Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") has officially submitted its IPO application to the Hong Kong Stock Exchange, indicating a significant move in the snack retail industry, particularly in the context of market consolidation and expansion into lower-tier markets [1][7]. Group 1: Company Overview - Mingming Hen Mang was established through the merger of "Snacks Hen Mang" and "Zhao Yiming Snacks" in 2023, reflecting a trend of consolidation in the snack retail sector [1]. - As of December 31, 2024, Mingming Hen Mang operates 14,394 stores across 28 provinces and all tiered cities in China, with approximately 58% located in county and town areas [2]. - The number of franchisees increased from 994 in 2022 to 3,377 in 2023, and is projected to reach 7,241 by 2024, showcasing rapid expansion [2]. Group 2: Market Trends - The snack retail industry in China is experiencing a shift towards lower-tier markets, which offer significant consumer potential and lower competition density, providing ample room for expansion for companies like Mingming Hen Mang [1]. - The market size of China's leisure food and beverage retail industry reached 3.7 trillion yuan in 2024, with expectations to grow to 4.9 trillion yuan by 2029 [6]. Group 3: Business Model and Strategy - Unlike traditional franchise models that rely heavily on franchise fees, 99.5% of Mingming Hen Mang's revenue comes from sales to franchise and direct stores, with franchise fees accounting for less than 0.5% [5]. - The company employs a strong control franchise system, focusing on franchisee training and management to enhance efficiency, contrasting with the loose franchise models seen in some convenience stores [3]. - Mingming Hen Mang has developed a digital infrastructure that covers the entire process from product selection to logistics and franchise management, aiming to improve operational efficiency and standardization [5]. Group 4: Product Strategy - The company plans to introduce a dual-brand 3.0 store model in 2025, expanding its product offerings to include diverse categories such as daily necessities, stationery, and fresh food, which is expected to enhance consumer engagement [4]. - As of the end of 2024, Mingming Hen Mang has 3,380 SKUs in stock, with about 25% being customized products, and plans to launch 100 new products each month to increase consumer loyalty [3][4]. Group 5: Competitive Landscape - The snack retail market is becoming increasingly competitive, with both traditional brands and new entrants adopting similar strategies to capture market share, including supply chain optimization and product diversification [6]. - Consumer preferences are shifting towards healthier and more personalized snack options, necessitating continuous investment in research and development to meet evolving demands [6].

国内头部乳企正在把突围的方向转向下沉市场和产品功能化转型。 在经历了2024年的整体降速之后，2025年一季度乳制品行业终于有了回暖的迹象。在今日举行的业绩说明会上，伊利股份（600887.SH）董事长兼总裁潘刚 表示，乳制品行业最艰难的时刻已经过去，当前市场仍处于弱复苏状态。第一财经记者了解到，在连续两年增速下滑后，国内头部乳企正将突围的方向转向 下沉市场和产品功能化转型。 乳业最难时刻已过去 根据已公布的2024年财报显示，乳业前三甲企业伊利股份、蒙牛乳业（02319.HK）、光明乳业（600597.SH）全年营收分别为1158亿元、886.7亿元和242.8 亿元，收入规模普遍出现8%-10%的同比下降。 从单季表现看，业绩波动主要集中在2024年的二、三季度，自第四季度起，各乳企的营收跌幅逐步收窄，到2025年第一季度已有明显改善。 潘刚在业绩会上表示，这一变化主要与公司2024年二季度启动的战略调整有关。2024年初，由于供需矛盾积累，伊利管理层注意到经销商库存在增加，随即 采取了促动销、去库存等系列措施，到第三季度时市场已经逐步恢复，到2025年春节市场已回归健康状态。 财报显示，伊利2025年一 ...

