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食品饮料-零食行业:鸣鸣很忙(02143),招股说明书梳理,零食量贩龙头
Sou Hu Cai Jing· 2025-05-28 07:14
Company Overview - Mingming Hen Mang is a leading player in China's snack retail industry, formed by the merger of "Snack Hen Mang" and "Zhao Yiming Snacks" [1][12] - As of the end of 2024, the company operates 14,394 stores across 28 provinces, with 58% of its stores located in county towns and townships, and has over 120 million members [1][13] - The company achieved a revenue of 39.344 billion yuan in 2024, with a compound annual growth rate (CAGR) of 203% from 2022 to 2024, and a gross merchandise volume (GMV) of 55.5 billion yuan [1][15] Industry Insights - The retail scale of China's leisure food and beverage market has grown from 2.86 trillion yuan in 2019 to 3.74 trillion yuan in 2024, with a CAGR of 5.5% [1][25] - The share of the snack retail channel has increased from 8% in 2019 to 11% in 2024, making it one of the fastest-growing segments [1][29] Competitive Advantages - The company has an efficient store expansion strategy, adding 7,809 new stores in 2024, with an average annual GMV of 5.29 million yuan per store [2][39] - Digital supply chain capabilities have reduced logistics costs to 1.7%, and inventory turnover days have improved to 11.6 days [2][6] - The franchise system is robust, with 794 supervisors covering 14,000 stores, and a low customer concentration risk, with the top five customers accounting for only 2.5% of revenue [2][6] Future Growth Drivers - Market share is expected to increase as the company and its competitor, Wancheng Group, collectively operate over 14,000 stores, capturing nearly 75% of the market [2][6] - Upgrades to the store model, including the introduction of fresh food and daily necessities, are anticipated to enhance revenue per store [2][6] - Continued improvements in supply chain bargaining power and cost optimization are expected to further enhance gross and net profit margins [2][6] Financial Performance - The company reported a net profit of 834 million yuan in 2024, with a CAGR of 241% from 2022 to 2024, outpacing revenue growth [1][15] - The gross margin improved from 7.45% in 2022 to 7.62% in 2024, contributing to an adjusted net margin of 2.32% [1][15]
第一批开零食店的人,赚够千万离场了
虎嗅APP· 2025-05-27 14:09
以下文章来源于表外表里 ,作者洞见数据研究院 表外表里 . 洞见数据研究院 本文来自微信公众号: 表外表里 ,作者:陈梓洁,编辑:曹宾玲、付晓玲,数据支持:洞见数据研 究院,题图来自:AI生成 "没有零食店业务撑着,我早就转行了。"商铺转让中介李曦,万分感谢零食店老板。 这两年,他的生意肉眼可见地难做,求转让的餐馆、奶茶店商家一月比一月多,但某音、某书一通推 广猛如虎,一看评论全是"奸商""别想割我韭菜"的清醒发言。 幸好有零食集合店,能让他躺着赚钱:江浙乡镇店,53万打包,1天之内转让成功;100万整转的二 线城市店,客户连夜打高铁去考察…… 在加盟被祛魅、击鼓传花玩不动的年代里,持续创造着"年流水600W""赚人生第一个千万"造富神话 的量贩零食行业,仍吸引无数开店人前赴后继。 2022~2024年,量贩零食两大巨头鸣鸣很忙和万辰集团 (好想来母公司) ,以近200%的营收年复合 增长率,向市场演绎"暴力崛起"。即将登陆港股的前者,去年更是血赚8亿,同比大增284%。 哪怕"转让潮"已经来袭,李曦不少客户也没放在心上,甚至反向抄底:"上一家不会做生意,没找准 门道,我开肯定能挣钱。" 今年一季度,GeoQ ...
