Group 1 - The company achieved revenue of 10.82 billion yuan in Q1 2025, a year-on-year increase of 124.0% [1] - The net profit attributable to shareholders reached 210 million yuan, up 3344.1% year-on-year, while the net profit excluding non-recurring items was also 210 million yuan, reflecting a year-on-year increase of 10562.3% [1] - The snack wholesale business maintained a doubling growth trend, with revenue of 10.688 billion yuan in Q1 2025, a year-on-year increase of 127.6% [1] Group 2 - The net profit margin of the wholesale business significantly improved quarter-on-quarter, with a net profit of 412 million yuan after excluding share-based payment expenses, resulting in a net profit margin of 3.85% [1] - The gross profit margin for Q1 2025 was 11.0%, an increase of 1.2 percentage points year-on-year, while the sales/management expense ratio decreased by 0.7% and 0.5% year-on-year, respectively [1] - The company expects to see continued growth in profitability, with revised net profit forecasts for 2025-2027 of 944 million, 1.257 billion, and 1.608 billion yuan, representing year-on-year increases of 221.68%, 33.18%, and 27.85%, respectively [2]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company demonstrated strong competitive advantages in its business model, with a significant revenue increase of 124% year-on-year in Q1 2025, reaching 10.82 billion yuan, and a notable rise in net profit to 215 million yuan from 6 million yuan in Q1 2024 [1][2] - The snack retail business achieved revenue of 10.69 billion yuan in Q1 2025, with a net profit margin of 3.85%, reflecting a sequential improvement of 1.11 percentage points from Q4 2024 [2] - The company is expected to maintain a strong return on equity (ROE) of 47.1% in 2025, with projected net profits of 978 million yuan and a revenue forecast of 54.77 billion yuan [3] Summary by Sections Revenue and Profitability - The company reported total revenue of 10.82 billion yuan in Q1 2025, a 124% increase year-on-year, and a net profit of 215 million yuan, compared to 6 million yuan in Q1 2024 [1][2] - The gross profit margin for Q1 2025 was 11%, an increase of 1.2 percentage points year-on-year, while the sales expense ratio and management expense ratio decreased by 0.7 and 0.5 percentage points, respectively [2] Business Model and Competitive Advantage - The company’s snack retail business continues to show strong competitive advantages, with a significant number of stores (14,196) contributing to its market position [2] - The business model is characterized by "low margin, high turnover," with inventory turnover days maintained at 15-16 days, indicating efficient inventory management [2] Future Projections - Revenue and net profit forecasts for 2025 and 2026 are 54.77 billion yuan and 19.2 billion yuan, and 67.19 billion yuan and 25.3 billion yuan, respectively, with an upward adjustment in net profit for 2025 to 980 million yuan [2][3] - The company is expected to continue improving its return on equity, with projections of 47.1% in 2025 and 38.7% in 2026 [3]

21世纪经济报道记者 唐唯珂 广州报道 鸣鸣很忙采用薄利多销策略，其特点是毛利率不高，但通过高坪效、低费用率和高周转实现单店盈利。 根据招股书披露，2022至2024年，鸣鸣很忙毛利率在7.5%-7.6%区间，净利润率则从1.7%提升至 2.1%，经调整后净利润率稳定在2.3%水平。 4月28日晚间，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）向港交所递交上市申请， 高盛、华泰国际为联席保荐人。 公开信息显示，鸣鸣很忙拥有"零食很忙"和"赵一鸣零食"两个品牌，两个品牌发源和覆盖地域不同。其 中"零食很忙"于2017年3月成立于湖南长沙，"赵一鸣零食"于2019年1月成立于江西宜春。2023年11 月，"零食很忙"与"赵一鸣零食"合并为"鸣鸣很忙"集团。公司在合并后保持双品牌策略，在经营管理环 节进行融合。 招股书披露，鸣鸣很忙2024年门店零售额（GMV）达555亿元人民币，全年交易单数超过16亿。根据弗 若斯特沙利文报告，按2024年GMV计，鸣鸣很忙是中国最大的休闲食品饮料连锁零售商，并位列中国 第四大食品饮料连锁零售商。截至2024年12月31日，鸣鸣很忙共有14394家门店。 以鸣鸣很忙为 ...

