Core Viewpoint - Hunan Mingming Henmang Commercial Chain Co., Ltd. officially listed on the Hong Kong Stock Exchange, becoming the first snack brand to go public in Hong Kong, with a market capitalization of approximately HKD 905.15 billion as of January 29 [3][10]. Company Overview - The company was founded by Yan Zhou and Zhao Ding, with Zhao Ding being the co-founder of Zhaoyiming Snacks. Zhao Ding's entrepreneurial journey began with selling snacks and has evolved into a significant player in the snack retail market [3][4]. - The brand name "Zhaoyiming" is derived from Zhao Ding's son, symbolizing a commitment to careful management akin to raising a child [5]. Market Position and Growth - The company has experienced rapid growth, with a projected gross merchandise volume (GMV) of HKD 555 billion in 2024, making it the largest leisure food and beverage retail chain in China [9]. - In the first three quarters of 2025, the company achieved total revenue of HKD 464 billion and an adjusted net profit of HKD 18 billion, equating to over HKD 660 million in daily earnings [9]. IPO Details - The IPO involved issuing 15,511,200 H-shares at a price of HKD 236.60 per share, raising approximately HKD 36.7 billion. The public offering was oversubscribed by 1,899.49 times, marking one of the highest subscription rates for consumer IPOs in recent years [10]. - The company attracted a prestigious group of cornerstone investors, with eight investors collectively subscribing to approximately USD 195 million (around HKD 15.20 billion) [10]. Leadership and Ownership - Following the IPO, Yan Zhou and Zhao Ding's net worth exceeded HKD 200 billion and HKD 190 billion, respectively, based on their shareholding percentages of 24.06% and 21.19% [11].

三只松鼠主营业务净利润下跌超79% 三个月内两次涨价 同样是卖零食，三只松鼠是零食品牌商，同时兼营零售渠道；万辰集团则是量贩零食渠道商，同时也有 一些自有品牌。对比往年，三只松鼠去年的净利润水平已经低于2024年、2023年，而万辰集团净利润则 与前两年一样，仍在快速增长。 除了披露净利润外，业绩预告显示，三只松鼠预计，2025年，其扣除非经常性损益的净利润为4500万元 至6500万元，同比下降了79.64%至85.91%。也就是说，其主营业务净利润下降得更快。 同样是卖零食，同一天发布业绩预告的三只松鼠和万辰集团，业绩冰火两重天。 对于业绩变动，三只松鼠称，2025年度，公司坚定贯彻"高端性价比"总战略，并向品质化和差异化持续 升级。由于2025年度销售旺季（年货节）结构性错档、坚果原料价格较大幅度上涨、主动调整销售结构 （优化传统店型、整合渠道资源、缩减低效品类等），综合导致利润下滑。与此同时，公司抢抓社区零 售新赛道机遇，推出全品类自有品牌"生活馆"新店型，配套打造基于生鲜和现制的"中央厨房"，聚焦长 期高质量增长，前期战略性投入进一步影响阶段利润产出。 1月29日，三只松鼠发布业绩预告称，2025年 ...

