湖南鳴鳴很忙商業連鎖股份有限公司 第四條 薪酬委員會成員由不少於三名董事組成，其中獨立非執行董事應當 過半數。 第五條 薪酬委員會委員在董事內選舉，並由董事會選舉產生。 第六條 薪酬委員會設主席一(1)名，由獨立非執行董事委員擔任，負責召集 和主持委員會工作；主席在委員內選舉，並報請董事會批准產生。 第七條 薪酬委員會任期與董事會任期一致，委員任期屆滿前，除非出現 《公司法》《公司章程》《香港聯交所上市規則》或本議事規則所規定的不得任職的 情形，不得被無故解除職務。期間如有委員不再擔任公司董事職務或不再適合擔 任委員職務（如應當具有獨立非執行董事身份的委員不再滿足《香港聯交所上市規 則》有關獨立性的要求），該委員自動失去委員職務，並由委員會根據上述第四條 至第六條的規定補足委員人數。 第二條 薪酬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 責制定公司董事及高級管理人員的考核標準並進行考核；負責制定、審查公司董 事及高級管理人員的薪酬政策與方案。 第三條 本議事規則所稱董事是指在公司支取薪酬的董事；高級管理人員 （高管人員）是指董事會聘任的總經理及《公司章程》規定的其他高級管理人員。 第二章 人員組 ...

第二條 董事會審核委員會是董事會按照董事會決議設立的專門工作機構， 向董事會負責及報告工作，並行使《公司法》規定的監事會的職權。 第二章 人員組成 第三條 審核委員會成員為三名，為不在公司擔任高級管理人員的非執行董 事，其中獨立非執行董事兩名，且至少應有一名獨立非執行董事是會計專業人士 且符合《香港聯交所上市規則》對具備適當專業資格或具備適當的會計或相關的財 務管理專長的獨立非執行董事的要求。審核委員會由獨立非執行董事中會計專業 人士擔任召集人。董事會成員中的職工代表可以成為審核委員會成員。 第四條 審核委員會委員在董事內選舉，並由董事會選舉產生。審核委員會 委員任職應當符合公司股票上市地證券監管規則要求。現時負責審計公司賬目的 外部審計機構的前任合夥人在以下日期（以日期較後者為準）起計兩年內，不得擔 任公司審核委員會的成員：(1)其終止成為該外部審計機構合夥人的日期；或(2)其 不再享有該外部審計機構財務利益的日期。 第五條 審核委員會設主席一名，由獨立非執行董事中會計專業人士擔任， 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。 第六條 審核委員會任期與董事會一致，委員任期屆滿，可連選連任。 ...

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之股份有限公司） 章程 （H股發行並上市後適用） | 第一章 | 總則 | 1 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 2 | | 第三章 | 股份 | 3 | | 第四章 | 股東和股東會 | 9 | | 第五章 | 董事和董事會 | 27 | | 第六章 | 高級管理人員 | 36 | | 第七章 | 財務會計制度、利潤分配和審計 | 38 | | 第八章 | 通知和公告 | 41 | | 第九章 | 合併、分立、增資、減資、解散和清算 | 42 | | 第十章 | 修改章程 | 46 | | 第十一章 | 附則 | 47 | 湖南鳴鳴很忙商業連鎖股份有限公司 章程 第一章 總則 第一條 為維護公司、股東、職工和債權人的合法權益，規範公司的組織和 行為，根據《中華人民共和國公司法》（以下簡稱「《公司法》」）、《中華人民共和國 證券法》（以下簡稱「《證券法》」）、《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》」）和其他有關規定，制定本章程。 第二條 公司系依照《公司法》和其他有關規 ...

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [24]. Core Views - The food and beverage sector is currently at a phase of bottoming out, with a focus on the upcoming Spring Festival inventory buildup as a catalyst for growth [1][5]. - The liquor sector is experiencing a slow recovery in demand, with a focus on stabilizing expectations before discussing recovery, particularly for leading brands like Kweichow Moutai and Shanxi Fenjiu [6][19]. - The snack sub-sector has shown strong performance, with significant growth in companies like Mingming Hen Mang, which plans to go public in Hong Kong [20][22]. Summary by Sections Sub-industry Ratings - No ratings for liquor, beverages, and food sectors [3]. - Recommended companies include: - Kweichow Moutai: Buy - Shanxi Fenjiu: Buy - Guming: Buy - Mixue Group: Increase Holding - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy [3]. Industry Performance - The food and beverage sector saw a decline of 1.57%, ranking 28th among 31 sub-industries [5][14]. - The top-performing sub-sectors were snacks, pre-processed foods, and cooked foods, with increases of 6.44%, 5.02%, and 4.25% respectively [5][14]. - The top five stocks in the sector included: - Haoxiangni (+19.59%) - Weizhi Xiang (+17.23%) - Wancheng Group (+14.32%) - Quanyuan (+13.57%) - CITIC Nia (+9.69%) [5][14]. Liquor Sector Insights - The liquor index fell by 2.80%, with a focus on the upcoming Spring Festival for potential recovery [6][19]. - Current prices for Moutai products are: - Feitian Moutai (loose bottle): 1560 RMB, up 10 RMB from last week - Pu'er Moutai: 810 RMB, unchanged from last week [6][19]. Consumer Goods Sector Insights - Several companies are planning IPOs in Hong Kong, with Mingming Hen Mang aiming to raise between 32.37 billion to 33.36 billion HKD [20][22]. - The company reported a GMV of 661 billion RMB for the first three quarters of 2025, a 74.5% year-on-year increase [20][22]. - Dongpeng Beverage plans to issue 40.89 million H shares, with an expected listing date of February 3, 2026 [20][22].

