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].

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].

Core Insights - The article highlights the rising demand for "light cooking" in households, particularly for hot pot and barbecue, driven by convenience, social attributes, and universal taste preferences, creating a new market for the hot pot and barbecue ingredient supply chain [1] Group 1: Rise of the Lower-tier Market - The disposable income of rural residents increased by 7.6% year-on-year in 2023, coupled with the penetration of e-commerce and logistics networks, leading to a rapid release of demand for quality and convenient ingredients in lower-tier markets [4] - The social attributes of lower-tier markets favor community gatherings, with hot pot and barbecue serving as low-skill cooking options, making them ideal for family and community events [5] - Operating costs in lower-tier markets can be reduced by 40%-60% compared to first-tier cities, with community store models leveraging "online ordering + offline pickup" to enhance profitability [6] Group 2: Supply Chain Restructuring - The supply chain for ingredients in lower-tier markets is undergoing a "de-intermediation" transformation, with regional brands directly sourcing from agricultural bases and central factories, reducing procurement costs and supporting local farmers [7] - The adoption of cold chain logistics technology has decreased food loss rates from 30% to below 15% in lower-tier cities, ensuring product freshness and price competitiveness [8] - Community stores employing a "small store manager" model can create 3-5 flexible job opportunities, fostering a positive entrepreneurial ecosystem [9] Group 3: Challenges and Strategies - To avoid homogenized competition with first-tier cities, companies should develop unique products tailored to regional tastes and offer smaller or combo packaging to cater to smaller family structures [10] - Establishing regional warehousing nodes can enhance supply chain resilience, creating a three-tier network to mitigate logistics uncertainties and reduce stockout risks [10] - Building community trust through private traffic channels like WeChat and short videos can enhance brand credibility via ingredient traceability and cooking tutorials [11] Group 4: Future Outlook - The downward trend in the hot pot and barbecue ingredient market represents a reconstruction of the "people's livelihood economy," where community stores act as nodes connecting urban and rural supply chains, promoting agricultural industrialization and supporting ancillary services [12] - The market for pre-prepared dishes and ingredient supply chains in lower-tier markets is projected to exceed 500 billion yuan by 2025, with community-oriented and social consumption scenarios becoming key growth drivers [12] Conclusion - The narrative of the hot pot and barbecue ingredient economy reflects a gradient shift in the consumption market and validates the endogenous growth logic of China's county economy, leveraging supply chain upgrades to facilitate the bidirectional flow of resources and value reconstruction [13]

来源丨凤凰网财经《IPO观察哨》 2025年的新茶饮上市热潮中，沪上阿姨也终于"熬"出头了。 4月23日，沪上阿姨通过港交所上市聆讯，距离2024年2月14日，其第一次在港交所递交上市申请，已经过去了1年多的时间，2024年12月27日更 新招股书，上市才迎来新进展。 财务数据不算亮眼。根据招股书，沪上阿姨2024年收入为32.8亿，同比下滑1.9%，净利润3.29亿元，同比下滑15.2%。 这是一家主攻下沉市场，高度依赖加盟模式的品牌。2024年，其收入中有96.5%来自加盟相关。2024年，其门店数量为9176家，在三线及以下城 市的门店占比达50.4%。 换句话说，在奔向万店的路途里，三线及以下城市的加盟商——也就是县域里有充裕资金的那群中产，撑起了沪上阿姨业绩的半边天。 通过港交所聆讯后，沪上阿姨将成为第六家上市的新茶饮企业。然而，以加盟模式驱动规模增长，沪上阿姨财务数据却暴露了单店效率下滑、供应 链脆弱性的双重风险。而正在承担风险的，则依旧是加盟商。 01 下沉狂奔，单店效率滑坡 沪上阿姨的主要产品的价格范围在7元至人民币22元。在其高速增长的业绩里，下沉市场的加盟商是重要的"燃料"。 新茶饮大都依 ...

