2026年1月6日，鸣鸣很忙通过港交所上市聆讯，成为中国首家冲击港股的量贩零食企业。这家公司仅用七年时间，从湖南长沙的一家零食店发展为全国性连 锁巨头。双品牌合并、近2万家门店、年均增速超200%，一个休闲零食的零售帝国正在悄然崛起。 内容来源：行业资讯 责编丨小逸 排版丨小逸 2754字｜5分钟阅读 截至2025年9月30日，其旗下"零食很忙"和"赵一鸣零食"双品牌已在中国28个省份布局19517家门店，下沉市场渗透率高达66%。 超200%的年复合增长率使其成为食品饮料零售领域增速最快的企业。这标志着中国休闲零食行业正式步入"万店时代"。 惊人的增长数据背后，究竟藏着哪些不为人知的经营秘诀？这家企业如何在竞争激烈的零售赛道中异军突起，甚至改写行业格局？ 鸣鸣很忙的门店网络中，59%深耕县城及乡镇，覆盖1341个县域单元。这种"深度下沉"的渠道策略，精准抓住了中国消费市场的结构性机遇。 随着县域经济崛起和居民可支配收入提升，下沉市场对高品质、多样化零食的需求正加速释放。公司的高质价比产品矩阵恰好填补了这一市场空白。 品牌合体战略：从区域黑马到全国霸主的精准一跃 2017年，"零食很忙"在湖南长沙诞生，创始人 ...

每经记者｜丁舟洋 每经编辑｜文多 12月12日，每日经济新闻联合海南国际经济发展局在海口举办"2025第十四届上市公司发展年会·国际消费新机遇专场"。会上，每日经 济新闻联合QuestMobile发布专属消费趋势报告（以下简称报告）。报告以财经媒体的洞见为市场主体提供穿越周期的战略参考——存 量不是见顶，竞争也并非零和博弈，经济发展从"铺摊子"转向"上台阶"。未来属于兼具创新韧性与长期视野、在提质增效中开辟增量 空间的行动者。 存量竞争，是今年甚至是未来五年的经济发展关键词之一。存量竞争是指在经济增速放缓背景下，经济发展从"铺摊子"转向"上台 阶"，从规模扩张转向质量提升，从争夺新增资源转向优化配置现有资源的竞争模式。 每日经济新闻图 钱与人的流向，往往标注着行业的核心脉络。消费行业虽赛道广阔、细分领域众多，但在存量竞争格局下，分化趋势愈发明显：咖啡 茶饮行业成为资本聚焦的核心，2025年上市与并购活动密集，资本通过整合资源推动行业提质升级；文旅行业则持续领跑消费人流， 前三个季度国内出游人次近50亿，同比增长18%。"出去玩"成为各年龄层的刚性需求，各大文旅景点也成为人流集聚的核心场景。 关键词二 上市浪潮 ...

Core Insights - Luckin Coffee, a brand under Mixue Group, has rapidly expanded its store count, surpassing 10,000 locations in just over 10 months, marking a significant milestone in its growth strategy [1][2] - The brand's aggressive expansion strategy has positioned it as a leading player in the affordable coffee segment, with a competitive pricing strategy that has attracted a large customer base [2][10] - The coffee market in China is experiencing a transformation, with increasing consumer demand and a shift towards affordable options, driven by price wars initiated by competitors [15][18] Expansion and Growth - Luckin Coffee was established in 2017 and began franchising in 2020, accumulating approximately 4,600 stores by 2024 before launching its "10,000 store plan" [1][5] - The brand's store count grew by over 164% year-on-year in the second quarter of 2025, with a significant increase in franchise inquiries, particularly from first-tier cities [7][10] - The company has implemented various support measures for franchisees, including fee waivers and incentives to encourage expansion in less saturated markets [6][7] Competitive Landscape - Luckin Coffee competes with other major brands like Luckin and Kudi, which have also achieved significant store counts, creating a highly competitive environment [2][3] - The brand's pricing strategy positions it as the most competitively priced option among its peers, with an average transaction value of 8.13 yuan [2][10] - The rapid expansion has raised concerns about market saturation and the sustainability of profitability amid intense competition [3][21] Supply Chain and Operational Efficiency - Luckin Coffee benefits from Mixue Group's established supply chain, which includes direct sourcing of coffee beans and a robust logistics network, enhancing its cost control capabilities [10][12] - The company has invested in production capacity, including a new roasting line with an annual capacity of over 20,000 tons, to support its expansion and maintain cost efficiency [12][19] - The operational model leverages standardized processes and experienced management from Mixue Group, which aids in maintaining quality and efficiency across its stores [13][10] Market Trends and Consumer Behavior - The Chinese coffee market is projected to exceed 1 trillion yuan by 2025, with a significant increase in per capita coffee consumption [15][18] - The price wars initiated by competitors have lowered consumer barriers to entry, leading to increased coffee consumption among previously non-coffee drinkers [15][18] - The rise of affordable coffee brands has contributed to a rapid increase in the number of coffee shops, surpassing the growth seen in the tea beverage sector [18][20] Challenges and Strategic Adjustments - Despite rapid growth, franchisees have reported mixed experiences, with increased competition leading to pressure on profitability in densely populated areas [8][21] - The company is tightening its franchisee selection criteria to ensure higher-quality locations and reduce the risk of underperforming stores [21] - Luckin Coffee is also exploring international expansion, having opened its first overseas store in Malaysia, which presents additional operational challenges [13][14]

Core Insights - The snack retail industry is experiencing rapid expansion, with major brands like "Ming Ming Hen Mang" and "Hao Xiang Lai" leading the way through mergers and acquisitions, resulting in a significant increase in store numbers and revenue [1][3][4] - Despite the growth, franchisees face challenges with high initial investment and low profit margins, leading to concerns about the sustainability of the business model [1][9] - The competitive landscape is evolving, with smaller brands finding niches through localized strategies, while larger brands engage in price wars and aggressive expansion [11][14] Industry Overview - The snack retail market in China is projected to reach approximately 1,040 billion yuan in 2024, with a year-on-year growth of 28.6%, and is expected to exceed 1,500 billion yuan by 2027 [11] - Major players like "Ming Ming Hen Mang" and "Wan Chen Group" have reported substantial revenue growth, with "Ming Ming Hen Mang" achieving 393.44 billion yuan in revenue for 2024, a 282.15% increase [8][5] - The franchise model is predominant, with over 99% of "Ming Ming Hen Mang" stores being franchises, highlighting the reliance on franchisees for growth [8] Financial Performance - Wan Chen Group reported a revenue of 323.29 billion yuan for 2024, a 247.86% increase, with a net profit of 2.94 billion yuan, marking a return to profitability [5] - "Ming Ming Hen Mang" also saw a significant increase in net profit, reaching 8.34 billion yuan, a 288.67% rise [8] - Despite the growth in revenue, profit margins remain low, with "Ming Ming Hen Mang" maintaining a gross margin around 7.5% and a net profit margin of only 2.1% [10] Market Dynamics - The rapid expansion of snack retail stores has led to increased competition, with many small brands entering the market and adopting localized strategies to attract customers [11][14] - Franchisees are struggling with profitability, as the average monthly sales for franchise stores have dropped from 12,000 yuan to 8,000 yuan, making it difficult to cover operational costs [9] - The industry is witnessing a shift towards full-category transformation, with brands exploring new product lines such as fresh produce, which presents both opportunities and challenges [15][16]