大家好，我是乔叔，今天带大家一块看看量贩零食店热闹背后的那些加盟生意门道和大公司的风云变 局。 这场爆发主要靠的不是新零食口味或花哨包装，而是把原本分散在超市一角的零食变成主角，SKU成百 上千，并直接与厂家谈价，把零食价格降到让人心动的地步。 消费者发现，原来同一包薯片能在这里便宜一块钱，久而久之，逛量贩零食成了习惯。门店越开越多， 从大城市开到县城、乡镇，基本做到老少咸宜。 "黄金"时代转瞬即逝 最初一波加盟商尝到甜头，低租金、销量可观，当时门槛看着也不高，几乎是有钱就能入场。所以很快 店铺数量暴涨，小地方也能年赚大几万。 可好景不长，随着门店扎堆，大家抢夺同样的客人。价格战一开，留给加盟商的毛利就越来越薄。行业 表面热闹，私底下已杀成一片红海。 2025年，零食量贩行业在中国涌入大众视野。一边，像"鸣鸣很忙""万辰集团"这样的巨头靠上市和门店 扩张风生水起，几乎每隔一条街就能见到他们的招牌。 另一边，却是很多小加盟商在县城门口挂出门店转让牌子。资本和个体的感受天差地别，头部品牌在人 们眼里风头无两，真正做生意的人却面临压力山大。 零食量贩逆袭的秘密 加盟商们的困境 品牌意识到光靠铺店已难为继，精力开始转 ...

Core Insights - The company "Mingming Hen Mang" is on the verge of becoming the first snack retail stock in Hong Kong, with a GMV exceeding 66.1 billion yuan and a year-on-year growth of over 74% as of September last year [1][4] - The founders, Yan Zhou and Zhao Ding, aim to provide affordable snacks and have built a vast retail network with nearly 20,000 stores across lower-tier markets [1][4] - However, the company faces significant challenges, including rising complaints about product quality and increasing store closure rates, which have risen from approximately 0.7% in 2022 to 1.9% in 2024 [5][6] Company Performance - As of 2025, the company has received over 2,000 complaints regarding its products, with issues such as mold and foreign objects being reported [5] - Franchisees are experiencing financial losses, with some reporting losses of over 1 million yuan and a significant increase in store closures from 14 in 2022 to 128 in the first three quarters of 2025 [10][12] - The company's gross profit margin has been constrained between 7.5% and 9.3%, with a net profit margin of only about 2%, indicating weak profitability [10][12] Business Model and Strategy - The company's business model relies heavily on rapid store expansion and low-cost franchise policies, which have created a vast network but also increased operational risks [10][11] - The average payback period for franchisees has extended to 29 months, far longer than the initial promise of 1.5 years [10] - The company is transitioning from a discount snack retailer to a broader "savings supermarket" model, introducing new product categories and self-branded items [13][14] Market Challenges - The snack retail market is highly fragmented, with the top five players holding only 6% of the market share, leading to intense competition [13] - The company faces pressure from established competitors like Meituan, JD, and Alibaba, which have significant advantages in global sourcing and brand development [18] - The shift to self-branded products may strain relationships with traditional suppliers and complicate inventory management, posing risks to profitability [17][18] Future Outlook - The company must prove its ability to adapt and innovate in a competitive landscape while maintaining its low-price strategy [16][19] - The success of the new business model will depend on its ability to manage operational complexities and maintain product quality amidst aggressive cost-cutting measures [17][18] - The path ahead is uncertain, with potential for both growth and significant challenges as the company navigates its transformation [19]

6 证券研究报告 点评报告 2026 年 1 月 8 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济组： 事件： 1 月 5 日晚 11 点美国 ISM（供应管理协会）公布 12 月制造业 PMI 数据,1 月 7 日 晚 9 点 15 分美国 ADP 公司公布 12 月 ADP 就业（"小非农"）数据；晚 11 点美 国 ISM 公布公布 12 月服务业 PMI 数据。 评论： 12 月美国制造业 PMI 为 47.9%，预期为 48.3%，前值 11 月为 48.2%。美国 12 月 制造业 PMI 低于预期，呈现"供强需弱"的格局。12 月产出指数为 51%，虽较 11 月回落 0.4 个百分点，但仍处于扩张区间。 从需求方面看，12 月新订单指数为 47.7%，较上月回升 0.3 个百分点；新出口订 单为 46.8%，虽较上月回升 0.6 个百分点，但也处于收缩区间；而 12 月进口订单 为 44.6%，较上月回落 4.3 个百分点。 从库存上看，12 月自有库存为 45.2%，较上月回落 3.7 个百分点；客户库存为 43.3%，较上月回升 1.4 个百分点 ...

