan, with a CAGR of 234.6% [7] - In the first three quarters of 2025, the company reported revenue of 46.371 billion yuan and GMV of 66.1 billion yuan, reflecting year-on-year growth of 75.2% and 74.5%, respectively [7] Group 4: Profitability Challenges - Despite rapid revenue growth, the company's gross margin remains low, with figures of 7.5% in 2022, 7.5% in 2023, and 9.7% in the first three quarters of 2025, significantly below the average of 15% to 20% for offline supermarkets [7] - Sales and marketing expenses have increased from 159 million yuan in 2022 to 1.476 billion yuan in 2024, further compressing profit margins [7] Group 5: Franchise Model and Investor Interest - The franchise model has evolved, with franchisees now seen as entrepreneurial partners rather than simple investors, reflecting the complexities of the market [11] - The company has secured cornerstone investors, including Tencent and BlackRock, agreeing to purchase shares worth approximately 1.95 billion USD (or about 15.199 billion HKD) at a price of 233.10 HKD per share [12]

Group 1 - The core point of the article is that Mengniu's control over Miaokelando is entering a new phase, marked by the dismissal of founder Chai Xiu from key positions and the appointment of Kuai Yulong as the new general manager [1][8] - Chai Xiu's dismissal is linked to a long-standing investment guarantee dispute that has negatively impacted Miaokelando's performance, with an estimated loss of net profit between 119 million to 127 million yuan due to asset impairment [2][3] - The company has returned to a growth trajectory, with a revenue increase of 14.22% year-on-year to 1.39 billion yuan and a net profit increase of 214.67% to 42.97 million yuan in Q3 2025 [5][6] Group 2 - The growth is driven by the B-end market, particularly in the mozzarella cheese sector, benefiting from Mengniu's extensive upstream resources, which help stabilize raw milk supply and costs [6][7] - Mengniu currently holds over 37% of Miaokelando's shares, while Chai Xiu remains the second-largest shareholder with a total stake of 15.96% when including associated parties [1][2] - The stock price of Miaokelando was reported at 23.33 yuan per share, reflecting a decline of 1.77% [9]

Core Viewpoint - China Galaxy has issued a report recommending the food and beverage industry, highlighting the upcoming IPO of "Mingming Hen Mang," which is set to become the first stock in the bulk snack sector in Hong Kong, with a positive market response and significant investor interest [1] Group 1: Downstream Developments - The traditional store model has substantial room for expansion, with an expected increase to nearly 50,000 snack retail stores by 2025, indicating a total potential of about 74,000 stores, with over 20,000 new openings anticipated [2] - Profitability is expected to continue improving, with adjusted net profit margins for "Mingming Hen Mang" rising from 2.3% to 3.9% and "Wancheng" from -1.6% to 4.4% from 2023 to the first three quarters of 2025, driven by reduced store subsidies and category structure adjustments [2] - New store formats are supporting expansion and improving single-store performance, with both "Mingming Hen Mang" and "Wancheng" planning to open discount supermarket formats by 2025, currently representing less than 20% of new store formats [2] - Development of proprietary products is boosting revenue and gross margins, with both companies focusing on customized and private label products, which currently account for a single-digit percentage of revenue, indicating significant growth potential compared to competitors [2] Group 2: Upstream Opportunities - Downstream store category expansion into dairy, baking, and frozen foods is expected to benefit related upstream supply chain companies, particularly mid-tier brands with significant revenue elasticity [3] - The push for proprietary products in downstream stores may lead to market share differentiation among supply chain companies, with those possessing strong product development and customization capabilities likely to gain market share [3] Group 3: Investment Recommendations - The food retail industry is transitioning from rapid expansion to a phase of high-quality growth, with "Wancheng Group" recommended and "Mingming Hen Mang" noted for attention due to their revenue growth and profitability improvements [4] - Upstream, companies benefiting from the expansion into new product categories include "New Dairy" and "Lihigh Foods," with "Yiming Foods" also noted for attention [4] - As downstream stores increase their proprietary product share, supply chain companies with strong R&D and customization capabilities are expected to gain market share, with "Jinzai Foods" recommended and "Yanjin Foods," "Weilong," "Youyou Foods," and "Ganyuan Foods" noted for attention [4]

