Core Viewpoint - Mingming is busy (01768) has successfully listed its shares at a price of HKD 236.6 per share, raising approximately HKD 3.528 billion in net proceeds, with a significant initial trading surge of 88.08% to HKD 445 per share [1] Company Overview - Mingming is the largest chain retailer of snack food and beverages in China and a leader in the food and beverage wholesale model [1] - The company operates two major brands: "Snacks are Busy" and "Zhao Yiming Snacks" [1] - The store network is strategically located in high-traffic, easily accessible street locations, aiming to provide a joyful and comfortable shopping experience [1] Financial Performance - As of November 30, 2025, the number of operational stores is projected to reach 21,041 nationwide [1] - For the nine months ending September 30, 2025, the national retail sales (GMV) reached RMB 66.1 billion, reflecting a year-on-year growth of 74.5% [1] - The company has served over 2.1 billion customers during the same period [1] Industry Position - According to the China Chain Store and Franchise Association, Mingming ranks among the top 10 in the Chinese chain industry for 2024 and is noted as one of the fastest-growing chain enterprises [1]

Group 1 - The core viewpoint of the article highlights that Mingming, the largest leisure food and beverage retail chain in China, is set to be listed in Hong Kong on January 28, with a significant increase in its trading price compared to the initial offering price [1] - As of the close, the dark trading by Livermore Securities showed a price of HKD 408.00, which represents a 72.44% increase from the offering price of HKD 236.6 [1] - Each lot consists of 100 shares, and the profit per lot, excluding fees, amounts to HKD 17,140 [1]

Group 1 - The core viewpoint of the article is that Mingming Hen Mang (01768), the largest leisure food and beverage retail chain in China, will be listed in Hong Kong on January 28, with a significant increase in its stock price during pre-market trading [1] - The pre-market trading price was reported at 408.00 HKD, which represents a 72.44% increase from the offering price of 236.6 HKD [1] - Each trading lot consists of 100 shares, resulting in a potential profit of 17,140 HKD per lot, excluding transaction fees [1] Group 2 - The trading data indicates a high level of interest, with a significant buy-sell ratio of 11.57% to 88.43% [4] - The trading volume shows a notable figure of 49,900 shares at a price of 406.400 HKD [3]

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 growth, with a market size exceeding 3.7 trillion RMB and a CAGR of approximately 14% for specialized retail channels from 2019 to 2024, indicating significant growth potential [4][28] - The company has demonstrated rapid financial growth, 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 robust operational framework, leveraging refined operations, brand marketing, and supply chain management to create a competitive advantage [4][48] 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 leisure food and beverage retail market is expanding, driven by rising disposable income and changing consumer preferences towards healthier and more diverse product offerings [28][32] - The market is projected to grow from 5.5 trillion RMB in 2019 to 7.1 trillion RMB in 2024, with a CAGR of 5.2% [32][35] Competitive Landscape - The industry is characterized by low concentration, with the top five retail chains holding only 6% of the market share, indicating opportunities for growth and consolidation [41][44] - Mingming Hen Mang holds a market share of 1.5% with a GMV of 55.5 billion RMB in 2024, positioning it as a key player alongside competitors like Walmart China and Wanchen Group [41][46] Financial Performance - The company has shown strong financial performance, with revenues of 10.30 billion RMB in 2023 and projected revenues of 39.34 billion RMB in 2024, reflecting a significant growth trajectory [1][19] - The net profit is expected to reach 833.7 million RMB in 2024, with a continuous improvement in profit margins due to operational efficiencies [4][19] Operational Advantages - The company employs a refined operational strategy, including a specialized product selection team and digital tools to ensure product innovation and high sales velocity [48][51] - Effective supply chain management and a strong digital infrastructure enhance the company's ability to respond to market demands and maintain competitive pricing [70]

| 412.000 | 74.13% | | | | --- | --- | --- | --- | | | | 十档 | 成交明细 | | | | 414.400 | - - (- - ) | | | | 414.200 | - - (- - ) | | | | 414.000 | - - (- - ) | | | | 413.800 | - -(- -) | | | | 413.600 | - - (- -) | | | | 413.400 | 100(1家) | | | | 413.200 | - - (- -) | | | | 413.000 | 600(6家) | | 236.600 | | 412.800 | 100(1家) | | | | 412.600 | 100(1家) | | | | 412.000 | 3500(2家) | | | | 411.800 | -- - (- - ) | | | | 411.600 | 100(1家) | | | | 411.400 | - - - - - - ) | | | | 411.200 | 300(2家) | | | | 411.000 | - - ...

