（东方财富网） 1月28日，休闲食品饮料连锁零售商——湖南鸣鸣很忙商业连锁股份有限公司正式在港交所主板挂牌上 市，证券简称为"鸣鸣很忙"，股份代号为1768.HK。上市首日，鸣鸣很忙开盘价为445港元/股，盘中涨 幅一度超过88%。截至该日收盘，鸣鸣很忙报400港元/股，总市值862亿港元。 (编辑：王璨 林辰) ...

港股新消费领域再添一家明星上市公司！ 1月28日，休闲食品饮料连锁零售商鸣鸣很忙在香港挂牌，该公司为知名零食连锁店"零食很忙"和"赵一 鸣零食"的母公司。该股在昨日暗盘就一度大涨近90%，今日该股依旧表现亮眼，上市首日高开88%报 445港元/股，盘中市值一度超900亿港元。 鸣鸣很忙公布配发结果，每股定价236.6港元，共发行1551.12万股份，每手100股。若以今日开盘价格粗 略计算，不计手续费，一手可赚20840港元。 红杉中国、好想你为其股东 作为"量贩零食第一股"，鸣鸣很忙在公开发售环节就受到了资金的追捧。该公司公开发售阶段获 1899.49倍认购，国际配售阶段获44.44倍认购。 鸣鸣很忙本次发行还吸引了腾讯、淡马锡、贝莱德、富达基金、泰康人寿、博时国际、易方达及淡水泉 等8家基石投资者，认购总额约1.95亿美元（约15.20亿港元）。 值得一提的是，鸣鸣很忙背后也拥有诸多知名资本。 其中，红杉中国是零食很忙最早的机构投资者，于2021年4月联合领投零食很忙A轮融资，随后红杉中 国又参与多轮融资。IPO前，红杉中国持股比例7.07%，是鸣鸣很忙最大的外部机构股东。 另外，截至最后实际可行日期，好 ...

1月28日上午，中国最大的休闲食品饮料连锁零售商——湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）正式在香港联合交易所主板挂牌上 市，证券简称为"鸣鸣很忙"，这是2026年以来第二家登陆港股的湖南企业。 鸣鸣很忙港交所敲钟 聚焦商业地产，洞察行业脉动！ HKED 港 交 易 所 th spare and and and the comment of the comment of the comment of the comment of the comment of the comment of the comment of t 28.01.2026 Busy Ming Group Co., Ltd. 湖南鳴鳴很忙商業連鎖股份有限公司 HKEX THRET @ on o is tre to the program and the see and the see and the seen and the seen and the seen and the seen and the seen and the seen and the seen ander the server ander was a 雪 ...

Core Viewpoint - "Ming Ming Hen Mang," China's largest leisure food and beverage retail chain, officially listed on the Hong Kong Stock Exchange on January 28, with a stock price of HKD 236.6 per share, opening with a surge of 88.08% to HKD 445, reaching a market capitalization close to HKD 100 billion [1][3]. Company Overview - "Ming Ming Hen Mang" is recognized as the leader in China's leisure food and beverage retail sector, operating under two main brands: "Snacks Hen Mang" and "Zhao Yi Ming Snacks" [3]. - The company has established a vast store network, primarily located in high-traffic, easily accessible street locations, aiming to provide a joyful and comfortable shopping experience [3]. - The company offers a wide range of high-quality, cost-effective products with frequent new arrivals [3]. Growth and Vision - As of November 30, 2025, "Ming Ming Hen Mang" is projected to operate 21,041 stores nationwide [4]. - The founder and CEO, Yan Zhou, emphasized the company's journey from a community store to over 20,000 locations, aiming to become the largest offline retail channel in China while maintaining its original mission of providing affordable snacks to consumers [3]. - The company's vision is to "create a happy life and become the people's snack brand," which will guide its future endeavors [3].

今天，从小县城跑出的零食巨头鸣鸣很忙在港股敲钟了！ 这是一场典型的"农村包围城市"的胜利，更是一场极致效率的加冕。招股书数据显示，截至2024年12月31日，鸣鸣很忙的门店网络已达14394家，覆盖中 国28个省份，其中约58%的门店深扎于县城及乡镇。 从2025年10月28日递交招股书到今天顺利上市，鸣鸣很忙赴港上市仅耗时3个月。截至发稿，鸣鸣很忙报【445港元】元，涨幅【78】%，市值达【900】 亿港元。此次IPO，腾讯、淡马锡、贝莱德、富达基金、泰康人寿、博时国际、易方达、淡水泉8名作为基石投资者，合计认购总额约1.95亿美元。 对于生活在一二线城市核心商圈的人来说，鸣鸣很忙这个名字或许还有些陌生，但在中国广袤的县城与乡镇，它那标志性的明黄色招牌早已攻陷了街头巷 尾，成为无数小镇青年的"快乐补给站"。 从县城小店跑出的"超级独角兽" 尽管成立时间不长，但这头"巨兽"的奔跑速度令人咋舌。2022年至2024年，鸣鸣很忙的收入分别为42.86亿元、102.95亿元、393.44亿元，同比增速高达 140.2%和282.2%；同期经调整净利润更是从0.81亿元激增至9.13亿元。按2024年GMV计，它已是 ...