以下文章来源于暗涌Waves ，作者何愚 暗涌Waves . 钱的流向，人的沉浮。36氪旗下投资报道账号。 "不仅关于消费或投资。" 文 ｜ 黑蚁资本 何愚 来源｜ 暗涌Waves（ID：waves36kr） 封面来源 ｜ IC Photo 2026年的1/12即将走完，"暗涌Waves"的"2025尾声"仍在继续。对于中国人来说，农历春节未至，真正的一年似乎总还没走到尽头。有384天的漫长乙巳蛇年 还有两周有余也将收起它绵长的尾，这个新旧交替的时刻，有人想将中国社会长尾中真实的脉动带到人们眼前。 黑蚁资本创始合伙人何愚选择以一份"田野笔记"来参与"2025尾声"。 在这场跨年专题的参与者中，何愚是一个挺特别的存在。当一级市场的"主流"投资人沉浸在AI agent、具身智能的投资热潮里时，他和黑蚁资本的团队走到 了广东佛冈、湖南汨罗、河北安国等地的县镇街头，去发现一个个不在主流语境里的故事。 这也不是黑蚁资本第一次在县域的街头"扫街"了。2021年到2022年，团队就曾深入495个县域，带回了一份在创投圈引起不小反响的县域研究报告。 那为何在三年后重返？ 何愚告诉"暗涌Waves"，他的动机挺简单的：那个市场 ...

Investment Rating - The industry is rated as "Outperform" compared to the market [4][34]. Core Insights - The liquor industry is entering a phase of rapid performance clearing, with demand expected to show weak recovery as policy pressures ease. The industry is currently at a low valuation, and pessimistic expectations are fully priced in. The top liquor companies are stabilizing prices and driving up wholesale prices, which enhances dividend yields and makes them attractive for investment. Long-term, it is recommended to focus on high-quality leading companies with strong performance certainty, such as Kweichow Moutai and Shanxi Fenjiu [4]. - In the consumer goods sector, there are high-growth opportunities, with some segments still benefiting from new products and channels. Companies like Wancheng Group and Dongpeng Beverage, which show good growth momentum, are recommended for investment [4]. Summary by Sections Liquor Sector - As the Spring Festival approaches, the sales of high-end liquor are gradually increasing, with Kweichow Moutai's wholesale prices showing slight recovery. The price of Moutai's regular bottles has increased by 20 yuan to 1560 yuan as of January 25, indicating a recovery in demand. The sales boost is driven by gift-giving and banquet needs during the festive season, highlighting the essential nature of high-end liquor [5]. - The launch of the i Moutai product has effectively reached new consumer groups, contributing to incremental demand. The bottom of the wholesale price may have been established, reducing downward risks significantly [5]. Consumer Goods Sector - The upcoming IPO of "Mingming Hen Mang" is set to further solidify the duopoly in the industry. The company plans to issue 14.1 million shares at a price range of 229.60-236.60 HKD per share. With over 20,000 stores under its brands, it has a strong market presence, particularly in lower-tier markets. The company reported a revenue of 46.371 billion yuan for the first three quarters of 2025, a year-on-year increase of 75.22%, and a net profit of 1.559 billion yuan, up 218.84% [5]. - The introduction of national standards for pre-prepared dishes is expected to accelerate the standardization process in the industry, benefiting leading companies with strong supply chain capabilities. This may lead to increased market concentration as smaller companies face pressure to exit [5].

先说打新，建议是：别让美股打新影响你的睡眠，别让港股打新影响你的持仓。BitGo打了，富途派货不错。第二天一觉醒来跑的，赚了个寂寞。龙旗满上 了，暗盘还不错，给了20%+，但暗盘即巅峰，到周五已回吐所有涨幅。 鸣鸣很忙满上了，超购1500倍意味着拿货率又很低了。综上，散户打新的最优解是当收益增强用。虽然持仓打新会浪费点利息，但现金打新却浪费了牛市。 上周走了创新实业，自此，2025的港股打新已无持仓。 再说A股，上周是烈火烹油的好，尽管GJD在过去数个交易日流出5000亿+，市场却开始嘲笑他们走在了半山腰，以及快没子弹了。各基金公司甚至算出GJD 还有一万多亿筹码，其中70%+在沪深300。于是上周中小票继续飞，中证500，中证1000，中证2000，科创50ETF本月已涨了11%+~15%+。某些散户是不是 对GJD有什么误解？以打战做类比，万箭齐发总是进攻的第一步，后面的大招还在路上。好在ZC的意图是慢牛。重点不在"慢"在"牛"。如果不是追高，遭遇 回调，忍一忍也就过去了。盲猜下一个重要节点是春节，8，9天的利息会劝退不少意志不坚定的融资盘。 上周有两个趋势值得留意，一个是中际旭创已超越宁德时代与腾讯，位 ...

