1月6日，港交所网站显示，湖南鸣鸣很忙商业连锁股份有限公司（下称"鸣鸣很忙"）披露聆讯后资料集，公司正式通过港交所上市聆讯，即将成为港股 的"量贩零食第一股"。 鸣鸣很忙用持续高增的业绩与稳健充裕的现金流，展现了新兴零售业态的可持续"造血"实力与成长韧性。 在港股消费板块估值分化加剧的背景下，鸣鸣很忙重构"人货场"销售模式，以效率为核心，专注于供应链优化与门店网络扩张，以硬折扣的模式深度获 客，形成独特的赛道壁垒，填补了港股市场零食专卖量贩式业态的资本真空。 图片来源：招股书 双方战略合并后，鸣鸣很忙迅速成为零食饮料零售赛道的标杆。通过"统一供应链、标准化运营、共享数字化体系"快速消除区域壁垒，鸣鸣很忙走向全国 领域的零售生态圈层。 招股书显示，截至2025年9月30日，鸣鸣很忙的在营门店数已经增至19517家门店。另据媒体报道，2025年9月，鸣鸣很忙的签约门店已经突破了2万家。鸣 鸣很忙约59%的门店位于县城和乡镇。截至2024年12月31日，其门店网络已覆盖1224个县，在所有县城中覆盖率达到约66%。截至2025年9月30日，门店 网络进一步覆盖1341个县。 规模优势的扩大，不仅缩短了全国布局的时间 ...

Core Insights - The article highlights the role of Guangzhou Banghai International Freight Forwarding Co., Ltd. in enhancing the efficiency and standardization of cross-border logistics between Fujian and the Philippines, establishing itself as a benchmark in the regional logistics service industry [2] Company Scale - Guangzhou Banghai International has a registered capital of 5 million RMB and has established four branches in the Pearl River Delta region, creating a logistics network that covers the core economic belt of South China [3] - The company has invested in three modern warehousing centers with a total area exceeding 20,000 square meters, significantly improving cargo distribution efficiency and reducing transit time by over 40% [3] - The three warehouses handle an average of over 2,000 cubic meters of cargo daily, with peak processing capacity reaching 5,000 cubic meters per day during busy seasons [3] Resource Integration - The company has formed strategic partnerships with 12 global shipping companies, achieving a space guarantee rate of over 95% for its shipping routes to the Philippines [5] - By integrating sea, land, customs, and warehousing services, the company offers a "door-to-door" service that reduces overall logistics time from the industry average of 15-20 days to 10-14 days, achieving a customer satisfaction rate of 98.7% [5] Service Capability - Guangzhou Banghai International processes over 500,000 cubic meters of cargo annually, serving clients across various sectors including manufacturing, trading, and e-commerce [6] - The company has developed three core product lines: standard sea freight services, e-commerce dedicated lines with a "72-hour rapid customs clearance" option, and customized logistics solutions for special cargo [6] - The customer repurchase rate stands at 82%, with over 60% of clients being long-term partners, including several manufacturers with annual export volumes exceeding 100 million RMB [7] Technology-Driven - The company has developed a logistics tracking system to enhance operational transparency, allowing clients to monitor cargo status in real-time and reducing communication costs [8] - AI algorithms are utilized to optimize transportation routes, improving delivery time stability by 25% [8] Industry Recognition - Guangzhou Banghai International has been recognized as a "Quality Logistics Service Provider" for three consecutive years by the Fujian Provincial Logistics Association and ranks among the top three in customer satisfaction surveys [11] - The company aims to expand its annual processing volume to 800,000 cubic meters within three years while continuing to deepen collaborations with shipping companies and ports [11]

