来源：文轩观察 昔日被高增长光环所部分掩盖的盈利脆弱性、加盟商生态疲态与"规模不经济"等深层困境，将成为每个 财报季都必须直面和回答的核心考题。 1月6日晚，港交所文件显示，湖南鸣鸣很忙商业连锁股份有限公司正式通过上市聆讯，即将以"量贩零 食第一股"身份登陆港股。 依托"零食很忙"与"赵一鸣零食"两大品牌，公司实现了惊人的高速增长。然而，耀眼数据背后，是商业 模式的核心矛盾：在维持万店规模与快速扩张的同时，如何建立可持续的健康盈利？ 上市并非成功的终点，而是对其模式更深层次拷问的开始。 商业模式悖论：低毛利、高周转 鸣鸣很忙的商业模式特征在于其极致的"低毛利、高周转"。 这一模式的核心是依赖 "大牌低价引流+白牌盈利" 的组合策略，通过知名品牌的惊爆价吸引客流，再依 靠利润率较高的自有或代理品牌（白牌）实现主要盈利。 更关键的是，这种"薄利"并未通过"多销"转化为净利润优势。2025年上半年，公司实现营收281.2亿 元，经调整净利润10.34亿元，净利率仅为3.68%，同样低于万辰集团的4.28%。 同时，支撑其扩张的基石，单店效率正在下滑，平均月收入从2024年的31.36万元微降至30.07万元。 规模 ...

Core Insights - The article highlights the impressive sales performance of Pang Dong Lai during the National Day holiday, with total sales reaching 820 million yuan over eight days, driven primarily by supermarket sales [1][5]. - Pang Dong Lai's cumulative sales for the year have surpassed last year's total, reaching approximately 18.17 billion yuan within ten months, indicating strong growth and market presence [5][7]. - The company's unique business model focuses on high turnover and customer loyalty rather than aggressive expansion, with a strategic plan to maintain sales under 20 billion yuan this year [7][9]. Sales Performance - During the National Day holiday, supermarkets generated around 404 million yuan, while other categories like electronics and jewelry also performed well, contributing 100 million yuan and 96.35 million yuan respectively [1]. - The top-performing store, the Times Square store, achieved sales of approximately 218 million yuan, significantly outpacing other locations [3]. - By October 8, the supermarket segment accounted for 55.04% of total sales, with cumulative sales of about 9.973 billion yuan [5]. Business Strategy - Pang Dong Lai adopts a "hive-like layout" strategy, focusing on regional depth rather than broad expansion, with plans to open three new stores in areas already covered by their supply chain [10][11]. - The company emphasizes a controlled expansion approach, learning from past experiences where rapid growth negatively impacted employee satisfaction and customer service [10][11]. - Future store openings include a 50,000 square meter "art-themed supermarket" in Zhengzhou and a 70,000 square meter community commercial complex in Xinxiang, aimed at enhancing local service capabilities [10][11]. Product Strategy - The company maintains strict quality control over its products, focusing on high-quality offerings rather than competing solely on price [12][13]. - Pang Dong Lai's self-owned brand, DL series, has achieved significant sales, contributing to 30% of total sales, with plans to increase this to 50% in the next three years [16][19]. - The company employs a transparent pricing strategy, showcasing product cost structures to build consumer trust and differentiate itself from traditional retail models [18][19]. Market Impact - Pang Dong Lai's model has influenced other traditional supermarkets, leading to significant sales increases after implementing its strategies, such as a tenfold increase in daily sales at a renovated store [21][22]. - The company is expanding its brand presence through partnerships with other retailers, embedding its self-owned products in their stores, which helps mitigate risks associated with direct expansion [23]. - The focus on employee welfare, including profit-sharing and competitive salaries, is highlighted as a key aspect of its operational philosophy, contributing to overall business success [24].