智通财经APP获悉，中国最大的休闲食品饮料连锁零售商鸣鸣很忙(01768)将于1月28日(星期三)在香港挂牌。截至发稿，利弗莫尔证券暗盘交易显示报价 412.0港元，较招股价236.6港元上涨74.13%，每手100股，不计手续费，每手赚17540港元。 | 412.000 | 74.13% | | | | --- | --- | --- | --- | | | | 十档 | 成交明细 | | | | 414.400 | - - (- -) | | | | 414.200 | - - (- - ) | | | | 414.000 | - - (- - ) | | | | 413.800 | - - (- -) | | | | 413.600 | - - (- - ) | | | | 413.400 | 100(1家) | | | | 413.200 | - - (- - ) | | | | 413.000 | 600(6家) | | 236.600 | | 412.800 | 100(1家) | | | | 412.600 | 100(1家) | | | | 412.000 | 3500(2家) | | | ...

Core Insights - The company, Mingming Hen Mang, is set to go public on January 28, having integrated its two brands, "Zhao Yiming Snacks" and "Snacks Hen Mang," to become the largest chain retailer of snack food and beverages in China, with over 21,000 stores across 28 provinces [1] - The growth strategy of Mingming Hen Mang transcends mere scale, focusing on an innovative ecosystem built around supply chain, consumer scenarios, and partnerships, which supports its leading industry position and establishes a foundation for sustainable and resilient profitability [1] Financial Performance - From 2022 to 2024, the company's revenue surged from 4.286 billion to 39.344 billion yuan, achieving an 860% growth and a compound annual growth rate (CAGR) of 203% [2] - Adjusted net profit increased from 82 million to 913 million yuan, expanding over tenfold, demonstrating strong profit conversion capabilities [2] - In the first three quarters of 2025, the company reported revenue of 46.372 billion yuan and a GMV of 66.1 billion yuan, reflecting year-on-year growth of 75.2% and 74.5%, respectively, with adjusted net profit soaring by 241% [3] Market Position and Expansion - According to a report by Frost & Sullivan, Mingming Hen Mang ranks first among Chinese chain retailers in terms of GMV for snack food and beverages, and fourth in the overall food and beverage category [2] - The company has a high penetration rate in lower-tier markets, with 59% of its 19,517 stores located in county towns and rural areas, achieving a 66% market penetration rate [4][5] - The retail market for snack food and beverages in China continues to grow, with the share of lower-tier markets in total GMV rising from 58.8% to 61.7% over the past five years, expected to reach 64.7% by 2029 [4] Supply Chain Efficiency - The company maintains a stable profit margin, with adjusted net profit margins around 2% from 2022 to 2024, driven by cost control through a large store network and efficient supply chain [6] - Future profit growth is anticipated to stem from enhanced supply chain efficiency, with investments in cold chain logistics and optimized warehousing and distribution systems [6][7] Ecosystem Development - Mingming Hen Mang is building a comprehensive ecosystem that includes supply chain, consumer scenarios, and partnership networks, which opens up broader growth opportunities [8] - The company has developed a customized product development capability, with approximately 34% of its product SKUs being vendor-customized, enhancing product competitiveness and supply chain stability [8] - The company is also focusing on community consumption scenarios and has shifted its franchise model to eliminate franchise fees, promoting a sustainable growth model for both the company and its franchisees [9]

港股晨报 2026 年 1 月 21 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：特朗普关税威胁升级，美欧关系进 入敏感期，黄金白银价格创新高 昨日，港股三大指数持续下探。截至收盘，恒生指数跌 0.29%，国企指数跌 0.43%， 恒生科技指数跌 1.16%。大市成交金额 2,377.66 亿元，主板总卖空金额 329.52 亿元，占可卖空股票总成交额比率为 15.68%。南向资金北水方面，港股通交易 净流入 36.63 亿港元。港股通 10 大成交活跃股中，北水净买入最多的是腾讯 700.HK、美团 3690.HK、小米集团 1810.HK；净卖出最多的是中芯国际 981.HK、 中国移动 941.HK、中海油 883.HK。 板块方面，大消费板块飘红。其中，沪上阿姨 2589.HK 涨 9.87%，中烟香港 6055.HK 涨 6.04%，中国波顿 3318.HK 涨 4.71%，蜜雪集团 2097.HK 涨 3.64%， 中国南方航空 1055.HK 涨 4.57%，中国国航 753.HK 涨 3.91%，中国东方航空 670.HK 涨 3.68%，华润啤酒 291.HK 涨 3. ...

