1月28日，零食很忙和赵一鸣合并后的母公司"鸣鸣很忙"在港交所敲钟，开盘暴涨88%，市值一度突破800亿 港元，成为"港股量贩零食第一股"。很多人好奇：一个卖便宜零食的品牌，为啥这么火？答案就俩字——模 式。 说到底，鸣鸣很忙的上市，标志着硬折扣模式被资本市场认可；而巨头入场，则把竞争从"拼价格"升级为"拼 效率+拼运营"。未来，社交电商将成为硬折扣玩家的标配，而我们，正站在这个爆发点上。 低价的背后，是极致的供应链能力。它直接对接2500多家食品厂，砍掉所有中间商；全国48个仓，300公里 内24小时送达，库存周转仅11天，远快于传统商超。这种"源头直采+高效配送+低毛利高周转"的组合，正是 硬折扣的本质。 很多人误以为硬折扣就是卖临期品，其实不然。它是长期稳定的低价，靠的是精简SKU（单店只留1000– 2000个爆款）、极简装修、自助收银等降本手段。如今，阿里、美团、京东也纷纷入局——盒马的"超盒算 NB"、美团的"快乐猴"、京东折扣超市，都在疯狂开店。 巨头扎堆，表面是价格战，实则是效率与用户粘性的较量。而要在薄利时代突围，光靠线下和传统供应链已 经不够，社交电商成了关键破局点。比如，零食很忙的加盟商 ...

撰文|一刀 编辑| 胡一刀 字数：2806；阅读时间：5分钟 1月24日，奥乐齐南京巧刻广场店、仙林金鹰店、景枫中心店、江北印象汇店四店同步开业。开业后，奥乐齐全国门店数量增至95家，距离突破100家的目 标仅一步之遥。 开业现场人头攒动，多款低价爆款商品成为引流利器：88元/2.5kg的2J级智利进口车厘子，较市场同类产品价格低30%以上；10.9元/250g的金陵盐水鸭， 成为顾客争相抢购的热门单品。 此外，19.9元/1kg的冷鲜土鸡块、79元/250g的法罗厚切三文鱼片、4.9元的镇江香醋等特色商品，兼顾品质与性价比，进一步放大了开业热度，让奥乐 齐"好品质够低价"的品牌认知快速扎根南京市场。 奥乐齐凭什么能做到这么便宜？此次南京四店同开，背后蕴含着什么样的战略考量？ 01 从单点深耕到全域蔓延 奥乐齐在中国市场的扩张，始终遵循"稳健打磨、快速复制"的逻辑。 2025年之前，其核心精力集中在上海市场，通过精细化运营打磨适配中国消费者的门店模型与商品结构。随着模式日趋成熟，奥乐齐从2025年起加速跨区 域扩张，重点向苏州、无锡、昆山等长三角核心城市群渗透，实现门店数量的跨越式增长，从年初的55家激增至年 ...

Summary of Key Points from the Conference Call Industry Overview - The snack wholesale store industry in China is rapidly developing due to several factors, including supply chain advantages, declining distribution costs, standardization of snack categories, high repurchase frequency, and consumer habits influenced by population density [2][6][7]. Company Insights Mingming Hen Mang - Mingming Hen Mang is a leading player in the snack wholesale industry, benefiting from industry trends by controlling costs through improved supply chain efficiency and product selection logic [2][10]. - The company plans to expand its store count significantly, with expectations to exceed 32,000 stores under neutral conditions and potentially reach 38,000 stores under optimistic scenarios by 2025 [21][22]. - Revenue is projected to surpass 100 billion yuan and net profit to exceed 4.2 billion yuan by 2027, indicating strong growth potential [22]. Sam's Club - Sam's Club has achieved success in the Chinese market by offering high-quality products, a streamlined SKU strategy, and leveraging a strong product development team to enhance supply chain efficiency [11][12]. Other Competitors - Other brands like Aoleqi and Hema NB are also adapting to the market by implementing unique strategies, such as Aoleqi's focus on private labels and low-cost operations, which serve as models for emerging snack wholesale stores [17][19][20]. Key Strategies and Trends - The snack wholesale store model has evolved through three stages: small high-margin stores, larger stores with declining margins, and the emergence of large-scale low-margin stores post-pandemic [8][9]. - The cost structure has been redefined to a "10+20" model, where backend costs account for 10% and franchise/store costs for 20%, significantly lowering distribution costs [6][8]. - The introduction of private label products and channel-specific offerings has helped maintain overall gross margins while providing competitive pricing to consumers [4][6]. Consumer and Market Dynamics - Snack wholesale stores cater to concentrated consumer demand for snacks, offering a wide variety of products at competitive prices, which enhances customer satisfaction and loyalty [4][5]. - The industry benefits from the high repurchase frequency of snack products, making it an ideal category for chain operations [7][20]. Challenges and Considerations - Expanding into multiple categories poses challenges, including managing different product frequencies and complexities in supply chain management [20]. - The competitive landscape is evolving, with major players like Mingming Hen Mang and Wancheng engaging in strategic positioning to minimize direct competition and stabilize market dynamics [23]. Conclusion - The snack wholesale industry in China is poised for continued growth, driven by innovative business models, effective supply chain management, and strategic expansion plans from leading companies like Mingming Hen Mang and Sam's Club [2][10][22].