Core Insights - Starbucks reported a revenue of $739.7 million for Q2 of fiscal year 2025, marking a 5% year-over-year growth, indicating a recovery in growth [1] - The company achieved a same-store transaction growth of 4% compared to the previous quarter, reflecting positive performance across various business districts and city tiers [1][2] Group 1: Market Position and Competition - The Chinese coffee market has been dominated by foreign brands like Starbucks, particularly in first and second-tier cities, but local brands are increasingly gaining market share through product localization and flexible distribution [1] - Starbucks is actively competing in lower-tier markets and accelerating its localization efforts to adapt to the changing competitive landscape [1] Group 2: Store Expansion and Product Innovation - As of the end of Q2, Starbucks had a total of 7,758 stores in China, covering over 1,000 county-level markets, showcasing its extensive reach [1] - The company has introduced innovative products tailored to local preferences, such as the "True Flavor No Sugar" coffee and a special coffee bean blend themed around the Chinese New Year, developed by a local team [1]

可复制的规模，难以复制的利润率。 作者 | 李小霞 编辑 | 乔芊 当上市不到两个月的蜜雪冰城在港交所股价突破500港元，市值近2000亿港元时，零食界的"蜜雪冰城"——鸣鸣很忙也启动了IPO步伐，4月28日，正式 向港交所递交上市申请。 关于鸣鸣很忙的上市传闻最早可追溯到2023年（当时为零食很忙），同年8月，原明越资本联合创始人王钰潼加入公司担任CFO。而一家公司设立CFO 岗位，往往被看作准备上市的信号。 时至今日，可能很多人对旗下的零食很忙以及赵一鸣零食都不会陌生， 其明黄色和红色的招牌，正在渗透到全国的县城、乡镇。 零食很忙由晏周于2017 年 3 月在湖南长沙创立，赵一鸣零食由赵定于 2019 年 1月在江西宜春创立。 自2023年合并后到去年底，二者门店数量加起来14394家，覆盖全国28个省份和所有县级城市。 万店规模一直是连锁品牌所追求的里程式目标，但踏进来并不容易。两年前，多家茶饮咖啡企业喊出万店口号，目前国内也只有蜜雪冰城、瑞幸、古茗实 现。 迈过万店门槛，销售额、营收也同步水涨船高。 根据招股书显示，鸣鸣很忙2024年门店销售额为555亿元，营收为393亿元，毛利约30亿，净利润为9亿 ...

Core Viewpoint - The merger of snack brands "Snack Busy" and "Zhao Yiming Snacks" has led to the establishment of "Mingming Busy," which plans to go public in Hong Kong, positioning itself as the largest leisure food and beverage retail chain in China by 2024 GMV [1][3]. Company Overview - Mingming Busy was formed from the merger of Snack Busy, founded in 2017, and Zhao Yiming Snacks, which started in 2019, completing the merger in November 2023 [2]. - The company operates a "volume retail model" that emphasizes supply chain reconstruction, innovative product development, and a pleasant shopping experience [2]. Financial Performance - Revenue figures for Mingming Busy are projected as follows: CNY 4.286 billion in 2022, CNY 10.295 billion in 2023, and CNY 39.344 billion in 2024 [3]. - Adjusted net profits are expected to be CNY 81 million, CNY 235 million, and CNY 913 million for the same years [3]. Revenue Structure - 99.5% of Mingming Busy’s revenue comes from selling products to franchise and direct stores, with franchise fees and service income accounting for less than 0.5% [4]. - The company has a diverse product range with 3,380 SKUs, including baked goods, snacks, and beverages [3]. Market Strategy - Mingming Busy focuses on the lower-tier market, with approximately 58% of its stores located in county and township areas, covering 1,224 counties in China [8]. - The company aims to provide high-quality, cost-effective products and services across various city tiers [8]. Business Model - The "thin profit, high sales" strategy has resulted in stable gross margins of 7.5%-7.6% and an increase in net profit margin from 1.7% to 2.1% from 2022 to 2024 [9]. - The company has streamlined operations by connecting directly with manufacturers, reducing inventory turnover days to 11.6 days [9]. Franchise System - Mingming Busy has significantly increased its franchise network from 994 in 2022 to 7,241 in 2024, providing comprehensive support to franchisees [6]. - The company employs a standardized management approach while allowing for customized store layouts to meet local demands [6]. Consumer Engagement - The company has achieved over 1.6 billion transactions in 2024, with a membership base of 120 million and a repurchase rate of 75% [10]. - Mingming Busy invests heavily in digitalization, enhancing operational efficiency through advanced systems for inventory and logistics management [10]. Industry Context - The Chinese leisure food and beverage retail market is projected to grow from CNY 3.7 trillion in 2024 to CNY 4.9 trillion by 2029 [10]. - Mingming Busy plans to use IPO proceeds for store expansion, supply chain optimization, and digital infrastructure development to enhance market penetration [10].