从泡泡玛特老铺黄金,到布鲁可鸣鸣很忙,来聊聊本轮“新消费”行情
Sou Hu Cai Jing· 2025-05-27 00:56
Core Insights - The article discusses a significant shift in the Chinese consumer market, emphasizing that traditional beliefs about targeting core consumer groups in first and second-tier cities are being challenged by emerging brands that are gaining traction in lower-tier markets [2][5][15]. Group 1: New Consumption Trends - New retail companies, such as Miming Hen Mang and others, are achieving remarkable growth and performance, indicating a shift in consumer preferences and market dynamics [2][3]. - The success of these new brands, often founded by younger entrepreneurs, highlights a departure from traditional consumer behavior and brand loyalty [2][5]. - The article suggests that the so-called "new consumption" is not truly new but rather a reflection of outdated thinking among traditional brands and investors [6][11]. Group 2: Market Dynamics and Consumer Behavior - The rise of brands like Miming Hen Mang, which plans to submit IPO materials by April 2025, showcases the potential of lower-tier markets, with 58% of its 14,000 stores located in counties and towns [3][5]. - The article notes that consumer behavior is evolving, with younger generations prioritizing emotional value over traditional brand prestige, leading to a decline in loyalty to established brands [9][21]. - The shift in consumer preferences is evident in the growing demand for value-driven products, as consumers increasingly seek quality at lower prices, challenging the traditional brand and channel strategies [22][23]. Group 3: Future Trends in Consumption - The article identifies three key trends that will dominate the consumer market in the next decade: the empowerment of the silent majority, the rise of self-oriented consumption, and the pursuit of value for money [15][21][22]. - The Z generation is becoming a significant consumer force, with their preferences and spending habits diverging from those of previous generations, emphasizing personal interests and experiences [16][18]. - The article predicts that the focus on self-satisfaction and emotional fulfillment will reshape consumption patterns, moving away from social status-driven purchases [21][22].
万辰集团(300972):董事长解除留置 基本面持续向好 看好公司拓展折扣超市
Xin Lang Cai Jing· 2025-05-26 14:39
Core Viewpoint - The company is experiencing strong operational performance with significant revenue and profit growth, and is well-positioned to expand its discount supermarket presence, leveraging its scale advantages in the snack retail sector [1][2]. Group 1: Financial Performance - In Q1, the company achieved a revenue of 10.821 billion yuan, representing a year-on-year increase of 124.02% [1] - The net profit attributable to shareholders was 215 million yuan, a staggering year-on-year increase of 3,344.13% [1] - The net profit from the snack retail business, after excluding share-based payment expenses, was 412 million yuan, with a net profit margin of 3.85%, up by 1.36 percentage points year-on-year [1] Group 2: Expansion and Market Position - Q2 and Q3 are expected to be peak seasons for store openings, indicating a potential acceleration in expansion [1] - The company has launched an employee stock incentive plan to enhance employee motivation, which may further support growth [1] - The number of discount supermarkets has been increasing since the end of last year, with both snack retail enterprises and regional brands transforming traditional supermarkets into discount formats [1] Group 3: Future Projections - The company is projected to maintain high revenue growth, with expected revenues of 55.132 billion, 67.039 billion, and 79.289 billion yuan for 2025-2027, reflecting year-on-year growth rates of 70.53%, 21.60%, and 18.27% respectively [2] - The net profit attributable to shareholders is expected to reach 734 million, 984 million, and 1.196 billion yuan for the same period, with year-on-year growth rates of 149.95%, 34.10%, and 21.61% respectively [2] - The company is anticipated to benefit from scale effects, leading to continuous improvement in profitability [2]
鸣鸣很忙:量贩零食龙头,年入400亿,难摆脱低毛利困境
贝塔投资智库· 2025-05-26 04:09
点击蓝字,关注我们 鸣鸣很忙4月28日,递表港交所。23年11月,零食很忙和赵一鸣零食正式宣布进行战略合并,鸣鸣很 忙就此诞生。公司拥有"零食很忙"和"赵一鸣零食"两个品牌,是中国最大的休闲食品饮料零售商。 产品类别丰富,正从零食量贩转向全品类量贩。 截至24年底,公司在库SKU共有3380个,单店SKU 一般不低于1800种, 是同等规模超市中休闲食品饮料产品平均SKU数量的2倍 。公司产品均价 比线 下超市渠道的同类产品便宜约25% ;并保证较高的推新速度,平均每月上新百余款产品。公司创建自 有品类,提高毛利率,产品铺向日化、文具、熟食等,丰富产品品类,覆盖吃喝玩乐。 下沉市场的行业未来,极其分散的竞争格局 根据招股书,沙利文预计中国休闲食品饮料零售行业将持续扩张,2029年市场规模预计将达到人民币 4.9万亿元, 2024年至2029年的复合年增长率为5.8%。 而未来 下沉市场的增速仍将领先,预计复合增 长率为6.8% ,而高线市场为4.1%。 零食量贩市场份额分散, 未来市场格局或会继续维持寡头竞争。 预计鸣鸣很忙和万辰集团 (旗 下"好想来")将一边铺设自家门店,一边通过收购中小企业吞并,但是也未 ...
