Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this regard [1][27]. Core Insights - The company, Mingming Hen Mang, is a leading player in the Chinese snack retail sector, with a projected revenue of 39.34 billion RMB in 2024, reflecting a year-on-year growth of 282.15% [1][27]. - The company has successfully merged its two brands, "Zhao Yiming Snacks" and "Snacks Are Busy," to enhance market coverage and operational efficiency [8][9]. - The retail sector is experiencing structural changes, with a shift towards specialized wholesale models, which are growing faster than traditional supermarkets [7][27]. Financial Performance - The company reported a total revenue of 10.30 billion RMB in 2023, with a forecasted increase to 39.34 billion RMB in 2024, and further growth to 64.52 billion RMB in 2025 [1][13]. - The net profit attributable to shareholders is expected to rise from 217.43 million RMB in 2023 to 833.70 million RMB in 2024, and to 2.30 billion RMB in 2025, indicating a robust growth trajectory [1][13]. - The company's gross margin is projected to improve from 7.45% in 2022 to 9.73% in the first three quarters of 2025, showcasing enhanced profitability [20][27]. Market Position - Mingming Hen Mang is positioned as the largest snack retail chain in China, with a market share of 1.5% and a GMV of 55.5 billion RMB in 2024 [23][27]. - The company operates approximately 15,000 stores, with a significant expansion plan that includes a projected increase in store count to over 19,500 by the end of 2025 [9][27]. - The competitive landscape is characterized by a duopoly between Mingming Hen Mang and Wancheng Group, both of which are rapidly expanding their market presence [22][27].

01. 香港新股发行创历史最佳开局，IPO数量和募资额增速领先 02. 基石投资总额超185亿港元，公开和国配认购火爆异常 03. 13只IPO新股全线上涨，但部分新股暗盘及首日表现分化 04. "A+H" 发行潮再起，上市排队拥挤，单月递表121家 来源：活报告 一、开年首月港股募资近400亿，大型IPO接踵而至 2026年1月，港股市场共有13只新股IPO上市，同比增长62.5%；合计募资约393亿港元，同比增长556.2%。港股IPO规模创下历史最佳开年成 绩，3家A+H、3家18C、1家18A先后登陆港股市场。 同期，美股市场有10只新股IPO上市，同比下降52.4%；合计募资约28亿美元，同比下降31.1%。据传，SpaceX计划6月中旬启动IPO，或超越沙 特阿美2019年记录，成为史上规模最大的IPO，OpenAI则计划今年Q4进行IPO。 A股市场有9只新股IPO上市，同比下降25%；合计募资约90.5亿人民币，同比增长27%。A股IPO保持回暖趋势，其中北交所自去年下半年以来 审核发行持续提速，1月份5只新股扎堆上市。 | | | 2020+ Bli Hill Will W | | | | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this regard [1]. Core Insights - The company, Ming Ming Hen Mang, is a leading player in the Chinese snack retail sector, projected to achieve significant revenue growth, with a forecasted revenue of CNY 39.34 billion in 2024, representing a year-on-year increase of 282.15% [7][27]. - The company has successfully merged its two brands, "Ming Ming Hen Mang" and "Zhao Yi Ming Snacks," to enhance market presence and operational efficiency, with a total of nearly 15,000 stores expected by 2024 [8][9]. - The snack retail market in China is experiencing structural changes, with a shift towards specialized retail models, which are growing faster than traditional supermarkets [7][19]. Financial Performance - The company has shown rapid revenue growth from CNY 42.86 billion in 2022 to CNY 393.44 billion in 2024, with a net profit increase from CNY 0.72 billion to CNY 8.34 billion during the same period [13][27]. - The gross margin improved from 7.45% in 2022 to 9.73% in the first three quarters of 2025, indicating enhanced profitability alongside rapid expansion [20][27]. - The company is expected to continue its growth trajectory, with projected revenues of CNY 64.52 billion, CNY 82.20 billion, and CNY 94.39 billion for 2025, 2026, and 2027 respectively, alongside net profits of CNY 23 billion, CNY 30 billion, and CNY 37 billion [27][29]. Market Position - Ming Ming Hen Mang holds a market share of 1.5% in the snack retail sector, leading the industry with a GMV of CNY 55.5 billion in 2024 [23][24]. - The company is positioned to benefit from the ongoing market expansion, with a significant increase in store count from 6,585 at the end of 2023 to an expected 19,517 by the end of 2025 [9][27].

