从整体的业务体量来看，鸣鸣很忙门店数量略胜一筹。不过，从增速表现来看，万辰集团跑得稍快。 招股书显示，鸣鸣很忙2025年前三季度营收463.71亿元，同比增长75.2%；净利润15.59亿元，同比增长 218%；同一时期，万辰集团的营收达到365.62亿元，同比增长77%；净利润8.55亿元，同比增长917%。 至于量贩零食赛道较为关键的毛利率，万辰集团的增长较为迅速。招股书显示，鸣鸣很忙于2023年、 2024年、2025年前9个月分别实现毛利率7.5%、7.6%及9.7%。万辰集团毛利率从2023年的9.3%增长至 2024年的10.7%，2025年前三季度，这一数值达到11.7%。 量贩零食门店已成为除奶茶店之外在商圈最常见的零售业态之一。 从街边小店到资本赛道，量贩零食仅用几年时间便重塑了国内零食零售生态，业内两家头部企业都已经 递表港交所。 而随着行业竞争日趋激烈，模式创新与供应链能力成为未来突围的关键。 近日，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"）已通过港交所上市聆 讯，即将成为港股"量贩零食第一股"。 鸣鸣很忙聆讯后资料集显示，截至2025年9月30日的九个月内实现 ...

"在我们的量贩模式下，我们积累了对消费者需求的深刻洞察，以实现产品的精选与定制。我们依托规 模采购、高效周转及产品品质优势，在易见、易达的位置开设门店，为消费者提供品类丰富、高质价 比、高频上新的产品，以及欢乐、舒适的逛店体验。我们的全流程数字化及全方位加盟商赋能全面支撑 我们的运营能力。"鸣鸣很忙表示。 最新公告显示，2025年前三季度，鸣鸣很忙实现零售额(GMV)661亿元，同比增长74.5%，超过2024年 全年。截至2025年9月30日，鸣鸣很忙全国在营门店数达19517家，覆盖28个省份。2025年前九个月，鸣 鸣很忙实现收入463.71亿元，同比增长75.2%；经调整净利润18.10亿元，同比增长240.8%。截至2025年 9月30日，鸣鸣很忙的在库SKU合计3997个。 根据公开资料可知，"零食很忙"创立于2017年3月，"赵一鸣零食"于2019年1月成立，二者于2023年11月 完成合并，整合为"鸣鸣很忙"。 在鸣鸣很忙看来，量贩模式解决了中国休闲食品饮料零售行业的痛点，"传统休闲食品饮料零售模式大 多从销售效率和生产效率出发去构建行业体系，并未深度挖掘用户的产品需求。层层加价使得用户难以 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company, a leader in the snack retail industry, has established a strong position through a network of over 15,000 stores, leveraging supply chain scale effects to thrive in a rapidly changing market. Revenue projections for 2025, 2026, and 2027 are estimated at 497.2 billion, 625.1 billion, and 715.8 billion yuan, respectively, with year-on-year growth rates of 53.8%, 25.7%, and 14.5%. Net profit attributable to shareholders is expected to reach 10.7 billion, 17.5 billion, and 24.0 billion yuan, reflecting growth rates of 266.0%, 63.2%, and 36.7% [3][5]. Summary by Sections Investment Rating and Valuation - The company is rated "Buy" based on its leading position in the snack retail sector and robust revenue growth forecasts. The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 32.5X, 19.9X, and 14.6X, respectively [2][3]. Industry and Company Analysis - Originally focused on edible fungi, the company entered the snack retail market in 2022 through acquisitions, rapidly increasing its revenue share from this segment to 98.9% by Q1-Q3 2025. The snack retail market in China has grown from 21.1 billion yuan in 2019 to 80.9 billion yuan in 2023, with a compound annual growth rate (CAGR) of approximately 40%, and is projected to reach 123.9 billion yuan by 2025 [3][5]. Key Assumptions - The company plans to maintain a steady pace of store expansion, with the number of stores expected to reach 18,000, 21,000, and 22,500 by the end of 2025, 2026, and 2027, respectively. Single-store revenue is projected to stabilize and grow, with estimates of 273.2, 295.1, and 315.7 thousand yuan for the same years [3][5]. Market Dynamics - The company is positioned to benefit from ongoing expansion in the East China region and penetration into untapped areas. The number of stores in East China reached 8,727 in H1 2025, contributing significantly to profits. The company’s supply chain infrastructure, including a 90,000 square meter warehouse system, provides a competitive edge [5][3]. Financial Projections - Total revenue is projected to grow significantly, with estimates of 9.3 billion yuan in 2023, increasing to 71.6 billion yuan by 2027. The net profit is expected to turn positive by 2024, reaching 3.4 billion yuan by 2027 [5][24].