Core Viewpoint - Hunan Mingming Henbang Commercial Chain Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 28, becoming the "first stock of snack retail" in Hong Kong, with its stock price surging 88% on the first day of trading, reaching a market capitalization of over HKD 90 billion, setting a record for the largest IPO in China's snack industry [2] Group 1: Company Overview - Mingming Henbang was formed by the merger of "Snacks Henbang" and "Zhao Yiming Snacks" at the end of 2023, and as of September 2025, it has opened nearly 20,000 stores, averaging almost 20 new stores per day [3] - The founder, Yan Zhou, attributes the company's success to a simple philosophy of making good snacks affordable and accessible to consumers [3] Group 2: Competitor Activity - Meanwhile, Wanchen Group has initiated its listing process, submitting an application to the Hong Kong Stock Exchange in September 2025, aiming for a dual listing in both A-shares and H-shares [4] - Wanchen Group's brand "Haoxianglai" has also seen rapid growth, with its store count surpassing 15,000 by June 30, 2025, and total revenue increasing from CNY 9.3 billion in 2023 to CNY 32.33 billion in 2024, a year-on-year growth of 247.9% [6] Group 3: Supply Chain Efficiency - Both companies have transformed traditional retail supply chains, with Wanchen Group sourcing about 95% of its products directly from manufacturers, resulting in retail prices that are approximately 20% to 30% lower than traditional supermarkets [7] - Mingming Henbang also employs a direct sourcing model, achieving prices about 25% lower than traditional offline supermarkets [7] - Wanchen Group has established a robust logistics network with 51 ambient warehouses and 13 cold chain warehouses, reducing replenishment cycles to "T+1," while Mingming Henbang has set up 48 smart distribution centers for 24-hour delivery within a 300 km radius [7] Group 4: Consumer Experience - The success of snack retail stores is attributed to redefining the consumer experience from merely "buying" to an enjoyable "browsing" experience [8] - Wanchen Group's "Haoxianglai" aims to create a shopping space that integrates shopping, entertainment, and social interaction, with differentiated store layouts based on various consumer scenarios [10] - Mingming Henbang utilizes digital tools like the "全民选品" app to capture consumer preferences and collaborate with manufacturers to create popular products [10] Group 5: Market Potential - The snack retail sector is projected to have significant growth potential, with the Chinese snack food and beverage retail market exceeding CNY 3.7 trillion and continuing to grow steadily [12] - The market is experiencing two key structural changes: a shift towards specialized retail models and a continued expansion into lower-tier markets, which are becoming the main drivers of growth [12] - Estimates suggest that there is potential for approximately 74,000 snack retail stores nationwide, with an expected increase of about 24,000 stores by 2025 [12]

Core Viewpoint - Mingming is officially listed on the Hong Kong Stock Exchange, marking a significant milestone for the company as the largest leisure food and beverage retail chain in China [1] Company Summary - Mingming's stock rose by 4.29% to HKD 437.8, with a trading volume of HKD 100 million [1] - The company operates two major brands: "Snacks Busy" and "Zhao Yiming Snacks" [1] - According to the prospectus, Mingming is a leader in the food and beverage wholesale model in China [1] Financial Performance - According to招商证券, the adjusted net profits for Mingming are projected to reach RMB 2.52 billion, RMB 3.39 billion, and RMB 4.37 billion for the years 2025 to 2027 respectively [1] - For the first three quarters of the previous year, the company's GMV, revenue, and adjusted net profit were RMB 66.1 billion, RMB 46.4 billion, and RMB 1.81 billion, reflecting growth rates of 73%, 75%, and 241% respectively [1] Market Position and Strategy - The company is expected to have approximately 21,000 stores by November 30, 2025, indicating a rapid expansion strategy [1] - The retail channel for bulk snacks is significantly more efficient, and the company is anticipated to continue increasing its market penetration and maintain a fast pace of store openings [1] - The industry is seeing a concentration of market share towards leading companies, with Mingming's strong team and superior supply chain, warehousing, distribution, and branding capabilities expected to enhance its competitive position [1]

Company Overview - The company is a leading player in the domestic bulk snack market, operating two major brands: "零食很忙" and "赵一鸣零食," which was rebranded to "鸣鸣很忙集团" in 2023 after the merger [1] - The company's stable shareholding structure includes founders holding approximately 36% and 29%, with other investors like 好想你, 红杉, and 黑蚁 holding 6%, 7%, and 4% respectively [1] - The management team is experienced and youthful, well-suited to meet the demands of the snack industry [1] Financial Performance - As of November 30, 2025, the company is projected to have a total of 21,041 stores, with a GMV of 66.1 billion (+73%) and revenue of 46.4 billion (+75%) for the first three quarters of 2025 [1] - The adjusted net profit is expected to reach 1.81 billion (+241%) [1] Industry Insights - The leisure food and beverage industry is valued at approximately 4 trillion, with the bulk snack category around 1.8 trillion [2] - Traditional retail channels are declining, while the bulk snack segment is expected to grow significantly, with a projected market size of 129.7 billion by 2024 and a CAGR of 77.9% from 2019 to 2024 [2] - The company currently holds about 43% market share, with its closest competitor at 32%, indicating a strong competitive position [2] Competitive Advantages - The company excels in supply chain management, offering a diverse product range with precise selection and strict quality control [2] - It collaborates with quality suppliers for direct supply and customization, supported by an efficient logistics system [2] - The company leads in store expansion and operational quality, with a strong focus on training and empowering franchisees [2] Investment Outlook - The company is expected to maintain a rapid store opening pace and improve market penetration, with profits gradually increasing [3] - Projected adjusted net profits for 2025, 2026, and 2027 are estimated at 2.52 billion, 3.39 billion, and 4.37 billion respectively [3] - The initial coverage rating is "strongly recommended" [3]