Core Insights - Major companies in China are tightening travel budgets, limiting necessary business trips for employees below a certain rank to a maximum of one week per month, with an average travel budget reduction of 15% in the internet sector and 30% in finance for 2024 [1][3] - The shift in travel standards is significantly impacting the hierarchy of business receptions in smaller cities, as high-ranking executives are now opting for mid-range hotels instead of luxury accommodations [1][2] Group 1: Impact on Hotel Industry - Five-star hotels, which previously relied on business travelers for over 60% of their clientele, are facing severe challenges due to the loss of this key customer segment, leading to a 5% decline in average room rates and a 4% drop in occupancy rates in Q3 2024 [3][4] - Mid-range hotel brands like Atour and Qianxi are gaining popularity due to their high cost-performance ratio and quality service, with Atour's retail revenue soaring from 191 million yuan in 2021 to 2.198 billion yuan in 2024 [3][4] Group 2: Changing Preferences in Business Travel - As corporate travel standards decline, mid-range hotels are becoming favored by business travelers, with local single-brand hotels providing services comparable to five-star hotels, thus reshaping the market dynamics [4][5] - High-end single-brand hotels are adapting by offering unique services that cater to the social aspects of business receptions, which are often overlooked by standardized chain hotels [5][6] Group 3: Emerging Trends in County-Level Markets - In county-level markets, 72% of high-end consumers are willing to pay a 20% premium for local cultural experiences, indicating a shift towards personalized service over standardized offerings [6][7] - The rise of hotels like Lanou International, which provide differentiated services and experiences, reflects a growing demand for high-quality, personalized accommodations in smaller cities [6][7]

Group 1 - The company "沪上阿姨" has officially launched its IPO, planning to globally offer 2.41134 million H-shares, with a price range of HKD 95.57 to HKD 113.12 per share, and is expected to list on the Hong Kong Stock Exchange on May 8 [1][3] - The company has introduced two cornerstone investors, with a total subscription amount of approximately USD 9.2155 million (around HKD 71.49 million) [3] - As of the end of 2023, "沪上阿姨" ranks fourth in China's ready-to-drink tea industry with 9,176 stores, and is the leading mid-priced tea brand in northern China, with 99.7% of its stores being franchise operations [3] Group 2 - The company focuses on lower-tier markets, with nearly half of its stores located in third-tier cities and below, which are expected to see the fastest GMV growth from 2023 to 2028 [3] - The projected GMV for 2024 is CNY 10.7 billion, a 10% increase year-on-year, despite a decline in average GMV per store from CNY 1.6 million in 2023 to CNY 1.4 million [3] - The gross profit margin is expected to improve from 30.4% to 31.3% due to economies of scale [3] Group 3 - Analysts predict that the price war in the tea beverage industry will ease by 2025, allowing leading brands to expand while weaker brands may face closure risks [3] - "沪上阿姨" is expected to leverage its first-mover advantage in lower-tier markets and its supply chain integration capabilities to navigate industry differentiation [3] - The company plans to invest further in digital tools and smart manufacturing equipment to enhance supply chain efficiency and product quality [3]