来源：21世纪经济报道 继2025年IPO筹资额重回全球榜首后，进入2026年，港股IPO市场持续火爆。 2026年1月以来（截至1月26日），港交所上市新股数量已经达到了12家，总募资金额为347.47亿元，同比增长了480.87%。其中，国产GPU龙 头壁仞科技以及大模型企业智谱AI、MiniMax相继登陆港股市场，进一步强化了港股在前沿科技领域的融资地位。 1月28日、2月3日，港交所还将迎来两家消费企业，分别是量贩零食企业鸣鸣很忙和功能饮料企业东鹏饮料。前者在1月23日已经完成招股，认 购倍数超过1500倍，首发募资金额33.36亿港元；后者1月26日启动招股，预计募资101.41亿港元。 这也就意味着，截至目前，港股IPO市场已经锁定的融资规模达到482.24亿港元。而当前，还有越来越多的企业对港股市场展现出浓厚的兴 趣，形成了庞大的后备上市梯队。 近日，香港交易所行政总裁陈翊庭在瑞士达沃斯世界经济论坛期间接受采访时表示，香港IPO排队企业数量已超过350家，其中包括保密递交 上市申请的公司。 | 名称 | 上市日期 | 募资总额(亿港元) | | 所属Wind行业 | | --- | --- | ...

BUSY MING GROUP CO., LTD. 湖南鳴鳴很忙商業連鎖股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1768） 董事名單及其角色與職能 湖南鳴鳴很忙商業連鎖股份有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 晏周先生 趙定先生 王鈺潼先生 王平安先生 李維先生 香港，2026年1月27日 非執行董事 蘇凱博士 獨立非執行董事 彭慧女士 邱煌先生 伍前輝女士 1 董事會設有三個委員會。下表載列各董事在該等委員會中所擔任的職位資料。 | | 董事委員會 | | | | --- | --- | --- | --- | | 董事 | 審核委員會 提名委員會 | | 薪酬委員會 | | 晏周先生 | | C | M | | 趙定先生 | | | | | 王鈺潼先生 | | | | | 王平安先生 | | | | | 李維先生 | | | | | 蘇凱博士 | M | | | | 彭慧女士 | C | M | | | 邱煌先生 | | | C | | 伍前輝女士 | M | M | M | 附註： C 相關董事委員會主席 M 相關董事委員會成員 2 ...

第二條 董事會提名委員會是董事會按照董事會決議設立的專門工作機構， 主要負責對公司董事和高級管理人員的人選、選擇標準和程序進行規範並提出建 議。 湖南鳴鳴很忙商業連鎖股份有限公司 董事會提名委員會議事規則 第二章 人員組成 第一章 總則 第一條 為規範公司董事及高級管理人員提名的標準以及程序，完善公司治 理結構，根據《中華人民共和國公司法》（以下簡稱「《公司法》」）、《香港聯合交易 所有限公司證券上市規則》（以下簡稱「《香港聯交所上市規則》」）及其附錄（包括 但不限於《香港聯交所上市規則》附錄C1）、《湖南鳴鳴很忙商業連鎖股份有限公 司章程》（以下簡稱「《公司章程》」）及其他相關規定，公司特設立董事會提名委員 會，並制定本議事規則（以下簡稱「本議事規則」）。 第五條 提名委員會設主席一(1)名，由獨立非執行董事或公司董事長擔任， 負責主持委員會工作；主席在委員內選舉，並報請董事會批准產生。 第十條 提名委員會負責擬定董事、高級管理人員的選擇標準和程序，對董 事、高級管理人員人選及其任職資格進行遴選、審核，並就下列事項向董事會提 出建議： 董事會對提名委員會的建議未採納或者未完全採納的，應當在董事會決議中 記載 ...