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd., the largest leisure food and beverage retail chain in China, has been listed on the Hong Kong Stock Exchange, marking a new starting point for long-term development and aiming to provide better value-for-money products and joyful shopping experiences for consumers [1][5]. Group 1: Company Overview - Mingming Hen Mang operates two major brands: "Snacks Hen Mang" and "Zhao Yiming Snacks" [1]. - As of November 30, 2025, the company has expanded to 21,041 stores, with a significant presence in county towns and communities, covering 28 provinces and cities across the country [1]. - The company aims to fill market gaps in the bulk snack industry and create new consumption scenarios [1]. Group 2: Financial Performance - For the first nine months of 2025, Mingming Hen Mang achieved a retail sales volume (GMV) of 66.1 billion yuan, a year-on-year increase of 74.5%, and a total revenue of 46.371 billion yuan, up 75.2% [1][5]. - The adjusted net profit for the same period was 1.81 billion yuan, reflecting a substantial year-on-year growth of 240.8% [5]. - The operating cash flow net amount reached 2.19 billion yuan during this period [5]. Group 3: Supply Chain and Logistics - Mingming Hen Mang has established partnerships with over 2,500 quality manufacturers, including 50% of the top 100 companies in the Chinese food industry, with average product prices about 25% lower than those in offline supermarkets [3]. - The company operates 48 smart modern warehousing and distribution centers, achieving nationwide 24-hour delivery with a distribution radius of 300 kilometers [3]. - As of September 30, 2025, warehousing and logistics costs accounted for only 1.7% of total revenue, with an inventory turnover period of 11.6 days, both of which are industry-leading metrics [3]. Group 4: Product Innovation - Mingming Hen Mang has developed a standardized process for product selection and innovation, introducing hundreds of new products monthly, with approximately 3,997 SKUs covering seven major categories and over 750 brands as of September 30, 2025 [4]. - About 34% of SKUs are from customized collaborations with manufacturers, and 38% of products are sold in bulk [4]. - The company actively participates in upstream product development, exemplified by the collaboration with Yanjinpuzi to launch "Sesame-flavored Beef Tripe," which sold 960 million pieces in the first nine months of 2025 [4]. Group 5: Market Outlook - The leisure food and beverage retail industry in China is projected to grow from 2.9 trillion yuan in 2019 to 3.7 trillion yuan by 2024, with a compound annual growth rate of 5.5%, and is expected to reach 4.9 trillion yuan by 2029 [5]. - Mingming Hen Mang's listing on the Hong Kong Stock Exchange signifies a transition to a more transparent and stable development phase, with continued investments in store networks, supply chain capabilities, product structures, and food safety systems [5].

Core Viewpoint - The article highlights the successful IPO of the snack retail company "Ming Ming Hen Mang," which has seen significant interest from investors and is expected to boost the snack sector's visibility in the market [1][3]. Company Overview - "Ming Ming Hen Mang" is a leading snack retail chain in China, formed by the merger of two brands: "Liang Shi Hen Mang" and "Zhao Yi Ming Snacks" [4]. - The company operates through a franchise model, with a product range that includes baked goods, snacks, and beverages [4]. - As of September 30, 2025, the company has a network of 19,517 stores, with approximately 59% located in county and town areas, covering 1,341 counties [4]. Financial Performance - For the first nine months of 2025, "Ming Ming Hen Mang" reported revenues of 46.371 billion yuan, a year-on-year increase of 75.2%, and an adjusted net profit of 1.81 billion yuan, up 240.8% [3]. Market Position and Growth Potential - The company is recognized as the largest chain retailer in the snack and beverage sector in China, with a projected GMV of 55.5 billion yuan in 2024 [5][6]. - The snack retail market in China is valued at over 3.7 trillion yuan and is experiencing significant structural changes, including a shift towards specialized retail formats and market penetration into lower-tier cities [6]. Investor Interest - The IPO attracted major institutional investors, including Tencent and Temasek, with a total subscription of 195 million USD, indicating strong market confidence in the company's growth potential [3]. - Several brokerage firms have published reports highlighting the significance of "Ming Ming Hen Mang's" IPO, suggesting it will catalyze interest in the snack sector [5][7]. Competitive Advantages - "Ming Ming Hen Mang" boasts a competitive edge through its extensive store network, with nearly 20,000 locations, and a strong presence in lower-tier markets [7]. - The company offers a diverse product range with approximately 4,000 SKUs, including customized products, and maintains lower average prices compared to traditional supermarkets [7].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. is set to become the first "bulk snack stock" in Hong Kong, having raised a total of HKD 3.67 billion through its IPO, with significant oversubscription rates in both public and international offerings [2][3]. Group 1: IPO Details - The company issued a total of 15,511,200 H-shares, with a public offering oversubscription rate of 1,899.49 times and an international offering oversubscription rate of 44.44 times, marking one of the highest rates for consumer IPOs in recent years [2][3]. - The total funds raised of HKD 3.67 billion surpassed the fundraising amounts of previous consumer IPOs, such as Mixue Ice City [2][3]. Group 2: Investor Participation - The IPO attracted a prestigious lineup of cornerstone investors, with eight investors collectively subscribing approximately USD 195 million, including Tencent and Temasek, each investing USD 45 million [3][4]. - Other notable investors included BlackRock, Fidelity, and various domestic and international asset management firms [3][4]. Group 3: Business Model and Operations - As the largest leisure food and beverage retail chain in China, the company operates under two brands, "Snacks Are Busy" and "Zhao Yiming Snacks," enhancing operational efficiency through a unified organizational structure [4][5]. - By September 30, 2025, the company had 19,517 stores across 28 provinces and all tiered cities in China, with plans to exceed 20,000 stores [4][5]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported revenue of RMB 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of RMB 1.81 billion, reflecting a significant growth of 240.8% [7]. - From 2022 to 2024, revenue grew from RMB 4.286 billion to RMB 39.344 billion, with a compound annual growth rate (CAGR) of 203%, while adjusted net profit increased from RMB 0.081 billion to RMB 0.913 billion, achieving a CAGR of 234.6% [7]. Group 5: Market Position and Growth Potential - The Chinese leisure food retail market is projected to grow from RMB 3.7 trillion in 2024 to RMB 4.9 trillion by 2029, positioning the company as a unique investment opportunity in the Hong Kong market due to its scale advantages and supply chain barriers [7].