Group 1: Business Performance and Strategy - The company maintains a balance between store quality and quantity, focusing on steady development and improving single-store performance gradually [2] - The consumer demand-driven model effectively addresses profit loss from traditional distribution channels, enhancing product quality and store experience [2] - The company aims for sustainable growth by continuously improving its operational system and integrating supply chains [3] Group 2: Store Improvement and Customer Engagement - The company emphasizes food safety and product innovation, enhancing core competitive advantages through product iteration and the introduction of popular self-owned products [3] - Efforts to refine the membership system have successfully increased customer loyalty and repurchase rates [3] - The company is committed to building a strong trust relationship with consumers to convert it into stable foot traffic [4] Group 3: Product Development and Market Adaptation - The company focuses on consumer needs in its self-owned brand strategy, introducing products like natural water and sugar-free beverages that meet market demands [5] - Future product development will be guided by a flexible mechanism rather than rigid quantitative targets, ensuring responsiveness to consumer insights [5] Group 4: Inventory Management and Profitability - The core business model relies on efficient turnover, with a focus on precise product selection and rapid response to consumer needs [6][7] - The company prioritizes dynamic balance in product categories, avoiding the introduction of high-margin but slow-turnover items that could jeopardize sustainable growth [7] Group 5: Organizational Structure - The core management team for the snack business remains stable, with ongoing enhancements to the overall structure and active recruitment of talent across all levels [7]

Core Insights - The article discusses the decline of Liangpin Shop, once hailed as "China's first snack stock," with its market value plummeting from over 34 billion to around 5 billion yuan, highlighting the stark contrast between its past glory and current struggles [1][4][6]. Company Performance - Liangpin Shop's revenue for the first half of 2025 was approximately 2.829 billion yuan, a year-on-year decrease of 27.21%, indicating a continuous decline in consumer purchasing decisions [3][4]. - In 2023, Liangpin Shop's revenue fell to 8.046 billion yuan, marking a nearly 15% decline year-on-year, with net profit nearly halved to 180 million yuan [6][7]. - The company reported its first annual loss since going public in 2024, with a loss of 46.1 million yuan, and continued revenue decline exceeding 27% in the first half of 2025 [6][8]. Market Dynamics - The snack industry has seen a shift from "single-category stores" to "bulk snack models," with new competitors like Mingming Hen Mang capturing significant market share, achieving revenues of 39.3 billion yuan in 2024 [3][8]. - The rise of new players in the snack market has been characterized by aggressive expansion and innovation, contrasting with Liangpin Shop's struggles to adapt [8][10]. Strategic Missteps - Liangpin Shop's high-end snack strategy, initiated in 2019, failed to deliver significant value, leading to a need for reevaluation of its market approach [16][18]. - The company has faced challenges in product innovation, particularly in categories like seafood snacks, which has contributed to its declining market position [15][19]. Future Directions - Liangpin Shop is attempting to pivot towards "natural and healthy snacks," focusing on improving product quality and reducing reliance on OEM models [18][19]. - The company is also exploring new sales channels, particularly in the gift market, which is projected to grow significantly, indicating a strategic shift towards enhancing brand value and revenue [19][20].