SDICSI 2026 年 1 月 26 日 行业报告 1 月消费观察：25 年社会零售全年增长 3.7% 报告摘要 根据国家统计局发布的数据，25 年 12 月社会零售总额为 45136 亿元，同比增长 0.9%，1-12 月累积增长 3.7%。自 25 年 6 月以来，社零增速持续回落，各个主要 细分消费板块也观察到了类似的表现。从基本面来看，消费增长仍存在压力。 商品零售增速继续回落，12 月商品零售总额为 39398 亿元，同比增长 0.7%，增 速较上月下降 0.3pct，1-12 月累积增长 3.8%。餐饮四季度起有边际改善，较三 季度增速回升，12 月餐饮零售总额为 5738 亿元，同比增长 2.2%，1-12 月累积增 长 3.2%，其中规模以上餐饮零售 12 月同比下滑 1.1%。 其他细分领域：必选消费增速下滑，12 月粮油食品零售总额为 2323 亿元，同比 增长 3.9%，1-12 月累积增长 9.3%;12 月日用品零售总额为 776 亿元，同比增长 3.7%，1-12 月累积增长 6.3%，四季度粮油食品和日用品增速都较三季度明显回 落，我们认为与 CPI 有关。服装消费增长乏力， ...

| Number of Offer Shares under : | 14,101,100 H Shares (subject to | | --- | --- | | the Global Offering | the Offer Size Adjustment Option | | | and the Over-allotment Option) | | Number of Hong Kong Offer Shares | 1,410,200 H Shares (subject to | | | reallocation) | | mber of International Offer Shares | 12.690,900 H Shares (subject to | | | reallocation, the Offer Size | | | Adjustment Option and the | | | Over-allotment Option) | | Maximum Offer Price 1 | HK$236.60 per H Share, plus brokerage | | | of 1 ...

Core Viewpoint - The article emphasizes the importance of understanding the unique dynamics of China's lower-tier cities and the potential investment opportunities that arise from them, particularly through field research and direct engagement with local markets [2][5][6]. Group 1: Field Research and Insights - The company has conducted extensive field research in various counties, including Guangdong and Hunan, to uncover stories and market dynamics that are often overlooked by mainstream investors [2][3]. - Previous research efforts involved visiting 495 counties, resulting in a significant report that garnered attention in the venture capital community [3]. - The motivation behind this research is to gain a deeper understanding of consumer behavior in lower-tier cities, which are often neglected by traditional investment strategies [5][6]. Group 2: Consumer Behavior and Market Dynamics - Insights from interviews indicate that while individual life satisfaction may have decreased due to economic pressures, overall satisfaction levels in county residents remain stable [13][14]. - Economic pressure is increasingly mentioned by residents, leading to a shift in spending habits where non-essential expenditures are being cut, particularly those associated with social status [16][17]. - Despite the perception of economic pressure, actual income levels for many families have remained stable or even increased, suggesting a disconnect between perceived and actual financial conditions [20][22]. Group 3: Changes in Work and Migration Attitudes - There is a noticeable increase in the perception of a faster work pace among county residents, with nearly half reporting feeling busier compared to previous years [24]. - Interest in migrating to larger cities has decreased, with residents weighing the costs and benefits more critically than before [26]. - Homeownership remains a priority, but the impact of housing prices on consumer behavior is limited, as many residents do not feel a strong connection to the fluctuations in the real estate market [29][30]. Group 4: Investment Opportunities - The company categorizes consumer spending into efficiency-driven and experience-driven consumption, noting a growing interest in experience-based spending among county residents [34][37]. - The supply landscape in lower-tier cities is characterized by a lack of quality and variety, which presents opportunities for businesses that can offer better value and experiences [38][39]. - The potential for explosive growth in certain categories is linked to the ability to meet the emerging demands of consumers in these markets, driven by innovative supply solutions [40][48]. Group 5: Gender Dynamics and Social Change - The article highlights the income disparity between genders in county areas, with a significant portion of women earning below 35,000 yuan annually, reflecting broader societal issues [49][50]. - There is a budding awareness among county women regarding their self-identity and roles, which could influence future consumption patterns and market dynamics [50][51]. - The focus on women's self-awareness is not merely a consumption trend but indicates a shift in societal attitudes that could lead to structural changes in the market [50][52].