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company, Mingming Hen Mang, is a leading player in the Chinese leisure food and beverage retail sector, projected to achieve a GMV of 55.5 billion RMB and nearly 15,000 stores by 2024, capitalizing on the trend of bulk purchasing and consumer demand for high-quality price-performance ratios [4][9]. - The leisure food and beverage retail market in China is experiencing structural changes, with a shift towards specialized bulk retail models, which are growing faster than traditional supermarket channels, and a significant opportunity in the lower-tier markets [4][28]. - The company's financial performance is robust, with revenue expected to reach 39.34 billion RMB in 2024, a year-on-year increase of 282.15%, and net profit projected at 833.7 million RMB, reflecting a growth of 283.44% [4][19]. - The company has established a strong operational framework, leveraging refined operations, brand marketing, and supply chain management to create a competitive advantage [4][48]. - The report forecasts continued revenue growth for the company, with expected revenues of 64.52 billion RMB in 2025 and 82.20 billion RMB in 2026, alongside net profits of 2.25 billion RMB and 3.02 billion RMB respectively [4][19]. Summary by Sections Company Overview - Mingming Hen Mang is the largest leisure food and beverage retail chain in China, formed by the merger of two brands, "Mingming Hen Mang" and "Zhao Yiming Snacks," in November 2023 [9][10]. - The company aims to provide a wide range of high-quality products at competitive prices, enhancing customer experience and addressing industry pain points [9]. Industry Analysis - The Chinese leisure food and beverage retail market is projected to grow significantly, with a market size exceeding 3.7 trillion RMB and a CAGR of 5.5% from 2019 to 2024 [28][35]. - The market is witnessing a shift towards specialized retail formats, with the bulk retail model gaining traction and expected to capture a larger market share [28][37]. Competitive Position - Mingming Hen Mang holds a market share of 1.5% in the leisure food and beverage sector, positioning itself as a leader among competitors [41][46]. - The competitive landscape is characterized by a low concentration of market share among top players, with significant growth opportunities in the lower-tier markets [41][44]. Financial Performance - The company has shown rapid revenue growth, with revenues of 10.30 billion RMB in 2023 and projected revenues of 39.34 billion RMB in 2024, reflecting a growth rate of 282.15% [19][20]. - Profitability metrics are improving, with net profit margins expected to rise from 1.67% in 2022 to 3.36% in 2025 [19][22]. Operational Strengths - The company employs a refined operational strategy, including a professional product selection team and advanced supply chain management systems, to enhance efficiency and customer satisfaction [48][70]. - Digital tools are utilized to optimize inventory management and supplier relationships, ensuring timely product delivery and maintaining competitive pricing [51][70].

| Number of Offer Shares under : | 14,101,100 H Shares (subject to | | --- | --- | | the Global Offering | the Offer Size Adjustment Option | | | and the Over-allotment Option) | | Number of Hong Kong Offer Shares | 1,410,200 H Shares (subject to | | | reallocation) | | mber of International Offer Shares | 12.690,900 H Shares (subject to | | | reallocation, the Offer Size | | | Adjustment Option and the | | | Over-allotment Option) | | Maximum Offer Price 1 | HK$236.60 per H Share, plus brokerage | | | of 1 ...