Core Viewpoint - The company has developed an upgraded risk management and settlement system tailored for its futures risk management business, addressing the inefficiencies of traditional ERP systems and enhancing operational efficiency and risk control capabilities [2][7]. Group 1: System Development and Features - The new system aims to eliminate data silos and improve real-time data sharing across various functions such as trading, financial settlement, and risk monitoring [3]. - It features an automated matching engine for futures and spot transactions, significantly improving matching efficiency and reducing manual errors [4]. - The system incorporates a proactive risk control mechanism that shifts risk management from post-trade checks to real-time monitoring, effectively mitigating compliance risks and excessive exposure [4]. Group 2: Implementation Phases - The project is being implemented in three phases: 1. Establishing a spot trading system with multi-dimensional analysis and risk warning capabilities [6]. 2. Developing a futures trading data service system that automates profit calculations and links futures records with spot contracts [6]. 3. Migrating the financial system and adding a cash usage forecasting feature to monitor account balances and predict future cash trends [6]. Group 3: Industry Impact and Benefits - The system has significantly enhanced risk management efficiency, enabling dynamic cost control and precise warnings, thus helping companies avoid risks associated with commodity price fluctuations [8]. - The modular architecture of the system supports various business types, including chemicals and agricultural products, making it adaptable for different industry needs [8]. - The successful implementation of the project has attracted interest from other risk management companies and received high praise from external organizations, demonstrating its potential as a model for integrating technology into risk management and supporting the real economy [8].

机构：中金公司 研究员：蒋菱钢/林思婕/查玉洁 潜在催化剂：国内同店恢复表现超预期，国内开店进展超预期。 盈利预测与估值 我们预计公司25~27 年EPS 分别为0.61/0.68/0.8 元，25~27 年CAGR 为15%。当前对应26 年P/E 12 倍。 首次覆盖给予跑赢行业评级，目标价11.6 港元，对应26 年P/E 15 倍，上行空间30%。 风险 开店进展不及预期，行业竞争加剧，食品安全风险。 投资亮点 首次覆盖小菜园（00999）给予跑赢行业评级，目标价11.60 港元，基于P/E 估值法，对应26 年15x P/E，按24 年收入算，公司是国内休闲中式餐饮排名第二的企业。理由如下： 门店规模扩张及单店模型优化，进入加速扩张期。1）门店扩张方面，小菜园门店采取全直营模式，截 至2025 年6 月30日，公司一共有672 家在营门店。凭借自有供应链及门店标准化运营等核心竞争力，公 司持续加密国内强势区域及开拓准新市场，我们看好小菜园国内门店扩张潜力；2）单店模型优化方 面，虽然1H25 同店表现承压，但小菜园通过将门店面积从300 平米降至220 平米，实现了租金和人员成 本等各项费用率的下降 ...

Core Insights - The Chinese coffee market is experiencing intense competition, shifting from price wars to a focus on supply chain management, digital operations, and penetration into lower-tier markets [1][2][9] - The transformation in coffee consumption culture is evident, with coffee evolving from a "social consumption" to a "daily consumption" product [1][2] Market Dynamics - Domestic brands like Luckin Coffee have disrupted the market traditionally dominated by international players such as Starbucks and Costa by leveraging delivery and digital ordering models [2][3] - The proportion of consumers drinking coffee during daily activities has reached 47.89% [2] - The per capita annual coffee consumption in China is projected to rise from 6 cups in 2016 to 22 cups by 2024, with significant growth in second and third-tier cities [2] Brand Expansion - Major coffee brands such as Luckin, Kudi, and others have surpassed 10,000 stores, with Luckin nearing 30,000 locations [3] - Starbucks operates approximately 8,000 stores in China after 26 years, while some mid-tier brands have seen slower growth or even a decline in store numbers [3] Strategic Shifts - International brands are seeking strategic partnerships and restructuring to adapt to the changing market landscape, with Starbucks forming a joint venture with Boyu Capital to enhance local market expertise [8] - The competition is shifting from brand premium to efficiency and scale, with domestic brands likely to dominate the market [4] Pricing Trends - Coffee prices have been declining, with average consumer spending on coffee dropping from 41 yuan in September 2023 to 26 yuan by September 2025 [6] - The percentage of coffee shops with prices below 15 yuan has increased from 29.8% to 36.9% within a year [6] Challenges and Innovations - Coffee brands face challenges such as high costs, price pressures, and severe product homogeneity, leading to decreased consumer loyalty [7] - Brands are exploring various strategies to enhance value, including launching budget sub-brands and utilizing technology to reduce costs [7] Supply Chain Importance - The competition is increasingly focused on supply chain integration, with companies aiming to control costs and ensure quality from sourcing to retail [9][10] - Fluctuations in coffee bean prices have prompted brands to secure long-term procurement agreements and invest in roasting facilities to stabilize costs [9][10] Future Outlook - The coffee industry is expected to undergo a "de-bubbling" reshuffle, leading to increased market concentration and the emergence of brands that leverage unique supply chains and localized operations [11] - The market is transitioning from price-driven competition to efficiency-driven value competition, emphasizing the need for brands to establish comprehensive value chains [11]

