智通财经APP获悉，近日，中国头部零食饮料连锁零售品牌鸣鸣很忙成功通过港交所上市聆讯，引发行业广泛关注。作为量贩零食赛道的标杆企业，鸣鸣很 忙在门店规模突破万店后，加盟网络未显增长疲态，反而持续保持稳健可持续的中高速扩张态势，其成熟的加盟生态体系与长期商业吸引力得到充分印证。 加盟规模跨越式增长 连续三年净增超100% 港交所披露的招股书数据显示，鸣鸣很忙加盟业务始终保持强劲增长动能，净增长率长期处于行业中高位水平。2022年至 2024年，品牌加盟商净增长率分 别高达142.44%、239.74%、114.42%。 即便在业务规模持续扩大、基数不断抬高的背景下，增长势头依然稳健 ——2025年上半年及前三季度，加盟商净增长率分别实现 15.70%、31.91%。 截至2025 年三季度末，鸣鸣很忙加盟商总数已增至 9552 人，较 2022 年初的 410 人实现量级跨越，这一跨越式增长背后，是市场对品牌商业模式、运营体 系与发展潜力的高度认可。 支撑加盟网络持续扩容的核心，是单店运营数据的稳步向好：2022 年至 2025 年上半年，每家门店日均订单量从 385 单逐步提升至 458 单，2025 年前三 ...

Core Insights - The company, Mixue Ice City, experienced a significant stock surge of 43.21% on its first day of trading in Hong Kong, reaching a market capitalization exceeding HKD 100 billion, but faces operational challenges behind this capital market success [1][3] Group 1: Operational Challenges - The saturation of offline stores is leading to internal competition, with over 40,000 locations across the country, particularly in lower-tier cities, resulting in franchisees competing against each other for customers [1] - Franchisees are struggling financially, with initial investments around CNY 200,000 (including franchise fees, equipment, and renovations) and monthly operational costs of CNY 70,000, necessitating the sale of approximately 400 drinks daily to break even [1] Group 2: Food Safety Concerns - The "overnight lemon" incident highlighted food safety issues, with reports of franchisees resorting to using expired ingredients to avoid losses, indicating a pressure-driven environment that compromises food safety [2] - The company's light asset model relies heavily on sales of raw materials to franchisees, leading to weak control over food safety standards, despite claims of strict ingredient management [2] Group 3: Market Perception and Future Outlook - The contrasting narratives of investor enthusiasm and franchisee grievances create a complex reality for Mixue Ice City, suggesting that the current market valuation may not be sustainable if operational issues are not addressed [3] - The company must shift from a focus on scale to a deeper commitment to value and safety to maintain its market position and avoid potential declines in its high valuation [3]