零食量贩迎来 2.0 时代 行业研究丨深度报告丨食品加工与肉类 [Table_Title] 休闲零食行业洞察之渠道篇（二）：拥抱全品类， %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 在性价比消费趋势下，零食量贩实现从 0 到 1 的快速发展，门店已超过 4 万家。随着零食量贩 行业日渐饱和，各品牌开始谋求向全品类硬折扣业态转型。本文通过复盘乐尔乐、奥乐齐两大 知名硬折扣品牌，寻找硬折扣成功的要素，更进一步从品类、消费者画像、盈利能力多方面对 零食量贩 2.0 模式进行展望。 分析师及联系人 [Table_Author] 董思远 冯萱 SAC：S0490517070016 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 [Table_Title 休闲零食行业洞察之渠道篇（二）：拥抱全品类， 2] 零食量贩迎来 2.0 时代 [Table_Summary2] 依托渠道发展，休闲食品行业几经变换 中国休闲食品行业规 ...

分渠道来看，2025Q1传统渠道相对承压较大，一方面新零售渠道快速发展，抢占线下传统商超的需求， 另一方面公司主动进行传统渠道网点优化。同时公司积极拥抱零食专营连锁渠道，2024年与头部零食专营 系统达成合作，2025Q1积极开拓中腰部零食专营系统，Q1实现收入4644.6万元，环比2024Q4增加614.9万 元，零食量贩渠道保持环比提速，全年预计将实现较好收入增量。 成本上涨叠加业务结构变化导致毛利率下降，费用率有所提升，净利率下降2025Q1公司毛利率同 比-7.32pct至31.38%，一方面部分原材料价格有所上涨，另一方面零食专营渠道和原料销售业务毛利率相 对较低。Q1销售费用率/管理费用率/研发费用率/财务费用率分别同比+0.14pct/+1.53pct/-0.03pct/+0.36pct， 公司期间费用率有所提升。综合来看，Q1净利率同比-7.27pct至7.63%。 主业需求承压，新渠道开拓较好，维持"增持"评级 欢乐家2025Q1收入4.5亿元，同比-18.5%，归母净利润0.3亿元，同比-58.3%。收入业绩仍有承压，我们下 调2025-2026年盈利预测，并新增2027年盈利预测，预计2 ...

还记得小时候，为了买心仪的零食，要攒好久零花钱，在小卖部前徘徊半天。如今，零食量贩店如 雨后春笋般出现在街头巷尾。它们如哆啦A梦的口袋，装满了各种美味，还价格亲民。这是怎么做 到的？又会怎样改变我们的零食消费习惯呢？ 零食量贩店如何实现快速扩张？ 独特经营模式：零食量贩店的 "成功密码" 未来展望：零食量贩店的 "星辰大海" 1 2 3 本期要点荟萃 这些店铺选址大多在社区和商业街，方便消费者购买，能覆盖周边1-1.5km的范围。在这里，你可 以用更实惠的价格买到心仪的零食，品牌产品零售价比传统商超低20%-40%，客单价多在30-40 元每人次，性价比很高。不仅如此，零食量贩店还会每月更新100+新品，定期淘汰复购低的产品， 让消费者始终有新鲜感。 分享人 | 武雨欣 （中金公司研究部食品饮料行业分析师） 01 零食量贩店如何实现快速扩张？ 时光回溯到 2021 年，当时的零食市场正悄然发生着变化。消费者对于零食的需求不再仅仅满足于 传统渠道提供的有限选择和价格。资本如敏锐的猎手，纷纷涌入零食量贩赛道。 2021-2022年资 本介入后，零食量贩门店加速扩张 ，据北京商报，2021年底约0.25万家，202 ...