Core Viewpoint - The article highlights the low-key yet impactful market entry of "Mingming Hen Mang," China's largest snack retail chain, emphasizing its rapid growth and unique business model under the leadership of founder Yan Zhou [2][4][16]. Company Overview - "Mingming Hen Mang" was founded by Yan Zhou and partners in 2017, starting from a small 40-square-meter store in Changsha, and has grown to over 20,000 stores nationwide by 2025 [4][12]. - The company focuses on providing affordable snacks, with 59% of its stores located in county towns and rural areas, reflecting its commitment to accessibility [4][12]. Financial Performance - For the first nine months of 2025, the company's Gross Merchandise Value (GMV) reached 66.06 billion RMB, with revenue of 46.371 billion RMB, marking a year-on-year growth of 75.2% [6]. - Adjusted net profit for the same period was 1.81 billion RMB, a significant increase of 240.8% compared to the previous year [6][7]. Business Model - The company operates on a low-margin, high-volume model, achieving a gross margin of 9.3% and a net margin of 3.1% in recent years, which is notably lower than typical margins in the real estate sector [6][7]. - "Mingming Hen Mang" emphasizes efficiency by directly connecting with manufacturers, reducing inventory turnover days to 11.6 days, and offering prices approximately 25% lower than traditional supermarkets [10][12]. Competitive Advantages - The company boasts a diverse product selection with 3,380 SKUs, 25% of which are customized, and offers a higher SKU count per store compared to similar-sized supermarkets [12]. - The franchise model is designed to be accessible, with less than 0.5% of revenue coming from franchise fees, allowing for rapid expansion from 1,902 stores in 2022 to 21,000 by late 2025 [12][14]. Strategic Vision - Yan Zhou's mission is to help consumers save money, support franchisees, and enhance employee value, aiming to position "Mingming Hen Mang" as a foundational commercial infrastructure in society [14][16]. - The company seeks to become a local go-to for affordable snacks, aligning its business goals with social functions, which distinguishes it from typical commercial enterprises [16].

Investment Rating - The report indicates a positive outlook for the snack wholesale industry, transitioning from rapid expansion to a focus on operational efficiency and high-quality growth [6][10]. Core Insights - The snack wholesale industry is experiencing a transformation from a land-grabbing phase to a deep operational phase, driven by a hard discount model that effectively reconstructs the value chain [6][11]. - The market size of the snack wholesale industry has surged from 7.3 billion RMB in 2019 to an estimated 129.7 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 77.9% [19][24]. - The competitive landscape is dominated by two major players, "Mingming Hen Mang" and "Wancheng Group," which together hold over 70% market share, indicating a stable "dual strong" market structure [8][10]. Market Size and Growth Potential - The overall snack market in China is projected to grow from 3.2 trillion RMB in 2019 to 4.0 trillion RMB in 2024, with a CAGR of 5.0% [19][24]. - The snack wholesale segment is expected to reach a market size of 6.1 trillion RMB by 2029, with a continued CAGR of 36.5% from 2024 to 2029 [24][30]. - The potential number of stores in the snack wholesale market is estimated to reach 67,000, indicating over 30% growth potential from current levels [30][31]. Competitive Landscape and Key Players - The industry has formed a high concentration "dual strong" structure, with "Mingming Hen Mang" focusing on southern China and "Wancheng Group" dominating the eastern regions [8][10]. - Both companies have rapidly expanded their store networks, with each surpassing 15,000 stores by September 2025, leveraging economies of scale and digital operations to enhance profitability [10][44]. Operational Strategies - The snack wholesale industry emphasizes efficiency through a streamlined supply chain, reducing the markup rate significantly compared to traditional retail channels [11][54]. - The operational model relies on a franchise-driven expansion strategy, which has enabled rapid scaling while maintaining low closure rates [44][48]. - Digital tools are utilized for precise site selection and operational support, enhancing the success rate of new stores and ensuring consistent service quality across locations [52][55]. Product Strategy - The product strategy involves a layered approach, combining traffic-driving products with high-margin items and differentiated offerings, including private label products [37][42]. - The average store carries approximately 1,800 to 2,000 SKUs, with a high turnover rate facilitated by frequent product updates [38][39]. Future Trends - The industry is expected to evolve towards community-based all-category discount supermarkets, expanding product offerings beyond snacks to include essential goods [9][35]. - Innovations in product categories and private label development are anticipated to enhance revenue potential and profitability [10][35].

