长沙晚报全媒体记者 刘攀 12月18日，2025三湘民营企业百强榜新闻发布会在长沙举行。省政协副主席、省工商联主席张健，省委 统战部副部长、省工商联党组书记胡建新出席。 新动能：科技创新实力加速提升 盈利水平保持稳健。2024年，三湘民企百强税后净利润合计549.52亿元，户均5.50亿元；人均营业收入 179.68万元，人均净利润7.67万元；总资产周转率89.66%，显示运营效率总体稳健。 创新动能持续增强，2025三湘民企百强在创新投入与转型实践上呈现诸多新突破。2024年，百强企业全 年申请国内专利6415项，其中国内发明专利3027项；获得专利授权4731项，发明专利授权1728项，同比 增长11.34%。参与制定国际、国家、行业及团体标准共计1446项，其中国际标准3项、国家标准575 项；拥有"国家企业技术中心"16家、"全国重点实验室"4家。 全省研发投入强度提升至2.62%、居中部第2位，"1＋2"国家实验室体系加快构建，"4＋4科创工程"全部 实体化运行，"十大技术攻关项目"突破关键核心技术超180项，新增各类研发机构269家，全省技术合同 成交额增长23%。 强产业：湘企发展有韧性与活力 ...

Core Viewpoint - The company "Ming Ming Hen Mang" is on the path to its IPO in Hong Kong, marking a significant milestone for both the company and the snack retail industry as it aims to become the first listed company in the sector on the Hong Kong Stock Exchange [5][14]. Company Progress - The company submitted its IPO application to the Hong Kong Stock Exchange on April 28, 2025, and updated its application materials on October 28, 2025, after the initial submission expired [3]. - The China Securities Regulatory Commission approved the company's overseas listing and domestic share circulation on December 11, 2025, indicating that the company is nearing the final steps before going public [3]. Market Position - As a leader in the snack retail industry, "Ming Ming Hen Mang" operates over 20,000 stores across 28 provinces in China, earning the title of "King of Downstream Markets" with approximately 58% of its stores located in county and town areas [6]. - The company's GMV reached 55.5 billion yuan in 2024, with a remarkable 41.1 billion yuan in the first half of 2025, reflecting an 86.9% year-on-year increase [6]. Financial Performance - In the first half of 2025, the company's revenue was 28.124 billion yuan, with an adjusted net profit of 1.034 billion yuan [6]. - The company's gross margin is relatively low, ranging from 7.5% to 9.3%, but it compensates for this with high inventory turnover, averaging only 11.7 days compared to the industry average of over 20 days [6]. Digital Strategy - The company boasts a leading digital team that utilizes big data and artificial intelligence for precise product selection and ordering, introducing hundreds of new products monthly to maintain consumer interest [7]. Challenges and Risks - The company faces potential risks associated with its franchise model, as 99.5% of its revenue comes from supplying franchisees, leading to intense internal competition among stores [9]. - Complaints regarding food quality have increased alongside rapid store expansion, indicating a need for improved quality control [10]. - The company's low gross margin poses a risk, as rising logistics and raw material costs could significantly impact profitability [10]. - Competitive pressure is increasing from rivals like "Hao Xiang Lai," which is also pursuing a public listing [10]. - The company has faced regulatory scrutiny, including a fine for failing to report a merger, highlighting ongoing compliance risks [10]. Industry Outlook - The competition in the snack retail sector is intensifying as companies like "Hao Xiang Lai" also aim for public listings, marking the beginning of a capitalized era for the industry [13]. - Future success will depend on balancing store count with profitability, improving supply chain efficiency, and addressing gross margin challenges to meet market expectations [13][14].

12月11日，中国证监会发布《关于湖南鸣鸣很忙商业连锁股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书》（以下称：备案通知书）， 鸣鸣很忙上市备案已获通过。 公开资料显示，零食很忙由85后晏周于2017年3月在湖南长沙创立，赵一鸣零食由85后赵定于2019年1月在江西宜春创立，两品牌于2023年11月完成合并。 晏周任鸣鸣很忙董事长兼总经理，赵定任副董事长兼副总经理。 目前，鸣鸣很忙从门店规模上看是中国最大的休闲食品饮料连锁零售商，截至2025年9月已成为行业首家突破2万家门店的企业，覆盖全国超1300个县。 2025年上半年GMV达411亿元，收入281.2亿元，经调整净利润10.34亿元。公司现金流强劲，存货周转天数仅11.7天，供应链效率极高。 值得注意的是，打开鸣鸣很忙的招股书，能看到"薄利多销"的经营理念被深深刻入其DNA中。2022年—2024年，毛利率始终维持在7.5%上下，客单价也 在35元左右。 备案通知书显示，鸣鸣很忙拟发行不超过76,666,400股境外上市普通股并在香港联合交易所上市，25名股东拟将所持合计198,079,551股境内未上市股份转 为境外上市股份，并在香港联 ...