阅峰 | 光大研究热门研报阅读榜 20250518-20250524
光大证券研究· 2025-05-24 14:24
点击注册小程序 查看完整报告 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客 户,用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限,若给您造成不便, 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 光大研究一周热榜,精选"光溯" 小程序本周阅读量前十研报。 No.1 行业动态 2025-05-18 洞悉光的观察 / 聆听光的声音 / 了解光的态度 No.2 餐饮行业有望复苏,关注供应链相关标的——餐饮 链板块跟踪报告 李嘉祺,叶倩瑜,董博文 行业动态 2025-05-21 根据章鱼小数据,25Q1餐饮市场热度相较24年全年呈现缓慢复 苏,门店数量有所增加。25Q1一线城市餐饮热度环比提升,政 策刺激有望带动需求改善,门店端竞争淘汰加剧。相对刚需且 客单价不高的品类依旧保持较高的开店率,平价餐饮趋势依旧 明显。考虑提振内需政策加码,餐饮消费及供应链需求后续有 望修复,龙头公司积极拥抱渠道变革、优化经营效率,建议关 注上游供应链相关 ...
【食品饮料】零食量贩龙头企业, 高效周转重塑零售业态——湖南鸣鸣很忙招股说明书解读(叶倩瑜/董博文)
光大证券研究· 2025-05-22 14:29
点击注册小程序 从门店结构来看,公司深度覆盖下沉市场,门店网络覆盖全国1224个县,县城覆盖率达66%,2024年县城 及乡镇门店比例约58%。从单店表现来看,2024年单店营收为567万元,门店平均客单价为35元左右,单 店日均单量为452单,低客单价+高订单量的模式支撑公司1.55万元的平均单店日销表现。 重塑零售产业链,提供高效解决方案 查看完整报告 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客户,用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限,若给您造成不便,敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 零食量贩业态的龙头企业 鸣鸣很忙在上游端通过减少供应链中间环节和规模采购等方式提供高质价比产品,在下游端通过加盟模式 实现业务规模的快速扩张。公司旗下共"零食很忙"和"赵一鸣"两个品牌,集团于2017年在长沙开设首家零 食很忙门店,23年实现零食很忙和赵一鸣的合并。22/23年零食很忙和赵一鸣相继突破1 ...