Core Viewpoint - The article highlights the strong growth momentum in the snack retail sector, particularly focusing on the rapid expansion and success of the discount snack chain model in China, exemplified by Wancheng Group's recent developments and market positioning [1][30]. Group 1: Market Performance - During the recent National Day holiday combined with the Mid-Autumn Festival, there were 888 million domestic trips made, with total spending reaching 809 billion yuan [4]. - The snack retail market has experienced a compound annual growth rate (CAGR) of 77.9% over the past five years, with expectations for the market size to reach 613.7 billion yuan by 2029, growing at a projected CAGR of 36.5% from 2024 to 2029 [30]. Group 2: Company Overview - Wancheng Group, originally focused on edible fungi, has rapidly expanded into the discount snack retail sector since 2022, operating brands such as "Haoxianglai" and "Wife's Brand" [8][10]. - The company plans to raise funds through its recent listing application on the Hong Kong Stock Exchange to support store expansion, product diversification, and digital upgrades [7]. Group 3: Financial Performance - Wancheng Group's revenue is projected to grow from 9.29 billion yuan in 2023 to 32.33 billion yuan in 2024, with a 106.9% year-on-year increase expected in the first half of 2025 [11][28]. - The snack retail business accounted for 98.9% of the company's revenue in the first half of 2025, with net profit for the snack segment increasing by 241% year-on-year to 956 million yuan [13][15]. Group 4: Competitive Positioning - Wancheng Group has established itself as a leading player in the snack retail market, with "Haoxianglai" achieving a market share of 28.2% in 2024, making it the top brand in the sector [16][17]. - The company has a significant presence in lower-tier cities, with approximately 80% of its stores located in second-tier and below cities, capitalizing on the growing purchasing power in these markets [33]. Group 5: Supply Chain Efficiency - The company benefits from a highly efficient supply chain, with a direct procurement rate of 95%, allowing for cost leadership and improved profitability [21][22]. - The average order fulfillment rate for the "Haoxianglai" brand exceeds 99%, significantly higher than the industry average of 90%-95% [22]. Group 6: Brand Strategy - Wancheng Group has launched two private label series under the "Haoxianglai" brand, focusing on value and quality, which have seen strong sales growth [38]. - The company is enhancing its brand positioning and competitiveness through the introduction of private label products, which offer higher profit margins and attract consumers [38].

Core Viewpoint - The plan for the sale of the snack company, Liangpinpuzi, to Wuhan state-owned assets has been terminated due to ongoing litigation and failure to meet conditions for the transfer of control [1][3]. Group 1: Company Situation - Liangpinpuzi has faced operational difficulties in recent years, including shrinking scale and financial losses, exacerbated by market environment changes and competition from new snack models [1][10]. - The company announced a significant price reduction across 300 products, averaging a 22% decrease, to combat declining sales and competition from low-cost snack models [12][16]. - In 2023, Liangpinpuzi's revenue dropped by 14.76% to 8.046 billion, with net profit declining by 46.26% to 180 million [16]. Group 2: Control Transfer Attempt - The control transfer plan to Wuhan state-owned assets was initially seen as a positive move for the company, potentially providing financial support and boosting market confidence [4][5]. - The transfer agreement involved significant share sales, with a total transaction value of 10.46 billion for 18.01% of shares at 12.42 yuan per share [5]. - The transfer was halted due to a lawsuit from Guangzhou state-owned enterprise, which accused the controlling shareholder of "selling the same share twice" [6][7]. Group 3: Market Dynamics - The snack market in China is highly fragmented, with intense competition leading to price wars and a trend towards low-cost products [10][11]. - Liangpinpuzi has attempted to position itself in the high-end snack segment but faces challenges from the rising popularity of bulk snack models [10][12]. - The company has made strategic investments in other snack brands but has not successfully leveraged these to enhance its competitive position [12][14].

Core Viewpoint - The plan for the sale of the snack company, Liangpinpuzi, to Wuhan state-owned assets has been terminated due to ongoing litigation and failure to meet conditions for the transfer of control [4][6]. Group 1: Company Situation - Liangpinpuzi has faced operational difficulties in recent years, including shrinking scale and financial losses, largely due to market environment changes and competition from new snack models [4][6]. - The company’s control transfer to Wuhan state-owned assets was seen as a potential lifeline, providing financial support and boosting market confidence [6][8]. - The company has established strong brand recognition and a relatively complete online and offline distribution network over its 19 years in the snack industry [11]. Group 2: Financial Performance - In 2023, Liangpinpuzi's revenue decreased by 14.76% to 8.046 billion, and net profit dropped by 46.26% to 180 million, with a significant decline in non-recurring net profit of 68.82% [15]. - The downward trend continued into 2024, with revenue falling by 11.02% to 7.159 billion and a net loss of 46.1 million [16]. - The first half of 2024 saw a further decline in revenue by 27.21%, with a net loss of 93.55 million and over 100 million in non-recurring net profit losses [16]. Group 3: Management Changes - The company has experienced frequent changes in its core management team, with significant leadership transitions occurring in 2022 and 2023 [18]. - The founder, Yang Hongchun, has returned to the role of general manager after a series of leadership changes, indicating instability within the management structure [18].