根据招股书，截至2025年上半年，鸣鸣很忙实现零售额(GMV)411亿元，收入281.2亿元，经调整净利润 10.34亿元，门店总数已达16783家，覆盖全国28个省份、1327个县等市场。经营质量方面，截至2025年 上半年，鸣鸣很忙期末现金余额超23.94亿元，流动资产净值增至28.27亿元，现金充足，资产流转高 效，财务结构稳健。2025年上半年经营现金流净额13.95亿元，体现强劲造血能力。2025年9月，据第三 方权威机构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。 新京报讯(记者王子扬)12月11日，中国证监会发布《关于湖南鸣鸣很忙商业连锁股份有限公司境外发行 上市及境内未上市股份"全流通"备案通知书》显示，量贩零食企业湖南鸣鸣很忙商业连锁股份有限公司 (简称"鸣鸣很忙")上市备案已获通过。 据悉，2025年4月28日，鸣鸣很忙首次向港交所递交上市申请。10月28日，公司更新上市申请材料，继 续推进上市进程。本次上市，鸣鸣很忙拟发行不超过7666.64万股境外上市普通股并在港交所上市，25 名股东拟将所持合计约1.98亿股境内未上市股份转为境外上市股份，并在港交所上市流通。 ...

Core Viewpoint - The snack chain brand "Haoxianglai" is facing significant food safety issues, with multiple consumer complaints about foreign objects found in products, raising concerns about its product selection mechanisms [2][9]. Group 1: Food Safety Issues - Consumers reported finding foreign objects, including a "thorn" in a product purchased from Haoxianglai, leading to questions about the company's quality control [4][6]. - The brand's products, particularly from the supplier Jiangsu Haode Food Co., have a history of failing safety inspections, including issues with mold and bacteria [6]. - Complaints on platforms like "Heimao Complaints" have exceeded 1,000, with reports of spoiled food and foreign objects [9]. Group 2: Business Model and Store Operations - Haoxianglai, under Wancheng Group, operates over 15,365 stores, with more than 99% being franchise locations, which may contribute to the frequent food safety incidents [10][11]. - The company has adopted a low-barrier franchise model, requiring only a 20,000 yuan deposit, which has led to rapid expansion but also increased operational risks [13]. - In the first half of the year, Haoxianglai closed nearly 300 stores, indicating challenges in maintaining profitability and managing store density [10][13]. Group 3: Financial Performance - The average transaction value for Wancheng Group has decreased from 53.33 yuan to 35.56 yuan, a decline of 33.3%, with further reductions noted in 2025 [15]. - The daily average GMV per store has also dropped significantly, from approximately 8,220.72 yuan to 5,927.19 yuan, reflecting a 27.9% decrease [15].

以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 从2012年推出"伯希和"品牌，到2015年正式成立公司，伯希和在多年的发展过程中，也获得了安徽文化产业投 资私募基金、建安集团等国资，以及启明创投、金沙江创投、同程资本、腾讯等投资者的认可，估值达到28亿 元。 如果看目前的回报，当地国资可谓是投资者中最大的赢家。短短两年左右，亳州国资除了有近三千万元的财务回 报，更是通过龙头企业伯希和等带动了当地轻纺服饰产业的快速发展。 夫妻创业，三年卖出超380万件冲锋衣 伯希和的故事，得从一对夫妇说起。 时间回到2006年，刘振和妻子花敬玲在北京做起了面向海外品牌的服装出口贸易。六年后，他们为把握内地户 外服装市场的增长机遇，顺势推出了"伯希和"品牌。 将投中网设为"星标⭐"，第一时间收获最新推送 一路走来，伯希和只完成了两轮融资。 作者丨鲁智高 来源丨 东四十条资本 一个位于安徽小城的知名品牌正冲向港股。 在三年卖出超380万件冲锋衣后，伯希和于近日再次申请在港上市。虽然主攻千元以下冲锋衣市场，但他们凭借 高性价 ...