每经AI快讯，万辰集团1月29日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润12.3亿元 ~14亿元，同比增长319.05%~376.97%。业绩变动主要原因是，量贩零食零售业务。经过多年快速发 展，公司门店数量持续增长，旗下"好想来品牌零食"已成为全国知名连锁品牌，市场领先地位和规模效 应日益稳固。2025年，公司在全国多个省市取得较强的区域优势，销售规模较2024年大幅增加；在规模 扩张的同时，公司聚焦核心竞争力建设，系统性强化供应链与商品力、仓储物流体系、数字化及组织精 细化管理、品牌市场赋能与会员运营等关键环节，并健全优化公司长效激励机制，充分激发组织活力与 团队动能。多措并举之下，公司的销售规模以及销售利润率显著上升，2025年量贩零食业务预计实现营 业收入500亿元~520亿元，同比增长57.28%~63.57%，加回计提的股份支付费用后实现净利润22亿元~26 亿元，净利润率为4.4%~5.1%。 （记者 曾健辉） 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 ...

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") officially listed on the Hong Kong Stock Exchange on January 28, becoming the first "bulk snack stock" in Hong Kong, with significant pre-listing trading activity and a market capitalization reaching 95 billion HKD [2][9]. Company Overview - Mingming Hen Mang Group was formed by the merger of two brands: "Snacks Hen Mang" and "Zhao Yiming Snacks." The first store of "Snacks Hen Mang" opened in Changsha, Hunan in 2017, followed by "Zhao Yiming Snacks" in Yichun, Jiangxi in 2019 [5]. - In November 2023, "Snacks Hen Mang" completed the acquisition of "Zhao Yiming Snacks," rebranding as Mingming Hen Mang Group while maintaining independent operational systems for both brands [6]. Financial Performance - The company has shown remarkable growth in Gross Merchandise Value (GMV), with "Zhao Yiming Snacks" increasing from 1.375 billion CNY to 29.324 billion CNY and "Snacks Hen Mang" rising from 13.95 billion CNY to 26.207 billion CNY in 2024. By the first nine months of 2025, the total GMV reached 66.06 billion CNY [6]. - Revenue and profit have consistently increased, with revenues of 4.286 billion CNY, 10.295 billion CNY, 39.344 billion CNY, and 46.371 billion CNY from 2022 to 2025, showing year-on-year growth rates of 140.22% and 282.15% for 2023 and 2024, respectively [6][7]. - Adjusted net profits also surged, with figures of 0.81 billion CNY, 2.35 billion CNY, 9.13 billion CNY, and 18.10 billion CNY for the same periods, reflecting year-on-year growth of 188.1% and 288.7% for 2023 and 2024 [6][7]. Business Model and Competitive Advantage - The company maintains a "low-margin, high-volume" business model, with gross margins below 10% and net margins of 1.67%, 2.11%, and 3.36% over the reporting period [7]. - Mingming Hen Mang's competitive edge lies in eliminating intermediaries, leveraging economies of scale for pricing advantages, and operating over 2,500 factories for direct supply to stores [7]. - As of November 30, 2025, the company had expanded to 21,000 stores across 28 provinces, marking a net increase of 14,400 stores in less than two years [7]. Capital Market Activity - The IPO process faced challenges, with the company initially applying in April 2025 and resubmitting materials after a six-month delay. It became the first company to pass the hearing for IPO on the Hong Kong Stock Exchange on January 6, 2026 [9]. - The IPO raised approximately 3.287 billion HKD, with net proceeds of about 3.124 billion HKD, allocated for supply chain enhancement, store network upgrades, brand promotion, and technology improvements [9]. Future Outlook - The listing on the Hong Kong Stock Exchange signifies a new phase of transparency and stability for the company, with plans to focus on consumer needs and invest in store networks, supply chains, and product safety systems [10]. - However, as the bulk snack market becomes increasingly saturated, the company must identify new growth avenues beyond scale advantages [10].