4月28日，内地现制茶饮公司沪上阿姨（上海）实业股份有限公司（简称"沪上阿姨"）开启招 股。 根据公告，沪上阿姨拟全球发售241.134万股H股，其中香港发售股份24.114万股，国际发售股 份217.02万股，另有15%的超额配股权。发售价区间为95.57港元/股至113.12港元/股，每手30 股。 据招股书披露的时间表，沪上阿姨预计将于5月8日在港交所上市。届时，公司将成为继古 茗、蜜雪冰城、霸王茶姬后，今年第四家新茶饮上市公司。 此次IPO，沪上阿姨共引入2名基石投资者，包括盈峰集团旗下的盈峰控股和华宝股份旗下的 华置，合计认购921.55万美元股份（约合7149万港元）。 聚焦下沉市场 规模快速扩张 2013年，首家沪上阿姨门店在上海人民广场开业，开创"现煮五谷茶"，茶饮品牌"沪上阿姨"就 此诞生。 12年过去，沪上阿姨成为中国现制饮品行业头部企业之一。根据灼识咨询资料，以截至2023 年12月31日的门店总数计算，沪上阿姨在国内北方中价现制茶饮店品牌中排名第一，在国内 中价现制茶饮店品牌中排名第三，在国内现制茶饮店行业排名第四。 截至2024年末，沪上阿姨门店网络共有9176家门店。门店网络的扩张 ...

Core Viewpoint - The company "沪上阿姨" is set to launch an IPO, offering 2.41134 million H-shares at a price range of HKD 95.57 to HKD 113.12 per share, with expectations to list on the Hong Kong Stock Exchange on May 8. The new tea beverage market is experiencing a surge in listings, with "蜜雪冰城" breaking the "IPO failure curse," making unique new tea brands attractive to investors [1]. Group 1: Brand and Product Strategy - "沪上阿姨" operates three brands: "沪上阿姨," "沪咖," and "轻享版," covering a wide range of products including fresh fruit tea, milk tea, and coffee, with prices ranging from 7 to 23 RMB, catering to diverse consumer needs [2]. - The company has initiated a brand upgrade in April 2024, achieving 3,524 new brand image stores, demonstrating rapid strategic implementation [2]. - The "轻享版" brand targets cost-sensitive consumers with prices between 2 to 12 RMB, making it suitable for lower-tier markets [2]. Group 2: Market Expansion and Performance - As of 2024, "沪上阿姨" has expanded its store count from 5,307 in 2022 to 9,176 in 2024, reflecting a year-on-year growth of 46.8% and 17.8% respectively, with revenues of 2.2 billion RMB in 2022, 3.35 billion RMB in 2023, and 3.28 billion RMB in 2024 [3]. - The company has maintained operational resilience and steady growth despite increasing competition and diverse consumer demands [3]. Group 3: Competitive Advantages - "沪上阿姨" focuses on the lower-tier market, holding a leading position with over 50.4% of its stores located in these areas, which are projected to be the fastest-growing segment from 2023 to 2028 [5]. - The company has launched over 100 new products annually from 2022 to 2024, showcasing its commitment to innovation and meeting consumer preferences [9]. - A robust supply chain supports the company's extensive market coverage, with 12 logistics bases and 15 cold chain warehouses ensuring quality control and timely delivery of fresh ingredients [9]. Group 4: Investment Potential - The upcoming IPO is seen as a significant milestone for the new tea beverage sector, potentially recalibrating market valuations and attracting investor interest [10].

战略性聚焦下沉市场。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 沪上阿姨 (上海)实业股份有限公司 （以下简称 " 沪上阿姨 "）今起招股、至5 月2日结束，并计划于2025年5月8日正式以"2589"为股票代码在港交所主板挂牌上市。 沪上阿姨 计划在本次 IPO中发行 2,411,340股H股 ，其中香港公开发售 2 41, 1 40股H股 ，国际发 售 2, 170 , 20 0股H股 。 值得注意的是， 截至 2023年12月31日， 沪上阿姨 新店的估计初始投资成本平均约为 275,000 元，低于中国中价现制茶饮店行业约350,000元的平均初始投资成本。截至2024年12月31日，在 沪上阿姨 的 5,455名加盟商中， 有 3 0.0%或1,637名加盟商开设一 家 以上的门店。 2024年，有 48.8%或1,164 家 新加盟店由现有加盟商开设。 2023年 和 2024年，沪上阿姨的季度平均活跃会员分别 为 1,630万人 和 1,760万人； 同期 ，季 度复购率由 42.2%提升至44.3%。 在本次 IPO发行中 ...