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 ...

Core Insights - The article discusses the dual strategy of Sena Left Bank, balancing "slow craftsmanship" with "fast response to the times" in the evolving Chinese coffee market, which is entering a mature phase [1] Group 1: Brand Strategy - Sena Left Bank has adopted a dual brand strategy to meet new consumer demands, with its core brand focusing on larger coffee and dining spaces while the "New Left Bank Café" targets younger consumers with affordable quality coffee [3][4] - The core brand has over 900 stores, primarily located in key commercial areas like airports and universities, serving as a social hub for consumers [3] - The "New Left Bank Café" emphasizes a small store model and open production, catering to the younger generation's desire for fresh, visible quality [4] Group 2: Quality Control - Sena Left Bank maintains a strong focus on quality throughout its supply chain, from sourcing local Yunnan coffee beans to collaborating with global coffee-producing regions [6] - The brand has implemented various health-conscious product lines and innovative cooking techniques to enhance flavor while adhering to consumer preferences [6] Group 3: Franchise Support - The company has developed a comprehensive support system for franchisees, integrating talent development, data analytics, and operational assistance [8] - A three-dimensional talent model ensures that franchisees receive expert guidance, while digital tools enhance operational efficiency and reduce risks [8] Group 4: Market Adaptation - Sena Left Bank is innovating its consumer experience by creating diverse coffee shop formats and leveraging digital tools to enhance customer engagement [11] - The brand's strategy includes localized operations and partnerships to adapt to different market needs, thereby increasing its appeal [11] Group 5: Future Outlook - The chairman predicts that the Chinese coffee market will continue to evolve, with trends such as deep market penetration and local innovation shaping the future [13] - Sena Left Bank aims to strengthen its product development and digital capabilities while expanding into lower-tier markets, ensuring its brand remains relevant and competitive [13]

Core Insights - Hema achieved a significant milestone in 2025 by surpassing a GMV of 75 billion yuan and turning its adjusted EBITA positive for the first time, ending a seven-year loss streak and becoming the first self-operated instant retail platform to achieve scalable profitability [1][13][17] - The company's transformation from "trial and error" to "strategic focus" is evident in its dual business model of "Hema Fresh" and "Super Box" combined with a multi-layered retail network [1][2] Business Model and Strategy - Hema's dual business strategy allows for comprehensive coverage of "all customer groups + all scenarios," with Hema Fresh targeting the mid-to-high-end market and Super Box focusing on community discount retail [3][8] - The company opened 72 new stores in 2025, bringing the total to over 420 across more than 50 cities, with membership exceeding 40 million [1][3] Operational Efficiency - The reintroduction of the front warehouse business is integrated into a "1 store + N warehouses" ecosystem, enhancing delivery efficiency with 89% of orders delivered within 30 minutes [4][5] - Hema's operational costs have decreased by 18%, and inventory turnover days have been reduced to 28 days, laying a solid foundation for profitability [4][13] Product Innovation - Hema's self-owned brand accounted for 35% of sales in 2025, with the "Hema MAX" brand achieving a gross margin exceeding 40%, driving profit growth [8][9] - The company has successfully launched products tailored to consumer needs, such as "30-minute ready-to-cook meals" and "low-calorie light meals," which have seen high sales and repeat purchase rates [9][10] Market Position and Growth Potential - Hema's market value has doubled from 40 billion yuan in 2024 to 80 billion yuan in 2025, with a PE ratio of 35 times, indicating strong market recognition [14][18] - The company plans to open nearly 100 new Hema Fresh stores in 2026, expanding into over 50 new cities, and aims to invest 2 billion yuan in developing retail AI models [17][18]