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights a recovery opportunity in the restaurant sector, with overall performance in food and beverage categories showing improvement in Q4 2025. Sales of frozen foods increased by 6.5% year-on-year, with specific categories like hot pot balls, frozen sausages, and shrimp slides seeing sales growth of approximately 15%, 45%, and 55% respectively [3][4] - The listing of "Mingming Hen Mang" on the Hong Kong Stock Exchange has attracted attention to the snack sector, with the company being the largest chain retailer in China, maintaining rapid growth and expanding its market share [4] - Raw milk prices have stabilized and are showing signs of recovery, with the average price of fresh milk at 3.04 yuan/kg as of January 23, 2026, reflecting a slight increase. The report suggests a positive outlook for meat and dairy prices in 2026 due to favorable import policies [4][6] Summary by Sections 1. Market Performance - The food and beverage sector rose by 1.56%, outperforming the CSI 300 index by 1.48 percentage points, ranking 6th among 31 sectors [5][11] - The liquor sub-sector performed well, increasing by 3.86% [5][11] 2. Major Consumer Goods and Raw Material Prices - As of January 23, 2026, the retail price of milk was 12.20 yuan/liter, and yogurt was 15.88 yuan/kg. The price of fresh milk was 3.04 yuan/kg, showing a year-on-year decrease of 2.60% [28] - The price of live pigs was 12.30 yuan/kg, reflecting a year-on-year decrease of 21.10% [28] 3. Industry Dynamics - In 2025, the profit of the liquor, beverage, and refined tea manufacturing industry decreased by 9.1%, with total revenue of 1,468.93 billion yuan, a year-on-year decline of 4.4% [56] - The wholesale and retail industry's added value reached 14.6 trillion yuan in 2025, growing by 5% year-on-year, marking a historical high [56] 4. Core Company Dynamics - "Gu Jing Gong Jiu" announced a cash dividend of 10 yuan per 10 shares, totaling 529 million yuan. "Yi Ming Food" expects a net profit increase of 62.38% to 90.02% [57]

Core Viewpoint - The ongoing reforms at iMoutai are gradually demonstrating their effectiveness, with online consumer engagement strengthening and offline demand for regular Moutai returning to rational consumption levels, leading to a significant increase in sales velocity for Feitian Moutai compared to the same period last year [1][2] Group 1: iMoutai Reforms and Market Dynamics - The iMoutai reforms are effectively expanding the consumer base, attracting and nurturing new consumer groups, and driving high growth in distributor demand [1] - The price of regular Moutai has returned to the consumer-friendly price range of 1500 yuan, releasing substantial potential demand for business, family gatherings, and gifting [1] - The supply of high-value products has decreased, with regular Moutai filling the supply gap, leading to accelerated turnover [1][3] Group 2: Pre-Festival Demand and Sales Performance - Pre-festival demand for Feitian Moutai is heating up, with a collection progress of 33% and sufficient inventory turnover among distributors [2] - The expected additional sales volume from iMoutai is around 20%, driven by enhanced consumer reach and a slight increase in price per ton [2] Group 3: High-Value Products and Inventory Levels - The supply of high-value products is focused on inventory reduction, with low inventory levels reported [3] - The sales performance of premium and aged wines is showing positive growth, with some distributors seeking to increase their inventory from self-operated stores [3] Group 4: Regional Market Observations - There is a noticeable divergence in sales performance across different regions, with high-end brands like Feitian Moutai experiencing strong sales growth while other brands face significant declines [4] - In regions with better economic conditions and drinking culture, such as East China and Henan, sales declines are around 10%, while provinces like Shandong and Hunan report declines exceeding 10% [4] Group 5: Investment Recommendations - The investment outlook suggests focusing on Moutai and Guojiao, as the sales and pricing of Moutai have exceeded expectations, indicating a concentration of seasonal effects in leading brands [7] - For the broader market, recommendations include stable dividend-paying stocks like Guizhou Moutai and Gujing Gongjiu, while also monitoring the sales rhythm of brands like Wuliangye and Shanxi Fenjiu [7][8]