量贩零食赛道迎来资本市场的标志性事件。 2026年1月6日，湖南鸣鸣很忙商业连锁股份有限公司（下称"鸣鸣很忙"）正式通过港交所上市聆讯，距 离成为"港股量贩零食第一股"仅一步之遥。招股书数据显示，这家整合了"零食很忙"与"赵一鸣零食"双 品牌的零售巨头，已构建起覆盖全国28个省份、超1.9万家门店的庞大网络，2024年以555亿元GMV登 顶中国休闲食品饮料连锁零售榜首。 在下沉市场升级的产业周期中，鸣鸣很忙的资本化进程，不仅折射出量贩零食赛道的爆发式增长，更揭 开了本土零售品牌凭借供应链重构与数字化赋能实现规模突围的核心逻辑。 双品牌协同爆发 对于此次赴港上市的募资用途，鸣鸣很忙在招股书中明确，将主要用于提升供应链能力及产品开发能 力、门店网络升级与加盟商赋能、品牌建设及推广、科技能力和数字化水平提升等。在行业竞争日趋激 烈的背景下，持续的供应链投入与数字化升级，被视为公司巩固领先地位的关键。 当前，量贩零食赛道已从跑马圈地进入精细化运营的新阶段。除了鸣鸣很忙，良品铺子（603719）、来 伊份（603777）等传统零食品牌加速下沉，区域性品牌也在不断扩张，行业价格战与同质化竞争加剧。 招股书显示，2022 ...

万辰集团 20260106 摘要 头部零食量贩连锁企业第三季度新开门店数量超预期，万辰集团和鸣鸣 很忙分别净开 2000 多家和 2,813 家门店，显示行业扩张势头强劲。 零食量贩行业快速扩张的关键在于其相对较高的投资回报率和稳定性， 闭店率远低于茶饮行业，即使回本周期延长，回本后每月回报仍具吸引 力。 2025 年前三季度单店收入下滑是 2024 年价格战高基数后的正常回落， 以及新开门店速度过快导致，预计未来单店收入将逐步改善并实现正增 长。 零食量贩行业竞争格局趋于缓和，头部公司更注重巩固自身优势区域， 而非盲目扩张，未来将关注电商模式和精细化运营。 2025 年万辰和鸣鸣很忙收入规模分别达到 500 多亿元和接近 600 亿元， 主要以零食销售为主，规模化优势明显，短期内难以被其他业态撼动。 零食量贩行业净利润率发展良性，上游供应商受益于规模效应，下游消 费者获得更便宜的产品，随着规模扩大，净利润率还有提升空间。 预计 2026 年万辰集团总利润将达到 30 亿元左右，对股价前景持乐观 态度，鸣鸣很忙计划上市港股，春节旺季也将提振同店销售表现，行业 发展前景乐观。 Q&A 2025 年零食量贩行业的 ...

截至2025年9月30日，鸣鸣很忙的门店总数已达19517家。 21世纪经济报道 唐唯珂 量贩零食赛道迎来资本市场的标志性事件。 2026年1月6日，湖南鸣鸣很忙商业连锁股份有限公司（下称"鸣鸣很忙"）正式通过港交所上市聆讯，距 离成为"港股量贩零食第一股"仅一步之遥。招股书数据显示，这家整合了"零食很忙"与"赵一鸣零食"双 品牌的零售巨头，已构建起覆盖全国28个省份、超1.9万家门店的庞大网络，2024年以555亿元GMV登 顶中国休闲食品饮料连锁零售榜首。 数字化能力则为万店规模的标准化运营提供支撑。招股书披露，公司已组建385人的行业最大数字化团 队，打造了覆盖选品采购、仓储物流、门店管理、加盟商赋能的全流程数字化体系。全国48大智能化仓 储物流中心总占地面积超106.5万㎡，实现300公里范围内24小时配送。2024年，存货周转天数11.6天， 仓储物流成本占总收入的1.7%，均处于行业领先水平。针对加盟商，公司提供超3万套可视化门店陈列 模板、线上线下（300959）双巡店机制及全方位培训，既保障"万店如一"的消费体验，又通过数据赋能 提升单店运营效率。 行业竞争进入精细化阶段 对于此次赴港上市的募 ...