新华财经北京4月25日电 随着城市化进程的加速和消费升级的推动，三线及以下城市消费活力持续释 放。记者了解到，越来越多企业加大了对下沉市场的布局，下沉市场成为企业"掘金"新蓝海。 美团数据显示，县域活跃消费者人数和订单规模均快速增长，2024年美团平台上县域有交易记录的消费 者人数同比增长19.6%，订单规模同比增长22.6%；2024年县域地区外来游客在亲子娱乐、休闲娱乐、 生活美容、餐饮、运动健身等沉浸式生活化场景中的订单量增速均超过50%。 "近几年，怡颗莓在下沉市场的销售增速明显快于一线城市。我们认为，中国的消费增长潜力主要来自 二线以下市场。未来怡颗莓会加大对下沉市场的布局力度。"怡颗莓相关负责人表示。 佳沛电商负责人厉槿焕指出，佳沛希望进一步提升中国下沉市场的渗透率和覆盖率。 业内人士指出，目前我国县域消费领域正表现出市场庞大、层次丰富、场景多元、消费者年龄跨度广等 特征。消费需求日益多样化、个性化的同时，我国县域消费服务也在不断提升。数据显示，我国一些县 域居民收入增速连年超全国平均水平。随着收入增加，消费需求从满足基本生活需求向追求品质生活转 变，对高端家电、智能家居产品、优质教育服务、特色文 ...

Core Viewpoint - The snack industry has undergone significant adjustments in recent years, with traditional giants facing declines while new players like Wanchen Group are rapidly rising [1][3][10]. Group 1: Market Dynamics - Wanchen Group's stock price has surged sixfold since July 2022, making it the top performer among listed companies in the Shanghai and Shenzhen markets [4][5]. - Wanchen Group's market capitalization has surpassed 20 billion, overtaking established players like Three Squirrels to become the industry leader [7]. - The snack industry is experiencing a stark contrast, with traditional giants like Three Squirrels and Laiyifen struggling, while Wanchen Group has reported a revenue increase of 247.9% to 32.33 billion in 2024 [12][11]. Group 2: Business Model and Expansion - Wanchen Group has transitioned from a mushroom cultivation business to a major player in the bulk snack sector, launching its brand "Lvxiaochan" in August 2022 [14][15]. - The company has aggressively acquired multiple snack brands, consolidating them under the "Haoxianglai" brand to streamline operations and expand its market presence [20]. - By 2024, Wanchen Group's store count reached 14,196, nearly doubling from the previous year, with plans to exceed 15,000 stores by March 2024 [20][21]. Group 3: Financial Performance - Wanchen Group's revenue from bulk snacks accounted for 98.33% of its total revenue in 2024, highlighting its focus on this segment [19]. - Despite significant revenue growth, Wanchen Group's gross margin was only 10.76%, well below the industry average of 20.35% [28]. - The company reported a net profit of 294 million in 2024, recovering from a loss of 82.93 million the previous year [12]. Group 4: Competitive Landscape - The bulk snack market is characterized by intense competition, with brands engaging in price wars to attract cost-sensitive consumers [37][42]. - The market is becoming increasingly concentrated, with the top two brands controlling 70% of the market share by late 2024 [48]. - Wanchen Group and its competitor Mingming Hen Mang are leading the market, but both face challenges with low profit margins, hovering around 2% [52]. Group 5: Future Outlook - The bulk snack industry is expected to grow significantly, with projections indicating the number of stores will reach 45,000 by 2025 and the market size will hit 123.9 billion [33]. - Companies are exploring new formats, such as discount supermarkets, to adapt to changing consumer preferences and enhance profitability [60][61]. - Wanchen Group's valuation has reached 84.95 times earnings, significantly higher than industry averages, raising concerns about sustainability amid increasing competition [65].

Group 1: Travel Industry Trends - The popularity of "less crowded niche destinations" has surged by 200% month-on-month, while "less popular family destinations" increased by 100% [1] - The average increase in interest for "self-driving trips" during the May Day holiday is 70%, indicating a preference for flexible and comfortable travel options [1] - The booking cycle for flights during the May Day holiday has shortened significantly, with 55.9% of travelers booking 10 days in advance, reflecting expectations of price fluctuations and cost control [1] Group 2: Company Performance - Mixue Group's stock price has surpassed 500 HKD, reaching a historical high and a market capitalization of 190 billion HKD, with a cumulative increase of over 150% since its listing on March 3 [2] - Jinma Amusement reported a revenue of 119 million CNY for Q1 2025, a year-on-year increase of 22.72%, but incurred a net loss of 664,400 CNY, a decline of 106.83% compared to the same period last year [3] - Zhongxin Tourism is set to sign a strategic cooperation agreement with Ponant Cruises to jointly develop the polar cruise market, focusing on polar exploration and sustainable development [4]