Core Viewpoint - The article highlights the journey of Yan Zhou, CEO of "Ning Ning Hen Mang," a snack retail company that has rapidly expanded in the Chinese market, culminating in its successful IPO on the Hong Kong Stock Exchange. The narrative emphasizes the company's unique positioning in the mass consumer market and its strategic decisions that led to significant growth despite a challenging investment environment [4][10][12]. Company Overview - "Ning Ning Hen Mang" was founded in 2017 in Changsha, Hunan, by Yan Zhou and his co-founders, focusing on affordable snacks for the mass market, which was largely underserved [8][29]. - By 2025, the company had nearly 20,000 stores and achieved a GMV of 661 billion yuan, with revenues of 464 billion yuan, comparable to major supermarket chains [8][9]. Investment and Financing - The company completed its A-round financing in April 2021, attracting investments from prominent firms like Sequoia Capital and High Glory, despite a downturn in the new consumption investment landscape [8][24]. - The IPO in January 2025 was marked by a significant international subscription rate of 44.44 times, the highest for a consumer IPO in Hong Kong in two years, raising a total of 36.7 billion HKD [9][10]. Market Strategy - Yan Zhou's strategy involved focusing on the largest consumer group in China, which consists of middle-income households, and creating a retail environment that emphasizes cleanliness and emotional value rather than just low prices [21][27]. - The company adopted a rigorous selection process for franchisees, ensuring that only committed individuals could open stores, which helped maintain quality and brand integrity [27][28]. Competitive Landscape - The article discusses the competitive dynamics in the snack retail sector, particularly the rivalry with Zhao Yiming's snack brand, which led to a merger between the two companies in late 2023. This merger was seen as a strategic move to consolidate market power amid increasing competition [40][42]. - Following the merger, the combined entity aimed to operate over 10,000 stores, achieving a significant milestone in the industry [42][43]. Future Outlook - The article suggests that "Ning Ning Hen Mang" is well-positioned to capitalize on the growing demand for affordable snacks in both urban and rural markets, with a focus on emotional satisfaction and consumer experience [21][46]. - The company’s growth trajectory and strategic decisions are expected to attract further investment interest as it continues to expand its footprint across China [45][46].

腊八已过，年味渐浓，家家户户采买年货的步伐正不断加快。今年春节，全国九家京东折扣超市以"京东折扣 折扣加马"为核心，围绕"好品质、真优惠"展 开年货节活动——不仅推出"2026马年金钞大抽奖"，让消费者有机会把寓意"情比金坚"的金钞带回家，更携手七鲜私厨打造宿迁独有的"家宴年夜饭"系列， 让地道年味以"天天低价"走进千家万户的团圆餐桌。 本次年货节重磅推出的 "2026 马年金钞大抽奖" 活动将持续至 2 月 1 日，全国九家门店同步参与。消费者到店单笔消费满 168 元即可参与抽奖，奖池设置丰 富且中奖率 100%，最高可赢取京东独家发售的周大生生肖马年金钞。这款金钞以生肖马为设计主题，刻有 "情比金坚" 字样，融合传统文化与现代工艺，兼 具收藏与纪念价值。截至 1 月 28 日中午，已有上百名幸运消费者抽中大奖，一位刚中得金钞的顾客表示："本来只是来置办年货，没想到收获这样的惊喜， 这份春节礼物太有意义了。" 目前大奖仍有大量剩余，后续消费者仍有充足机会解锁新春好运。 除了备受瞩目的金钞大奖外，为让各地消费者都能买到专属年味，京东折扣超市结合本地饮食文化打造特色好物。例如，京东折扣超市联合七鲜私厨推出江 ...