Core Viewpoint - The company Wanchen Group, the parent company of the snack brand "Haoxianglai," is officially pursuing an IPO in Hong Kong after submitting its prospectus, aiming for a dual listing in both A-share and H-share markets [1][2]. Company Overview - Wanchen Group was established in 2011, initially focusing on the research, cultivation, and sale of edible fungi. It went public in A-shares in 2021 and later entered the discount snack market through acquisitions [3]. - The company launched its discount snack brand "Luxiaochan" in August 2022 and has since acquired several brands, consolidating them under "Haoxianglai Brand Snacks" by September 2023 [4]. Store Expansion - As of early 2023, Wanchen Group had approximately 14,000 stores, while its competitor "Mingminghen Mang" had around 15,000. However, by September 2023, Mingminghen Mang's store count surpassed 20,000, widening the gap as Wanchen Group's growth slowed to 15,300 stores by mid-2025 [2][5][16]. - The company experienced a significant increase in store count from 232 at the end of 2022 to 4,726 by the end of 2023, and projected to reach 14,196 by the end of 2024 [4][6]. Financial Performance - Wanchen Group's revenue grew from 5.49 billion yuan in 2022 to 323.29 billion yuan in 2024, with a net profit of 8.23 billion yuan in 2024. In the first half of 2025, revenue reached 225.83 billion yuan, marking a 106.9% year-on-year increase [13][14]. - The company's gross margin has been gradually improving, from 1.1% in 2022 to 11.4% in the first half of 2025, reflecting a 0.7 percentage point increase year-on-year [15]. Management Changes - The former chairman Wang Jiankun was under investigation earlier in the year but was later cleared. Following his resignation in July 2025, Wang Lijing, his sister, took over as chairman, which may impact the company's future expansion efforts [9][10][11]. Market Growth - The discount snack market in China is rapidly expanding, with the market size projected to grow from 7.3 billion yuan in 2019 to 613.7 billion yuan by 2029, at a compound annual growth rate of 36.5% [12].

Core Insights - The rise of discount snack stores is reshaping the snack retail landscape in China, with significant growth in the volume and profitability of leading companies in this sector [4][5][6]. Industry Overview - Traditional snack giants are facing pressure, while discount snack leaders like Wancheng Group and Mingming Hen Mang are experiencing explosive growth, with Wancheng's net profit increasing over 500 times year-on-year [3][5]. - The market share of discount stores is projected to exceed 40% in 2024, surpassing supermarkets and e-commerce channels [5]. Company Performance - Wancheng Group reported a revenue of 323.3 billion yuan in 2024, a year-on-year increase of 247%, with a net profit of 2.93 billion yuan, up 453% [6]. - Mingming Hen Mang has also shown rapid growth, with over 20,000 stores nationwide and a significant increase in revenue from 42.86 billion yuan in 2022 to 393.43 billion yuan in 2024 [6][7]. Business Model - Discount snack stores operate on a low-margin model, with average gross margins around 10%, allowing them to offer lower prices compared to traditional retail channels [9][10]. - The focus on private label products and high turnover rates supports their business model, enabling them to attract price-sensitive consumers [11][12]. Market Dynamics - The integration of instant retail platforms is enhancing the growth of discount snack stores, with significant order increases reported through partnerships with platforms like Meituan [13][14]. - The overall snack market in China is expected to reach 1.2378 trillion yuan by 2027, indicating a shift from rapid growth to a more stable market [15]. Competitive Landscape - The competition among discount snack retailers is intensifying, with many companies collaborating with discount platforms to boost sales [7][13]. - The future of the market will depend on balancing brand value with cost efficiency, as well as innovation in supply chain management and customer loyalty [15][16].