Core Viewpoint - The company, Hunan Mingming Hen Mang Commercial Chain Co., Ltd., is set to launch its global offering and list on the Hong Kong Stock Exchange, aiming to raise approximately HKD 3.124 billion through the issuance of 14.1011 million shares, with a significant portion allocated to international investors [1]. Group 1: IPO Details - The global offering consists of 14.1011 million shares, with approximately 12.6909 million shares for international offering and about 1.4102 million shares for public offering in Hong Kong [1]. - The public offering in Hong Kong commenced on January 20 and is expected to close on January 23, with a median offer price of HKD 233.10 per share [1]. Group 2: Investor Participation - The IPO has attracted significant attention from the capital market, with a total of 8 cornerstone investors committing approximately USD 195 million (around HKD 1.52 billion) [3]. - Notable cornerstone investors include Tencent and Temasek, each subscribing USD 45 million, indicating strong confidence in the emerging retail sector [3]. - Other prominent asset management firms such as BlackRock and Fidelity also participated, showcasing a diverse investor base that includes sovereign wealth funds and leading asset managers [3]. Group 3: Company Position and Performance - Mingming Hen Mang is recognized as the largest leisure food and beverage retail chain in China, operating under the brands "Zero Snacks" and "Zhao Yiming Snacks" [4]. - As of September 30, 2025, the company had 19,517 stores nationwide, with a retail sales volume (GMV) of CNY 66.1 billion, reflecting a year-on-year growth of 74.5% [4]. - The company achieved a revenue of CNY 46.371 billion in the first nine months of 2025, a 75.2% increase year-on-year, and an adjusted net profit of CNY 1.81 billion, up 240.8% [4]. Group 4: Future Plans - The funds raised from the IPO will primarily be used to enhance supply chain capabilities, product development, store network upgrades, and support for franchisees [5]. - The company plans to invest in brand building, digital transformation, and strategic acquisitions to solidify its leading position in the leisure food and beverage retail sector [5].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. is set to launch its global IPO on January 20, 2024, with plans to list on the Hong Kong Stock Exchange on January 28, 2024, aiming to raise approximately HKD 3.124 billion [1] Group 1: IPO Details - The company plans to issue a total of 14.1011 million shares, with approximately 12.6909 million shares allocated for international offering and about 1.4102 million shares for public offering in Hong Kong [1] - The public offering in Hong Kong commenced on January 20, 2024, and is expected to close on January 23, 2024, at noon [1] Group 2: Investor Participation - The IPO has attracted significant attention from the capital market, featuring a strong cornerstone investor lineup, with total subscriptions amounting to approximately USD 195 million (around HKD 1.52 billion) [2] - Notable investors include Tencent and Temasek, each subscribing USD 45 million, indicating strong confidence in the emerging retail sector and the growth potential of Chinese consumption [2] - Other prominent asset management firms such as BlackRock and Fidelity also participated, showcasing a diverse investor structure that includes sovereign wealth funds and top private equity firms [2] Group 3: Company Performance - Mingming Hen Mang is recognized as the largest leisure food and beverage retail chain in China, with a current operational store count of 21,041 expected by November 30, 2025 [3] - For the nine months ending September 30, 2025, the company's retail sales reached RMB 66.1 billion, reflecting a year-on-year growth of 74.5%, with over 2.1 billion customers served [3] - The company reported a revenue of RMB 46.371 billion for the same period, a 75.2% increase year-on-year, and an adjusted net profit of RMB 1.81 billion, a significant rise of 240.8% [3] Group 4: Use of Proceeds - The funds raised from the IPO will primarily be used to enhance supply chain capabilities, product development, store network upgrades, and ongoing support for franchisees [4] - Additionally, the company plans to invest in brand building, digital transformation, and strategic acquisitions to solidify its leading position in the leisure food and beverage retail sector [4]