Core Insights - The company "Ming Ming Hen Mang," known as the "Mi Xue Bing Cheng" of the snack industry, has submitted updated listing application materials to the Hong Kong Stock Exchange, aiming to expand its store count significantly by 2025 [2] Group 1: Expansion and Growth - Ming Ming Hen Mang merged with Zhao Yi Ming Snacks in November 2023, rebranding as Ming Ming Hen Mang Group, and achieved a total of 6,500 stores at the time of merger [2] - The company reached over 10,000 stores by June 2024, becoming the first snack chain in China to achieve this milestone, adding 3,500 stores in just 7 months [2] - By September 2025, the total number of stores is projected to exceed 20,000, marking a rapid expansion in the industry [2] Group 2: Business Model - The business model of Ming Ming Hen Mang is similar to that of Mi Xue Bing Cheng, primarily generating revenue from selling products to franchisees, with 99.5% of its income derived from product sales [4][5] - As of June 2025, the company had 8,378 franchisees, with a total of 16,783 stores, including 24 self-operated stores [6] Group 3: Financial Performance - Revenue growth has been significant, with income increasing from 4.286 billion to 39.344 billion from 2022 to 2024, reflecting a compound annual growth rate of 203.0% [10] - In the first half of 2025, the company reported revenue of 28.124 billion, a year-on-year increase of 85.6%, and an adjusted net profit of 1.034 billion, up 265.5% [11] - Despite high growth, the company has maintained low gross margins, with rates of 7.5% in 2022 and 2023, and 7.6% in 2024, improving to 9.3% in the first half of 2025 [12][13] Group 4: Operational Efficiency - The company has demonstrated efficient operational management, with inventory turnover days at just 11.7, significantly better than the industry average [15] - As of mid-2025, the company had a cash balance exceeding 2.394 billion and net current assets of 2.827 billion, indicating a robust financial structure [16]

Core Insights - The structural transformation of China's consumer market is reshaping the business ecosystem at an unprecedented pace, with a shift from luxury goods consumption to a broader pursuit of quality lifestyle [1][11] - The expansion of the company "零嘴福" reflects the gradient transfer characteristics of the Chinese consumer market, particularly in lower-tier cities where disposable income growth outpaces urban averages [3][11] Market Trends - High-end imported snack sales are projected to grow by 23% year-on-year in the first half of 2025, with health snack repurchase rates increasing to 1.8 times the industry average [1] - Retail sales of consumer goods in county-level markets have maintained over 8% growth for 12 consecutive quarters, indicating a unique "county consumption upgrade" phenomenon [1] Business Model Innovation - "零嘴福" employs a dual-driven model of "supply chain revolution + scenario-based operations," transitioning from a regional brand to a national chain [1] - The company has introduced a "bulk snack museum" model, combining traditional bulk snacks with a membership warehouse approach, controlling SKU counts between 2000-2500, with 30% being regional specialty products [3] Supply Chain Efficiency - The company has established a simplified supply chain of "factory direct procurement + regional warehousing," reducing average inventory turnover days to 18, which is 40% faster than the industry average [5] - A 100,000 square meter automated sorting center in Hubei enables next-day delivery capabilities, aligning with the trend of "new retail infrastructure reconstruction" [5] Consumer Experience Enhancement - The store design features 12 themed experience zones, significantly increasing customer traffic and dwell time, with weekend footfall exceeding 4,000 and average stay of 28 minutes [6] - The strong experiential model has led to a membership repurchase rate 3.2 times higher than that of ordinary consumers, catering to the new generation's shopping behavior [6] Digital Membership Strategy - The company has developed a three-tier membership system, enhancing customer engagement and achieving a store conversion rate of 17% through location-based services [8] - Data-driven selection strategies have allowed the company to adjust product offerings based on regional preferences, maintaining revenue variance within ±8% [8] Industry Challenges and Responses - In response to increasing competition, the company has begun testing a "snack + beverage" model, contributing 21% to sales in pilot stores while driving a 14% increase in related snack sales [9] - The company balances standardization and personalization in its product offerings, maintaining supply chain efficiency while meeting local demands [9] Macro Perspective - The rise of "零嘴福" reflects deeper changes in the Chinese consumer market, indicating that consumption stratification does not equate to market fragmentation but rather fosters more flexible business innovations [11] - The integration of supply chain innovation with consumer insights is redefining the future landscape of China's retail industry [11]

Core Insights - The snack retail industry has experienced rapid expansion in third and fourth-tier cities, with the number of stores increasing from 2,500 in 2021 to an expected 45,000 this year, establishing itself as a new retail leader [1] Industry Overview - The growth of snack retail stores highlights a successful business model in an era where offline businesses are generally perceived to be struggling due to the internet [1] - The article suggests that despite the challenges faced by traditional retail, snack stores have thrived, indicating a unique market opportunity [1] Risks and Secrets - The article hints at underlying risks and secrets within the booming snack retail sector, suggesting that there may be more complexity behind the apparent success [1]

Core Insights - The implementation of the second phase of the equity incentive plan by Wancheng Group demonstrates the company's confidence in its performance growth [1] - The equity incentive plan aims to establish a profit-sharing mechanism between employees and the company, attracting and retaining core talent while enhancing team motivation [1] - The management has set challenging performance targets for the incentive plan, reflecting their confidence in future performance growth and company development [1] Company Growth Potential - The continuous expansion of the company's snack retail business network is expected to enhance scale effects and improve profitability [1] - The optimistic outlook on the company's growth potential is supported by the anticipated benefits from the incentive plan and the strategic goals of the company [1]