Group 1 - The core viewpoint of the articles highlights the increasing activity of insurance capital in equity markets, particularly in Hong Kong stocks, driven by a low interest rate environment and asset scarcity [1][4] - Insurance capital has participated in cornerstone investments for seven Hong Kong IPOs in 2026, with a total subscription amount nearing 1 billion yuan, covering sectors from technology to consumer goods [1][2] - The cornerstone investment mechanism in Hong Kong serves as a market value indicator, with insurance capital becoming a key player in this space, particularly in new consumption and hard technology sectors [2][3] Group 2 - Notable examples of cornerstone investments include the IPO of Hunan Mingming Henmang Commercial Chain Co., which raised 3.336 billion HKD, attracting major institutions like Tencent and Temasek [2][3] - Insurance companies like Taikang Life have led the charge in Hong Kong IPOs, participating in multiple cornerstone investments across various sectors, including AI and biomedicine [3][4] - The trend of insurance capital's involvement in Hong Kong IPOs has significantly increased since 2025, with a total of 20 IPOs and a subscription amount of 4.679 billion HKD, reflecting the value of quality assets in the Hong Kong market [4] Group 3 - In addition to Hong Kong, insurance capital is actively researching A-share companies, having surveyed 310 firms in early 2026, focusing on sectors like technology and consumer goods [5][6] - The insurance sector's investment strategy includes a notable stake in Shanghai Airport, marking the first major acquisition of 2026, indicating a proactive approach in the A-share market [6] - The pre-made food sector, particularly companies like Qianwei Yangchu, has attracted attention from insurance capital, with significant revenue growth reported [6][7] Group 4 - The insurance capital's strategy is influenced by the need for asset allocation optimization and value recovery, as the Hong Kong market is currently at a historical valuation low, providing a safety margin [3][4] - Analysts suggest that the low interest rate environment necessitates increased investment in equity assets, particularly high-dividend and stable cash flow companies, to enhance investment returns [7][8] - The ongoing trend of insurance capital entering equity markets is expected to continue, driven by improved global liquidity and policy guidance encouraging long-term investments [4][7]

Core Viewpoint - The snack giant Three Squirrels (300783.SZ) has struggled with its "high-end cost-performance" strategy, leading to a significant decline in expected profits for 2025, with net profit projected to drop by approximately 60% year-on-year [1][5]. Financial Performance - For the fiscal year 2025, the company anticipates a net profit attributable to shareholders of between 1.35 billion to 1.75 billion yuan, a decrease of about 2.73 billion to 2.33 billion yuan compared to the previous year, representing a year-on-year decline of 57.08% to 66.89% [5][6]. - The company reported a net profit of 1.61 billion yuan and a non-recurring net profit of 570 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 52.91% and 78.57%, respectively [2][6]. - The fourth quarter of 2025 is expected to be the worst in nearly four years, with projected net profits ranging from a loss of 260 million yuan to a profit of 140 million yuan [7]. Strategic Challenges - The company has faced challenges due to structural misalignment during peak sales seasons, significant increases in nut raw material prices, and strategic adjustments in sales structure, which have collectively contributed to profit declines [4][9]. - Despite the downturn, the company remains committed to its "high-end cost-performance" strategy, aiming for quality and differentiation [9]. Marketing and Sales Expenses - In 2024, the company spent 1.2 billion yuan on customer acquisition, and sales expenses exceeded 1.6 billion yuan in the first three quarters of 2025, marking a 24% increase year-on-year [4][14]. - The high sales expenses are primarily attributed to platform service and promotional costs, which are closely linked to the company's reliance on online sales [15][16]. Comparison with Competitors - Competitors like Wancheng Group and Mingming are implementing "extreme cost-performance" strategies, achieving significant profit increases, while Three Squirrels' strategy has not yielded similar advantages [10].

证券研究报告 | 行业简评报告 2026 年 02 月 03 日 布局消费反转！ 大消费组二月消费金股 研究部/消费品 % 1m 6m 12m 绝对表现 4.3 4.6 25.0 相对表现 3.1 -8.7 1.7 资料来源：公司数据、招商证券 -10 0 10 20 30 Feb/25 May/25 Sep/25 Jan/26 (%) 消费品 沪深300 相关报告 1、《招商证券 1 月港股消费观察： 外卖反垄断如何影响港股消费股前 景？》2026-01-27 2、《大消费组一月消费金股—双节 消费亮点前瞻》2026-01-06 ❑ 轻纺 杨蕊菁：看好家居板块修复以及倍加洁益生菌业务发展 风险提示：消费下行风险，消费复苏疲软风险、宏观经济变动风险等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 1216 | 23.5 | | 总市值（十亿元） | 17628.3 | 15.6 | | 流通市值（十亿元） | 16321.4 | 15.9 | 行业指数 3、《招商证券 12 月港股消费观察— 1-2 月流动性改善后港股消费买什 么？》2025 ...