为了探寻企业界、金融界破局引路的标杆力量，"见未来·2025第八届金禧奖年度评选"如期而至。自标点财经研究院联合《投资时报》、投资时间网于 2018年首次举办"见未来"系列论坛以来，至2025年，"见未来"系列活动及金禧奖年度评选已进入第八届。据了解，"金禧奖"由标点财经研究院等第三方研 究机构对数千家企业大数据展开分析、比较后，客观评选出各领域最具竞争力的企业和机构，形成候选综合排名榜单，再经媒体记者、研究员团队集体调 研，由评审组最终审核确定。 经过数轮激烈的竞争与细致筛选，这份荣誉的归属终于揭晓。最终同程网络科技股份有限公司、湖南鸣鸣很忙商业连锁股份有限公司脱颖而出，摘 得"2025提振消费标杆奖"奖项。 凭借零食量贩模式，鸣鸣很忙三年内营收与利润呈跨越式增长，2025年上半年GMV达411亿元，持续领跑量贩零食赛道。同程旅行则通过创新旅游服务， 优化出行体验，有效带动文旅消费复苏。两家企业通过模式创新与规模扩张，直接拉动内需，为消费市场注入强劲动能，成为2025年提振消费的典范。 消费是经济增长的"主引擎"，也是民生幸福的"晴雨表"。 2025年，中央经济工作会议将"大力提振消费、提高投资效益，全方位 ...

Group 1: Key Insights - The report highlights the strong growth potential of the semiconductor testing industry, particularly for companies like Huafeng Measurement and Control (688200), which is positioned to benefit from the increasing demand for simulation and digital testing machines driven by AI chip requirements [4][5][6] - Guoke Military Industry (688543) is noted for its transition from conventional ammunition to intelligent and information-based ammunition, which is expected to enhance its growth prospects in a high-demand industry [4][5] - Purtai (603659) is recognized as a leading global lithium battery materials platform, with its negative electrode and diaphragm businesses expected to show long-term improvement [4][5] Group 2: Company-Specific Analysis - Wanchen Group (300972) is projected to continue expanding its store count, currently exceeding 18,000, while improving net profit margins through scale effects and supply chain efficiencies [5][6] - Top Group (601689) is actively developing new products in collaboration with major clients, including liquid cooling solutions, which have already secured initial orders worth 1.5 billion [7][8] - Zhuoyue New Energy (688196) is expanding its production capacity in the biofuel sector, with a focus on biodiesel and bio-based materials, supported by favorable policies and a projected internal rate of return of 28.94% for new projects [8][9] Group 3: Industry Trends - The report indicates that the server liquid cooling market is expected to experience significant growth in 2026 and 2027, with companies like Yingweike (002837) poised to capture substantial market share [8][9] - The mechanical equipment sector, particularly companies like Binglun Environment (000811), is expanding its presence in various fields, including nuclear power and industrial heat control, which is expected to provide new growth opportunities [9][10] - The AI industry is driving demand for intelligent control systems, with companies like Zhiwei Intelligent (001339) developing products that cater to this emerging market [10]

2025年1至6月份，万辰集团的营业收入构成为：量贩零食占比98.95%，农业种植业占比1.05%。 每经AI快讯，万辰集团（SZ 300972，收盘价：178.5元）12月15日晚间发布公告称，公司第四届第四十 一次董事会会议于2025年12月15日在公司会议室以现场结合通讯方式召开。会议审议了《关于修订 <对 外捐赠管理制度> 的议案》等文件。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 截至发稿，万辰集团市值为337亿元。 （记者 王晓波） ...

Group 1 - The core point of the news is the share transfer agreement involving Wancheng Group, where shareholders are transferring a total of 9,890,000 shares to Mr. Zhou Peng, resulting in a significant change in ownership structure [1] - Following the share transfer, the total shares held by Fujian Huanxiucao Agricultural Development Co., Ltd. and its concerted parties will amount to 107,407,549 shares, representing 56.8621% of the company's total equity [1] - The revenue composition of Wancheng Group for the first half of 2025 indicates that retail snacks account for 98.95% of total revenue, while agricultural planting contributes only 1.05% [1] Group 2 - As of the report, Wancheng Group has a market capitalization of 34 billion yuan [2]