湖南鸣鸣很忙招股说明书解读:零食量贩龙头企业,高效周转重塑零售业态
EBSCN· 2025-05-22 09:49
——湖南鸣鸣很忙招股说明书解读 要点 零食量贩业态的龙头企业。鸣鸣很忙在上游端通过减少供应链中间环节和规模采 购等方式提供高质价比产品,在下游端通过加盟模式实现业务规模的快速扩张。 公司旗下共"零食很忙"和"赵一鸣"两个品牌,集团于 2017 年在长沙开设首 家零食很忙门店,23 年实现零食很忙和赵一鸣的合并。22/23 年零食很忙和赵 一鸣相继突破 1000 家门店,24 年鸣鸣很忙集团突破 1 万家门店。截至 24 年末, 鸣鸣很忙集团共有 14394 家门店,覆盖 28 个省份及所有线级城市,GMV 达 555 亿元。公司仍处于持续拓张期,24 年平均每天新开店超 20 家。 加盟模式拓展门店,主要覆盖下沉市场。零食量贩业态基本为标准化产品,后端 操作环节少,适于加盟业态发展。公司在装修、陈列、运营及服务方面形成系列 标准化流程,提高门店经营的可复制性。截至 2024 年末,鸣鸣很忙的加盟商数 量达 7241 家,年内新增 3950 家,退出数量仅 86 家,加盟商平均带店率近 2 家。 2025 年 5 月 22 日 从门店结构来看,公司深度覆盖下沉市场,门店网络覆盖全国 1224 个县,县城 覆盖率 ...
李维华:特许经营理念助力美天竞保推进普惠医疗
本报记者 陈雪波 成都报道 5月18日上午,"新商业文明——走进美天竞保:探索数智科技赋能普惠医疗"活动在成都举办。此次活 动吸引了众多行业专家、企业代表齐聚一堂,共同探讨数智科技在医疗普惠领域的应用与发展。 对于当下最佳的商业模式,李维华认为应以整店复制特许经营为主线,融入老模式和新模式。他以星巴 克、沃尔玛、家乐福等为代表,指出整店复制特许经营模式具有强大的生命力。同时,他着重强调要将 现代科技工具融入商业模式,如互联网、区块链、AI等,但他明确表示数字化只是工具之一,不能将 其视为唯一。此外,还需融入与时俱进的特许经营学新思想、新技术、新理念、新思维,构建"大特 许"模式,即以整店复制特许经营为主线,融入老模式、新模式、科技以及特许经营学的创新元素。 在针对具体行业和企业的分析中,李维华以零食量贩和新式茶饮为例,指出企业成功的关键在于规模、 低价、加盟和供应链等方面。规模要满足即时购买即时消费,低价符合人性,加盟模式多样,供应链需 高效。 对于美天竞保所在的医疗服务业,他建议设计B2B加B2C的盈利模式,以满足不同市场需求。同时,他 提醒企业要避免偏执型经营思维,战略选择应多元化,且下沉市场应按等项分线 ...
食品饮料策略会反馈及板块观点更新
2025-05-18 15:48
食品饮料策略会反馈及板块观点更新 20250518 摘要 • 茅台价格小幅回升,飞天茅台批价预计在 2,100-2,200 元波动,普飞发货 节奏加快,非标产品增多,总库存略升。高端白酒五粮液批价在 920-925 元以上,但成交量少,渠道库存低。 • 汾酒对实现增长充满信心,重点关注腰部产品,青花 26 和青花 30 系列增 速快。2025 年营销和利润预期乐观,预计均实现大个位数增长。清香型 白酒市场供需紧张,青花 20 货源紧俏。 • 政策对政务消费监管严格,商务需求下滑接近双位数,对传统产业和出口 订单扰动大。经销商预期端午订单平稳,关注五月下旬及 618 前后价格波 动。 • 白酒行业整体呈现周期性调整迹象,规上企业数量减少,销售额微增,利 润下降。主动权益基金对白酒板块超低配,建议关注高端白酒和渠道优势 品种。 • 蜜雪冰城及其竞争品牌门店数量持续加密,加盟商投资回报期约为两年, 加盟意愿强烈。零食量贩行业仍处于扩展阶段,单店盈利模型稳定。 Q&A 近期茅台产品价格小幅回弹,如飞天茅台价格约为 2,180 元左右,经销商拆箱 销售报价与原先差不多。散瓶精品茅台造假严重,多数经销商暂停售卖散瓶精 品 ...