出品/壹览商业 作者/蒙嘉怡 编辑/薛向 头图/截自品牌官网 港交所迎来了开年最受瞩目的消费IPO。 1月28日，湖南鸣鸣很忙商业连锁股份有限公司（以下简称鸣鸣很忙）挂牌上市，成为港股"量贩零食第一股"，获得全球资本疯抢。香港公开发售超额认购 近1900倍，国际配售超额44倍，创下近年港股消费类IPO配售热度新高，更吸引了腾讯、淡马锡、贝莱德、富达等8家国际顶级机构作为基石投资者。 热烈的申购与高涨的股价，反映了资本市场对其的高度认可。当喧嚣逐渐平复，市场讨论的焦点逐步从门店数量，转向一个更本质的问题：在低价策略下， 什么才是支撑鸣鸣很忙实现健康盈利、持续扩张的真实能力？ 财报展现的韧性 企业的真实健康状况，最终会体现在财务数据上。分析鸣鸣很忙近年来的业绩，可以明确的是，其不仅规模迅猛膨胀，盈利质量也在同步优化。 从营收与净利润看，2022年至2024年，鸣鸣很忙营收从42.86亿元跃升至393.44亿元；同期经调整净利润从0.81亿元增长至9.13亿元，利润增速持续高于营收 增速。进入2025年，这一趋势更为显著，前9个月经调整净利润已达18.10亿元，同比增长240.86%，远超75.21%的营收增幅。这 ...

Summary of Key Points from the Conference Call Industry Overview - The snack wholesale store industry in China is rapidly developing due to several factors, including supply chain advantages, declining distribution costs, standardization of snack categories, high repurchase frequency, and consumer habits influenced by population density [2][6][7]. Company Insights Mingming Hen Mang - Mingming Hen Mang is a leading player in the snack wholesale industry, benefiting from industry trends by controlling costs through improved supply chain efficiency and product selection logic [2][10]. - The company plans to expand its store count significantly, with expectations to exceed 32,000 stores under neutral conditions and potentially reach 38,000 stores under optimistic scenarios by 2025 [21][22]. - Revenue is projected to surpass 100 billion yuan and net profit to exceed 4.2 billion yuan by 2027, indicating strong growth potential [22]. Sam's Club - Sam's Club has achieved success in the Chinese market by offering high-quality products, a streamlined SKU strategy, and leveraging a strong product development team to enhance supply chain efficiency [11][12]. Other Competitors - Other brands like Aoleqi and Hema NB are also adapting to the market by implementing unique strategies, such as Aoleqi's focus on private labels and low-cost operations, which serve as models for emerging snack wholesale stores [17][19][20]. Key Strategies and Trends - The snack wholesale store model has evolved through three stages: small high-margin stores, larger stores with declining margins, and the emergence of large-scale low-margin stores post-pandemic [8][9]. - The cost structure has been redefined to a "10+20" model, where backend costs account for 10% and franchise/store costs for 20%, significantly lowering distribution costs [6][8]. - The introduction of private label products and channel-specific offerings has helped maintain overall gross margins while providing competitive pricing to consumers [4][6]. Consumer and Market Dynamics - Snack wholesale stores cater to concentrated consumer demand for snacks, offering a wide variety of products at competitive prices, which enhances customer satisfaction and loyalty [4][5]. - The industry benefits from the high repurchase frequency of snack products, making it an ideal category for chain operations [7][20]. Challenges and Considerations - Expanding into multiple categories poses challenges, including managing different product frequencies and complexities in supply chain management [20]. - The competitive landscape is evolving, with major players like Mingming Hen Mang and Wancheng engaging in strategic positioning to minimize direct competition and stabilize market dynamics [23]. Conclusion - The snack wholesale industry in China is poised for continued growth, driven by innovative business models, effective supply chain management, and strategic expansion plans from leading companies like Mingming Hen Mang and Sam's Club [2][10][22].