Core Insights - The opening of the 500th store of "Yujian Xiaomian" in Singapore marks a significant step in the company's global expansion strategy following its successful listing on the Hong Kong Stock Exchange on December 5, 2025 [1] - The company aims to leverage Singapore as a model for localized success, building a comprehensive operational capability that includes supply chain, management, and brand marketing to facilitate further expansion into Southeast Asia and beyond [2] Company Strategy - "Yujian Xiaomian" is focusing on creating a replicable core model for international operations, emphasizing the importance of localized operational experience to support its global vision of "Chinese noodles, global encounters" [2] - The company plans to deploy a self-developed digital empowerment system in its overseas stores, which covers various operational aspects from digital ordering to intelligent kitchen scheduling, enhancing operational efficiency to match domestic standards [2][3] Market Trends - The global dining market is experiencing continuous growth, presenting opportunities for Chinese cuisine brands like "Yujian Xiaomian" [2] - The brand is capitalizing on two global food trends: the universal appeal of noodles and the rising popularity of spicy flavors, particularly the unique "mala" taste from Sichuan and Chongqing [3] Product Localization - "Yujian Xiaomian" is adapting its menu to local tastes in Singapore by introducing products that resonate with local culinary preferences, such as drinks inspired by local coffee culture and traditional snacks [3] Future Outlook - The company aims to establish Chongqing noodles as a mainstream global food category, further embedding Chinese culinary culture into the global dining scene [4]

Core Insights - The core viewpoint of the articles is that the liquor industry is transitioning towards a new development phase characterized by quality, branding, and digitalization, exemplified by the launch of the WeChat e-commerce mini-program platform, WoYuan Liquor [1][6]. Industry Trends - The liquor consumption landscape is changing, with consumers increasingly prioritizing product origin, quality assurance, and cost-effectiveness, making traditional multi-tier distribution models inadequate [1][3]. - WeChat mini-programs are becoming a significant vehicle for liquor e-commerce due to their large user base, convenience, and high conversion efficiency [1]. Company Overview - WoYuan Liquor aims to leverage its supply chain advantages and digital technology to create a new retail platform that integrates quality liquor sales, brand display, channel empowerment, and efficient service [1][6]. - The platform focuses on integrating high-quality liquor manufacturers, brands, and stable supply chain resources, covering various categories such as white liquor, red wine, beer, and specialty liquors [3]. Product and Service Strategy - WoYuan Liquor has established a strict product admission mechanism to ensure that every listed product has clear origins and controllable quality, reducing intermediary distribution channels to offer consumers better prices for high-quality products [3][6]. - The platform provides a seamless shopping experience through the WeChat ecosystem, allowing users to easily select, order, and pay for products without needing to download additional applications [6][9]. Operational Support for Partners - WoYuan Liquor emphasizes long-term empowerment for partner merchants by offering comprehensive operational support, including mini-program display, product management, order processing, marketing promotion, and data analysis [6][9]. - The platform aims to help merchants lower the digital operation threshold and enhance sales efficiency, while also enabling brands and distributors to reach target users more effectively [6][9]. Future Outlook - WoYuan Liquor is committed to legal and compliant operations, focusing on brand reputation and social responsibility while advocating for rational drinking and quality consumption [9]. - The company plans to continue enhancing its supply chain integration and digital operation capabilities, expanding product categories and service scenarios, and strengthening collaborations with quality liquor enterprises and channel partners [9].