中国最大的零食饮料零售商。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）日前已通过港交所 聆讯并于2026年1月6日披露通过聆讯后的资料集，高盛和华泰国际担任联席保荐人。 作为中国最大的休闲食品饮料连锁零售商，鸣鸣很忙通过"零食很忙""赵一鸣零食"双品牌深度融 合，整合经营体系与统一组织架构，实现无缝协同与标准化运营，以集团化运营全面提升供应链与运 营效率。 截至2025年9月30日，鸣鸣很忙全国在营门店数达19517家，覆盖全国28个省份和所有线级城市。 另据2025年9月弗若斯特沙利文认证，鸣鸣很忙成为行业首家突破2万店的企业，进一步夯实市场领 先地位。 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%，并超过2024年全 年。 根据弗若斯特沙利文报告，按2024年休闲食品饮料产品GMV计算，鸣鸣很忙是中国最大的连锁零售 商。 财务数据方面。 2025年前三季度，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，同比大幅增 ...

Core Viewpoint - The article discusses the upcoming IPO of Hunan Mingming Hen Mang Commercial Chain Co., Ltd., which operates popular snack brands "Lingshi Hen Mang" and "Zhao Yiming Snacks," highlighting the competitive landscape and growth potential in the snack retail industry in China [2][3][7]. Company Overview - Mingming Hen Mang has over 14,000 stores across China, backed by prominent venture capital firms such as Sequoia China and Black Ant Capital [3][9]. - The company was formed through the merger of two leading snack brands, Lingshi Hen Mang and Zhao Yiming Snacks, which had previously engaged in fierce competition [2][7]. Business Model - The operational model of Mingming Hen Mang focuses on "downstream" market penetration and a franchise system, with approximately 58% of its stores located in county and town areas [9]. - The company generates most of its revenue (99.5%) from selling products to franchisees and direct stores, with only a small portion coming from franchise service fees [9]. Financial Performance - The revenue for Mingming Hen Mang was reported at 4.29 billion RMB in 2022, 10.30 billion RMB in 2023, and projected to reach 39.34 billion RMB in 2024, reflecting year-on-year growth rates of 140.2% and 282.2% respectively [10][12]. - The adjusted net profit for the same years was 0.81 billion RMB, 2.35 billion RMB, and 9.13 billion RMB, indicating a compound annual growth rate of 234.6% [10][12]. Market Position - Despite rapid growth, Mingming Hen Mang holds only a 1.5% market share in a highly competitive snack retail sector, facing pressure from established brands and similar business models [15]. - The company has a low gross margin, maintaining a gross margin rate of 7.5% to 7.6% from 2022 to 2024, with a net profit margin increasing from 1.7% to 2.1% [13][14]. Industry Context - The article highlights the significance of Hunan province in the snack food industry, noting that it contributes to a substantial portion of China's snack food production and has produced several successful snack brands [17][19]. - The competitive landscape includes other notable Hunan-based brands that have successfully gone public, reinforcing the region's reputation as a hub for snack food innovation and entrepreneurship [17][18].