Key Points Summary of the Snack Retail Industry Conference Call Industry Overview - The snack retail industry is experiencing rapid growth, with sales projected to increase from 29 trillion to 37 trillion yuan from 2019 to 2024, driven primarily by lower-tier cities [1][2] - Offline channels will dominate, accounting for 80% of sales by 2024, establishing a solid foundation for snack retail [2] Core Competitiveness - Price advantage is the core competitive edge of snack retail stores, with prices typically 20%-25% lower than other supermarkets and up to 50% lower than traditional retail [2][4] - The business model focuses on low margins and high turnover, utilizing direct supply from manufacturers to reduce costs [4] - Simplified SKU management, with around 2,000 SKUs, enhances cash flow and turnover rates [3][9] Financial Metrics - Leading snack retail stores have a gross margin of approximately 15%, which is lower than supermarkets (20%) and convenience stores (23%-24%), but benefit from lower procurement and operational costs [7] - For example, a leading store has an average daily transaction value of 35.8 yuan and a daily GMV of about 14,000 yuan, with a gross margin of 18% [9] Supply Chain and Operational Efficiency - The hard discount model focuses on efficiency by stabilizing the supply chain and reducing SKU counts, while the soft discount model combines hard discount advantages with higher gross margins (25%-30%) through customized products [8] - Snack retail stores can achieve cash purchases due to strong channel power, abundant funds, and high SKU standardization, unlike supermarkets which struggle with fresh produce and regional products [10][12] Future Trends - The snack retail industry is expected to continue its rapid growth, driven by high cost-performance, frequent new product launches, and simplified SKU management [5][6] - There remains significant untapped potential in lower-tier markets, which will be a major growth driver [5] Market Competition - The competitive landscape is evolving, with a dual oligopoly forming as regional companies exit the market while leading firms strengthen their positions [15] - The average customer transaction value is declining due to increased competition, but overall order numbers and daily orders per store are still growing [15] Expansion and Product Development - Future growth will be influenced by the expansion of store numbers, with estimates suggesting 60,000 to 80,000 new stores could be opened nationwide [16] - Companies are encouraged to diversify product categories and improve SKU management and private label development to enhance competitiveness [16] Conclusion - The snack retail industry is poised for continued growth, supported by strategic pricing, efficient supply chain management, and the ability to adapt to market changes. Companies that innovate and meet consumer demands will capture larger market shares in the future [6][16]

Core Viewpoint - The article discusses the journey of the snack retail company "Ming Ming Hen Mang" and its CEO Yan Zhou, highlighting the company's growth, strategic decisions, and market positioning in the competitive snack industry [2][9]. Company Overview - Yan Zhou co-founded "Ming Ming Hen Mang" in 2017, and the company has grown to nearly 20,000 stores by 2025, marking a significant expansion from its initial base in Hunan [8][39]. - The company went public on January 28, 2025, with a market valuation nearing 100 billion HKD, reflecting strong investor interest and a successful IPO [9]. Market Positioning - The company targets the mass consumer market, which has been underserved compared to higher-end brands like "Liangpinpuzi" and "Three Squirrels" [5]. - By focusing on affordable snacks and a pleasant shopping experience, "Ming Ming Hen Mang" aims to redefine consumer perceptions of value and quality in the snack sector [18][23]. Investment and Growth Strategy - The company secured significant funding from prominent investors, including Sequoia Capital and Tencent, which helped it navigate a challenging investment climate in the consumer sector [8][11]. - Despite initial skepticism from investors, the company demonstrated strong growth metrics, achieving a GMV of 661 billion CNY and revenue of 464 billion CNY in the first nine months of 2025 [8]. Competitive Landscape - The snack retail market has seen rapid growth, with "Ming Ming Hen Mang" facing competition from aggressive players like "Zhao Yiming Snacks," leading to a strategic merger to consolidate market presence [36][38]. - The merger allowed both brands to leverage their strengths, resulting in a combined store count exceeding 10,000, making them a leader in the snack retail industry [38]. Consumer Insights - The company emphasizes the importance of emotional value in consumer products, aiming to create a shopping environment that resonates with customers beyond just price [18][22]. - Yan Zhou's background as a real estate agent has influenced his understanding of consumer needs, particularly in lower-tier cities, where he sees significant growth potential [5][10].

1月23日早上，东莞大朗镇松佛路与长富西路交会处的超盒算NB卓为城店还未到8点营业时间，门口已 排起数十米长队。随着门店开启，市民涌入抢购1.9元/斤的广东菜心、26.9元/1.2公斤的猪小排等实惠商 品。同日，东莞南城莱蒙商业中心店同步开业，24日深圳宝安沙井濠景时代店也正式迎客。 盒马旗下硬折扣标杆"超盒算NB"以莞深三店齐开的姿态完成华南首秀，标志着这一布局全国400余家门 店的硬折扣新业态，正式进军华南市场。 一场社区消费的效率革命已然拉开序幕。 新一代平价超市探店直击 本地化改造拉满烟火气，高性价比成吸客利器 在东莞大朗卓为城店，600余平方米的空间内，1500款商品按"开火做饭、即食即烹、休闲悦己、居家日 用"四大场景清晰划分，兼具超市的规整与菜市场的鲜活。 与其他区域门店最大的不同，在于这里随处可见的华南特色——生鲜区专属设置的烧腊档口飘出阵阵香 气，玻璃柜内的叉烧、烧鹅色泽诱人；蔬菜区除了云南、山东基地直供的品类，还陈列着西洋菜、菜心 等本地刚需叶菜，旁边的冰鲜区则摆着泥猛鱼、现切潮汕牛肉等特色水产肉类。 据了解，"超盒算"谐音"超合算"，直白传递"商品价格超级合算"的价值主张；NB代表"Ne ...