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 招商证券发表研报，首予鸣鸣很忙"强烈推荐"评级。该行指，鸣鸣很忙为国内量贩零食龙头，公司 旗下包含零食很忙及赵一鸣零食两大品牌。截至2025年11月30日，公司总门店数约2.1万间，去年首三 季GMV、收入及经调整净利润分别达661亿、464亿及18.1亿元，增长73%、75%及241%。该行认为， 量贩零食渠道效率大幅领先，预计公司将持续提升渗透率并保持快速开店节奏。目前行业份额加速向龙 头集中，公司的团队优质，供应链、仓配、拓展、品牌等多方面均领先，行业规模效应下预计强者恒 强，公司份额进一步提升，利润逐步释放。 ...

Core Viewpoint - The company, Mingming Hen Mang (01768), is rated as "strongly recommended" by China Merchants Securities, highlighting its leading position in the bulk snack industry and expected profit growth due to its efficient supply chain and brand strength [1][2]. Group 1: Company Overview - The company operates two major brands: "Snacks Are Busy" and "Zhao Yiming Snacks," with a stable ownership structure where the founders hold approximately 36% and 29% of shares, respectively [2]. - As of November 30, 2025, the company has 21,041 stores, with a GMV of 66.1 billion (+73%) and revenue of 46.4 billion (+75%) for Q1-Q3 [2]. Group 2: Industry Dynamics - The leisure food and beverage industry is valued at approximately 4 trillion, with the bulk snack segment around 1.8 trillion; traditional retail channels are declining while bulk snacks are gaining market share [3]. - The bulk snack market is projected to reach 129.7 billion by 2024, with a CAGR of 77.9% from 2019 to 2024 [3]. Group 3: Competitive Advantages - The company excels in supply chain management with a diverse product range, rapid SKU iteration, and strict quality control, supported by partnerships with quality suppliers [4]. - The company leads in store expansion and operational efficiency, with a strong focus on site selection, training, and brand building, enhancing the quality of new store openings [4].

每经记者｜李旭馗 每经编辑｜程鹏 张益铭 1月28日，"量贩零食第一股"鸣鸣很忙（HK01768）正式登陆港交所，开盘股价涨超88%，市值直接突破920亿港元，随后股价回调。截至当日收盘，鸣鸣 很忙报400港元/股，涨69.06%，总市值862.04亿港元。此前在公开发售阶段，公司认购倍数超过1500倍，包括腾讯、淡马锡、贝莱德等在内的8家基石投 资者合计认购超15亿港元。 公开资料显示，鸣鸣很忙拥有"零食很忙"和"赵一鸣零食"两个品牌。两个品牌的创始人均不到40岁。 然而，在上市仪式现场，《每日经济新闻》记者注意到，与其他公司董事长通常在敲锣时所穿的定制西装不同，鸣鸣很忙创始人、董事长兼CEO晏周的这 身"行头"显得相当低调、简单与朴素。他身穿一件胸口印有鸣鸣很忙标识的白色卫衣和一条卷边的灰色牛仔裤，脚踩一双白色休闲鞋。卫衣的衣摆前侧折 起，后侧垂落，不知道是不是晏周故意的穿搭巧思。当天，鸣鸣很忙到场的员工都穿着同样的白色卫衣，身在其中的晏周更像是一名员工代表。 晏周是一个典型的"草根"创业者。公开资料显示，晏周，1987年出生于湖南长沙，2024年7月，晏周从国家开放大学工商企业管理专业毕业。他早年在房 ...